Document:

Exhibit

Exhibit 10.15

SEVERANCE PAY AGREEMENT
 FOR KEY EMPLOYEE 

This agreement  is entered into as of July 18, 2005  between  Asbury  Automotive  Group L.L.C. ("Asbury") and George C. Karolis (" Executive"), a key employee of Asbury, in order to provide for an agreed-upon compensation in the event that the Executive's employment is terminated as defined in this agreement.

1.Severance Pay Arrangement

If a Termination (as defined below) of Executive's employment occurs at any time during Executive's employment, Asbury will pay Executive 12 months  of Executive's base salary as of the date of Termination as Severance Pay.  Payment (subject to required withholding) will be made by Asbury to Executive monthly on the regular payroll dates of Asbury starting with the date of Termination.

If  Executive  participates  in a  bonus compensation  plan at the date  of Termination, Severance Pay will also include a portion of the target bonus for the year of Termination in an amount equal to the target bonus multiplied by the percentage of such year that has expired through the date of Termination.

In addition, Executive shall be entitled for 12 months following the date  of Termination to continue to participate at the same level of coverage and Executive contribution in any health and dental insurance plans, as may be amended from time to time, in which Executive was participating immediately prior to the date of Termination. Such participation will terminate 30 days after Executive has obtained other employment under which Executive is covered by equal benefits.  The Executive agrees to notify Asbury promptly upon obtaining such other employment.

2.Definition of Termination Triggering Severance Pay

A "Termination" triggering the Severance Pay set forth above in Section 1 is defined as (1) termination of Executive's employment by Asbury for any reason,  except death, disability, retirement, voluntary resignation or "cause", or (2) termination by Executive because of mandatory relocation of Executive's current principal place of business to a location more than 50 miles away, or (3) Asbury's reduction of Executive's base salary, or (4) any material diminution of Executive's duties or job title, except in a termination for "cause", death, disability, retirement or voluntary resignation. The definition of "cause" is: (1) Executive's gross negligence or gross misconduct in carrying out Executive's duties resulting in either case in material hmm to Asbury; or (2) Executive being convicted of a felony; or (3) Executive's breach of Sections 3, 4 or 5 below.

3.Confidential Information Nondisclosure Provision

During and after employment with Asbury, Executive agrees not to disclose to any person (other to an employee or director of Asbury or any affiliate and except as may be required by law) and not to use to compete with Asbury or any affiliate any confidential or proprietary information, knowledge or data that is not in the public domain that was obtained by Executive while employed by Asbury with respect to Asbury or any affiliate or with respect to any products, improvements, customers, methods of distribution,  sales,  

prices,  profits,  costs, contracts,  suppliers,   business prospects, business methods, techniques, research, trade secrets or know-how of Asbury  or any  affiliate (collectively, "Confidential  Information"). In the  event that Executive's  employment  ends  for any reason,  Executive  will deliver to  Asbury all documents and data of any nature pe1taining to Executive's work with Asbury and will not take any documents or data or any reproduction, or any documents containing or pe1taining to any Confidential Information. Executive agrees that in the event of a breach by Executive of this provision, Asbury shall be entitled to inform all potential or new employers of this provision and obtain injunctive relief and damages which may include recovery of amounts paid to Executive under this agreement.

4.Non-Solicitation of Employees

Executive agrees that for a period of one year from Executive's last day of employment with Asbury, Executive shall not directly or indirectly solicit for employment or employ any person who, at any time during the preceding 12 months, is or was employed by Asbury or any affiliate or induce or attempt to persuade any employee of Asbury or any affiliate to terminate their employment relationship. Executive agrees that in the event of a breach by Executive of this provision, Asbury shall be entitled to inform all potential or new employers of this provision and obtain injunctive relief and damages which may include recovery of amounts paid to Executive under this agreement.

