Document:

exhibit10aq.htm

    Exhibit 10(aq)

    
RETIREMENT
      BENEFIT AGREEMENT

    
      

      

      This
        Retirement Benefit Agreement (the “Agreement”) is made this 4th day of
        February, 2008, by and between Invacare Corporation, an Ohio corporation
        (the
“Company” or “Invacare”) and A. Malachi Mixon III (the
“Executive”).

      

           WITNESSETH

      

      WHEREAS,
        Executive has served
        since 1979 as the Chief Executive Officer of the Company and has devoted
        many
        years of valuable service to the Company;

      

      WHEREAS,
        on March 6, 2000, the
        Compensation, Management Development and Corporate Governance Committee
        (formerly, and hereafter in this Agreement, referred to as the “Compensation
        Committee”) of the Board of Directors of the Company received and reviewed a
        report from The Giles Organization, an independent compensation consultant,
        which described a retirement package for the Executive, as well as a proposed
        benefit equalization plan to compensate the Executive for his non-participation
        in certain then-existing plans maintained by the Company for the benefit
        of
        certain senior executives;

      

      WHEREAS,
        in reliance on such
        report and subject to the satisfaction of the conditions described below,
        the
        Compensation Committee approved certain retirement benefits and a benefit
        equalization plan for Executive (the “Plan”); and

      

      WHEREAS,
        certain of the
        provisions of the Plan have been completed and, in order to clarify the intent
        of the parties and avoid possible uncertainties, the Company and Executive
        desire to memorialize the remaining provisions of the Plan in this
        Agreement;

      

      NOW
        THEREFORE, for good and
        valuable consideration, the receipt of which is mutually acknowledged by
        Executive and the Company, the parties agree as follows:

      

      

      1.           
        Executive Spending
        Account.

      

                 (a)              In
        the event of Executive’s death prior to the termination of his full-time
        employment with the Company for any reason including, without limitation,
        his
        voluntary retirement (any such termination other than by death being hereafter
        referred to as the “Retirement”), the Company shall not be required to provide
        any spending account pursuant to this paragraph 1.

      

      (b)           
        Upon Retirement, the Executive will be provided with a $1 million spending
        account from which he will be entitled to be reimbursed for expenses incurred
        by
        him, during the five calendar years following the date of Retirement, for:
        (i)
        office and clerical support; (ii) financial and estate planning; and (iii)
        such
        other reasonable out

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      of-pocket
        expenses that Executive may incur in connection with providing consulting
        services requested by the Company pursuant to paragraph 5 below.  In
        no event shall the aggregate amount reimbursed to Executive pursuant to this
        paragraph 1(b) exceed $200,000 in any single calendar year (the “Annual Spending
        Account”).  Reimbursement under this paragraph 1(b) shall
        occur  on the last day of each calendar quarter during which Executive
        has submitted reasonable documentation for such expenses.

      

                  (c)            Upon
        the end of each calendar year during which an Annual Spending Account is
        available under Section 1(b), any amount remaining in the Annual Spending
        Account for such year shall be promptly paid to Executive. In the event of
        Executive’s death at any time during the five calendar years following
        Retirement, the amount remaining in the Annual Spending Account for the year
        of
        Executive’s death plus the amounts
        of
        any Annual Spending Accounts for the balance of the five years remaining
        on the
        Company’s commitment shall be paid to such beneficiary or beneficiaries as
        Executive may designate pursuant to paragraph 13 below.

      

      2.           
        Reimbursement
        of Other
        Expenses.  In addition to any amounts payable pursuant to
        paragraph 1 above, during the five-year period following Retirement (or,
        in the
        case of subparagraphs (b) and (c) below, following Retirement or Executive’s
        death), Executive shall be entitled to reimbursement for the following
        expenses:

      

      (a)           
        The cost of private or first-class airfare for Executive up to a maximum
        of
        $30,000 per year during each of the five calendar years following the
        Executive’s Retirement;

      

      (b)           
        Home security costs not to exceed $2000 per year for each of the five years;
        and

      

      (c)           
        The annual premium cost for medical insurance (substantially similar to that
        maintained by the Company on behalf of Executive immediately prior to his
        Retirement or death) covering Executive and his spouse for each of the five
        years.

