W. R. Grace & Co. 2003 Key Employee Retention Letter Agreement

Summary

W. R. Grace & Co. offers a special retention program to selected key employees to encourage them to remain with the company during its Chapter 11 proceedings. Under this agreement, the employee will receive a lump sum retention payment equal to a specified percentage of their base earnings for 2003, payable on December 26, 2003, provided they remain employed through the year. The program aims to ensure continued strong performance and stability during a challenging period for the company.

EX-10.25 10 file009.txt RETENTION LETTER EXHIBIT 10.25 GRACE Paul J. Norris Chairman, President & Chief Executive Officer W. R. Grace & Co. 7500 Grace Drive Columbia, MD 21044 Voice: (410) 531-4406 Fax: (410) 531-4414 email: ***@*** September 13, 2002 To: PERSONAL AND CONFIDENTIAL Dear : In order to continue Grace's successful operating performance in the Chapter 11 environment, it is important to retain key employees by providing compensation programs that are valued and compete with our industry peers. Therefore, Grace has proposed, and the Court has approved, a special retention program for selected key employees. I am pleased to inform you that you have been selected to participate in this retention program for 2003. The total amount of your retention payment will be [ ]% of your base earnings. You will receive payment in one lump sum installment on December 26, 2003 (based on earnings from January 1 - December 31, 2003). The terms applicable to the supplemental payments are more specifically described in the attachment to this letter. I realize that cash is not the only reason why an employee should stay with an organization. At Grace, you should expect to continue to receive opportunities to experience personal growth, to upgrade your skills, and to engage in challenging, satisfying work. Your commitment to Grace's Vision and Values is appreciated. Thanks. Sincerely, Paul J. Norris