Document:

exhibit10xiii.htm

Exhibit 10(xiii)

Archer-Daniels-Midland Company

2002 Incentive Compensation Plan

Restricted Stock Unit Award Agreement

This Restricted Stock Unit Award Agreement (the “Agreement”), is made and entered into as of [grant date] (the “Date of Grant”), by and between Archer-Daniels-Midland Company, a Delaware corporation (the “Company”), and «First_Name» «Last_Name», an employee of <<the Company>><<___________, a subsidiary of the Company>> (the “Grantee”).  This Agreement is pursuant to the terms of the Company’s 2002 Incentive Compensation Plan, as amended (the “Plan”).  The applicable terms of the Plan are incorporated herein by reference, including the definitions of capitalized terms contained in the Plan.

Section 1.                      Restricted Stock Unit Award.  The Company hereby grants to the Grantee, on the terms and conditions hereinafter set forth, an Award of «ResAmount» Restricted Stock Units, each such Restricted Stock Unit representing the right to receive one share of the Company’s common stock.

Section 2.                      Rights of Grantee.

(a)           No Shareholder Rights.  The Restricted Stock Units granted pursuant to this Award do not entitle Grantee to any rights of a shareholder of the Company’s common stock.  The Grantee’s rights with respect to the Restricted Stock Units shall remain forfeitable at all times by the Grantee until satisfaction of the vesting conditions set forth in Section 3 hereof.

(b)           Restrictions on Transfer.  The Grantee shall not be entitled to transfer, sell, pledge, alienate, hypothecate or assign the Restricted Stock Units or this Award, except that in the event of the Grantee’s death, the Grantee’s estate shall be entitled to the Shares represented by the Restricted Stock Units.  Any attempt to otherwise transfer the Restricted Stock Units or this Award shall be void.  All rights with respect to the Restricted Stock Units and this Award shall be available only to the Grantee during his lifetime, and thereafter to the Grantee’s estate.

(c)           Dividend Equivalents.  As of each date that the Company pays a cash dividend to the holders of its common stock generally, the Company shall pay the Grantee an amount equal to the per share cash dividend paid by the Company on its common stock on that date multiplied by the number of Restricted Stock Units credited to Grantee under this Award as of the related dividend payment record date.  No such dividend equivalent payment shall be made with respect to any Restricted Stock Units which, as of such record date, have either been settled as provided in Section 4 or forfeited pursuant to Sections 5 or 6.  Any such payment shall be made as soon as practicable after the related dividend payment date, but no later than the later of (i) the end of the calendar year in which the dividend payment date occurs, or (ii) the 15th day of the third calendar month after the dividend payment date.

  

  

  

Section 3.                      Vesting.  Subject to the provisions of Sections 5 and 6 hereof, the Grantee’s right to receive Shares pursuant to this Award shall vest in full on the earliest to occur of the following (the “Vesting Date”):

(i)           [vesting date],

	
  

	
(ii)

	
a Change in Control of the Company (as defined in Appendix A hereto), or

	
  

	
(iii)

	
the death of Grantee.

Section 4.                      Settlement of Restricted Stock Units.  After any Restricted Stock Units vest pursuant to Section 3, the Company shall cause to be issued to the Grantee, or to the Grantee’s estate in the event of Grantee’s death, one share of its common stock in payment and settlement of each vested Restricted Stock Unit.  Such issuance shall occur on or before the later of (i) the end of the calendar year in which the Vesting Date occurs, or (ii) the 15th day of the third calendar month after the Vesting Date, and the Grantee shall have no power to affect the timing of such issuance.  Such issuance shall be evidenced by a stock certificate or appropriate entry on the books of the Company or a duly authorized transfer agent of the Company, shall be subject to the tax withholding provisions of Section 7, and shall be in complete satisfaction of such vested Restricted Stock Units.  If the Restricted Stock Units that vest include a fractional Restricted Stock Unit, the Company shall round the number of vested Restricted Stock Units to the nearest whole unit prior to issuance of Shares as provided herein.  If the ownership of or issuance of Shares to the Grantee as provided herein is not feasible due to applicable exchange controls, securities or tax laws or other provisions of applicable law, as determined by the Committee in its sole discretion, the Grantee or his legal representative shall receive cash proceeds in an amount equal to the Fair Market Value (as of the Vesting Date) of the Shares otherwise issuable to Grantee, net of any amount required to satisfy withholding tax obligations as provided in Section 7.