5.Covenant Not to Compete

While Executive is employed by Asbury, Executive shall not directly or indirectly engage in, participate in, represent or be connected with in any way, as an officer, director, partner, owner, employee, agent, independent contractor, consultant, proprietor or stockholder (except for the ownership of a less than 5% stock interest in a publicly-traded corporation) or otherwise, any business or activity which competes with the business of Asbury or any affiliate unless expressly consented to in writing by the Chief Executive Officer of Asbury (collectively, "Covenant  Not  To Compete").

In the event that Executive's employment ends for any reason, the provisions of the Covenant Not To Compete shall remain in effect for one year following the date of Termination except that the prohibition above on "any business or activity which competes with the business of Asbury or any affiliate" shall be limited to Autonation, Sonic, Lithia, United Auto Group and other competitive groups of similar size. Executive shall disclose in writing to Asbury the name, address and type of business conducted by any proposed new employer of Executive if requested in writing by Asbury.  Executive agrees that in the event of a breach by Executive of this Covenant Not To Compete, Asbury shall be entitled to inform all potential or new employers of this Covenant and to obtain injunctive relief and damages which may include recovery of amounts paid to Executive under this agreement.

GENERAL  PROVISIONS

		
	A.
	Employment is At Will

The Executive and Asbury acknowledge and agree that Executive is an "at will" employee, which means that either the Executive or Asbury may terminate the employment relationship at any time, for any reason, with or without cause or notice, and that nothing in this agreement shall be construed as an express or implied contract of employment.

		
	B.
	Execution of Release

As a condition to the receipt of the Severance Pay payments and benefits described in section 1 above, Executive agrees to execute a release of all claims arising out of the Executive's employment or its te1mination including but not limited  to any claim of discrimination,  harassment or wrongful  discharge  under local, state or federal law.

		
	C.
	Other Provisions

This agreement shall be binding upon the heirs, executors, administrators, successors and assigns of Executive and Asbury, including any successor to Asbury.

The headings and captions are provided for reference and convenience only and shall not be considered part of this agreement.

If any provision of this agreement shall be held invalid or unenforceable, such holding shall not affect any other provisions, and this agreement shall be construed and enforced as if such provisions had not been included.

This agreement supersedes any and all agreements between Asbury  and Executive relating to payments upon termination of employment or severance pay and may only be modified in writing signed by Asbury and  Executive.

This agreement shall be governed by and construed in accordance with the laws  of the State of New York.

AGREED TO AS OF THE DATE FIRST WRITTEN ABOVE:

	
			
	EXECUTIVE
	 
	BY ASBURY AUTOMOTIVE

	 
	 
	GROUP L.L.C

	 
	 
	 

	/s/  George C. Karolis
	 
	/s/  Phil Johnson

	 
	 
	 

	Print Name:
	 
	Print Name and Title:

	George C. Karolis
	 
	Phil Johnson

	 
	 
	VP HRmnkd-ex104_445.htm

Exhibit 10.4

 

	

	
One Casper Street

Danbury, CT 06810

Main: 203-798-8000

Fax:  203-796-3684

www.mannkindcorp.com

 

 

February 17, 2017

 

Courtney Barton

 

Revised – 2/23/2017

 

Dear Courtney:

 

Congratulations! The MannKind team has been very impressed with your background and credentials, and we are genuinely pleased to offer you full-time employment with MannKind Corporation, in the exempt position Vice President, Chief Compliance Officer, located in Southern California. In this position you will initially report directly to David Thomson, Corporate V.P. & General Counsel.

We will target your employment to commence on March 13, 2017. Please be advised that this offer is contingent upon satisfactory reference and background checks and receipt of results of a satisfactory drug screening test. In the coming days, you will receive an email with information regarding the test, contact and location information for the laboratory as well as the hours of operation. This screening test must be completed no later than two weeks from the date of this letter.  

