Document:

EX-4.1

Exhibit 4.1

THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF CEDE & CO., AS THE NOMINEE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (THE “DEPOSITARY”), THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY. THIS
CERTIFICATE IS EXCHANGEABLE FOR CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND NO
TRANSFER OF THIS CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY
(AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

 

 

	 	 	 	 
	No. •
	 	 	Original Principal Amount:
$ •
	Issue Date: February 17, 2009
	 	 	CUSIP No.: 59156R AT5
	 
	 	 	ISIN: US59156RAT59

METLIFE, INC.

7.717% SENIOR DEBT SECURITIES, SERIES B, DUE 2019

     This securities certificate certifies that Cede & Co. is the registered Holder of the 7.717%
Senior Debt Securities, Series B, due 2019 (the “Designated Debentures”) set forth above or such
other number of Designated Debentures reflected in the Schedule of Increases or Decreases in the
Global Certificate attached hereto.

     MetLife, Inc., a Delaware corporation (the “Company”, which term includes any successor
corporation under the Indenture (as defined on the reverse hereof)) for value received, hereby
promises to pay to The Bank of New York Mellon Trust Company, N.A., as Purchase Contract Agent (as
defined in the Remarketing Agreement dated January 12, 2009 among the Company, Citigroup Global
Markets Inc. (the “Remarketing Agents,” which expression shall include any institution(s) appointed
as a Remarketing Agent in accordance with Section 8 of the Remarketing Agreement), and The Bank of
New York Mellon Trust Company, N.A., not individually but solely as Purchase Contract Agent and as
attorney-in-fact of the holders of Purchase Contracts), the Accreted Principal Amount (as defined
in the Indenture) on February 15, 2019 (the “Stated Maturity Date”). The Designated Debentures
shall bear interest as specified on the reverse hereof.

     The Designated Debentures shall not be entitled to any benefit under the Indenture, be valid
or become obligatory for any purpose, until the Certificate of Authentication hereon shall have
been executed by the Trustee.

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     The provisions of the Designated Debentures are continued on the reverse side hereof and such
continued provisions shall for all purposes have the same effect as though fully set forth at this
place.

     IN WITNESS WHEREOF, the Company has caused this instrument to be executed.

Dated: February 17, 2009

METLIFE, INC.

	 	 	 	 	 
	 

	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name: Eric. T. Steigerwalt	 	 
	 

	 	Title: Senior Vice President and Treasurer	 	 

3

 

CERTIFICATE OF AUTHENTICATION

     This is one of the Designated Debentures referred to in the Indenture.

Dated:

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A.,

as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

4

 

          The 7.717% Senior Debt Securities, Series B, due 2019 (the “Designated Debentures”) have been
issued as part of a duly authorized series of the Company under and pursuant to the Indenture,
dated as of June 21, 2005 (the “Base Indenture”), between the Company and The Bank of New York
Mellon Trust Company, N.A. (as successor in interest to J.P. Morgan Trust Company, National
Association) (the “Trustee”), as amended and supplemented by the Second Supplemental Indenture,
dated as of June 21, 2005 between the Company and the Trustee (the “Second Supplemental Indenture”)
and, the Seventh Supplemental Indenture, dated February 6, 2009 (the “Seventh Supplemental
Indenture”, and together with the Base Indenture and the Second Supplemental Indenture, the
“Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Designated Debentures.

          The Designated Debentures are unsecured and rank equally in right of payment with all of the
Company’s other senior unsecured debt to the extent provided in the Indenture.

          The Designated Debentures will bear interest from February 15, 2009 at the rate per annum
equal to 7.717%; such interest shall be payable in cash, semi-annually in arrears on the Interest
Payment Dates following six months and twelve months after February 15, 2009 and thereafter on the
respective anniversaries thereof. Interest on the Designated Debentures shall be calculated on the
basis of a 360-day year composed of twelve 30-day months. The amount of interest payable for any
period shorter than a full semi-annual period for which interest is computed will be computed on
the basis of the actual number of days elapsed in that 180-day period. Interest payable on the
Designated Debentures on any Interest Payment Date will include interest for the immediately
preceding Interest Period. The interest so payable and punctually paid or duly provided for on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name the
Designated Debentures (or one or more Predecessor Designated Debentures) are registered at the
close of business on the regular record date for such interest payment, which shall be the first
day of the month in which such interest payment is due. Any interest which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be
payable to the registered Holder hereof on the relevant regular record date by virtue of having
been such Holder, and may be paid to the Person in whose name the Designated Debentures (or one or
more Predecessor Designated Debentures) are registered at the close of business on a special record
date for the payment of such Defaulted Interest to be fixed by the Company, notice whereof shall be
given to the Holders of Designated Debentures not less than 10 days prior to such special record
date, or may be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the Designated Debentures may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the Indenture.

