EXHIBIT 10.48 MAYR LETTER
Published on May 10, 2016
Exhibit 10.48
June 2015
Erwin Mayr
Dear Erwin,
Your contributions to Novelis are very important. In recognition of this, the Company has put in place an enhancement to the existing long-term incentive plan (LTIP). This “Bridge” plan was developed to supplement the LTIP while the new Novelis portion of the Plan matures. This program will provide you with a cash incentive in addition to your other compensation such as your base salary, annual bonus opportunity and long-term incentive opportunity.
The Bridge plan is in place for FY2016 and will be reviewed and considered for FY2017.
Because this opportunity is designed to enhance our LTIP as a retention incentive, in the event that you voluntarily terminate your employment prior to December 31, 2018, or are terminated for cause, you will be required to repay any payments made under the Bridge plan in the previous 12 months, less applicable taxes, and you will not be entitled to any other payments thereafter. If you are terminated involuntarily without cause, any unpaid cash installments will be immediately cancelled, but you will not be required to repay any cash payments you have received.
Your acceptance of any payments under this award shall constitute your acceptance of the terms and conditions set forth above.
I am very pleased that we are able to offer you this opportunity and I look forward to your continuing to be a key member of the team as we focus on building an even more successful Novelis.
Sincerely,
/s/ Steve Fisher
Steve Fisher
Interim President & CEO and Senior Vice President and CFO