Section 5.                      Effect of Termination of Service.  If the Grantee ceases to be an Employee prior to the Vesting Date other than as a result of the Grantee’s death, Retirement or Disability, the Grantee shall forfeit the Restricted Stock Units.  If such termination of service is a result of Grantee’s death, then the Grantee’s right to receive Shares shall fully vest and the Company shall settle such Restricted Stock Units pursuant to Section 4 hereof.  If such termination of service is a result of Grantee’s Retirement or Disability, then subject to the forfeiture conditions of Section 6, Grantee’s right to receive Shares pursuant to this Award shall continue to vest in accordance with Section 3.

Section 6.                      Forfeiture Conditions.  Notwithstanding the foregoing, in the event of termination of service for “cause” (as defined below), the breach of any non-competition or confidentiality restrictions applicable to the Grantee, or the Grantee’s participation in an activity that is deemed by the Company to be detrimental to the Company (including, without limitation, criminal activity or accepting employment with a competitor of the Company), (i) the Grantee’s right to receive an award of Restricted Stock Units or an issuance of Shares in settlement of Restricted Stock Units shall immediately terminate, (ii) any unvested Restricted Stock Units held by the Grantee shall be forfeited, and (iii) if Shares have been issued (or the cash value thereof paid) after the Vesting Date, then either (A) the Shares so issued shall be forfeited and returned to the Company, or (B) the Grantee shall be required to pay to the Company in cash an amount equal to the Fair Market Value of such Shares as of the Vesting Date.

  

  

  

For purposes hereof, “cause” shall have the meaning specified in such Grantee’s employment agreement with the Company, or, in the case of a Grantee who is not employed pursuant to an employment agreement, “cause” shall mean any of the following acts by the Grantee:  (i) embezzlement or misappropriation of corporate funds, (ii) any acts resulting in a conviction for, or plea of guilty or nolo contendere to, a charge of commission of a felony, (iii) misconduct resulting in injury to the Company or any subsidiary, (iv) activities harmful to the reputation of the Company or any subsidiary, (v) a violation of Company or subsidiary operating guidelines or policies, (vi) willful refusal to perform, or substantial disregard of, the duties properly assigned to the Grantee, or (vi) a violation of any contractual, statutory or common law duty of loyalty to the Company or any subsidiary.

Section 7.                       Withholding of Taxes.  Prior to any event in connection with the Award (for example, vesting or payment) that the Company determines may result in any domestic or foreign tax withholding obligation, including any social security obligation, the Company (or the Subsidiary or Affiliate employing Grantee) shall have the right to withhold Shares equal in value to the amount of such tax withholding obligation.   The Company may permit the Grantee to arrange for the satisfaction of the minimum amount of such tax withholding obligation by payment of the estimated tax obligation to the Company (or the Subsidiary or Affiliate employing Grantee) to the fullest extent permitted by law.  Payment may be made by electronic transfer, check or authority to withhold from salary.  If such payment is not received in cleared funds within 2 days prior to the Vesting Date, the Company shall instruct the broker to sell such number of Shares as are equal in value to the tax withholding obligation, prior to the transfer of Shares to the Grantee.

Section 8.                      Securities Law Compliance.  No Shares shall be delivered upon the vesting of any Restricted Stock Units unless and until the Company and/or the Grantee shall have complied with all applicable federal, state or foreign registration, listing and/or qualification requirements and all other requirements of law or of any regulatory agencies having jurisdiction, unless the Committee has received evidence satisfactory to it that Grantee may acquire such shares pursuant to an exemption from registration under the applicable securities laws.  Any determination in this connection by the Committee shall be final, binding, and conclusive.  The Company reserves the right to legend any Share certificate or book entry, conditioning sales of such Shares upon compliance with applicable federal and state securities laws and regulations.

Section 9.                      Nature of the Award. The Grantee understands that the value that may be realized, if any, from the Award is contingent, and depends on the future market price of the Company’s common stock, among other factors.  The Grantee further confirms his or her understanding that the Award is intended to promote employee retention and stock ownership and to align employees’ interests with those of shareholders, is subject to vesting conditions and will be cancelled if vesting conditions are not satisfied.

