Document:

exv10w3

 

    Exhibit 10.3

 

    PERSONAL &
    CONFIDENTIAL

 

 

    February 25, 2009

 

    Personal & Confidential

 

    Mr. Gjon N. Nivica, Jr. 

    [Address]

 

    Dear Gjon:

 

    On behalf of Celanese, I am pleased to confirm our offer for the
    position of Senior Vice President, General Counsel and Corporate
    Secretary. Your position will be based at our Corporate
    Headquarters in Dallas and you will be reporting directly to
    David Weidman, Chairman and Chief Executive Officer. We
    anticipate your start date will be on or before March 30,
    2009.

 

    Following is an outline of the compensation package we have
    developed for you.

 

    Base
    Salary

 

    Your base salary will be $430,000 per year and will be payable
    on a bi-weekly basis in accordance with the Company’s
    normal payroll practice.

 

    Annual
    Bonus

 

    Your annual bonus opportunity at target will be 70% of your
    annual salary (the “Target”), with a
    “Stretch” opportunity of up to 140% of your annual
    salary. You will be eligible for a performance bonus opportunity
    each year according to the terms of the annual bonus plan, which
    comprises a number of financial and non-financial measures that,
    combined with your personal performance, determine your actual
    bonus payout. Current individual performance modifiers also
    allow for an additional adjustment between 0% and 200% of your
    calculated bonus payout to reflect your individual performance
    relative to your annual objectives. You must be employed by
    Celanese at the time such payments are made in order to remain
    eligible to receive any bonus payout.

 

    For 2009, you will receive a bonus based on a full year of
    participation in the plan with a minimum payout at Target before
    any adjustments for Company or Individual performance (a 1.0
    modifier).

 

    Sign-on
    Bonus

 

    You will receive a one-time payment in the amount of $300,000,
    less applicable deductions, as a Sign-on Bonus which will be
    payable to you with the first payroll cycle after your start
    date. Should you voluntarily end your employment with Celanese
    for any reason within two (2) years of your start date,
    Celanese reserves the right to seek a prorated repayment for
    this Sign-on Bonus.

 

    Sign-on
    Equity Awards

 

    You will receive a sign-on award of 50,000 Time-vesting
    Restricted Stock Units (Sign-on RSU Award). Your Sign-on RSU
    Award will vest annually over three (3) years (33.3% per
    year) beginning on the first anniversary of the grant date.

 

    You will also receive a sign-on award of 100,000 Non-Qualified
    Stock Options (Sign-on Stock Option Award). Your Sign-on Stock
    Option Award will vest annually over three (3) years (33.3%
    per year) beginning on the first anniversary of grant date, and
    will have a seven (7) year term.

 

    Long-Term
    Incentive Awards

 

    Celanese delivers Long-Term Incentive (LTI) compensation through
    annual grants of Performance-vesting Restricted Stock Units
    (Performance RSU Award) and time-vesting LTI awards, which will
    be delivered in the

 

    form of a cash award for 2009 (Cash LTI Award). Annual LTI
    awards are planned to occur in the fourth quarter of each
    calendar year and are based on a combination of contribution,
    individual performance, and market levels of long-term incentive
    compensation.

 

    Upon joining Celanese, we will grant to you a “target”
    award of 10,000 Performance RSUs and a Cash LTI Award in the
    amount of $450,000. The Performance RSU Award will vest on
    October 14, 2011, where the actual number of Performance
    RSUs that vest may be more or less than your target award based
    on the Company’s achievement of specific metrics/goals
    measured over a defined performance period. The Cash LTI Award
    will vest and be payable annually over three (3) years on
    October 14, 2009, 2010 and 2011 (30%, 30% and 40%)
    respectively.

