Letter Agreement Regarding Additional Employment Arrangements for Jonathan A. Siegler with TXU Corp.
Contract Categories:
Human Resources
›
Employment Agreements
Summary
TXU Corp. and Jonathan A. Siegler have agreed to modify certain terms of Mr. Siegler’s employment. The company has waived the requirement for Mr. Siegler to give notice by February 1, 2007, if he does not wish to renew his employment agreement, allowing him until June 1, 2007, to decide. Mr. Siegler has also been promoted to Senior Vice President, with his annual base salary increased to $300,000 and his target bonus raised to 50% of his salary.
EX-10.H 3 ex10_h.htm SUMMARY ADDITIONAL EMPLOYMENT ARRANGEMENTS - J. SIEGLER Letter Agreement - J. A. Siegler
Exhibit 10(h)
Jonathan A. Siegler
Additional Employment Arrangements
On January 3, 2007, TXU Corp. (the “Company”) informed Jonathan A. Siegler that it had decided to waive the requirement under Paragraph 2.1 of Mr. Siegler’s Employment Agreement, dated August 2, 2004 (the “Employment Agreement”), that he be required to provide notice of his intention not to renew the term of the Employment Agreement for an additional year no later than February 1, 2007. The waiver applies only to calendar year 2007 and gives Mr. Siegler the option to notify the Company at any time prior to June 1, 2007 (2 months prior to expiration of the current term of the Employment Agreement) of his intention not to renew the term for an additional year.
In addition, Mr. Siegler has been promoted to Senior Vice President, he has received an increase in annual base salary to $300,000, and his target bonus under the TXU Corp. Executive Annual Incentive Plan has been increased to 50% of his annual base salary.