  

  

  

The Grantee also understands that (i) the Plan is discretionary in nature and may be suspended or terminated by the Company at any time; (ii) the grant of an Award is voluntary and occasional and does not create any contractual or other right to receive future Awards, or benefits in lieu of Awards even if Awards have been granted repeatedly in the past;  (iii) all decisions with respect to any future award will be at the sole discretion of the Company; (iv) his or her participation in the Plan is voluntary; (v) the value of this Award is an extraordinary item of compensation which is outside the scope of his or her employment contract with his or her actual employer, if any; (vi) this Award and past or future Awards are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments;  and (vii) no claim or entitlement to compensation or damages arises from termination of this Award or diminution in value of this Award, and he or she irrevocably releases the Company, and its subsidiaries from any such claim that may arise.

 

Section 10.                      Administration. The Grantee understands that the Company and its Subsidiaries and Affiliates hold certain personal information about the Grantee, including, but not limited to, information such as his or her name, home address, telephone number, date of birth, salary, nationality, job title, social security number, social insurance number or other such tax identity number and details of all Awards or other entitlement to shares of common stock awarded, cancelled, exercised, vested, unvested or outstanding in his or her favor (“Personal Data”).

The Grantee understands that in order for the Company to process the Grantee’s Award and maintain a record of Shares under the Plan, the Company shall collect, use, transfer and disclose Personal Data within the Company and among its Subsidiaries and Affiliates electronically or otherwise, as necessary for the implementation and administration of the Plan including, in the case of a social insurance number, for income reporting purposes as required by law.  The Grantee further understands that the Company may transfer Personal Data, electronically or otherwise, to third parties, including but not limited to such third parties as outside tax, accounting, technical and legal consultants when such third parties are assisting the Company or its Affiliates in the implementation and administration of the Plan.  The Grantee understands that such recipients may be located within the jurisdiction of residence of the Grantee, or within the United States or elsewhere and are subject to the legal requirements in those jurisdictions.  The Grantee understands that the employees of the Company, its Subsidiaries and Affiliates and third parties performing work related to the implementation and administration of the Plan shall have access to the Personal Data as is necessary to fulfill their duties related to the implementation and administration of the Plan.  By accepting this Award, the Grantee consents, to the fullest extent permitted by law, to the collection, use, transfer and disclosure, electronically or otherwise, of his or her Personal Data by or to such entities for such purposes and the Grantee accepts that this may involve the transfer of Personal Data to a country which may not have the same level of data protection law as the country in which this Agreement is executed.  The Grantee confirms that if the Grantee has provided or, in the future, will provide Personal Data concerning third parties including beneficiaries, the Grantee has the consent of such third party to provide their Personal Data to the Company for the same purposes.

 

  

  

  

The Grantee understands that he or she may, at any time, request to review the Personal Data and require any necessary amendments to it by contacting the Company in writing.  As well, the Grantee may always elect to forgo participation in the Plan or any other award program.

Section 11.                      No Rights as Employee or Consultant.  Nothing in this Agreement or this Award shall confer upon the Grantee any right to continue as an Employee or consultant of the Company or any Subsidiary or Affiliate, or to interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the Grantee’s service at any time.

Section 12.                      Adjustments.  If at any time while this Award is outstanding, the number of outstanding Shares is changed by reason of a reorganization, recapitalization, stock split or any of the other events described in Section 4.2 of the Plan, the number of Restricted Stock Units and the number and kind of securities that may be issued in respect of such Units shall be adjusted in accordance with the provisions of the Plan.

Section 13.                      Notices.  Any notice hereunder by the Grantee shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the Secretary of the Company at the Company’s office at 4666 Faries Parkway, Decatur, Illinois 62526, or at such other address as the Company may designate by notice to the Grantee.  Any notice hereunder by the Company shall be given to the Grantee in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Grantee may have on file with the Company.

Section 14.                      Construction.  The construction of this Agreement is vested in the Committee, and the Committee’s construction shall be final and conclusive.

Section 15.                      Governing Law.  This Agreement shall be construed and enforced in accordance with the laws of the State of Illinois, without giving effect to the choice of law principles thereof.

