exv10w1







	 	 	 	 	 



Exhibit 10.1




EXECUTIVE EMPLOYMENT AGREEMENT





     THIS EXECUTIVE EMPLOYMENT AGREEMENT is made and entered into effective this 23rd day of
October, 2008 by and between G&K Services, Inc., a Minnesota corporation with its
principal business office in the State of Minnesota (“ Employer,” as further defined in
Section 1.10 below); and Timothy N. Curran.



INTRODUCTION




     A. Employment. Employer has employed Executive (as defined below) in the capacity of
its Regional Vice President, Southeast Region under that certain Executive Employment Agreement
between the parties effective November 2004. Employer desires to promote Executive to its Senior
Vice President, U.S. Field, and wishes to enter into this Agreement (as defined below). Except as
otherwise specifically set forth herein, this Agreement is intended to fully supersede all previous
agreements or understandings between Executive and Employer, including, without limitation, the
foregoing agreement. Executive is also subject to the same polices, terms and conditions as those
described in Employer’s employee handbook, its Code of Ethics, policies, and employee benefit plans
(as modified from time to time by Employer), except as otherwise specifically provided in this
Agreement.



     B. Intentions; Additional Benefits. Executive wishes to accept Employer’s offer to
become its Senior Vice President, U.S Field, and the additional benefits set forth in this
Agreement.



AGREEMENT




     In consideration of the facts recited above, which are a part of this Agreement, and the
parties’ mutual undertakings in this Agreement, Employer and Executive agree to the following:



ARTICLE 1


DEFINITIONS




     Capitalized terms used generally in this Agreement will be consistently defined throughout the
Agreement. The following terms will have the meanings set forth below, unless the context clearly
requires otherwise.



     1.1 “Agreement” means this Agreement, as it may be amended from time to time.



     1.2 “Base Salary” means the total annual cash compensation payable to Executive on a
regular periodic basis under this Agreement, other than under Employer’s annual management
incentive Plan (as defined below), without regard to any voluntary salary deferrals or reductions
to fund employee benefits.



     1.3 “Board” means the Board of Directors of Employer.



     1.4 “Cause” has the meaning set forth in Section 4.3.



     1.5 “Change in Control” has the meaning set forth in Section 6.1(c).



 









 





     1.6 “Confidential Information” has the meaning set forth in Section 7.1(a).



     1.7 “Date of Termination” has the meaning set forth in Section 4.2(a).



     1.8 “Disability” means the unwillingness or inability of Executive to perform the
essential functions of Executive’s position (with or without reasonable accommodation) under this
Agreement for a period of ninety (90) days (consecutive or otherwise) within any period of six (6)
consecutive months because of Executive’s incapacity due to physical or mental illness, bodily
injury or disease; if Executive has not returned to the full-time performance of Executive’s duties
within thirty (30) days after a Notice of Termination is issued by Employer, Executive will on such
thirtieth (30th) day incur Executive’s Date of Termination; provided, however, that if
Executive (or Executive’s legal representative) does not agree with a determination of the
existence of a Disability (or the existence of a physical or mental illness or bodily injury or
disease), this determination will be subject to the certification of a qualified medical doctor
mutually agreed to by Employer and Executive. In the absence of agreement, each party will
nominate a qualified medical doctor and the two doctors will select a third doctor, who will make
the determination as to Disability. The decision of the designated physician will be binding upon
the parties.



     1.9 “Effective Date” shall mean the date referred to in the first paragraph of this
Agreement.



     1.10 “Employer” means all of the following, jointly and severally: (a) G&K Services,
Inc., (b) any Subsidiary of G&K Services, Inc. and (c) any Successor of G&K Services, Inc.



     1.11 “Executive” means the individual named in the first paragraph of this Agreement.



     1.12 “Good Reason,” with respect to Executive’s termination of employment after a
Change in Control, has the meaning set forth in Section 6.1(f).



     1.13 “Notice of Termination” has the meaning set forth in Section 4.2(b).



     1.14 “Plan” means any bonus or incentive compensation agreement, plan, program, policy
or arrangement sponsored, maintained or contributed to by Employer in which executive employees of
Employer generally are covered, including, without limitation, (a) any stock option or any other
equity-based compensation plan, and specifically the G&K Services, Inc. 2006 Equity Incentive Plan,
and any predecessor or successor Plan thereto (hereinafter the “Equity Incentive Plan”);
(b) any annual or long-term incentive bonus plan; (c) any employee benefit plan, such as a thrift,
profit sharing, deferred compensation, medical, dental, disability income, accident, life
insurance, automobile allowance, perquisite, fringe benefit, vacation, sick or parental leave,
separation or relocation plan or policy; and (d) any other agreement, plan, program, policy or
arrangement intended to benefit executive employees of Employer.



     1.15 “Subsidiary” means any corporation or other business entity controlled by
Employer.



     1.16 “Successor” means any corporation, individual, group, association, partnership,
limited liability company, firm, venture or other entity or person that, subsequent to the
Effective Date, succeeds to the actual or practical ability to control (either immediately or with the passage of time)
substantially all of Employer and/or Employer’s business and/or assets, directly or indirectly, by



2









 







merger,
consolidation, recapitalization, purchase, liquidation, redemption,
assignment, similar corporate transaction, operation of law or
otherwise.



ARTICLE 2


EMPLOYMENT AND DUTIES




     2.1 Employment. Upon the terms and conditions set forth in this Agreement, Employer
hereby continues to employ Executive and Executive accepts such employment for an indefinite term,
provided that Executive will, effective as of the Effective Date, serve in the capacity of
Employer’s Senior Vice President, U.S Field, or such other comparable senior leadership positions
as determined by Employer. This Agreement and Executive’s employment by Employer may be terminated
at any time and for any reason, with or without cause.



     2.2 Duties. While Executive is employed under this Agreement, and excluding any
periods of vacation, sick, disability, or other leave to which Executive is entitled or is
authorized to take, Executive agrees to devote substantially all of Executive’s attention and time
during normal business hours to the business and affairs of Employer and to use Executive’s
reasonable best efforts to perform faithfully and efficiently such responsibilities assigned to
Executive from time to time. Executive will comply with each of Employer’s policies and
procedures, including those described in Employer’s employee handbook, Code of Ethics, policies,
and employee benefit plans, as modified from time to time by Employer; provided, however, that to
the extent these policies and procedures are inconsistent with this Agreement, the provisions of
this Agreement will control.