      

      Reimbursement
        of the above expenses shall be made on the last day of each calendar quarter
        during which Executive has submitted reasonable documentation for such
        expenses.  In addition, during such five-year period, Executive shall
        continue to be eligible to participate, at the Company’s cost, in such personal
        umbrella insurance coverage and medical check-up benefit plans as may be
        maintained, from time to time, by the Company for its senior
        executives.  The benefits provided under subparagraphs 2(b) and 2(c)
        above shall be payable for five years commencing on the earlier of Retirement
        or
        Executive’s death and shall continue for the five-year period whether or not
        Executive survives for the entire period.  The benefits provided by
        paragraph 2(a) above and participation in the Company’s personal umbrella
        insurance coverage and medical check-up benefit plan shall not be payable
        if
        Executive dies prior to Retirement and, if otherwise payable, shall terminate
        in
        any event on the earlier to occur of Executive’s death or the expiration of five
        years after Retirement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      3.           
        Term; Change of
        Control.  The term of this Agreement shall begin on the date
        stated above and shall terminate at the end of the fifth calendar year following
        the Executive’s Retirement; provided, however, that this Agreement shall
        immediately terminate if, prior to Retirement:  (a) a Change of
        Control of the Company as defined in the Change of Control Agreement between
        Executive and the Company dated as of April 1, 2000, as the same may
        be amended
        or restated from time to time (“Change of Control Agreement”) occurs; and (b)
        Executive’s employment by the Company terminates at a time and under
        circumstances in which Executive becomes entitled to receive all
        of  the benefits provided by the Change of Control
        Agreement.

      

      

      4.           
        Completed Portions
        of
        Plan.  The parties acknowledge and agree that (i) the “Company
        Contribution Offset” to the Company’s SERP plan (including any successor SERP
        plan) has been waived by the Company as contemplated by the action of the
        Compensation Committee on March 6, 2000, (ii) all other portions of the Plan
        contemplated by such Committee action (other than those described in paragraphs
        1 and 2 above) have been completed, (iii) all applicable conditions have
        been
        satisfied and (iv) all vesting periods have run.

      

      5.           
        Consulting
        Services.  During the five-year period commencing on the date
        of Retirement, Executive and the Company may enter into a consulting arrangement
        on terms mutually acceptable to each.  Executive agrees to negotiate
        in good faith the terms of any such arrangement.

      

      6.           
        Successor to
        Invacare.  The Company shall not consolidate with or merge into
        or with any other corporation, or transfer all or substantially all of its
        assets to another corporation, unless such other corporation shall assume
        this
        Agreement in a signed writing and deliver a copy thereof to
        Executive.  Upon such assumption, the successor corporation shall
        become obligated to perform the obligations of the Company under this Agreement
        and the term “Company” as used in his Agreement shall be deemed to refer to such
        successor corporation.

      

      7.           
        Notices.  Notices
        and all other communications provided for in this Agreement shall be in writing
        and shall be deemed to have been duly given when delivered in person or by
        confirmed facsimile transmission (Chairman of the Board of the Company in
        the
        case of notices to the Company and to Executive in the case of notices to
        the
        Executive) or mailed by United States registered mail, return receipt requested,
        postage prepared, addressed as follows (or to such other address as may be
        specified in accordance herewith):

      

      If
        to Company:

      

      Invacare
        Corporation

      One
        Invacare Way

      P.O.
        Box 4028

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Elyria,
        Ohio  44036

      Attention:  Senior
        Vice
        President—Human Resources

      

      If
        to Executive:

      

      A.
        Malachi Mixon, III

      [omitted]

       

      

      8.           
        Post-Mortem Payments;
        Designation of Beneficiary.  In the event that, following the
        date of Retirement, the Executive is entitled to receive any payments pursuant
        to this Agreement and Executive dies, such payments shall be made to the
        Executive’s beneficiary designated hereunder.  At any time after the
        execution of this Agreement, the Executive may prepare, executive, and file
        with
        the Secretary of the Company a copy of the Designation of Beneficiary form
        attached to this Agreement as Exhibit A.  Executive shall thereafter
        be free to amend, alter or change such form; provided, however,
        that any such amendment, alteration or change shall be made by filing a new
        Designation o Beneficiary form with the Secretary of the Company.  In
        the event Executive fails to designate a beneficiary, following the death
        of
        Executive all payments of the amounts specified by this Agreement which would
        have been paid to the Executive’s designated beneficiary pursuant to this
        Agreement shall instead be paid to Executive’s spouse, if any, if she survives
        Executive or, if there is no spouse or she does not survive Executive, to
        Executive’s estate.

