Document:

ex10z-1.htm

EXHIBIT 10Z.(1)

 

SEPARATION AGREEMENT

This SEPARATION AGREEMENT (the “Agreement”) is entered into between Richard Daniel (“Daniel” or “Employee”) and Northwest Natural Gas Storage, LLC (“NWNGS” or “Company”) (collectively the “Parties”) on the dates acknowledged below.

WHEREAS Daniel has chosen to resign his employment with NWNGS; and

WHEREAS NWNGS wishes to reiterate Daniel’s obligations up to and upon separation of employment;

NOW THEREFORE, in consideration of the mutual promises between the parties, IT IS AGREED as follows:

1. Separation of Employment and Advisory Services.  Daniel is voluntarily resigning his employment with NWNGS effective January 31, 2011 (“Separation Date”).  In anticipation of that separation, Daniel is resigning from the role of NWNGS, President and transitioning to an advisory role effective January 6, 2011.  As part of this advisory role, Daniel agrees and acknowledges that he will provide all of the following during the month of January 2011:

	
1.1.  

	
A memorandum to NWNGS executives summarizing his observations on the lessons learned from the Gill Ranch Storage Project (“the Project”); including, but not limited to, a summary of all actions that have been completed, actions that remain to be completed, recommendations for completion and other information as may be required to facilitate his transition from the Project.

	
1.2.  

	
A transition plan for the Interim President and training with the Interim President as needed.

	
1.3.  

	
Any other services as may be reasonably requested by the Company.

2. Separation Payment.  In consideration of the promises set forth herein, the Company agrees to provide Daniel with a Separation Payment in the amount of $85,000.00 less applicable taxes and withholdings, payable on the Separation Date, so long as Daniel has timely executed this Agreement as provided for under Section 16 below.  The opportunity to receive this Separation Payment is provided only under the terms of this Agreement and is an opportunity to which Daniel is not otherwise entitled.  Daniel acknowledges and agrees that this opportunity represents good and valuable consideration.

3. Effect of Separation on Annual Incentive Plan.  Daniel is eligible to participate in the 2010 Annual Incentive Plan, NW Natural Gas Storage LLC (“Annual Incentive Plan”).  Under the terms of that Annual Incentive Plan, employees are not eligible to receive payment unless they remain employed with the Company on the payment date, which generally occurs in early March 2011.  Daniel agrees and acknowledges that, by separating employment on the Separation Date, he is not eligible for any payment under the Annual Incentive Plan; and in exchange for the consideration provided under this Agreement, Daniel further agrees and acknowledges that his eligibility under the Annual Incentive Plan shall terminate effective December 31, 2010.

 

4. Effect of Separation on Long Term Incentive Plan.  Daniel is eligible to participate in the NW Natural Gas Storage, LLC Long Term Incentive Plan (“LTIP”).  To receive an incentive payment under the LTIP, an eligible employee must be employed on the last day of the award cycle for the LTIP, which is December 31, 2011.  Daniel agrees and acknowledges that, by separating employment on the Separation Date, he is not eligible for any payment under the LTIP; and in exchange for the consideration provided under this Agreement, Daniel further agrees and acknowledges that his eligibility under the LTIP shall terminate effective December 31, 2010.

  

  

  

 

5. Effect of Separation on Change in Control Severance Agreement.  Daniel is a party to a Change in Control Severance Agreement (“CIC Agreement”) with NWNGS executed on July 16, 2010.  Daniel agrees and acknowledges that by separating his employment with NWNGS on the Separation Date, the CIC Agreement terminates and Daniel hereby waives all rights under that agreement.

6. Effect of Separation on Retention Agreement.  Daniel is a party to a Retention Agreement with NWNGS executed on November 8, 2010 (“Retention Agreement”).  That agreement provides that Daniel is eligible for certain payments and incentives if he remains employed with the Company on the dates stated in the Retention Agreement.  Daniel agrees and acknowledges that by separating his employment with NWNGS on the Separation Date, the Retention Agreement terminates and he is not eligible for any payment under the Retention Agreement; and in exchange for the consideration provided under this Agreement, Daniel further agrees and acknowledges that his eligibility under the Retention Agreement shall terminate effective December 31, 2010.