     2.3 Relationship of Parties. The relationship between Employer and Executive will be
that of employer and employee. Except as otherwise specifically provided in this Agreement,
nothing in this Agreement will be construed to give Executive any interest in the assets of
Employer. All of the records and files pertaining to Employer’s suppliers, licensors, licensees
and customers, and any Confidential Information, are specifically acknowledged to be the property
of Employer and not that of Executive.



ARTICLE 3


COMPENSATION AND BENEFITS




     3.1 Base Salary. Employer shall continue to pay Executive a Base Salary at an annual
rate as approved from time to time by the Board or the Compensation Committee of the Board, such
Base Salary to be paid in substantially equal regular periodic payments in accordance with
Employer’s regular payroll practices. If Executive’s Base Salary is changed at any time during
Executive’s employment by Employer, the changed amount shall become the Base Salary under this
Agreement, subject to any subsequent changes.



     3.2 Other Compensation and Benefits. While Executive is employed by Employer under
this Agreement:




     (a) Executive will be permitted to participate in all Plans for which Executive is or
becomes eligible under their respective terms.




     (b) Executive will be entitled to a target incentive opportunity under the annual
management incentive Plan in effect at Employer from time to time, including Executive’s



3









 







target incentive for fiscal year 2009 established by the Board. Any incentive pay earned
shall be paid no later than two and one-half (21/2) months after the close of the later of
Executive’s or Employer’s taxable year in which the incentive pay was earned.




     (c) Executive will also be entitled to participate in or receive benefits under any
Plan made available by Employer in the future to its executives, subject to and on a basis
consistent with the terms, conditions and overall administration of the Plans and the
provisions of this Section 3.2.




     (d) Executive will be entitled to any other fringe benefit or perquisite that the
Compensation Committee of the Board approves with respect to Executive.




     (e) Employer may, in its sole discretion, amend or terminate any Plan that provides
benefits generally to its employees, key management employees, or executive team members.



     3.3 Limitation on Right to Deferred Compensation. The rights of Executive, or
Executive’s beneficiaries or estate, to any deferred compensation under this Agreement will be
solely those of an unsecured creditor of Employer. Nothing in this Agreement confers any right on
Executive, any of Executive’s beneficiaries, or Executive’s estate to receive, assign rights under,
or transfer any compensation, including any deferred compensation, other than as provided for under
the applicable Plan.



ARTICLE 4


TERMINATION




     Executive’s employment with Employer may be terminated at any time as of the applicable Date
of Termination, as follows; provided, however, that those provisions contained in this Agreement
which by their terms are to remain enforceable after a Date of Termination shall remain enforceable
to the fullest extent necessary to give them effect:



     4.1 Termination. Except as specifically provided otherwise in this Agreement, this
Agreement and Executive’s employment with Employer may be terminated by Employer or by Executive
upon thirty (30) days advance written notice, for any reason or no reason, or at any time by mutual
written agreement of the parties. During the period after notice is given, at Employer’s request
and sole discretion, Executive will continue to render Executive’s normal service to Employer to
the best of Executive’s ability, and Employer will continue to compensate Executive through the
Date of Termination as set forth in Section 5.2. In addition, this Agreement and
Executive’s employment under this Agreement will terminate in the event of Executive’s death or
Disability, as of the applicable Date of Termination.



     4.2 Date of Termination and Notice of Termination.




     (a) For purposes of this Agreement, “Date of Termination” will mean: (i) if
Executive’s employment is terminated due to death, the date of Executive’s death; (ii) if
Executive’s employment is terminated for Disability, thirty (30) calendar days after the
Notice of Termination is provided; (iii) if Executive’s employment is terminated by
Employer for Cause, the date stated in the Notice of Termination; (iv) if Executive’s
employment is terminated by mutual agreement of the parties, the termination date provided
for under the



4









 







parties’ related agreement; (v) if Executive’s employment is terminated for
any other reason, and subject to the terms of Section 4.1 above and, as applicable,
the notice requirements of Section 6.1(f) below, the date stated in the Notice of
Termination, unless an earlier date has been expressly agreed to by Executive in writing
either before or after receiving the Notice of Termination.




     (b) For purposes of this Agreement, a “Notice of Termination” will mean a
notice that indicates the date on which termination of Executive’s employment is effective.
Any termination by Employer or by Executive under this Agreement, other than Executive’s
death, or a termination by mutual agreement, will be communicated to the other party by
submission of a written Notice of Termination. If termination is by Employer for Cause or
by Executive for Good Reason, the Notice of Termination will set forth in reasonable detail
the facts and circumstances claimed to provide the basis for the termination, consistent
with the terms of this Agreement.



     4.3 Termination by Employer for Cause. Employer may terminate Executive’s at will
employment at any time for Cause, with or without advance notice, except as otherwise provided in
this Section 4.3. For purposes of this Agreement, “Cause” means any of the
following, with respect to Executive’s position of employment with Employer:




     (a) Executive’s failure or refusal to perform the duties and responsibilities as set
forth in Section 2.2, if the failure or refusal (i) is not due to a Disability or a
physical or mental illness or bodily injury or disease; or (ii) is not due to Executive’s
reasonable best efforts to perform faithfully and efficiently the responsibilities of
Executive’s position with Employer, acting in good faith in the interests of Employer, its
shareholders and employees;




     (b) Any drunkenness or use of drugs that interferes with the performance of Executive’s
obligations under this Agreement;




     (c) Executive’s indictment for or conviction of (including entering a guilty plea or
plea of no contest to) a felony or of any crime involving moral turpitude, fraud, dishonesty
or theft;




     (d) Any material dishonesty of Executive involving or affecting Employer;




     (e) Any gross negligence, or any willful or intentional act or omission of Executive
having the effect or reasonably likely to have the effect of injuring the reputation,
business or business relationships of Employer in a material way;




     (f) Any willful or intentional breach by Executive of a fiduciary duty to Employer;




     (g) Except as otherwise specifically provided in this Section 4.3, Executive’s
material violation or breach of Employer’s standard business practices and policies;




     (h) Any court order or settlement agreement that prohibits Executive’s continued
employment with Employer; or



5









 






     (i) Any material breach by Executive not covered by any of the above clauses
(a) through (h) above of any material term, provision or condition of this
Agreement.



