Document:

Unassociated Document

    
      

    

    Exhibit
10.15

    

     Harman International

    
      
        

      

    

    
      
        	
                400
      Atlantic Street, Suite 1500

              	
                Stamford,
      Connecticut 06901 USA

              	
                203.328.3500

              

      

    

    

    

    January
11, 2009

    

    

    Rich
Sorota

    [Address
Intentionally Omitted]

    

    Dear
Rich:

    

    This
letter will serve to confirm that your employment with Harman International
Industries, Incorporated (the “Company”) is being terminated effective January
12, 2009 (the “Separation Date”).  This letter will outline for you
the important details and items that are associated with your termination
including, but not limited to, certain benefits that you may be entitled to
under your employment offer letter dated December 11, 2007, copy attached (the
“Offer Letter”).

    

    
      	
               
      

            	
              1)

            	
              All
      accrued salary and accrued and unused vacation pay will be paid to you on
      the Separation Date.

            

    

    

    
      	
               
      

            	
              2)

            	
              You
      are 100% vested in your employee contributions and the “basic” employer
      contribution related to your 401(k) account.  No distribution
      need be made from the account until age 70 1⁄2 unless you have less than
      $1,000.00 in your account. If your account balance is less than $1,000.00
      you will receive an automatic distribution from the 401(k) plan. If you
      have any questions regarding your 401(k) account please call Mercer, the
      Harman 401(k) administrator, at
1-800-685-6542.

            

    

    

    
      	
               
      

            	
              3)

            	
              The
      basic and supplemental life insurance benefit and the disability insurance
      benefits that you were entitled to receive during your employment
      terminate on the Separation Date.

            

    

    

    
      	
               
      

            	
              4)

            	
              Medical,
      dental and vision benefits under current employee benefit plans in which
      you now participate will continue through the Separation
      Date.  As required by the Consolidated Omnibus Budget
      Reconciliation Act (“COBRA”), you and your dependents will be given an
      opportunity to continue to participate in the health benefit plans you and
      your dependents are participating in today.  Please note that
      the usual limitations of COBRA will apply with respect to the maximum
      continuation period (usually 18 months).  You will receive a
      COBRA election form from the Company’s COBRA administrator,
      ADP.  Unless otherwise stated below, you will be required to pay
      the full monthly premium cost plus a 2% administrative charge for any
      COBRA benefit that you elect to continue participating in.  This
      is not a guaranty or commitment not to change the terms of any such
      plans.  The Company reserves the right to make any changes in
      such benefit plans it deems
appropriate.

            

    

    

    
      	
               
      

            	
              5)

            	
              Salary
      Continuation Pay, Benefits & Career Planning:  The Company
      will initiate for you the following salary continuation pay and benefits
      as outlined under your Offer Letter once we have received the signed
      enclosed General Release and Agreement for Receipt of Salary Continuation
      Pay and Benefits (“Release”).  [Please note that you will not
      be entitled to the following salary continuation pay & benefits
      unless you sign the enclosed Release
      within twenty-one (21) calendar days after you receive it and the seven
      (7) day revocation period following your execution of the Release has
      expired.]

            

    

    

    
      	
               
      

            	
              ·

            	
              Salary
      Continuation Pay: Total salary continuation pay of $415,000 will be
      provided and paid to you in two (2) installment
      payments.   The first installment will be $227,500 (less
      applicable withholdings and deductions) comprised of one half of your
      yearly base pay equaling $187,500 plus an additional
      $40,000.  The second payment will equal $187,500 (less
      applicable withholdings and deductions), the second half of your yearly
      base pay.  The first salary continuation payment will be made
      within 14 days after we receive your signed Release and the revocation
      period expires.  The second payment will be made on or near July
      1, 2009 yet no later than July 15,
2009.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              ·

            	
              Benefits:  Full
      premium payment coverage for COBRA participation through the end of the
      month in which the Salary Continuation Pay Period ends, provided you make
      a timely election to continue to participate in the Company’s medical,
      dental and vision plan(s) pursuant to COBRA for the plans.  The
      Company’s payment of the COBRA premiums does not extend the coverage
      period.  If you elect to continue COBRA coverage beyond this
      period, you will be solely responsible for the payment of any and all
      premiums for medical, dental and vision
  insurance.

