GenTek Severance Agreement Letter with James Imbriaco (July 27, 2006)
This letter from GenTek to James Imbriaco confirms that if the company terminates his employment for any reason other than cause, death, or disability, he will receive severance benefits for 12 months. These benefits include his regular base pay and continued health care coverage at employee rates, subject to any plan changes. To receive these benefits, James must sign an agreement covering non-solicitation, non-compete, non-disclosure, and a general release of claims.
July 27, 2006
James Imbriaco
8 Acorn Lane
Lebanon, New Jersey 08833
Dear Jim,
This will confirm recent discussions you and I had concerning your severance benefit. Please be advised that in the event the Company terminates your employment for any reason other than “for cause”, you will be entitled to severance benefits for 12 months (the severance period) in accordance with the terms and conditions of GenTek’s Severance policy. For purposes of severance benefits eligibility, a termination without cause means a termination of your employment by the Company other than due to death, disability, or “for cause”.
Severance benefits include your normal base pay (paid periodically) and health care benefits (medical and dental coverage), at the active employee contribution amounts, for the severance period. You will be subject to any plan design changes and/or increases in employee contribution rates that may occur during the severance period.
Please be advised that in order to receive such severance benefits as described above, you will be required to enter into a Non Solicitation, Non-Compete, Non-Disclosure and General Release of Claims agreement with the Company.
Jim, I look forward to your continuing contributions to value creation here at GenTek.
Sincerely,
William E. Redmond