     Notwithstanding any of the foregoing, “Cause” shall not be deemed to exist unless and
until Employer provides Executive with (A) at least ten (10) days prior written notice of its
intention to terminate employment for Cause, together with a written statement describing the
nature of the Cause, including the clause or clauses of this definition that Employer deems
applicable, and (B) if the item constituting Employer’s “Cause” for termination of Executive is
within the scope of clauses (a), (b), (g) or (i) above, thirty (30)
days to cure any acts or omissions on which the finding of Cause is based. If Executive cures, in
accordance with the terms of the written notice, the acts or omissions on which the finding of
Cause is based, Employer shall not have Cause to terminate Executive’s employment under this
Agreement.



     For purposes of this Section 4.3, no act, or failure to act, on Executive’s part will
be considered “dishonest,” “willful” or “intentional” unless done, or omitted to be done, by
Executive in bad faith and without reasonable belief that Executive’s action or omission was
in or not opposed to, the best interest of Employer. Any act, or failure to act, based
upon authority given pursuant to a resolution duly adopted by the Board or based upon the advice of
counsel for Employer will be conclusively presumed to be done, or omitted to be done, by Executive
in good faith and in the best interests of Employer. Furthermore, the term “Cause” will not
include ordinary negligence or failure to act, whether due to an error in judgment or otherwise, if
Executive has exercised substantial efforts in good faith to perform the duties reasonably assigned
or appropriate to the position.



ARTICLE 5


PAYMENTS UPON TERMINATION




     5.1 Compensation during Disability. During any period in which Executive fails to
perform Executive’s duties under this Agreement as a result of Executive’s incapacity due to
physical or mental illness or bodily injury or disease, Executive will continue to receive all Base
Salary and other compensation and benefits to which Executive is otherwise entitled under this
Agreement and any Plan through Executive’s Date of Termination, but only to the extent that
Executive is not receiving substantially equivalent benefits under any Plan maintained by Employer.



     5.2 Compensation Until Date of Termination of Employment. If Executive’s employment
under this Agreement is terminated, then Employer will pay Executive the Base Salary through the
Date of Termination, plus any other amounts which Executive has earned, and to which Executive
therefore is entitled, prior to the Date of Termination under this Agreement and under any Plan as
provided under the Plan, provided that Executive continues to perform duties in accordance with
Article 2.



     5.3 Payments Following Termination of Employment by Employer Without Cause. In the
event Executive’s employment under this Agreement is terminated by Employer without Cause, and provided Executive shall first execute a written release in a form reasonable
satisfactory to Employer and consistent with this Section 5.3 (the “Release
Agreement”), and provided further that Executive has not exercised rights to revoke or rescind
the release of claims under to the Release Agreement, then Employer shall provide to Executive the
following benefits:



6









 






     (a) Separation Pay Benefits. Employer will pay to Executive, as separation pay,
which Executive has not earned and to which Executive is not otherwise entitled, an amount
equal to eleven (11) months of Executive’s monthly Base Salary in effect as of the Date of
Termination, in addition to the Base Salary due during the thirty (30) day Notice of
Termination period set forth in Section 4.1. That portion, if any, of such
separation pay as is equal to the amount that can constitute pay under a “separation pay
plan” under Section 409A of the Internal Revenue Code of 1986, as amended from time to time
or any successor legislation, as well as Treasury Regulations and guidance issued thereunder
(collectively, “Code Section 409A”) shall be made to Executive in equal weekly
payments for eleven (11) months. The first payment of benefits under the foregoing sentence
will commence on the first regular payroll date of Employer as soon as practicable following
sixteen (16) days after Executive’s execution of the Release Agreement, provided that
Executive has not exercised rights to revoke or rescind the release of claims as provided in
the Release Agreement. That portion, if any, of such separation pay as exceeds the amount
that can constitute pay under a “separation pay plan” under Code Section 409A shall be made
to Executive in equal weekly payments for twelve (12) months. The first payment of benefits
under the foregoing sentence will commence on the first regular payroll date of Employer
following the six (6) month anniversary of the date of Executive’s “separation from
service,” as defined in Code Section 409A, provided that Executive has not exercised rights
to revoke or rescind the release of claims as provided in the Release Agreement. Provided,
however, that in the event any portion of the payments due under this Section 5.3(a)
would result in adverse tax consequences to Executive under Code Section 409A, taking into
account all amounts otherwise payable to Executive under this Agreement, then, to such
extent, all or such portions of any payment under this Section 5.3(a) shall be
delayed until the later of (i) the time of payment set forth above or (ii) the first regular
payroll date of Employer following the six (6) month anniversary of the date of Executive’s
“separation from service,” as defined in Code Section 409A (or Executive’s death, if
earlier). The initial payment shall include all payments (without interest) that would have
been made had payment of benefits commenced as otherwise provided in this Section
5.3(a).




     (b) In-Kind Benefits.




     (i) If Executive (or any individual receiving group health Plan benefits
through Executive) is eligible under applicable law to continue participation in
Employer’s group health Plan following the Date of Termination and elects to
continue these benefits, Employer will, for a period of up to seventeen (17) months
commencing as of the Date of Termination, continue to pay Employer’s share of the
cost of these benefits as if Executive remained continuously employed with Employer
throughout such period but only while Executive or such other individual continues
to pay the balance of such cost and Executive or the person who elected continuation coverage is not eligible for coverage under any other
employer’s group health plan.




     (ii) Employer will pay for all reasonable expenses of a reputable outplacement
organization selected by Executive, but not to exceed twelve thousand dollars
($12,000.00) in the aggregate that are incurred during the one (1) year period
commencing as of the Date of Termination, by direct payment to providers or by
reimbursement to Executive within the calendar year after the end of the calendar
year



7









 







in which the expense was incurred; provided, however, that Executive must
request reimbursement at least thirty (30) days before the end of that calendar
year.




     (iii) Except as otherwise provided in Section 5.2(a), and subject to
any plan or program adopted by Employer after the date hereof, presuming that
Employee, on the Date of Termination, is receiving from Employer an automobile
allowance under Employer’s related program, a lump sum payment on the six (6) month
anniversary of the date of Executive’s “separation from service,” as defined in Code
Section 409A (or Executive’s death, if earlier), in the amount equal to six (6)
times the monthly allowance provided under such program.