          If the Accreted Principal Amount hereof or any portion of such Accreted Principal Amount is
not paid when due (whether upon acceleration, upon the date set for payment of the Redemption Price
or upon the Stated Maturity of the Designated Debentures) or if

5

 

interest due hereon (or any portion of such interest) is not paid when due, then in each such
case the overdue amount shall, to the extent permitted by law, bear interest at the rate borne by
the Designated Debentures, compounded at the end of such Interest Period, which interest shall
accrue from the date such overdue amount was originally due to the date payment of such amount,
including interest thereon, has been made or duly provided for. All such interest shall be payable
as set forth in the Indenture.

          Subject to the terms and conditions of the Indenture, the Company will make payments in
respect of the Redemption Price and at the Stated Maturity of the Designated Debentures to Holders
who surrender Designated Debentures to a Paying Agent to collect such payments in respect of the
Designated Debentures; provided that if any Redemption Date is an Interest Payment Date, accrued
and unpaid interest shall be paid to the Holders of record as of the applicable regular record
date. The Company will pay cash amounts in money of the United States that at the time of payment
is legal tender for payment of public and private debts. However, the Company may make such cash
payments by check payable in such money; provided that payment by wire transfer of immediately
available funds will be required with respect to principal of and interest on all Designated
Debentures represented by a global security certificate. If any Interest Payment Date (other than
an Interest Payment Date coinciding with the Stated Maturity or earlier Redemption Date) falls on a
day that is not a Business Day, such Interest Payment Date will be postponed to the next succeeding
Business Day and no interest on such payment will accrue for the period from and after the Interest
Payment Date to such next succeeding Business Day, but if that Business Day is in the next
succeeding calendar year, then that payment shall be made on the immediately preceding Business
Day, with the same force and effect as if made on that date. If the Stated Maturity or Redemption
Date of the Designated Debentures would fall on a day that is not a Business Day, the required
payment of interest, if any, and principal will be made on the next succeeding Business Day and no
interest on such payment will accrue and no principal will accrete for the period from and after
the Stated Maturity or Redemption Date to such next succeeding Business Day.

          No sinking fund is provided for the Designated Debentures. The entire principal amount of the
Designated Debentures will mature and become due and payable, together with any accrued and unpaid
interest thereon including compounded interest, if any, on February 15, 2019.

          The Designated Debentures will be redeemable at the Company’s option in whole or in part, at
any time, on or after February 15, 2011, at a redemption price equal to the greater of 100% of the
principal amount to be redeemed plus accrued and unpaid interest to the date of redemption and the
“Make-Whole Redemption Amount” (as defined herein). “Make-Whole Redemption Amount” means the sum,
as calculated by the Premium Calculation Agent, of the present values of the remaining scheduled
payments of principal and interest thereon for the principal amount to be redeemed (not including
any portion of those payments of interest accrued as of the date of redemption), discounted from
their respective scheduled payment dates to the date of redemption on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the

6

 

Treasury Rate plus 50 basis points plus, in each case, accrued and unpaid interest thereon to
the date of redemption.

          For purposes of the preceding definitions:

	 	•	 	“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to
the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated
using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. The
Treasury Rate will be calculated on the third Business Day preceding the Redemption Date.
	 
	 	•	 	“Premium Calculation Agent” means an investment banking institution of national
standing appointed by the Company.
	 
	 	•	 	“Comparable Treasury Issue” means the U.S. Treasury security selected by the Premium
Calculation Agent as having a maturity comparable to the term remaining from the
Redemption Date to February 15, 2019 (the “Remaining Life”) that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable term.
	 
	 	•	 	“Comparable Treasury Price” means, with respect to a Redemption Date (1) the average of
five Reference Treasury Dealer Quotations for such Redemption Date, after excluding the
highest and lowest Reference Treasury Dealer Quotations, or (2) if the Premium Calculation
Agent obtains fewer than five such Reference Treasury Dealer Quotations, the average of
all such quotations.
	 
	 	•	 	“Reference Treasury Dealer” means each of (1) Citigroup Capital Markets Inc. and Morgan
Stanley & Co. Incorporated and their successors, provided, however, that if any of the
foregoing shall cease to be a primary U.S. government securities dealer in New York City
(a “Primary Treasury Dealer”) the Company will substitute therefore another Primary
Treasury Dealer, and (2) any other Primary Treasury Dealers selected by the Premium
Calculation Agent after consultation with the Company.
	 
	 	•	 	“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Premium Calculation
Agent of the bid and ask prices for the Comparable Treasury Issue (expressed in each case
as a percentage of its principal amount) quoted in writing to the Premium Calculation
Agent at 5:00 p.m., New York City time, on the third Business Day preceding such
redemption date.

