Document:

EXHIBIT 10.2

 

UIL HOLDINGS CORPORATION

PERFORMANCE SHARE AGREEMENT

FOR

PERFORMANCE SHARES – 20__ - 20__ CYCLE

THIS AWARD AGREEMENT (the “Award Agreement”), is made as of ________ __, 20__, by and between UIL HOLDINGS CORPORATION, a Connecticut corporation having its principal place of business in New Haven, Connecticut (the “Company” or "UIL"), and <executive name> (the “Executive”).

WHEREAS UIL Holdings Corporation has adopted the UIL Holdings Corporation 20__ - 20__ Long-Term Incentive Program Design (the “UIL LTIP”) and the UIL Holdings Corporation 2008 Stock and Incentive Compensation Plan, as amended and restated May 14, 2013 (the “2008 Stock Plan”);

WHEREAS, pursuant to the terms of the UIL LTIP and the 2008 Stock Plan, the Compensation and Executive Development Committee of the Company’s Board of Directors (the “CEDC”) has granted to the Executive an Award of Performance Shares; and

WHEREAS, the Company and the Executive wish to evidence the terms and conditions governing the Performance Shares in this Award Agreement;

NOW THEREFORE, in consideration of the promises hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

1.            Grant of UIL Performance Shares.  The CEDC hereby makes an award to the Executive of x,xxx Performance Shares, payment of which depends upon the achievement by UIL during the Performance Period, at 100% of ‘target’, of certain UIL Performance Goals more fully described in Section 2 of this Award Agreement and under the terms of the UIL LTIP, with a maximum award of up to x,xxx Performance Shares possible based upon the achievement of the UIL Performance Goals at, or above, the designated maximum levels.  The Performance Shares awarded pursuant to this Section 1 shall be referred to herein as the “UIL Performance Shares.”  The actual number of Performance Shares finally awarded to the Executive, if any, shall be determined by the CEDC in accordance with the terms and conditions of the UIL LTIP, and its determination shall be conclusive and binding.

 

2.            UIL Performance Goals.  The Final Payout, if any, of the UIL Performance Shares shall be determined based on the performance achieved from January 1, 20__ through December 31, 20__ (the “Performance Period”) with respect to the following weighted performance measures as more fully set forth in the UIL LTIP document approved by the CEDC (the “UIL Performance Goals”):

 

	
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In accordance with the UIL LTIP, xx% of the target number of Performance Shares will be earned if the "threshold" level of performance is achieved, xx% of the target number of Performance Shares will be earned if the "target" level of performance is achieved, and xx% of the target number of Performance Shares will be earned if the "maximum" level of performance is achieved, with interpolation if performance falls between threshold and target or between target and maximum.  No Performance Shares will be earned if the level of performance achieved is below “threshold.”  The actual number of UIL Performance Shares finally awarded to the Executive, if any, shall be determined by the CEDC, in accordance with the terms and conditions of the UIL LTIP and the 2008 Stock Plan.

3.            Vesting.  Except as otherwise provided in this Section or Section 4 of this Award Agreement, the Executive must remain continuously employed by the Company (or, as applicable, one of its Affiliates) at all times during the Performance Period to earn any Performance Shares under this Award Agreement.  For purposes of this Agreement, “Affiliate” means any entity that directly or indirectly controls, is controlled by, or is under common control with the Company.

 

3.1.            If the Executive remains continuously employed by UIL (or, as applicable, one of its Affiliates) through December 31, 20__, and no Change in Control has occurred by that date, then the Executive shall fully vest in his Performance Shares, if any, as of the last day of the Performance Period.

 

3.2.            If the Executive’s employment with UIL (and its Affiliates) terminates prior to December 31, 20__ due to his death, Disability or Retirement and no Change in Control has occurred by that date, then solely for purposes of this Award Agreement, the Executive shall be deemed to have been continuously employed by UIL (or, as applicable, one of its Affiliates) throughout the duration of the Performance Period, and, provided that the Executive complies with the confidentiality and non-competition provisions of his Employment Agreement (or any successor provisions thereto), he shall fully vest in his Performance Shares as of the last day of the Performance Period.