     (c) Previously Earned Bonus. Employer will pay to Executive any unpaid
management incentive bonus that Executive earned a right to receive as of the last day of
the fiscal year ending prior to Executive’s Date of Termination, with payment being made in
accordance with the terms of the applicable Plan.



     5.4 No Additional Pay/Benefits. Except as specifically set forth above and except as
provided in Article 6, no post-termination payments or benefits will be provided to
Executive following the Date of Termination of Executive’s employment, except as otherwise provided
under any Plan in which Executive is a participant. No 401(k) contributions or contributions to
any other Plan will be paid by Employer based on post-termination separation pay. Further,
Executive will not be entitled to an incentive award under Employer’s incentive Plans or any other
bonus for any fiscal year, or part thereof, during which post-termination separation pay is paid.



     5.5 No Mitigation. Executive will not be required to mitigate Employer’s payment
obligations under this Article 5 by making any efforts to secure other employment, and
Executive’s commencement of employment with another employer will not reduce the obligations of
Employer under this Article 5.



ARTICLE 6


CHANGE IN CONTROL




     6.1 Definitions Relating to a Change in Control. The following terms will have the
meanings set forth below; unless the context clearly requires otherwise:




     (a) “1934 Act” will mean the Securities Exchange Act of 1934, as amended (or
any successor provision), and applicable regulations.




     (b) “Beneficial Ownership” by a person or group of persons will be determined
in accordance with Regulation 13D (or any similar successor regulation) promulgated by the
Securities and Exchange Commission pursuant to the 1934 Act. Beneficial Ownership of an
equity security may be established by any reasonable method, but will be presumed
conclusively as to any person who files a Schedule 13D report with the Securities and
Exchange Commission reporting the ownership.




     (c) “Change in Control” means the occurrence of any of the following events:



8









 






     (i) Any person or group of persons attains Beneficial Ownership of thirty
percent (30%) or more of any equity security of Employer entitled to vote for the
election of directors;




     (ii) A majority of the members of the Board is replaced within a period of less
than two (2) years by directors not nominated and approved by the Board; or




     (iii) Employer is merged or consolidated with or into, or sells or otherwise
disposes of all or substantially all of Employer’s assets to, another corporation,
entity or person in which less than 50% of the total voting power is owned, directly
or indirectly, by Employer; provided, however, that this Section 6.1(c)(iii)
shall not be deemed to apply, and no Change in Control shall be deemed to occur, in
the event of a conversion of Employer from being a publicly-traded company to a
private company through efforts led by or coordinated with a management group of
Employer in which Executive actively and voluntarily participates other than at the
request or behest of the Board.




     (d) “Continuing Directors” are (i) directors who were in office prior to the
time any events described in Sections (c)(i), (c)(ii) or (c)(iii) of
this Section 6.1 have occurred; or (ii) directors in office for a period of more
than two (2) years; or (iii) directors nominated and approved by a majority of the
Continuing Directors.




     (e) “Change in Control Termination” will mean a Change in Control of Employer
has occurred and Executive’s employment is terminated by Executive for Good Reason, or by
Employer for any reason other than for Cause, prior to the one (1) year anniversary of the
Change in Control.




     (f) “Good Reason” will mean, with respect to a voluntary termination of
employment by Executive after a Change in Control, any of the following:




     (i) a substantial adverse involuntary change in Executive’s status or position
as an executive with Employer, including, without limitation, (A) any material
adverse change in Executive’s status or position as a result of a material
diminution in Executive’s duties, responsibilities or authority as they existed as
of the day before the Change in Control; (B) the assignment to Executive of any
duties or responsibilities that are substantially inconsistent with Executive’s
existing duties, responsibilities or authority as of the day before the Change in
Control; or (C) any removal of Executive from, or any failure to reappoint or reelect Executive to, a position with duties, responsibilities or authority
substantially similar to those Executive had as of the day before the Change in
Control (except in connection with a termination of Executive’s employment for Cause
in accordance with Article 5, or as a result of Executive’s Disability or
death); provided, however, a change resulting in Executive’s reporting in to an
operating or corporate division of a successor organization shall not be deemed a
Good Reason under this Agreement;




     (ii) A material reduction by Employer in Executive’s Base Salary as in effect
on the day before the Change in Control;



9









 






     (iii) The taking of any action by Employer that would materially and adversely
affect the physical conditions existing as of the day before the Change in Control
that result in Executive being unable to perform Executive’s employment duties for
Employer, or under which Executive regularly performs employment duties for
Employer;




     (iv) Any requirement that Executive relocate (other than on a sporadic or
intermittent basis) to a location which is more than thirty-five (35) miles from
Employer’s corporate headquarters as of the day before the Change in Control as a
necessary condition for Executive to perform Executive’s employment duties for
Employer;




     (v) Any failure by Employer to obtain from any Successor an assumption of this
Agreement; or




     (vi) Any purported termination by Employer or by any Successor either of this
Agreement or of the employment of Executive that is not expressly authorized by this
Agreement; or any breach of this Agreement by Employer at any time after a Change in
Control, other than an isolated, insubstantial and inadvertent failure that does not
occur in bad faith and is remedied by Employer within a reasonable period after
Employer’s receipt of notice of the failure from Executive.


Provided, however, that Executive’s employment shall not be deemed terminated by Executive for Good
Reason unless Executive has first notified Employer of the existence of a Good Reason within ninety
(90) days following the incident(s) giving rise to the Good Reason, and Employer shall have failed
or refused to remove or otherwise cure the circumstance(s) giving rise to the Good Reason within
thirty (30) days of the notification.



     6.2 Benefits Upon a Change in Control Termination. If a Change in Control Termination
occurs with respect to Executive, Employer or Executive, as the circumstances indicate, shall
provide the other advance written notice of the Date of Termination as provided in Sections
4.1 or 6.1, as appropriate, and Section 5.2 shall apply until the date of the
Change in Control Termination. Upon the Change in Control Termination, Executive will be entitled
to the benefits described below; provided, however, that to the extent Executive has already
received the same type of benefits under this Agreement or otherwise, Executive’s benefits under
this Section 6.2 will be offset by these other benefits to the extent necessary to prevent
duplication of benefits under this Agreement; and provided further, that Executive executes a written release in a
form reasonable satisfactory to Employer and consistent with this Section 6.2 (CIC Release
Agreement).