          If the Company redeems less than all of the outstanding Designated Debentures, the Trustee
will select the Designated Debentures to be redeemed (i) by lot; (ii) pro rata; or (iii) by another
method the Trustee considers fair and appropriate. The Company may

7

 

not redeem less than all of the outstanding Designated Debentures if the Accreted Principal
Amount has been accelerated and such acceleration has not been rescinded.

          Notice of redemption will be mailed at least 30 days but not more than 60 days before the
Redemption Date to each Holder of Designated Debentures to be redeemed at the Holder’s registered
address. If money sufficient to pay the Redemption Price of all Designated Debentures (or portions
thereof) to be redeemed on the Redemption Date is deposited with the Paying Agent prior to or on
the Redemption Date, immediately after such Redemption Date interest shall cease to accrue and
principal will cease to accrete on such Designated Debentures or portions thereof. Designated
Debentures in denominations larger than $1,000 Original Principal Amount may be redeemed in part
but only in integral multiples of $1,000.

          In case an Event of Default, as defined in the Indenture, shall have occurred and be
continuing, the Accreted Principal Amount of all of the Designated Debentures may be declared, and
upon such declaration shall become, due and payable, in the manner, with the effect and subject to
the conditions provided in the Indenture. An “event of default” with respect to the Designated
Debentures, means any of the following:

	 	•	 	failure to pay any installment of interest when due and payable (including any
additional interest) on the Designated Debentures and continuance of such default for a
period of 30 days or more;
	 
	 	•	 	failure to pay the principal of the Designated Debentures when due, whether at
maturity, upon redemption or otherwise; or
	 
	 	•	 	certain events in bankruptcy, insolvency or reorganization of the Company or
appointment of a receiver, liquidator or trustee of MetLife Bank, N.A., the banking
subsidiary of MetLife.

          If an event of default under the Indenture occurs and continues with respect to the Designated
Debentures, the Trustee or the Holders of at least 25% in aggregate principal amount of the
outstanding Designated Debentures may declare the entire principal of and all accrued but unpaid
interest on the outstanding Designated Debentures to be due and payable immediately. If such
declaration occurs, the Holders of a majority of the aggregate principal amount of the outstanding
Designated Debentures can, subject to certain conditions, rescind the declaration.

          The Holders of a majority in aggregate principal amount of the outstanding Designated
Debentures may, on behalf of all Holders of the outstanding Designated Debentures, waive any past
default with respect to the Designated Debentures, except:

	 	•	 	a default in payment of principal or interest; or
	 
	 	•	 	a default under any provision of the Indenture which itself cannot be modified or
amended without the consent of the Holders of the Designated Debentures.

8

 

          The Holders of a majority in principal amount of the Designated Debentures shall have the
right to direct the time, method and place of conducting any proceeding for any remedy available to
the Trustee under the Indenture.

          The Indenture contains provisions permitting the Company and the Trustee, with the consent of
the Holders of not less than a majority in aggregate principal amount of the Designated Debentures
at the time Outstanding (as defined in the Indenture) to execute supplemental indentures for the
purpose of, among other things, adding any provisions to or changing in any manner or eliminating
any of the provisions of the Indenture or of any supplemental indenture or of modifying in any
manner the rights of the Holders of the Designated Debentures; provided, however, that, among other
things, no such supplemental indenture shall (i) reduce the principal amount thereof, or reduce the
rate or extend the time of payment of interest thereon without the consent of the Holder of each
Designated Debenture so affected, or (ii) reduce the aforesaid percentage of Designated Debentures,
the Holders of which are required to consent to any such supplemental indenture, without the
consent of the Holders of each Designated Debenture then Outstanding and affected thereby. The
Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Designated Debentures at the time Outstanding affected thereby, on behalf of all of
the Holders of the Designated Debentures, to waive a default or Event of Default with respect to
the Designated Debentures, and its consequences, except a default or Event of Default in the
payment of the principal of or interest on any of the Designated Debentures or a default in respect
of a provision that under Article IX of the Base Indenture cannot be amended without the Holder of
each Holder affected thereby. Any such consent or waiver by the registered Holders of the
Designated Debentures (unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holders and upon all future Holders and owners of the Designated Debentures and of any
certificate representing Designated Debentures issued in exchange for or in place hereof (whether
by registration of transfer or otherwise) irrespective of whether or not any notation of such
consent or waiver is made upon the certificate representing the Designated Debentures.

          No reference herein to the Indenture and no provision of the Designated Debentures or of the
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on the Designated Debentures at the time and place and at the
rate and in the money herein prescribed.

