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Unassociated Document

AMENDMENT

TO

EMPLOYMENT AGREEMENT

This Amendment to Employment Agreement (the “Amendment”) is made and entered into as of June 6, 2011, by and between Measurement Specialties, Inc., a New Jersey corporation (the “Company”) and Steve Smith (the “Employee”).

WHEREAS, the parties desire to amend the Employment Agreement dated December 7, 2005 (the “Employment Agreement”), to modify the severance provisions.

NOW, THEREFORE, the Company and the Employee, each intending to be legally bound hereby, do mutually covenant and agree as follows:

1.           Section 7.5 of the Employment Agreement is amended and restated to read as follows:

7.5           In the event that the Company terminates this Agreement other than pursuant to Clause 7.3 or 7.4:

(a)           Employee shall be entitled to receive from the Company the following sums, each payable within the time frame set forth herein:

(i) in a lump sum the amount of Employee’s salary accrued through the date of termination and unpaid, together with the amount of any accrued but unpaid annual bonus earned in the prior completed fiscal year (disregarding any requirement that Employee be employed on the date of payment of the bonus), to be paid within twenty (20) business days after the date of termination, and in a lump sum a pro-rata portion of the accrued annual bonus for the fiscal year of termination, the amount of which will be the amount determined by the Board of Directors of the Company based on actual performance, multiplied by a fraction, the numerator of which is the number of days during the fiscal year of Employee’s termination before the date of termination, and the denominator of which is three hundred sixty-five (365), to be paid as soon as practicable after determination of the annual bonus consistent with the Company’s normal bonus determination practices but not later than the 15th day of the third month following the end of the Company’s fiscal year to which the bonus relates,

(ii) subject to paragraph (b) below, an additional amount equal to 100% of Employee’s annual Base Salary as in effect at the date of termination, to be paid in equal installments over the course of one year following the date of termination in accordance with the Company’s payroll practices then in effect, beginning within 30 days after the date of termination,

(iii) the amount of any outstanding business expenses that were incurred by Employee prior to the date of termination but not reimbursed as of such date, to be paid in a lump sum within twenty (20) business days after the date of termination,

 

  

  

  

(iv) a lump sum payment for accrued but unused vacation to be paid within twenty (20) business days after the date of termination, and

(v) an allowance for repatriation and relocation of up to a maximum of US$10,000.

Thereafter, except as specifically excluded from the Release (as hereinafter defined), the Company’s obligations hereunder shall terminate.

 

(b)    The payments and benefits provided for in paragraph (a) above are contingent on (x) the receipt by the Company of a release (the “Release”) executed by the Employee in the form provided by the Company  (which is to be executed and delivered by the Employee following Employee’s termination), and (y) the lapse of the seven day revocation period set forth in the Release without receipt by the Company of a notice of revocation. The Employee acknowledges that to the extent the Company does not receive a Release executed by Employee on or within twenty-one (21) days after Employee’s termination or if the Release is revoked by the Employee during the seven day revocation period, the Employee shall not be entitled to the payments and benefits provided for in paragraph (a) above. The Employee acknowledges and agrees that, to the extent he delivers the Release and accepts the payments and benefits provided for in paragraph (a) above, the payments and benefits provided for in paragraph (a) above are the sole and exclusive remedies of the Employee against the Company and its affiliates if the employment of the Employee is terminated pursuant to this Clause 7.5;  provided, however, that the Employee shall retain all of the claims excluded in the Release.  To the extent necessary to comply with Section 409A of the Code, if the period during which the Employee has discretion to execute or revoke the Release straddles two taxable years of the Employee, then the Company shall make the severance payments starting in the second of such taxable years, regardless of which taxable year the Employee actually delivers the executed Release to the Company.

(c)           Notwithstanding any other provision of this Agreement, if the Employee is a “specified employee,” within the meaning of Section 409A of the Code to the extent necessary to comply with Section 409A of the Code, no payments or benefits (which are not otherwise exempt) may be paid or provided hereunder before the date which is six months after the Employee’s separation from service or, if earlier, his death. The amounts that would have otherwise been required to be paid, and the benefits that would have otherwise have been provided during such six months or, if earlier until Employee’s death, shall be paid to the Employee in one lump sum cash payment as soon as administratively practicable after the date which is six months after the Employee’s separation from service or, if earlier, after the Executive’s death. Any other payments scheduled to be made or benefits scheduled to be provided after such period shall be made and provided at the times otherwise designated in this Agreement disregarding the delay of payment for the payments and benefits described in this paragraph.