 

3.3.            If the Executive’s employment with UIL (and its Affiliates) terminates prior to the end of the Performance Period for any reason other than his death, Disability or Retirement, and no Change In Control has occurred by that date, the Executive shall forfeit the right to receive any Performance Shares under this Award Agreement and the Award Agreement shall be cancelled as of the date of such termination.

 

4.            Change in Control

 

4.1.            Notwithstanding any provision of this Agreement to the contrary, if a Change in Control occurs during the Performance Period, then upon the applicable CIC Vesting Date (as defined in Section 7.3), the Executive shall be deemed to have earned, and will have a vested right to receive, at such time as determined pursuant to Section 5, a number of UIL Performance Shares determined in accordance with this Section 4, provided that he is continuously employed by UIL (or, as applicable, one of its Affiliates) at all times from January 1, 20__ through the applicable CIC Vesting Date.

 

4.1.1.            If, following a Change in Control, and prior to the applicable CIC Vesting Date, the Executive’s employment with UIL (and its Affiliates) terminates due to (a) his death, Disability or Retirement, or (b) an Involuntary Separation from Service without Cause as defined under the Change In Control Severance Plan II, then solely for purposes of this Award Agreement, the Executive shall be deemed to have been continuously employed by UIL (or, as applicable, one of its Affiliates) at all times from January 1, 20__ through the applicable CIC Vesting Date.

 

4.1.2.            If, following a Change in Control, and prior to the applicable CIC Vesting Date, the Executive’s employment with UIL (and its Affiliates) is terminated for any reason other than those specified in 4.1.1 above, the Executive shall forfeit the right to receive any Performance Shares under this Award Agreement and the Award Agreement shall be cancelled as of the date of such termination.

 

4.2.            The number of Performance Shares payable to the Executive following the occurrence of a Change in Control of UIL or UI during the Performance Period, and subject to the continuous employment requirement of Section 4.1, shall be determined by the CEDC as soon as reasonably possible following the applicable CIC Vesting Date, in accordance with this Section 4.2.

 

4.2.1.            Pre-CIC Performance.  The number of Performance Shares payable to the Executive with respect to the period commencing on January 1, 20__ and ending on the date of the Change in Control (the “Pre-CIC Performance Period”) shall be determined as follows:

 

4.2.1.1.            The CEDC shall determine the extent of actual achievement of the UIL Performance Goals for the Pre-CIC Performance Period in accordance with Section 2 of this Agreement.  The actual 

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extent of achievement for the Pre-CIC Performance Period shall be compared to the applicable UIL Performance Goals for the Performance Period (adjusted to the extent necessary to measure performance over only the Pre-CIC Performance Period) and the CEDC shall determine a base number of UIL Performance Shares relative to such comparison in accordance with Section 2.

 

4.2.1.2.            The total number of UIL Performance Shares payable to the Executive for the Pre-CIC Performance Period will equal (a) the base number of UIL Performance Shares determined under Section 4.2.1.1, multiplied by (b) a fraction having a numerator equal to the number of calendar days elapsed from January 1, 20__ through and including the date of the Change in Control, and a denominator equal to 1096.

 

4.2.2.            Post-CIC Performance.  The number of Performance Shares payable to the Executive with respect to the period commencing on the date of the Change in Control and ending on December 31, 20__ shall be determined assuming Performance Goals are achieved ‘at target’ for the Post-CIC Performance Period.  Accordingly, the number of Performance Shares payable to the Executive with respect to such period shall equal the “target” number of performance shares in Section 1 multiplied by a fraction having a numerator equal to the number of calendar days elapsed from the date of the Change in Control of the Company through, and including, December 31, 20__, and a denominator equal to 1096.  The Executive shall be entitled to the number of Performance Shares determined pursuant to this Section 4.2.2 even if the applicable CIC Vesting Date occurs prior to the end of the Performance Period.

