Document:

Letter Agreement between Chrysler Group LLC and Nancy A. Rae

 Exhibit 10.22 

 

 

 February 23, 2011 
 Nancy A. Rae 
 Chrysler Group LLC 
 1000 Chrysler Drive 
 Auburn Hills, MI 48326 

 

	 	Re:	Pension Benefits 

 Dear Nancy,

 Chrysler LLC (now known as Old Carco LLC) (“Old Chrysler”) and certain of its affiliates filed voluntary
petitions seeking relief under Chapter 11 of the U.S. Bankruptcy Code on April 30, 2009 (the “Bankruptcy Proceeding”). Pursuant to court approval granted on June 1, 2009 under Section 363 of the U.S. Bankruptcy Code
and the terms of the Master Transaction Agreement, dated as of April 30, 2009 (as subsequently amended), among Fiat S.p.A., Chrysler Group LLC (the “Company”), Old Chrysler and certain of Old Chrysler’s subsidiaries (the
“Purchase Agreement”), the Company purchased various assets from Old Chrysler and certain of its subsidiaries in the Bankruptcy Proceeding free and clear of the claims of Old Chrysler’s creditors in a transaction that closed on
June 10, 2009 (the “Sale”). 
 Prior to the Sale, you and DaimlerChrysler Company LLC (Old
Chrysler’s predecessor) were parties to a Strategic Alternatives Agreement, dated as of April 24, 2007, and you and Old Chrysler were parties to a Letter Amendment, dated as of October 28, 2008 (together, the “Strategic
Alternatives Agreement”). The Company did not assume the Strategic Alternatives Agreement under the terms of the Purchase Agreement or otherwise. The Company did agree to assume, however, the obligation to provide you with unreduced pension
benefits described in the Strategic Alternatives Agreement, as modified by the letter agreement between you and the Company dated June 14, 2009, which vested your contractual retirement benefits, and the purpose of this letter is to memorialize
the assumption of those pension benefits. 
 Subject to the terms of this letter and the Chrysler Group LLC Supplemental
Executive Retirement Plan (the “SRP”) (which assumed the obligations for your accrued benefits under the Chrysler LLC Supplemental Executive Retirement Plan (the “Prior Plan”) as of the closing of the Sale),
including the excess portion of the SRP (the “Excess Portion of the SRP”) and the incentive compensation portion of the SRP, you will be entitled to your benefit under the SRP, in accordance with the payment provisions of the SRP,
following the later of (i) the date your employment with the Company terminates and (ii) the date of your 55th birthday, in either case, calculated based on your age attained, service completed and compensation accrued 

  

 

 

 Nancy A. Rae 
 Page 2 
  

 
through the date of your termination of employment, but without any reduction for early commencement of benefits. While your benefit under the Company’s U.S. tax-qualified pension plan could
be reduced for early commencement of benefits, such age-related reduction of benefit would be made up in the calculation of your benefit under the SRP. If the Company terminates your employment due to circumstances constituting Cause (as defined
below) at any time, you will not be entitled to your benefit under the SRP as provided for in this letter. For purposes of this letter, “Cause” means (i) your conviction or plea of nolo contendere to a felony; (ii) an act
or acts of dishonesty or gross misconduct on your part which results or is intended to result in material damage to the Company’s business or reputation; or (iii) repeated material violations by you of your duties, responsibilities and
authorities on behalf of the Company, which violations are demonstrably willful and deliberate on your part and which result in material damage to the Company’s business or reputation. 

In the event you die prior to commencing to receive benefits under the SRP, your surviving spouse, if any, will receive a survivor
benefit, commencing as of the earliest date your benefit under the SRP would otherwise have been payable to you, determined (i) on the basis of your employment status at the date of death and (ii) on the assumption that you had survived
until such payment commencement date, had elected to receive a 50% joint and survivor annuity as of such date and died immediately thereafter. In the event you die prior to commencing to receive the portion of your benefit under the SRP attributable
to the Excess Portion of the SRP, the terms of the Excess Portion of the SRP will govern the payment of any survivor benefit applicable to such benefit. Nothing in this letter (i) may be construed to eliminate or reduce any actuarial reduction
applicable under the terms of any Company pension plan related to the election of any optional form of benefit or (ii) is intended to provide you with duplicate pension benefits. 

