{"id":39181,"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-william-w.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-general-dynamics-corp-and-william-w","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-general-dynamics-corp-and-william-w.html","title":{"rendered":"Employment Agreement – General Dynamics Corp. and William W. Boisture"},"content":{"rendered":"
Mr. William W. Boisture
\nPresident & Chief Operating Officer
\nGulfstream Aerospace Corporation
\n500 Gulfstream Road
\nSavannah, GA. 31402\n\n<\/p>
Dear Bill:\n\n<\/p>
Please accept this letter to memorialize our understanding of certain issues\nagreed to between you and General Dynamics Corporation.\n\n<\/p>
This letter agreement is predicated on your remaining employed with General\nDynamics Corporation through December 31, 2004. During the term of this\nAgreement, you will continue to receive an annual base salary that is no less\nthan your current base salary. Consistent with our normal practices, your base\nsalary and bonus will be reviewed annually.\n\n<\/p>
In further consideration, we have agreed to the following:\n\n<\/p>
Relocation from Savannah, Georgia to Ft. Worth, Texas:<\/b>\n\n<\/p>
General Dynamics Corporation will reimburse you for the cost of moving from\nSavannah, Georgia to Ft. Worth Texas. This includes the cost of\npacking\/unpacking, moving (including transporting one automobile) and storing\n(for up to six months, if necessary) your household items and furniture.\nGeneral Dynamics Corporation will also reimburse you for the cost of reasonable\nreal estate commissions and closing costs (including tide charges, settlement\ncosts and reasonable attorney\u0092s fees) you may incur in the course of selling\nyour principal residence in Savannah, Georgia.\n\n<\/p>
In the event that your employment terminates prior to December 31, 2004, you\nagree to reimburse the Company for the moving expenses and real estate\ncommissions paid on your behalf.\n\n<\/p>
Retirement Agreement Benefit:<\/b>\n\n<\/p>
In exchange for devoting your full and exclusive services to General Dynamics\nCorporation (and its subsidiaries), effective as of the date below, General\nDynamics Corporation agrees to pay you a \u0093Retirement Agreement Benefit.\u0094 Your\nRetirement Agreement Benefit shall be calculated as provided below from the\navailable general assets of the Corporation.\n\n<\/p>
You will continue to participate in the Gulfstream Aerospace Corporation\nPension Plan (the \u0093Savannah Plan\u0094) and accrue benefits thereunder. Your monthly\nRetirement Agreement Benefit will be equal to: (l) the benefit calculated in\naccordance with the\n\n<\/p>
 \n\n<\/p>
<\/p>
\n<\/p>
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\n<\/p>
general provisions of the General Dynamics Retirement Plan for Salaried\nEmployees (the \u0093General Dynamics Plan\u0094), as amended, but without regard to the\nlimitations imposed by Section 415 or 401(a)(17) of the Internal Revenue Code\n(as amended) reduced by (2) the monthly retirement benefit you are eligible to\nreceive under the Savannah Plan (including post-retirement increases as\nreceived). Credited Service used in calculating your Retirement Agreement\nBenefit shall reflect both your prior employment with General Dynamics (from\nJune 26, 1978 to October 9, 1979) and your period of service with Gulfstream.\nThe General Dynamics Plan benefit is calculated on a single-life basis equal to\nthe average of your final highest consecutive sixty (60) months of base salary\nrates (including amounts eligible to be received in cash, if any, under the\nGeneral Dynamics Corporation Executive Compensation Program) times your\nCredited Service times 1-1\/3 percent. If you retire before age 62, your\nRetirement Agreement Benefit will be reduced at the rate of 2-1\/2 percent for\neach year (or portion thereof) your retirement age is less than 62 years old.\nIn addition, your Retirement Agreement Benefit shall be reduced (on an\nactuarial equivalent basis) for payment in a form other than a single-life\nannuity. Your Retirement Agreement Benefit must be paid at the same time and in the\nsame form that you elect to receive your retirement benefit under the Savannah\nPlan.\n\n<\/p>
Your Retirement Agreement Benefit shall be earned site rate of 2-1\/12% for each\ncompleted calendar month (starting from January 1, 2001) of active employment\nwith General Dynamics Corporation. You shall be eligible for the entire benefit\nif you maintain active employment with General Dynamics Corporation through and\nincluding December 31, 2004. Your Retirement Agreement Benefit is an unfunded\npromise to pay money in the future and shall at all times be subject to the\nclaims of general creditors of the Corporation.\n\n<\/p>
You shall be eligible for full payment regardless of when you leave employment\nif your employment is terminated by reason of your incurring a total and\npermanent disability or your employment is terminated without cause. You shall\nbe deemed totally and permanently disabled if you qualify for a disability\nbenefit from the Social Security Administration. Your separation of employment\nshall be deemed to have terminated without cause as shall be determined within\nthe sole and absolute discretion of the Compensation Committee of the Board of\nDirectors.\n\n<\/p>
Your Retirement Agreement Benefit shall be forfeited in full if your employment\nwith the Corporation is terminated for cause as shall be determined within the sole\nand absolute discretion of the Compensation Committee of the Board of Directors.\n\n<\/p>
If you should die prior to retiring from active service, your surviving spouse,\nif any, shall receive a monthly benefit payable from the Corporation equal to\nthe amount determined in the manner described above but reflecting the\npre-retirement surviving spouse provisions of the General Dynamics Plan (50% of\nthe benefit that you would have received had you retired on the date\nimmediately prior to your death reduced for commencement prior to age 62, if\napplicable, and for form of payment) and reduced by the pre-retirement\nsurviving spouse\u0092s benefit payable under the Savannah Plan including post-retirement increases.\n\n<\/p>
 \n\n<\/p>
<\/p>
\n<\/p>
 <\/h5>
\n<\/p>
I am pleased to provide you with these benefits. If this letter meets with your\napproval, please indicate your acceptance by signing and dating below and return\none copy to me.\n\n<\/p>
Sincerely,\n\n<\/p>
General Dynamics Corporation\n\n<\/p>
\/s\/ Nicholas D. Chabraja
\nNicholas D. Chabraja
\nChairman of the Board
\nAnd Chief Executive Officer\n\n<\/p>
Accepted this 2 day of October, 2001:\n\n<\/p>
\/s\/ William W. Boisture
\nWilliam W. Boisture\n\n\n\n\n\n<\/p><\/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-39181","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\/39181","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=39181"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39181"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39181"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}