 

5.            Payment of Performance Shares; Tax Withholding.

 

5.1.            The CEDC shall determine the extent of achievement of the Performance Goals as of each applicable Entitlement Date, and shall determine the Final Payout of UIL Performance Shares, if any, to be made to the Executive under this Agreement.  Such Final Payout, if any, shall be paid and settled in actual Shares of Company stock (at a rate of one Share for each Performance Share to be paid out), with such Shares to come from the 2008 Stock Plan.  In the case of any non-deferred Performance Shares, such payments will be made as soon as practicable following the CEDC’s determination of the applicable number of Performance Shares earned by the Executive; provided, however, that (a) in the absence of a Change in Control, such payments shall be made no later than the 15th day of the third month following the end of the Performance Period, and (b) with respect to any Performance Shares that vest upon an applicable CIC Vesting Date, such Shares will be paid not later than the 15th day of the third month following the applicable Entitlement Date.

 

5.2.            The settlement of any Performance Shares that become payable upon or after the Executive’s death shall be paid to the Executive’s beneficiary or beneficiaries if any have been designated for the receipt of such Performance Awards (“Beneficiary” or “Beneficiaries,” as applicable), otherwise to the legal representative of the Executive’s estate.

 

5.3.            The Company is authorized to withhold from the settlement made for any Performance Shares earned under this Award Agreement the amount (in cash, Shares, other securities, other Awards, or other property) of all applicable withholding taxes due in respect of the Shares payable in settlement of such Performance Shares, and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes.  The Company will withhold cash amounts payable in settlement of Performance Shares to the extent such cash is available to fully satisfy any mandatory withholding obligations, and will then withhold Shares deliverable in settlement of Performance Shares, except that Executive may elect, at least 90 days before the applicable withholding date, to pay the withholding amount that would be satisfied by withholding of Shares by making other arrangements satisfactory to the Company to meet the mandatory withholding obligations.

 

6.            Incorporation by Reference.  This Award Agreement is subject in all respects to the terms and provisions of the 2008 Stock Plan and the UIL LTIP (the “formal program documents”), all of which terms and provisions are made a part of and incorporated in this Award Agreement as if they were each expressly set forth herein.  The Executive hereby acknowledges receipt of a true copy of the formal program documents, and that he has read these documents carefully and fully understands their content.  In the event of any conflict between the terms of this Award Agreement and the terms of the formal program documents, the formal program documents shall control.

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7.            Definitions.  Any capitalized term not defined in this Award Agreement shall have the same meaning as is ascribed thereto under the Plan.  For purposes of this Award Agreement, the following terms shall have the meanings set forth below:

 

7.1.            “Board” shall mean the Board of Directors of UIL Holdings Corporation.

 

7.2.             “Change in Control” shall have the same meaning ascribed thereto in the UIL Holdings Corporation Change in Control Severance Plan II.

 

7.3.            “CIC Vesting Date” shall mean the earliest of (a) December 31, 20__, (b) the vesting date specified in the purchase agreement memorializing the transaction that will constitute a Change in Control and approved by the Board, or (c) the Executive’s Involuntary Separation from Service without Cause as defined under the Change in Control Severance Plan II within twenty-four (24) months immediately following a Change in Control by the Company.

 

7.4.            “Disability” means a disability that entitles the Executive to a disability pension or allowance under the Company’s disability plan.

 

7.5.            “Employment Agreement” means the Employment Agreement by and between the Executive and UIL Holdings Corporation, as amended from time to time.

 

7.6.            “Entitlement Date” means the earlier of (a) the applicable CIC Vesting Date, or (b) December 31, 20__.

 

7.7.            “Final Payout” means the total number of Performance Shares to be awarded to the Executive, determined based upon the achievement of Performance Goals as described in Section 2 with respect to the Performance Period.

 

7.8.            “Net Income” means cumulative net income of the Company (including discontinued operations) with respect to the Performance Period, determined as the sum of the net income for each fiscal year during the Performance Period, calculated in accordance with US GAAP and as reported in the annual audited financial statements of the Company.

 

7.9.            “Performance Period” shall mean the period commencing on January 1, 20__ and ending on December 31, 20__.

