Document:

MEMORANDUM

 

Exhibit 10.14

	 	 	 	 	 
		151 Farmington Avenue	
Mary Ann Champlin
	Hartford, CT 06156	
Senior Vice President
	 	
Aetna Human Resources
	 	
Tel: (860) 273-8371
	 	
Fax: (860) 560-8721

January 6, 1997

Mr. Timothy Holt

Dear Tim:

This letter will confirm our understanding regarding your eligibility for
retiree medical benefits upon termination of your employment with Aetna Inc.,
its subsidiaries and affiliates (the “Company”).

If the Company terminates your employment under circumstances which call for
the payment of severance benefits under the Company’s Severance and Salary
Continuation Benefits Plan then in effect or under the terms of your Employment
Agreement dated as of December 19, 1995, you will be eligible to elect into
retiree medical and/or retiree dental on a one time basis. Your one-time
election must be done after age 50 and prior to age 65 and will be in force on
the next January 1 or July 1 for the plan then in effect. No evidence of
insurability will be required. You will be required to pay 100% of the monthly
medical and/or dental premium each month. If you die before electing coverage,
your spouse and eligible dependents may enroll under the same conditions.
Please note that Aetna reserves the right to amend or eliminate retiree health
and/or dental benefits at any time.

You understand that this letter agreement will be governed by, construed and
enforced in accordance with the laws of the State of Connecticut without
reference to principles of conflict of laws, and may not be amended or modified
other than by written agreement executed by the parties hereto or their
respective successors or legal representatives; any litigation or other
proceeding commenced by either party to this letter agreement for the purpose,
in whole or in part, of enforcing the agreement or the parties’ respective
rights or obligations hereunder shall be commenced in the federal or state
courts of Connecticut.

This letter agreement supplements the employment agreement between you and the
Company dated December 19, 1995.

 

 

Page 2
Mr. Timothy Holt
January 6,1997

If the foregoing is acceptable to you, please sign both of the original copies
of this agreement in the space indicated below and return one of the signed
originals to me.

Very truly yours,

Aetna Inc.

	 	 	 	 	 
	By:	 	
/s/ Mary Ann Champlin
	 	Date: 1/20/97
	 	 	

	 	 

Agreed to and Accepted

	 	 	 
	          /s/ Timothy A. Holt

	 	
Date: 1/31/97MEMORANDUM

 

Exhibit 10.15

	 	 	 
		 	
Interoffice Communication
	 	

Elease E. Wright
	 	
Senior Vice President
	 	
Corporate Human Resources, RC3A
	 	
(860) 273-8371
	 	
Fax: (860) 560-8721

	 	 	 
	To	 	
Timothy A. Holt
	 	 	 
	Date	 	
July 20, 2000
	 	 	 
	Subject	 	
Special Severance Arrangements

This memorandum is to outline special severance arrangements for you. The
terms of this memorandum shall supercede and replace that portion of any other
document currently in effect which sets forth any special severance or salary
continuation benefits arrangement for you. Notwithstanding the provisions in
this memorandum, you remain an employee-at-will of Aetna Inc. or one of its
subsidiaries or affiliates (“the Company”) and the Company may terminate your
employment at any time with or without cause or notice.

In the event that a Change in Control (as defined below) occurs prior to March
1, 2002 and that during the two year period following such Change in Control
(i) your employment is involuntarily terminated by the Company for any reason
other than gross misconduct in the performance of your duties, (ii) you
terminate your employment as a result of a reduction made to your base salary
(such termination to be made within 30 days of such reduction) or (iii) you
terminate your employment as a result of the Company’s relocation of your
office 100 miles or more from your then current office (such termination to be
made within 30 days of such relocation), you will be entitled to 104 weeks
continuation of your cash compensation (calculated for these purposes at 180%
of your base salary) in lieu of any severance or salary continuation benefit to
which you may otherwise have been entitled and without any duplication of
benefits upon delivery to the Company of a release of any employment-related
claims in the Company’s customary form. For these purposes, a Change in
Control is described in Attachment A and incorporated herein.

In consideration of the foregoing, you agree that you will be subject to the
Company’s Change in Control Excise Tax Policy for Selected Officers (the
“Policy”). You have received a memorandum describing the Policy and understand
and agree that application of this Policy may cause a reduction in the amount
payable to you hereunder and/or a cancellation or delay in the vesting of
awards you have received or may receive under the Company’s compensation plans
and programs (e.g., stock options, ACEShares, etc.) (collectively, the
“Compensation Plans”). The terms of the Policy are incorporated herein by
reference and shall have the effect of amending any contrary terms of this
agreement, any Compensation Plan and any agreement under any Compensation Plan.

