Document:

EX-10.50 OFFER LETTER/RICK DOBSON

 

Exhibit 10.50

June 20, 2006

Rick Dobson

Dear Rick,

I am pleased to offer you the position of Senior Vice President and Chief Financial Officer,
reporting to me. This position is located in Atlanta, Georgia. The terms and conditions
applicable to your appointment to this position are as follows:

	1.	 	Starting Date
	 
	 	 	The effective date of this position will be July 19, 2006, or a date mutually agreeable
between us.
	 
	2.	 	Salary
	 
	 	 	The position of Senior Vice President and Chief Financial Officer will have an initial base
salary of $ 450,000 annually.
	 
	3.	 	Short-Term Incentives (STI)
	 
	 	 	In addition to base salary, this position also includes participation in Novelis’ STI
program. The target payout for your position will be 75% of your base salary annually.
You will be eligible for pro-rated participation for 2006. Your performance measures for
this plan for 2006 will be built around Novelis business performance objectives with
specific objectives for improvements in the Finance function. Depending on the level of
the results, the actual bonus for 2006 could be as high as two-times target or 150% of your
base salary or as low as zero.
	 
	4.	 	Long Term Incentives (LTI) 
	 
	 	 	You will be eligible for participation in Novelis’ LTI program. The target annual
opportunity for your position is $ 750,000. Novelis is in the process of developing a new
plan for approval by shareholders in October. We anticipate making a grant shortly
thereafter for a three-year performance period. It is expected that the performance
measure will be the total shareholder return of Novelis compared to the return of the
companies in the S&P Industrials Index. Depending on the level of the results, the actual
LTI earned for a period could be as high as two and one-half times target or $ 1,875,000
(would be higher if Novelis share price increases from date of grant) or as low as zero.
It is anticipated that the plan design will require the payout to be
made in Novelis shares.
	 
	5.	 	Benefits
	 
	 	 	Novelis provides a wide range of benefits which include:

	 	w	 	Savings and Pension — 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- 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. You will be fully vested in the retirement
portion on your third anniversary, there is no partial vesting.

	 	w	 	Life insurance.
	 
	 	w	 	Medical and prescription drug plan.
	 
	 	w	 	Dental coverage.
	 
	 	w	 	Short and long term disability.
	 
	 	w	 	Flex Perks — You will receive an annual gross stipend of $11,500, 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 for club dues and/or financial services.

NOTE: We are sending you information related to the Novelis Medical Plan to help you
understand our approach to healthcare coverage. If you have any benefits questions please
feel free to call Dennis Harrish at 404-814-4214.

	6.	 	 Company Vehicle
	 
	 	 	You will be eligible to participate in the company leased vehicle program. The company
will pay the lease cost to a maximum of $37,000 capitalized cost. The company currently has
a 2006 Mercedes CLK 350 in Atlanta under lease with less than 4,000 miles in impeccable
condition available for you. 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.	 	Education
	 
	 	 	In terms of educational assistance for your teenager in grades 1-12, the Company will
reimburse you for private school in Atlanta as long as you are based in Atlanta. This
benefit is subject to approval by the Company for a schedule of schools.
	 
	8.	 	Relocation 
	 
	 	 	Given your particular family circumstances, the company is prepared to allow you to defer
the process of moving your primary residence from Kansas City to Atlanta until a time to be
determined in 2007 or 2008, depending on your family circumstances. We can discuss the
details of this and timing in due course. The Novelis relocation program would include the
following items for you:

	 	w	 	Temporary accommodations (with tax gross-up) for you in the Atlanta area for up to 12
months.
	 
	 	w	 	Reimbursement (with tax gross-up) for roundtrip coach travel between Atlanta and Kansas
City but no more frequently than once every two weeks during this 12 month period (some
trips for your wife and son to Atlanta may also be arranged).
	 
	 	w	 	Miscellaneous relocation allowance of $25,000 paid at the time of relocation of your
primary residence move.
	 
	 	w	 	Relocation of your household goods to the Atlanta area.
	 
	 	w	 	Home purchase program should you be unsuccessful in selling your home in Kansas City
following a reasonable effort on your part.
	 
	 	w	 	Federal and state income tax preparation for the year of your move.
	 
	 	w	 	Standard closing costs (e.g. fees, tax stamps, attorney fees).