[Missing Graphic Reference]

 

 

 

	 	 	 Archer-Daniels-Midland Company
	 	 	 
	 	 	 
	 	 	 BY:  /s/ P.A. Woertz
	 	 	          P.A. Woertz
	 	 	          President & Chief Executive Officer
	 	 	 
	 	 	 
	 	 	 GRANTEE
	 	 	 
	 	 	 
	 	 	 BY:   

 

 

  

  

  

APPENDIX A

Definition of Change in Control

 

 

For purposes of this Agreement, a "Change in Control" of the Company shall mean:

 

                                (i)           the acquisition, during any twelve (12) consecutive month period that ends subsequent to the Date of Grant, by any individual, entity or group (within the meaning of section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) (a "Person") of ownership (determined taking into account the ownership attribution rules of Section 318(a) of the Code) of stock of the Company possessing thirty percent (30%) or more of the combined voting power of the then outstanding stock of the Company; provided that, (A) any stock of the Company owned by the Person prior to the start of the applicable twelve (12) consecutive month period shall not be counted toward the thirty percent (30%) threshold specified above, and (B) an acquisition shall not be counted if (i) prior to the acquisition, the Person owns stock of the Company possessing more than fifty percent (50%) of the combined voting power of the then outstanding stock of the Company, or stock of the Company that constitutes more than fifty percent (50%) of the fair market value of the outstanding stock of the Company; (ii) the acquisition occurs after the Person has satisfied the thirty percent (30%) threshold specified above, (iii) the acquisition is made directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company, (iv) the acquisition is by the Company, or (v) the acquisition is by an employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary;

 

(ii)           the replacement, during any twelve (12) consecutive month period that ends subsequent to the Date of Grant, of a majority of the members of the Board of the Company with members whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election;

 

(iii)           the consummation of a merger, consolidation, reorganization or similar corporate transaction involving the Company which, subsequent to the Date of Grant, has been approved by the stockholders of the Company, other than a merger, consolidation, or reorganization where the stockholders of the Company immediately before the transaction continue to own stock of the Company (or other surviving entity) after the transaction possessing at least fifty percent (50%) of the combined voting power of the then outstanding stock of the Company (or other surviving entity) outstanding immediately after such merger, consolidation, or reorganization; or

 

                              (iv)           the sale, during any twelve (12) consecutive month period that ends subsequent to the Date of Grant, to any Person of assets of the Company with a gross fair market value equal to more than forty percent (40%) of the total gross fair market value of all assets of the Company immediately prior to the sale (or the first such sale);

 

provided in each case that the transaction or transactions constitutes a change in the ownership of the Company, a change in the effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, as determined under Section 409A of the Code.WebFilings | EDGAR view

 

 
 
Exhibit 10.17
 
SEPARATION AGREEMENT AND RELEASE
 
Meredith Corporation (“Meredith”) and Jack Griffin (“Employee”) hereby enter into this Agreement and in consideration for and contingent upon the respective promises made by each of them herein, they hereby agree as follows:
 
1.  Employee's employment relationship with Meredith will end, effective August 6, 2010 (“Effective Date”) and Employee's base salary, less applicable withholdings and deductions, will be paid through that date.
 
2. Except as expressly set forth herein, as of the Effective Date, Employee is fully relieved of and released from his duties, obligations and authority to act for or on behalf of Meredith, including, but not limited to, his obligation not to compete, as set forth under Section 10.4 of the Employment Agreement entered into between Employee and Meredith on March 9, 2008 as amended on August 24, 2009 (“Employment Agreement”); and the Employment Agreement and all plans and agreements referenced therein are hereby rendered null and void, except as expressly provided herein.
 
3. On or before August 6, 2010, Employee will be paid One Million Two Hundred Fifty-Six Thousand, Three Hundred and One Dollars, ($1,256,301.00), minus applicable withholding and deductions, in full and final satisfaction of his FY2010 MIP bonus. 
 
4. On or before August 6, 2010, Employee will be paid, One Hundred Twenty-Five Thousand Dollars ($125,000), minus applicable withholdings and deductions, in full and final satisfaction for any claims associated with Employee's FY2011 compensation, except for that compensation and consideration otherwise expressly provided for in this Agreement.
 
