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Document Preview Letter Agreement |
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Title: |
Letter Agreement |
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Entities: |
General Motors Corp.; Robert A. Lutz; Ron Zarrella |
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Date: |
2002 |
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Size: |
Preview shows 2KB of 9KB total |
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Price: |
$39 |
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ID: |
#239176 |
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August 16, 2001
Mr. Robert A. Lutz
3966 Pleasant Lake Road
Ann Arbor, MI 48103
Dear Bob:
I am extremely pleased to confirm our offer of employment to you. If you accept
our offer, your employment with General Motors Corporation will commence on
September 1, 2001 and you will assume the position of Vice Chairman in charge of
Product Development and agree to serve in that capacity for three years.
You will be located at our headquarters office in Detroit, Michigan and our
Technical Center in Warren, Michigan and report to me as the Chief Executive
Officer of the Company, and work closely with Ron Zarrella on North America
product development matters. You will be a member of both the Global Automotive
Strategy Board and the North America Strategy Board. Please indicate your
acceptance by signing below and returning the original to me.
Your starting base salary will be the same as that of the Company's current Vice
Chairman as of the date of this letter. Your base salary, and other components
of pay, will be reviewed periodically by the Executive Compensation Committee of
the Board of Directors (the "Executive Compensation Committee") and, based on
that review, may be adjusted. Your annual cash bonus will be dependent upon
Corporate performance relative to the performance matrices approved by the
Executive Compensation Committee, but in no case will your bonus be less than
$1,500,000 for your first twelve months of employment and $1,000,000 for the
second twelve months. You will be eligible to defer salary and/or bonus
payments, to the extent permitted under the Company's deferred compensation
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