SEC Contract Filing

Filing Date: 2015-07-07

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>a15-15280_1ex10d2.htm
<DESCRIPTION>EX-10.2
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Exhibit 10.2</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SEVERANCE AGREEMENT</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">This Severance Agreement (&#147;<b><i style="font-weight:bold;">Agreement</i></b>&#148;) is made effective as of July&nbsp;7, 2015 (&#147;<b><i style="font-weight:bold;">Effective Date</i></b>&#148;), by and between AeroVironment,&nbsp;Inc., a Delaware corporation (the &#147;<b><i style="font-weight:bold;">Company</i></b>&#148;), and Raymond D. Cook (&#147;<b><i style="font-weight:bold;">Employee</i></b>&#148;).&#160; As used in this Agreement, the &#147;<b><i style="font-weight:bold;">Company</i></b>&#148; shall mean the Company as defined above and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law or otherwise.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The parties agree as follows:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:11.0pt;">Severance</font></u><font size="2" style="font-size:11.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:70.55pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If Employee has a separation from service (a &#147;<b><i style="font-weight:bold;">Separation from Service</i></b>&#148;) within the meaning of Section&nbsp;409A of the Internal Revenue Code of 1986, as amended (the &#147;<b><i style="font-weight:bold;">Code</i></b>&#148;), as a result of Employee&#146;s discharge by the Company without Cause (as defined below in Section&nbsp;1(e)) within twelve (12) months following the Effective Date, Employee shall be entitled to receive, in lieu of any severance benefits to which Employee may otherwise be entitled under any severance plan or program of the Company, the benefits provided below, which will be payable in a lump sum within ten (10)&nbsp;days following the effective date of Employee&#146;s Release (as defined below in Section&nbsp;1(c)):</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall pay to Employee his fully earned but unpaid base salary, when due, through the date of Employee&#146;s Separation from Service at the rate then in effect, plus all other benefits, if any, under any Company group retirement plan, nonqualified deferred compensation plan, equity award plan or agreement, health benefits plan or other Company group benefit plan to which Employee may be entitled pursuant to the terms of such plans or agreements at the time of Employee&#146;s Separation from Service (the &#147;<b><i style="font-weight:bold;">Accrued Obligations</i></b>&#148;); and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to Section&nbsp;1(c)&nbsp;and Employee&#146;s continued compliance with Section&nbsp;3, Employee shall be entitled to receive severance pay in an amount equal to twelve (12) months&#146; of Employee&#146;s base salary, as in effect immediately prior to the date of Employee&#146;s Separation from Service, payable in a lump sum within ten (10)&nbsp;days following the effective date of Employee&#146;s Release (as defined below in Section&nbsp;1(c)); provided, however, that, in the event that the timing of the delivery of Employee&#146;s Release could cause such amounts to be payable in one or another taxable year, then such amounts shall not be payable until the first business day of the taxable year following Employee&#146;s Separation from Service.</font></p>
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