EX-99.1 2 a07-12691_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Hexcel Corporation

281 Tresser Blvd

Stamford, CT 06901

April 27, 2007

Mr. Stephen C. Forsyth

321 Blackberry Drive

Stamford, CT  06903

Re:  Resignation from Hexcel Corporation (the “Company”)

Dear Stephen:

As we discussed, the Company is willing to extend the exercisability of your vested options in connection with your resignation if you agree, subject to certain exceptions, not to solicit our employees for a period of two years.

In particular, the Company agrees that all options to purchase Hexcel common stock granted to you under the Hexcel Corporation 2003 Incentive Stock Plan that are outstanding on April 27, 2007, to the extent such options are vested on such date, shall remain outstanding and exercisable until December 31, 2007.  These options are listed on Schedule A attached to this letter.

In return, you agree that prior to April 27, 2009 you will not, directly or indirectly, engage in soliciting for employment, or in hiring, by your new employer (including any subsidiary or successor entity), any officer, director or management level employee of the Company (including any subsidiary or successor entity), except that you shall not be precluded from engaging in soliciting or hiring any person who (i) initi­ates discussions with your new employer regarding such employment without any direct or indirect solicitation by you, (ii) has been terminated by the Company or any subsidiary prior to commencement of employment discussions with you or (iii) is identified as the result of a general solicitation or broad-based executive search not targeted to evade the provisions of this paragraph.

You further agree that in the event of any breach of this letter agreement by you before December 31, 2007, the Company will have the right to reduce the exercisability period of any unexercised options on Schedule A to the end of the third trading day after the Company notifies you in writing of such breach, even if the new expiration date is within the exercisability period that applied prior to the extension of the options granted pursuant to this letter.

If you agree with the foregoing, please sign this letter in the space provided below.

 

Very truly yours,

 

 

 

/s/ DAVID E. BERGES

 

 

D.E. Berges

 

Chairman, CEO

 

 

 

 

Accepted and Agreed:

 

 

 

/s/ STEPHEN C. FORSYTH

 

 

Stephen C. Forsyth

 

 




Schedule A

 

 

Grant Date

 

Price

 

Total Number of
Outstanding Shares
Underlying Option

 

Outstanding Shares
Underlying Option that are
Vested as of April 27, 2007

 

02/07/2006

 

 

$

22.00

 

 

 

22,261

 

 

 

7,421

 

 

01/06/2005

 

 

$

14.51

 

 

 

33,068

 

 

 

22,046

 

 

01/06/2004

 

 

$

7.38

 

 

 

58,404

 

 

 

58,404

 

 

01/06/2003

 

 

$

3.13

 

 

 

33,000

 

 

 

33,000

 

 

12/20/2000

 

 

$

11.00

 

 

 

50,000

 

 

 

50,000

 

 

12/20/2000

 

 

$

9.9375

 

 

 

38,400

 

 

 

38,400

 

 

12/02/1999

 

 

$

5.75

 

 

 

51,000

 

 

 

51,000

 

 

12/02/1999

 

 

$

5.75

 

 

 

35,000

 

 

 

35,000

 

 

02/03/1999

 

 

$

9.0625

 

 

 

4,159

 

 

 

4,159

 

 

10/30/1998

 

 

$

12.00

 

 

 

152,000

 

 

 

152,000

 

 

10/13/1998

 

 

$

8.75

 

 

 

29,400

 

 

 

29,400

 

 

01/02/1998

 

 

$

24.00

 

 

 

12,800

 

 

 

12,800