Document:

exhibit10_31.htm

Exhibit 10.31

January 22, 2010

Mr. Thomas P. Finn

12906 Tufton Woods Court,

Reisterstown, Maryland 21136

Dear Mr. Finn:

I am pleased to offer you the position of Senior Vice President, Global Operations for Gerber Scientific, Inc., reporting to Chief Executive Officer, Marc Giles.  Marc and others you have met are highly optimistic about the significant contribution you can make to our company’s future.

Following are the principal terms of our offer:

 

1.  DATE OF EMPLOYMENT

Your employment with Gerber will commence on, or at your option before, March 1, 2010.  Human Resources will provide an orientation at 8:30 A.M. on your first day.

 

2.  COMPENSATION

You will be a full-time salaried exempt employee, and your base bi-weekly salary for this position will be $13,076.92 payable every other week ($340,000 annualized) of active employment.

3.   ANNUAL INCENTIVE

You will be eligible to participate in the Gerber Scientific, Inc. Incentive Bonus Plan. Your bonus target will be 50% of base salary, if we achieve 100% of our performance goals.  The range of bonus will be between zero and a maximum of 100% of base salary depending on attainment of our objectives. You will be eligible for the fiscal year 2010 bonus program on a prorated basis depending on company performance and calculated on the same basis as other corporate managers. Our fiscal year ends April 30 and bonus payments, if any, are scheduled for July.

4.   STOCK

You will be eligible to participate in the Gerber Scientific, Inc. Employee Stock Plan. The Plan is administered by the Management Development and Compensation Committee (MDCC) of the Board of Directors of Gerber Scientific, Inc. (Board).  Subject to approval of the MDCC, you will be awarded options to purchase 100,000 shares of Gerber Common Stock. The option price will be the closing price of Gerber stock on the effective date of the grant and the options will vest in equal annual increments over three years. In addition, you will be granted 30,000 shares of restricted stock which will vest over four years.

 

Future grants of stock options and restricted shares are at the discretion of the committee. Grants have been made on an annual basis late in the calendar year. The plan is for future grants to be a mix of restricted shares and stock options. Grants are based on position, individual performance and company results.

5.   REVIEW

No later than your first year anniversary, Marc Giles will conduct a review for consideration to promote you to Executive Vice President.

6.   BENEFITS

You are eligible to participate in Gerber’s comprehensive benefit program offered to salaried employees as described in the enclosed "Summary of Benefits."  If you have any questions, please feel free to contact me at 860-648-8506.

Your beginning vacation accrual rate is set at three weeks per year.

Upon election by the Board as an Officer of the Corporation, you will be covered by the Executive Severance Policy which includes one-year severance for a Senior Vice President.  You will be offered a Change in Control Agreement, subject to Board approval, which includes two and one-half years for a Senior Vice President. Please see the enclosed documents for details.

7.   SIGNING BONUS

You will be paid a total signing bonus of $100,000, less applicable withholding: $50,000 paid within 15 days of your start date and $50,000 upon relocation, which shall be as mutually defined by you and Marc.

8.   RELOCATION

We understand that you do not intend to sell your current residence and that you will take occupancy in a furnished apartment or residence proximal to our South Windsor headquarters.  Gerber will provide temporary living accommodations for up to one year and will reimburse coach fare for flights every other weekend to and from Maryland for either you or your family during this period.

9.   DRUG TEST

Gerber has a mandatory drug-testing program for all new employees.  Employment is contingent upon a negative test result. Results must be in before employment starts.

10.  PROOF OF ELIGIBILITY TO WORK IN U.S.

The Immigration Reform and Control Act require that evidence of authorization to legally work in the U.S. as well as positive identification be provided to the employer at the start of employment. Therefore, it will be necessary for you to submit to the Human Resources Department documents that satisfy this requirement as described on the enclosed form.