     (a) Delay of Certain Benefits for Six Months. Notwithstanding any
contrary provisions of Section 5.3 or this Section 6.2, in
the event any portion of such payment due under this Section 6.2 would
result in adverse tax consequences to Executive under Code Section 409A then, to such
extent, all or such portions of any payment under either or both of those sections (other
than benefits described under the headings “In-kind Benefits” and “Previously Earned Bonus”)
by reason of Executive’s termination of employment following a Change in Control shall be
delayed until the later of (i) the time of payment set forth below, or (ii) the first
regular payroll of Employer following the six (6) month anniversary of the date of



10









 







Executive’s “separation from service,” as defined in Code Section 409A (or the date of
Executive’s death, if earlier) The initial payment shall include all payments (without
interest) that would have been made had payment of benefits commenced as otherwise provided
in this Section 6.2.




     (b) Change in Control Separation Pay Benefits. Except as set forth in
Section 6.2(a), Employer will pay to Executive, as separation pay, which Executive
has not earned and to which Executive is not otherwise entitled, an amount equal to
seventeen (17) months of Executive’s monthly Base Salary in effect as of the Date of
Termination, in addition to the Base Salary due during the thirty (30) day Notice of
Termination period set forth in Section 4.1. That portion, if any, of such
separation pay as is equal to the amount that can constitute pay under a “separation pay
plan” under Code Section 409A shall be made to Executive in equal weekly payments for
seventeen (17) months. The first payment of benefits under the foregoing sentence will
commence on the first regular payroll date of Employer as soon as practicable following
sixteen (16) days after Executive’s execution of the CIC Release Agreement, provided that
Executive has not exercised rights to revoke or rescind the release of claims as provided in
such CIC Release Agreement. That portion, if any, of such separation pay as exceeds the
amount that can constitute pay under a “separation pay plan” under Code Section 409A shall
be made to Executive in equal weekly payments for eleven (11) months. The first payment of
benefits under the foregoing sentence will commence on the first regular payroll date of
Employer following the six (6) month anniversary of the date of Executive’s “separation from
service,” as defined in Code Section 409A, provided that Executive has not exercised rights
to revoke or rescind the release of claims as provided in such CIC Release Agreement.
Provided, however, that in the event any portion of the payments due under this Section
6.2(b) would result in adverse tax consequences to Executive under Code Section 409A,
taking into account all amounts otherwise payable to Executive under this Agreement, then,
to such extent, all or such portions of any payment under this Section 6.2(b) shall
be delayed until the later of (i) the time of payment set forth above or (ii) the first
regular payroll date of Employer following the six (6) month anniversary of the date of
Executive’s “separation from service,” as defined in Code Section 409A (or Executive’s
death, if earlier). The initial payment shall include all payments (without interest) that
would have been made had payment of benefits commenced as otherwise provided in this
Section 6.2(b).




     (c) In Kind Benefits. Executive will also receive:




     (i) If Executive (or any individual receiving group health plan benefits
through Executive) is eligible under applicable law to continue participation in
Employer’s group health plan following the Date of Termination elects to continue
these benefits, Employer will, for a period of up to seventeen (17) months
commencing as of the Date of Termination, continue to pay Employer’s share of the
cost of these benefits as if Executive remained continuously employed with Employer
throughout such period, but only while Executive or such other individual continues
to pay the balance of such cost and Executive or the person who elected continuation
coverage is not eligible for coverage under any other employer’s group health plan;




     (ii) All reasonable expenses of a reputable outplacement organization selected
by Executive, but not to exceed twelve thousand dollars ($12,000.00) in the



11









 







aggregate, that are incurred during the one (1) year period commencing as of the
Date of Termination, by direct payment to providers or by reimbursement to
Executive. Payment or reimbursement will be made by the end of the calendar year
following the calendar year in which the expense is incurred; provided, however,
that Executive must request reimbursement at least thirty (30) days prior to the end
of that calendar year;




     (iii) Except as otherwise provided in Section 6.2(a), and subject to
any plan or program adopted by Employer after the date hereof, a lump sum payment on
the six (6) month anniversary of the date of Executive’s “separation from service,”
as defined in Code Section 409A (or Executive’s death, if earlier) (A) in the amount
that is necessary to acquire for, and obtain full title issued in the name of,
Executive the personal automobile leased by Employer for Executive under its
Executive Automobile Program, or (B) if Executive does not have use of a personal
automobile under the Executive Automobile Program, but has been given an automobile
allowance, in the amount equal to three (3) times the annual automobile allowance;
and




     (iv) Financial planning and tax preparation expenses, not to exceed in any
calendar year the greater of (A) two thousand five hundred dollars ($2,500.00), or
(B) such other value as the Board or its Compensation Committee may determine for
Executive, incurred during the period commencing on the Date of Termination and
ending seventeen (17) months following the Date of Termination, and except as
otherwise provided in Section 6.2(a), payment or reimbursement will be made
by the end of the calendar year following the calendar year in which the expense is
incurred; provided, however, that Executive must request reimbursement at least
thirty (30) days prior to the end of that calendar year.




     (d) Previously Earned Bonus. Executive will also receive, in accordance with
the terms of the applicable Plan, any management incentive bonus that Executive has earned a
right to receive as of the last day of the fiscal year ending prior to the Date of
Termination.



     6.3 No Mitigation. Executive will not be required to mitigate Employer’s payment
obligations under this Article 6 by making any efforts to secure other employment, and
Executive’s commencement of employment with another employer will not reduce the obligations of
Employer pursuant to this Article 6.



     6.4 Acceleration of Incentives. Upon the occurrence of a Change in Control, and
without regard to Executive’s employment status, the following shall occur, without regard to any
contrary determination by the Board or a majority of the Continuing Directors upon occurrence of a
Change in Control, with respect to any and all economic incentives, including, without limitation,
stock options and awards of restricted stock, (collectively, “Incentives”) granted under
the Equity Incentive Plan that are owned by Executive as of the date of the Change in Control:




     (a) The restrictions set forth in the Equity Incentive Plan on all shares of restricted
stock awards will lapse immediately as of the date of the Change in Control;




     (b) All outstanding options and stock appreciation rights will become exercisable
immediately as of the date of the Change in Control; and



12









 






     (c) All conditions for payment of any outstanding but unearned performance shares will
be deemed to be met and payment made immediately as of the date of the Change in Control.