In the event your employment is involuntarily terminated by the Company (i) for
any reason not involving misconduct, and (ii) paragraph 2 above is not
applicable, you will be entitled instead to 52 weeks (or, if greater, the
number of weeks of salary continuation and severance payable under the
Company’s Severance and Salary Continuation Benefits Plan then in effect)
continuation of

 

 

Page 2
Timothy A. Holt
July
20, 2000

your base salary in lieu of any severance or salary
continuation benefit to which you may otherwise be entitled upon delivery to
the Company of a release of any employment-related claims in the Company’s
customary form.

During the period you receive severance payments under either of the
arrangements described above, you will be eligible for the same employee
benefits, if any, as are provided under the severance plan or program in which
you otherwise would have been eligible to participate but for this special
arrangement.

Your letter from the Company dated January 6, 1997 regarding eligibility for
retiree medical benefits upon termination of employment remains in force and
effect, except that the employment agreement between you and the Company dated
December 19, 1995 referenced therein has terminated and is no longer in force
or effect.

Upon the consummation of the Agreement and Plan of Restructuring and Merger
among ING America Insurance Holdings, Inc., Aetna Inc., et. al. dated as of
July 19, 2000, all undertakings by the Company hereunder shall be obligations
of Aetna U.S. Healthcare, Inc. and its subsidiaries and you shall have no right
to bring any claim or action against ING America Insurance Holdings, Inc. or
any of its subsidiaries or affiliates.

\Please signify your receipt and agreement to the foregoing by signing and
returning a copy of this memorandum to me.

	 	 	 	 	 	 	 
	Aetna Inc.	 	Agreed:
	 	 	 	 	 	 	/s/ Timothy A. Holt
	By:	 	/s/ Elease E. Wright	 	

	 	 	

	 	Timothy A. Holt
	 	 	 	 	 	 	 
	 	 	 	 	Date:
	 	8-1-00
	 	 	 	 	 	 	

Att: 1 (Definition of Change in Control)

Enc: 1 (Excise Tax Policy for Selected Officers)LETTER AGREEMENT

 

Exhibit 10.23

	 	 	 
	 	 	
Aetna
	 	 	
151 Farmington Avenue
	 	 	
Hartford, CT 06156
	 	 	 
	 	 	
Elease E. Wright
	 	 	
Senior Vice President
	 	 	
Human Resources, RC3A
	 	 	
(860) 273-8371
	December 12, 2003	 	
Fax: (860) 273-8721

Mr. L. Edward Shaw, Jr.

Dear Ed:

     This is to memorialize and confirm the terms and conditions relating to
your retirement with the Company effective December 31, 2003 (the “Retirement
Date”). For purposes of this Agreement, “Pension Plan” shall mean the Aetna
Inc. Supplemental Pension Benefits Plan. Except as set forth below, any and
all benefits to which you are entitled under the Company’s compensation and
employee benefit plans, agreements and arrangements (including benefit plans
subject to Section 401(a) of the Internal Revenue Code of 1986) shall be
governed by the terms and conditions of such benefit plan, agreement or
arrangement.

     (a)     Retirement Benefits. Your benefit under the Company’s Pension Plan
shall be calculated according to the terms and conditions thereof; provided,
however, that for such purposes your account balance thereunder shall be
increased by $4,250,000, effective as of your Retirement Date. Pension Plan
benefits shall be payable to you as provided thereunder.

     (b)     Stock Options. For purposes of determining the remaining term of all
Aetna, Inc. Stock Options held by you on your Retirement Date, your termination
of employment will be treated as a qualified Retirement on such Date.

     (c)     Release. As a condition to your receipt of the benefits set forth
above, you agree to execute and abide by the Release Agreement attached hereto
as Exhibit A.

     If you agree with the terms and conditions set forth above, please indicate

 

 

your acceptance by signing the attached copy of this letter and the document in
the form of Exhibit A attached hereto, and return such originally executed
documents to the undersigned.

	 	 	 	 	 
	 	 	
Very truly yours,
	 	 	 	 	 
	 	 	
Aetna Inc.
	 	 	 	 	 
	 	 	
By:
	 	    /s/ Elease E. Wright
	 	 	 	 	

	 	 	 	 	Elease E. Wright

Agreed:

	 	 
	    /s/ L. Edward Shaw, Jr.
	
	 
	L. Edward Shaw, Jr.	 

 

 

Exhibit A

RELEASE AGREEMENT

     In consideration of the benefits payable to me pursuant to that certain
letter agreement (the “Letter Agreement”) dated December 8, 2003 by and between
Aetna Inc. (the Company) and me and other valuable consideration, the
undersigned, L. Edward Shaw, Jr., hereby agrees to the following:

     1.     DEFINITION. In this agreement the word “Company” means collectively
Aetna Inc., a Pennsylvania corporation, and any subsidiaries or affiliates
(including any company by which I was or am employed), the employees, agents,
officers, directors and shareholders of all such entities and any person or
entity which may succeed to the rights and liabilities of such entities by
assignment, acquisition, merger or otherwise.