          As provided in the Indenture and subject to certain limitations therein set forth, the
Designated Debentures are transferable by the registered Holder hereof on the Security Register of
the Company, upon surrender of the certificates representing the Designated Debentures for
registration of transfer at the office or agency of the Trustee in The City of New York and State
of New York accompanied by a written instrument or instruments of transfer in form satisfactory to
the Company or the Trustee duly executed by the registered Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new certificates representing Designated
Debentures of authorized denominations and for the same aggregate principal amount will be issued
to the designated transferee or transferees. No service charge will be made for any such

9

 

transfer, but the Company may require payment of a sum sufficient to cover any tax, assessment
or other governmental charge payable in relation thereto.

          Prior to due presentment for registration of transfer of this security certificate
representing Designated Debentures, the Company, the Trustee, any paying agent and the Security
Registrar may deem and treat the registered Holder hereof as the absolute owner hereof (whether or
not the Designated Debentures shall be overdue and notwithstanding any notice of ownership or
writing hereon made by anyone other than the Security Registrar) for the purpose of receiving
payment of or on account of the principal hereof and interest due hereon and for all other
purposes, and neither the Company nor the Trustee nor any paying agent nor any Security Registrar
shall be affected by any notice to the contrary.

          No recourse shall be had for the payment of the principal of or the interest on the Designated
Debentures, or for any claim based hereon, or otherwise in respect hereof, or based on or in
respect of the Indenture, against any incorporator, shareholder, officer or director, past, present
or future, as such, of the Company or of any predecessor or successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issuance hereof, expressly waived and released.

          The Indenture imposes certain limitations on the ability of the Company to, among other
things, merge or consolidate with any other Person or sell, assign, transfer, lease or convey all
or substantially all of its properties and assets. All such covenants and limitations are subject
to a number of important qualifications and exceptions. The Company must report periodically to
the Trustee on compliance with the covenants in the Indenture.

          The Designated Debentures are issuable only in registered form without coupons, in
denominations of $1,000 Original Principal Amount and any integral multiple thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Designated Debentures so
issued are exchangeable for a like aggregate principal amount of Designated Debentures of a
different authorized denomination, as requested by the Holder surrendering the same.

          All terms used in security certificates representing Designated Debentures that are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

          The Designated Debentures shall be governed by and construed in accordance with the laws of
the State of New York, without regard to its principles of conflicts of laws.

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ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers the Designated Debentures to:

 

 

 

(Insert assignee’s social security or tax identification number)

 

 

 

(Insert address and zip code of assignee)

agent to transfer the Designated Debentures on the books of the Security Registrar. The agent may
substitute another to act for him or her.

	 	 	 	 	 
	 

	 	 	 	 
	Dated:

	 	 	 	Signature:

Signature Guarantee:

(Sign
exactly as your name appears on the other side of the certificate representing Designated
Debenture)

          Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements
of the Registrar, which requirements include membership or participation in the Security Transfer
Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined
by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

11

 

SCHEDULE OF INCREASES OF DECREASES IN GLOBAL CERTIFICATE

The following increases or decreases in this Global Certificate have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Amount of	 	 	 	 	 	 	 	 	 	 	Signature	 
	 	 	increase in	 	 	 	 	 	 	 	 	 	 	of	 
	 	 	Number of	 	 	 	 	 	 	Number of	 	 	authorized	 
	 	 	Designated	 	 	Amount of decrease in	 	 	Designated Debentures	 	 	signatory	 
	 	 	Debentures	 	 	Number of	 	 	evidenced by this	 	 	of Stock	 
	 	 	evidenced by	 	 	Designated Debentures	 	 	Global Certificate	 	 	Purchase	 
	 	 	the Global	 	 	evidenced by the	 	 	following such	 	 	Contract	 
	Date	 	Certificate	 	 	Global Certificate	 	 	decrease or increase	 	 	Agent	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

12exv10w1

Exhibit 10.1

February 17, 2009

Scott Wood

Virginia Bunte

Separation Agreement

Dear Ginger:

     This letter confirms our agreement (“Agreement”) regarding your separation from Golfsmith
International, Inc. and its parent and each of its subsidiaries (hereafter “Golfsmith”) as follows:

1. We have designated March 4, 2009 (the “Separation Date”), as the effective date of your
termination as Senior Vice President – Chief Financial Officer, and the final date of your
employment with Golfsmith.

