Document:

EX-10.2 FORM OF NOVELIS LONG-TERM INCENTIVE PLAN

Exhibit 10.2

Novelis — Long-Term Incentive Plan (LTIP) — FY 2009 — FY 2012

Key features of the Scheme:

	 	1.	 	Title and Administration: The scheme shall be referred to as the Novelis Long-Term
Incentive Plan FY 2009 — FY 2012. The scheme will be administered by the Human Resources
team at the Novelis Corporate Office.
	 
	 	2.	 	Performance Period: For this scheme, the performance period will be FY 2009, FY 2010,
FY 2011 and FY 2012. The exact period of assessment will be April 1, 2008 to March 31,
2012.
	 
	 	3.	 	Coverage: The coverage of this scheme will be Grade 38 and above. As of now, this
means that 173 Managers are entitled for coverage under this plan. High potential and
critical resource employees at Grade 37 and below will participate on an exception basis.
	 
	 	4.	 	Pay Opportunity: The target pay opportunity for Grades 38 and above will be as
follows

	 	 	 
	Grade	 	Long-Term Incentive Opportunity in US$	 
	38
	 	$22,000
	39
	 	$31,000
	40
	 	$44,000
	41
	 	$61,000
	42
	 	$83,000
	43
	 	$108,000
	44
	 	$129,000
	45
	 	$171,000
	46
	 	$245,000
	47
	 	$355,000
	48
	 	$500,000
	President and COO
	 	$2,231,000

	 	 	 	While this will be the target pay opportunity by grade, individual amounts may vary, depending
on performance, potential and criticality of role, within the overall budget
	 
	 	5.	 	Pay Design Summary:

	 	a.	 	A work team, with representation from Hindaclo HR, Novelis HR and
Group HR was constituted to put together a work design for LTIP FY2009-12

 

 

	 	b.	 	The work team has proposed a design that is based on the price
movement of Hindalco shares
	 
	 	c.	 	The pay opportunity will be in the form of Stock Appreciation Rights
(SAR’s) with the value of one SAR equivalent to one Hindalco share.
	 
	 	d.	 	The SARs would vest 25% each year for 4 years, subject to performance
criteria being fulfilled.
	 
	 	e.	 	The performance criterion for vesting is actual vs. target
performance of Operating EBITDA for Overall Novelis as approved each year
	 
	 	f.	 	The threshold would be 75% performance of target each year, at which
point 75% of SARs due that year, would vest — there would be straight line
vesting up to 100%
	 
	 	g.	 	Vested SARs could be exercised at any time during the seven-year life
of the plan by the employee.
	 
	 	h.	 	The value of the SARS is dependent on the share price of Hindalco at
the time of exercise
	 
	 	i.	 	Cash payouts will be restricted to a maximum of 2.5 times target if
exercised within one year of vesting.
	 
	 	j.	 	Cash payouts will be restricted to a maximum of 3 times target if
exercised after first year

	 	6.	 	Measures to be used for vesting of SAR’s as part of the LTIP: For FY 2009 — FY 2012,
the SAR’s will vest subject to the actual v/s target Operating EBITDA threshold being met.
Operating EBIDTA has been defined as under :

	 	a.	 	EBITDA: Defined as Net Revenues — COGS without depreciation — S&AE
 — R&D + Realized G/L on Derivatives. A manual documenting how to calculate EBITDA
and various adjustments to be made to the measure will be created and agreed upon
with Novelis and Hindalco executive management. A Committee comprised of the
Novelis President, the Novelis CFO and the Hindalco CFO will consider any
situations not addressed in the manual, such as major acquisitions, divestitures
and restructuring and will recommend any adjustments to the Vice Chairman Novelis
for approval or further consideration by the appropriate authority.

	 	7.	 	Example of Computation of number of SAR’s for the purpose of Grant: The computation
of SAR’s will be as explained in the following example.

	 	a.	 	Target Dollar Opportunity / (Black-Scholes Value [Indian Equivalent]
x current Hindalco share price) = # of Stock Appreciation Rights (SARs)
	 
	 	b.	 	Example:

	 	i.	 	Participant is a Grade 44
	 
	 	ii.	 	Target Opportunity is $129,000
	 
	 	iii.	 	Assume Black Scholes value is 40%

 

 

	 	iv.	 	Assume Hindalco share price on grant date is
200 Rupees and converts to $5.00 per share (assumes exchange rate of
US$1=INR40)
	 
	 	v.	 	$129,000 / (40% x $5.00) = 64,500 SARs priced
at 200 Rupees each
	 
	 	vi.	 	Subject to vesting rules and cap on payout—
participant is entitled to the gain in the market value of Hindalco
shares with each SAR representing the opportunity on one Hindalco share

	 	8.	 	Participation recommendations: For the LTIP FY 2009 — 2012, 156 participants in
grades 38 and above have been recommended for a total target opportunity of $11,650,000.
Additionally, 47 participants below grade 38 have been recommended for a total target
opportunity of $505,000 or less than 5% of the total target opportunity for grades 38 and
above.
	 
