Exhibit 10.14
SETTLEMENT AGREEMENT
BETWEEN
XXXXXXX XXXXX
AND
TUPPERWARE / BEAUTICONTROL
January 14, 2003
Xxxx Xxxxx:
1. Retires and turns over operating responsibility immediately with
respect to all positions. Contract retirement date effective January
14, 2003.
2. External and internal announcement / communication that the retirement
date will be following Celebration in August 2003.
3. Assists in the development of all communications to all constituencies and
communicates to those audiences over the next week.
4. Allows name to be used for all promotional programs and communications,
with his review and suggestions, and assists in these programs as
requested by the BeautiControl team during this period until after
Celebration.
5. Will remain for the next 7 -10 days to address calls from the field and
any questions that may arise from the announcement of his retirement and
to encourage the sales force. Will work with Xxxxx Xxxxxxxxx on transition
during this period.
6. Will assist Xxxxx Xxxxxxxxx and the BeautiControl team as requested over
the next several months through August 2003.
7. Will attend the February Leadership Meeting in support of the
announcement; attend Celebration in August and participate as requested by
the BeautiControl leadership; attend all other events between now and the
term of the agreement as mutually agreed.
8. Agrees to non-compete and non-solicitation provisions relating to the
direct selling industry party plan/demonstration programs in the sales of
products being sold by BeautiControl as of October 31, 2005. Also agrees
to non-disparagement, non-interference and relates to all claims
provisions.
Tupperware / BeautiControl:
Agreement period is defined as signing date to October 31, 2005
1. Compensates Xxxx Xxxxx at current base salary plus cost of living
adjustments through October 31, 2005. Provided that Xxxx Xxxxx has not
materially violated his agreement to non-compete and non-solicitation
provisions relating to the direct selling industry party
plan/demonstration programs in the sales of products being sold by
BeautiControl as of October 31, 2005, Tupperware, will on a monthly
basis for consulting, agree to pay a total of $500,000 to Xxxx Xxxxx as
a special payment over the following two years from November 1, 2005 to
October
31, 2007 in consideration of continuation of non-compete,
non-solicitation, non-disparagement and non-interference provisions from
Xxxx Xxxxx.
2. Pays 2002 AIP Bonus.
3. Provides medical benefits through the period of the agreement through
October 2005.
4. Maintains dues at current club for Dick through period of agreement.
Acknowledges that Xxxx Xxxxx is the owner of the memberships.
5. Maintains lease payments, maintenance and insurance to the end of
agreement period, or end of lease contract, whichever comes first.
6. Provides financial planning at current level through agreement period.
7. The Dallas Mavericks tickets are assigned to Xxxx Xxxxx for the remainder
of the current season. Assigns rights to Xxxx Xxxxx to personally purchase
the Dallas Maverick tickets for the future.
8. Xxxx Xxxxx to sell all Tupperware stock from the merger transaction which
is owned by Dick and Jinger. Immediately upon the completion of the stock
sales, Tupperware to pay the difference between the purchase price and the
selling price. Heaths may sell the shares in the following period:
Starting one day after the Tupperware January 2003 Earnings Release, the
Heaths will have 13 business days to dispose of the above mentioned stock.
9. Xxxx Xxxxx may exercise any stock options which are currently vested. All
stock options owned may be exercised when they vest. The exercise
expiration date of all options will be six years from the date of
retirement as spelled in the agreement. This requires the maintenance of
the non-compete and non-solicitation agreements.
10. Maintains the existing office at BeautiControl for Xxxx Xxxxx until after
the August 2003 Celebration. Through that period, will provide secretarial
assistance on an as needed basis in coordination with Xxxxx Xxxxxxxxx.
General:
This agreement is meant to be legally binding and will be part of a document
which contains other customary terms consistent with this agreement. If for any
reason, such other document is never executed, it will not affect the
enforceability of this agreement.
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
BeautiControl, Inc. Tupperware Corporation
By: /s/ Xxxxx X. Xxxxxxxxx By: /s/ Xxxxx X. Xxxxxxxxx
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Title: Executive Officer and Title: Senior Vice President
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Sr. Vice President
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