7. Effect of Separation on Relocation Bonus.  Pursuant to the May 28, 2009 Offer Letter to Daniel (Offer Letter), the Company paid Daniel a Relocation Bonus in the amount of $40,000 less applicable taxes and withholdings.  Under the terms of the Offer Letter, Daniel is obligated to repay that Relocation Bonus on a prorated basis should he not remain employed with the Company for at least two years.  In consideration of the promises stated in this Agreement, the Company hereby waives Daniel’s obligation to repay this Relocation Bonus.

8. Effect of Separation on Stock Options. Daniel received a grant of 3,000 stock options on February 24, 2010 pursuant to the Northwest Natural Gas Company Restated Stock Option Plan.  He agrees and understands that those options do not begin to vest until February 24, 2011 and that by resigning on the Separation Date, the option grant terminates and he is not vested in and will forego any rights to options under the February 24, 2010 agreement.

9. Protection of Confidential Information, Non-Disclosure and Non-Disparagement.

	
9.1.  

	
Confidentiality, Ownership and Non-Disclosure of Company Information. Daniel agrees and acknowledges that during the course of his relationship with NWNGS he has had access to certain information not generally known to the public, including  business plans or strategic plans of the Company (including any

	
9.2.  

	
of its parent or affiliated companies); technology, trade secrets, processes, works in progress or other proprietary information that derives economic value, actual or potential, from not being generally known to the public or other persons who can obtain economic value from its disclosure or use; and other confidential or proprietary information concerning the Company (including any of its parent or affiliated companies), including but not limited to information designated by the Company as confidential, or which Daniel otherwise knows or should know is confidential.  Daniel agrees that he has an ongoing obligation of confidentiality with respect to all such information and that all such information is and shall remain the exclusive property of the Company whether or not such information was conceived or developed by the Company or Daniel and whether or not disclosed to Daniel or entrusted to his custody in connection with his employment by the Company.  Daniel agrees that he will not at any time use, disclose or in any way allow the use or disclosure of any confidential information, without prior written permission from an authorized Company representative, unless otherwise required under applicable law.

  

  

  

 

	
9.2.  

	
of its parent or affiliated companies); technology, trade secrets, processes, works in progress or other proprietary information that derives economic value, actual or potential, from not being generally known to the public or other persons who can obtain economic value from its disclosure or use; and other confidential or proprietary information concerning the Company (including any of its parent or affiliated companies), including but not limited to information designated by the Company as confidential, or which Daniel otherwise knows or should know is confidential.  Daniel agrees that he has an ongoing obligation of confidentiality with respect to all such information and that all such information is and shall remain the exclusive property of the Company whether or not such information was conceived or developed by the Company or Daniel and whether or not disclosed to Daniel or entrusted to his custody in connection with his employment by the Company.  Daniel agrees that he will not at any time use, disclose or in any way allow the use or disclosure of any confidential information, without prior written permission from an authorized Company representative, unless otherwise required under applicable law.

	
9.3.  

	
Confidentiality of this Agreement.  Daniel agrees that he will not disclose

information concerning the terms of his separation or this Agreement, other than those terms that have been generally communicated to employees by the Company.  Daniel may, however, discuss this Agreement and its terms with his spouse or domestic partner, attorney, financial advisor, tax consultant or as otherwise required to do so by a court, governmental or taxing authority or by applicable law.  Prior to disclosing these terms to any of the above-referenced persons, Daniel shall take all reasonable steps to ensure that confidentiality is maintained by such parties, including, but not limited to, informing such persons of this obligation of confidentiality.

	
9.4.  

	
Nondisparagement.  Except as otherwise required by law, Daniel agrees that he will not publish any statement or participate in the making of any statement which is disparaging or detrimental in any way to the Company (including any of its parent or affiliated companies), its services, affairs or operations.

	
9.5.  

	
Equitable Relief.  Daniel acknowledges that in the event he breaches any of

the provisions of this Section 9, the Company will suffer irreparable injury because money damages would be inadequate to safeguard the Company’s protectible interests.  In the event of an actual or` threatened breach of any of these provisions, Daniel consents to the granting, by any court having jurisdiction and without the necessity of proving actual monetary loss, of an injunction or other equitable relief enjoining any breach of the above-referenced provisions.  Daniel further agrees that the prevailing party in any action to enforce Section 9 of this Agreement shall be entitled to recover reasonable costs and attorneys’ fees, including costs of appeal.

