Document:

exv10w37

 

Exhibit 10.37

Summary of 2007 Director’s Compensation

          Fee Structure. In 2007, each outside director will be paid an annual retainer fee of $50,000
for service on the Board of Directors. In general, 100% of the retainer fee is to be paid in the
form of common stock equivalents, as described below. A director may elect, however, to have up to
40%, or $20,000, of the fee paid in cash. The outside directors will also receive meeting
attendance fees, committee chair and membership fees, and reimbursement of their expenses for
attending meetings of the Board of Directors and its committees. The fees are generally paid in
cash, but at the option of the director may be paid in directors’ stock equivalents. Outside
directors will receive $1,000 for each in-person meeting of the Board of Directors attended, and
$500 for each telephonic meeting. Outside directors who are members of the Audit Committee and
Compensation/Nominating/Governance Committee will receive $1,000 for each in-person meeting, and
$500 for each telephonic meeting attended. Each outside director who serves as a Chairman of the
Audit Committee or the Compensation/Nominating/Governance Committee will be paid a fee of $8,000
per chairmanship. Also, the lead independent director will be paid a $6,000 retainer fee for
serving as the chairman and primary spokesman when the Board of Directors meets in executive
session. Outside directors who serve as members of the Audit Committee or
Compensation/Nominating/Governance Committee will be paid $4,000 per committee membership. Members
of the Three-year Independent Director Evaluation Committee will receive $1,000 for each meeting of
that committee attended.

     Common Stock Equivalents and Restricted Stock. As described above, all or a portion of an
outside director’s retainer fee is generally paid in common stock equivalent units. These
directors’ stock equivalents are payable in cash or, at the Company’s option, shares of common
stock after an outside director ceases to serve as a director. Final distribution of these amounts
may be made either in a lump sum or in installments over a period of years. The directors’ stock
equivalents are issued at 100% of the fair market value on the date of the grant.

     In January 2007, each outside director received 3,500 shares of restricted stock, which vests
on the first anniversary of the date of grant.

     Deferred Compensation Plan. The Company has a voluntary deferred compensation plan for
outside directors. Under the plan, an outside director may elect, prior to commencement of the next
calendar year, to have some or all of the cash portion, that is, up to 40%, or $20,000, of his or
her retainer fee and some or all of his or her meeting fees credited to a deferred compensation
account. The plan provides these directors with various investment options. The investment options
include stock equivalent units of the Company’s common stock, which may be paid out in either cash
or, at the Company’s option, shares of common stock.

 

 

     Restricted Stock in Lieu of Retirement Benefits. In partial satisfaction of residual
obligations under the discontinued retirement plan for directors, Ms. Eickhoff-Smith receives an
annual grant of $15,400 in value of restricted shares of the Company’s common stock. The restricted
shares may not be sold, transferred, assigned, pledged or otherwise encumbered and are subject to
forfeiture if she ceases to serve on the Board prior to the expiration of the restricted period.
This restricted period ends upon Ms. Eickhoff-Smith’s normal retirement from the Board, unless she
is disabled or dies, or the Compensation/Nominating/Governance Committee of the Board, at its
discretion, determines otherwise. During the restricted period, Ms. Eickhoff-Smith will be entitled
to vote the shares and receive dividends.exv10w38

 

Exhibit 10.38

Summary of 2007 Named Executive Officer Compensation

          The table below shows the current annual salary and 2007 target bonus under the Tenneco Inc.
Value Added (“TAVA”) Incentive Plan for the Company’s Chief Executive Officer, the Company’s Chief
Financial Officer and each of the next three most highly compensated officers of the Company other
than the Chief Executive Officer or Chief Financial Officer (based on compensation received during
2006).

	 	 	 	 	 	 	 	 	 
	Name	 	Current Salary	 	2007 Target Bonus
	Gregg Sherrill
	 	$	875,000	 	 	$	875,000	 
	Timothy R. Donovan
	 	$	455,050	 	 	$	273,000	 
	Hari N. Nair
	 	$	428,490	 	 	$	273,000	 
	Kenneth R. Trammell
	 	$	408,825	 	 	$	273,000	 
	Neal Yanos
	 	$	338,946	 	 	$	223,000exv10w56

 

