SEC Contract Filing

Filing Date: 2015-02-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.38
<SEQUENCE>4
<FILENAME>exhibit1038executivesevera.htm
<DESCRIPTION>EXHIBIT 10.38
<TEXT>
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<a name="s8034B002C72351B77BC47A0F10AAFC68"></a><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><br><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXHIBIT 10.38</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NCR EXECUTIVE SEVERANCE PLAN</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Introduction</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This NCR Executive Severance Plan is established effective as of December 12, 2014. The purpose of the Plan is to provide for the payment of severance benefits to certain eligible employees of NCR Corporation (the &#8220;Company&#8221;) whose employment with the Company is involuntarily terminated by the Company without Cause. With respect to Participants in this Plan, the Plan supersedes any severance benefit plan, policy or practice previously maintained by the Company: (a) unless otherwise expressly stated in writing by the Company (but not, for the avoidance of doubt, the Amended and Restated NCR Corporation Change in Control Severance Plan (including any successor plan, the &#8220;Change in Control Severance Plan&#8221;), and (b) except for any Individual Agreement providing for severance benefits. Subject to Section 4.4 hereof, benefits provided hereunder shall be offset by any benefits provided pursuant to the Change in Control Severance Plan.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Plan is intended to comply with the applicable provisions of the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;), and other applicable laws. It is a welfare benefit plan (as defined in Section 3(1) of ERISA) that is maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees under Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company intends that benefits under the Plan are not subject to Section 409A of the Internal Revenue Code of 1986, as amended, pursuant to the &#8220;short-term deferral rule&#8221; and other exclusions from such coverage.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE I</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">ESTABLISHMENT OF PLAN</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">As of the Effective Date, the Company hereby establishes the Plan. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE II</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">DEFINITIONS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">As used herein, the following words and phrases shall have the following respective meanings:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(a)&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Administrator</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Company&#8217;s Chief Human Resources Officer (of, if there is no individual serving in such position, the Committee).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(b) &#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Base Salary</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">. </font><font style="font-family:inherit;font-size:12pt;">The amount a Participant receives as wages or salary on an annualized basis immediately before the Date of Termination (but excluding all bonus, overtime, health additive and incentive and variable compensation), payable by the Company as consideration for the Participant&#8217;s services.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(c) &#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decorati