Document:

Exhibit
10.67

 

GENERAC POWER SYSTEMS, INC.

P.O. Box 295

Waukesha, Wisconsin 53187

 

October 22,
2007

 

BY HAND
AND U.S. MAIL

 

Mr. William
Treffert

 

Dear
Bill:

 

This
letter confirms our agreement relating to your separation from employment with
Generac Power Systems, Inc. (the “Company”).

 

1.             Defined Terms. Unless
otherwise defined herein, capitalized terms used herein shall have the meanings
assigned to such terms in the Employment Agreement between the Company and you
dated November 10, 2006 (the “Employment Agreement”).

 

2.             Separation. In consideration
of the terms of this separation agreement (this “Agreement”),  your employment
with the Company shall end by mutual agreement effective as of the close of
business, October 22, 2007 (the “Separation
Date”). The Employment Agreement is
hereby terminated in its entirety and shall be of no further force and effect,
except with respect to Section 8 thereof, which shall continue to be in
effect. You hereby resign from any and all positions you hold as an officer or
director of the Company or any of its parents, subsidiaries or affiliates,
and/or any position as a member of any committees of the boards of directors of
the Company or any of its parents, subsidiaries or affiliates, effective as of
the Separation Date. You agree to sign such documents as the Company may, from
time to time, request to effectuate such resignations. Additionally, we would
like you to aid the Company in transitioning your duties through November 16,
2007.

 

3.             Severance. Subject to your
execution and the effectiveness of the release attached hereto as Exhibit A
hereto (the “Release of Claims”) and your continued compliance with each of the Confidentiality,
Non-Competition and Intellectual Agreement dated November 10, 2006 between
you and the Company, and the Confidentiality, Non-Competition and Intellectual
Agreement dated November 10, 2006 between you and GPS CCMP Acquisition
Corp. (“Acquisition
Corp.”)  (collectively,
the “Non-Compete Agreements”),  in addition to
any salary payments and payments for unused vacation time owing for or through
the final payroll period through the Separation Date, you shall receive the
following payments and benefits for the periods indicated, less any payroll
deductions required by law, which shall be in lieu of any other payments or
benefits (including vacation or other paid leave time) to which you otherwise
might be entitled:

 

a.             payment
of an amount equal to 150% of your current bi-weekly base salary (i.e.,
$34,615.38, which is 150% multiplied by $23,076.92),
payable in

 

 

accordance
with the standard payroll practices of the Company, for a period of 18 months
commencing after the Separation Date and not less that eight (8) days
after this Agreement and the Release of Claims are signed and returned to the
Company;

 

b.             at
such time as the Company makes payment of annual bonuses to its senior
executives in respect of the 2007 fiscal year, payment of an amount equal to
any earned Annual Bonus that you would have otherwise been entitled to receive
with respect to the Company’s 2007 fiscal year;

 

c.             the
Company shall maintain Continued Benefits for the continued benefit of
yourself, your spouse and your dependents for a period of 18 months commencing
on the Separation Date (the “Continued Benefits Period”);  and

 

d.             following
the Continued Benefits Period, you shall be entitled to full COBRA rights; provided, however,
if you elect to utilize rights under COBRA after the Separation Date, you shall
be responsible for all premiums in respect thereof, as permitted by law.

 

4.             Ratification of Agreements. You
acknowledge that your obligations set forth in each of the Non-Compete
Agreements shall continue in full force and effect after the Separation Date.
You agree to return to the Company on or prior to the Separation Date all Company
property and documents in your possession, custody or control, including,
without limitation, automobiles, credit cards, computers and telecommunication
equipment, keys, instructional and policy manuals, mailing lists, computer
software, financial and accounting records, reports and files, and any other
physical or personal property which you obtained in the course of your
employment with the Company, and you further agree not to retain copies of any
such Company documents, excluding publicly available documents and documents
relating directly to your own compensation and employee benefits.

 

5.             Repurchase of Certain Equity
Interests. You acknowledge and agree that Acquisition Corp. has and will
continue to have the right to repurchase, pursuant to Section 5.01 of
the Shareholders’ Agreement, dated November 10, 2006, by and among
Acquisition Corp. and the other shareholders of Acquisition Corp. party thereto
(the “Shareholders’ Agreement”),  all of the Class A
Common Stock of Acquisition Corp. held by you, The William and Selma Treffert
Living Trust Dated February 21, 1998 and The William W. Treffert Grantor
Retained Annuity Trust (collectively, the “Trusts”)  and any of your
or the Trusts’ Permitted Transferees (as defined in the Shareholders’
Agreement) for a purchase price equal to $797,929.83.