            

    

    

    
      	
               
      

            	
              ·

            	
              Outplacement
      or Retraining Services:  The Company will provide you with
      access to outplacement services or retraining services at the Company’s
      expense.  You may elect to receive either outplacement services
      or retraining services, but not both.  Your election of this
      service must be made within 30 days after receipt by the Company of your
      signed Release.  The Company will provide you with further
      details on these services.

            

    

    

    
      	
               
      

            	
              6)

            	
              You
      will be asked to participate in an exit interview process that will assist
      you and the Company with finalizing the above details of your
      separation.  At this exit interview you will also be asked to
      return all Company property such as laptop, blackberry, cell phone,
      corporate credit cards, security access badges, parking permits,
      etc.

            

    

    

    
      	
               
      

            	
              7)

            	
              Please
      provide a copy of your current automobile lease as we are required to add
      additional inputted income to your 2008 W-2 which was not included in your
      earnings during the last three (3) months of 2008.  You will
      receive an adjusted W-2, a W-2c, at the same time you receive your 2008
      Harman W-2 around the end of January of
2009.

            

    

    

    
      	
               
      

            	
              8)

            	
              Your
      restricted stock award of 5,500 shares will automatically fully
      vest.

            

    

    

    
      	
               
      

            	
              9)

            	
              The
      Offer Letter shall be terminated as of the Separation
  Date.

            

    

    

    You have
twenty-one (21) calendar days to consider whether or not to sign the enclosed
Release and should consult with legal counsel before signing it, but may not
sign the Release until on or after your last day of work.  The signed
Release is to be addressed and sent or hand-delivered to the attention of
Michael Scarpa, VP Corporate HR & Global Rewards at 400 Atlantic Street,
15th
floor, Stamford, CT 06901.

    

    We thank
you for your service to the Company and wish you the best in your future
endeavors.

    

    Very
truly yours,

    

    

    /s/
Michael Scarpa

    

    E.
Michael Scarpa

    Vice
President – Corporate HR and Global Rewards

    Harman
International

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    ACCEPTED AND
AGREED:

    

    

    

    
      
        	
                /s/ Richard Sorota

              	 
      
	
                Richard
      Sorota

              	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                01/29/09

              	 
      
	
                Date:

              	 
      

      

    

     

     

    3ex10_1.htm

    
      

    

    Exhibit
10.1

     

     

    
      
        	 
      	
                February
      2, 2009

              

      

    

    

    [Name of
Officer]

    [Title of
Officer]

    [Address]

    [Address]

    

    Dear
________:

    

    I
understand that you have voluntarily agreed to waive 10% of your annual base
salary for the 2009 calendar year.  I am writing on behalf of the
Compensation Committee of Equity One, Inc.’s Board of Directors to accept your
generous offer and to provide a written record of the arrangement.

    

    As you
know, your employment agreement with Equity One currently provides for an annual
base salary of $_________.  You have agreed to reduce your annual
salary to $________, effective from January 1, 2009 to December 31,
2009.  This reduction in your annual base salary is made at your
request, and you acknowledge that this reduction in your annual base salary does
not constitute a breach by Equity One of your employment
agreement.  In return, Equity One acknowledges that this reduction in
your annual base salary does not constitute a reduction of your annual base
salary under your employment agreement for purposes of the determination of your
annual base salary for years after the 2009 calendar year or for purposes of the
determination of any other amounts owed to you by Equity One under your
employment agreement which are calculated based upon your annual base
salary.  Your annual base salary will be reinstated on January 1,
2010, without any retroactive payments or adjustments for the reduction during
the 2009 calendar year.

    

    On behalf
of Equity One, let me say that we appreciate the leadership you have shown in
voluntarily reducing your annual base salary.

    

    If this
letter accurately states your agreement to reduce your annual base salary, then
please sign a copy of this letter and return it by February 6, 2009, to Arthur
Gallagher, General Counsel.

    

    
      
        
          	 
      	
                  Sincerely,

                
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                  Neil
      Flanzraich,

                
	 
      	
                  Chairman,
      Compensation Committee

                

        

      

    

    

    

    Agreed
to:

    

    

    
      
        
          
            	 
      	 
      
	
                    Date:  February
      __, 2009

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