 

7.10.            “Retirement” means a separation of service on or after either (i) having reached age 62 1⁄2 and completing at least 5 years of service, or (ii) having reached age 55 and completing at least 10 years of service, with years of service determined under the rules applicable to the UI KSOP.

 

7.11.            “Shares” mean shares of UIL Holdings Corporation common stock.

 

7.12.            “Total Shareholder Return” means the relative total shareholder return percentile achieved by the Company as compared against an established group of comparable companies selected by the CEDC (the “Pre-Set TSR Goal”) for the Performance Period, as more fully set forth in the UIL LTIP document.

 

8.            No Shareholder or Dividend Rights.  Prior to the date Shares are paid in settlement of any Performance Shares, the Executive will have no right to dividends and will have no voting or other rights on account of the Performance Shares awarded by this Award Agreement.  The Executive's rights to dividend equivalents on deferred Shares, if any, will be as specified under the UIL Holdings Corporation Deferred Compensation Plan.

 

9.            Transferability.  The Performance Shares awarded pursuant to this Award Agreement, and any rights or interests therein may not be sold, exchanged, transferred, assigned or otherwise disposed of in any way at any time by the Executive (or any Beneficiary(ies) of the Executive), other than by designation of Beneficiary(ies) as permitted hereunder or by testamentary disposition by the Executive or the laws of descent and distribution.  The

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Performance Shares shall not be pledged, encumbered or otherwise hypothecated in any way at any time by the Executive (or any Beneficiary(ies) of the Executive) and shall not be subject to execution, attachment or similar legal process.  Any attempt to sell, exchange, pledge, transfer, assign, encumber or otherwise dispose of or hypothecate the Performance Shares, or the levy of any execution, attachment or similar legal process upon the Performance Shares, contrary to the terms of this Award Agreement and/or the Plan shall be null and void and without legal force or effect.

 

10.         Adjustments.  The CEDC shall adjust the number, terms and conditions of the Performance Shares and related Performance Goals in recognition of unusual or nonrecurring events, including stock splits, stock dividends, reorganizations, mergers, consolidations, special and non-recurring dividends, and acquisitions and dispositions of businesses and assets, affecting the Company (“Company Transactions”) and its subsidiaries or other business units, or the financial statements of the Company or any subsidiary.  The number and kind of Performance Shares subject to this Award Agreement and relevant information relating to the determination of the achievement of the Performance Goals shall be adjusted upon the occurrence of a Company Transaction that affects the Shares in order to prevent dilution and enlargement of the rights of the Executive.  The CEDC is further authorized to exercise ‘negative discretion’ in determining the Final Payout hereunder.  Further, the CEDC may make adjustments in response to changes in applicable laws, regulations, accounting principles, tax rates and regulations or business conditions or in view of the CEDC's assessment of the business strategy of the Company.  No adjustment shall be authorized or made if and to the extent that the existence or exercise of such authority (i) would cause the Performance Shares hereunder to fail to qualify as performance-based compensation under Section 162(m) of the Internal Revenue Code and regulations thereunder, or (ii) would cause the CEDC to be deemed to have authority to change the targets, within the meaning of Treasury Regulation 1.162-27(e)(4)(vi), under the Performance Goals relating to an authorized Performance Award under this Agreement.

 

11.         Entire Agreement; Amendment.  This Award Agreement contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter.  This Award Agreement may be amended by a writing signed by both parties hereto.

 

12.         Governing Law.  This Award Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut and applicable federal law.

 

13.        Binding Effect.  The provisions of this Award Agreement are binding upon and inure to the benefit of the Company, its successors and assigns, and the Executive and the Executive’s heirs.

IN WITNESS WHEREOF, the parties have executed this Award Agreement on the dates set forth below.

	 			
UIL HOLDINGS CORPORATION

	 				
	
Date: 

	 		
By

	 
	
 

			
Its President and Chief Executive Officer

	
 

			
 

	
	
Grant of Performance Shares on

	
 

	
	
foregoing terms acknowledged.

