Document:

EXHIBIT 10.1

 

SEPARATION AGREEMENT

 

THIS SEPARATION AGREEMENT
(the “Agreement”) is made and entered into as of January 9, 2006, by and
between Grant Guenther (“Employee”) and Orange 21 Inc., a Delaware
corporation (the “Company”), with reference to the following facts:

 

1.                                       Employee
is employed as Vice President of Marketing; and

 

2.                                       Employee’s
employment with the Company will end as of February 15, 2006 (the “Separation
Date”).

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants contained herein, it is
hereby agreed by and between the parties hereto as follows:

 

1.                                       Consideration.  In consideration of the covenants and
promises contained in this Agreement, and as full and final compensation to
Employee for all services as an employee, Employee shall be entitled to
continued employment with the Company until the Separation Date, unless the
Company determines that Employee’s employment must be terminated for cause at
an earlier time.  As a result, Employee
shall continue to receive salary payments and benefits on the regular paydays
of the Company until the Separation Date. 
Cause is defined as follows: materially breaching this Agreement,
refusing to perform duties as assigned, committing any act of dishonesty,
knowingly violating any applicable law or regulation in the course of his
duties, violating a Company policy which violation has or may have a material
adverse impact on the Company, failing to perform his duties in a timely manner
(resulting in a significant loss to or impairment of the Company’s interests),
becoming disabled such that he cannot perform his essential duties with or
without reasonable accommodation, or dying. 
Additionally, cause, as defined above, is deemed to exist if the Company
makes a determination that cause exists in good faith after a reasonable
investigation.  On or about the
Separation Date, Employee will receive a second Severance Agreement which will
entitle him, should he properly execute the second Severance Agreement, to
further consideration.  The details of
the second Severance Agreement are set forth in a letter attached hereto and
incorporated by reference herein.

 

2.                                       Accrued
Salary and Vacation.  Employee
acknowledges and understands that as of the Separation Date, the Company will have
paid Employee the following amounts, subject to standard withholdings for tax
and social security purposes:  (i) all
accrued salary and bonus through the Separation Date; and (ii) all unused
and accrued vacation pay Employee earned prior to the Separation Date.  Employee acknowledges and agrees that such
amounts will be all that he is entitled to receive as salary, bonus, and
vacation pay.  All applicable taxes and
required withholdings shall be deducted from the Separation Payment.

 

 

3.                                       Stock
Options.

 

Employee
acknowledges that the vested 24,062 stock options he currently holds to
purchase shares of the Company’s common stock will lapse ninety (90) days after
the Separation Date.

 

4.                                       Non-solicitation
of Employees.

 

Employee agrees that for
the term of his employment with the Company and for one year and six months
after the Separation Date, Employee, will not encourage or solicit any employee
or consultant of the Company to leave the Company for any reason or to devote
less than all of any such employee’s or consultant’s efforts to the affairs of the
Company.  The restriction set forth in
this section is considered by the parties to be reasonable for the
purposes of protecting the business of the Company.  However, if any such restriction is found by
any court of competent jurisdiction to be unenforceable because its duration,
range of activities or geographic area is too extensive, this section shall
be interpreted to extend for the maximum period of time, range of activities or
geographic area enforceable by law.

 

5.                                       Non-disparagement.  The Parties agree that they shall not,
directly or indirectly, by any manner or means, in public or in private,
disparage, demean, insult, or defame each other, or any of the officers,
employees, agents or any other person associated with either party at any time.
 This provision, however, does not
prohibit any party, if required under oath, to provide truthful and accurate
testimony.

 

6.                                       Company
Property; Reimbursement for Business Expenses.  Employee shall, as of the Separation Date,
return to the Company all Company property which he had in his possession at
any time, including, but not limited to: computer recorded information,
tangible property, credit cards, entry cards, identification badges and
keys.  Additionally, Employee shall, as of
the Separation Date, submit all vouchers for reasonable business expenses
incurred by Employee in the course of his employment.  Such expenses shall be reimbursed in
accordance with the Company’s policies therefor.  Subsequent to the Separation Date, Employee
shall no longer be authorized to incur any expense on behalf of the Company.