10.           Return of Company Property.  Daniel agrees to return all Company property, including keys, security cards, all computer discs, hardware, software or other electronic files, and all other Company documents, records or materials (whether in hardcopy or stored electronically) that were provided to Daniel during his relationship with the Company or that otherwise belong to the Company; Daniel further agrees not to retain or attempt to use any such Company property.

 

11.           Non-Immigrant H1-B Visa.   Daniel is providing services to the Company pursuant to a non-immigrant H-1B visa.  As required by law, upon separation of Daniel’s employment, the Company will provide notice to the United States Government of withdrawal of this non-immigrant H-1B visa. 

12.           Dispute Resolution.  Any disputes arising in connection with the terms or enforcement of this Agreement, except as otherwise provided in Section 9 above, shall be resolved by confidential mediation or binding arbitration in accordance with the procedures of the Arbitration Service of Portland or other procedures agreed upon by Daniel and the Company.

  

  

  

13.           Entire Agreement.  This Agreement sets forth the entire agreement between the Company and Daniel as to its subject matter, and once executed, fully supersedes any prior agreements or understandings between the parties. This Agreement cannot be amended except in a writing signed by Daniel and an authorized representative of the Company.  Daniel acknowledges that he has not relied on any representations, promises, or agreements of any kind made to him in connection with his decision to sign this Agreement, except for those set forth in this document.

14.           Severability.  If any of the provisions of this Agreement is declared by any court or arbitrator of competent jurisdiction to be illegal, invalid, or otherwise unenforceable, the remaining portion, terms and provisions of this Agreement shall nevertheless remain in full force and effect in a manner that, as fully possible, effectuates the intention of the parties to this Agreement.  Moreover, if one or more of the provisions in this Agreement, for any reason, shall be held to be excessively broad as to scope or subject to be unenforceable at law, such provision or provisions shall be construed by the appropriate judge or arbitrator by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law.

15.           Applicable Law.  Daniel acknowledges that this Agreement will be governed by the laws of the State of Oregon.

16.           Acknowledgment, Time for Acceptance and Expiration of Agreement.

16.1  By signing below, Daniel acknowledges that he has read and understands this Agreement and that he is entering into its terms knowingly and voluntarily.

16.2  Daniel was presented with this Agreement on January 4, 2011.  Daniel has five (5) business days (or until January 11, 2011) to consider, sign and return the signed Agreement. The signed Agreement is to be returned to Kimberly King, HR/Corporate Services Director, NWNGS, by or before January 11, 2011.

16.3  Daniel agrees and understands that if he fails to sign and return the

Agreement by  the date specified in Section 16.2, the Agreement is void and the benefits stated herein are no longer available.

 

Northwest Natural Gas Storage, LLC

_______________________________                                        By_________________________________

	
Mr. Richard Daniel

	
 David Weber, NWNGS, COO

_______________________________              ___________________________________

Date                                                                                       Dateexhibit_10-2.htm

Exhibit 10.2

 

MANPOWER INC.

 

Terms and Conditions Regarding the Grant of Awards

 

to Non-Employee Directors under the 2003 Equity Incentive Plan

 

(Amended and Restated Effective February 16, 2011)

 

	
1.  

	
Definitions

 

Unless the context otherwise requires, the following terms shall have the meanings set forth below:

 

	
(a)  

	
“Average Trading Price” shall mean, with respect to any period, the average of the Market Prices on the last trading day of each full or partial calendar quarter included within such period.

 

	
(b)  

	
An “Election Period” shall mean a period of time (i) beginning on January 1 of any year with respect to an individual serving as a Director as of that date and, with respect to an individual becoming a Director after January 1 of any year, the date the Director first becomes a Director and thereafter January 1 of any year and (ii) ending on (but including) the earlier of the date of termination of a Director’s tenure as a Director or the next succeeding December 31.

 

	
(c)  

	
“Equity Plan” shall mean the 2003 Equity Incentive Plan of Manpower Inc.

 

	
(d)  

	
“Retainer” shall mean the annual cash retainer and the additional cash retainer for committee chairs payable to a Director as established from time to time by the Board of Directors;  provided, however, that the term “Retainer” shall not include that portion of the annual cash retainer as to which a right exists to make an election under, or for which a prior election is in effect under, the Terms and Conditions Regarding the Grant of Options in Lieu of Cash Directors Fees to Non-Employee Directors Under 2003 Equity Incentive Plan of Manpower Inc. (the “Option Terms”) or the Procedures Governing the Grant of Options to Non-Employee Directors Under the 1994 Executive Stock Option and Restricted Stock Plan of Manpower Inc. (the “Option Procedures”).