 

    The complete terms of your Sign-on RSU, Sign-on Stock Option,
    Performance RSU and Cash LTI Awards will be determined on the
    grant date, which will be the date your awards are presented and
    approved by the Compensation Committee of the Celanese Board of
    Directors (currently planned for April 22, 2009). Your
    Sign-on RSU, Sign-on Stock Option and Performance RSU Awards
    will each be granted pursuant to the Celanese 2004 Stock
    Incentive Plan and you will be required to sign appropriate
    award agreements and the Celanese LTI Claw-back agreement in
    order to receive these awards. In order to remain eligible to
    receive these awards, you must be actively employed by Celanese
    at the time awards are granted.

 

    Stock
    Ownership Guidelines

 

    In order to align our executives’ interests with those of
    our shareholders, Celanese expects senior leaders to maintain
    equity ownership in the Company commensurate with their
    position. We established a stock ownership guideline equal to
    three (3) times your annual base salary for your salary
    level (SL02) and you will have five (5) years to meet the
    guideline. Our stock ownership Guidelines include the value of
    any unvested RSU awards granted to you as well as any Celanese
    stock that you beneficially own in the various Company and
    individual accounts. Details of this program will be provided
    upon acceptance of this employment offer.

 

    Employee
    Benefits

 

    During your employment, you will be eligible to participate in
    the Company’s employee benefit plans in effect from time to
    time, on the same basis as those benefits are generally made
    available to other employees of the Company. We offer
    comprehensive medical and dental coverage, company paid group
    term life insurance and accidental death and dismemberment
    (AD&D) insurance (each equal to 1 times your annual base
    salary), a cash balance pension plan to which the company
    currently allocates 5% of eligible pay and a 401(k) plan that
    currently matches 100% of the first 5% of eligible employee
    contributions.

 

    Executive
    Benefits

 

    You are also eligible to participate in the Celanese Annual
    Executive Cash Perquisite Allowance program where you will
    receive an allowance in the amount of $15,000 (less applicable
    deductions) for your salary level (SL 02), which is payable each
    year in January. For 2009, you will receive a prorated allowance
    based on your months of service completed during the year, which
    will be payable to you with the first payroll cycle after your
    start date.

 

    Additionally, you will be eligible to participate in the
    Celanese Annual Executive Physical Program including the annual
    physical with the Baylor Personal Edge program. You will also be
    eligible to receive the BioPhysical 250 blood screen every
    5 years.

 

    Relocation
    Assistance

 

    Celanese will assist in your relocation to the Dallas area under
    the provisions of our executive relocation policy for new
    employees. Generally, this policy provides for the shipment of
    household goods, home sale and purchase assistance, a lump-sum
    payment to assist with various miscellaneous expenses associated
    with your relocation, and temporary living in Dallas for up to
    six months. The home sale and purchase assistance can be
    utilized for up to one (1) year after your start date. You
    will also be eligible to receive a reimbursement for any capital
    loss on your may incur on the sale of your home in an amount up
    to $70,000, where such amount will not be tax assisted.

 

    Should you voluntarily end your employment with Celanese for any
    reason during the one (1) year period after you relocate
    your home to the Dallas area, and with respect to the loss on
    sale during the one (1) year period after your

 

    home is sold under the Home Sale Program, Celanese reserves the
    right to seek full repayment for the value of any relocation
    assistance provided to you.

 

    Vacation

 

    You will be eligible for four (4) weeks annual vacation.
    Vacation availability for the remainder of this year will be
    prorated based on your actual start date, in accordance with the
    Company’s vacation policy.

 

    Severance
    Benefits

 

    You will be eligible to receive severance benefits that provide
    for a payout equal to 1.0 times your annual base salary plus
    target bonus (in effect at the time of separation) in the event
    of an involuntary termination without cause or a voluntary
    separation for good reason (as such terms are defined in each
    agreement); or a payout equal to 2.0 times your annual base
    salary plus target bonus (in effect at the time of separation)
    in the event of an involuntary termination without cause or a
    voluntary separation for good reason during the two-year period
    following a
    Change-In-Control
    (CIC) event (as such term is defined in the CIC agreement).

