Tenneco Automotive Iberica SA Extra-Legal Benefit Program Letter to Enrique Orta (2010)

Contract Categories: Human Resources › Compensation Agreements
Summary

This letter from Tenneco Automotive Iberica SA outlines the extra-legal benefit program for Enrique Orta following his promotion in August 2010. His existing Spanish benefit coverage will continue based on his pre-promotion salary, while the company will provide additional pension, life, disability, and accidental insurance benefits based on the salary increase. The company will make all contributions and pay premiums. These benefits are available only during active employment and end upon retirement or departure from the company.

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EX-10.68 2 ten-20151231x10kexx1068.htm EX-10.68 Exhibit


EXHIBIT 10.68
To : Enrique Orta

Date : 9 September 2010

From : Danny Pollaris

CC : Wolfgang Fries

Subject : Company pension and Life & Disability & Accidental insurance



Enrique,

Please find below overview on the new set-up of your extra-legal benefit program (Pension, life & disability insurance) :

•
your current Spanish extra-legal benefit coverage will remain in place but will be adjusted so that your salary prior to your promotion in August 2010 will be 'frozen'. This 'frozen' salary will remain applicable for your continued current Spanish benefit plan.
•
for the salary difference (new base salary after promotion and old salary prior to promotion), the Company-Tenneco Automotive Iberica SA - will establish an additional Defined Contribution plan as per below annual contribution levels:
◦8% Employers contributions of the salary difference (as per the above principle)
◦No personal contributions
•An additional life insurance equal to 3x the annual salary difference (as per the above principle).
Annual premium to be paid by Tenneco.
•A disability insurance equal to 3x annual salary difference (as per the above principle).
Premiums paid by Tenneco.
•A 24 hours accidental insurance coverage equal to 3x annual salary.

The above benefit program will be provided during your active Tenneco employment and will cease upon your retirement or departure
(voluntary or involuntary) from the Company.

In case of any questions, please do not hesitate to contact me.

Kind regards

/s/ DANNY POLLARIS

Danny Pollaris

Compensation & Benefits Director