     6.5 Limitation on Change in Control Payments.




     (a) Notwithstanding any provision contained in this Agreement to the contrary, if any
amount or benefit to be paid or provided under this Article 6, or any other plan or
agreement between Executive and Employer would be an “Excess Parachute Payment,” within the
meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the
“Code”), or any successor provision thereto, but for the application of this
sentence, then the payments and benefits to be paid or provided under this Article 6
will be reduced to the minimum extent necessary (but in no event to less than zero) so that
no portion of any such payment or benefit, as so reduced, constitutes an Excess Parachute
Payment; provided, however, that the foregoing reduction will be made only if and to the
extent that such reduction would result in an increase in the aggregate payment and benefits
to be provided to Executive, determined on an after-tax basis (taking into account the
excise tax imposed pursuant to Code Section 4999, or any successor provision thereto, any
tax imposed by any comparable provision of state law, and any applicable federal, state and
local income taxes). Executive agrees to take such action as Employer reasonably requests
to mitigate or challenge the application of such tax, provided that Employer shall supply
such counsel and expert advice, including legal counsel and accounting advice, as may
reasonably be required, and shall be responsible for the payment of such experts’ fees.




     (b) If requested by Executive or Employer, the determination of whether any reduction
in such payments or benefits to be provided under this Article 6 or otherwise is
required pursuant to the preceding paragraph will be made by an independent accounting firm
that is a “Big-4 Accounting Firm” (or other accounting firm mutually acceptable to Executive
and Employer) not then-engaged as Employer’s independent public auditor, at the expense of Employer, and the determination of such independent accounting firm will
be final and binding on all parties. In making its determination, the independent accountant
will allocate a reasonable portion of the Change in Control separation pay to the value of
any personal services rendered following the Change in Control and the value of any
non-competition agreement or similar agreements to the extent that such items reduce the
amount of the parachute payment. In the event that any payment or benefit intended to be
provided under this Article 6 or otherwise is required to be reduced pursuant to
this Section 6.5, Executive (in Executive’s sole discretion) will be entitled to
designate the payments and/or benefits to be so reduced in order to give effect to this
Section 6.5. Employer will provide Executive with all information reasonably
requested by Executive to permit Executive to make such designation. In the event that
Executive fails to make such designation within ten (10) business days of receiving such
information, Employer may effect such reduction in any manner it deems appropriate.



     6.6 No Additional Pay/Benefits. Except as specifically set forth in this Article
6 or, if applicable, Section 8.11, no post-termination payments or benefits will be
provided to Executive with respect to a Change in Control Termination following the Date of
Termination of Executive’s employment, except as otherwise provided under any Plan in which
Executive is a participant. No



13









 







401(k) contributions or contributions to any other Plan will be
paid by Employer based on post-termination Change in Control separation pay. Further, except as
otherwise specifically provided under this Agreement, Executive will not be entitled to an
incentive award under Employer’s incentive Plans or any other bonus for any fiscal year, or part
thereof, during which post-termination Change in Control separation pay is paid.



ARTICLE 7


PROTECTION OF EMPLOYER




     7.1 Confidential Information.




     (a) “Confidential Information” means information that is proprietary to
Employer or proprietary to others and entrusted to Employer; whether or not such information
includes trade secrets. Confidential Information includes, but is not limited to,
information relating to Employer’s business plans and to its business as conducted or
anticipated to be conducted, and to its past or current or anticipated products and
services. Confidential Information also includes, without limitation, information
concerning Employer’s customer lists or routes, pricing, purchasing, inventory, business
methods, training manuals or other materials developed for Employer’s employee training,
employee compensation, research, development, accounting, marketing and selling. All
information that Employer has a reasonable basis to consider as confidential will be
Confidential Information, whether or not marked as such, whether or not originated by
Executive and without regard to the manner in which Executive obtains access to this and any
other proprietary information of Employer.




     (b) Executive will not, during or after any termination of Executive’s employment under
this Agreement, (i) directly or indirectly use Confidential Information for Executive’s own
benefit; or (ii) disclose any Confidential Information to, or otherwise permit access to
Confidential Information by, any person or entity not employed by Employer or not authorized by Employer to receive such Confidential Information,
without the properly authorized prior written consent of Employer. Executive will use
reasonable and prudent care to safeguard and protect and prevent the unauthorized use and
disclosure of Confidential Information. Furthermore, except in the usual course of
Executive’s duties for Employer, Executive will not at any time remove any Confidential
Information from the offices of Employer, record or copy any Confidential Information, use
for Executive’s own benefit, or disclose to any person or entity directly or indirectly
competing with Employer, any information, data or materials obtained from the files or
customers of Employer, whether or not such information, data or materials are Confidential
Information.




     (c) Upon any termination of Executive’s employment, Executive will collect and return
to Employer (or its authorized representative) all original copies and all other copies of
any Confidential Information acquired by Executive while employed by Employer.




     (d) The obligations contained in this Section 7.1 will survive for as long as
Employer in its sole judgment considers the information to be Confidential Information. The
obligations under this Section 7.1 will not apply to any Confidential Information
that is now or becomes generally available to the public through no fault of Executive or to
Executive’s



14









 







disclosure of any Confidential Information required by law or judicial or
administrative process.



     7.2 Non-Competition, Non-Solicitation. While employed by Employer and for a period of
eighteen (18) months following any Date of Termination under this Agreement, Executive will not,
directly or indirectly, alone or as an officer, director, shareholder, partner, member, employee,
independent contractor, or consultant of any other corporation or any partnership, limited
liability company, firm or other business entity:




     (a) engage in, have any ownership interest in, financial participation in, or become
employed by, any business or commercial activity in competition (i) with any part of
Employer’s business, as conducted anywhere within the geographic area in which Employer is
then conducting its business; Executive acknowledges that as of the date that Executive
commenced employment, Employer conducted its business generally throughout the United States
and Canada; or (ii) with any part of Employer’s contemplated business with respect to which
Executive has had access to Confidential Information governed by Section 7.1,
provided that for purposes of this paragraph, “ownership interest” will not include
beneficial ownership of less than one percent (1%) of the combined voting power of all
issued and outstanding voting securities of a publicly held corporation whose stock is
traded on a national securities exchange;




     (b) for the purpose of taking business away from Employer, call upon, solicit or
attempt to take away any customers, accounts or prospective customers of Employer;




     (c) solicit, induce or encourage any supplier of goods or services to Employer to cease
its business relationship with Employer, or violate any term of any contract with Employer;
or




     (d) solicit, induce or encourage any employee of Employer to violate any term of his or
her employment contract with Employer, or to directly or indirectly hire or solicit, induce,
recruit or encourage any of Employer’s employees for the purpose of hiring them or inducing
them to leave their employment with Employer.