 

7.                                       Release
of Claims.  In consideration of the
above described payments, Employee and the Company do hereby unconditionally,
irrevocably and absolutely release and discharge each other, and all related
holding, parent or subsidiary entities, and their affiliates, directors,
officers, employees, agents, attorneys, stockholders, insurers, successors
and/or assigns, from any and all liability, claims, demands, causes of action,
or suits of any type, whether in law and/or in equity, known or unknown,
related directly or indirectly or in any way connected with any transaction,
affairs or occurrences between them to date, including, but not limited to,
Employee’s employment with the Company and the separation of said employment.
This release shall include but not be limited to a release of claims arising
under any state or federal statute or common law regulating or affecting
employment, including Title VII of the Civil Rights Act of 1964, the Age
Discrimination in Employment Act, the Americans with

 

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Disabilities Act, the Equal Pay Act, the Fair Labor
Standards Act, the California Labor Code, the California Fair Employment and Housing
Act, and any other statutory or common law provision relating to or affecting
Employee’s employment by the Company, including any federal or state statutory
provision covering any age discrimination in any form by the Company against
Employee, except any claim for worker’s compensation or unemployment insurance.

 

8.                                       Section 1542
Waiver.  Employee and the Company acknowledge
that they have read and understand Section 1542 of the Civil Code of the
State of California (“Section 1542”) which reads as follows:

 

A general release does not extend to claims which
the creditor does not know or suspect to exist in his or her favor at the time
of executing the release, which if known by him or her must have materially
affected his or her settlement with the debtor.

 

Employee and the Company hereby
expressly waive and relinquish all rights and benefits under Section 1542
and any law or legal principle of similar effect in any jurisdiction with
respect to the release granted in this Agreement, including, but not limited
to, any jurisdiction in the United States. 
The parties acknowledge that they have separately bargained for the
waiver of Section 1542.

 

9.                                       Dispute
Resolution.  Except as prohibited by
law, any disputes arising from the interpretation, breach, or enforcement of
this Agreement, which cannot first be resolved by negotiation between the
parties, shall be resolved through final and binding arbitration in San Diego,
California, or within the County where the Employee is or was last employed by
the Company.  The law applicable to any
controversy to be arbitrated shall be the law of the state where the Employee
is or was employed, or applicable federal law, except that the Federal
Arbitration Act shall apply to the issue of arbitrability.  The arbitration shall be conducted by a
single neutral arbitrator selected by the parties from a list maintained and
provided by the American Arbitration Association (“AAA”) or Judicial
Arbitration and Mediation Services (“JAMS”). 
The arbitrator shall have no power to award costs and attorneys’ fees
except as provided by statute or by separate written agreement between the
parties.  This arbitration provision
shall supersede any and all prior agreements between the Company and Employee
on the subject of arbitration of employment-related claims.

 

10.                                 Costs
and Fees.  Other than as set forth
specifically herein, the parties will bear their own costs, expenses, and
attorneys’ fees incurred in or arising out of or in any way related to the
matters released herein.

 

11.                                 Entire
Agreement.  Except for any term or
condition of an employment agreement between the parties which survives the
expiration or termination of such agreement, and is not inconsistent with this
Agreement, this Agreement, including all attachments hereto, contains the
entire agreement between the parties and constitutes the complete, final, and
exclusive embodiment of their agreement with respect to the subject matter
hereof.  This Agreement is executed
without reliance upon any promise,

 

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warranty or representation, written or oral, by any
party or any representative of any party other than those expressly contained
herein, and it supersedes any other such promises, warranties or
representations.  Each party has had sufficient
time to read, and has carefully read this Agreement, has been advised to
consult with an attorney regarding its meaning and consequences, consents to
all of its terms voluntarily after taking sufficient time to think about the
advantages and disadvantages of signing this Agreement, and signed the same of
his or its own free will.  This Agreement
may not be amended or modified except in a writing signed by both Employee and
the Chief Executive Officer of the Company. 
Nothing in this Agreement is intended to relieve the parties of their
obligations under the Employee’s Indemnity Agreement or any confidential or
proprietary information agreements with the Company.

 

12.                                 Applicable
Law.  This Agreement shall be deemed
to have been entered into and shall be construed and enforced in accordance
with the laws of the State of California, except that as provided in Section 9,
the law applicable to any controversy to be arbitrated shall be the law of the
state where the Employee is or was employed, or applicable federal law, except
that the Federal Arbitration Act shall apply to the issue of arbitrability.

