Document:

exhibit_10-1.htm

    Walgreen Co. Rewiring for
Growth Salary Continuation Plan

    Salary Grade 18 and Above
Voluntary Group

    Separation and Release
Agreement

    

    This
Separation and Release Agreement (“Agreement”) is entered into between the
undersigned employee (“Employee”) and Walgreen Co., its parents, subsidiaries,
affiliated companies, predecessors, successors and assigns ("Walgreens" or the
"Company"), who agree as follows:

    

    1. Termination
Date.  The parties agree that Employee resigns and Employee’s
employment with the Company is voluntarily terminated effective March 31, 2009,
or such other date as designated by the Company and agreed to by Employee prior
to execution of this Agreement.

     

    2. General Waiver &
Release.  Employee waives and releases any and all claims,
known or unknown, arising on or before the date Employee signs this Agreement,
that Employee has or might have against the Company, its parents, subsidiaries,
affiliated companies, predecessors, successors, and assigns, as well as all of
its and their past and present officers, directors, managers, employees,
attorneys, and agents (collectively “Released Parties”), subject only to the
exceptions identified in paragraph 3 below.  These waived and released
claims include but are not limited to: (i) claims that in any way relate to
Employee’s employment, separation from employment and other dealings of any kind
with any Released Party or Parties; (ii) claims of unlawful discrimination,
harassment, retaliation or other alleged violations arising under federal,
state, local or others laws and regulations, including but not limited to claims
arising under the federal Age Discrimination in Employment Act (ADEA); Title VII
of the Civil Rights Act of 1964; the Civil Rights Act of 1866; the Employee
Retirement Income Security Act (ERISA); the Americans with Disabilities Act
(ADA); the Fair Labor Standards Act (FLSA); the Worker Adjustment and Retraining
Notification Act (WARN); and the Family and Medical Leave Act (FMLA); (iii)
claims of wrongful discharge, emotional distress, defamation, misrepresentation,
fraud, detrimental reliance, breach of alleged contractual obligations,
promissory estoppel, negligence, assault and battery, and violation of public
policy; and (iv) claims for monetary damages, other personal recovery or
relief, costs, expenses, and attorneys’ fees of any kind.

     

    3. Claims Not Waived and
Released.  The only claims not waived and not released by
Employee under paragraph 2 are (i) claims arising after the date that Employee
signs this Agreement; (ii) any claim that as a matter of law cannot be waived;
and (iii) claims for benefits that are specifically described and provided for
in this Agreement.

     

    4. No
Disparagement.  Employee will not make derogatory statements,
either written or oral, or otherwise disparage any Released Party or Walgreens
products or services, except as may be required to be permitted by
law.  Nor shall Employee direct, arrange or encourage others to make
any such derogatory or disparaging statements on Employee's behalf.

     

    5. Return of Company
Property.  Employee agrees that, no later than his/her
Termination Date, Employee will have returned all Company property, and no
Company property has been retained by the Employee, regardless of the form in
which it was acquired or held by Employee.

     

    6. Confidential Business
Information.  Employee agrees not to use or disclose any
Confidential Information, as defined below, to any person or entity other than
the Company, either before or after his/her Termination Date, without the
Company's prior written consent.  Confidential Information means
information not generally known by the public about processes, systems, products
or services, including proposed products or services, business information,
pricing, sales, promotions, financial performance, know-how, or trade secrets of
the Company.

     

    7. Non-Admissions.  Nothing
in this Agreement constitutes or shall be portrayed or regarded as an admission
of any wrongdoing, fault, violation, liability, or unlawful activity by the
Company or any Released Party.

     

    8. Cooperation.  Subject
to paragraph 3 above, upon reasonable notice, Employee agrees at all times to
fully and completely cooperate with the Company and its agents and
representatives, without additional compensation, during and in connection with
all litigation, potential litigation, and internal or external investigations in
which the Company is involved or may become involved, subject to reimbursement
of reasonable travel expenses if travel is requested and approved in advance by
Walgreens.

     

    9. Investigations and Related
Proceedings.  Nothing in this Agreement shall affect or
interfere with Employee’s right to participate, cooperate, initiate or assist in
an investigation or proceeding conducted within the Company or by any government
agency, oversight board, commission or other regulatory or investigative
body.

     

    10. Reemployment
Restrictions.  Employee acknowledges that he/she will not be
eligible for reemployment with the Company once he/she has terminated
employment.