 

6.             Confidentiality of this
Agreement. You agree to maintain the terms of this Agreement confidential
unless otherwise required by law; provided, however, that you may
disclose the terms of this Agreement to your immediate family members and to
your attorneys, accountants and financial or tax advisors.

 

7.             No Admission. Neither by
offering to make nor by making this Agreement does either party admit any
failure of performance, wrongdoing, or violation of law.

 

2

 

8.             Complete Agreement. This
Agreement, the Release and the Non-Compete Agreements set forth the entire
understanding of the parties with respect to the subject matter hereof and
thereof, and supersede any and all prior agreements, oral or written, relating
to your employment by the Company or the termination thereof. This Agreement
may not be modified except by a writing, signed by you and by a duly authorized
officer of the Company. This Agreement shall be binding upon your heirs and
personal representatives, and the successors and assigns of the Company.

 

9.             Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the
State of Wisconsin without regard to its choice of law rules.

 

10.           Arbitration. Any controversy
or claim arising out of or relating to this Agreement, the making,
interpretation or the breach thereof shall be settled by arbitration in
Milwaukee in accordance with the rules and procedures of the Employment
Dispute Resolution Rules of the American Arbitration Association then in
effect.

 

11.           Full Understanding. You
acknowledge that before entering into this Agreement, you have had the
opportunity to consult with any attorney or other advisor of your choice, and
you are hereby advised to do so if you choose. You further acknowledge that you
have entered into this Agreement of your own free will, and that no promises or
representations have been made to you by any person to induce you to enter into
this Agreement other than the express terms set forth herein. You further
acknowledge that you have read this Agreement and understand all of its terms,
including the Release of Claims.

 

12.           Tax Withholding. The Company
may withhold from any amount payable under this Agreement such federal, state
or local taxes as shall be required to be withheld pursuant to any applicable
law or regulation.

 

If
the foregoing is acceptable to you, please sign the annexed copy of this
Agreement and return it to me. You may take up to twenty-one (21) days from
today to consider, sign and return this Agreement. In addition, you may revoke
the Agreement after signing it, but only by delivering a signed revocation
notice to me within seven (7) days of your signing this Agreement. This
Agreement shall not become effective or enforceable until this seven day
revocation period expires without you having revoked this Agreement.

 

3

 

	
   

  	
   

  	
  Very
  truly yours, 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GENERAC
  POWER SYSTEMS, INC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /S/
  AARON JAGDFELD

  
	
   

  	
   

  	
  By:
  AARON JAGDFELD

  
	
   

  	
   

  	
  Its:
   President and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
  Accepted
  and Agreed as of October 22, 2007:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /S/
  WILLIAM TREFFERT

  	
   

  	
   

  
	
  WILLIAM
  TREFFERT

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted
  and Agreed as to Section 5 hereof

  	
   

  	
   

  
	
  as
  of October 22, 2007:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE
  WILLIAM AND SELMA TREFFERT

  	
   

  	
   

  
	
  LIVING
  TRUST DATED FEBRUARY 21, 1998

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /S/ WILLIAM
  TREFFERT

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Its Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE
  WILLIAM W. TREFFERT

  	
   

  	
   

  
	
  GRANTOR
  RETAINED ANNUITY TRUST

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  [ILLEGIBLE]

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Its Trustee

  	
   

  	
   

  

 

4

 

Exhibit A

 

RELEASE
OF CLAIMS

 

A
release is required as a condition for receiving the benefits described in Section 3
of the Separation Agreement, dated as of October 22, 2007, by and among GENERAC
POWER SYSTEMS, INC. (the “Company”), William
Treffert (“Executive”),  The William and Selma
Treffert Living Trust Dated February 21, 1998 and The William W. Treffert
Grantor Retained Annuity Trust (the “Separation
Agreement”);  thus, by executing this
release (“Release”), you have advised us that you
hold no claims against the Company, its predecessors, successors or assigns,
affiliates, shareholders or members (including, without limitation, GPS CCMP
ACQUISITION CORP. and GENERAC ACQUISITION CORP.) and each of their respective
officers, directors, agents and employees (collectively, the “Releasees”),  and by execution of this
Release you agree to waive and release any such claims, except relating to any
compensation, severance pay and benefits described in.