     The restrictions set forth in this Section 7.2 will survive any termination of
this Agreement or other termination of Executive’s employment with Employer, for whatever
reason, and will remain effective and enforceable for the full eighteen (18) month period;
provided, however, that such period will be automatically extended and will remain in full
force for an additional period equal to any period in which Executive is proven to have
violated any such restriction.



     7.3 Stipulated Reasonableness. Executive acknowledges and agrees that the nature of
Executive’s position, the period of time necessary to fill Executive’s position in the event
Executive’s employment is terminated, the period of time necessary to allow customers of Employer’s
business to become familiar with Executive’s replacement, and the period of time necessary to cause
an end to the identification between Executive and Employer in the minds of Employer’s customers
and vendors, requires that the eighteen (18) month noncompetition and nonsolicitation period be
imposed for the protection of Employer’s investment in its business, and that the period is
reasonable and justified.



15









 





     7.4 Protection of Reputation. Executive will, both during and after any termination of
Executive’s employment under this Agreement, refrain from communicating to any person, including,
without limitation, any employee of Employer, any statements or opinions that are negative in any
way about Employer or any of its past, present or future officials. Provided, however, that this
provision shall not preclude Executive from providing truthful information about Employer as
required by the securities laws while Executive is employed by Employer. In return, whenever
Employer sends or receives any Notice of Termination of Executive’s employment under this
Agreement, Employer will advise the members of its operating committee and executive committee (or
any successors to such committees), to refrain from negative communications about Executive to
third parties.



     7.5 Remedies. The parties declare and agree that it is impossible to accurately
measure in money the damages that will accrue to Employer by reason of Executive’s failure to
perform any of Executive’s obligations under this Article 7, and that any such breach will
result in irreparable harm to Employer, for which any remedy at law would be inadequate.
Therefore, if Employer institutes any action or proceeding to enforce the provisions of this
Article 7, Executive waives the claim or defense that Employer has an adequate remedy at
law and Executive will not assert in any such action or proceeding the claim or defense that
Employer has an adequate remedy at law. Employer will be entitled, in addition to all other
remedies or damages at law or in equity, to temporary and permanent injunctions and orders to
restrain any violations of this Article 7 by Executive and all persons or entities acting
for or with Executive.



     7.6 Survival. The provisions of this Article 7 will survive the termination
of this Agreement or the termination of Executive’s employment with Employer, and will remain in
full force and affect following termination.



     7.7 Continuation. Executive and Employer acknowledge that certain terms and
conditions of this Article 7 restate and reassert terms and conditions previously agreed to
between them as a condition for Executive’s initial and continuing employment with Employer. To
the extent that any portion of this Article 7 may be deemed invalid for a failure of
Employer to provide new consideration to Executive, then that portion of this Article 7
will be deemed to have been supported by those agreements between Executive and Employer heretofore
entered into as a condition for Executive’s initial and continuing employment with Employer to the
extent of the prior provisions.



     7.8 Forfeiture of Benefits for Violations of Article 7. Executive acknowledges and
agrees that Executive’s violation of any provisions of Sections 7.1(b), 7.1(c),
7.2, 7.4, or 7.7 above shall result in the immediate forfeiture of any
unpaid benefit under this Agreement. In addition, Executive acknowledges that if Executive
violates Sections 7.1(b), 7.1(c), 7.2, 7.4 or 7.7,
Executive shall repay to Employer any amounts paid following the Date of Termination under this
Agreement.



     7.9 Severability and Blue Penciling. To the extent any provision of this Article
7 shall be determined to be invalid or unenforceable as written in any jurisdiction, the
validity and enforceability of the remainder of such provision and of this Agreement shall be
unaffected. In furtherance of and not in limitation of the foregoing, Executive expressly agrees
that should the duration of, geographical extent of, or business activities covered by, any
provision of this Article 7 be in excess of that which is valid or enforceable under
applicable law in a given jurisdiction, then such provision, as to such jurisdiction only, shall be
construed to cover only that duration, extent or activities that may validly or enforceably be
covered. Executive acknowledges the uncertainty of the law in this respect and



16









 







expressly
stipulates that this Article 7 shall be construed in a manner that renders its provisions
valid and enforceable to the maximum extent (not exceeding its express terms) possible under
applicable law in each applicable jurisdiction.



     7.10 Assignment of Invention. Executive hereby assigns to Employer all rights,
including, without limitation, copyrights and mask work rights, in and to all technical and
intellectual property and works produced by Executive, at Employer’s expense or based on Employer’s
confidential information, in carrying out responsibilities of Executive’s position with Employer,
including, without limitation, documents, drawings, manuscripts, text, artwork, photographs, motion
pictures, video recordings, computer software, sound recordings and similar property and works.



ARTICLE 8


GENERAL PROVISIONS




     8.1 Successors and Assigns; Beneficiary.




     (a) This Agreement will be binding upon and inure to the benefit of any Successor of
Employer, and any Successor will absolutely and unconditionally assume all of Employer’s
obligations under this Agreement. Employer will use its best efforts to seek to have any
Successor, by agreement in form and substance reasonably satisfactory to Executive, assent
to the fulfillment by Employer of its obligations under this Agreement. Failure to obtain
such assent prior to the time a person or entity becomes a Successor (or where Employer does not have advance notice that a person or, entity may become a
Successor, within one (1) business day after having notice that such person or entity may
become or has become a Successor) will constitute Good Reason for termination of employment
by Executive with respect to Executive, but only if Executive provides the notice and
opportunity to cure required under Section 6.1(f).




     (b) This Agreement and all rights of Executive under this Agreement will inure to the
benefit of and be enforceable by Executive’s personal or legal representatives, executors,
administrators, successors, heirs, distributes, devisees and legatees and any assignees
permitted under this Agreement. If Executive dies while any amounts would still be payable
to Executive under this Agreement if Executive had continued to live, all such amounts,
unless otherwise provided herein, will be paid in accordance with the terms of this
Agreement to Executive’s Beneficiary. Executive may not assign this Agreement, in whole or
in any part, without the prior written consent of Employer.




