Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.10    
  

        In October 2000, Medtronic, Inc. Board of Directors adopted a new Shareholder Rights Plan referenced in Exhibit 4.1 to the Annual Report on
Form 10-K for the year ended April 26, 2002 (the "New Plan") to replace the Company's existing Shareholder Rights Plan (the "Existing Plan"). At that time, the Company's
Management Incentive Plan, 1998 Outside Director Stock Compensation Plan, Capital Accumulation Plan Deferred Program and Executive Nonqualified Supplemental Benefit Plan (the "Stock/Compensation
Plans") each contained change in control provisions identical to those in the Existing Plan. In October 2001, the Board of Directors amended each of the Stock/Compensation Plans to conform the
definition of "change in control" to the definition in the New Plan. A copy of the definition is attached as Attachment A. 

Attachment A  

Change in Control  

        A "Change in Control" shall mean: 

	a)
	Any
individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) (a "Person) becomes
the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (i) the then outstanding shares of common stock of
Medtronic, Inc. (the "Company") (the "Outstanding Company Common Stock") or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors (the "Outstanding Company Voting Securities"); provided, however, that, for purposes of this clause (a),
the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from the Company, (2) any acquisition by the Company or any of its subsidiaries,
(3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its subsidiaries, (4) any acquisition by an underwriter temporarily
holding securities pursuant to an offering of such securities or (5) any acquisition pursuant to a transaction that complies with clauses (i), (ii) and (iii) of clause (c);
or

	b)
	Individuals
who, as of the date hereof, constitute the Board (the "Incumbent Directors") cease for any reason to constitute at least a majority of the Board;  provided, however, that any individual becoming a
director subsequent to the date hereof whose election, or nomination for election by the Company's
shareholders, was approved by a vote of at least a majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such
person is named as a nominee for director, without written objection to such nomination) shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents
by or on behalf of a Person other than the Board; or

	c)
	Consummation
of a reorganization, merger, statutory share exchange or consolidation (or similar corporate transaction) involving the Company or any of its subsidiaries, a sale or other
disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity (a "Business Combination"), in each case, unless, immediately following
such Business Combination, (i) substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and the Outstanding
Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 55% of, respectively, the then outstanding shares of common stock and the
total voting power of (A) the corporation resulting from such Business Combination (the "Surviving Corporation") or (B) if applicable, the ultimate parent corporation that directly or
indirectly has beneficial ownership of 80% or more of the voting securities eligible to elect directors of the Surviving Corporation (the "Parent Corporation"), in substantially the same proportion as
their ownership, immediately prior to the Business Combination, of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (ii) no person (other
than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation) is or becomes the beneficial owner, directly or indirectly, of 30% or
more of the outstanding shares of common stock and the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent
Corporation, the Surviving Corporation) and (iii) at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent 

Corporation,
the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of the Board's approval of the execution of the initial agreement
providing for such Business Combination; or 

	d)
	Approval
by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

Notwithstanding
the foregoing provisions of this definition, a Change in Control shall not be deemed to occur with respect to the Participant if the acquisition of the 30% or greater interest referred
to in clause (a) is by a group, acting in concert, that includes the Participant or if at least 40% of the then outstanding common stock or combined voting power of the then outstanding voting
securities (or voting equity interests) of the Surviving Corporation or, if applicable, the Parent Corporation shall be beneficially owned, directly or indirectly, immediately after a Business
Combination by a group, acting in concert, that includes the Participant. 

QuickLinks

Exhibit 10.10Agreement and Mutual Releases

	

AGREEMENT AND MUTUAL
RELEASES 

     THIS
AGREEMENT AND MUTUAL RELEASES (the “Agreement”) is made as of December 1, 2001
between Stan Gang (“Gang”) and AlphaNet Solutions, Inc. (“AlphaNet” or
the “Company”).  