 

13.                                 Successors
and Assigns.  This Agreement shall
bind the heirs, personal representatives, successors, assigns, executors, and
administrators of each party, and inure to the benefit of each party, and his
or its heirs, successors and assigns.

 

14.                                 No
Admission.  It is understood and
agreed by the parties that this Agreement represents a compromise settlement of
various matters, and shall not be construed to be an admission of any liability
or obligation by either party to the other party or to any other person.

 

15.                                 Section Headings.  The section and paragraph headings
contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement.

 

16.                                 Severability.  If any provision of this Agreement is
determined to be invalid or unenforceable, in whole or in part, this
determination will not affect any other provision of this Agreement.

 

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

 

18.                                 Drafting.                                                 None
of the parties hereto shall be considered to be the drafter of this Agreement
or any provision hereof for the purpose of any statute, case law or rule of
interpretation or construction that might cause any provision to be construed
against the drafter hereof.

 

19.                                 Notices.  All notices, requests, consents and other
communications required or permitted hereunder shall be in writing and shall be
hand delivered or mailed by registered or certified mail, return receipt
requested, addressed to the

 

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Company at 2070 Las Palmas Drive, Carlsbad,
California, 92009 attention: Chief Executive Officer, and to Employee at the
address set forth below his signature.

 

20.                                 Confidentiality.  The parties hereto agree not to divulge or
publicize the existence of this Agreement or the terms hereof except to their
accountants, lawyers, and if necessary, their licensed health care
professionals and as may be necessary to enforce this Agreement or as may be
required by law.

 

21.                                 Counsel.  Employee acknowledges that he fully
understands his right to discuss this Agreement with independent counsel of his
choice, that he is encouraged to do so, that he has carefully read and fully
understands this entire Agreement and that he is voluntarily entering into this
Agreement.

 

IN WITNESS WHEREOF,
the parties have duly authorized and caused this Agreement to be executed as
follows:

 

	
  EMPLOYEE:

  	
   

  	
  THE COMPANY:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ORANGE 21 INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Grant Guenther

  	
   

  	
  By:

  	
  /s/ Barry Buchholtz

  	
   

  
	
  Grant Guenther

  	
   

  	
  Barry
  Buchholtz

  	
   

  
	
   

  	
   

  	
  Chief Executive Officer

  	
   

  
	
  2070 Las Palmas Drive

  	
   

  	
   

  	
   

  
	
  Carlsbad, CA 92009

  	
   

  	
   

  	
   

  
	
  Address

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date of Execution: January 9,
  2006

  	
   

  	
  Date of Execution: January 9,
  2006

  	
   

  
					

 

5

 

 

Orange 21 Inc.

2070 Las Palmas Drive

Carlsbad, CA 
92009

PH:  (760) 804-8420

FX:  (760) 804-8442

NASDAQ:  [ORNG]

www.orangetwentyone.com

 

January 9, 2006

 

 

Mr. Grant
Guenther 

2070 Las Palmas

Carlsbad,
CA  92009

 

Re:                               Separation Agreement

 

Dear Mr. Guenther:

 

Included with this letter is a Separation Agreement (“Agreement”).  If you choose to sign the Agreement, your
employment with Orange 21 Inc. (“O21”) will continue until February 15,
2006, unless O21 determines that your employment should be terminated for cause
at an earlier time (the definition of cause is set forth in the Agreement).

 

Shortly before the date of your separation from O21, in February 2006,
O21 will provide you with a subsequent release. 
The subsequent release will cover the time-period from the date you sign
the Agreement mentioned above, until the date of your separation from O21.  If you choose to sign this subsequent
release, you will receive three months of severance pay amounting to $37,803.00
and will be provided a three-month consulting agreement for your
signature.  If you and O21 sign the consulting
agreement, your monthly pay under the three-month consulting agreement will be
$13,601.00.  If O21 elects not to sign
the consulting agreement, you will be paid six months of severance pay in the
amount of $78,606.00 in lieu of the severance payment of $37,803 described
above (note: for the avoidance of doubt, in no event shall the severance
payment and the payments under the consulting agreement exceed $78,606.00
unless expressly agreed to by O21).  To
receive the severance pay and the consulting agreement you must sign the
release provided to you by O21.

