April 13, 2005
Mr. Jean Rochette
1976 De l'Elan Street
Longueuil, Quebec J4N 1N3
Following your conversation with Andre
Heroux on March 21, we are confirming
that as a result of restructuring and the
elimination of your position, your
employment with the MAAX Corporation will
end on March 25, 2005.
Your employment termination will be subject
to the modalities and conditions
listed below, in compliance with your
employment contract of August 27, 2004.
The present letter and the document titled
"Transaction and Discharge", after
having been countersigned by you will
become an irrevocable agreement between
yourself and the MAAX Corporation.
EMPLOYMENT TERMINATION COMPENSATION
You will receive employment termination
compensation in the gross amount of FIVE
HUNDRED AND TWENTY-FIVE THOUSAND DOLLARS
($525,000). This amount is equivalent
to your base salary for a period of
fifty-two (52) weeks to which has been added
the annual target performance bonus and
includes all the amounts due to you in
the form of compensation instead of notices
pursuant to the Act respecting
Labour Standards or any other pertinent
federal or provincial law.
It might be possible to transfer all or
part of your employment termination
compensation to your RRSP without any
source deductions and without affecting
your annual RRSP space. We recommend that
you consult with your financial
adviser in order to discover the options
open to you, if any exist. If you are
entitled to do so and wish to transfer
funds into your RRSP, please communicate
the amount below.
I want to transfer the amount of FIFTEEN
THOUSAND SIX HUNDRED AND THIRTY-ONE
DOLLARS ($15,631) into an RRSP.
In addition to the departure compensation,
you will receive a normal performance
bonus on the same basis as the other
members of the executive committee for the
2005 fiscal year, once the financial
statements have been approved by the MAAX
Corporation Board of Directors. The said
amount will be paid to you on or around
May 9, 2005.