Document:

Exhibit 10.37

Exhibit 10.37

EMPLOYMENT AGREEMENT
Second Amendment
SECOND AMENDMENT, dated as of November 9, 2012 (“Second Amendment”) to the EMPLOYMENT AGREEMENT, dated as of June 4, 2008, and previously amended as of January 1, 2010, between Advance Auto Parts, Inc. (“Advance” or the “Company”), a Delaware corporation, and Michael A. Norona (the “Executive”) (the “Agreement”).
The Company and the Executive agree as follows:
3.     1.    Amendment of Section 4(h) of the Agreement.  Effective December 31, 2012, Section 4(h) of the Agreement is hereby amended by amending the language thereof to read in its entirety as follows:
“(h)    Compliance With Code Section 409A.  Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and operated so that the payment of the benefits set forth herein either shall either be exempt from the requirements of Section 409A of the Code or shall comply with the requirements of such provision; provided however that in no event shall the Company be liable to the Executive for or with respect to any taxes, penalties or interest which may be imposed upon the Executive pursuant to Section 409A.  To the extent that any amount payable pursuant to Subsections 4(b), (d)(i), (d)(iii) or (f) constitutes a “deferral of compensation” subject to Section 409A (a “409A Payment”), then, if on the date of the Executive's “separation from service,” as such term is defined in Treas. Reg. Section 1.409A-1(h)(1), from the Company (his “Separation from Service”), the Executive is a “specified employee,” as such term is defined in Treas. Reg. Section 1.409-1(i), as determined from time to time by the Company, then such 409A Payment shall not be made to the Executive earlier than the earlier of (i) six (6) months after the Executive's Separation from Service; or (ii) the date of his death.  The 409A Payments under this Agreement that would otherwise be made during such period shall be aggregated and paid in one lump sum, without interest, on the first business day following the end of the six (6) month period or following the date of the Executive's death, whichever is earlier, and the balance of the 409A Payments, if any, shall be paid in accordance with the applicable payment schedule provided in this Section 4.  To the extent any 409A Payment is conditioned on the Executive (or his legal representative) executing a release of claims, which 409A Payment would be made in a later taxable year of the Executive than the taxable year in which his Separation from Service occurs if such release were executed and delivered and became irrevocable at the last possible date allowed under this Agreement, such 409A Payment will be paid no earlier than such later taxable year.  In applying Section 409A to compensation paid pursuant to this Agreement, any right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.  The Executive hereby acknowledges that he has been advised to seek and has sought the advice of a tax advisor with respect to the tax consequences to the Executive of all payments pursuant to this Agreement, including any adverse tax consequences or penalty taxes under Code Section 409A and applicable State tax law.  Executive hereby agrees to bear the entire risk of any such adverse federal and State tax consequences and penalty taxes in the event any payment pursuant to this Agreement is deemed to be subject to Code Section 409A, and that no representations have been made to the Executive relating to the tax treatment of any payment pursuant to this Agreement 

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under Code Section 409A and the corresponding provisions of any applicable State income tax laws.”
2.     Full Force and Effect.   Except for those terms and provisions amended herein, all other terms and conditions in the Agreement shall remain unchanged and in full force and effect. 

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Company and Executive have executed this Second Amendment to the Agreement as of the date first written above.
	
	
	Advance Auto Parts, Inc.

	By: 

	

Print Name: Sarah E. Powell

Title: Senior Vice President, General Counsel and Corporate Secretary

Address: 5008 Airport Road
                Roanoke, VA  24012

_____________________________________

	
	
	Executive

	

Print Name: Michael A. Norona 

Signature:   

Address: 

3Alsborg-SNXEmploymentAmd111-08-12fnl

Exhibit 10.1
November 8, 2012

	
				
	Thomas Alsborg
	 
	 
	*** Personal & Confidential ***

	
	
	 

	
	
	 

Dear Thomas:
We are pleased to offer you the following employment contract in the position of Executive Vice President and Chief Financial Officer covering the period from December 1, 2012 through May 31, 2013 (the “Transition Date”).  During this period, you will be entitled to annual base salary of $375,810, plus the equivalent of an annualized bonus of $500,000, payable bi-weekly, only through May 31, 2013 together with your base salary.  This will result in bi-weekly payments of approximately $33,685.00, subject to applicable withholding. Upon appointment of a new CFO, your role will transition to a consulting role through May 31, 2013 with continued employment status including ongoing employee benefits.  
In addition, provided you remain in continuous employment through the Transition Date, you will be entitled to receive the following benefits: 
(1) a stay bonus of $375,000, payable in a lump sum subject to applicable withholding within 30 days of the Transition Date, and 
(2) continued vesting and extension of the exercise period of your outstanding equity awards through January 31, 2014. 
The benefits described in this letter agreement are subject to your compliance with the restrictive covenants set forth in Exhibit A hereto (the provisions of which are incorporated herein by reference) and the terms of your Proprietary Information and Inventions Agreement with SYNNEX Corporation.
This letter covers the terms of your continued employment with us during this period and supersedes any prior representations or agreements, whether written or oral, with respect thereto, including your offer letter dated March 21, 2007 (but not your Proprietary Information and Inventions Agreement, which remains in full force and effect).  
To accept the foregoing terms, please sign and return this letter to me by November 8, 2012.  
Sincerely,

/s/ Kevin M Murai
Kevin M. Murai
President and Chief Executive Officer

I agree to and accept the terms of this letter agreement, including Exhibit A hereto.