     

    11. Non-Competition and
Non-Solicitation.  Employee has executed a Non-Competition,
Non-Solicitation and Confidentiality Agreement in connection with his or her
award of Restricted Stock Units for fiscal year 2009 (the “RSU Non-Compete”),
and Employee hereby acknowledges and reaffirms his/her continuing obligations
under the RSU Non-Compete in connection with the execution of this Agreement,
subject to the following modifications:

     

    (a)           The
non-competition restrictions set forth in Paragraph 2(d) of the RSU Non-Compete
shall apply through Employee’s last day worked and for a period thereafter equal
to the number of weeks for which Employee receives salary continuation benefits
under the Walgreen Co. Rewiring for Growth Salary Continuation Plan (the “Plan”)
and the Supplement for Employees Grades 12 and Higher (the “Supplement”),
regardless of the timing of payment of such benefits; and

     

    (b)           The
restrictions set forth in Paragraph 2(a-c) of the RSU Non-Compete shall apply
through Employee’s last day worked and for the two-year period immediately
following such last day worked.

     

    12.           Salary Continuation Plan
Benefits.  Walgreens agrees to pay Employee benefits under the
Plan and Supplement, provided that Employee is eligible for benefits under the
terms of the Plan and Supplement and executes this
Agreement.  Walgreens also agrees to pay Employee additional
compensation and benefits.  Such Plan, Supplement and additional
benefits are described in the attached Exhibit A.  To the extent that
Employee is eligible under the Plan and/or Supplement for a retirement bridge
under one or more Company benefit plans or programs, Employee’s execution of
this Agreement will constitute his/her official consent to any amendments to any
applicable award agreements or other plan documentation, as may be needed to
carry out the terms of the retirement bridge.  Employee will receive
the same notice of changes to plans or stock options as other retired Walgreens
employees.

     

    13.           Unemployment
Compensation.  Employee acknowledges that he/she is voluntarily
resigning from employment with the Company and that the Company reserves the
right to dispute any claim for unemployment compensation benefits, to the extent
permitted by law.

     

    14.           Consequences of Breach by
Employee.  Plan benefits are conditioned on compliance with all
Employee commitments set forth in this Agreement.  In the event of any
breach of this Agreement by Employee, the Company shall be entitled
to discontinue and recover all Plan benefits otherwise payable to Employee,
except for $200 to be retained by Employee as consideration for enforcement of
non-breached provisions of the Agreement.  In addition, Employee
acknowledges that Section 11 of this Agreement is necessary to enable the
Company to maintain its competitive position and any actual or threatened breach
of this covenant will result in irreparable and continuing damage to the Company
for which there will be no adequate remedy at law.  In the event of
any actual or threatened breach of these covenants, the Company shall be
entitled to injunctive relief, including the right to a temporary restraining
order, and other relief, including damages, as may be proper along with the
Company’s attorney’s fees and court costs.  The foregoing stipulated
damages and remedies of the Company are in addition to, and not to the exclusion
of, any other damages the Company may be able to prove.

     

    15.           409A
Compliance.  Employee acknowledges that in order to avoid
adverse tax consequences to Employee under Section 409A of the Internal Revenue
Code, certain benefits under the Plan and Supplement may need to be paid on a
delayed basis as soon as administratively possible following the six-month
anniversary of the Termination Date.

     

    16.           New Section:  The
Employee and Company agree that material changes have been made to the benefits
originally presented to the Employee by (a) revising Section 12 and adding
Exhibit A, and (b) by adding Section 15.  The parties agree that such
modifications shall not restart the running of the 45-day period described in
paragraph 18(f) below.

     

    17.           Severability.  In
the event that any portion of this Agreement is held by a court of competent
jurisdiction to be invalid or unenforceable, the invalid or unenforceable
portion shall be construed or modified in a manner that gives force and effect,
to the fullest extent possible, to all other portions and provisions of this
Agreement.  If any invalid or unenforceable portion of any provision
in this Agreement cannot be construed or modified to render it valid and
enforceable, that portion shall be construed as narrowly as possible and shall
be severed from the remainder of this Agreement, and the remainder of this
Agreement (including the remainder of the section, paragraph, subparagraph or
sentence containing any invalid or unenforceable words) shall remain in effect
to the fullest extent possible.