	 	9.	 	Other aspects of the plan:

	 	a.	 	Valuation: The Black Scholes method of valuation will be used. This
valuation will be used as an input to arrive at the number of SAR’s to be granted
to employees.
	 
	 	b.	 	Date of Grant: The SAR’s are proposed to be granted on the date of
approval from the Board i.e. June 19, 2008.
	 
	 	c.	 	An individual will be entitled to participate in the LTIP for FY 2009
 — FY 2012 if actively employed no later than June 1, 2008. Employees hired
during FY 2009, are proposed to be treated in the following manner :

	 	i.	 	For those who join between June — September,
target opportunity to be 90% of the target amount for the Grade
	 
	 	ii.	 	For those who join between October — December,
target opportunity to be 75% of the target amount for the Grade
	 
	 	iii.	 	For those who join between January — March,
target opportunity to be 50% of the target amount for the Grade

	 	d.	 	It is not proposed to revise the LTIP Opportunity for existing
employees in the event of a grade change during the year, except in case of
employees who had not been covered under the plan earlier and then move to a role
that is Grade 38 or above during the course of the year.

	 	e.	 	In the event of separation on account of resignation initiated by the
employee, any unvested SAR’s will lapse and vested SAR’s have to be exercised
within 90 days.
	 
	 	f.	 	In the event of retirement, more than one grant from grant date,
SAR’s will continue to vest and must be exercised no later than the 3rd
anniversary following retirement.
	 
	 	g.	 	In the event of death or disability, there will be immediate vesting
of all SAR’s with one year to exercise.
	 
	 	h.	 	Upon change in control being triggered, there would be immediate
vesting and cashout of all SAR’s.EX-10.1 Letter Agreement

EXHIBIT 10.1

Letter Agreement between MBF Healthcare Acquisition, Corp. and MBF Healthcare Management, LLC

MBF Healthcare Management, LLC

121 Alhambra Plaza, Suite 1100

Coral Gables, FL 33134

(Hereinafter referred to as “MBFHM”)

MBF Healthcare Acquisition Corp.

121 Alhambra Plaza, Suite 1100

Coral Gables, FL 33134

(the “Borrower”)

     This Letter Agreement (“Agreement”) is entered into August 7, 2008, by and between MBFHM and
Borrower, and shall evidence a non-revolving line of credit established by MBFHM in favor of
Borrower (the “Loan”) in the maximum principal amount of Three Hundred Thousand Dollars
($300,000.00). Relying upon the covenants, agreements, representations and warranties contained in
this Agreement, MBFHM is willing to extend credit to Borrower upon the terms and subject to the
conditions set forth herein, and MBFHM and Borrower agree as follows:

     1. Principal. The principal amount of the Loan, along with all accrued interest, shall
be payable upon the earlier of (i) the date of the consummation by Borrower of an initial business
combination (as described in the Borrower’s final prospectus in connection with its initial public
offering), or (ii) the Borrower’s liquidation pursuant to Article Seventh of the Borrrower’s
Amended and Restated Certificate of Incorporation.

     2. Interest. Interest shall accrue at the rate of 5.0% per year on the unpaid
principal balance of the Loan. Interest shall be computed on the basis of the actual number of
days elapsed and a year of 365 days.

     3. Non-Revolving Line of Credit. The Loan is a non-revolving loan and Borrower may
borrow up to the principal amount during the term of the Loan, so long as no Event of Default
(hereinafter defined) has occurred and is continuing.

     4. Application of Payments. All payments shall be applied first to payment in full of
any costs incurred in the collection of any sum due under this Agreement, including (without
limitation) reasonable attorneys’ fees, then to the reduction of the unpaid principal and interest
balance of the Loan.

     5. Events of Default. Each of the following shall constitute an event of default
(“Event of Default”) under this Agreement:

          (a) Failure to Make Required Payments. Failure by Borrower to pay the principal and accrued
interest of the Loan within five (5) business days following the date when due.

          (b) Voluntary Bankruptcy, Etc. The commencement by Borrower of a voluntary case under the
Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal
or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the
consent by it to the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) of Borrower or for any substantial
part of its property, or the making by it of any assignment for the benefit of creditors, or the
failure of Borrower generally to pay its debts as such debts become due, or the taking of corporate
action by Borrower in furtherance of any of the foregoing.

