SEC Contract Filing

Filing Date: 2015-06-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>separationagreement.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<a name="s3A4BDD02C0EF242CED20E3FD2D50B7DF"></a><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.1</font></div></div><br><div style="line-height:120%;padding-bottom:16px;text-align:center;padding-left:5px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Separation Agreement and General Release</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:5px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">This Separation Agreement and General Release (&#8220;Separation Agreement&#8221; or &#8220;Agreement&#8221;) is made and entered into by and between Craig Nomura (&#8220;Nomura&#8221;) and Levi Strauss &amp; Co., and its affiliated entities, including parent, subsidiary, and sister corporations (collectively &#8220;LS&amp;Co.&#8221; or &#8220;the Company&#8221;) together referred to as the &#8220;the parties.&#8221; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:5px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In consideration of the covenants and promises contained in this Agreement and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows: </font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">1.</font><font style="font-family:Arial;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Separation Date</font><font style="font-family:Arial;font-size:10pt;">. Nomura&#8217;s employment with LS&amp;Co. will terminate on June 12, 2015 (the &#8220;Separation Date&#8221;).</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#32;&#32;</font><font style="font-family:Arial;font-size:10pt;">Nomura agrees that he will (i) take all appropriate action to resign from any position in which he is an officer of LS&amp;Co. and (ii)&#160;execute any paperwork or comply with any procedures reasonably necessary to effectuate this termination.</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#32;&#32;&#32;</font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2.</font><font style="font-family:Arial;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Separation Benefits. </font><font style="font-family:Arial;font-size:10pt;">If Nomura signs this</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:10pt;">Agreement within the 21 day period defined in Section 11 and does not revoke the Agreement, he will receive the following benefits, which are in addition to anything he is otherwise entitled to or has been paid by LS&amp;Co., including but not limited to, any accrued and unused vacation pay and the full signing bonus he was paid:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">A.</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#32;Separation Payments. </font><font style="font-family:Arial;font-size:10pt;">LS&amp;Co.</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">&#32;</font><font style="font-family:Arial;font-size:10pt;">will pay to Nomura a lump sum separation payment in the amount of $986,000 equal to twelve (12) month&#8217;s pay, taking into account Nomura&#8217;s target bonus amount under the Annual Incentive plan for the current fiscal year. This payment is subject to applicable taxes and withholding. Payment shall commence as soon as practicable after the seven (7) day revocation period for the Agreement (described in Section 11 below) has passed</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">B.</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Incentive Plan Payment and Eligibility. </font><font style="font-family:Arial;font-size:10pt;">In accordance with the terms of the 2006 Equity Incentive Plan (the &#8220;EIP&#8221;), Nomura shall retain any rights to exercise his vested Stock Appreciation Rights granted under the EIP through September 10, 2015, the expiration date.&#160; His pr