     

    18.           OWBPA Provisions – Additional
Understandings. In compliance with the Older Workers Benefit Protection
Act (“OWBPA”), the Company and Employee agree to the following:

     

    
      	
              (a)  

            	
              Understandability.  This
      Agreement is written in a manner calculated to be understood by the
      Employee, and Employee understands all terms of this
      Agreement;

            

    

     

    
      	
              (b)  

            	
              Age Discrimination (ADEA)
      Waiver.  This Agreement includes a waiver and release of
      claims under the Age Discrimination in Employment Act (ADEA) as described
      in paragraph 2 above;

            

    

     

    
      	
              (c)  

            	
              No Future
      Waiver.  This Agreement only waives and releases rights
      arising prior to the date Employee signs this
  Agreement;

            

    

     

    
      	
              (d)  

            	
              Valid
      Consideration.  In exchange for Employee's release and
      waiver as part of this Agreement, Employee acknowledges that he/she is
      receiving benefits as described in the Plan and Supplement that exceed
      those to which Employee is entitled apart from this
    Agreement;

            

    

     

    
      	
              (e)  

            	
              Employee Advised to Consult
      with an Attorney.  By this Agreement, the Company advises
      Employee to consult with an attorney before signing this
      Agreement;

            

    

     

    
      	
              (f)  

            	
              Period to Consider this
      Agreement.  Employee has been given a period of 45
      calendar days in which to consider this Agreement, and to decide whether
      s/he wishes to sign it;

            

    

     

    
      	
              (g)  

            	
              Information
      Provided.  Employee has received, together with this
      Agreement, a listing of job titles and ages of Employees eligible or not
      eligible for Plan benefits pursuant to the Rewiring for Growth
      Project;

            

    

     

    
      	
              (h)  

            	
              Period to Revoke
      Agreement.  After Employee signs this Agreement, Employee
      has 7 calendar days in which Employee can change his or her mind and
      revoke this Agreement. Walgreens and Employee agree that, to revoke this
      Agreement, Employee must notify Walgreens in writing that Employee is
      revoking this Agreement.  Any such notice of revocation must be
      received by Deidra Byrd, Divisional Vice President, Employee Relations,
      102 Wilmot Road, Deerfield, Illinois 60015, fax no. (847)315-4699,
      deidra.byrd@walgreens.com, within the 7-day period;
  and

            

    

     

    
      	
              (i)  

            	
              Effective
      Date.  This Agreement shall not become effective or
      enforceable until the 7-day revocation period described above has expired
      with no revocation by Employee.

            

    

     

    19.           Agreement Not Signed Before
Termination Date.  Employee represents and agrees that he/she
has waited until his Termination Date before signing this
Agreement.

     

    20.           Governing Law.  The
laws of the State of Illinois shall govern the validity, performance,
enforcement, interpretation and any other aspect of this Agreement,
notwithstanding any state’s choice of law provisions to the
contrary.

     

    21.           Complete
Agreement.  This Agreement constitutes the parties’ entire
agreement and cancels, supersedes, and replaces any and all prior proposals,
understandings, and agreements (written, oral or implied) regarding all matters
addressed herein, except Employee shall continue to be bound by all obligations
set forth in any prior agreements, undertakings, waivers and assignments
involving confidential information, inventions, non-competition,
non-solicitation, non-inducement, patents, copyrights, trademarks and other
intellectual property, and compliance with laws and policies.  The
terms of this Agreement may not be altered or modified except by written
agreement of the Employee and the Company.  In connection with this
Agreement’s acceptance and execution, neither Employee nor the Company is
relying on any representation or promise that is not expressly stated in this
Agreement.

     

    The
Employee has read everything in this Separation and Release Agreement,
understands it, and signs this Agreement voluntarily and intending to be bound
by it.

    

    This Agreement shall not be signed or returned before the Employee’s Termination
Date.

    

    

    Dated:                       
 4/2/09                                               
s/ William M.
Rudolphsen

    Employee Signature

    

    William M.
Rudolphsen                                                                           

    Employee Name (Print)

    

     

    Dated:                     4/6/09                                                
s/ Kris
Dimitriou

     

    On behalf of the Company

    

    
      
         

      

      
         

        
        

      

      
         

      

    

    EXHIBIT
A

    

    Separation Benefits for Bill
Rudolphsen

    

    This
is a summary of your separation benefits.  All of the detailed terms
and conditions are set forth in the Plan and Supplement and as applicable in the
underlying compensation and benefit plans and programs.