2. Payments and Benefits.

     (a) From the Separation Date until March 4, 2011 (the “Severance Period”), Golfsmith
will continue to pay your base salary in effect as of the Separation Date (“Severance Pay”),
which amounts to an aggregate total of four hundred fourteen thousand ($414,000), less
deductions required by law, in consideration for the promises, covenants, agreements, and
releases set forth herein.  The Severance Pay described in this paragraph shall be paid to
Employee at Golfsmith’s regular pay periods during the Severance Period by continuing the
direct deposit in effect as of the Separation Date.  In the event that you become employed
by and receive income from another company or entity after March 4, 2010 but during the
Severance Period, you shall promptly notify Golfsmith in writing, and the Severance Payments
described in this paragraph shall be offset by the total amount of any monies you earn
during the Severance Period as an employee of another company or entity, regardless of the
amount or type of monies earned; provided further, that if the total amount of any
moneys earned or received as an employee of another company or entity is the equivalent of
your aggregate total Severance Pay or greater during the Severance Period, Golfsmith’s
obligation to pay the Severance Pay shall cease .

     (b) For a period of up to 24 months following your Separation Date or until you and
your dependants are eligible to be covered and actually become covered under another
substantially equivalent medical insurance plan for health and dental coverage by a
subsequent employer, whichever

 

 

is sooner, Golfsmith will fund you and your dependants’ continued health insurance
benefits pursuant to the Company plan for the first six months and then by matching your
COBRA continuation coverage payments (the “Insurance Continuation Payments”) commensurate
with the elections you selected prior to the Separation Date during the Severance Period,
provided you elect COBRA coverage when requested. In the event that you become employed by
and obtain health and dental coverage with another company during the Severance Period, you
shall promptly notify Golfsmith in writing.

     (c) All of your outstanding options to acquire Golfsmith’s common stock that were
granted under the 2002 Incentive Stock Plan shall continue to vest in accordance with their
current vesting schedules as of the Separation Date and your rights under the 2002 Incentive
Stock Plan remain in effect and are not altered because of your severance of employment with
Golfsmith, your acceptance of employment with another company or the terms otherwise in this
Agreement.

3. Sale of Golfsmith.

     Golfsmith’s obligations and promises to you including, but not limited to those in this
Agreement, shall survive any merger, acquisition or sale of the Company as originally defined in
your Amended and Restated Employment Agreement dated May 30, 2006 or otherwise. Golfsmith agrees to
require as a term of any sale of Golfsmith, that the Company or entity that purchases it during the
Severance period must assume its obligations and promises to you as an accepted liability of said
sale.

4. In consideration of the foregoing payments and benefits, and for other good and valuable
consideration, you agree as follows:

     (a) Release You for yourself and your successors, heirs and assigns IRREVOCABLY AND
UNCONDITIONALLY RELEASES, ACQUITS AND FOREVER DISCHARGES Golfsmith, and its parents, subsidiaries
affiliates, and the shareholders, directors, officers, employees, agents, attorneys, insurers,
guardians, successors, assigns, heirs, executors, and administrators (the “Releasees”) from any and
all claims, liabilities, obligations, agreements, damages, causes of action, costs, losses,
damages, and attorneys’ fees and expenses whatsoever, whether known or unknown or whether connected
with your employment by Golfsmith or not, including, but not limited to, any dispute, claim,
charge, or cause of action arising under the Age Discrimination in Employment Act, 29 U.S.C. § 621,
et. seq., Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e, et seq., the
Americans with Disabilities Act of 1990, 42 U.S.C. § 12101, et seq., the Texas Commission on Human
Rights Act, Tex. Labor Code § 21.001 et. seq., the Employee Retirement Income Security Act of 1974,
as amended 29 U.S.C. § 1001, et seq., and any other municipal, local, state, or federal law, common
or statutory, which may have arisen, or which may arise, prior to, or at the time of, the execution
of this Agreement.

     (b)
Golfsmith Property. Within two weeks of the Date of Termination you shall promptly
return all Property which had been entrusted or made available to you by Golfsmith. The term
“Property” means all records, files, memoranda, reports, price lists, customer lists, drawings,
plans, sketches, keys, codes, computer hardware and software and other property of any kind or
description prepared, used or possessed by you during your employment with Golfsmith (and any
duplicates of any such Property) together with any and all information, ideas, concepts,
discoveries, and inventions and the like (including, but not limited to, Confidential Information
as defined below conceived, made,
developed or acquired at any time by you individually or, with others during your employment
which relate to Golfsmith, its business or its products or services.

 

 

     (c)
Trade Secrets. You agree that you shall hold in a fiduciary capacity for the benefit
of Golfsmith and its Affiliates and shall not directly or indirectly use or disclose any Trade
Secret that you may have acquired during the term of your employment by Golfsmith, its Affiliates
or any of their predecessors for so long as such information remains a Trade Secret, where the term
“Trade Secret” means information, including, but not limited to, technical or non-technical data, a
formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing or a
process that (i) derives economic value, actual or potential, from not being generally known to,
and not being generally readily ascertainable by proper means by, other persons who can obtain
economic value from its disclosure or use and (ii) is the subject of reasonable efforts by
Golfsmith and any of its Affiliates to maintain its secrecy. This section is intended to provide
rights to Golfsmith and its Affiliates which are in addition to, not in lieu of, those rights
Golfsmith and its Affiliates have under the common law or applicable statutes for the protection of
trade secrets.

