Document:

pm10q033107-ex1047.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

EXHIBIT 10.47

Peter E. Fleming, III

General Counsel

1854 Shackleford Ct., Ste. 200

Norcross, GA 30093

April 30, 2007

Ms. Casey Handal

Manager, Automation & Technology Development

Walgreen Co.

200 Wilmot Road

Pharmacy Technology Services, M. S. #3211

Deerfield, Illinois 60015

Dear Ms. Handal,

        Walgreen Co. (“Walgreen” or “you”) and ProxyMed, Inc. d/b/a Medavant Healthcare Solutions (“ProxyMed”, “we” or “our”) are parties to that certain Purchase Agreement, as amended, dated as of June 27, 1997 (the “Agreement”), a copy of which is attached hereto. We plan to enter into a transaction with SureScripts, LLC (the “SureScripts Transaction”), which is scheduled to close on Monday, April 30, 2007. It is a condition precedent to the closing of the SureScripts Transaction that we take action to terminate certain provisions of the Purchase Agreement including, but not limited to, the obligation to pay Walgreen a $10,000,000 penalty set forth in Section 1.5 of the Agreement and any other obligation of ProxyMed to make any further payments Walgreen for any reason, as well as any provision that purports to obligate a successor in interest of ProxyMed to make any such payments.

        To facilitate the SureScripts Transaction and assist us in fulfilling the conditions of our agreement with SureScripts, you have agreed to terminate the Purchase Agreement, specifically including the provisions described above. Therefore, upon the closing of the SureScripts Transaction, the parties hereto agree that the Purchase Agreement shall be terminated, its terms will be of no further force or effect, and neither party shall have any other or further liability to the other under the Agreement.

        Please indicate your agreement with the foregoing by signing below and returning a copy of the signed document to MedAvant at the address set forth above.

	Regards, 
	 
	 
	/s/ Peter E. Fleming, III
	Name: 	 	Peter E. Fleming, III 
	Title: 	 	General Counsel 

Acknowledged and Agreed to by:

	Walgreen Co. 
	 
	By: 	/s/ R. Bruce Bryant
	Name: 	R. Bruce Bryant
	Title: 	
Senior Vice President Drug Store Operationsexv10w1

 

EXHIBIT 10.1

March 5, 2007

Mr. Juan Figuereo

6200 Valley View Road

Rogers, Arkansas 72758

Dear Juan

I am very pleased to offer you the position of Chief Financial Officer based in Tampa, Florida.
This position will report to the Chief Executive Officer and your hire date will be effective on or
about March 26, 2007 subject to a further discussion on smooth transition timing. This letter
outlines the terms and conditions of your employment with Cott Corporation (the “Company”). Please
note that this is not a contract of employment or a promise of employment for any specific term.

Your base salary will be $350,000 per year paid on a semi-monthly basis; you will also receive an
annual cash car allowance of $16,000 per year which is also paid on a semi-monthly basis. Your
performance evaluations for salary reviews will be conducted on an annual basis and any increase
would be a part of the annual review process.

For 2007 bonus year, you are eligible to participate in the Cott annual bonus plan to an amount
equal to 200% of your base salary based upon the achievement of the Board approved EBIT target of
$105m. Our plan contemplates, based on performance, that you will have an ability to earn up to
four (4) times your base salary against achievement of established company performance targets, as
approved by the Board of Directors. The company’s bonus plan provides that such performance
targets shall be established annually and approved by the Board of Directors. However please note
that the bonus plan is entirely discretionary and the Company reserves the right to terminate or
amend any bonus scheme including increasing or decreasing the bonus target multiplier level.

The bonus payment for 2007 will be for a full 12 month period and will not be pro-rated based on
actual hire date.

You shall be entitled to participate in the long-term incentive (LTIP) plans and programs as made
available from time to time to employees of a similar level within the organization. As of 2007
the Board of Directors approved our new long term incentive plan which is based on each
participant’s decision to invest up to 100% of their bonus payout in company stock for a period of
3 years. The plan will match 100% of the investment made by the participant in equivalent Cott
stock. The match will vest in 3 years. It is important to highlight that our new bonus plan
establishes payout targets by level, for you position the current annual bonus target is 100% of
annual base salary, however at the discretion of the board payout target could be increased as has
been done in 2007.

 

 

Mr. Juan Figuereo

No later than July 1, 2007, you will be entitled to receive a Cash Award of $300,000 (less
appropriate withholdings). Upon receipt of this amount you will be required to purchase Cott
stock. Such stock must be purchased within 30 calendar days of your receiving the cash award. We
are providing you with a 30 day window so that you can decide on your purchase strategy. Please
note that as a senior employee we will be required to know the dates, amounts, and values of such
purchases immediately to ensure that we can meet and file our insider reporting requirements. A
member of the Legal Department can advise you as to the correct procedures to follow. As
discussed, you will be required to hold the purchased stock until at least October 1, 2008.
Thereafter, you will be free to hold or sell the stock abiding by the exercise policy of the
Company.

