Document:

Mr

July 1, 2003

 

Mr. Mark Stier

50 Ethelbert Place 

Ridgewood, New Jersey 07450

Dear Mark:

This letter is an offer of certain terms and conditions relating to your separation from employment with Alpharma Inc. (the "Company").  This letter will supercede the terms and conditions of any prior arrangements, written or oral, relating to your employment.

	You shall cease to be an employee of the Company effective July 1, 2003 (your "Termination Date").

	Subject to the terms of this letter:

	The Company shall pay you your full salary (at your present annual rate) plus all fringe benefits through your Termination Date.  Additionally, you will be paid for all accrued but unused vacation time through your Termination Date.  All payments required by this subparagraph shall be subject to standard tax withholding and other deductions. 

	Your Severance will commence on July 2, 2003 and end on January 2, 2005 (the "Severance Period".)

	You will receive salary continuation during your Severance Period at an annual rate of  $300,000 ($450,000 total.)  In addition, for the full Severance Period, you will receive an aggregate of  $225,000 in Incentive Awards as well as an aggregate of $42,900 in Executive Allowance.  All payments required by this subparagraph shall be paid on a bi-weekly basis over the term of the Severance Period, and shall be subject to standard tax withholding and other deductions.

	In accordance with the terms of the Alpharma Inc. Stock Option Plan, action has been taken to allow you to exercise, for 30 days beyond release of the Company's second quarter results, any stock options that are vested as of July 1, 2003.  Any outstanding stock options that are not vested as of July 1, 2003 shall be forfeited.  You recognize that the Plan's "cashless exercise" feature, since it involves the sale of shares, can only be used when you are not in possession of material, nonpublic information concerning the Company.  You are also aware that your obligation to file a SEC Form 4 in connection with any purchase or sale of Alpharma shares extends for six months after the Termination Date.  

	Your status as an active employee in any pension, savings or other retirement plan of the Company in which you presently are a participant shall terminate on your Termination Date and you shall not be entitled to any further vesting or credit for service thereunder after such date.  All rights under such plans which are vested as of your Termination Date shall remain unaffected by this letter.

	You shall be entitled to the following health and welfare benefits in the form and in the amounts applicable to you on the date hereof, and continuing through your Severance Period:

Medical Plan - Health, Dental, Prescription and Vision

Life Insurance

Dependent Life Insurance

Accidental Death and Dismemberment Insurance

Payments for all contributory benefits will be deducted from your bi-weekly salary continuation payment, in an amount equal to the then current regular employee contribution rates.  Except as specifically set forth in this letter, no other fringe benefits shall be provided during the Severance Period.  Any plan changes or changes in employee contribution amounts during the Severance Period shall be applicable to you to the same extent as such changes would have been applicable had you remained an employee during such period.

	You will be offered continued health benefits as provided by "COBRA" commencing at the end of the Severance Period, upon the terms and conditions then available to other terminated employees of the Company.

	As soon as practical after the Termination Date you will return to the Company all Company property including, but not limited to, files and records (in any and all media), computers and related equipment, cellular telephones and keys.     

      

	In consideration of the promises of the Company in paragraph 2 above and otherwise herein, and in accordance with the terms of the Alpharma Inc. Severance Plan, you hereby release each of the entities of the Alpharma Group their affiliates, officers, employees and directors (collectively the "Releasees") from and against any and all claims, demands, causes of action, damages, expenses and liabilities, whether now known or unknown, which you now or may later have against the Releasees which relate in any way to your employment with the Company, or any entity therein, or any other matter arising on or prior to the date of this letter (a "Claim").  This includes, without in any way limiting the foregoing language, any and all claims under Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act of 1990, the Civil Rights Act of 1991, the Reconstruction Era Civil Rights Act, as amended, the Family and Medical Leave Act of 1993, the Worker Adjustment and Retraining Act, the Employee Retirement Income Security Act of 1974, as amended, the Fair Labor Standards Act, the United States Constitution, the Constitution of the State of New Jersey and/or any and all other local, state or federal statute, law, order, rule, regulation or ordinance (including but not limited to labor, employment, benefit or wage matters), and/or any and all contract or tort claims.

	In signing this letter, you represent that you have not filed any Claim against the Releasees and hereby covenant not to file any such Claim.  You further agree that, in the event any Claim is brought by a governmental agency, this letter shall serve as a complete defense to such Claim.

	You agree not to disclose or use in any manner any information regarding the Company or its businesses, products, operations, technology or plans unless and until such information shall have become generally known to the public or other than as a result of any disclosure or other action by you.  You shall reasonably cooperate with the Company with respect to future developments on any matters in which you were involved during your employment; it being understood that this commitment is not intended to require a substantial amount of your time nor to unreasonably interfere with your future employment activities.