    

                                           

    
    

     

    
      	 Termination
      Date (PTD) 	3/31/09

    

     

    
      	 Vacation 	Current year plus
      banked

      
      

    

    
      	 Severance and
      Fiscal 09 Bonus   	$1,137,430

    

     

    
      	 Form of
      vacation/severance  	Lump-sum following
      PTD, subject to six-month delay of a /bonus paymentsportion to comply with
      tax law requirements (409A)*

    

     

    
      	
              Deferred
      Compensation

            	
              Enhanced
      lump-sum with gross-up per Voluntary Program (subject to six-month delay
      under 409A)*

            

    

    

    
      	
              Stock
      Option Exercise Periods

            	
              Retirement
      provision under stock option agreements apply (in most cases 60 months
      from PTD, or 10-year expiration date, if
  earlier)

            

    

    

    
      	
              RPSP
      Restricted Shares/Cash

            	
              Accelerated
      vesting and paid out at PTD (subject to six-month delay of cash payment
      under 409A)*

            

    

    

    
      	
              Fiscal
      2009 Restricted Stock Units

            	
              Pro-rated
      vesting through PTD and shares distributed after PTD (subject to six-month
      delay under 409A)*

            

    

    

    
      	
              Fiscal
      2009 Performance Shares

            	
              Pro-rated
      through PTD and paid out in October 2011 based on actual company
      performance

            

    

    

    
      	
              Profit
      Sharing/Restoration

            	
              Deductions
      and match apply to vacation but not
severance

            

    

    

    
      	
              Retiree
      Medical

            	
              Eligible
      – begins after PTD**

            

    

    

    
      	
              SVP
      Retirement Benefits

            	
              Co.
      physical and United preferred status to age
70**

            

    

    

    
      	
              Other
      Benefits

            	
              End
      as of PTD

            

    

     

    
      	 Outplacement    	Up to 12
      months

    

     

    

    *  See
separate letter covering timing of payment to ensure 409A
compliance.

    **  Subject
to any future program/policy changes generally applicable to
retirees.Presidential House - Fourth Amendment

 
Exhibit 10.19

 

FOURTH AMENDMENT TO PURCHASE AND SALE CONTRACT
             This Fourth Amendment to Purchase and Sale Contract (this “
Amendment”) is made as of June 25, 2009, between DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES II LIMITED PARTNERSHIP (“
Seller”) and ADVENIR, INC. (“Purchaser”).
 
W I T N E S S E T H:
            
WHEREAS, Seller and Purchaser entered into a Purchase and Sale Contract dated as of March 25, 2009, as amended by the terms of (i) that certain First Amendment to Purchase and Sale Contract, dated April 24, 2009, (ii) that certain Second Amendment to Purchase and Sale Agreement, dated May 8, 2009 and (iii) that certain Third Amendment to Purchase and Sale Agreement, dated May 15, 2009 (said Purchase and Sale Contract, as amended, being herein collectively called the “
Agreement”) with respect to the sale of certain property known as Presidential House located in Miami-Dade County, Florida, as described in the Agreement; and

           
WHEREAS, Seller and Purchaser desire to amend the Agreement on the terms set forth herein. 

           
NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sum of $10.00 and other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

1.      
Capitalized Terms.     Capitalized terms used in this Amendment shall have the meanings given to them in the Agreement, except as expressly otherwise defined herein.

2.      
Loan Assumption Approval Period.  Section 4.5.9 of the Agreement shall be amended as follows:  The Loan Assumption Approval Period, set forth in Section 4.5.9 of the Agreement, is hereby extended to July 2, 2009.

3.      
Closing Date.             The Closing Date, set forth in Section 5.1.1 of the Agreement, is hereby extended to July 15, 2009.  

4.      
Miscellaneous.           This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute a single instrument and may be delivered by facsimile transmission, and any such facsimile transmitted Amendment shall have the same force and effect, and be as binding, as if original signatures had been delivered.  As modified hereby, all the terms of the Agreement are hereby ratified and confirmed and shall continue in full force and effect.

[Signature Page to Follow]

            IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date and year hereinabove written.

 
 
Seller:
  

DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES II LIMITED PARTNERSHIP, a New York limited partnership

 
 By:  DBL PROPERTIES CORPORATION, a New York corporation, its general partner

 
 By: 
/s/Brian J. Bornhorst
 Name:  Brian J. Bornhorst

Title:  Vice President

Purchaser:

ADVENIR, INC.,
a Florida corporation 
 By: 
/s/Stephen L. Vechitto
 Name:  Stephen L. Vechitto

Title:  President

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