The relocation and home purchase program will be available to you through 2008, to
facilitate your primary residence move to best suit your family circumstances.

	9.	 	Vacation Entitlement
	 
	 	 	You will be entitled to ten(10) days of vacation for the year 2006. Thereafter, your
vacation entitlement will be governed by Novelis’ vacation policy but will continue to be
no less than twenty (20) days annually. You will also be entitled to the legal holidays in
Novelis’ 2006 published holiday schedule for the Atlanta office.
	 
	10.	 	Severance
	 
	 	 	Given your senior level in the event your employment is terminated, you will receive twelve
(12) months severance pay and benefits; all other terms will be per company policy as
described in the Novelis Severance Policy.
	 
	11.	 	Pre-employment physical
	 
	 	 	This offer is conditional upon your passing a pre-placement physical exam and drug screen
to ensure your suitability for the required tasks. Your currently scheduled physical is
acceptable, provided that the results are transmitted for the review of the Novelis medical
representative. You should contact Mary Sundelin at 1-800-745-2522 extension 6893 as soon
as possible to secure the information for the drug screen and coordinate the results of
your pre-employment physical.

This offer is conditional upon your passing a pre-placement drug screen test. You should contact
Mary Sundelin at 1-800-745-2522 as soon as possible to make arrangements.

This position requires travel/business related expenses. You must have a credit card to cover
these business-related expenses. Novelis will provide you with an application for a corporate
American Express Card. The ability to obtain a corporate American Express card is however based
solely on your personal credit.

I trust the above is acceptable to you. If you have any questions about the offer, please feel
free to contact me.

If you agree with the above, please sign and return a copy of this letter to me by June 26, 2006.

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

Sincerely,

/s/ Brian W. Sturgell

Brian W. Sturgell

President and Chief Executive Officer

cc.Dennis Harrish

	 	 	 	 	 
	Accepted by: 

	/s/ Rick Dobson
 

	 	 
	 
	 	 	 	 
	DATED: 

	June 23, 2006EX-10.51 ADDENDUM TO RICK DOBSON OFFER LETTER

 

Exhibit 10.51

June 30, 2006

Rick Dobson

Dear Rick,

Re: Signing bonus and Retention Payment

This note will form the addendum to your offer letter from Brian Sturgell dated 20 June 2006.
Per my email of June 29 2006, we inadvertently left out of your offer letter two taxable one
time payments. The first payment will be payable to you upon your signing the offer for the
position of SVP & CFO of Novelis you will receive a sign on bonus of $125,000. The second payment
will also be for the amount of $ 125,000. and will be payable to you on the one year anniversary of
your start date with Novelis. The qualification for this payment is that you continue to be
employed with Novelis.
I apologize for this omission in the original letter.

Yours truly

/s/ David Godsell

David Godsell

VP Human Resources

cc. Dennis Harrish

     Brian Sturgell

	 	 	 	 	 
	Accepted by: 

	/s/ Rick Dobson
 

	 	 
	 
	 	 	 	 
	DATED: 

	June 20, 2006Ex-10.1

 

Exhibit 10.1

Becton, Dickinson and Company

1 Becton Drive

Franklin Lakes, New Jersey 07417

August 25, 2006

TriPath Imaging, Inc.

780 Plantation Drive,

Burlington, NC 27215

			
	Attention:	 	Paul R. Sohmer, M.D.

Chief Executive Officer

Ladies and Gentlemen:

     Reference is made to the letter agreement, dated August 16, 2006 (the “Original
Agreement”) between Becton, Dickinson and Company (“BD”) and TriPath Imaging, Inc. (the
“Company”). In light of the ongoing negotiations regarding a possible business combination
transaction involving BD and the Company (the “Transaction”), BD and the Company hereby
agree that the Termination Date, as defined in the Original Agreement, shall be revised and
extended to 11:59 p.m. (New York City time) on September 1, 2006. The Original Agreement shall
remain in full force and effect except for such revision and extension of the Termination Date.

     If the foregoing is acceptable and agreed to by you, please sign on the line provided below to
signify such acceptance and agreement.

[Remainder of Page Intentionally Left Blank]

 

 

	 	 	 	 	 
	 	Sincerely,

Becton, Dickinson and Company

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Accepted and agreed as of

the date first written above:

TriPath Imaging, Inc.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]