 

Any capitalized terms used below which are not otherwise defined above will have the meanings assigned to them in the Equity Plan.

 

	
2.  

	
Right to Elect Deferred Stock in Lieu of Retainer.

 

At the beginning of each Election Period, a Director may elect to receive, in lieu of the Retainer to which he or she would otherwise be entitled for that Election Period, Deferred Stock granted in accordance with the following.  The election shall cover 50 percent, 75 percent or 100 percent of the Retainer payable to the Director for the Election Period.  To be effective, the election must be made by notice in writing received by the Secretary of the Company (i) on or before the December 31 immediately preceding the beginning of the Election Period for an individual serving as a on such date, and (ii) on or before the tenth business day after the date the Director becomes a Director for an individual becoming a Director during a calendar year.  Any such election made by a Director within 10 business days after becoming a Director shall only apply to that portion of the Retainer that is attributable to services performed by the Director subsequent to the date of the election.  The number of shares of Deferred Stock granted shall equal (i) the elected percentage of the amount of the Retainer payable to the Director for the Election Period to which the election relates (not including any portion of the Retainer attributable to services performed prior to the date of election for an electing Director who becomes a Director during the year), divided by (ii) the Average Trading Price for that Election Period (rounded to the nearest whole share).  Such Deferred Stock shall be granted, automatically and specifically without further action of the Board of Directors, on the first day immediately following the last day of such Election Period and will be fully vested on that date.

 

	
3.  

	
Annual Grant of Deferred Stock or Restricted Stock.

 

	
(a)  

	
Grant of Deferred Stock.  Each individual serving as a Director on the first day of each calendar year shall be granted on that day, automatically and specifically without further action of the Board of Directors, a number of shares of Deferred Stock equal to $105,000 divided by the Market Price on the last trading day of the immediately preceding year (rounded to the nearest whole share).  Such Deferred Stock shall vest in equal installments on the last day of each calendar quarter during the year in which granted.  Each individual becoming a Director during a calendar year shall be granted, automatically and specifically without further action of the Board of Directors, a number of shares of Deferred Stock equal to (i) $105,000 multiplied by a fraction, the numerator of which is the number of days after the date the Director becomes a Director through the next December 31, and the denominator of which is 365, (ii) divided by the Market Price on the last trading day prior to the date of grant (rounded to the nearest whole share).  The date of grant of such Deferred Stock shall be the date the Director becomes a Director.  Such Deferred Stock shall vest as follows:  on the last day of the calendar quarter during which the Director becomes a Director, a number of shares of such Deferred Stock shall vest equal to the total number of shares granted multiplied by a fraction, the numerator of which is the number of days after the date the Director becomes a Director through the last day of the quarter during which the Director becomes a Director, and the denominator of which is the number of days after the date the Director becomes a Director through the next December 31, and thereafter the balance of the shares of such Deferred Stock (if any) shall vest in equal installments on the last day of each remaining calendar quarter during the year.  Shares of Deferred Stock granted under this paragraph will not vest if the Director is no longer a member of the Board of Directors on the vesting date, and any shares of Deferred Stock held by a Director which remain unvested at the time the Director ceases to be a member of the Board of Directors shall be forfeited.

 

	
(b)  

	
Alternative Grant of Restricted Stock.  Instead of receiving a grant of Deferred Stock under this paragraph 3, a Director shall have the right to elect to receive a number of shares of Restricted Stock equal to the number of shares of Deferred Stock the Director would otherwise have been granted.  To be effective, such election must be made by notice in writing received by the Secretary of the Company (i) on or before December 31 of the immediately preceding year for an individual serving as a Director on the first day of any calendar year, and (ii) on or before the tenth business day after the date the Director becomes a Director for an individual becoming a Director during a calendar year.  Any such election to receive Restricted Stock made by a Director within 10 business days after becoming a Director during a calendar year shall only apply to that portion of the Deferred Stock the Director would otherwise have received that is attributable to services performed by the Director in and after the first full calendar quarter subsequent to the date of the election and subsequent calendar quarters during the same calendar year.  The date of grant of such Restricted Stock shall be the first day of the full calendar quarter beginning subsequent to the date of the election, and such Restricted Stock shall vest on the same basis as such Deferred Stock would have vested.  Where an election to receive Restricted Stock is made by a Director within 10 business days after becoming a Director during a calendar year, the Director shall receive a grant of Deferred Stock equal to that number of shares of Deferred Stock the Director would otherwise have received attributable to services performed by the Director between the date the Director becomes a Director and the last day of the calendar quarter in which the election is made.