	
 

	
	
 

			
 

	
	
Date: 

	 		
 

	 
	
 

			
Executive

 

 

Page 5 of 5Exhibit 10.151

 

AGREEMENT AND GENERAL RELEASE

 

THIS SEPARATION PAY AGREEMENT AND GENERAL RELEASE (the “Agreement”) is entered into between Laura L. Fournier (“Employee”), and Compuware Corporation (the “Company” or “Compuware”) a Michigan corporation, whose principal office is One Campus Martius, Detroit, Michigan 48226.

 

WHEREAS, the Employee’s employment with Company will terminate effective June 16, 2013, and

 

WHEREAS, the Employee agrees as more fully set forth herein that any claims that the Employee may have arising out of the Employee’s employment with the Company are hereby released.

 

NOW, THEREFORE, in consideration of the promises and conditions set forth herein, the sufficiency of which is hereby acknowledged, the Company and the Employee agree as follows:

 

	
1.

	
Employment End Date, Notice Period Pay and Benefits.  The Employee’s duties and responsibilities as an employee of Compuware will terminate on June 16, 2013 (the “Employment End Date”).  Medical, Vision, Dental, and Life Insurance coverage will cease as of 11:59 PM, June 30, 2013.  Short Term Disability, Long Term Disability and all other Company benefits cease as of 11:59 PM on, June 15, 2013. The Company will reimburse Employee for Employee’s payments of premiums for COBRA continuation coverage pursuant to Section 2 below.

	
2.

	
Severance Compensation and Benefits. In return for the Employee’s execution and non-revocation of this Agreement  no later than 30 days following the Employment End Date, the Company agrees to provide the Employee with the following:

Separation Pay. Employee shall continue to receive Employee’s current salary in accordance with the Company’s regular payroll practices for the period commencing on June 16, 2013 and ending on December 15, 2014, less all applicable withholding for income and employment taxes (hereinafter referred to as “Separation Pay”). Employee acknowledges that the Separation Pay is not required by Compuware’s policies or procedures and is in addition to anything of value to which Employee is already entitled.

Benefits.  The Company will reimburse Employee for Employee’s payments of premiums for COBRA continuation coverage as elected by Employee (the “COBRA coverage”) from July 1, 2013 through December 31, 2014 (the “COBRA Reimbursement Period”), provided that Employee timely elects such COBRA coverage through the Company’s COBRA administrator and such COBRA coverage remains in effect during the COBRA Reimbursement Period.  Invoices for the COBRA coverage premiums will be mailed to Employee on a monthly basis.  Within 30 days of receiving verification that Employee has paid the COBRA premiums, the Company will reimburse Employee in the amount of such premiums paid by the Employee during the COBRA Reimbursement Period. Following the COBRA Reimbursement Period, Employee has the right to continue his/her COBRA coverage thereafter at his/her own expense subject to the Federal COBRA laws.  A notice outlining Employee’s COBRA rights will be mailed to Employee’s home.

Bonus Payment.  Employee agrees to accept $273,350, less all applicable withholding for income and employment taxes, as payment in full for her deferred bonus under the Company’s FY12 Executive Incentive Agreement (“EIA”).  Payment for the FY12 EIA bonus shall be made in 2014 at the same time as the other recipients of the EIA are paid, but no later than April 30, 2014 (unless accelerated due to the Change in Control provisions in the Amended and Restated 2007 Long Term Incentive Plan (“LTIP”).

Stock Awards.  Any unvested Compuware stock options, restricted stock units, and performance units granted on or before May 15, 2013 will continue to vest and/or be exercisable as if Employee’s employment had not terminated.  All exercisable stock options must be exercised no later than the expiration date set forth in the applicable agreement. By executing this Agreement, the Company and the Employee intend that the related grant agreements for the stock options, restricted stock units, and performance units are hereby amended in the foregoing respect.   

	
3.

	
Employment Agreement.  The Employee agrees that the surviving terms of her Employment Agreement shall remain in full force and effect.

