Document:

EX-10.65

    Exhibit 10.65

 

    Compensation
    Arrangements for the Named Executive Officers

 

    Set forth below is a summary of the compensation paid by
    Goodrich Corporation (the “Company”) to its named
    executive officers (defined in
    Regulation S-K
    Item 402(a)(3)) in their current positions as of the date
    of filing of the Company’s Annual Report on
    Form 10-K
    for the year ended December 31, 2008 (the
    “Form 10-K”).
    All of the Company’s executive officers are at-will
    employees whose compensation and employment status may be
    changed at any time in the discretion of the Company’s
    Board of Directors, subject only to the terms of the Management
    Continuity Agreements between the Company and these executive
    officers, the form of which is filed as Exhibit 10.47 to
    the
    Form 10-K.

 

    Base Salary.  Effective January 1,
    2009, the named executive officers are to receive the following
    annual base salaries in their current positions:

 

	 	 	 	 	 
	

    Name and Current Position

	
 
	

    Base Salary

	 

	

    Marshall O. Larsen

	
 
	
    $
	
    1,100,000
	
 

	

    (Chairman, President and Chief Executive Officer)

	
 
	
 
	
 
	
 

	

    Scott E. Kuechle

	
 
	
    $
	
    500,000
	
 

	

    (Executive Vice President and Chief Financial Officer)

	
 
	
 
	
 
	
 

	

    Terrence G. Linnert

	
 
	
    $
	
    500,000
	
 

	

    (Executive Vice President, Administration and General Counsel)

	
 
	
 
	
 
	
 

	

    John J. Carmola

	
 
	
    $
	
    505,000
	
 

	

    (Vice President and Segment President, Actuation and Landing
    Systems)

	
 
	
 
	
 
	
 

	

    Cynthia M. Egnotovich

	
 
	
    $
	
    505,000
	
 

	

    (Vice President and Segment President, Nacelles and Interior
    Systems)

	
 
	
 
	
 
	
 

 

    Annual and Long-Term Incentive
    Plans.  In their current positions, the named
    executive officers are eligible to:

 

			
	 	    • 
	
    Receive an annual cash incentive award pursuant to the Senior
    Executive Management Incentive Plan (filed as
    Exhibits 10.33 and 10.34 to the
    Form 10-K).

	 
	 	    • 
	
    Participate in the Company’s long-term incentive program,
    which currently involves the award of restricted stock units,
    stock options and performance units pursuant to the
    Company’s 2001 Equity Compensation Plan (filed as
    Exhibits 10.11 to the
    Form 10-K).

 

    Benefit Plans and Other
    Arrangements.  In their current positions, the
    named executive officers are eligible to:

 

			
	 	    • 
	
    Participate in the Company’s broad-based benefit programs
    generally available to its salaried employees, including health,
    disability and life insurance programs, qualified 401(k) and
    pension plans and a severance plan.

	 
	 	    • 
	
    Participate in non-qualified 401(k) and pension plans (filed as
    Exhibits 10.37, 10.38 and 10.39 to the
    Form 10-K),
    a supplemental executive retirement plan (the form of which is
    filed as Exhibit 10.36 to the
    Form 10-K),
    a management continuity agreement that takes effect upon a
    change in control of the Company (the form of which is filed as
    Exhibit 10.47 to the
    Form 10-K).

	 
	 	    • 
	
    Receive certain perquisites offered by the Company, including an
    automobile allowance, automobile and umbrella liability
    insurance, financial counseling and tax preparation, club
    memberships, annual physical examinations for the executive and
    spouse, cellular telephone service, long-distance telephone
    service for the executive and family, and, in certain cases,
    home security systems and use of the Company’s aircraft for
    personal use. Executives receive a tax
    gross-up
    equal to 100% of the amounts paid by the Company on their behalf
    with respect to the automobile allowance, umbrella liability
    insurance, financial counseling and tax preparation, club
    initiation fees and certain life insurance programs.EX-10.66

    Exhibit 10.66

 

    Compensation
    Arrangements For Non-Management Directors

 

    Annual
    Retainer and Meeting Fees

 

    During 2008, each of our non-management Directors of Goodrich
    Corporation (the “Company”) received an annual
    retainer of $60,000, payable in quarterly installments. In
    addition, each non-management Director receives $1,500 for each
    Board and Board Committee meeting attended. The chairs of the
    Governance Committee, the Compensation Committee and the
    Financial Policy Committee each receive an annual $5,000
    retainer for serving as the Committee Chair and the Chair of the
    Audit Review Committee receives an annual $10,000 retainer.