 

	
4.  

	
Deferred Stock:  General Provisions

 

	
(a)  

	
Distribution of Shares.  The Company shall settle Deferred Stock granted under these Terms and Conditions in Shares.  Shares shall be distributed in respect of such Deferred Stock (but only to the extent vested, as rounded to the nearest whole Share) on the earlier of the third anniversary of the date of grant (the “Fixed Distribution Date”) or, upon a Director ceasing to be a member of the Board of Directors, within 30 days after the date of such cessation.  However, a Director holding Deferred Stock granted under these Terms and Conditions shall have the right to extend the Fixed Distribution Date (any such extended date or further extended date as provided below is also referred to below as the “Fixed Distribution Date”) by a period of five years or more for each such extension provided in each case the election to extend the Fixed Distribution Date is made by notice in writing delivered to the Secretary of the Company more than 12 months before the then existing Fixed Distribution Date.  Notwithstanding the foregoing, if a distribution of Shares under this paragraph would otherwise occur outside of a “Trading Window” (as defined in the Manpower Inc. Statement of Policy on Securities Trading), then the Company may delay the distribution of such Shares until the beginning of the next Trading Window.

 

	
(b)  

	
Dividends and Distributions.  On the first day of each calendar year, each Director shall be granted, automatically and specifically without further action of the Board of Directors, a number of shares of Deferred Stock equal to (i) the aggregate amount of dividends (or other distributions) which would have been received by the Director during the immediately preceding year if the Deferred Stock held by the Director (whether or not vested) on the record date of any such dividend or distribution had been outstanding common stock of the Company on such date, (ii) divided by the Average Trading Price for the preceding calendar year (rounded to the nearest whole share).  Notwithstanding the foregoing, a Director who ceases to be a member of the Board of Directors shall be granted, automatically and specifically without further action of the Board of Directors, on the day following the date of such cessation, a number of shares of Deferred Stock equal to (i) the total amount of dividends which would have been received by the Director during the year in which termination occurs if the Deferred Stock held by the Director (whether or not vested) on the record date of any such dividend had been outstanding common stock of the Company on such date, (ii) divided by the Average Trading Price for the period from January 1 of such year through the date of such cessation (rounded to the nearest whole share).  In the event of any distribution other than cash, the foregoing shall be applied based on the fair market value of the property distributed.  Additional shares of Deferred Stock granted under this subparagraph 4(b) shall be settled and Shares distributed in respect of such Deferred Stock at the same time as the Deferred Stock to which the dividends and distributions relate.

 

	
5.  

	
Other Provisions

 

	
a.  

	
These amended and restated Terms and Conditions shall become effective on February 16, 2011, and effective on that date shall supersede and replace the amended and restated Terms and Conditions Regarding the Grant of Awards to Non-Employee Directors under the 2003 Equity Incentive Plan in effect immediately prior thereto..

 

	
b.  

	
For the year 2011, the incremental amounts of annual grant, cash retainer and additional cash retainer for committee chairs resulting from the amendment and restatement of the Compensation for Non-Employee Directors Program effective on February 16, 2011 shall be prorated by multiplying the incremental amounts by a fraction the numerator of which is 319 (the number of days from and including February 16, 2011 through December 31, 2011) and the denominator of which is 365.

 

The resulting amounts for 2011 including prorated incremental amounts are:

 

Annual Grant                                                                   $104,370

 

Annual Cash Retainer                                                    $73,110

 

Additional Cash Retainer for Committee Chair

 

Executive Compensation and

 

Human Resources Committee Chair                   $  14,370

 

Nominating and Governance

 

Committee Chair                                                    $ 12,185

 

The grant date shall be February 16, 2011 for Deferred Shares or Restricted Shares granted in connection with the prorated incremental annual grant amount.

 

	
6.  

	
Application of Plan.

 

Except as otherwise provided in these Terms and Conditions, the Equity Plan shall apply to any Deferred Stock granted pursuant to these Terms and Conditions.

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