 

	4.	Release of Claims. In consideration of the Company entering into this Agreement and the promises and benefits provided herein, the Employee hereby fully, forever, irrevocably and unconditionally releases, remises and discharges the Company and its current and former officers, directors, stockholders, corporate affiliates, subsidiaries, predecessors, successors, agents, employees and attorneys (the “Released Parties”) from any and all claims, actions and causes of action, whether now known or unknown, that Employee has or at any other time had, or shall or may have against those Released Parties based upon or arising out of any matter, cause, fact, thing, act or omission whatsoever occurring or existing at any time up to and including the Effective Date of this Agreement, including, but not limited to, any common law or statutory claims relating to Employee’s employment or termination from employment such as claims of wrongful termination in violation of public policy or under any other theory, breach of contract, fraud, negligent misrepresentation, defamation, infliction of emotional distress, or any other tort claim; claims of discrimination or harassment based upon national origin, race, age, sex, disability, sexual orientation or retaliation under the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act, the Americans With Disabilities Act, or any other applicable Federal, State, or local law prohibiting discrimination; claims under the federal Family and Medical Leave Act, the Worker Adjustment and Retraining Notification Act or any other federal, state or local law, rule, regulation or ordinance that is applicable to Employee’s employment with the Company; or claims for vacation, sick or personal leave pay, short term or long term disability benefits, or payment pursuant to any practice, policy, handbook or manual of the Company. Employee acknowledges that she has no lawsuits, claims or actions pending in Employee’s name or behalf against the Released Parties, and also expressly waives any and all remedies that may be available under any statute or the common law, including, without limitation, back pay, front pay, other damages, attorney’s fees, court costs and reinstatement.  Employee’s release of claims does not apply to those actions or proceedings that are not waivable by law, any claims which arise after the Effective Date of this Agreement, or to a charge filed with an administrative agency empowered to investigate those claims; however, subject to applicable law, Employee specifically waives any right to recover money damages or relief of any kind which may result from the filing of a charge with any administrative agency.

	
5.

	
Resignation from Company Offices, Cooperation in Subsequent Litigation and Non-Disparagement. Employee agrees that she will take all reasonably necessary actions to effectuate her resignation no later than an effective date of June 16, 2013, from all corporate positions or offices, including any directorships she may hold with any Company subsidiary.  Employee further agrees that she will assist and cooperate with the Company in connection with the defense or prosecution of any claim that may be made against or by the Company, or in connection with any ongoing or future investigation or dispute or claim of any kind involving the Company, including any proceeding before any arbitral, administrative, judicial, legislative, or other body or agency, including testifying in any proceeding to the extent such claims, investigations, or proceedings relate to services performed or required to be performed by Employee, pertinent knowledge possessed by Employee, or any act or omission by Employee. Employee further agrees to perform all acts and execute and deliver any documents that may be reasonably necessary to carry out the provisions of this paragraph.  Employee further agrees to not make statements or representations in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage or be damaging to the Company, its subsidiaries or affiliates or their respective officers, directors, employees, advisors, businesses or reputations.

	
6.

	
Amendment. This Agreement shall be binding upon the parties and may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the parties hereto.

	
7.

	
Waiver of Rights. No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion.

	
8.

	
Validity. Should any provision of this Agreement be declared or be determined by any court of competent jurisdiction to be illegal or invalid, excluding the general release language, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Agreement. However, if the general release language is found to be invalid, the Employee agrees to execute a valid release of the claims which are the subject of this Agreement.

	
9.

	
Confidentiality. The Employee understands and agrees that as a condition for payment to the Employee of the items in Section 2, the terms and contents of this Agreement and the contents of the negotiations and discussions resulting in this Agreement, shall be maintained as confidential by the Employee and the Employee’s spouse, advisors and attorneys and shall not be disclosed except to the extent required by federal or state law or as otherwise agreed to in writing by the Company.

	
10.