          (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of Borrower in an involuntary case under the Federal
Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Borrower or for any substantial part of
its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any
such decree or order unstayed and in effect for a period of sixty (60) consecutive days.

     6. Remedies.

          (a) Upon the occurrence of an Event of Default specified in Section 5(a) hereof, MBFHM may, by
written notice to Borrower, declare the Loan to be immediately due and payable, whereupon the
unpaid principal amount of the Loan, along with accrued interest and all other amounts payable
hereunder, shall become immediately due and payable without presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived, anything contained herein or in the
documents evidencing the same to the contrary nothwithstanding.

 

 

          (b) Upon the occurrence of an Event of Default specified in either Section 5(b) or Section
5(c) hereof, the unpaid principal balance of the Loan, along with accrued interest and all other
amounts payable hereunder, shall automatically and immediately become due and payable, in all cases
without any action on the part of MBFHM, including presentment, demand, protest or other notice of
any kind, all of which are hereby expressly waived.

     7. Waivers. Borrower and all guarantors of, and sureties for, the Loan waive
presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to
this Agreement, all errors, defects and imperfections in any proceedings instituted by MBFHM under
the terms of this Agreement, and all benefits that might accrue to Borrower by virtue of any
present or future laws exempting any property, real or personal, or any part of the proceeds
arising from any sale of any such property, from attachment, levy or sale under execution, or
providing for any stay of execution, exemption from civil process, or extension of time for
payment; and Borrower agrees that any real estate that may be levied upon pursuant to a judgment
obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ
in whole or in part in any order desired by MBFHM.

     8. Unconditional Liability. Borrower hereby waives all notices in connection with the
delivery, acceptance, performance, default, or enforcement of the payment of the Loan, and agrees
that its liability shall be unconditional, without regard to the liability of any other party, and
shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by MBFHM, and consents to any and all extensions of time,
renewals, waivers, or modifications that may be granted by MBFHM with respect to the payment or
other provisions of this Agreement, and agrees that additional Borrowers, guarantors, or sureties
may become parties hereto without notice to it or affecting its liability hereunder.

     9. Waiver of Claim Against Trust Account. MBFHM hereby waives any and all right,
title, interest or claim of any kind in or to any distributions of Borrower’s trust account,
maintained at Continental Stock Transfer & Trust Co. (the “Trust Account”), or to any other amounts
distributed in connection with a liquidating distribution of Borrower (except for the repayment of
the Loan as contemplated in Section 1 above) (“Claim”) and hereby waives any Claim it may have in
the future as a result of, or arising out of, any contracts or agreements with the Company and will
not seek recourse against the Trust Account for any reason whatsoever.

     10. Notices. Any notice called for hereunder shall be deemed properly given if in
writing and (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii)
dispatched by any form of private or governmental express mail or delivery service providing
receipted delivery, (iv) sent by confirmed telefacsimile or (v) sent by confirmed e-mail, to the
following addresses or to such other address as either party may designate by notice in accordance
with this Section:

     If to Borrower:

			
	               	 	MBF Healthcare Acquisition Corp.

121 Alhambra Plaza, Suite 1100

Coral Gables, FL 33134

     If to MBFHM:

			
	               	 	MBF Healthcare Management, LLC

121 Alhambra Plaza, Suite 1100

Coral Gables, FL 33134

Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the
date shown on the confirmed telefacsimile transmission confirmation, (iii) the date on which an
e-mail transmission was received by the receiving party’s on-line access provider (iv) the date
reflected on a signed delivery receipt, or (v) two (2) Business Days following tender of delivery
or dispatch by express mail or delivery service.

     11. Governing Law; Construction. This Agreement, the legal relations between the
Borrower and MBFHM and the adjudication and the enforcement hereof shall be governed by and
construed in accordance with the laws of the State of Florida applicable to contracts executed in
and to be performed in that state, without regard to the conflicts of law provisions thereof to the
extent such principles or rules would require or permit the application of the laws of another
jurisdiction.

     12. Severability. Any provision contained in this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

[signatures on following page]

 

 

     IN WITNESS WHEREOF, Borrower and MBFHM, on the day and year first written above, have caused
this Agreement to be duly executed.

	 	 	 	 	 
	 	MBF HEALTHCARE ACQUISITION CORP.

 	 
	 	By:  	/s/ Jorge Rico
 	 
	 	 	Name:  	Jorge L. Rico 	 
	 	 	Title:  	Chief Operating Officer 	 
	 
	 	MBF HEALTHCARE MANAGEMENT, LLC

 	 
	 	By:  	/s/ Miguel B. Fernandez
 	 
	 	 	Name:  	Miguel B. Fernandez 	 
	 	 	Title:  	President

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