      

      9.           
        Governing
        Law.  All questions concerning the construction, validity and
        interpretation of this Agreement and the exhibits hereto will be governed
        by and
        construed in accordance with the internal laws of the State of Ohio, without
        giving effect to any choice of law or conflict of law provision or rule (whether
        of the State of Ohio or any other jurisdiction) that would cause the application
        of the laws of any jurisdiction other than the State of Ohio.

      

      

      IN
        WITNESS WHEREOF, the parties hereto
        have executed this Agreement as of the date first above written.

      

      

      

      /s/
        A. Malachi Mixon
        III                                                                                               
INVACARE CORPORATION

      A.
        Malachi Mixon III

      

      

      APPROVED:                                                                                     
        By /s/ Joseph
        Usaj

                     Senior
        Vice
        President--

      /s/ James
        C.
        Boland                                                                                    Human
        Resources

      Chairman,
        Compensation, Management

      Development
        and Corporate Governance

      Committee 

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      Exhibit
        A

      to
        Retirement Benefit
        Agreement

      

      DESIGNATION
        OF BENEFICIARY

      

      

      To:           
        Invacare Corporation

      Attn:  Secretary

      

      

      I,
        the undersigned, A. Malachi Mixon,
        III, am a party to a certain Retirement Benefit Agreement with Invacare
        Corporation, an Ohio corporation, dated as of February 4, 2008 (the
“Agreement”).  Pursuant to the agreement, I have the right to
        designate a person or persons to receive, in the event of my death, any amounts
        that might become payable to me under the Agreement.  I hereby
        exercise this right and direct that, upon my death, any amounts payable to
        me
        under the Agreement shall be distributed in the proportions set forth below
        to
        the following person(s) if he, she or they survive me, namely:

      

      

      
        	
                Beneficiary

              	
                Relationship

              	
                Percent
                  Share

              
	
                 Barbara
                  Mixon

              	
                 Wife

              	
                 100%

              
	 	 	 
	 	 	 
	 	 	 
	 	 	 

      

      

      

      If
        none of the above-designated person
        (s) survives me, any amounts payable under the Agreement shall be distributed
        to
        A. Malachi Mixon IV (50%) and Elizabeth Ewig (50%).

      

      Any
        and all previous designations of
        beneficiary made by me are hereby revoked, and I hereby reserve the right
        to
        revoke this designation of beneficiary.

       

      
        
          	 	 	 
	 	 	 	 
	
                  Date
                    February 4, 2008 

                	
                   

                	/s/ A.
                  Malachi Mixon, III	 
	 	 	A.
                  Malachi Mixon, IIIExhibit 10(g)

	 
	 
	
Supplement effective February 15, 2008 as it applies to grant of special SERP credits

	

Supplemental Benefits

	
1.  Pursuant to Section 5.03 of the FPL Group, Inc. Supplemental Executive Retirement Plan (the "Plan"), which provides for the approval of this Supplement to the Plan, additional credits may be added to the Supplemental Matching Contribution Account for certain Participants from time to time.  The amount and effective date for the additional credits shall be shown on this Supplement to the Plan.

	

2.   Schedule of Supplemental Benefits:

	
Executive Officer Participant
	
Amount of Supplemental Matching Contribution Account Credit
	
Number of Shares to Credit as of 02/15/2008

	
	
	
	
	
	
	

	
Hay, III, Lewis
	
$
	
170,000
	
	
	
2,508
	

	
Robo, James
	
$
	
90,000
	
	
	
1,327
	

	
Olivera, Armando
	
$
	
200,000
	
	
	
2,950
	

	
Davidson, F. Mitchell
	
$
	
30,000
	
	
	
442
	

	
Escoto, Robert
	
$
	
60,000
	
	
	
885
	

	
McGrath, Robert
	
$
	
65,000
	
	
	
958
	

	
Rodriguez, Antonio
	
$
	
175,000
	
	
	
2,581
	

	
Stall, J. Arthur
	
$
	
90,000
	
	
	
1,327
	

	
Tancer, Edward
	
$
	
55,000
	
	
	
811
	

	
Cutler, Paul
	
$
	
30,000
	
	
	
442
	

	
Davis, K. Michael
	
$
	
75,000
	
	
	
1,106
	

	
[Other non-executive officers also received this credit]
	
	
	
	
	
	

	
3.  This Supplement shall be deemed incorporated by reference into the Plan.  In the event of any discrepancy between this Supplement and the provisions of the Plan, the provisions of this Supplement shall govern.

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