     (c) For purposes of this Section 8.1, “Beneficiary” means the person or
persons designated by Executive (in writing to Employer) to receive benefits payable after
Executive’s death. In the absence of any such designation or in the event that all of the
persons so designated predecease Executive, Beneficiary means the executor, administrator or
personal representative of Executive’s estate.



     8.2 Litigation Expense. If any party is made or will become a party to any litigation
(including arbitration) commenced by or against the other party involving the enforcement of any of
the rights or remedies of such party under this Agreement, or arising on account of a default of
the other party in its performance of any of the other party’s obligations under this Agreement,
then the parties will bear their own expenses and attorneys fees; provided, however, that in the
event Executive



17









 







commences legal proceedings of any kind for the purpose of collecting against
Employer any claim for cash benefits upon a Change in Control Termination due under this Agreement,
and Executive receives an award for any such claims, then Employer shall promptly reimburse
Executive for all reasonable legal fees and expenses incurred by Executive in securing the award.



     8.3 Notices. All notices, requests and demands given to or made pursuant hereto will,
except as otherwise specified herein, be in writing and be personally delivered or mailed postage
prepaid, registered or certified U.S. mail, to any party at its address. Either party may, by
notice under this Agreement, designate a changed address. Any notice under this Agreement will be
deemed effectively given and received: (a) if personally delivered, upon delivery; or (b) if
mailed, on the registered date or the date stamped on the certified mail receipt.



     8.4 Captions. The various headings or captions in this Agreement are for convenience
only and will not affect the meaning or interpretation of this Agreement. When used herein, the
terms “Article,” “Section,” “paragraph” and “clause” mean an Article, Section, paragraph or clause
of this Agreement, except as otherwise stated.



     8.5 Governing Law. The validity, interpretation, construction, performance,
enforcement and remedies of or relating to this Agreement, and the rights and obligations of the
parties under this Agreement, will be governed by the substantive laws of the State of Minnesota (without regard to the conflict of laws rules or statutes of any jurisdiction), and any and
every legal proceeding arising out of or in connection with this Agreement must be brought in the
appropriate courts of the State of Minnesota, each of the parties hereby consenting to the
exclusive jurisdiction of said courts for this purpose.



     8.6 Construction. Wherever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement will be prohibited by or invalid under applicable law, such provision is
ineffective only to the extent of such prohibition or invalidity without invalidating the remainder
of such provision or the remaining provisions of this Agreement. To the extent that any provision
of this Agreement shall be determined to be invalid or unenforceable, the validity and
enforceability of the remainder of such provision and of this Agreement shall be unaffected.
To the extent any provision of this Agreement may be deemed to provide a benefit to Executive that
is treated as non-qualified deferred compensation under Code Section 409A, such provision shall be
interpreted in a manner that qualifies for any applicable exemption from compliance with Code
Section 409A or, if such interpretation would cause any reduction of benefit(s), such provision
shall be interpreted (if reasonably possible) in a manner that complies with Code Section 409A and
does not cause any such reduction.



     8.7 Waiver. No failure on the part of either party to exercise, and no delay in
exercising, any right or remedy under this Agreement will operate as a waiver thereof, nor will any
single or partial exercise of any right or remedy under this Agreement preclude any other or
further exercise thereof or the exercise of any other right or remedy granted hereby or by any
related document or by law.



     8.8 Modification. This Agreement may not be modified or amended except by written
instrument signed by the parties hereto; provided, however, that this Agreement shall be
amended or modified by the parties when and as necessary to assure compliance with laws and
regulations related to



18









 







executive compensation. It further is a matter of corporate governance that
executive employment agreements, including this Agreement, should be reviewed periodically, and no
less often than once every three years while in effect, for the purpose of evaluating consistency
with company goals and objectives and alignment with interests of shareholders.



     8.9 Entire Agreement. Except as otherwise specifically provided herein, this
Agreement constitutes the entire agreement and understanding between the parties in reference to
all the matters agreed upon herein, and replaces in full all prior employment agreements,
understandings or undertakings of the parties related to the employment relationship, and any and
all such prior agreements or understandings are hereby rescinded and voided by mutual agreement
including, without limitation, that Executive Employment Agreement between the parties effective
November 2004.



     8.10 Survival. The provisions of this Agreement which by their express or implied
terms extend (a) beyond the termination of Executive’s employment hereunder (including, without
limitation, the provisions relating to separation compensation and effects of a Change in Control);
or (b) beyond the termination of this Agreement (including, without limitation the provisions in
Article 7 relating to confidential information, non-competition and non-solicitation), will
continue in full force and effect notwithstanding Executive’s termination of employment under this
Agreement or the termination of this Agreement, respectively.



     8.11 Code Section 409A. Employer shall, with the consent of Executive, timely amend
this Agreement as many times as may be required so that adverse tax consequences to Executive under
Code Section 409A, including the imposition of any additional tax and interest penalties are
avoided. For purposes of this Section 8.1l, it is the intent of the parties that the
Agreement be amended only to the extent required to comply with Code Section 409A and that the
intended benefits to Executive, including the amount, form and timing of such benefits as specified
in this Agreement, will be preserved to the greatest extent possible.



     8.12 Voluntary Agreement. Executive has entered into this Agreement voluntarily,
after having the opportunity to consult with any advisor chosen freely by Executive.



     8.13 Remedies. No civil action may be commenced for any claim or dispute relating to
this Agreement or arising out of Executive’s employment with Employer unless the parties, within
thirty (30) days after the date of either party’s written request, attempt in good faith to
promptly resolve the claim or dispute by negotiation at agreed time(s) and location(s). All
negotiations are confidential and will be treated as settlement negotiations. Notwithstanding the
foregoing, either party may seek equitable relief prior to such good faith efforts to preserve the
status quo pending the completion of such efforts.



     8.14 Counterparts. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same
instrument.



19









 






     IN WITNESS WHEREOF, the parties have caused this Executive Employment Agreement to be executed
and delivered as of the Effective Date.



	 	 	 	 	 	 	 
	EMPLOYER:	 	G&K Services, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Richard L. Marcantonio	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Richard L. Marcantonio	 	 
	 

	 	 	 	Chairman and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	EXECUTIVE:	 	 	 	/s/ Timothy N. Curran
	 	 
	 	 	 	 	 
	 	 	Timothy N. Curran	 	 







20