	
Acknowledgments and Revocation. The Employee affirms that no other promises or agreements of any kind have been made to or with the Employee by any person or entity to cause the Employee to sign this Agreement and that she understands the terms herein. The Employee acknowledges that the Employee has been given at least twenty-one (21) days to consider this Agreement, and that the Company has advised the Employee to consult with an attorney of her own choosing prior to signing this Agreement. Employee acknowledges that if Employee signs this Agreement before the running of the twenty-one (21) day waiting period, Employee has done so with full knowledge and understanding that Employee was entitled to the full twenty-one (21) days within which to consider this Agreement and that any decision on Employee’s part not to utilize the full twenty-one (21) day waiting period is done of Employee’s own volition and not at the urging of the Company. The Employee further understands that Employee may revoke this Agreement for a period of seven (7) days after the Employee signs it. Any revocation within this period must be submitted in writing to the Human Resources department, Compuware Corporation, One Campus Martius, Detroit, Michigan 48226. This Agreement shall not be effective or enforceable until the expiration of the revocation period ( the “Effective Date”).

	
11.

	
Applicable Law. This Agreement shall be interpreted and construed in accordance with the laws of the State of Michigan, without regard to conflict of laws provisions, and Employee consents to jurisdiction of the courts of the State of Michigan for the resolution of any matter arising under this Agreement.

	
12.

	
Entire Agreement. This Agreement contains and constitutes the entire understanding and agreement between the parties hereto with respect to Employee’s termination of employment with the Company, separation pay and the settlement of claims against the Company and cancels all previous oral and written negotiations, agreements, commitments and writings in connection therewith except the surviving terms of the Employment Agreement referenced in Paragraph 3.

 

	
13.

	
Code Section 409A and Other Tax Considerations.  As a highly compensated individual (as defined by Section 105(h) the Internal Revenue Code), any COBRA continuation coverage premiums paid or reimbursed by the Company will be considered taxable income.  It is intended that payments and benefits provided under this Agreement shall be in compliance with or exempt from Internal Revenue Code Section 409A and the regulations and guidance thereunder (“Code Section 409A”), and the terms of this Agreement are to be interpreted and construed accordingly.  The parties agree to negotiate in good faith and jointly execute an amendment to this Agreement if necessary to comply with Code Section 409A.  In no event shall the Company be responsible for any tax or penalty owed by the Employee, the Employee’s spouse or beneficiary with regard to any payments or benefits provided under this Agreement.  Each payment under this Agreement shall be treated as a separate payment for purposes of Code Section 409A, and the terms “separation from service”, “termination of employment”, “employment termination”, and phrases of like kind are intended to mean “separation from service” as defined by Code Section 409A.  In no event may the Employee, directly or indirectly, designate the calendar year of any payment to be made under this Agreement.  Notwithstanding any provision in this Agreement to the contrary, if Employee is determined to constitute a Code Section 409A “Specified Employee” at the time of separation from service, all or part of any payment hereunder that is not then exempt from Code Section 409A shall be held (if then required under Code Section 409A), and paid in an aggregated lump sum on the first day of the seventh month following Employee’s separation from service, or the date of Employee’s death, if earlier.  Any remaining payments shall be paid on their regularly scheduled payment dates.  In signing this Agreement, Employee acknowledges that the Company has the right to withhold from Employee’s compensation or require Employee to remit sufficient funds to satisfy applicable withholding for income and employment tax requirements related to the compensation provided hereunder.

Any obligation of the Company to make any of the payments under Section 2 of this Agreement is conditioned on the Company timely receiving the Employee’s signed and unaltered Agreement and the revocation period has lapsed.  The executed Agreement should be sent to:  Matthew Sarafian, Vice President, Human Resources, Compuware Corporation, One Campus Martius, Detroit, Michigan, 48226.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

I HAVE READ THIS AGREEMENT AND GENERAL RELEASE AND I UNDERSTAND AND AGREE TO ALL OF ITS TERMS. I ENTER INTO AND SIGN THIS AGREEMENT AND GENERAL RELEASE KNOWINGLY AND VOLUNTARILY, WITH FULL KNOWLEDGE OF WHAT IT MEANS.

		
/s/ Laura L. Fournier

	
6/14/13

	
		
Laura L. Fournier

	
Date

	
		
 

	
 

	
		
/s/ Daniel S. Follis

	
6/14/13

	
		
Company Representative

	
Date

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