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

MEASUREMENT SPECIALTIES, INC.

/s/ Steve Smith

By:  Steve SmithHTML

      
         
            
               

SEVERANCE AGREEMENT AND RELEASE OF ALL CLAIMS

               This Severance Agreement and Release of All Claims is entered into
                  between Copart, Inc., including its officers, directors, employees,
                  managers, agents, and representatives, and subsidiaries ("the
                  Company") and David Bauer ("Employee"). The purpose of this Agreement
                  is to arrange a severance of Employee's employment with the Company
                  on a basis that is satisfactory both to the Company and to the
                  Employee.
               

               1.   The parties acknowledge that Employee's employment with the
                  Company terminated or will terminate effective March 9, 2011. The
                  Company wishes to provide certain separation benefits to Employee to
                  aid in his transition to other employment in return for his agreement
                  to this release.
               

               2.   Both Employee and the Company are entering into this Agreement
                  as a way of concluding the employment relationship between them and
                  of settling voluntarily any dispute or potential dispute that
                  Employee has or might have with the Company as of the date this
                  Agreement is signed.
               

               3.   a.   In return for Employee agreeing to the terms of this
                  Agreement, the Company agrees to accelerate the vesting of Employee's
                  unvested stock options. The accelerated vesting shall occur as of
                  March 9, 2011, and shall be subject to a condition subsequent that
                  Employee executes this Agreement and the Employee does not revoke the
                  Agreement during the revocation period set forth in Section 8(h)
                  below. In addition, Employee shall not have the right to exercise any
                  accelerated options unless and until this Agreement has been executed
                  by Employee and Employee does not revoke the Agreement during the
                  revocation period set forth in Section 8(h) below. Exercised options
                  will be subject to all applicable payroll and tax withholdings. In
                  addition, Employee will be paid his final wages, vacation pay and
                  holiday pay, on his final date of employment.
               

                    b.   The Company will not contest any unemployment insurance
                  claim that Employee may file.
               

                    c.   The Chief Executive Officer of the Company will provide to
                  prospective employers with a positive reference.
               

               4.   In return, Employee, for himself and his spouse or partner,
                  heirs, executors, representative and assigns, forever releases the
                  Company from any and all claims, actions, and causes of action which
                  Employee has or might have concerning his employment with the Company
                  or the termination of employment, up to the date of the signing of
                  this Agreement. All such claims are forever barred by this Agreement
                  and without regard as to whether those claims are based upon any
                  alleged breach of contract or covenant of good faith and fair
                  dealing; any alleged employment discrimination or other unlawful
                  discriminatory acts, including claims under Title VII of the Civil
                  Rights Act of 1964, the Americans with Disabilities Act, the Age
                  Discrimination in Employment Act, the Fair Employment and Housing
                  Act, and/or the California Labor Code; any alleged tortious act
                  resulting in physical injury, emotional distress, or damage to
                  reputation or other damages; or any other claim or cause of action as
                  of the date of the signing of this Agreement.
               

               5.   The parties acknowledge that California Civil Code section 1542
                  provides as follows:
               

               A general release does not extend to claims which the creditor does
                  not know or suspect to exist in his or her favor at the time of
                  executing the release, which if known by him or her must have
                  materially affected his or her settlement with the debtor.
               

               Being fully informed of this provision of the Civil Code, Employee
                  waives any rights under that section, and acknowledges that this
                  Agreement extends to all claims he has or might have against the
                  Company, whether known or unknown.
               

               6.   This Agreement does not prohibit Employee from filing a charge
                  or complaint, including a challenge to the validity of this
                  Agreement, with the Equal Employment Opportunity Commission (EEOC) or
                  any comparable federal, state or local agency, or participating in
                  any investigation or proceeding conducted by the EEOC or such other
                  agency. However, mployee agrees to waive his rights to recover
                  individual relief in any such charge or complaint filed by Employee
                  or anyone on his behalf. Employee understands that this Agreement
                  does not apply to vested rights under the Company's ERISA-covered
                  employee benefit plans, as applicable on the date Employee signs this
                  Agreement. This Agreement does not prohibit Employee from filing or
                  pursuing a claim for workers' compensation or unemployment insurance,
                  or any other claim that cannot be legally waived under federal or
                  state law.
               