For the year 2007 only, you will receive within 30 days of your hire date a PSU Grant (Performance
Share Unit Grant) Award equal to a current value of $400,000 (USD). Such Grant shall be subject to
the provisions of the Performance Share Unit Plan. For subsequent years, in accordance with
current practices, PSU Grants to the Executive are currently projected (without any guarantees or
commitment) to be based on an award amount equal to two times the Executive’s Base Salary, provided
that, for great certainty, such PSU Grants shall be subject to the discretion and approval of the
Human Resources and Compensation Committee, which discretion shall in no way be fettered by the
provisions of this Agreement.

If your employment is terminated for any reason other than for Just Cause, disability or death then
the Company shall pay to you within 30 days of the date of termination of employment, or if a six
month delay is required to comply with Code section 409A, on the first business day of the seventh
month following the month in which termination of employment occurred, a lump sum amount equal to
the sum of:

	 	•	 	An amount equal to 24 months of your annual base salary at the time of termination of
employment; and
	 
	 	•	 	A Bonus payment equivalent to a twenty four month period. This will be calculated as an
amount equal to the average of the Bonus payment for the most recent two (2) completed fiscal
years (Capped at your current Target amount i.e. 100% of ABS for each year)

Please refer to the attached sheet for details on change of control details.

At the recent Human Resources and Compensation Committee approval was given to provide senior
management with a Change of Control clause equal to twenty four (24) months of base salary, bonus
(at target) and benefits. We are currently working with our Legal Counsel to draft such
documentation which we expect to be completed over the next few weeks.

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Mr. Juan Figuereo

On your date of hire you will be eligible for Cott’s Benefit Program. Our Benefit Program includes
health, disability and life insurance benefits. You should note that our health insurance plan
does have a pre-existing illness provision, which limits the amount payable for pre-existing
illnesses for 12 consecutive months beginning on your enrollment date. However, if you have been
covered for health insurance by your prior employer, you may have creditable prior coverage. In
order to help determine that please provide a HIPAA certificate from your prior employer. Employee
contributions are required for our Program. Once you are eligible to participate in the Cott
Cafeteria Plan (discussed below), your contributions will be deducted from your paycheck on a
pre-tax basis.

On the first day of the month following your completion of 90 days of employment, you will be
eligible to participate in Cott’s Cafeteria Plan. Benefits provided under our Cafeteria Plan are
pre-tax deductions for medical premiums, a Health Care Reimbursement Account and a Dependent Care
Reimbursement Account. If you participate in the Cafeteria Plan, payroll deductions for the
benefits you select under the plan are made on a pre-tax basis. Please review the Summary Plan
Description for additional information. Charlotte Pope (Benefits Manager) will contact you to
enroll you in the programs.

In addition, on the first day of a quarter following at least six months of employment, you will be
eligible for Cott’s 401 (K) Savings and Retirement Plan. You will also be eligible to participate
in the Employee Share Purchase Plan after completing ninety (90) days of employment. You are
entitled to four (4) weeks vacation, vacation earned for 2007, this will be prorated based on your
date of hire. You are encouraged to take your vacation time in the calendar year it is earned.
All earned vacation must be taken by March 31st of the year following the one, which it is earned;
otherwise it may be forfeited. If you should leave the Company, the value of any unearned vacation
taken by you will be considered a debt to the Company. All vacation periods require the approval
of your Manager.

Lastly Cott will provide you with relocation assistance to Tampa, Florida. The attached document
outlines the relocation package provided to you by Cott.

Prior to employment Cott requires successful completion of our pre-employment processing. This
includes a background investigation of your qualifications and references.

Please see the enclosed checklist of forms and dates the forms are due to be turned in to our Chief
People Officer.

To comply with the Immigration Reform and Control Act of 1986, the Company must verify your
identity and authorization to work in the United States. Therefore, please bring with you on your
first day, either one original document from the list A or one original document from the
list B and one original document from the list C. Acceptable documents are listed
on the backside of the enclosed INS Form I-9. If you have any difficulty in this regard, please
call me immediately. Upon acceptance of this offer, you acknowledge and agree that Cott has the
right to disclose confidential information regarding you to any third party as required by law.

- 3 -

 

Mr. Juan Figuereo

Juan, I am excited about having you join us. You have a lot to contribute to our company. I know
that you can look forward to joining a dynamic and challenging organization with rewarding career
opportunities. Please indicate your acceptance of this offer by returning one signed original of
both the offer letter and confidentiality agreement to Cott Beverages, Attn: Stacy Cole, HR
Assistant, 4211 W. Boy Scout Blvd., Suite 290, Tampa, FL 33607.