	You agree, that for the period of eighteen (18) months  after the date of this letter, you will not hire, offer employment to, facilitate the hiring of, or otherwise assist in finding employment (whether as an employee, independent contractor or other agency capacity) for any person who is as of the date of this letter an employee of the Company or any of its affiliates.  This restriction shall include, without limitation, a prohibition against you providing to a third party organization the name of, or other information with respect to, any employee of the Company or any affiliate in connection with a potential employment opening.

You and the Company agree not to take any action to disparage or otherwise bring into question the business reputation, abilities or capabilities of the other, including your agreement to forebear in such activities with or in connection with customers of the Company and the Company's agreement to present your cessation of employment as a decision made by you for personal reasons.

	The Company will pay for certain outplacement services which have been arranged with Drake Beam Morin, to assist you in obtaining further employment.  The scope and timing of these services shall be in accordance with the arrangement between the Company and Drake Beam Morin, and no further services or changes to the scope of the services so arranged by the company will be reimbursed by the Company.   The contact name is Mary Gorman and her telephone number is 201-599-8203.  The Company shall not be responsible for any of your personal expenses associated with obtaining outplacement.

	This letter contains the entire agreement between you and the Company with respect to the subject matter hereof and supersedes all prior arrangements or understandings, written or oral.  You acknowledge that the Alpharma Group has made no warranties, promises or representations of any kind upon which you have relied in executing this letter except as specifically set forth herein.

	You acknowledge that you have read this letter carefully and understand all of its terms.  You understand that you have the right to obtain, and you acknowledge that you have obtained legal counsel prior to signing this letter and that you have been provided with reasonable time to obtain and consider such counsel.  You also understand that this letter shall not be effective or enforceable an no payments shall be due hereunder until both (a) you sign and return the enclosed copy of this letter to George Rose, Executive Vice President -  Human Resources & Communications, in the Fort Lee office, and (b) 7 business days after the date you return a signed copy of this letter has expired without you or your counsel giving written notice that you are revoking your acceptance of this letter.  This letter is open for acceptance by you until the close of business on Friday, August 1, 2003.

Very truly yours,

Alpharma, Inc.

By:

/s/ Ingrid Wiik

Ingrid Wiik

President & CEO

The undersigned agrees to all of the terms and conditions of this letter, including without limitation, the Release contained herein.

/s/ Mark Stier

Mark Stier

7-14-03

DateEXHIBIT 10.1
                             ------------

                AMENDMENT TO AGREEMENT DATED FEBRUARY 19, 1998

July 29, 2003

Mr. John P. Galvani
18 Oakwood Court
Framingham, MA  01701

Dear John:

     Reference is made to your change in control agreement with the undersigned
Bank dated February 19, 1998 (the "Agreement").

     In order in induce you to remain in the employ of the Bank and to continue
to perform your duties as an officer of the Bank in a manner which is, in your
judgment, in the best interest of the Bank, the Bank hereby agrees to increase
the severance benefits provided in the Agreement from an amount equal to your
annual base compensation for 12 months to 1.5 times such amount by amending the
first section of sentence 2(a) to read in its entirety as follows:

     "(a) If, within twenty-four (24) months after a Change in Control shall
     have occurred, your employment by the Bank shall be terminated by Bank
     other than for (i) Cause, (ii) Death, (iii) Disability or (iv) Retirement,
     or you shall terminate your employment by Resignation for Good Reason, then
     the Bank shall pay you within five days after the date of termination an
     amount equal to 1.5 times your annual base compensation paid to you by the
     Bank and includible in your taxable income for the 12 months preceding the
     Change in Control. In addition, the Bank shall provide the same health
     insurance coverage for you and your family, at the same cost, for eighteen
     (18) months after the termination of your employment that the Bank, or its
     successor, provides for its senior officers...."

     All of the terms and provisions of the Agreement shall continue in full
force and effect.

     Kindly indicate your concurrence of the foregoing by signing the enclosed
copy of this letter.

                                     COMMUNITY NATIONAL BANK

                                     /s/ I. George Gould
                                     -----------------------
                                     I. George Gould
                                     Chairman, Personnel Committee

                                    /s/ Dennis Murphy
                                    ------------------------
                                    Dennis Murphy, Personnel
                                    Committee and Chairman of the
                                    Board of Directors

                                    /s/ David W. Webster
                                    ------------------------
                                    Personnel Committee

AGREED AND ACCEPTED

/s/ John Galvani
-------------------
John Galvani

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}]]