11.  CONFIDENTIALITY AGREEMENT

All employees are required as a condition of employment to read and sign Gerber's Confidentiality and Inventions Agreement. Gerber extends this job offer to you on the basis of your business and/or technical skills, which, you have demonstrated to us. We expect you to honor any and all obligations regarding proprietary and confidential information, which you may have obtained from any former employers just as we expect that you will refrain from disclosing to third parties any confidential and proprietary information you may learn while employed at Gerber. It is the individual responsibility of all Gerber employees to fully comply with and honor all of their obligations regarding information of a confidential or proprietary nature.

In consideration of your employment with Gerber, you agree to conform to the rules and regulations of the Company and understand that, except as provided for in the your Executive Severance Agreement and Change in Control Agreement (both attached hereto), your employment and compensation can be terminated, with or without notice, at any time at the option of either Gerber or yourself.

Tom, I believe this position will offer you a tremendous career opportunity and everyone looks forward to working with you.

Please acknowledge acceptance of our offer of employment by signing one copy of this letter and returning it to me.

Sincerely,

                              /s/  Thomas P. Finn

Michael W. Dolen                                                                                                                 Thomas P. Finn

VP, Human Resources Americas                                                                

                                  Date:  January 25, 2010

Enclosuresexhibit10_32.htm

Exhibit 10.32

Summary of Terms of Retention Plan for Stephen Lovass

Retention Plan

Retention incentive is a payment equal to his current annual base salary (prior to reduction) on May 15, 2011, or earlier if a significant change in operating strategy of GSP business occurs sooner and the conditions described below are satisfied.  In the event that Stephen is terminated without cause prior to such date, both the retention payment and his severance entitlement under the Company’s Severance Policy for Senior Officers shall be paid.

 

 

Consequences of Significant Change in GSP Operating Strategy

Notwithstanding anything in the Severance Policy for Senior Officers to the contrary, upon the happening of the events set forth in paragraph 1 and paragraph 2 below, Stephen will receive, in addition to the retention amount should the events below occur prior to May 15, 2011, the benefits set forth under “Severance Amount” below:

	
1.  

	
There occurs a significant change in operating strategy, as determined by the Board of Directors; and

	
2.  

	
Stephen in his sole discretion chooses not to accept, or is not offered, a position with another organization, and Gerber fails to offer Stephen  a comparable position, that is located within a current GSI CT facility and:

	
1.  

	
Includes responsibility for a business unit with at the time not less than $100MM in sales;

	
2.  

	
Reports to the CEO; and

	
3.  

	
Includes a current compensation package no less generous than his package today.

	
  Severance Amount:

	
Amount payable under the Severance Policy for Senior Officers, plus continuation of medical coverage during severance payment period, plus the prorated amount of any bonus earned for the fiscal year in which termination occurs; plus accelerated vesting of all unvested stock options and restricted shares.

	
  Death or Disability:   

	
Should Stephen die or become disabled prior to May 15, 2011, or the termination of his employment upon a significant change in operating strategy of GSP, as described above, neither he nor his estate will receive the retention payment equal to his annual base salary, nor any benefits or payments under the Severance Policy for Senior Officers.exhibit10-1.htm

Exhibit 10.1

 

United States Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

June 30, 2010

Ladies and Gentlemen:

Reference is made to that certain Letter Agreement incorporating the Securities Purchase Agreement – Standard Terms (the “Securities Purchase Agreement”), dated as of the date set forth on Schedule A hereto, between the United States Department of the Treasury (the “Investor”) and the company set forth on Schedule A hereto (the “Company”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement.  Pursuant to the Securities Purchase Agreement, at the Closing, the Company issued to the Investor the number of shares of the series of its preferred stock set forth on Schedule A hereto (the “Preferred Shares”) and a warrant to purchase the number of shares of its common stock set forth on Schedule A hereto (the “Warrant”).