     (d) Confidential Information. You shall hold in a fiduciary capacity for the benefit
of Golfsmith and its Affiliates, and shall not directly or indirectly use or disclose, any
Confidential Information that you may have acquired (whether or not developed or compiled by you
and whether or not you are authorized to have access to such information) during the term of, and
in the course of, or as a result of Executive’s employment by Golfsmith or its Affiliates or their
predecessors without the prior written consent of the Board of Directors of Golfsmith unless and
except to the extent that such disclosure is required by any subpoena or other legal process (in
which event you will give Golfsmith prompt notice of such subpoena or other legal process in order
to permit Golfsmith to seek appropriate protective orders). For the purposes of this separation
agreement, the term “Confidential Information” means any secret, confidential or proprietary
information possessed by or entrusted to Golfsmith or any of its Affiliates, including, without
limitation, trade secrets, customer or supplier lists, details of client or consultant contracts,
current and anticipated customer requirements, pricing policies, price lists, market studies,
business plans, operational methods, marketing plans or strategies, product development techniques
or flaws, computer software programs (including object code and source code), data and
documentation data, base technologies, systems, structures and architectures, inventions and ideas,
past current and planned research and development, compilations, devices, methods, techniques,
processes, financial information and data, business acquisition plans and new personnel acquisition
plans (not otherwise included as a Trade Secret hereunder) that has not become generally available
to the public other than through disclosure by you, and the term “Confidential Information” may
include, but not be limited to, future business plans, licensing strategies, advertising campaigns,
information regarding customers or suppliers, executives and independent contractors and the terms
and conditions of this separation agreement. The Confidential Information as described above may
be in any form, including, but not limited to, any intangible form such as unrecorded knowledge,
information, ideas, concepts, mental impressions, or may be embodied in equipment or other tangible
form, such as a document, drawings, photographs, computer code, software or other printed or
electronic media. Notwithstanding the provisions of this section to the contrary, you shall be
permitted to furnish this separation agreement to a subsequent employer or prospective employer.

     (e) Non-solicitation of Customers or Employees.

     (i) During the two (2)-year period following the Date of Termination (the “Restricted
Period”) you shall not, on your own behalf or on behalf of any person, firm, partnership,
association, corporation or business organization, entity or enterprise, solicit or attempt
to solicit on behalf of a Competing Business customers of Golfsmith or any of its Affiliates
with whom you had contact or made contact within the course of your employment by Golfsmith
or an Affiliate within the twenty-four month period immediately preceding the beginning of
the Restricted Period, or induce or attempt to induce any such customers or suppliers of
Golfsmith or any of its Affiliates to cease or reduce business with Golfsmith or any of its
Affiliates, or knowingly interfere with any relationship between any such customer, supplier
or any other business relation and Golfsmith or any such Affiliate.

     For the purpose of this separation agreement, a “Competing Business” means any business
which designs, distributes, sells or markets golf equipment and golf related products, or
any other business in which Golfsmith or any of its Affiliates is substantially engaged, (1)
at any time during the Term, or (2) for purposes of the Restricted Period, at any time
during the one-year period immediately preceding the Date of Termination. Notwithstanding
the foregoing, a Competing Business shall not include (i) suppliers of Golfsmith or any of
its Affiliates, or (ii) any entity that receives less than 25% of its revenue from the
retail sales of golf equipment or golf related products, so long as, in the case of either
clause (i) or (ii), you do not engage in the design, distribution, sales or marketing of
golf equipment or golf related products.

 

 

     (ii) During the Restricted Period, you shall not, either directly or indirectly, call
on, solicit or attempt to induce any person who is or, during the twelve month period
immediately preceding the beginning of the Restricted Period, was an officer, employee or
independent contractor of Golfsmith or any of its Affiliates to terminate his or her
employment or relationship with Golfsmith or any of its Affiliates and shall not assist any
other person or entity in such a solicitation (regardless of whether any such officer,
employee or independent contractor would commit a breach of contract by terminating his or
her employment). Notwithstanding the foregoing, nothing herein shall prohibit any person
from independently contacting you about employment during the Restricted Period provided
that you do not solicit or initiate such contact.

