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Document Preview Separation Agreement |
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Title: |
Separation Agreement |
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Entities: |
Ingram Micro Inc.; Tech Data Corp.; Douglas R. Antone |
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Date: |
1999 |
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Size: |
Preview shows 3KB of 28KB total |
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Price: |
$37 |
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ID: |
#109212 |
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SEPARATION AGREEMENT
THIS SEPARATION AGREEMENT is entered into between Douglas R. Antone
("Associate") and Ingram Micro Inc., a Delaware corporation ("Ingram"),
in recognition of Associate's service to Ingram and in order to induce
Associate to continue in his position as an officer and employee of
Ingram. In consideration of the mutual promises and agreements
contained in this document, intending to be legally bound, Associate
and Ingram contract and agree as follows:
1. Continued Employment. Subject to the conditions set forth in this
Agreement, Ingram will provide Associate with the benefits provided
herein if Associate elects to resign as an officer of Ingram at any
time on or after December 31, 1998 or Ingram removes Associate as an
officer of Ingram for any reason other than cause at any time after the
date hereof. The date of any such resignation or removal is hereinafter
referred to as the "Separation Date". Nothing herein shall require
Associate to resign, or refrain from resigning, as an officer of Ingram
at any time, nor shall anything herein be construed as giving Associate
the right to be retained as an officer or employee of Ingram for any
period of time. As used herein, "cause" shall exist if the Board of
Directors of Ingram, or a committee thereof, determines, in its sole
discretion, that Associate has committed acts of dishonesty or
disloyalty, or acts substantially detrimental to the welfare of Ingram.
2. Health Plan Coverage. Subject to Paragraph 12 hereof, if Associate is
eligible and elects to obtain continuation of medical and dental
insurance coverage from Ingram after the Separation Date under COBRA,
during the period from the Separation Date through June 30, 1999,
Ingram will charge Associate for such coverage only the amount which it
charges its employees for the same type of coverage.
3. 1998 Incentive Bonus. Subject to Paragraph 12 hereof, in March 1999,
Associate will receive an incentive payment per the 1998 Executive
Incentive Plan calculated on the terms of Associate's award letter
dated March 31, 1998, and prorated to reflect the period in 1998 in
which Associate was an officer of Ingram.
4. Stock Options. Subject to Paragraph 12 hereof and notwithstanding any
contrary provisions in any plan or relevant agreement, Associate's
currently existing stock options and grants will continue to vest as
scheduled after the Separation Date through June 30, 1999, but not
thereafter. Associate shall have the right to exercise all such vested
stock options and grants through August 31, 1999, unless options or
grants expire at an earlier date per the terms of the underlying
agreements for such options and grants. A list of all of Associate's
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