Exhibit-10.56

First Amendment to the

Tenneco Inc. Supplemental Pension Plan for Management

     WHEREAS, Tenneco Inc. (previously known as Tenneco Automotive Inc.) (the “Company”)
maintains the Tenneco Inc. Supplemental Pension Plan for Management (formerly known as Tenneco
Automotive Inc. Supplemental Pension Plan for Management) (the “Plan”); and

     WHEREAS, the Compensation/Nominating/Governance Committee of the Board of Directors of the
Company has approved amendments to the Plan and has authorized and directed the officers of the
Company to prepare and execute an amendment to the Plan to reflect the amendments approved by the
Committee;

     NOW, THEREFORE, pursuant to the authority granted to the undersigned officer, the Plan is
hereby amended, all effective as of December 31, 2006, in the following particulars:

1.   By substituting the following for Section 1 of the Plan:

“1. Effective Date, Supplements and Special Provisions.

     The Plan as set forth herein is effective as of January 1, 2005 (the ‘Effective
Date’). The provisions of the Plan as applied to any group of Participants (as defined in
Section 2), may be modified or supplemented from time to time by the adoption of one or more
Supplements. Each Supplement shall form a part of the Plan as of the Supplement’s effective date.
In the event of any inconsistency between a Supplement and the Plan document, the terms of the
Supplement shall govern. Notwithstanding any other provision of the Plan, other than as provided
in a Supplement, all benefit accruals under the Plan are hereby frozen effective as of December 31,
2006, no person shall become a Participant in the Plan after December 31, 2006, no compensation or
service (for purposes of benefit accrual) for periods after December 31, 2006 shall be taken into
account under the Plan, and no person shall accrue any additional benefits under the Plan after
December 31, 2006.”

2. By adding the following new Supplement A to the Plan immediately after Appendix A thereof:

“Supplement A

to the

Tenneco Inc. Supplemental Pension Plan for Management

	 	 	 
	Application

	 	A-1. This Supplement A to the Tenneco Inc. Supplemental
Pension Plan for Management (the ‘Plan’) shall apply as of
January 1, 2007 to the benefits of Participants Timothy
Donovan and Timothy Jackson (each a ‘Supplement A
Participant’).
	 
	 	 
	Definitions

	 	A-2. Unless the context clearly implies or indicates the
contrary, a word, term or phrase used or defined in the
Plan is similarly used or defined for purposes of this
Supplement A.

 

 

	 	 	 
	Benefit Accrual

	 	A-3. Notwithstanding the provisions of the Plan, the
benefits of the Supplement A Participants shall not be
frozen as of December 31, 2006 and the Supplement A
Participants shall continue as Participants in the Plan
and shall continue to accrue benefits under the Plan for
periods thereafter subject to the terms of this Supplement
A.
	 
	 	 
	Plan Benefit

	 	A-4. The Plan Benefit of each Supplement A Participant
with respect to benefits accrued after December 31, 2006,
shall be determined in accordance with the provisions of
Section 3 of the Plan; provided, however, that:

	 	(a)	 	the applicable percentage for
purposes of paragraph 3(a) of the Plan shall be ‘3.6%’ rather
than ‘4%’; and
	 
	 	(b)	 	the amount determined under
paragraph 3(a) of the Plan shall not exceed 47.5% of the
Supplement A Participant’s Compensation (rather than 50%).

	 	 	 
	Benefit Offset

	 	A-5. The Plan Benefit of a Supplement A Participant, determined in
accordance with the Plan and as modified by the provisions of Section A-4, shall be reduced by
the actuarial equivalent value (determined in accordance with the assumptions set forth in
Section 4 of the Plan) of any amounts paid to the employee in respect of DB Replacement
Contributions. For purposes of this Supplement A, ‘DB Replacement Contributions’ with
respect to any Supplement A Participant means the contributions (and income, earnings, losses,
appreciation and depreciation attributable thereto) allocated to his DB Replacement
Contribution Account (i) under the Tenneco Employee Stock Ownership Plan for Salaried
Employees or the Tenneco Employee Stock Ownership Plan for Hourly Employees (or any successors
thereto) or (ii) under the unfunded, non-qualified defined contribution plan established by
the Company effective as of January 1, 2007 for employees who have a salary grade designation
of EICP1 or higher (or any successor thereto)”.

     IN WITNESS WHEREOF, the Company has caused the Plan to be amended as set forth herein by its
authorized officer.