	
			
	/s/ Thomas Alsborg
	 
	11/8/2012

	Signature
	 
	Date

EXHIBIT A
RESTRICTIVE COVENANTS
(a)    Covenant Not To Engage in Competitive Activities.  
		
	(a)
	General. While you are employed by the Corporation and continuing through May 31, 2013, you shall not, directly or indirectly, engage in any activities which shall be competitive with the business of the Corporation or any of its subsidiaries (“Competitive Business”) nor be employed by, serve as a director of, render services as a consultant or adviser to, nor invest or participate in any manner or capacity in, any entity or person which directly or indirectly engages in a Competitive Business.

		
	(b)
	Exception.  Subsection (a) above shall not preclude investments in a corporation whose stock is traded on a public market and of which you own less than one percent of the outstanding voting shares.  

		
	(c)
	Reasonableness of Covenant.  You agree that the covenants contained in Subsection (a) above are reasonable and necessary to protect the confidentiality of the customer lists, the terms, conditions and nature of customer relationships, and other trade secrets and confidential information concerning the Corporation and its subsidiaries, acquired by you and to avoid actual or apparent conflicts of interest.

		
	(b)
	Relief.  Without limiting any remedies available to the Corporation, you acknowledge and agree that a breach of the covenants contained in paragraph (a) will result in injury to the Corporation and its subsidiaries for which there is no adequate remedy at law and that it will not be possible to measure damages for such injuries precisely.  Therefore, you agree that, in the event of such a breach or threat thereof, the Corporation shall be entitled to seek a temporary restraining order and a preliminary and permanent injunction, without bond or other security, restraining you from engaging in activities prohibited by paragraph (a) or such other relief as may be required specifically to enforce any of the covenants in paragraph (a).  

		
	(c)
	Definitions.  For purposes of these covenants, the following terms shall have the following meanings:

Confidential Information means any information concerning the business or affairs of the Corporation or any of its subsidiaries which is not generally known to the public and includes, but is not limited to, any file, document, book, account, list (including without limitation customer lists), process, patent, specification, drawing, design, computer program or file, computer disk, method of operation, recommendation, report, plan, survey, data, manual, strategy, financial data, client information or data (including the terms and conditions of any business relationships between clients and the Corporation or its subsidiaries), or contract which comes to your knowledge in the course of your employment or which is generated by you in the course of performing your obligations whether alone or with others.
Solicit means any action on your part which directly or indirectly involves your contacting any person for the purpose of inducing such person to become an employee of any company other than the Corporation or any of its subsidiaries.ex10-2.htm

Exhibit 10.2

As of August 13, 2012

 

Dr. Nicholas D. Trbovich (Nicholas D. Trbovich, Sr.)

28 Tanglewood Drive, West

Orchard Park, NY 14127

 

Dear Dr. Nicholas D. Trbovich (Nicholas D. Trbovich, Sr.):

 

You and Servotronics, Inc. (the “Company”) are parties to an Employment Agreement, dated July 1, 2005 and ratified on June 30, 2006 pursuant to which you are employed by the Company. This letter confirms such Amended Employment Agreement and subsequent ratification and subsequent Amendments dated August 4, 2006, July 6, 2007, July 9, 2008, December 31, 2008, July 2, 2009, February 22, 2010, July 22, 2010, April 3, 2011, August 12, 2011, and January 27 , 2012 any and all other relevant amendments (the “Amended Agreement”).

 

This letter will also confirm your agreement and that of the Company (pursuant to a resolution of the Board of Directors passed at a meeting held on August 13, 2012) to amend Paragraph 3 of the Amended Agreement to delete “$545,170.00” and insert in its place “$556,070.00” (effective May 1, 2012) subject to your acceptance which will be indicated by your signature below.

 

If the foregoing meets with your approval and you are willing to become bound hereby, please sign and return to the undersigned the enclosed copy of this letter.

 

Very truly yours,

 

SERVOTRONICS, INC.

 

 

 

Bernadine E. Kucinski,

Assistant Corporate Secretary

 

 

ACCEPTED AND AGREED

 

 

Dr. Nicholas D. Trbovich                                                                As of August 13, 2012

Dr. Nicholas D. Trbovich                                                                                     Date

(Nicholas D. Trbovich, Sr.)

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