SEC Contract Filing

Filing Date: 2021-05-04

Document Content:
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>7
<FILENAME>ex101separationagreementan.htm
<DESCRIPTION>EX-10
<TEXT>
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<title>Document</title></head><body><div id="i8ef29f9369994a6db0554492beb0f447_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SEPARATION AGREEMENT AND RELEASE</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This Separation Agreement and Release (&#8220;Agreement&#8221;) is made by and between TohSeng Ng (&#8220;Employee&#8221;) and Fabrinet USA, Inc. (&#8220;FUSA,&#8221; or the &#8220;Company&#8221;), a wholly owned subsidiary of Fabrinet (&#8220;Fabrinet&#8221;).</font></div><div style="text-indent:36pt"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">RECITALS</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">WHEREAS, Employee was employed by the Company&#59;</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">WHEREAS, Employee and the Company previously entered into an offer letter dated February&#160;1,&#160;2020 (the &#8220;Offer Letter&#8221;)&#59; </font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;WHEREAS, Fabrinet previously granted to Employee certain equity awards covering Fabrinet ordinary shares (&#8220;Awards&#8221;) under Fabrinet&#8217;s 2020 Equity Incentive Plan (the &#8220;2020 Plan&#8221;) or 2010&#160;Performance Incentive Plan (the &#8220;2010 Plan&#8221; and, together with the 2020 Plan, the &#8220;Plans&#8221;) and applicable award agreements thereunder (such documents, collectively, the &#8220;Award Documents&#8221;)&#59;</font></div><div style="text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">WHEREAS, Employee&#8217;s employment with the Company terminated effective February&#160;1,&#160;2021 (the &#8220;Termination Date&#8221;)&#59; and</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">WHEREAS, the parties hereto wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the Employee may have against the Company, Fabrinet and any of their respective subsidiaries (collectively, the &#8220;Company Group&#8221;) and any other Releasees (as defined below), including, but not limited to, any and all claims arising out of or in any way related to Employee&#8217;s employment with or separation from the Company.</font></div><div style="text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">NOW, THEREFORE, in consideration of the mutual promises made herein, the Company and Employee hereby agree as follows&#58;</font></div><div style="text-indent:36pt"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">COVENANTS</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:27pt;text-decoration:underline">Consideration</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">. In consideration of Employee&#8217;s execution of this Agreement and Employee&#8217;s fulfillment of all of its terms and conditions, Employee will receive the Severance Benefits, as defined in the Offer Letter. Employee and the Company acknowledge and agree that&#58;</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">a.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%;padding-left:27pt">Cash and COBRA Severance</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">. The aggregate amount of the Cash and COBRA Severance (as defined in the Offer Letter) will be equal to Nine Hundred Thousand Dollars ($900,000), plus an amount equal to the cash bonus Employee otherwise would have received under Fabrinet&#8217;s fiscal year 2021 bonus plan in which Employee participated as of the Termination Date, based on (x)&#160;Employee&#8217;s target bonus opportunity of $865,000 for Fab