     WHEREAS,
Gang was employed by AlphaNet as its chief executive officer and is chairman of the board
of AlphaNet; 

     WHEREAS,
Gang resigned from his position as chief executive officer of AlphaNet effective December
1, 2001 and remains Chairman of the Board of Directors; and  

     WHEREAS,
AlphaNet has agreed to provide Gang with certain payments and benefits subject to the
terms and conditions set forth in this Agreement;  

     WHEREAS,
this Agreement supersedes all prior agreements between the parties; 

     NOW,
THEREFORE, AlphaNet and Gang hereby agree as follows:  

     1.   Resignation
as Chief Executive Officer. 

          
(a)     Gang resigned from his position as chief executive officer of AlphaNet effective December
1, 2001. Notwithstanding the foregoing, Gang agrees to remain an employee of AlphaNet
whose sole responsibility is to make himself reasonably available from time to time to
the Chief Executive Officer and Board of Directors of the Company for consultation with
reasonable notice and at times mutually agreeable to the parties during regular business
hours on policy and significant and material developments and planning for the Company.
Gang shall be entitled to make himself available, at his option, by telephone or other
electronic method as he shall reasonably determine and need not provide consultation from
any particular location or at any particular time except as aforesaid nor shall the
Company require him to make himself available at such times, as Gang shall notify the
Company in advance that he is on vacation or is otherwise unavailable. Gang will not be
required to participate in the day to day operations of the business.  

          
(b)     Notwithstanding anything to the contrary, as of December 1, 2002 Gang hereby waives any
and all compensation and benefits to which employees of AlphaNet or any successor of
AlphaNet would be otherwise entitled. Gang’s sole compensation and benefits as an
employee is limited to the compensation and benefits specifically set forth in this
Agreement.  

     2.   Compensation.  
Gang agrees that as of the date of signing of this Agreement he has received all salary
and any other compensation or fringe benefits due him from AlphaNet, and agrees that he
has no further claims against AlphaNet or any successor of AlphaNet for salary or any
other compensation or benefits, except as specifically set forth in this Agreement.
Moreover, Gang understands and agrees that his employment with AlphaNet hereunder is for
a limited duration and shall terminate by its terms, no later than March 1, 2005, and no
earlier at the option of Gang than September 1, 2003; provided however, that (i) Gang
shall forfeit the right to any compensation beyond any amounts paid to him as of the date
of his termination of this Agreement; and (ii) nothing herein shall be deemed to limit
any right that Gang or his family may have to COBRA coverage following the date of his
termination of this Agreement, at his own cost and expense, provided that Gang shall be
required to pay the premium on said COBRA coverage.  

     3.    Certain
Payments.   In consideration of the agreement by Gang to provide the services in this
Agreement including the releases given by Gang to AlphaNet in Paragraphs 9 through 11 of
this Agreement, AlphaNet agrees to pay Gang the sum of Three Hundred Seventy-Five
Thousand Dollars ($375,000.00), less standard withholdings and authorized deductions, an
amount to which Gang is not otherwise entitled. This payment will be payable as follows:
(i) Three Hundred Seventy-Three Thousand Two Hundred Dollars ($373,200.00) shall be paid
in equal installments in accordance with AlphaNet’s regular payroll cycle, during
the period from March 1, 2002 through August 31, 2003; and (ii) One
Thousand Eight Hundred Dollars ($1,800.00) shall be paid in equal installments on the
first of March 1, 2004, August 1, 2004 and March 1, 2005. The payments made pursuant to
this Agreement are in consideration of the promises made hereunder and the payments due
pursuant to this Agreement shall be due and payable notwithstanding the death or
disability of Gang, and, Gang shall have no responsibility to mitigate damages pursuant
to this Agreement and no moneys received by Gang from other employment or other sources
whatsoever before or after the date hereof shall in any way set off or effect or reduce
the obligations to make payment to him pursuant to this Agreement.  

     4.   Continuation of Gang’s Health Insurance.  

          
(a)      In additional consideration of the promises made by Gang in this Agreement, including the
releases given by Gang to AlphaNet in Paragraphs 9 through 11 of this Agreement, AlphaNet
will continue to pay the cost of Gang’s health insurance for family coverage
covering Gang and Simone Messing pursuant to the terms of the Employees health plan less
the employee contribution rate, for the period from March 1, 2002 through the
earlier of February 28, 2005, or until Gang is re-employed and/or covered under another
group health plan. During the period from March 1, 2002 through February 28, 2005 or
until he is re-employed and/or covered under another group health plan, Gang shall be
responsible for the employee contribution portion of his health insurance benefits to the
same extent as the executive officers of AlphaNet have been in accordance with company
policy as in effect from time to time.  

