Letter Agreement for Pro-Rata Short-Term Incentive Payment between Mirant Corporation and S. Marce Fuller
Mirant Corporation agrees to pay S. Marce Fuller a pro-rated short-term incentive of $637,500 for her service as President and CEO from January 1 to September 30, 2005. In exchange, Ms. Fuller waives her right to receive any distribution related to her Mirant common stock under the company's Chapter 11 reorganization plan and agrees to retain ownership of her shares until Mirant exits bankruptcy. The payment is made immediately upon her signing this agreement.
Exhibit 10.1
October 17, 2005
Ms. S. Marce Fuller
1627 Barclay Place
Atlanta, GA 30326
Re: Additional Post-Separation Payment as Pro-Rata Short-Term Incentive Payment
Dear Marce:
The purpose of this letter is to confirm that you will receive a pro-rated short-term incentive payment of $637,500.00 relating to your service as President and Chief Executive Officer of Mirant Corporation (“Mirant”) from January 1, 2005 through September 30, 2005, payable immediately upon your execution of this Letter Agreement. In return, you acknowledge that you waive any right that you would otherwise have to receive any distribution with respect to shares of your Mirant common stock under the Joint Chapter 11 Plan of Reorganization for Mirant Corporation and its Affiliated Debtors. In connection therewith, you agree that you will retain ownership of all shares of common stock currently owned by you until Mirant’s emergence from chapter 11 protection.
Please indicate your acceptance of this arrangement by signing in the space indicated below.
Sincerely,
MIRANT CORPORATION
| /s/ A. D. Correll |
|
| A. D. Correll | |
| Director | |
Agreed to and acknowledged:
| /s/ S. Marce Fuller |
|
| S. Marce Fuller | |
