Cancellation Agreement for Stock Option between José Maria Alapont and Federal-Mogul Corporation
This agreement is between José Maria Alapont and Federal-Mogul Corporation. Mr. Alapont agrees to surrender and cancel his option to purchase four million shares of the company's Class A Common Stock at $29.75 per share, originally granted on December 27, 2007. In return, he receives $100 and other consideration. The agreement is effective as of February 15, 2008.
Exhibit 10.3
The undersigned hereby agrees to the surrender, cancellation and termination of his non-qualified option to purchase four million shares of the Class A Common Stock of Federal-Mogul Corporation at a price of $29.75 per share with a grant date of December 27, 2007, in consideration of the payment of $100.00 and other good and valuable consideration, the adequacy and sufficiency of which is hereby acknowledged, this 15th day of February 2008.
| /s/ José Maria Alapont |
| José Maria Alapont |
Agreed to and Accepted:
FEDERAL-MOGUL CORPORATION
| By: | /s/ Vincent J. Intrieri | |
| Name: | Vincent J. Intrieri | |
| Title: | Chairman of the Compensation Committee |