 

    Outside
    Directors’ Deferral Plan

 

    Non-management Directors may elect to defer annual retainer and
    meeting fees under the Outside Directors’ Deferral Plan.
    The Outside Directors’ Deferral Plan permits non-management
    Directors to elect to defer a portion or all of the annual
    retainer and meeting fees into either a phantom share account or
    a cash account. Amounts deferred into the phantom share account
    accrue dividend equivalents, and amounts deferred into the cash
    account accrue interest at the prime rate. The plan provides
    that amounts deferred into the phantom share account are paid
    out in shares of Company Common Stock, and amounts deferred into
    the cash account are paid out in cash, in each case following
    termination of service as a Director in either a single lump
    sum, five annual installments or ten annual installments.

 

    Directors’
    Phantom Share Plan

 

    During 2008, each non-management Director received an annual
    grant of phantom shares under the Outside Director Phantom Share
    Plan equal in value to $90,000. Dividend equivalents accrue on
    all phantom shares credited to a Director’s account. All
    phantom shares are fully vested on the date of grant. Following
    termination of service as a Director, the cash value of the
    vested number of phantom shares will be paid to each Director in
    either a single lump sum, five annual installments or ten annual
    installments. The value of each phantom share is determined on
    the relevant date by the fair market value of Company Common
    Stock (as defined in the plan).

 

    Directors’
    Retirement Plan

 

    One of the Company’s non-management Directors
    (Mr. Rankin) participates in the 1982 Directors’
    Retirement Plan, which was terminated in 1995. The plan provided
    that, upon retirement from the Board of Directors after reaching
    the age of 55 with at least ten years of service as a Director,
    any non-management Director would be entitled to receive an
    annual amount equal to the annual retainer in effect at
    retirement. A retiring Director who had reached age 55 and
    served for at least five but less than ten years would be
    entitled to a reduced amount equal to 50% of the annual retainer
    in effect at retirement, plus 10% of such annual retainer for
    each additional year of service (rounded to the nearest whole
    year) up to ten. Under the transition provisions of the plan,
    upon his retirement Mr. Rankin will be entitled to receive
    an annual amount under the plan equal to 70% of the annual
    retainer in effect at retirement.

 

    Other

 

    Non-management Directors are reimbursed for actual expenses
    incurred in the performance of their services as Directors,
    including continuing education programs and seminars and, in
    most instances, provided with travel via Company-provided
    private aircraft to Board of Directors and committee meetings.
    The Company also provides each non-management Director with
    long-distance telephone service for business and personal use
    and with $250,000 in business travel accident insurance coverage.EX-10.1

Exhibit 10.1

Personal & Confidential 

November 6, 2008

Mr. Robert Nelson

410 Lazy Wind Lane

Duluth, GA 30097

Dear Bob:

I am pleased to offer you an assignment in the Novelis corporate headquarters, as Vice President
Finance and Controller based in Atlanta, Georgia reporting to Steve Fisher, Chief Financial
Officer. The initial terms and conditions applicable to your appointment to this position are as
follows:

	1.	 	Starting Date
	 
	 	 	The effective date of this position will be November 6, 2008.
	 
	2.	 	Salary
	 
	 	 	The position of Vice President Finance and Controller will have an initial base salary of
$300,000 annually. Currently Novelis has two pay periods per month. Your next salary review
will be in July 2009.
	 
	3.	 	Annual Incentive Plan
	 
	 	 	In addition to base salary, this position also includes participation in Novelis’ annual
incentive plan. The target payout for your position will be 50% of your base salary annually or
$150,000. You will be eligible for 5 months of participation for the Fiscal Year-End 2009 bonus
plan which covers the period April 1, 2008 through March 31, 2009. The performance measures for
this plan include operating EBITDA, operating free cash flow and EHS [environment, health and
safety] objectives. Depending on the level of the results, the actual bonus for FYE 2009,
pro-rated for service, could be as high as two-times target or as low as zero.
	 
	4.	 	Long Term Incentive Plan (LTIP)
	 
	 	 	You will be eligible to participate in the Novelis LTIP. The target opportunity for your level
is $171,000 annualized. However, your grant for the FY 2009 – FY 2012 LTIP will be $200,000.
We will share more information with you as soon as it is available.
	 
	5.	 	Benefits
	 
	 	 	Novelis provides a wide range of benefits which include:

	 	•	 	Savings and Retirement – You will be immediately eligible to participate in the Novelis
Savings and Retirement Plan. Under the savings portion of the plan, you will have pre-tax
and after-tax savings options with Company match of 100% on your first 3% of contributions
and 50% on your next 3% of contributions. You will immediately be vested 100% in the
Company match. Under the retirement portion of the plan you will receive a Company
contribution in the amount of 5% of your base salary and annual bonus

 

 

	 	 	 	received up to the target bonus amount. You will be fully vested in the retirement portion
on your third anniversary, there is no partial vesting.
	 