 

    With respect to your Celanese Sign-on Equity and LTI awards, in
    the event of an involuntary termination without cause, you will
    become immediately vested in the Sign-on RSU Award, and with
    respect to the Sign-on Stock Option, Performance RSU and Cash
    LTI Awards you will become vested on a prorated basis through
    your date of termination. The prorated Performance RSU Award
    will be earned as of the date of termination, but will be
    settled on the planned vesting date subject to the
    Company’s achievement of the performance metrics/goals as
    outlined in the grant agreement. The prorated Sign-on Stock
    Option Award will become vested on the date of termination and
    any vested stock options will be exercisable for a period of one
    year following the date of termination.

 

    The severance benefits will also include continued participation
    in the Celanese medical and dental plans for a period of one
    year following the applicable separation event. Copies of these
    agreements will be provided to you under separate cover.

 

    Confidentiality,
    Non-compete and Non-solicitation

 

    As a condition of your employment, you will be required to
    execute agreements (the “Confidentiality, Non-Compete and
    Non-Solicitation Agreements”) with the Company regarding
    protection and non-disclosure of confidential information,
    non-competition and non-solicitation. Copies of these agreements
    will be provided to you under separate cover.

 

    This offer letter constitutes the full terms and conditions of
    your employment with the Company. It supersedes any other oral
    or written commitments that may have been made to you.

 

    This offer of employment is contingent upon the satisfactory
    completion of a background check and pre-employment examination
    including tests for substance abuse. If not satisfactorily
    completed, the offer will be rescinded. Arrangements for the
    drug screen will be coordinated through Concentra Medical
    Services (instructions enclosed) and should be completed no
    later than two (2) weeks before your start date.

 

    As required by law, we will need to verify and document your
    identity and eligibility for employment in the United States.
    Please review the enclosed material and bring the appropriate
    documentation needed to complete the I-9 Form on your start
    date. Please do not complete the I-9 Form in advance since this
    must completed on your first day of employment with the company.

 

    Gjon, we are most enthusiastic about your joining the Celanese
    team. If these provisions are agreeable to you, please sign the
    enclosed copy of this letter and return it to me by fax at
    (972) 443-4439
    on or before March 2, 2009.

 

    Sincerely,

 

    /s/  Michael
    L. Summers

 

    Michael L. Summers

    Senior Vice President, Human Resources

 

    Acknowledgment
    of Offer:

    (Please
    check one)

 

			
	 	    þ 
	
    I accept the above described offer of employment with Celanese
    and understand that my employment status will be considered
    at-will and may be terminated at any tim for any reason. Upon
    acceptance of this offer, I agree to keep the terms and
    conditions of this agreement confidential.

	 
	 	    o 
	
    I decline your offer of employment.

 

	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
    Signature:
	
 
	
    /s/  Gjon
    N. Nivica, Jr. 

    
Gjon
    N. Nivica, Jr. 
	
 
	
    Date:
	
 
	
    March 2, 2009

    

 

    Anticipated Start Date:  March 30, 2009exv10w1

Exhibit 10.1

AMENDMENT NUMBER 1

To The Unsecured Promissory Note

By and Between

Claimsnet.com Inc.

And Thomas Michel

This Amendment Number 1 is made to that certain Unsecured Promissory Note (“Note”) made and entered
into by and between Claimsnet.com Inc. and Thomas Michel dated September 16, 2008.

The provisions set forth herein shall be deemed to modify and replace those provisions of the Note
as specifically set forth. All other provisions of the Note shall remain in full force and effect.

The parties desire to change the Annual Interest Rate on Unpaid Principal to three percent (3%).

AGREED and entered into as of January 1, 2009.

	 	 	 	 	 
	CLAIMSNET.COM INC.

a Delaware corporation

 	 	 
	By:  	/s/ Don Crosbie
 	 	 	 
	 	Don Crosbie 	 	 
	 	Chief Executive Officer 	 	 
	 
	THOMAS MICHEL

 	 	 
	By:  	/s/ Thomas Michel

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