 

Please sign below to indicate your acceptance of the substance of this
letter.

 

Very truly yours,

 

	
  /s/ Barry Buchholtz

  	
   

  	
   

  
	
  Barry Buchholtz

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ACCEPTED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:  1/9/2006

  	
   

  	
  /s/ Grant Guenther

  	
   

  
	
   

  	
   

  	
  Grant GuentherExhibit 10.1

 

Bed Bath
& Beyond Inc.

 

Corporate Office

650 Liberty Avenue

Union, New Jersey 07083

908/688-0888

 

January 11,
2006

 

Mr. Steven
H. Temares

Chief Executive Officer

Bed Bath & Beyond Inc.

650 Liberty Avenue

Union, New Jersey 07083

 

Re:          Supplemental Executive
Retirement Benefit

 

Dear Mr. Temares:

 

This letter
agreement (the “Agreement”) sets forth the terms and conditions of the
supplemental retirement benefit which will be payable to you or on your behalf
by Bed Bath & Beyond Inc. (the “Company”):

 

1.                                       If
you remain employed by the Company on and through June 12, 2012 (i.e., the twentieth anniversary of the
date of your commencement of employment with the Company) or the earlier occurrence
of a Change of Control of the Company (as such term is defined in Section 2(g) below)
(the earliest of such dates being herein referred to as “Vesting Date”), you
will be entitled to receive a supplemental retirement benefit upon your
retirement or other separation from service from the Company thereafter (the “Retirement
Benefit”), subject to the terms and conditions of this Agreement.  The Retirement Benefit shall be an annual amount
equal to 50% of your annual base salary rate on the date of your retirement or
other separation from service from the Company for a period of 10 years, which,
except as provided in Section 2 below, shall be paid in accordance with
the Company’s normal payroll practices over the 10-year period commencing on
the date of your retirement or other separation from service from the Company.  Notwithstanding anything to the contrary
herein or in your December 1, 1994 employment agreement with the Company,
as amended May 28, 1999 and as further amended May 1, 2004 (the “Employment
Agreement”), you may, at any time after the Vesting Date, upon 90 days’ prior written
notice given to the Company, elect to retire from the Company and commence
receipt of the Retirement Benefit. 
Notwithstanding the foregoing, any amount due prior to the date six
months after your

 

 

retirement or other separation from service from
the Company shall (except as provided in Section 2 below) be deferred and
paid to you in a lump sum on the date six months from the date of such
retirement or other separation from service from the Company in the amount that
would have been paid during such six-month period.

 

2.                                       (a) 
If your employment with the Company is terminated (i) prior to the Vesting
Date by reason of your voluntary termination of employment or (ii) prior
to or on or after the Vesting Date by reason of your voluntary termination of
employment where cause (as defined in your Employment Agreement (“Cause”))
exists or by the Company for Cause, you will forfeit any right or entitlement
to the Retirement Benefit.

 

(b)  If your employment with the Company
is terminated by the Company without Cause (whether prior to or on or after the
Vesting Date), you will receive, on the date six months following such
termination, a lump sum payment equal to the present value of the Retirement
Benefit payable for 10 years from the date of termination, using as the
discount rate the Applicable Federal Rate for short-term Treasury obligations
as published by the Internal Revenue Service for the month in which the
termination of employment occurs (the “Discount Rate”).

 

(c)  If your employment with the Company
is terminated as a result of your death or by the Company as a result of your
Disability (whether prior to or on or after the Vesting Date, but prior to your
retirement), you or your beneficiary(ies) designated pursuant to the
beneficiary designation form provided to you by the Company or, if no
beneficiary has been designated, your estate, will receive a lump sum payment
equal to the present value of the annual Retirement Benefit payable for 10
years from the date of termination, calculated using the Discount Rate.  If such termination is as a result of your
Disability, payment of the Retirement Benefit under this Section 2(c) shall
be made on the date six months following such termination; if such termination
is as a result of your death, payment of the Retirement Benefit under this Section 2(c) shall
be made as promptly as reasonably practicable after the date of death.  For purposes of this Agreement, “Disability”
shall mean your inability substantially to perform your duties and responsibilities
under the Employment Agreement for a period of 180 consecutive days as a result
of physical or mental disability.