     2.     RELEASE. I hereby release and hold harmless (on behalf of myself and
my family, heirs, executors, successors and assigns) now and forever, the
Company from and waive any claim, known or unknown, that I have presently, may
have or have had in the past, against the Company arising out of, directly or
indirectly, my employment with the Company, the cessation of such employment or
any act, omission, occurrence or other matter related to such employment or
cessation of employment, other than claims I may have to the payment of amounts
due and payable in accordance with the terms of the Letter Agreement.

     3.     EXTENT OF RELEASE. This agreement is valid whether any claim arises
under any federal, state or local statute (including, without limitation, Title
VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age
Discrimination in Employment Act of 1967, the Equal Pay Act, the Americans with
Disabilities Act of 1990, the Employee Retirement Income Security Act of 1974
and all other statutes regulating the terms and conditions of my employment),
regulation or ordinance, under the common law or in equity (including any
claims for wrongful discharge or otherwise), or under any policy, agreement,
understanding or promise, written or oral, formal or informal, between the
Company and myself. Notwithstanding the foregoing, this Agreement shall not be
a release of any rights of indemnification I may have, any rights to directors
and officers liability insurance coverage, any rights to vested benefits or any
rights to vested equity awards.

     4.     CONSIDERATION. The consideration hereby provided to me under the
Letter Agreement is not required under the Company’s standard policies.

     5.     RESTRICTIONS. I have not filed, nor will I initiate or cause to be
initiated on my behalf, any complaint, charge, claim or proceeding against the
Company before any local, state or federal agency, court or other body relating
to my employment or the termination thereof (each individually a “Proceeding”),

 

 

nor will I participate in any Proceeding. I waive any right I may have to
benefit in any manner from any relief (whether monetary or otherwise) arising
out of any Proceeding, including any EEOC proceeding. I understand that by
entering into this agreement, I will be limiting the availability of certain
remedies that I may have against the Company and limiting also my ability to
pursue certain claims against the Company. The foregoing will not be used to
justify interfering with any right I may have to file a charge or participate
in an investigation or proceeding conducted by the EEOC.

     6.     PENALTIES. If I initiate or participate in any legal actions, as
described above (other than a class action in which I opt out when given the
opportunity), the Company shall
have the right, but shall not be obligated, to deem this agreement void
without effect and to require me to repay to the Company any amounts payment of
which was conditioned on the execution of this agreement, and to terminate any
benefit or payments that are otherwise payable under the Letter Agreement.

     7.     RIGHT TO COUNSEL. The Company advises me that I should consult with an
attorney prior to execution of this agreement. I understand that it is in my
best interest to have this document reviewed by an attorney of my own choosing
and at my own expense, and I hereby acknowledge that I have been afforded a
period of at least twenty-one days during which to consider this agreement and
to have this agreement reviewed by my attorney.

     8.     SEVERABILITY CLAUSE. Should any provision or part of this agreement be
found to be invalid or unenforceable, only that particular provision or part so
found and not the entire agreement shall be inoperative.

     9.     EVIDENCE. This document may be used as evidence in any proceeding
relating to my employment or the termination thereof. I waive all objections
as to its form.

     10.     FREE WILL. I am entering into this agreement of my own free will.
The Company has not exerted any undue pressure or influence on me in this
regard. I have had reasonable time to determine whether entering into this
agreement is in my best interest. I understand that if I request additional
time to review the provisions of this agreement, a reasonable extension of time
will be granted.

     11.     REVOCATION. This agreement may be revoked by me within seven days
after the date on which I sign this agreement and I understand that this
agreement is not binding or enforceable until such seven day period has
expired. Any such revocation must be made in a signed letter executed by me
and received by the Company at 151 Farmington Avenue, Hartford, Connecticut,
Attention: Deputy General Counsel, no later than 5 p.m. Eastern Standard Time
on the seventh day after I have executed this agreement. I further understand
that the payments described above will not be paid to me if I revoke this
agreement.

2

 

     12.     NON-ADMISSION. Nothing contained in this agreement shall be deemed or
construed as an admission of wrongdoing or liability on the part of the
Company.

     13.     GOVERNING LAW. This agreement and the Agreement shall be construed in
accordance with the laws of the State of Connecticut, applicable to contracts
made and entirely to be performed therein.

	 	 	 
	
	 	

	L. EDWARD SHAW, JR.	 	
DATE

3

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