	 	 	 	 	 	 	 
	 	 	TENNECO INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 

	 	 

2exv10w57

 

Exhibit - 10.57

First Amendment to the

Tenneco Inc. Supplemental Retirement Plan

     WHEREAS, Tenneco Inc. (previously known as Tenneco Automotive Inc.) (the “Company”)
maintains the Tenneco Inc. Supplemental Retirement Plan (formerly known as Tenneco Automotive Inc.
Supplemental Retirement Plan) (the “Plan”); and

     WHEREAS, the Compensation/Nominating/Governance Committee of the Board of Directors of the
Company has approved amendments to the Plan and has authorized and directed the officers of the
Company to prepare and execute an amendment to the Plan to reflect the amendments approved by the
Committee;

     NOW, THEREFORE, pursuant to the authority granted to the undersigned officer, the Plan is
hereby amended, all effective as of December 31, 2006, in the following particulars:

	1.	 	By substituting the following for Section 1 of the Plan:
	 
	“1.	 	 Effective Date, Supplements and Special Provisions.

     The Plan is a new plan established effective January 1, 2005 (the ‘Effective Date’).
The provisions of the Plan as applied to any group of Participants (as defined in Section 2), may
be modified or supplemented from time to time by the adoption of one or more Supplements. Each
Supplement shall form a part of the Plan as of the Supplement’s effective date. In the event of
any inconsistency between a Supplement and the Plan document, the terms of the Supplement shall
govern. Notwithstanding any other provision of the Plan, other than as provided in a Supplement,
all benefit accruals under the Plan are hereby frozen effective as of December 31, 2006, no person
shall become a Participant in the Plan after December 31, 2006, no compensation or service (for
purposes of benefit accrual) for periods after December 31, 2006 shall be taken into account under
the Plan, and no person shall accrue any additional benefits under the Plan after December 31,
2006.”

	2.	 	By deleting Section 12 of the Plan.
	 
	3.	 	By adding the following new Supplement A to the Plan:

“Supplement A

to the

Tenneco Inc. Supplemental Retirement Plan

	 	 	 
	Application

	 	A-1. This Supplement A to the Tenneco Inc. Supplemental
Retirement Plan (the ‘Plan’) shall apply as of January 1,
2007 to the benefits of Participant Hari Nair (the
‘Supplement A Participant’).
	 
	 	 
	Definitions

	 	A-2. Unless the context clearly implies or indicates the
contrary, a word, term or phrase used or defined in the
Plan is similarly used or defined for purposes of this
Supplement A.

 

 

	 	 	 
	Benefit Accrual

	 	A-3. Notwithstanding the provisions of the Plan, the
benefits of the Supplement A Participant shall not be
frozen as of December 31, 2006 and the Supplement A
Participant shall continue as a Participant in the Plan
and shall continue to accrue benefits under the Plan for
periods thereafter subject to the terms of this Supplement
A.
	 
	 	 
	Plan Benefit

	 	A-4. The Plan Benefit of the Supplement A Participant
with respect to benefits accrued after December 31, 2006,
shall be determined in accordance with the provisions of
Section 3 of the Plan; provided, however, that the rate at
which the Supplement A Participant accrues benefits under
Section 3 shall be equal to 1.402% of Final Average
Compensation per Year of Service earned after December 31,
2006.
	 
	 	 
	Benefit Offset

	 	A-5. The Plan Benefit of the Supplement A Participant,
determined in accordance with the Plan and as modified by
the provisions of Section A-4, shall be reduced by the
actuarial equivalent value (determined in accordance with
the assumptions set forth in Section 4 of the Plan) of any
amounts paid to the employee in respect of DB Replacement
Contributions. For purposes of this Supplement A, ‘DB
Replacement Contributions’ with respect to the Supplement
A Participant means the contributions (and income,
earnings, losses, appreciation and depreciation
attributable thereto) allocated to his DB Replacement
Contribution Account (i) under the Tenneco Employee Stock
Ownership Plan for Salaried Employees or the Tenneco
Employee Stock Ownership Plan for Hourly Employees (or any
successors thereto) or (ii) under the unfunded
non-qualified defined contribution plan established by the
Company effective as of January 1, 2007 for employees who
have a salary grade designation of EICP1 or higher (or any
successor thereto).”

     IN WITNESS WHEREOF, the Company has caused the Plan to be amended as set forth herein by its
authorized officer.

	 	 	 	 	 	 	 
	 	 	TENNECO INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 

	 	 

2

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