               7.   Employee agrees that the payment and benefits in Paragraph 3
                  shall constitute the entire amount of consideration provided to him
                  under this Agreement and that he will not seek any further
                  compensation for any other claimed damages, costs or attorneys fees
                  in connection with the matters encompassed by this Agreement.
               

               8.   Employee understands that:

                      a.   He has had twenty-one days in which to consider signing
                  this Agreement;
               

                      b.   He has carefully read and fully understands all of the
                  terms of the Agreement;
               

                      c.   He is, through this Agreement, releasing the Company from
                  any and all claims he may have against it;
               

                      d.   He knowingly and voluntarily agrees to all of the terms
                  set forth in this Agreement;
               

                      e.   He knowingly and voluntarily intends to be legally bound
                  by this Agreement;
               

            

         

         			

         			

         			

      

      
         
            
                      f.   He was advised and hereby is advised in writing to
                  consult with an attorney of his choice prior to signing this
                  Agreement;
               

                      g.   He understands that rights or claims under the Age
                  Discrimination in Employment Act of 1967 that may arise after the
                  date this Agreement is signed are not waived; and
               

                      h.   He has a full seven days following the signing of this
                  Agreement to revoke it and he has been and hereby is advised in
                  writing that this Agreement will not become effective or enforceable
                  until that seven day revocation period has expired and Employee has
                  not revoked the Agreement. Any notice of revocation must be provided
                  in writing to General Counsel, Copart, Inc. 4665 Business Center
                  Drive, Fairfield, CA 94534, fax number (707) 639-5099 at or before
                  midnight of the seventh day.
               

               9.   This Agreement is in full satisfaction of disputed claims and by
                  entering into this Agreement, the Company is in no way admitting
                  liability of any sort. This Agreement, therefore, does not constitute
                  an admission of liability of any kind.
               

               10.   Employee agrees that he will keep the fact, terms and amount of
                  this Agreement completely confidential and that he will not disclose
                  any information concerning this Agreement to anyone. However,
                  Employee may make such disclosures as are required by law and as are
                  necessary for legitimate law enforcement or compliance purposes.
                  Employee may also disclose to his spouse or partner, and to his tax
                  preparer and/or attorney. Employee agrees to notify such persons of
                  this confidentiality provision.
               

               11.   Employee acknowledges that he has had access to confidential,
                  proprietary and/or trade secret information relating to the Company's
                  business. Such information may include, but is not limited to,
                  business strategies, financial reports, computer programs and
                  software, client information, business plans and operations, and
                  other information and records which are owned by the Company and are
                  regularly used in the operation of its business. Employee shall not
                  disclose any confidential, proprietary or trade secret information of
                  the Company, directly or indirectly, or use any of it in any way.
                  Employee will not remove any files, records, documents, or other
                  items relating to Company business from its premises, and will
                  promptly return all Company property in his
                   custody, possession or control.
               

               12.   Should any provision of this Agreement be determined by any
                  court to be wholly or partially illegal, invalid or unenforceable,
                  the legality, validity and enforceability of the remaining provisions
                  shall not be affected, and said illegal, unenforceable or invalid
                  provisions shall be deemed not to be a part of this Agreement.
               

               13.   The parties agree that this document contains their complete
                  and final agreement and that there are no representations,
                  statements, or agreements which have not been included within this
                  document.
               

               14.   The parties acknowledge that in signing this Agreement, they do
                  not rely upon and have not relied upon any representation or
                  statement made by any of the parties or their agents with respect to
                  the subject matter, basis or effect of this Agreement, other than
                  those specifically stated in this written Agreement.
               

               15.   This agreement shall be binding upon the parties to this
                  Agreement and upon their heirs, administrators, representatives and
                  executors. Employee expressly agrees that he has not transferred to
                  any person or entity any rights, causes of action or claims released
                  in this Agreement.
               

               EMPLOYEE

               
                  	 	 	 	 	 	 

                        	 	Date: _3/9/11_____________
                           	 	 	/s/ David Bauer                     	 
	 	 	 	 	     David Bauer	 

               
               COMPANY

               
                  	 	 	 	 	 	 

                        	 	Date: _3/9/11_____________
                           	 	 	By: __/s/ Thomas E. Wylie___
                           	 
	 	 	 	 	          Thomas E. Wylie	 
	 	 	 	 	          Sr. Vice President	 
	 	 	 	 	          Human Resources

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