5. In return for his release of any and all claims under the Age Discrimination in Employment act of 1967, as amended by the Older Workers' Benefit Protection Act (see paragraph 7.8 herein), Employee will be paid the equivalent of his existing base pay, and a pro rata share (equal to Nine Thousand Three Hundred Seventy-Five Dollars ($9,375) ) of the “Stay Bonus” provided for in section 5.3 of the Employment Agreement, through September 17, 2010. Such payments will be made on a regular payday basis, but will not become due or payable unless and until Employee executes this Agreement and elects not to timely revoke his execution with respect to his release of the above referenced age discrimination claim(s), as explained paragraph 11 herein.
 
6. Employee's health benefits will continue through September 30, 2010.
 
7. In return for the above referenced consideration, and the other provisions contained in this Agreement, except as expressly provided in this Agreement, Employee hereby agrees unconditionally to waive, and release, acquit, and forever discharge Meredith, and all of its parents, subsidiaries, affiliates, predecessors, successors, and assigns, and all of its owners, shareholders, general or limited partners, joint venturers, directors, officers, employees, former employees, agents, representatives, and attorneys, and any persons acting by, through, under, or in concert with any of them, and all successors and assigns thereof (collectively, the “Releasees”) from any and all claims, charges, complaints, demands, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, entitlements, costs, losses, debts, and expenses (including attorneys' fees and legal expenses), of any nature whatsoever, whether or not Employee knows about them at the time this agreement becomes effective and enforceable, and even if Employee would not have entered into this Agreement had he known about them, which Employee now has or may later claim to have against the Releasees, individually or collectively, because of any matter, act, omission, transaction, occurrence, or event that has or is alleged to have occurred up to the date Employee signs this Agreement (collectively, “Claims”) (“General Release”), provided, however, that all rights Employee has to indemnification from Meredith as of the Effective Date, whether by contract, by-laws, policy, law or otherwise, shall continue to apply and are not released pursuant to this Agreement. Employee hereby waives any right to receive any benefits or remedial relief as a consequence of any Claims filed with or by the Equal Employment Opportunity Commission, any other state or federal agency or any other person or entity (governmental or otherwise), including any class or collective action lawsuit or complaint filed by any individual or entity against any of the Releasees. Specifically, but without limiting the General Release above, Employee knowingly and voluntarily waives and releases any and all claims for separation payments, replacement and supplemental pension benefits or continued vesting of any unvested restricted stock and stock options and all rights, claims and causes of action under:
 
7.1 The Employee Retirement Income Security Act of 1974, as amended;
 
7.2 Title VII of the Civil Rights Act of 1964, as amended;
 
7.3 Civil Rights Act of 1991;
 
7.4 The Americans with Disabilities Act;
 
7.5 Any applicable state Civil Rights acts and any other applicable Civil Rights laws or regulations;
 
7.6 Any applicable municipal civil rights ordinance;
 
7.7 The Family and Medical Leave Act and any applicable state family and medical leave statute;
 
7.8 Age Discrimination in Employment act of 1967, as amended by the Older Workers' Benefit Protection Act (“ADEA/OWBPA”);
 
7.9 Any applicable wage payment laws;
 
7.10 Any express or implied contract right, including, but not limited to any such rights arising under the above referenced Employment Agreement.
 
7.11 Any cause of action alleging defamation, invasion of privacy, breach of the covenant of good faith and fair dealing, wrongful discharge in violation of public policy, intentional infliction of emotional distress or promissory estoppel; and 
 
7.12 Any other common law or statutory claim.
 
Employee acknowledges and agrees that the release given in this Paragraph 7 and the provisions contained in Paragraph 8 below are essential and material terms of this Agreement and without them no agreement would have been reached by the parties.
 
8. Employee agrees to secure the dismissal, with prejudice, of any proceeding, grievance, action, charge or complaint, if any, that Employee or anyone else on his behalf has filed or commenced against Meredith or any of the other Released Parties with respect to any matter involving Employee's employment with Meredith, Employee's separation from employment with Meredith, or any other matter that is the subject of the release given in Paragraph 7 above. The parties acknowledge that, while Employee waives claims for remedies against Releases as part of this Agreement, nothing in this Agreement shall limit the ability of Employee or Meredith (or any of its officers, directors, employees, representatives, agents or assigns) to confer with legal counsel, to testify truthfully under subpoena or court order, or to initiate, provide truthful information for, or cooperate with, an investigation by a municipal, state, or federal agency for enforcement of laws.
 
