Gregory C. Thompson Compensation Arrangement with Georgia Gulf Corporation
This agreement outlines the compensation package for Gregory C. Thompson as an executive of Georgia Gulf Corporation. He will receive a base salary of $430,000 per year, an annual bonus targeted at 65% of his salary (with minimum and maximum limits based on company performance), and equity awards valued at $500,000. Additional benefits include a car, supplemental retirement, a $25,000 annual cash allowance, relocation reimbursement, and a $50,000 relocation bonus. If terminated within two years (except for cause), he will receive salary and bonus payments through the second anniversary of his employment, subject to offsets from other company severance benefits.
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Exhibit 10.1
Description of Gregory C. Thompson's Compensation Arrangement
Mr. Thompson's base salary is $430,000 per annum and his annual incentive bonus target is 65% of his base salary ($279,500), with a minimum payout of 60% ($167,700) and a maximum payout of up to 200% ($559,000) of target depending on Georgia Gulf Corporation's (the "Company's") attainment of its financial goals. He was awarded a combination of restricted stock and stock options with a target value of $500,000 as of his date of employment. He is entitled to a car, a supplemental retirement benefit, an annual cash perquisites allowance of $25,000, reimbursement for relocation expenses, and a cash relocation bonus of $50,000. In addition, if he is terminated within two years of his employment date, he is entitled to his base salary and bonus until the second anniversary of his employment date unless he is terminated for Cause (as defined in the Company's change of control severance plan). Any such payments will be offset to the extent Mr. Thompson is eligible to receive benefits under the Company's change of control severance plan.
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- Exhibit 10.1