          
(b)      It
is contemplated that the health insurance to be provided to Gang pursuant to this
Paragraph 4 shall be the same as provided to executive officers of AlphaNet in accordance
with company policy as may be amended from time to time. Notwithstanding any release
given hereunder the Company shall not be relieved of its obligations to provide health
insurance to Gang as required under this paragraph 4.  

     5.    Use
of AlphaNet Vehicle.   In additional consideration of the promises made by Gang in this
Agreement, including the releases given by Gang to AlphaNet in Paragraphs 9 through 11 of
this Agreement, AlphaNet agrees to continue to make payments on the lease of a 2000
Mercedes S430 (“S430”) for Gang’s exclusive use for a period of eighteen
(18) months commencing on March 1, 2002 and ending on August 31, 2003. AlphaNet will
raise no objection in the event Gang advises the lessor of the S430 of his intention to
extend the lease beyond August 31, 2003 provided that he shall do so in his own name and
at his own cost and expense. Gang represents that he has returned any other vehicles
leased by AlphaNet for Gang’s benefit to AlphaNet on or before March 1, 2002.  

     6.    Use
of Office Space.   In additional consideration of the promises made by Gang in this
Agreement, including the releases given by Gang to AlphaNet in Paragraphs 9 through 11 of
this Agreement, AlphaNet agrees that Gang may continue to occupy his current office at
AlphaNet’s Iselin, New Jersey learning center (the “Iselin Office”) for a
period of eighteen (18) months commencing on March 1, 2002 and ending on August 31, 2003.
Notwithstanding the foregoing, if AlphaNet surrenders its Iselin Office for any reason
whatsoever prior to August 31, 2003, neither AlphaNet nor any other party will be under
any obligation to provide Gang with an office at any replacement office space that may be
obtained or at any of other office location.  

     7.    Reimbursement
of Legal Fees.   After delivery by Gang to the Company of an originally executed copy
of this Agreement, the Company shall promptly reimburse Gang for the legal fees incurred
by him in connection with the preparation and negotiation of this Agreement up to a
maximum amount of $10,000, upon presentation of appropriate invoice(s) therefor.  

     8.   
Gang’s Equity Interest in AlphaNet.  Gang represents and acknowledges that he currently
owns 1,967,300 shares of common stock of AlphaNet. 

     9.    Cooperation
and Ongoing Assistance by Gang In Disputes Involving AlphaNet.   Gang shall cooperate
with and assist AlphaNet and its management as shall be reasonably requested in
connection with any dispute or litigation in which AlphaNet is or becomes involved. Such
cooperation shall include providing information, submitting to depositions, providing
testimony and general cooperation to assist AlphaNet in advancing and defending its
position with reference to any matter. Notwithstanding any release given hereunder, for
so long as Gang remains a director and employee of AlphaNet, AlphaNet shall continue to
provide indemnification to Gang with respect to past and future conduct to the same
extent as provided to other directors and employees of AlphaNet in accordance with
Company by-laws, certificate of incorporation and Company policy and to be covered by the
Company’s liability insurance respecting officers and directors, as in effect from
time to time.  

     10.   Releases by Gang and AlphaNet. 

          
(a)      Gang Release.   In consideration of the representations and covenants undertaken by
AlphaNet, including without limitation the payments and benefits described in Paragraphs
3 through 6 of this Agreement, Gang for and on behalf of himself and his heirs,
administrators, executors successors, assigns and attorneys (the “GANG RELEASEES”)
fully, finally and forever hereby releases, discharges, and promises not to sue AlphaNet
and its affiliates and related companies, and any and all of their current or former
directors, officers, members, employees, attorneys, representatives, insurers, agents,
successors, and assigns (individually and collectively the “ALPHANET RELEASEES”),
from and with respect to any and all claims, actions, suits, liabilities, debts,
controversies, contracts, agreements, obligations, damages, judgments, causes of action,
and contingencies whatsoever, including attorneys’ fees and costs, in law or in
equity, which against the ALPHANET RELEASEES, the GANG RELEASEES ever had, now have, or
hereafter can, shall, or may have for, upon, or by reason of any matter, cause, or thing
whatsoever. This includes, without limitation, (i) any claims for compensation, salary,
bonus or similar benefit, severance pay, pension, vacation pay, life insurance,
disability benefits, health or medical insurance, or any other fringe benefit, and (ii)
any claims under any federal, state, or local law, regulation, or ordinance, including
without limitation any claims under Title VII of the Civil Rights Act of 1964, the Age
Discrimination in Employment Act, the Americans with Disabilities Act, the Employee
Retirement Income Security Act, the Fair Labor Standards Act, the Family Medical Leave
Act, the New Jersey Law Against Discrimination, the New Jersey Family Leave Act or the
New Jersey Conscientious Employee Protection Act.  