9. Employee acknowledges and represents that, except with regard to the consideration expressly provided for in this Agreement, all compensation and benefits due to him from Meredith, whether by contract or by law, have been paid in full, and he has been provided all rights and benefits to which he is entitled without interference by Meredith, including but not limited to vacation, sick time, paid or unpaid time off, Family and Medical Leave, accommodation for any disability, or any contractual rights or privileges, and that he has no outstanding claims for any compensation and benefits.
 
10. Employee acknowledges in exchange for waiving any rights or claims under the ADEA/OWBPA he is receiving valid and sufficient consideration pursuant to paragraph 5 of this Agreement and such consideration is in addition to anything of value to which Employee was already entitled. Employee has twenty-one (21) days from the date he receives this document to consider the provisions that pertain to his waiver and release of claims under the ADEA/OWBPA and seven days subsequent to his execution of this Agreement to revoke his execution insofar as it pertains to the ADEA/OWBPA. In the event Employee revokes his execution, of insofar as it pertains to the ADEA/OWBPA, paragraph 5 and 7.8 of this Agreement shall become null and void and neither party shall have any obligation under paragraph 5 or 7.8 of this Agreement; however, all other provisions of the Agreement shall be and remain in full force and effect once the Agreement is executed. 
 
11. Meredith, on behalf of itself and its officers, directors, affiliates, subsidiaries, agents and employees, hereby fully, forever, irrevocably and unconditionally releases, remises, and discharges Employee from any and all claims, charges, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorney's fees and costs), of every kind and nature (“Claims”) that such parties ever had or now have against Employee arising out of Employee's employment with or separation from Meredith, provided this release shall not apply to Claims for any legally wrongful act or omission of Employee that was both knowing and intentional. Notwithstanding the above, nothing herein shall constitute a release of claims arising out of Employee's breach of this Agreement. 
12. Pending Meredith's fulfillment of any obligation on its part to disclose this Agreement pursuant to law, Employee covenants and agrees that he will not disclose the existence or terms of this Agreement to any person except (a) licensed attorney(s) for the purpose of obtaining legal advice; (b) licensed or certified accountant(s) for the purpose of preparing tax returns or other financial services; (c) Employee's immediate family; (d) in formal proceedings to enforce the terms of this Agreement; or (e) as required by law or court order, provided that he gives Meredith enough advance notice prior to any disclosure pursuant to subsection (e) to intervene or take action as appropriate. 
 
13. Employee warrants that to the best of his knowledge, he has complied fully with Paragraph 10 of the Employment Agreement through the date of his execution of this Agreement.
 
14. Notwithstanding any other provision of this Agreement, Employee will retain all rights to vested benefits, if any, under any employee benefit plan, including but not limited to, the Meredith Employees' Retirement Income Plan and the Meredith Savings and Investment Plan, including any special contributions made thereto pursuant to FY2010 results, in accordance with the terms of those plans.
 
15. By entering into this Agreement, neither Meredith nor Employee claims or admits to any liability or wrongdoing, and each denies that it has any liability to the other or has acted wrongly toward the other.
 
16. Employee agrees not to make any disparaging public statements about Meredith or its employees, officers or directors and Meredith agrees its officers and directors will not make any disparaging public statements about Employee. 
 
17. Employee's Covenants:
 
17.1 Employee acknowledges that as a result of the services he has rendered to Meredith, he has been brought into close contact with many confidential affairs of Meredith, its subsidiaries and affiliates not readily available to the public. Employee further acknowledges that the services he performed on behalf of Meredith are of a special, unique, unusual, extraordinary and intellectual character; that the business of Meredith is international in scope; that its goods and services are marketed throughout the United States and various parts of the world and that Meredith competes with other organizations that are or could be located in nearly any part of the United States and in various parts of the world.
 
