SEC Contract Filing

Filing Date: 2018-11-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.24
<SEQUENCE>5
<FILENAME>sanm_09292018xexhibit1024x.htm
<DESCRIPTION>EXHIBIT 10.24
<TEXT>
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<div><a name="sA65126F893B83269912F373116666BCF"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXHIBIT 10.24</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SEPARATION AND RELEASE AGREEMENT</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;This Separation and Release Agreement ("Agreement") is made by and between Sanmina Corporation, for itself and on behalf of all its subsidiaries and affiliates, hereinafter referred to as the &#8220;Company,&#8221; and Robert K. Eulau, hereinafter referred to as &#8220;Employee&#8221; and is dated as of September 14, 2018 (the &#8220;Effective Date&#8221;). </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, Employee has been employed by the Company or a subsidiary of the Company since September 11, 2009; and</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Company and Employee have mutually agreed to voluntarily terminate their employment relationship and to provide for certain payments and releases of claims; </font></div><div style="line-height:120%;padding-top: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 promises made herein, the Company and Employee (collectively referred to as the &#8220;Parties&#8221;) hereby agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-top:16px;text-align:justify;text-indent:48px;"><font style="padding-top:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Termination of Employment and Severance Benefits</font><font style="font-family:inherit;font-size:12pt;">. </font></div><div style="line-height:120%;padding-left:120px;padding-top:16px;text-align:justify;text-indent:48px;"><font style="padding-top:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">(a)</font><font style="font-family:inherit;font-size:12pt;">Employee&#8217;s employment with the Company shall terminate voluntarily at the close of business on October 12, 2018 (the &#8220;Termination Date&#8221;). Payment on October 12, 2018 will include all accrued vacation through the Termination Date.</font></div><div style="line-height:120%;padding-left:120px;padding-top:16px;text-align:justify;text-indent:48px;"><font style="padding-top:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">(b)</font><font style="font-family:inherit;font-size:12pt;">Subject to Section 1(d) below, for the remainder of calendar 2018, on each of the regular pay dates following the Termination Date, the Company shall pay Employee the sum of $36,845.40 biweekly per the Company's standard payroll schedule.&#160; This payment is inclusive of premiums payable by Employee for continued health, dental and vision plan coverage pursuant to COBRA for Employee and dependents for whom Employee had elected coverage prior to the Termination Date, grossed up for tax purposes (the &#8220;COBRA Benefits&#8221;).&#160; The final bi-weekly payment will be paid on December 27, 2018 and will include additional pay and COBRA Benefits covering the period from December 23, 2018 through December 31, 2018.</font></div><div style="line-height:120%;padding-left:120px;padding-top:16px;text-align:justify;text-indent:48px;"><font style="padding-top:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">(c)</font><font style="font-family:inherit;font-size:12pt;">Subject to Section 1(d) below, on each of January 10, 2019 and July 11, 2019, the Company shall pay Employee the sum of $478,990.20, inclusive of COBRA Benefits for a six month period. </font></div><div style="line-height:120%;padding-left:120px;padding-top:16px;text-align:justify;text-indent:48px;"><font style="padding-top:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">(d)</font><font style="font-family:inherit;font-size:12pt;">The payments specified in subsections 1(b) and 1(c) above shall cease following the date on which Employee accepts any offer of full-time or part-time employment or consulting relationship with any company listed on </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:12pt;">&#32;hereto. In this regard, Employee agrees to notify the Company in writing promptly upon his acceptance of any such offer of employment or consulting relationship.</font></div><div style="line-height:120%;padding-left:120px;padding-top:16px;text-align:justify;text-indent:48px;"><font style="padding-top:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">(e)</font><font style="font-family:inherit;font-size:12pt;">The Company shall accelerate th