 

In connection with the consummation of the repurchase (the “Repurchase”) by the Company from the Investor, on the date hereof, of the number of Preferred Shares listed on Schedule A hereto (the “Repurchased Preferred Shares”), as permitted by the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009:

 

 (a)           The Company hereby acknowledges receipt from the Investor of the share certificate(s) set forth on Schedule A hereto representing the Preferred Shares; and

 

(b)           The Investor hereby acknowledges receipt from the Company of a wire transfer to the account of the Investor set forth on Schedule A hereto in immediately available funds of the aggregate purchase price set forth on Schedule A hereto, representing payment in full for the Repurchased Preferred Shares at a price per share equal to the Liquidation Amount per share, together with any accrued and unpaid dividends to, but excluding, the date hereof.

 

The Investor and the Company hereby agree that, notwithstanding Section 4.4 of the Securities Purchase Agreement, immediately following consummation of the Repurchase, but subject to compliance with applicable securities laws, the Investor shall be permitted to Transfer all or a portion of the Warrant with respect to, and/or exercise the Warrant for, all or a portion of the number of shares of Common Stock issuable thereunder, at any time and without limitation, and Section 4.4 of the Securities Purchase Agreement shall be deemed to be amended in order to permit the foregoing.  The Company shall take all steps as may be reasonably requested by the Investor to facilitate any such Transfer.

 

 

  

  

  

 

In addition, the Company agrees that in the event it elects to repurchase the Warrant, it shall deliver to the Investor within 15 calendar days of the date hereof a notice of intent to repurchase the Warrant, which notice shall be in accordance with Section 4.9(b) of the Securities Purchase Agreement (the “Warrant Repurchase Notice”).  In the event the Company does not deliver the Warrant Repurchase Notice to the Investor within 15 calendar days of the date hereof, the Investor hereby provides notice, pursuant to Section 4.5(p) of the Securities Purchase Agreement, of its intention to sell the Warrant, such notice to be effective as of the first day following the end of such 15-day period.

 

In the event that the Company delivers a Warrant Repurchase Notice and the Company and the Investor fail to agree on the Fair Market Value of the Warrant pursuant to the procedures (including the Appraisal Procedure), and in accordance with the time periods, set forth in Section 4.9(c) of the Securities Purchase Agreement or the Company revokes the delivery of such Warrant Repurchase Notice, then the Investor hereby provides notice of its intention to sell the Warrant.

 

This letter agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.

This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.  Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed sufficient as if actual signature pages had been delivered.

[Remainder of this page intentionally left blank]

 

 

  

  

  

In witness whereof, the parties have duly executed this letter agreement as of the date first written above.

 

                   UNITED STATES DEPARTMENT OF THE TREASURY

                   By: /s/ David Miller                                                     

                         Name:  David Miller

                         Title:  Chief Investment Officer

                   COMPANY:  LINCOLN NATIONAL CORPORATION

                   By: /s/ Dennis Glass                                                    

                         Name:  Dennis Glass

                         Title: President and Chief Executive Officer

  

  

  

SCHEDULE A

	
General Information:

	  
	
 

Date of Letter Agreement incorporating the Securities Purchase Agreement:  July 10, 2009

	  
	
 

Name of the Company:  Lincoln National Corporation

	  
	
 

Corporate or other organizational form of the Company:  Corporation

	  
	
 

Jurisdiction of organization of the Company:  Indiana

	  
	
 

Number and series of preferred stock issued to the Investor at the Closing:  950,000 shares 

of Fixed Rate Cumulative  Perpetual Preferred Stock, Series B

	  
	
 

Number of Initial Warrant Shares:  13,049,451

	  
	  	  
	
Terms of the Repurchase:

	  
	
 

Number of Preferred Shares repurchased by the Company:  950,000

	  
	
 

Share certificate number (representing the Preferred Shares previously issued to the Investor at the Closing):  FCP 003

	  
	
 

Per share Liquidation Amount of Preferred Shares:  $1,000.00

	  
	
 

Accrued and unpaid dividends on Preferred Shares:  $5,937,500.00

 

Aggregate purchase price for Repurchased Preferred Shares:  $955,937,500.00

	  
	
 

	  
	  	  
	
Investor wire information for payment of purchase price:

	
ABA Number:  

Bank:  

Account Name:   

Account Number:

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