 

(d)  In the event of your death during
the payment of the Retirement Benefit under Section 1 above, your beneficiary(ies)
designated pursuant to the beneficiary designation form provided to you by the
Company or, if no beneficiary has been designated, your estate, will receive,
as promptly as reasonably practicable after the date of death, a lump sum
payment equal to the present value of the portion of the annual Retirement
Benefit due to be paid after the date of death, calculated using the Discount Rate.

 

(e)  Upon your retirement or other
separation from service from the Company within 12 months after a Change of
Control of the Company, in lieu of annual payment of the Retirement Benefit, you
will receive six months after such retirement or other separation from service from
the Company a lump sum payment equal to the present value of the annual
Retirement Benefit for 10 years from the date of such retirement or other
separation from service from the Company, calculated using the Discount Rate.

 

(f)  In the event of a Change of Control
of the Company during the payment of the Retirement Benefit under Section 1
above, you will receive six months after such Change of

 

2

 

Control a lump sum payment equal to the
present value of the portion of the annual Retirement Benefit due to be paid
after the date of the Change of Control, calculated using the Discount Rate.

 

(g)  For purposes of this Agreement, a “Change
of Control” shall mean the first to occur of the following:

 

(i)  any “person,”
as such term is used in sections 3(a)(9) and 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), becomes a “beneficial
owner,” as such term is used in Rule 13d-3 under the Exchange Act, of 50%
or more of the outstanding common stock of the Company, excluding a person that
is an affiliate (as such term is used under the Exchange Act) of the Company on
the date of this Agreement, or any affiliate of any such person;

 

(ii) the majority
of the board of directors of the Company (the “Board”) consists of individuals
other than “Incumbent Directors,” which term means the members of the Board on
the date of this agreement; provided that any person becoming a director
subsequent to such date whose election or nomination for election was supported
by two-thirds of the directors who then comprised the Incumbent Directors shall
be considered an Incumbent Director;

 

(iii)  the
Company adopts any plan of liquidation providing for the distribution of all or
substantially all its assets;

 

(iv)  all or
substantially all the assets or business of the Company are disposed of
pursuant to a merger, consolidation or other transaction (unless the
shareholders of the Company immediately prior to such merger, consolidation or
other transaction beneficially own, directly or indirectly, in substantially
the same proportion as they own the common stock of the Company, all the common
stock or other ownership interests of the entity or entities, if any, that
succeed to the business of the Company); or

 

(v)  the Company
combines with another company and is the surviving corporation, but,
immediately after the combination, the shareholders of the Company immediately
prior to the combination hold, directly or indirectly, 50% or less of the
common stock or other ownership interests of the combined company (there being
excluded from the number of shares held by such shareholders, but not from the
common stock or other ownership interests of the combined company, any shares
other ownership interests received by affiliates of such other company in
exchange for stock of such other company).

 

3.                                       Any
taxes required to be paid by you as a result of payments under this Agreement
shall be for your account and the Company may withhold such taxes from any
amounts due to you hereunder.

 

3

 

4.                                       Payment
of the Retirement Benefit pursuant to this Agreement is contingent upon your
compliance with the restrictive covenant not to compete with the Company
described in Section 4 of your Employment Agreement for the period
therein, as well as for the period you are receiving payment of the Retirement
Benefit under Section 1 hereof.  In
the event that you breach the terms of the restrictive covenant of Section 4
of your Employment Agreement (or engage in activities during the period you are
receiving payment of the Retirement Benefit under Section 1 hereof which
would have been a breach of Section 4 of your Employment Agreement had
they taken place during the period specified in Section 4), any future payments
due under this Agreement shall immediately be forfeited, but no payments
previously made (including without limitation any Retirement Benefit that has
been previously paid in a lump sum) shall be returned or forfeited.  Nothing herein shall be deemed to require
compliance by you with the restrictive covenants set forth in Section 4 of
your Employment Agreement beyond the period specified therein; the only
consequence of engaging in activities after the period specified in Section 4
which would have been a breach of Section 4 had they occurred during such
period being the forfeiture of future payments of Retirement Benefits to the
extent provided in Section 4 of this Agreement.