17.2 In recognition of the foregoing, Employee covenants and agrees that, except as is necessary to fulfilling his obligations under this Agreement or to the extent necessary to comply with law or the valid order of a court or government agency of competent jurisdiction, he will not knowingly use for his own benefit nor knowingly divulge any Confidential Information and Trade Secrets of Meredith, its subsidiaries and affiliated entities, which are not otherwise in the public domain and, so long as they remain Confidential Information and Trade Secrets not in the public domain, he will not intentionally disclose them to anyone outside of Meredith. For purposes of this Agreement, "Confidential Information and Trade Secrets" of Meredith means information which is secret to Meredith, its subsidiaries and affiliated entities. It may include, but is not limited to, information relating to the magazines, books, publications, products, services, television stations, real estate franchise operations, new and future concepts and business of Meredith, its subsidiaries and affiliates in the form of memoranda, reports, computer software and data banks, customer lists, employee lists, books, records, financial statements, manuals, papers, contracts and strategic plans. As a guide, Employee is to consider information originated, owned, controlled or possessed by Meredith, its subsidiaries or affiliated entities which is not disclosed in printed publications stated to be available for distribution outside Meredith, its subsidiaries and affiliated entities as being secret and confidential. In instances where doubt does or should reasonably be understood to exist in Employee's mind as to whether information is secret and confidential to Meredith, its subsidiaries and affiliated entities, Employee agrees to request an opinion, in writing, from Meredith's Chief Executive Officer.
 
17.3 Employee will deliver promptly to Meredith by the Effective Date, or at any other time Meredith may so request, all memoranda, notes, records, reports and other documents relating to Meredith, its subsidiaries and affiliated entities, and all property owned by Meredith, its subsidiaries and affiliated entities, which Employee obtained while employed by Meredith, and which Employee may then possess or have under his control.
 
17.4 Through June 30, 2013 ("Restricted Period"), Employee will not interfere with, disrupt or attempt to disrupt, any then existing relationship, contractual or otherwise between Meredith, its subsidiaries or affiliated entities, and any customer, client, supplier, or agent. Likewise, during the Restricted Period, Employee will not solicit, hire, assist any other entity in soliciting or hiring, or approve the soliciting or hiring, as an employee or as an independent contractor, of any person who as of the Effective Date is an employee of Meredith, its subsidiaries, or affiliated entities, and who either reported directly to Employee (“Direct Report”) or reported directly to one of Employee's Direct Reports (“Direct Report of Direct Report”), it being understood that the right to seek or enter into contractual arrangements with independent contractors of Meredith, including, without limitation, consultants, professionals, authors, advertisers, and the like, shall not be abridged by reason of this subparagraph 17.4. 
 
17.5 Employee will promptly disclose to Meredith all inventions, processes, original works of authorship, trademarks, patents, improvements and discoveries related to the business of Meredith, its subsidiaries and affiliated entities (collectively "Developments"), conceived or developed during Employee's employment with Meredith and based upon information to which he had access during the term of employment, whether or not conceived during regular working hours, through the use of company time, material or facilities or otherwise. All such Developments shall be the sole and exclusive property of Meredith and upon request Employee shall deliver to Meredith all outlines, descriptions and other data and records relating to such Developments, and shall execute any documents deemed necessary by Meredith to protect Meredith's rights hereunder. Employee agrees upon request to assist Meredith to obtain United States or foreign letters patent and copyright registrations covering inventions and original works of authorship belonging to Meredith hereunder. If Meredith is unable because of Employee's mental or physical incapacity to secure Employee's signature to apply for or to pursue any application for any United States or foreign letters patent or copyright registrations covering inventions and original works of authorship belonging to Meredith hereunder, then Employee hereby irrevocably designates and appoints Meredith and its duly authorized officers and agents as his agent and attorney in fact, to act for and in his behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal force and effect as if executed by him. Employee hereby waives and quitclaims to Meredith any and all claims, of any nature whatsoever, that he may hereafter have for infringement of any patents or copyright resulting from any such application for letters patent or copyright registrations belonging to Meredith hereunder.
 
17.6 Although the restrictions contained in this paragraph 17 and its subparts are considered by the parties hereto to be fair and reasonable in the circumstances, it is recognized that restrictions of such nature may fail for technical reasons, and accordingly it is hereby agreed that if any of such restrictions shall be adjudged to be void or unenforceable for whatever reason, but would be valid if part of the wording thereof were deleted, or the period thereof reduced or the area dealt with thereby reduced in scope, any restrictions contained in the covenants set forth in this paragraph 17 and its subparts shall be enforced to the maximum extent permitted by law, and the parties consent and agree that such scope or wording may be accordingly judicially modified in any proceeding brought to enforce such restrictions.
 
