SEC Contract Filing

Filing Date: 2019-05-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>q12019ex101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="s139EDD2F9392138F46E77DD4EAC3122F"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exhibit 10.1</font></div></div><div><br></div><div style="line-height:135%;padding-top:30px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SEPARATION AGREEMENT</font></div><div style="line-height:139%;padding-top:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">THIS SEPERATION AGREEMENT </font><font style="font-family:inherit;font-size:11pt;">(this &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:11pt;">&#8221;)</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">is made as of this 1st day of April, 2017, (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Effective Date</font><font style="font-family:inherit;font-size:11pt;">&#8221;) by and between NN, Inc., a Delaware Corporation with its principal place of business in Johnson City, Tennessee (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:11pt;">&#8221;), and D. Gail Nixon (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Executive</font><font style="font-family:inherit;font-size:11pt;">&#8221;).</font></div><div style="line-height:137%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">WITNESSETH:</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:11pt;">, the Company will employ the Executive for the success of the Company and recognizes that the Executive will perform key functions for the Company; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:11pt;">, the Company has determined that it is in the best interests of the Company to institute a formalized separation arrangement with the Executive in the event of a separation of employment; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:11pt;">, the Executive desires to enter into this Agreement with the Company;</font></div><div style="line-height:138%;padding-top:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">NOW, THEREFORE</font><font style="font-family:inherit;font-size:11pt;">, in consideration of the foregoing and of the promises, covenants and mutual agreements set forth below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:</font></div><div style="line-height:138%;padding-top:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="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:137%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;padding-left:38.666666666666664px;"><div style="line-height:137%;text-align:justify;font-size:11pt;text-indent:-38.666666666666664px;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Compensation and Benefits in the Event of Separation from Service</font><font style="font-family:inherit;font-size:11pt;">. In the event of the Executive&#8217;s Separation from Service, compensation and benefits shall be paid as set forth below.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="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:116%;font-size:11pt;padding-left:0px;"><font style="font-family:inherit;font-size:11pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:116%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Qualifying Termination Prior To A Change In Control.</font><font style="font-family:inherit;font-size:11pt;">&#32;If the Executive has a Qualifying Termination after the Effective Date and prior to a Change in Control, then upon such Qualifying Termination the Executive shall be entitled to receive the following:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:16px;font-family:Times New Roman; font-size:10pt;