Document:

exv10w36

 

EXHIBIT 10.36

December 21, 2007

Mr. D. Larrie Rose

Hardt 40

47877 Willich

Germany

Re: Separation Agreement — Retirement

Dear Larrie:

     As we discussed, your employment with Belden Inc. (the “Company”) and all subsidiaries will
terminate effective with your retirement on the close of business, February 29, 2008 (the
“Separation Date”). This letter confirms all of your entitlements arising out of your employment
with and separation from the Company. You will receive:

	 	 	 	 	 
	1.

	 	Actual bonus for 2007 to be determined at the February 2008
Compensation Committee meeting (estimated at $238,056), and
to be paid to you no later than March 14, 2008.
	 	T-B-D
	 
	 	 	 	 
	2.

	 	Actual cash long-term incentive payout (for the 2004-2007
performance period estimated at $209,000). Amount to be
determined by the Compensation Committee when the information
used to determine the amount becomes available (which should
be no later than its May 21, 2008 meeting), with this payment
to be made to you on September 3, 2008.
	 	T-B-D
	 
	 	 	 	 
	3.

	 	As of February 29, 2008, accelerated vesting in accordance
with the applicable award agreement of the following equity
awards:	 	 

	 	 	 	 	 
	Grant Date	 	Award	 	Grant Price
	February 22, 2006
	 	2,133 SARS*	 	$25.8050
	February 21, 2007
	 	4,266 SARS*	 	$47.705
	March 30, 2005
	 	7,666 stock options*	 	$22.665
	February 22, 2006
	 	3,400 RSUs	 	 
	February 21, 2007
	 	2,100 RSUs	 	 

 

			
	*	 	Note the expiration date on your SARS and stock options
will be February 28, 2011 (three years after your retirement
date of February 29, 2008).

	 	 	 	 	 
	4.

	 	Under COBRA, you may elect at your expense to continue your
Belden Dental Plan coverage in effect on February 29, 2008,
for a period up to eighteen (18) months.
	 	 

 

 

Mr. D. Larrie Rose

December 21, 2007

Page 2

	 	 	 	 	 
	5.

	 	As additional consideration, we will (i) pay you $12,000 for
continuance of private health insurance, (ii) pay you $28,000
to obtain financial and tax advice in connection with your
retirement and (iii) turn over your Company computer to you
provided that our IT department confirms that all Company
software and Company proprietary information have been
deleted. These payments/transfer of Company computer will
take place no later than March 31, 2008. We also grant to
you the right to purchase your Company car at the value
established by the leasing company at the end of the lease
term (February 2008).
	 	 

     On February 29, 2008 (your retirement date), you will incur U.S. federal income tax from the
accelerated vesting of your RSUs noted above in Item 3. As we have done in the past, you can
instruct us to withhold shares to cover your tax withholding obligation. We must file a Form 4
with the SEC to reflect the tax withholding by March 4, 2008.

     You are entitled to your accrued and unpaid salary through the Separation Date. You also are
entitled to all accrued, vested and unpaid benefits under all retirement, pension, and deferred
compensation plans of the Company in which you are participating on the Separation Date. All such
benefits shall be paid in accordance with the terms of the applicable plans and, where applicable,
your previous elections. You are not eligible for retirement plan contributions with respect to
payments made under section 1 or 2 above.

     In addition to the SARs and stock options noted above in Item 3 that will be subject to
accelerated vesting, you may exercise the following equity awards following the Separation Date
until the earlier of the expiration date set forth in the applicable award or February 28, 2011
(three years after your retirement). The grant date, expiration date and price of all such awards
are noted below:

	 	 	 	 	 	 	 	 	 	 	 
	Grant Date	 	Expiration Date	 	Options/SARs	 	Grant Price
	February 20, 1998
	 	February 20, 2008	 	13,000 Options	 	$	39.5312	 
	November 4, 1998
	 	November 4, 2008	 	4 Options	 	$	16.9375	 
	February 16, 2000
	 	February 16, 2010	 	16,000 Options	 	$	21.7500	 
	February 14, 2001
	 	February 28, 2011	 	8,000 Options	 	$	26.3800	 
	February 18, 2002
	 	February 28, 2011	 	9,400 Options	 	$	20.8650	 
	February 23, 2004
	 	February 28, 2011	 	10,000 Options	 	$	19.0750	 
	March 30, 2005
	 	February 28, 2011	 	15,334 Options	 	$	22.6650	 
	February 22, 2006
	 	February 28, 2011	 	4,267 SARs	 	$	25.8050	 
	February 21, 2007
	 	February 28, 2011	 	2,134 SARs	 	$	47.705	 
	February 21, 2007
	 	 	 	2,100 RSUs	 	 	 	 

 

 

Mr. D. Larrie Rose

December 21, 2007

Page 3

     All other unvested stock options, RSUs, SARS, PSUs and other equity-based and long-term
incentive awards (whether or not equity-based) shall lapse, and all such unvested equity awards
shall not be exercisable, as of the Separation Date.

     The Company will, to the extent required by applicable law, withhold from your amounts payable
above, the amount of any withholding tax due with respect to such amounts.

     You agree to promptly return to the Company all tangible and intangible property of the
Company, whether prepared by you or otherwise coming into your possession, and whether written,
electronic or in any other format, including, without limitation, all files, records, documents,
customer lists, software and equipment (such as personal computers, disks, and disk drives, and
mobile communication devices).

     Payment of the amounts and benefits set forth above will be contingent on your returning to us
by December 28, 2007 the signed General Release of All Claims that accompany this letter and the
revocation period set out in the general release having expired. All amounts hereunder also are
also contingent on your resignation from all offices of the Company and all subsidiaries held by
you, pursuant to the attached letter. You also reconfirm that you will (i) comply with the
non-compete covenants of your employment agreement and stock option/SAR awards agreements and (ii)
reimburse the Company for any taxes we may have paid on your behalf.

     We ask that you sign this letter below confirming our understanding above. This letter may be
executed in one or more counterparts, each of which shall constitute an original for all purposes,
and all of which taken together shall constitute one and the same agreement.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	BELDEN INC.	 	 
	 
	 	 	 	 	 	 
	/s/ D. Larrie Rose

	 	By:
	 	/s/ John Stroup	 	 
	 

	 	 	 	 	 	 
	D. Larrie Rose	 	Name: John Stroup	 	 
	 	 	Title: President and Chief Executive Officerexv10w37

 

EXHIBIT 10.37

February 7, 2008

Mr. Peter Sheehan

2 Tyler Court

Natick, MA 01760

Re: Separation Agreement

Dear Peter:

     As we discussed, your employment with Belden Inc. (the “Company”) and all subsidiaries will
terminate effective on the close of business, February 29, 2008 (the “Separation Date”). This
letter confirms all of your entitlements arising out of your employment with and separation from
the Company pursuant to your Executive Employment Agreement of July 16, 2006. You will receive:

	 	 	 	 	 	 	 
	1.

	 	A severance payment equal to one times the sum of your
current annual base salary and your 2007 target annual
cash incentive award. To meet the requirements of the
new deferred compensation rules (i.e., IRC 409A),
$460,000 of this amount will be paid to you in equal
monthly payroll installments over a twelve (12) month
period commencing March 31, 2008. Half of the remaining
$177,500 will be paid to you in a lump sum 6 months and
a day after your Separation Date, and the remaining half
will be paid in equal monthly payroll installments over
a six (6) month period commencing September 30, 2008.
	 	$	637,500	 
	 
	 	 	 	 	 	 
	2.

	 	A 2007 annual cash incentive award payable in accordance
with the terms of our annual cash incentive plan.
	 	 	T-B-D	 
	 
	 	 	 	 	 	 
	3.