 

As part of this agreement your primary work location will be Scottsdale, AZ during your initial employment. Once you relocate to California, your primary work location will change to California.  We ask that you make every personal effort to complete your physical relocation by July 31, 2017, whether that be to your new residence or to temporary housing.  Your relocation benefits will be in effect from one year from your hire date with MannKind.  
You will be paid on a bi-weekly basis, on regular payroll schedule, in the amount of $9615.38, equating to an annualized amount of $250,000.00.  Depending on your date of hire, you may be eligible to participate in the MannKind Employee Bonus Plan, with a target bonus opportunity of 25% of annual earnings. Bonus awards will be based upon company-wide performance and your achievement of mutually agreed-upon milestones. 

 

Courtney Barton

 

You will be eligible to participate in MannKind's Equity Incentive Plan, under which stock options and restricted stock may be awarded to you at a future date, as approved by the Board of Directors. At the next quarterly Board meeting, we will recommend that you be granted a stock award of 84,800 and RSU’s 0f 61,800, comparable to grants made for other individuals in similar level positions throughout the company. This is not a guarantee for a specific number of restricted stock units, but is only intended to provide you with an understanding of grant guidelines for your position. If your start date is less than two weeks prior to the next quarterly Board meeting, the recommendation will be submitted in the following quarter. Grants will begin vesting based on your hire date. 

We have a substantial list of fringe benefits, including the following: 20 days PTO annually, which accrues on a bi-weekly basis; short term and long term disability insurance; company paid life insurance; a 401(k) tax sheltered savings program; flexible spending accounts; health, vision and dental insurance, and 16 paid holidays. The holidays and other time off benefits will be prorated based on your date of hire. All benefits, policies and rules are subject to change from time to time at the Company's discretion. All benefits outlined in this offer letter are contingent on your continuing employment with MannKind Corporation in a benefit eligible status.

Enclosed and included as part of this offer (Attachment One) is information about the main points of the Company’s relocation assistance program, which MannKind will provide to you to relocate to the “local area.”  Upon acceptance of this offer, a representative of NEI will contact you to initiate your relocation benefits.

 

MannKind will provide relocation assistance to you in good faith, however, should you leave the Company before one year for any reason, except layoff, you will be required to repay the Company all funds paid, either to you or on your behalf, for relocation purposes.  

Shortly after we are in receipt of your acceptance, you will receive a welcome email from our onboarding manager, with a link to your personalized onboarding portal. Through this portal you will have access to most of the required MannKind policies and agreements that will require your signature such as, the Employee Proprietary Information and Inventions Agreement, an Arbitration Agreement, a Policy Against Insider Trading, Code of Business Conduct and Ethics, and an Employee Acknowledgement Form, required after reading the MannKind Employee Sourcebook. Of course, the company may require additional policies or agreements to be signed and acknowledged in the future. 

Courtney Barton

 

Employment at MannKind is at will, which means that either you or MannKind can end the employment relationship at any time, and for any reason or for no reason, with or without 

 

cause or notice. The employment terms in this letter supersede any other agreements or promises made to you by anyone, whether oral or written, and cannot be modified or amended except in writing by an officer of the company. As required by law, this offer is subject to satisfactory proof of your right to work in the United States. This at will employment relationship cannot be changed except in writing as approved by the Board of Directors of MannKind. 

 

We appreciate the energy and enthusiasm you demonstrated during our interview and selection process and we look forward to a favorable response to our offer. We have many exciting challenges ahead and believe you can make a significant contribution to MannKind. 

At your earliest convenience, please sign and date this letter and return it to Jacqueline Lapotosky, HR Manager @jlapotosky@mannkindcorp.com or mail in the enclosed envelope to indicate your acceptance of this written offer of employment. 

 

If you should have any questions, please don't hesitate to contact me.

 

	
	
Sincerely,

	
 

	
/s/ Jacqueline Lapotosky

	
 

	
Jacqueline Lapotosky

	
HR Manager

 

I have carefully read and understand all of the terms of the above letter and freely and voluntarily accept and agree to all of its terms. I represent that, in agreeing to this offer letter, I am not relying on any representations or promises of any kind other than set forth in this letter.

	
	
Sincerely,

	
 

	
/s/ Courtney Barton

	
Courtney Barton

	
 

	
Date Signed

	
 

	
Confirmed Start Date

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