	 	•	 	Life insurance.
	 
	 	•	 	Medical and prescription drug plan.
	 
	 	•	 	Dental coverage.
	 
	 	•	 	Short and long term disability
	 
	 	•	 	Flex Perks – You will receive an annual stipend of $7,000, minus required deductions,
paid to you over 12 months. This amount is intended for your personal use for club
memberships, professional financial services or as you may choose. The company does not
otherwise pay club dues and/or financial services.

	6.	 	Company Vehicle
	 
	 	 	You will be eligible to participate in the company leased vehicle program. The company will pay
the lease cost for a vehicle of your choosing to a maximum of $37,000 capitalized cost. (You
may select a higher priced vehicle but the excess will be paid by you through on-going payroll
deductions) Fuel, maintenance and insurance expenses are paid by the company. In accordance
with IRS regulations, use of a company provided vehicle for personal use is a taxable benefit to
you.
	 
	7.	 	Vacation Entitlement
	 
	 	 	You will be entitled to three (3) days of vacation for the calendar year 2008. Thereafter, your
vacation entitlement will be governed by Novelis’ vacation policy but will be no less than
twenty (20) days annually. You will also be entitled to the paid holidays in Novelis’ 2008
published holiday schedule for the Atlanta office.
	 
	8.	 	Sign-On Bonus
	 
	 	 	You will receive a two-part sign-on bonus. The first payment will be made within thirty days of
hire and will be in the gross amount of $100,000. Should you voluntarily terminate your
employment with Novelis before November 6, 2010, you will repay a prorated portion of this
payment.
	 
	 	 	Assuming you continue to be employed by Novelis, the second payment will be made to you within
30 days of November 6, 2009, and will be in the gross amount of $100,000. Should you
voluntarily terminate your employment with Novelis before November 6, 2010, you will repay a
prorated portion of this payment.
	 
	9.	 	Severance
	 
	 	 	In the event your employment is terminated by Novelis, except for cause, you will receive twelve
(12) months severance pay [base salary and target bonus]. Subsequently, as service accrues past
the twelve month entitlement, you will be subject to the standard severance policy.

This offer is conditional upon all of the following:

	(a)	 	Your passing a pre-placement drug screen test to ensure your suitability for the required
tasks. Information about the drug screen test is enclosed.

	(b)	 	Completion of a background check, as outlined in the enclosed form. Please return the
background check authorization form and the Employment Application to me and we can complete
this part of the process.

Novelis, Inc.

Lenox Building

3399 Peachtree Road, NE Suite 1500, Atlanta, Georgia 30326

Tel.: 404.814.4243

2

 

	(c)	 	In order for the Company to comply with the Immigration Reform and Control Act of 1986, you
must provide documentation of your identity and legal eligibility for employment by
Novelis in the United States. You must bring this documentation with you on your first day of
employment.

	(d)	 	This offer/future employment is further contingent upon your maintaining your Employment
Authorization in the United States with the Immigration and Naturalization Service. You will
be required to annually show proof of renewal of the Employment Authorization.

All the information in this letter, including eligibility for participation in compensation and
benefit plans, is subject to the terms of the applicable plan documents and policies, which are
subject to change during the normal course of Novelis business. As indicated on the application
form you completed, your employment at Novelis is “at-will” and either you or Novelis may decide to
terminate the employment relationship at any time and for any reason, except as provided by law.
The terms of this letter, therefore, do not and are not intended to create either an express or
implied contract of employment with Novelis for any particular duration.

In carrying out the Company’s business, employees often learn confidential or proprietary
information about the Company, its customers, suppliers, or joint venture parties. Employees must
maintain the confidentiality of all information so entrusted to them, except when disclosure is
authorized or legally mandated. Confidential or proprietary information of the Company, and of
other companies, includes any non-public information that would be harmful to the relevant company
or useful or helpful to competitors if disclosed. You will find more information about this in the
Code of Conduct. By signing below, you acknowledge you have received a copy of the Novelis Code of
Conduct.

If you agree with the above, please sign and return a copy of this letter to me.

On behalf of Novelis, I look forward to welcoming you to our team.

Sincerely,

Robert D. Virtue

Vice President, Human Resources

	 	 	 	 	 	 	 
	     Accepted:

	 	/s/ Robert Nelson
	 	 	 	               November 6, 2008
	 

	 	 
	 	 	 	 
	 

	 	          (Name)
	 	 	 	(Date)

Novelis, Inc.

Lenox Building

3399 Peachtree Road, NE Suite 1500, Atlanta, Georgia 30326

Tel.: 404.814.4243

3

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