W.R. Grace reaches four-year employment agreement with CEO Festa

By Caroline Salls

Pittsburgh, May 29 - W. R. Grace & Co. has entered into an agreement that allows Alfred. E. Festa to continue to serve as the company's president and chief executive officer, according to an 8-K filed Friday with the Securities and Exchange Commission.

The agreement takes effect on June 1 and runs through May 31, 2013.

Under the agreement, Festa is entitled to an initial base annual salary of $936,000. His targeted award under Grace's annual incentive compensation plan for 2009 and each calendar year thereafter is 100% of his base salary earned during the applicable year.

He will also continue to participate in the Grace long-term incentive programs, under which his targeted award will be $3.2 million.

W.R. Grace, a Columbia, Md.-based specialty chemicals company, filed for bankruptcy on April 2, 2001 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 01-01139.

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