SEC Contract Filing

Filing Date: 2016-08-01

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>a16-15609_1ex10d1.htm
<DESCRIPTION>EX-10.1
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.1</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDED AND RESTATED<br> EXECUTIVE SEVERANCE AGREEMENT</font></b></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Amended and Restated Executive Severance Agreement (&#147;Agreement&#148;) is entered into, effective as of August&nbsp;1, 2016, by and between Jorgen B. Hansen (&#147;Executive&#148;) and Cantel Medical Corp. (&#147;Company&#148;).</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Background</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company considers the establishment and maintenance of a sound and vital management to be essential to protecting and enhancing the best interests of the Company and its shareholders.&#160; The Company believes that, to attract and retain experienced and valuable key executive employees, it is important and prudent to provide such executives with fair compensation should their employment be terminated under certain circumstances, including but not limited to change in control situations.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company wishes to encourage the Executive to devote his full time and attention to the performance of his management responsibilities and to assist the Board and other management employees in evaluating business options and pursuing the best interests of the Company&#146;s shareholders without being influenced by the uncertainty of his own employment situation.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In furtherance of the foregoing, the Company and the Executive previously entered into an Executive Severance Agreement which, among other things, sets forth the compensation and benefits arrangements payable in connection with a termination of employment of the Executive.&nbsp;&nbsp; The Board has determined that it continues to be in the best interests of the Company and its stockholders that this Agreement and the Executive Severance Agreements of other executives of the Company be maintained in order to ensure that the Company will have the continued dedication of the executives throughout their tenure.&nbsp;&nbsp; The Company and the Executive desire to amend and restate the Agreement as more fully set forth herein.</p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration of the premises, the Executive&#146;s employment by the Company on an at-will basis, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Executive and the Company agree as follows:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Agreement</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Defined Terms.&#160; </b>Throughout this Agreement, when the first letter of a word (or the first letter of each word in a phrase) is capitalized, the word or phrase shall have the meaning specified in Appendix A (beginning on page&nbsp;15).</p>
<p style="margin:0in 0in .0001pt;"><fo