Retirement from Service Agreement
Exhibit 10(b)(9)
Retirement from Service Agreement
I, Xxxx Xxxxxx am requesting to voluntarily retire from Gentex Corporation effective December 31,
2012. I also understand that after December 31, 2011 my monthly pay will be reduced to $1,000
until December 31, 2012 when my employment will end.
I agree to abide by the confidentiality and non-compete details in the attached Employment
Agreement, signed by me, on December 2, 2002.
I agree that Gentex Corporation has fulfilled its obligation to me in terms of all past payment of
wages, and any other earned benefit that is due to me (vacation pay earned, etc.). I understand
that I will not accrue additional vacation time after December 31, 2011. I understand that my
medical health insurance and benefits will end on December 31, 2011.
I understand that my stock option vesting will end at the end of my retirement date of December 31,
2012 and all previously vested stock options will expire 90 days after my December 31, 2012
retirement date. I understand that I must adhere to all Gentex blackout periods.
I understand that I will receive a prorated amount of my 5,760 restricted stock grant (issued on
December 24, 2008) equaling 4,630 shares. These shares will vest on December 31, 2012, subject to
my fulfillment of my responsibilities under this agreement. I understand that I must adhere to all
Gentex blackout periods. Additionally, I have the ability to purchase my restricted options which
will be taxed as income.
I acknowledge that I have returned, or have arranged to return, all company property that I was
entrusted with, or agree to pay for lost or unsalvageable company property. I also will complete
an expense report for all outstanding receipts.
I understand that my corporate fleet vehicle will be mine to use up until December 31, 2011, at
which time it must be delivered to the Gentex Corporate headquarters office in Zeeland MI. I agree
to complete and submit the personal use mileage form by January 31, 2012, for personal mileage.
Except as prohibited by law, for the consideration stated above, I release Gentex, along with its
shareholders, owners, directors, officers, employees, agents, insurers, and representatives from
any and all federal, state and local administrative, judicial, common law, equitable, and/or
statutory claims, causes of action, remedies and damages of whatever kind or nature, whether known
or unknown, and which arose from or relate to his/her employment or separation from employment with
Gentex. I agree not to criticize or disparage in any way, Gentex Corporation, any of its officers,
directors, employees, shareholders, affiliates, or any of its products, services or practices.
I specifically release any claims I may have under the federal Age Discrimination in Employment Act
(“ADEA”). In conjunction with the release of ADEA claims, I acknowledge I have been advised to
consult with an attorney prior to signing this Release; I have been offered twenty-one (21) days
within which to consider the release, but may sign at any time prior to the 21 days; I understand
that the ADEA Release will not apply to actions arising after the date this Release is signed; and
I have seven (7) days after signing this Release to revoke the ADEA Waiver, by providing written
notice to Xx. Xxxx Xxxxxxx, at Gentex Corporation’s Zeeland, Michigan headquarters.
Signed:
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/s/ Xxxx Xxxxxx
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Date: October 31, 2011 | ||
| Gentex Corporation | ||||
Signed:
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/s/ Xxxxx Los
|
Date: October 31, 2011 | ||
Signed:
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/s/ Xxxx Xxxxx
|
Date: October 31, 2011 | ||