 

5.                                       Notwithstanding
anything herein to the contrary, the Retirement Benefit will not be paid or
made available under the preceding provisions of this Agreement (excluding Retirement
Benefits paid as a result of death or Disability) unless: (a) you first
execute a release in a form reasonably prescribed by the Company, and (b) to
the extent any portion of such release is subject to any revocation period
prescribed by the Age Discrimination in Employment Act of 1967, as amended, or
any other revocation period in effect on the date of your retirement under any
federal or state law, such revocation period has expired without revocation of
the release.

 

6.                                       This
Agreement is an “unfunded” plan for purposes of providing retirement
compensation.  With respect to any
payments as to which you have a fixed and vested interest but that have not yet
made to you by the Company, nothing contained herein shall give you any rights
that are greater than those of a general unsecured creditor of the Company.

 

7.                                       Nothing
contained in this Agreement shall limit your eligibility to participate in or
receive benefits under any employee benefit plan sponsored or maintained by the
Company; provided that the Retirement Benefit shall not be considered or
included for purposes of calculating any benefit under any such employee
benefit plan of the Company.

 

8.                                       This
Agreement is not an agreement of employment. 
This Agreement does not guarantee that the Company will employ or
retain, or to continue to, employ or retain you during the entire, or any
portion of the, term of this Agreement, nor does it modify in any respect any
of your or the Company’s rights under your Employment Agreement, which shall
remain in full force and effect and unchanged by this Agreement.

 

9.                                       No
rights or obligations of the Company under this Agreement may be assigned or
transferred by the Company, except pursuant to a merger or consolidation, or
the sale or liquidation of all or substantially all the assets of the Company,
provided that, in the case of

 

4

 

such a sale or liquidation, the assignee or
transferee assumes in writing the obligation to perform this Agreement (it
being understood, however, that no such assignment or transfer shall relieve
the Company of its liabilities or obligations under this agreement).

 

10.                                 This
Agreement is intended to comply with the applicable requirements of Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”) and shall be
limited, construed and interpreted in accordance with such intent.  Subject to the last sentence hereof, to the
extent that the Retirement Benefit is subject to Section 409A of the Code,
it shall be paid in a manner that will comply with Section 409A of the
Code, including proposed, temporary or final regulations or any other guidance
issued by the Secretary of the Treasury and the Internal Revenue Service with
respect thereto.  Notwithstanding
anything herein to the contrary, any provision in this Agreement that is
inconsistent with Section 409A of the Code shall be deemed to be amended
to comply with Section 409A of the Code and to the extent such provision
cannot be amended to comply therewith, such provision shall be null and void.  Such compliance shall be as mutually agreed
between the Company and you, but the Company shall not be an indemnifier of
compliance with Code Section 409A, which shall be your risk.

 

11.                                 This
Agreement shall be governed and construed in accordance with the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), the Code and
other applicable federal law.  To the
extent not preempted by or inconsistent with federal law, the laws of the state
of New York shall apply.  If any provision
of this Agreement is held invalid or unenforceable, the invalidity or
unenforceability shall not affect any other provision of this Agreement and the
Agreement shall be construed and enforced as if the provision had not been
included.

 

12.                                 This
Agreement is intended to be a plan which is unfunded and maintained primarily
for the purpose of providing deferred compensation for a select group of
management or highly compensated employees within the meaning of Sections 201,
301 and 401 of ERISA, and therefore to be exempt from the provisions of Parts
2, 3 and 4 of Title I of ERISA.

 

13.                                 For
purposes of this Agreement, the term “Company” shall include any and all
successors and assignees, whether direct or indirect, by purchase, merger,
consolidation or otherwise, to all or substantially all the business or assets
of the Company, and such successors and assignees shall perform the Company’s
obligations under this Agreement, in the same manner and to the same extent
that the Company would be required to perform if no such succession or
assignment had taken place.

 

5

 

14.                                 This
Agreement sets forth all understandings with regard to your Retirement Benefit
payable by the Company.  This Agreement
has been presented to, and duly authorized by, the Compensation Committee of
the Board.  It may not be amended or
terminated without the written agreement of both parties hereto.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: Warren
  Eisenberg

  
	
   

  	
  Title:
  Chairman

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged and Agreed by:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Steven H. Temares

  	
   

  
				

 

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