Yours truly,

/s/ Abilio Gonzalez

Abilio Gonzalez

Chief People Officer

	 	 	 
	Copy to:

	 	Sher Zaman
	 

	 	Charlotte Pope

I accept this offer of employment and the terms identified herein.

	 	 	 	 	 
	/s/ Juan Figuereo

	 	March 7, 2007
	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Juan Figuereo

	 	Date	 	 

- 4 -

 

Mr. Juan Figuereo

Termination upon a Change of Control.

If, upon a Change of Control, or as a consequence of the Change of Control prior to the Change of
Control, or within twelve (12) months following a Change of Control, your employment is terminated
without Just Cause or if you terminate your employment for Good Reason, you shall be entitled to
the following payments;

	 	•	 	An amount equal to twenty four (24) months of your annual base salary at the time of
termination of employment; and
	 
	 	•	 	A Bonus payment equivalent to a twenty four (24) month period. Calculated as an amount
equal to the average of the Bonus payment for the most recent two (2) completed fiscal years.

Plus you shall be entitled to have all unvested rights and entitlements under the Corporation’s
Performance Share Unit Plan, Executive Incentive Share Purchase Plan and Stock Appreciation Rights
Plan, accelerated under such plans such that such rights and entitlements shall fully vest to the
maximum extent permitted under such plans.

For the purposes of this Agreement, a “Change of Control” shall mean the occurrence of any one or
more of the following:

	(i)	 	a take-over bid (within the meaning of the Securities Act (Ontario)), other than a take-over
bid exempt from the requirements of Part XX of such Act, pursuant to subsections 93(1)(b) or
(c) thereof, is completed in respect of more than twenty percent (20%) of the Corporation’s
common shares and the majority of the members who were members of the Board of Directors of
the Corporation prior to completion of such take-over bid are replaced within sixty (60) days
following the completion of such take-over bid;
	 
	(ii)	 	any of the following occur: (A) any consolidation, merger or amalgamation of the Corporation
with or into any other corporation whereby the voting shareholders of the Corporation
immediately prior to such event receive less than fifty percent (50%) of the voting shares of
the consolidated, merged or amalgamated corporation; (B) a sale by the Corporation of all or
substantially all of the Corporation’s undertakings or assets; (C) a proposal by or with
respect to the Corporation being made in connection with a liquidation, dissolution or winding
up of the Corporation; (D) any reorganization, reverse stock split or recapitalization of the
Corporation that would result in a Change of Control as otherwise defined herein; or (E) any
transaction or series of related transactions having, directly or indirectly, the same effect
as any of the foregoing.

The determination of whether payments made upon a Change of Control constitute a parachute payment,
as provided in (i) above, and, if so, the amount to be paid to you shall be made by an independent
auditor (the “Auditor”) jointly selected by the Corporation and the Executive and paid by the
Corporation. The Auditor shall be a nationally recognized United States public accounting firm. If
you and the Corporation cannot agree on the firm to serve as the Auditor, then you and the
Corporation shall each select one accounting firm and those two firms shall jointly select the

- 5 -

 

Mr. Juan Figuereo

accounting firm to serve as the Auditor. Notwithstanding anything to the contrary, however, in the
event that the foregoing parachute payment determination shall be challenged by the Internal
Revenue Service, the final resolution of such challenge (by way of settlement or court decision)
shall govern for purposes of computing any applicable limitation under (i) above, and you shall
repay to the Corporation any adjustment amount that results from such recomputation, together with
interest on such adjustment amount computed at the applicable Federal rate as of the date of the
original payment to the you under (i) above.

Termination for Good Reason after a Change of Control

You may terminate your employment at any time for Good Reason upon the occurrence of any of the
following;

	i.	 	A material diminution in your title or duties or assignment to you of materially
inconsistent duties;
	 
	ii.	 	A reduction in your current base salary or target bonus opportunity as a percentage of base
salary except for reductions applicable to all senior management;
	 
	iii.	 	A change in the reporting structure so that you no longer report directly to the CEO
	 
	iv.	 	Relocation of your principal place of employment to a location other than Tampa, Florida
area unless such relocation is effected at the request or approval of yourself
	 
	v.	 	A material breach by Cott of any provisions of the offer letter; or
	 
	vi.	 	The failure of Cott to obtain the assumption in writing of its obligation to perform this
offer letter by any successor to all or substantially all of the business or assets of the
company within fifteen (15) days after a merger, consolidation, sale, or similar transaction
unless you have personally received the opinion of counsel to Cott that such transaction does
not have an adverse legal effect on the your rights hereunder.

There shall be no termination for Good Reason without written notice from you describing the basis
for the termination and the company having a reasonable period to cure.

- 6 -

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