	 	Additional consideration for a six-month extension of
the 12 month non-compete covenant in your employment
agreement, which shall be paid to you on September 3,
2008.
	 	$	187,500	 
	 
	 	 	 	 	 	 
	4.

	 	Subject to your continued co-payment of premiums,
continued participation for twelve (12) months in the
Company’s medical benefits plan which covers you and
your eligible dependents upon the same terms and
conditions (except for the requirement of your continued
employment) in effect for active employees of the
Company. If you obtain other employment that offers
substantially similar or more favorable medical
benefits, continuation of such coverage by the Company
will end. These health benefits will reduce the period
of coverage (and count against your right to healthcare
continuation benefits under COBRA) by twelve (12)
months.	 	 	 	 

 

 

Mr. Peter Sheehan

February 7, 2008

Page 2

     You are entitled to your accrued and unpaid salary through the Separation Date as well as
accrued and unused vacation in accordance with Company policy. You also are entitled to all
accrued, vested and unpaid benefits under all retirement, pension, and deferred compensation plans
of the Company in which you are participating on the Separation Date. All such benefits shall be
paid in accordance with the terms of the applicable plans and, where applicable, your previous
elections. You are not eligible for retirement plan contributions with respect to payments made
under section 1, 2, or 3 above.

     On February 21, 2008 (the first anniversary date of your grant of 4,200 RSUs for the
attainment of your 2006 PSU goals), you will vest in 2,100 RSUs. The other half of the RSU award
(which would have vested on the second anniversary of the grant date) will be cancelled. You will
incur U.S. federal income tax upon the vesting of the 2,100 RSUs. As we have done in the past, you
can instruct us to withhold shares to cover you tax withholding obligation. We must file a Form 4
with the SEC to reflect the tax withholding by March 4, 2008.

     As of the Separation Date, you also will be vested in the following SARs:

	 	 	 	 	 	 	 	 	 
	Grant Date	 	Options/SARs	 	Grant Price
	2/22/06
	 	2,133 SARs	 	$	25.805	 
	2/21/07
	 	2,700 SARs	 	$	47.705	 

You may exercise these awards until the earlier of the expiration date set forth in the applicable
award or until ninety days following the Separation Date.

     All other stock options, RSUs, SARS, PSUs and other equity-based and long-term incentive
awards (whether or not equity-based) shall lapse, and all such equity awards shall not be
exercisable, as of the Separation Date.

     The Company will, to the extent required by applicable law, withhold from your amounts payable
above, the amount of any withholding tax due with respect to such amounts.

     You agree to promptly return to the Company all tangible and intangible property of the
Company, whether prepared by you or otherwise coming into your possession, and whether written,
electronic or in any other format, including, without limitation, all files, records, documents,
customer lists, software and equipment (such as personal computers, disks, and disk drives, and
mobile communication devices).

     Payment of the amounts and benefits set forth above will be contingent on your returning to us
by February 14, 2008 the signed General Release of All Claims that accompanies this letter and the
revocation period set out in the general release having
expired, or, in the case of Company employee plan benefits, such later date as may be provided in
accordance with the applicable Company benefit plan in which you are a participant. All amounts
hereunder also are conditioned upon your resignation from all

 

 

Mr. Peter Sheehan

February 7, 2008

Page 3

offices of the Company and all
subsidiaries held by you, pursuant to the attached letter. You also reconfirm that you will comply
with the non-compete covenant of your employment agreement as extended by this separation
agreement.

     We ask that you sign this letter below confirming our understanding above.

     This letter may be executed in one or more counterparts, each of which shall constitute an
original for all purposes, and all of which taken together shall constitute one and the same
agreement.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	BELDEN INC.	 	 
	 
	 	 	 	 	 	 
	/s/ Peter Sheehan

	 	By:
	 	/s/ Kevin Bloomfield	 	 
	 

	 	 	 	 	 	 
	Peter Sheehan	 	Name: Kevin Bloomfield	 	 
	 	 	Title: General Counsel

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