     (f) Non-competition Obligation. During the Restricted Period you will not, for
yourself or on behalf of any other person, partnership, company or corporation, directly or
indirectly, acquire any financial or beneficial interest in (except as provided in the next
sentence), be employed by, or own, manage, operate or control, or become a director, officer,
partner, employee, agent or consultant of, any entity which is engaged in, or otherwise engage in,
a Competing Business (described above). Notwithstanding the preceding sentence, you will not be
prohibited from owning less than two percent (2%) of any publicly traded corporation, whether or
not such corporation is in a Competing Business.

     (g) Nondisparagement. You agree not to disparage or defame to third parties Golfsmith
or any of its respective Affiliates or their respective officers or directors, or their respective
employees or owners who were such employees or owners during the Restricted Period. During the
Restricted Period and at all times thereafter, Golfsmith and its Affiliates and their respective
officers and directors shall not disparage or defame you to third parties. Nothing contained in
this section shall preclude you or Golfsmith from enforcing his or their respective rights under
this Employment Agreement.

     Golfsmith shall provide a recommendation for your work done for the Company at your request
during the Severance period.

     (h) Reasonable and Continuing Obligations. You agree that your obligations under this
Section 4 are reasonable, fair and equitable in scope, terms and duration, are necessary to
protect Golfsmith’s legitimate business interests and are a material inducement to Golfsmith to
enter into this separation agreement.

     (i) Remedy for Breach. You agree that the remedies at law of Golfsmith for any actual
or threatened breach by you of the covenants in this Section 4 would be inadequate and that
Golfsmith shall be entitled to (i) cease or withhold payment to you of any severance payments or
benefits described in Section 2 for which you otherwise qualify under Section 2,
and/or (ii) specific performance of the covenants in this Section 4, including entry of a
temporary restraining order in state or federal court, preliminary and permanent injunctive relief
against activities in violation of this Section 4, or both, or other appropriate judicial
remedy, writ or order, in addition to any damages and legal expenses which Golfsmith may be legally
entitled to recover. Golfsmith agrees to give you, and, if known, your attorney, notice of any
legal proceeding, including any application for a temporary restraining order, relating to an
attempt to enforce the covenants in this Section 4 against you. You acknowledge and agree
that the covenants in this Section 4 shall be construed as agreements independent of any
other provision of this separation agreement or any other agreement between you and Golfsmith, and
that the existence of any claim or cause of action by you against Golfsmith, whether predicated
upon this separation agreement or any other agreement, shall not constitute a defense to the
enforcement by Golfsmith of such covenants.

     (j) Scope of Covenants. You and Golfsmith further acknowledge that the time, scope,
geographic area and other provisions of this Section 4 have been specifically negotiated by
sophisticated parties and agree that they consider the restrictions and covenants contained in this
Section 4 to be reasonable and necessary for the protection of the interests of Golfsmith
and its Affiliates, but if any such restriction or covenant shall be held by any court of competent
jurisdiction to be void but would be valid if deleted in part or reduced in application, such
restriction or covenant shall apply with such deletion or modification as may be necessary to make
it valid and enforceable.

 

 

     (k) Claimed Violation. In the event either party claims that the other party violated
any provision of this Section 4, then the claiming party shall give the other party three (3)
Business Days’ Notice of such claimed violation, pursuant to the terms of Section 6, for such party
to cease and desist and/or cure such violation. The party alleged to have violated any provision
of Section 4 will be given 15 days to cease said violation prior to any action taken pursuant to
Section 4.

5. You fully understand and agree that:

	 	(a)	 	this Release is in exchange for receiving benefits from
Golfsmith pursuant to this Agreement;
	 
	 	(b)	 	no rights or claims are released or waived that may
arise after the date you sign this Release;
	 
	 	(c)	 	You have 7 days following your signature of this
Release to revoke the Release;
	 
	 	(d)	 	this Release shall not become effective or enforceable
until the revocation period of 7 days has expired without your
revoking this Release;
	 
	 	(e)	 	You will provide Notice to Golfsmith immediately upon
your acceptance of any new employment and the start date of such
new employment during the Severance period.

     If, after signing, you choose to revoke this Release, you must do so by providing
Notice to Golfsmith in writing within seven (7) days of execution.

6. Notice.

	 	(a)	 	Any notice required by or to be given pursuant to this Agreement
(“Notice”) shall be delivered to the parties at the addresses set forth below
(or such other address as one party may specify by Notice to the other as provided
herein), either by (1) express/courier/overnight delivery with written proof of
delivery, and simultaneously by email, or (b) by first class mail, and simultaneously
by fax and email, or (3) by certified mail return receipt requested and simultaneously
by first class mail.
	 
	 	(b)	 	Notice shall be deemed duly “given” as follows: (1) on the next business day if
sent by overnight delivery and simultaneously by email, or (2) on the second business
day after it was sent by mail, fax and email, or (3) on the third business day after it
was sent by certified mail return receipt requested and simultaneously by first class
mail.
	 
