Exhibit 10.1


 





RENEWAL, EXTENSION and AMENDMENT


OF


EMPLOYMENT AGREEMENT


 


This RENEWAL, EXTENSION and AMENDMENT (this
“Amendment”) of that one, certain EMPLOYMENT AGREEMENT dated October 14, 2015 (the “Employment Agreement”),
by and between Imation Corp. (“Company") and Robert B. Fernander (“Executive”), is made to be effective on
this the 14th day of October, 2016 (“Effective Date”).


 


RECITALS


 


WHEREAS, Executive
has served as Interim Chief Executive Officer of Company continuously since October 14, 2015; and,


 


WHEREAS, the Company
desires to continue the employment of Executive, and Executive is willing to continue his employment by the Company, in each case
on the terms and conditions set forth in the Employment Agreement, save and except that the Company and Executive wish to alter
the Term of the Employment Agreement extending the 1-year Term to a month-to-month term commencing on the Effective Date of this
Amendment.


 


NOW, THEREFORE, in
consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which is mutually acknowledged, the Company and Executive agree as follows:


 


		A.	Paragraph 1 of the Employment Agreement is hereby amended to read as follows:



 


“1.Employment;
Term. The Company hereby agrees to employ Executive, and Executive hereby accepts such employment with the Company, in each
case, on the terms and subject to the terms, conditions and covenants set forth in this Agreement; Executive's employment pursuant
to this Agreement shall commence on the Effective Date. Executive shall be employed by the Company at will for an initial period
of twelve (12) months (the “Initial Term”) after which employment shall continue from month-to-month (each month,
a “Renewal Term” and each such Renewal Term together with the Initial Term, collectively, the “Term”),
with each Renewal Term commencing automatically at 12:01 a.m. on the day following the last day of the Initial Term or previous
Renewal Term, as applicable, to continue indefinitely from month to month until either party gives not less than 30 days' written
notice of termination to the other party, such notices of termination to otherwise be subject to and governed by the terms of Sections
8, 9 and 10 of this Agreement. Notice of termination by Executive shall be deemed a voluntary resignation by Executive unless such
notice expressly states that termination by the Executive is for “Good Reason” (in compliance with applicable sections
of this Agreement). Notice of termination by the Company shall be deemed a termination without cause unless such notice states
expressly that termination by the Company is “for cause” (in compliance with applicable sections of this Agreement).
For avoidance of doubt, either termination of this Agreement without cause by the Company or termination by Executive for “Good
Reason” shall trigger the payment of the severance benefit described in section 9(b) of this Agreement pursuant to fulfillment
of the conditions in such section 9(b).”


 


 



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		B.	Except as amended, renewed and extended in the preceding paragraph, all other terms, conditions
and covenants of the Employment Agreement are hereby ratified as ongoing, valid, enforceable and binding on the parties, and are
incorporated herein by reference.



 


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IN WITNESS WHEREOF, the parties hereto
have duly executed this Amendment as of the Effective Date first above written. 


 


 


Imation Corp. (“Company”)


 


 


 


By: /s/ Joseph A. De Perio             


Name: Joseph A. De Perio


Title: Chairman of the Board


 


 


 


Robert B. Fernander (“Executive”)


 


 


 


/s/ Robert B. Fernander              


Robert B. Fernander


 


 






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