Common use of Separation Incentive Clause in Contracts

Separation Incentive. Provided that before May 22, 2015 (the “Severance Payment Date”), Employee timely signs this Agreement, returns the Agreement and does not revoke the Agreement as further set forth in paragraph 4 below, and provided Employee has complied with his obligations as set forth in paragraph 5(e) below, Employee will be entitled to the following benefits (the “Separation Incentive”): (a) On the Severance Payment Date, Employee will be paid a lump sum severance payment in the gross total amount of $4,830,000.00, less required taxes, deductions and withholdings; and (b) On the Severance Payment Date, Employee will be paid a lump sum medical continuation payment in the gross total amount of $31,313.00, less required taxes, deductions and withholdings; and (c) As of the Severance Payment Date, Employee’s account under the Novelis Defined Contribution Supplemental Executive Retirement Plan will be credited with a lump sum amount equal to $204,250.00; and (d) Employee’s coverage under the Novelis Group Life Insurance Plan shall continue at no cost to Employee for up to 12 months from the Separation Date at Employee’s level of coverage as of the Separation Date; and (e) On the Severance Payment Date, Employee will be paid a lump sum payment in the gross total amount of $1,678,950.00, less required taxes, deductions and withholdings, representing Employee’s Annual Incentive Plan bonus for fiscal year 2015; and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ April 20, 2015 (f) On the Severance Payment Date, Employee will be paid a lump sum payment in the gross total amount of $1,916,990.00, less required taxes, deductions and withholdings, representing payment for Employee’s entitlement to any restricted stock units under the Long-Term Incentive Plans for 2015 and earlier fiscal years. The Parties agree and acknowledge that the Separation Incentive set forth in this paragraph 2 provides benefits to which Employee otherwise would not be entitled. The Parties further agree and acknowledge that Employee is not entitled to and shall not receive any 401(k) or other retirement plan contribution or other benefits based on the Separation Incentive. The Parties also agree that Employee is not entitled to and shall not receive any payments or benefits under the Annual Incentive Plan or the Long Term Incentive Plan for fiscal year 2016.

Separation Incentive. Provided that before May 22April 17, 2015 2020 (the “Severance Payment Date”), Employee timely signs this Agreement, returns the Agreement and does not revoke the Agreement as further set forth in paragraph 4 below, and provided Employee has complied with his obligations as set forth in paragraph 5(e) below, Employee will be entitled to the following benefits (the “Separation Incentive”): (a) On the Severance Payment Date, Employee will be paid a lump sum severance payment in the gross total amount of $4,830,000.00909,000, less required taxes, deductions and withholdings; and (b) On the Severance Payment Date, Employee will be paid a lump sum medical continuation payment in the gross total amount of $31,313.0010,250, less required taxes, deductions and withholdings; and (c) As of the Severance Payment Date, Employee’s account under the Novelis Defined Contribution Supplemental Executive Retirement Plan will be credited with a lump sum amount equal to $204,250.0057,570; and (d) Employee’s coverage under the Novelis Group Life Insurance Plan shall continue at no cost to Employee for up to 12 months from the Separation Date at Employee’s level of coverage as of the Separation Date; andand Employee Initials: LJP ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇. (e) On the Severance Payment DateIn or around May 2020, Employee will be paid a lump sum payment in the gross total amount of $1,678,950.00, less required taxes, deductions and withholdings, representing Employee’s eligible for an Annual Incentive Plan bonus for fiscal year 2015; 2020, based on the criteria applicable to, and ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ April 20if any is awarded to, 2015 (f) On the Severance Payment Date, Employee will be paid a lump sum payment in the gross total amount of $1,916,990.00similarly situated active employees, less required applicable taxes, deductions and withholdings, representing payment for Employee’s entitlement to any restricted stock units under the Long-Term Incentive Plans for 2015 and earlier fiscal yearswithholdings or deductions. The Parties agree and acknowledge that the Separation Incentive set forth in this paragraph 2 provides benefits to which Employee otherwise would not be entitled. The Parties further agree and acknowledge that Employee is not entitled to and shall not receive any 401(k) or other retirement plan contribution or other benefits based on the Separation Incentive. The Parties also agree that Employee is not entitled to and shall not receive any payments or benefits under the Annual Incentive Plan or the Long Term Incentive Plan for fiscal year 20162021.