 

You
understand and agree that this Release will extend to all claims, demands,
liabilities and causes of action of every kind, nature and description
whatsoever, whether known, unknown or suspected to exist, which you ever had or
may now have against the Releasees in your capacity as an employee of the
Company, GPS CCMP Acquisition Corp. and Generac Acquisition Corp., including,
without limitation, any claims, demands, liabilities and causes of action
arising from your employment with the Releasees and the termination of that
employment, including any claims for severance or vacation pay, business
expenses, and/or pursuant to any federal, state, county, or local employment
laws, regulations, executive orders, or other requirements, including, but not
limited to, Title VII of the 1964 Civil Rights Act, the 1866 Civil Rights Act,
the Age Discrimination in Employment Act as amended by the Older Workers
Benefit Protection Act, the Americans with Disabilities Act, the Civil Rights
Act of 1991, the Workers Adjustment and Retraining Notification Act and any
other local, state or federal fair employment laws, and any contract or tort
claims.

 

It
is further understood and agreed that you are waiving any right to initiate an
action in state or federal court by you or on your behalf alleging
discrimination on the basis of race, sex, religion, national origin, age,
disability, marital status, or any other protected status or involving any
contract or tort claims based on your termination from the Company, GPS CCMP Acquisition
Corp. and Generac Acquisition Corp. It is also acknowledged that your
termination is not in any way related to any work-related injury.

 

Based
on executing this Release, it is further understood and agreed that you
covenant not to sue to challenge the enforceability of this Release. It also is
understood and agreed that the remedy at law for breach of the Separation
Agreement and/or this Release shall be inadequate, and the Company shall be
entitled to injunctive relief in respect thereof.

 

Your
ability to receive payments and benefits under the terms of the Separation
Agreement will remain open for a 21-day period after your Termination Date to
give you an opportunity to consider the effect of this Release. At your option,
you may elect to execute this Release on an earlier date. Additionally, you
have seven days after the date you execute this

 

5

 

Release
to revoke it. As a result, this Release will not be effective until eight days
after you execute it. We also want to advise you of your right to consult with
legal counsel prior to executing a copy of this Release.

 

Finally,
this is to expressly acknowledge:

 

·                  You understand that you are
not waiving any claims or rights that may arise after the date you execute this
Release.

 

·                  You understand and agree
that the compensation and benefits described in the Separation Agreement offer
you consideration greater than that to which you would otherwise be entitled.

 

I
hereby state that I have carefully read this Release and that I am signing this
Release knowingly and voluntarily with the full intent of releasing the
Releases from any and all claims, except as set forth herein. Further, if
signed prior to the completion of the 21 day review period,  this is to acknowledge that I knowingly and
voluntarily signed this Release on an earlier date.

 

 

	
  10-28-07

  	
   

  	
  /S/ WILLIAM TREFFERT

  
	
  Date October 22, 2007

  	
   

  	
  WILLIAM TREFFERT

  

 

6Exhibit 4.1

 

	
  NUMBER

  	
   

  	
  SEE
  LEGENDS ON REVERSE SIDE

  	
   

  	
  SHARES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  C-

  	
   

  	
   

  	
   

  	
  *                   *

  

 

	
  INCORPORATED
  UNDER THE LAWS

  	
   

  	
  OF THE STATE OF DELAWARE

  

 

TROPICANA ENTERTAINMENT INC.

 

THIS CERTIFIES THAT SPECIMEN is the owner of                                                                                                                    full
paid and non-assessable shares of Common Stock, par value $0.01 per share, of
Tropicana Entertainment Inc.

 

transferable on the books of the Corporation in
person or by duly authorized Attorney upon surrender of this Certificate
properly endorsed.

 

IN WITNESS WHEREOF, the said Corporation has caused this Certificate to be signed by its
duly authorized officers and sealed with the Seal of the Corporation,

 

 

	
  this
                                                                  
  day

  	
   

  	
  of
                                                  ,
  A.D.,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Secretary

  	
   

  	
  President

  

 

 

[COMMON STOCK LEGEND - TROPICANA ENTERTAINMENT INC.]

 

THE
CORPORATION’S CERTIFICATE OF INCORPORATION (THE “CHARTER”) INCLUDES, AMONG
OTHER THINGS, TRANSFER RESTRICTIONS ON, AND OBLIGATIONS WITH RESPECT TO, THE
SECURITIES OF THE CORPORATION. THE CHARTER RESTRICTS TRANSFERS THAT WOULD
RESULT IN A PERSON OWNING 5% OR MORE OF THE SECURITIES, SUBJECT TO CERTAIN
EXCEPTIONS. THE CORPORATION WILL FURNISH WITHOUT CHARGE TO THE HOLDER OF RECORD
OF THIS CERTIFICATE A COPY OF THE CHARTER, CONTAINING THE ABOVE-REFERENCED
TRANSFER RESTRICTIONS AND OBLIGATIONS, UPON WRITTEN REQUEST TO THE CORPORATION
AT ITS PRINCIPAL PLACE OF BUSINESS.

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