18. Employee agrees to cooperate with Meredith, in the truthful and honest prosecution and/or defense of any claim in which Meredith may have an interest (with the right of reimbursement for reasonable expenses and reasonable attorneys fees actually incurred) which may include, without limitation, being available to participate in any proceeding involving any of the Released Parties, permitting interviews with representatives of Meredith, appearing for depositions and trial testimony, and producing and/or providing any documents or names of other persons with relevant information in his possession or control arising out of his employment in a reasonable time, place and manner. 
 
19. Employee agrees that should there be a violation or attempted or threatened violation of this Agreement, Meredith or its successor may apply for and obtain an injunction without bond or other security to restrain such violation or attempted or threatened violation, to which injunction Meredith or its successor shall be entitled as a matter of right, Employee conceding that such cannot reasonably or adequately be compensated in damages in an action at law, and that the right to said injunction is necessary for the protection and preservation of Meredith's or its successor's rights and to prevent irreparable damages to Meredith or its successor. Such injunctive relief shall be in addition to such other rights and remedies as Meredith or its successor may have against Employee arising from any breach hereof on Employee's part.
 
20. The terms of this Agreement are separable so that if any term or provision is invalid or unenforceable, that term will be modified to make it valid or enforceable or deleted if incapable of being modified and the rest of this Agreement will remain in full force and effect.
 
21. This Agreement is the only agreement with respect to the subject matter hereof between Meredith and Employee and replaces any prior agreement.
 
22. The parties mutually agree that Meredith's announcement with respect to Employee's departure from Meredith will precede any other announcement of Employee's next position with a new employer, which announcement Employee will have an opportunity to review and approve in advance of publication. Furthermore, Employee will provide Meredith's Chairman and CEO with a courtesy advance notice of any announcement of such new position. 
 
23. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing, signed by Employee and by a duly authorized officer of Meredith and approved in advance by the Compensation Committee of Meredith's Board of Directors. Except as otherwise specifically provided in this Agreement, no waiver by either party hereto of any breach by the other party of any condition or provision of the Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar provision or condition at the same or any prior or subsequent time.
 
24. Any notice to be given hereunder shall be in writing and delivered personally or sent by overnight mail, such as Federal Express, addressed to the party concerned at the address indicated below or to such other address as such party may subsequently give notice of hereunder in writing:
 
If to Meredith:
 
Steve Lacy
Chairman and CEO
Meredith Corporation
1716 Locust Street
Des Moines, Iowa 50309-3023
 
With a copy to:
 
John Zieser, Esquire
Chief Development Officer and General Counsel
Meredith Corporation
1716 Locust Street
Des Moines, Iowa 50309-3023
 
If to Employee:
 
Jack Griffin
271 Westway Road
Southport, CT 06890
 
With a copy to:
 
Martin Edel, Partner
Miller & Wrubel P.C.
570 Lexington Avenue
New York, New York 10022
 
25. Anything to the contrary notwithstanding, all payments required to be made to Employee, shall be subject to withholding and deductions as Meredith may reasonably determine it should withhold or deduct pursuant to any applicable law or regulation. 
 
26. This Agreement shall be deemed a contract made under, and for all purposes shall be construed in accordance with the laws of the State of New York without reference to the principles of conflict of laws and any action to enforce this Agreement shall be brought in a court of competent jurisdiction in the State of New York.
 
27. Employee has read this Agreement and understands its terms and effects. Employee is signing this Agreement knowingly and voluntarily and with the intention of releasing all causes of action, liabilities, rights and claims described in Paragraph 7 and its subparts above and acknowledges by this Agreement he is advised in writing to consult with, and has had the time and opportunity to consult with competent legal counsel of his selection prior to his execution of this Agreement.
 
Intending to be bound according to its terms, Employee and Meredith have signed this 
Agreement as of the dates stated below.
 
					
	EMPLOYEE
	 
	MEREDITH CORPORATION

	 
	 
	 
	 
	 

	By:
	/s/ Jack Griffin
	 
	By:
	/s/ Scott A. Rundall

	 
	Jack Griffin
	 
	 
	Scott A. Rundall

	 
	 
	 
	 
	 

	Date:
	August 1, 2010
	 
	Date:
	August 1, 2010

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