          
(b)      AlphaNet Release.   Subject to Gang’s full and faithful compliance with the obligations
imposed on him on this Agreement, AlphaNet, for and behalf of itself and the AlphaNet
Releasees fully, finally and forever hereby releases, discharges and promises not to sue
the GANG RELEASEES from and with respect to any and all claims, actions, suits,
liabilities, debts, controversies, contracts, agreements, obligations, damages,
judgments, causes of action, and contingencies whatsoever, including attorneys’ fees
and costs, in law or in equity, which against the GANG RELEASEES said ALPHANET RELEASEES
ever had, now have, or hereafter can, shall, or may have for, upon, or by reason of any
matter, cause, or thing whatsoever.  

     11.    Older
Worker Benefit Protection Act Disclosure.   Gang recognizes that as part of his
agreement to release any and all claims against the ALPHANET RELEASEES, he is releasing
claims for age discrimination under the Age Discrimination in Employment Act, although
Gang has never asserted such claims. Accordingly, he has a right to reflect upon this
Agreement for a period of twenty-one (21) days before executing it, and he has an
additional period of seven (7) days after executing this Agreement to revoke it under the
terms of the Older Worker Benefit Protection Act. This Agreement shall be effective upon
the expiration of the seven (7) day revocation period. By his signature below, Gang
represents and warrants that he has been advised to consult with an attorney of his own
choosing (and has so consulted), that he has been given a reasonable amount of time to
consider this Agreement, and that if he signs this Agreement prior to the expiration of
the twenty-one (21) day review period, he is voluntarily and knowingly waiving his
twenty-one (21) day review period.  

     12.    New
Jersey LAD, FLA and CEPA Statutes Waiver.   Gang recognizes that as part of his
agreement to release any and all claims against the ALPHANET RELEASEES, he is releasing
claims under the New Jersey Law Against Discrimination, the New Jersey Family Leave Act,
and the New Jersey Conscientious Employee Protection Act, although he has never asserted
such claims. By his signature below, Gang represents and warrants that he has been
advised to consult with an attorney of his own choosing (and has so consulted) and that
he has been given a reasonable amount of time to consider this Agreement and his release
of claims pursuant to this Agreement.  

     13.    Indemnification
for Claims Filed by Gang or AlphaNet respecting Released Claims.    If Gang or any of the
GANG RELEASEES files a complaint, charge or lawsuit (as respects Gang) against AlphaNet
or any of the ALPHANET RELEASEES, or if AlphaNet or any of the ALPHANET RELEASEES files a
complaint, charge or lawsuit (as respects ALPHANET) against Gang or any of the GANG
RELEASEES regarding any of the claims released herein, Gang or AlphaNet as applicable
shall pay any and all costs required in obtaining dismissal of such complaint, charge or
lawsuit, as well as any liability incurred by such party arising out of said lawsuit or
claim, including without limitation the attorneys’ fees of any party against whom he
has filed such a complaint, charge, or lawsuit.  

     14.    Return
of AlphaNet’s Property.   Gang represents that with the exception of a key to the
Iselin Office, he has returned all property of AlphaNet in his possession, including but
not limited to all of his office keys, access cards, corporate credit cards, pagers and
all other property previously provided to him at any time by AlphaNet. Nothing in this
paragraph 13 shall be deemed to require Gang to return those documents and information
concerning the operations of the Company that he shall now or hereafter acquire that are
his personal property (as opposed to those that are the property of AlphaNet).  