For so long as the Company is subject to the requirements of the Troubled Asset Relief Program under the Emergency Economic
Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009 (“TARP”), including the Interim Final Rule and any other rules and regulations thereunder, as amended (the “TARP
Requirements”), the provisions of this letter are subject to and shall be, to the fullest extent possible, interpreted to be consistent with the TARP Requirements and any other agreement entered into between the Company and the United
States Treasury Department in connection with the Company’s participation in TARP, which terms control over the terms of this letter in the event of any conflict between the TARP Requirements and this letter. Notwithstanding anything in this
letter to the contrary, in no event shall any payment or benefit under this letter vest or be settled, paid or accrued, if any such vesting, settlement, payment or accrual would be in violation of the TARP Requirements or other applicable law.

 No amendments, alterations or modifications of this letter will be valid unless made in writing and signed by you and a duly
authorized officer or director of the Company. This letter contains the entire agreement between the Company and you relating to the subject matter hereof and supersedes in its entirety any and all prior agreements, understandings or representations
relating to the subject matter hereof. 
 This letter shall be governed by and will be construed and enforced in accordance
with the laws of the State of Michigan applicable to contracts to be performed entirely within such 

  

 Nancy A. Rae 
 Page 3 
  

 
State, except to the extent such laws are preempted by the Employee Retirement Income Security Act of 1974, as amended. Any dispute or controversy arising under or in connection with this letter
will be resolved by binding arbitration held in the city of Auburn Hills, Michigan. The arbitrator will be acceptable to both the Company and you and, if the Company and you cannot agree on an acceptable arbitrator, the dispute will be heard by a
panel of three arbitrators, one appointed by each of the parties and the third appointed by the other two arbitrators. 
 Please
indicate your agreement and acceptance of the terms and conditions set forth in this letter by signing both copies of this letter where indicated below, and returning one copy of this letter to Richard K. Palmer. 

 

			
	Very truly yours,
	
	CHRYSLER GROUP LLC
		
	By:  	 	/s/ Richard K. Palmer

			
	 Name:  
	 	Richard K. Palmer
	 Title:
	 	Senior Vice President—Chief Financial Officer

  

	
	Agreed to and Accepted:
	
	/s/ Nancy A. Rae
	Nancy A. Rae

 Dated: February 23, 2011Overview of Remuneration

 Exhibit 4.7 

 

 

 Material elements employment contract Mr. P. van Bommel 

(effective as from 1 July 2010) 
 Subject to approval of the Annual General Meeting of Shareholders on 20 May 2010 (the “2010 AGM”), Mr. van Bommel will be appointed as member of the management board with effect as of
1 July 2010 and he will be CFO as per 1 September 2010. Mr. van Bommel’s employment contract is a fixed term contract for 4 years until 1 July 2014 and he will be entitled to an annual base salary of Euro 360,000 gross.
Notice periods of 3 months for Mr. van Bommel and 6 months for ASM International apply. 
 Mr. van Bommel will participate in the
defined contribution plan offered to members of the Management Board under the same financial conditions applicable to all employees residing in the Netherlands. Reference is made to the ASM Remuneration Policy, posted on the ASM website:
www.asm.com. 
 The annual short term incentive currently varies between 0% and a maximum of 50% of the base salary and is based on the
achievement of performance criteria. Reference is made to the ASM Remuneration Policy. As for the applicable long term incentive scheme, reference is made to the long term incentive (stock options) plan for the Management Board (the
“LTIP”), approved by the Annual General Meeting of Shareholders held on May 18, 2006. Under this LTIP, Mr. van Bommel would be granted 30,000 stock options between 1 July and 31 December 2010. 

In case of termination of employment by ASM International or if Mr. van Bommel is not reappointed after 1 July 2014, Mr. van Bommel will
be entitled to an all-inclusive severance payment equal to two year’s base salary, unless dismissal is given for an urgent cause (as defined in section 7: 678 Dutch Civil Code)or after 2 years of illness. If the employment agreement is renewed
after 1 July 2014 a maximum of one year’s base salary is payable as a severance payment in a new employment agreement. 
 Please note
that at the 2010 AGM, a new remuneration policy may be adopted. In that case, the pension plan offered to Mr. van Bommel may be improved (with effect as from 1 July 2010) and the maximum percentage of his annual incentive may be raised.
Also, the LTIP may be amended and the number of options to be granted to Mr. van Bommel may be based on the achievement of predetermined targets linked to the long term development of ASM International; stock options will then vest after a
minimum of three years and can be exercised for a period of three years after vesting.

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