SEC Contract Filing

Filing Date: 2023-02-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.M
<SEQUENCE>7
<FILENAME>ex10maep20224q.htm
<DESCRIPTION>EX-10.M
<TEXT>
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<title>Document</title></head><body><div id="i183b2204663c4dea9e02105a0f872b4e_38"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:54pt;padding-right:54pt;text-align:center"><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">SEVERANCE, RELEASE OF ALL CLAIMS, AND NONCOMPETITION AGREEMENT</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.</font><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:27pt">This </font><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Severance, Release of All Claims and Noncompetition Agreement </font><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(&#34;Agreement&#34;) is entered into by and between </font><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Lisa M. Barton</font><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, hereinafter referred to, together with her heirs, executors, administrators, successors, assigns and personal representatives, as &#34;Employee&#34;, and </font><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">American Electric Power Service Corporation</font><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, hereinafter referred to, together with all its past, present and future affiliated, parent and&#47;or subsidiary organizations and divisions, and all past, present and future officers, directors, members, employees and agents of each, in both their individual and representative capacities, as the &#34;Company.&#34;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2.</font><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%;padding-left:27pt;text-decoration:underline">Severance Allowance</font><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">. Provided the Employee timely executes, returns, and does not revoke this Agreement and continues to provide services to the Company up to and including November 1, 2022 (the &#8220;Termination Date&#8221;), the Company shall provide the following consideration&#58;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-right:5.5pt;text-align:justify;text-indent:36pt"><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)&#160;&#160;&#160;&#160;Employee (or Employee&#8217;s estate) a salary and bonus severance in the amount of $1,520,700 (the &#8220;Severance Amount&#8221;). The Company shall pay the Severance Amount to Employee according to the following payment schedule&#58;</font></div><div style="padding-left:36pt;padding-right:5.5pt;text-align:justify;text-indent:36pt"><font><br></font></div><div style="padding-left:72pt;padding-right:5.5pt;text-align:justify;text-indent:-36pt"><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(i)&#160;&#160;&#160;&#160;As of the first regular payroll date of the Company that coincides with or immediately follows the date that is six months after the Termination Date, a payment equal to 50% of the Severance Amount&#59; and</font></div><div style="padding-left:36pt;padding-right:5.5pt;text-align:justify;text-indent:36pt"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(ii)&#160;&#160;&#160;&#160;The balance of such Severance Amount shall be paid in 13 equal bi-weekly installments as of such number of subsequent regular payroll dates of the Company.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Payment under this Section 2 shall be made by direct deposit, mailing to the last address provided by Employee to the Company or such other reasonable method as determined by the Company. Each payment shall be su</font><font style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">bject to such deductions as required by law including, if applicable, repayment of the pay advance made to Employee on or about April 12, 2001, that is not deducted from other amounts paid or payable to Employee.</font></div><div style="text-align:justify"><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:100%">(b)&#160;&#160;&#160;&#160;Partial vesting shall apply to Employe