     15.    Confidential
Information of AlphaNet.   Gang recognizes and agrees that AlphaNet’s confidential
information concerning its business, its clients, prospects and contacts which includes,
but is not limited to, such things as client lists, pricing information, financial
information and data, business development plans and strategies, and personnel policies
and practices are valuable, special and unique assets of AlphaNet’s business, access
to and knowledge of which were and are essential to the performance of Gang’s duties
while employed by AlphaNet and a member of the Board. Gang represents that he will not
disclose such confidential information, knowledge or data that he obtained during his
employment with AlphaNet and that shall not be or become public knowledge (other than by
acts of Gang or his representatives in violation of this Agreement) or except as may be
required by law. To the extent such revelation is required by law, Gang will give the
Company notice of the circumstances which give rise to the legal basis as soon as
practical so as to give the Company an opportunity to obtain, at its own cost and
expense, any injunctive or other relief necessary to relieve Gang from the obligation of
disclosure.  

     16.    Injunctive
Relief.   It is the parties’ intent to have the promises of confidentiality
contained in Paragraph 14 of this Agreement enforced to the fullest extent. Gang and
AlphaNet agree that money damages could not adequately compensate AlphaNet in the case of
a breach or threatened breach of these promises of confidentiality and that, therefore,
AlphaNet would be entitled to injunctive relief upon such breach.  

     17.    Confidential
Nature of Agreement.   Gang and the Company agree to keep this Agreement and the
provisions of this Agreement confidential, except that Gang may disclose the existence
and terms of this Agreement, if necessary, to his immediate family members and both
parties may disclose the existence and terms of this Agreement, if necessary, to their
tax advisors and attorneys and as each party reasonably believes is required by law and
otherwise as required by judicial or quasi-judicial process.  

     18.    No
Admission.   The Parties expressly deny any liability, or violation of any agreement
with the other party or of state, federal, or local laws, regulations or ordinances.
Accordingly, while this Agreement resolves all issues between the Parties relating to any
liability or violation of any such agreement or state, federal, or local laws,
regulations or ordinances, this Agreement does not constitute an adjudication or finding
on the merits and is not, and shall not be construed as, an admission by the Parties of
liability or any violation of such agreement or of any state, federal, or local laws,
regulations or ordinances. Moreover, neither this Agreement nor anything in this
Agreement shall be construed to be or shall be admissible in any proceeding as evidence
of or an admission by the parties of any liability or violation of such agreement or of
any state, federal, or local laws, regulations or ordinances.  

     19.   Modification.  
 This Agreement may be modified or amended only by a written instrument duly
signed by each of the parties hereto or their respective successors or assigns. 

     20.   Controlling Law.  
 This Agreement shall be construed in accordance with and governed by the
laws of the State of New Jersey, without regard to principles of conflict of laws. 

     21.   Entire Agreement.  
 This Agreement constitutes and contains the complete understanding of
Gang and AlphaNet with respect to the subject matter addressed in this Agreement, and
supersedes and replaces all prior negotiations and all agreements, whether written or
oral, concerning the subject matter of this Agreement. This is an integrated document. 

     22.   Severability.  
 If any provision of this Agreement is held invalid, such invalidation shall
not affect other provisions or applications of the Agreement which can be given effect
without the invalid provision or application, and to this end the provisions of this
Agreement are declared to be severable. 

     23.    Knowing
and Voluntary Waiver.   By his signature below, Gang represents that he understands all
of the terms of this Agreement, agrees to all of the terms of this Agreement, including
without limitation the releases in Paragraphs 9 through 11 of this Agreement, and has
signed this Agreement voluntarily with full understanding of its legal consequences.  

     IN
WITNESS WHEREOF, the parties to this Agreement, intending to be legally bound, have
caused this Agreement to be executed as of the date hereinabove first written.  

			ALPHANET SOLUTIONS, INC.

By:      WILLIAM S. MEDVE
——————————————

Name:  William S. Medve
Title:    Executive VP, CFO & Treasurer	

7/18/02

———————

date

			

  STAN GANG
——————————————

  Stan Gang	

7/9/02

———————

date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]