SEC Contract Filing

Filing Date: 2020-02-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>3
<FILENAME>ex107separationagreeme.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
 <!-- Document created using Wdesk 1 -->
 <!-- Copyright 2020 Workiva -->
 <title>Exhibit</title>
	</head>
	<body><div style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s6c8c832adefa4625a062d82a4dcc33a9"></a></div><div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Exhibit 10.7</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;">SEPARATION AGREEMENT</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 Separation Agreement (&#8220;Separation Agreement&#8221;), is made by and between Cerner Corporation (together with its subsidiaries and affiliates, &#8220;Cerner&#8221;) and Michael R. Nill (&#8220;you&#8221; or &#8220;your&#8221; and, together with Cerner, the &#8220;parties&#8221;). </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;">RECITALS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, you are currently, and have been since May 15, 2011, the Executive Vice President and Chief Operating Officer of Cerner and have been employed by Cerner since November 18, 1996; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, you entered into a Cerner Associate Employment Agreement with Cerner dated November 18, 1996 (your &#8220;EA&#8221;), as amended by the Cerner Executive Severance Agreement dated September 11, 2017 (your &#8220;Severance Agreement&#8221; and together with your EA, your &#8220;Employment Agreement&#8221;), and a Mutual Arbitration Agreement with Cerner dated December 1, 2015 (your &#8220;Arbitration Agreement&#8221;);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, you are departing from Cerner, and the parties have mutually agreed to the separation benefits described herein;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, your last day of employment for salary, cash awards under the Cerner Corporation 2018 Performance Compensation Plan (&#8220;CPP&#8221;), benefits, regular equity vesting and transition purposes will be January 10, 2020; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, in consideration for the separation payments and acceleration of the vesting of outstanding equity-based compensation awards described herein, and other good and valuable consideration, the receipt and sufficiency of which you and Cerner hereby acknowledge, you agree to the terms contained herein and, as described below, agree to release Cerner and the Cerner Released Parties (as defined in this Separation Agreement) from matters arising out of or related to your employment with Cerner.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, in consideration of the mutual covenants, promises, and obligations set forth herein, the parties agree as follows: </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:120%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SEPARATION BENEFITS.</font><font style="font-family:inherit;font-size:12pt;">&#32;Subject to your acceptance and timely return of this Separation Agreement to Cerner, without revocation, Cerner agrees to the following: </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:12pt;">A.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Your last day of employment for salary, CPP, benefits, reimbursement of expenses, regular equity vesting and transition purposes will be January 10, 2020, and Cerner will continue to pay your salary through January 10, 2020, on Cerner&#8217;s regular paydays. As of January 10, 2020, you shall cease to be covered by Cerner&#8217;s insider trading policy and shall cease to be covered by Cerner&#8217;s stock ownership guidelines and you shall be free to trade any shares of Cerner stock that you own, subject to your compliance with ins