{"id":39178,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-general-dynamics-corp-and-nicholas-d.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-general-dynamics-corp-and-nicholas-d","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-general-dynamics-corp-and-nicholas-d.html","title":{"rendered":"Employment Agreement &#8211; General Dynamics Corp. and Nicholas D. Chabraja"},"content":{"rendered":"<pre>\n[LETTERHEAD]\n\n                                       3 February 1993\n\n\nMr. Nicholas D. Chabraja\n440 King Muir Road\nLake Forest, IL 60045\n\nDear Nick:\n\nThis letter confirms our offer to you to become the Senior Vice President and\nGeneral Counsel of General Dynamics, reporting to me effective 1 January 1993.\nYou will be a Corporate officer as approved by the Board of Directors. The\nbasic terms are as follows:\n\n         Base Salary:  Initial salary at the rate of $350,000 per year.\n\n         Incentive Compensation:  Participation in the Corporation's Management\n         Incentive Plan beginning March, 1994. Annual awards are dependent upon\n         your performance. Determination of the amount of your award is made by\n         the Compensation Committee of the Board of Directors.\n\n         Top '150' Team Front-load Restricted Stock:  Additionally, you will be\n         a member of our Top '25' key management team. In order to put you on\n         an equal footing with the other members of this team, we will make you\n         an award of 15,000 shares of General Dynamics restricted stock\n         immediately. These shares of restricted stock will vest according to\n         the lapsing rules of our normal program, provided you remain employed\n         by General Dynamics through 31 December 1994. The amount also takes\n         into consideration the fact that you will not achieve a vested\n         retirement benefit during the term of this agreement. Your restricted\n         stock will also be eligible for any accelerated lapsing of remaining\n         restricted shares based on performance criteria set and approved by\n         the Compensation Committee.\n\n         Additionally, you will receive the normal General Dynamics benefit\n         package and perquisites for the top executives of the Company. This\n         includes, but is not limited to, the Retirement Plan for Salaried\n         Employees; Group Medical and Life Insurance Plan; the Named Individual\n         Accidental Death Insurance Plan; the Long-term Disability Plan; the\n         Dental Plan; Executive Financial Planning; the Officer's Vacation\n         Plan; the company-provided automobile; and the company-provided\n         memberships to a country club and appropriate luncheon clubs. You will\n         also be able to participate immediately in the Company's Supplemental \n         Savings\n\n\n         and Stock Investment plan (SSIP). After you have completed one full\n         year of employment you will be able to participate in the Company's\n         Tax Qualified SSIP.\n\nIt is further understood that during your employment with General Dynamics, you\nwill remain a partner in the law firm of Jenner and Block and that any salary\nand bonus paid to you by General Dynamics will be remitted to Jenner and Block,\nnet of taxes, and that Jenner and Block will deduct the gross payments from\ntheir annual billings to General Dynamics, effective with your 1 January 1993\nhire date.\n\nNick, we very much look forward to having you as a member of our team and\nbelieve that this letter contains all of the understandings that we have agreed\nto.\n\n                                           Sincerely,\n\n                                           \/s\/ WILLIAM A. ANDERS\n                                           ---------------------\n                                           William A. Anders\n                                           Chairman &amp; CEO\n\n\n\nWAA:daw\n\n\nAccepted By:\n\n\n\/s\/ NICHOLAS D. CHABRAJA      March 2, 1993\n- -------------------------------------------\nNicholas D. Chabraja                   Date\n\n[LETTERHEAD]\n                                                \n                               22 December 1993\n\n\nMr. Nicholas D. Chabraja\n440 King Muir Road\nLake Forest, Illinois 60045\n\nDear Nick:\n\n         This letter confirms our recent conversations and restates the terms\nof your employment with General Dynamics. As we have agreed, you will continue\nto serve as Senior Vice President and General Counsel of General Dynamics (or\nin any other capacity deemed appropriate by the Board of Directors), reporting\ndirectly to me.\n\n         You will continue to be compensated at your current base salary of\n$350,000 per year, plus such additional incentive compensation as the\nCompensation Committee of the Board of Directors shall from time to time award\nto you. Annual reviews of total compensation are generally made in March of\neach year and are based upon your performance and that of the Company. You will\nalso continue to participate in such health and welfare and other benefit\nprograms of General Dynamics as are available to other senior officers of the\nCompany.\n\n         Provided you remain employed by the Company through 31 December 1994,\nthe Restricted Stock granted to you in February 1993 will continue to vest\naccording to the lapsing rules of the Restricted Stock Program. This letter\nalso acknowledges that you are participating in General Dynamics' recently \nadopted long-term compensation plan through awards made to you in October 1993 \nof stock options and restricted stock.\n\n         This letter confirms that you intend to continue to reside in Chicago\nand to remain a partner in the law firm of Jenner &amp; Block during your\nemployment with General Dynamics. On the other hand, you agree that you will\nnot participate in the fees that Jenner &amp; Block derives from its representation\nof General Dynamics so long as you are employed as an officer of General\nDynamics. It is also understood that Jenner &amp; Block will not bill General\nDynamics for any time you personally devote to General Dynamics as an officer\nof the Company.\n\nNicholas D. Chabraja                     2                      22 December 1993\n\n\n         I applaud your outstanding efforts during the past year and look\nforward to an equally satisfying association in the future.\n\n                                          Sincerely,\n\n                                          GENERAL DYNAMICS CORPORATION\n\n                                                     \n                                          \/s\/ J. R. MELLOR\n                                          ----------------          \n                                          J. R. Mellor\n                                          President and Chief Executive Officer\n\n\n\nAgreed:\n\n\n\n\n\nBy:  \/s\/ NICHOLAS D. CHABRAJA \n    --------------------------------\n      Nicholas D. Chabraja\n\nJRM:gmb\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7614],"corporate_contracts_industries":[9475],"corporate_contracts_types":[9539,9544],"class_list":["post-39178","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-general-dynamics-corp","corporate_contracts_industries-aerospace__ships","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39178"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39178"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39178"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}