	 	(c)	 	Notice Addresses:

Golfsmith

To the Corporation:

 

 

Golfsmith International Holding Inc.

Attn: R. Scott Wood, Esq.

11000 North IH 35

Austin, TX 78753-3195

Virginia Bunte

To the Party: Ginger Bunte

	 	(d)	 	Refusal to accept a Notice does not invalidate such Notice if it is delivered
or sent in accordance with the terms of this paragraph.
	 
	 	(e)	 	The Parties agree and acknowledge that they must provide notice to each other
and each other’s attorneys of any change in their mailing address, otherwise the last
known address established by this Agreement shall be deemed valid for service upon all
of them, regardless of whether they changed their address without notice to each other
and each other’s attorney.

7. Indemnifications by Golfsmith.

     The Company hereby acknowledges the Indemnification Agreement executed between you and the
Company on June 20, 2006 and reaffirms its commitment to be bound by the terms thereof, which are
incorporated herein by reference. Golfsmith further acknowledges that its indemnification
obligations to you outlined in Section 1 of the Indemnification Agreement include, but are
not limited to, third-party claims of negligence and gross negligence.

8. Representation by Counsel.

     You acknowledge that you have been represented by independent legal counsel of your own
choice, throughout all of the negotiations preceding the execution of this Agreement; that you have
been advised to consult with an attorney before signing this Agreement; that you have executed this
Agreement after consultation with (and/or the opportunity to consult with) your independent legal
counsel; that you have had ample time to carefully read this Agreement in its entirety and consider
the terms set forth herein; that you have had the opportunity to have the provisions of this
Agreement explained to you by your own counsel, who has answered to your satisfaction any questions
you have asked with regard to the meaning of any of the provisions of this Agreement; that you
fully understand the terms and significance of each of the provisions in this Agreement; that you
voluntarily assent to all the terms and conditions contained therein; and that you are signing this
Agreement voluntarily and of your own force and free will.

 

 

9. Binding Effect; Successors and Assigns.

     This Agreement will inure to the benefit of, and may be enforced by, the Parties hereto, and
each of their heirs, executors, administrators, trustees, legal representatives and successors (and
permitted assigns). This Agreement will be the obligation of, and be binding upon the Parties
hereto, as well as each of their estates, heirs, beneficiaries, distributees, and equitable
successors in interest, to the extent of their estates, holdings and property. This Agreement may
not be assigned without the express written consent of (signed by) the other Party. Any
purported assignment, unless consented to by the non-assigning Parties, shall be void and without
effect. Nothing herein expressed or implied is intended or shall be construed to confer upon or to
give anyone, other than the Parties hereto and their respective heirs, executors, administrators,
trustees, legal representatives and successors (and permitted assigns), any rights or benefits
under or by reason of this Agreement and no other person or entity shall have any right to enforce
any of the provisions of this Agreement.

10. Interpretation.

     Should any provision of this Agreement require interpretation or construction, it is agreed by
the Parties hereto that the entity interpreting or construing this Agreement shall not apply a
presumption that the provisions shall be more strictly construed against one party by reason of the
rule of construction that a document is to be construed more strictly against the party who
prepared it.

     If any words or phrases in this Agreement shall have been stricken out or otherwise eliminated
by agreement of all the parties hereto as noted by their written initials hereon, whether or not
any other words or phrases have been added, this Agreement shall be construed as if the words or
phrases so stricken out or otherwise eliminated were never included in this Agreement and no
implication or inference shall be drawn from the fact that said words or phrases were so stricken
out or otherwise eliminated.

     Nothing in this Agreement shall be interpreted to mean your employment with Golfsmith was
terminated for cause.

11. This agreement shall be governed by the laws of the State of Texas. This is the entire
agreement between the parties. No other promises or agreements have been made to you except as
stated in this agreement. This agreement may not be changed or modified except by a written
document signed by the parties.

     If you have any questions concerning your compensation or benefits under this agreement,
please direct them to me at the address above, or for any health insurance benefit information to
Ron Ivanitch at (512) 821-4109.

     Please signify your agreement with the foregoing by signing both original letters where
indicated below and returning one original to me.

     On behalf of Golfsmith, I express our best wishes for your success.

	 	 	 
	 

	 	Sincerely,
	 
	 	 
	 

	 	/S/ R. Scott Wood
	 

	 	 
	 

	 	R. Scott Wood
	 

	 	Vice President | General Counsel
	 
	 	 
	ACCEPTED AND AGREED to this
	 	 
	 
	 	 
	17th day of February, 2009.
	 	 
	 
	 	 
	/s/Virginia Bunte
 

Virginia Bunte

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