EXHIBIT 10.48
SEVERANCE AGREEMENT
This SEVERANCE AGREEMENT (this "Agreement") is made and entered into as
of March 12, 2003 by and between Swift & Company, a Delaware corporation (the
"Company"), and Xxxxxx X. Xxxxxxx (the "Executive").
WHEREAS, the Company has agreed to employ the Executive on an
employment at-will basis to provide services to the Company and desires to grant
the Executive the severance benefits provided herein in connection with the
Executive's employment;
NOW, THEREFORE, in consideration of the premises, mutual covenants and
agreements hereinafter contained and for the other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree as follows:
1. Severance Benefits. Subject to the Executive and the Company
executing a mutually-agreeable release at the time of Executive's termination,
if the Company terminates Executive's employment during the thirty-six (36)
months following the date of the closing of the acquisition of the fresh beef
and pork businesses of ConAgra Foods, Inc. by certain affiliates of Hicks, Muse,
Xxxx & Xxxxx Incorporated (the "Severance Period") for any reason other than a
termination of Executive's employment for cause, then the Company shall pay to
the Executive a severance benefit equal to $22,916.66 per month for the
remainder of the Severance Period.
2. Confidential Information.
(a) Executive acknowledges that (i) the Company has trade,
business and financial secrets and other confidential and proprietary
information (collectively, the "Confidential Information"), (ii) the
Confidential Information has been developed or acquired by Company through the
expenditure of substantial time, effort and money and provides Company with an
advantage over competitors who do not know or use such Confidential Information,
and (iii) during his employment by Company, Executive will have access to and
will become acquainted with Confidential Information of Company. Confidential
Information without limitation includes sales materials, technical information,
processes and compilations of information, records, specifications and
information concerning customers or venders, manuals relating to suppliers'
products, customer lists, information regarding methods of doing business and
the identity of suppliers. Confidential Information shall not include
information that is generally known to the public.
(b) In consideration for having access to such Confidential
Information and in order to protect its value to Company, during Executive's
employment by Company and at all times thereafter, Executive shall hold in
confidence and not directly or indirectly disclose or use or copy or make use of
any Confidential Information, except to the extent authorized in writing by the
Board of Directors of the Company or compelled by legal process. The Executive
agrees to use reasonable efforts to give Company notice of any and all attempts
to compel disclosure of any Confidential Information, in such a manner so as to
provide Company with written notice at least five (5) days before disclosure or
within one (1) business day after Executive is informed that such disclosure
will be compelled, whichever is earlier. Such written notice shall include a
description of the information to be disclosed, the court, government agency, or
other forum through which the disclosure is sought, and the date by which the
information is to be disclosed, and shall contain a copy of the subpoena, order
or other process used to compel disclosure.
(c) Executive agrees that, on or before the date of
Executive's termination of employment with the Company, Executive shall
immediately assemble and deliver to the Company each and every original and copy
of any and all documents, compilations, recordings, and any other form of
written, printed, recorded, typed and every other matter, thing or material of
any kind which Executive has in Executive's possession, custody or control that
is or was the property of Company or relates in any way to the business of
Company.
(d) As used in this Section 3, "Company" shall include the
Company and any of its affiliates.
3. Injunctive and Other Relief. Executive acknowledges that a violation
of Section 3 hereof will cause irreparable damage to Company, entitling Company
to an injunction in a court of competent jurisdiction, in addition to whatever
remedies Company may have at law or in equity, including recovery of reasonable
attorneys' fees and costs incurred by Company in enforcing the terms of Section
3 hereof.
4. Termination Due to Death, Disability or Resignation. Termination of
employment due to the death, disability or resignation of Executive will not be
considered a termination of employment for purposes of this Agreement.
Notwithstanding the foregoing, if Executive dies following a termination of
employment that entitled him to severance benefits under this Agreement, but
prior to receipt of all such benefits, his beneficiary (as designated to Company
in writing) or, if none, his estate, will be entitled to receive all unpaid
amounts due hereunder.
5. Not a Contract of Employment/Benefit Plan. This Agreement is not an
employment contract for any definite period of time. This Agreement shall have
no effect whatsoever on the at-will employment relationship between Executive
and Company. Nothing herein shall be deemed to give Executive the right to be
retained in the employ of Company or to restrict the right of Company to
discharge Executive at any time and for any reason, with or without cause or
notice. Nothing herein shall be deemed to give Company the right to require
Executive to remain in the employ of Company or to restrict Executive's right to
terminate his employment at any time. This Agreement is a severance agreement,
not an employee benefit plan or a trust. This Agreement shall not give Executive
any security or other interest in any assets of Company.
6. Severability. Each part, term or provision of this Agreement is
severable from the others. Notwithstanding any possible future finding by a duly
constituted authority that a particular part, term or provision is invalid, void
or unenforceable, this Agreement has been made with the clear intention that the
validity and enforceability of the remaining parts, terms and provisions shall
not be affected thereby.
7. Choice of Law. This Agreement shall be interpreted and construed in
accordance with and shall be governed by the laws of the State of Delaware and,
when applicable, the laws of the United States.
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8. Entire Agreement. This Agreement constitutes the entire agreement of
the parties relating to the subject matter hereof. Any previous agreement with
respect to this subject matter is superseded by this Agreement. No term,
provision or condition of this Agreement may be modified in any respect except
by a writing executed by both of the parties hereto. No person has any authority
to make any representation or promise not set forth in this Agreement. This
Agreement has not been executed in reliance upon any representation or promise
except those contained herein.
9. Waiver Under Agreement. The failure of either party to enforce or
require timely compliance with any term or provision of this Agreement shall not
be deemed to be a waiver or relinquishment of rights or obligations arising
hereunder, nor shall such a failure preclude the enforcement of any term or
provision or avoid the liability for any breach of this Agreement.
10. Costs and Attorneys' Fees. If any action is initiated to enforce
this Agreement, the prevailing party shall be entitled to recover from the other
party its reasonable costs and attorneys' fees.
11. Construction. This Agreement shall be deemed drafted equally by
both the parties. Its language shall be construed as a whole and according to
its fair meaning. Any presumption or principle that the language is to be
construed against any party shall not apply. The headings in this Agreement are
only for convenience and are not intended to affect construction or
interpretation. Any references to paragraphs, subparagraphs, or sections are to
those parts of this Agreement, unless the context clearly indicates to the
contrary. Also unless the context clearly indicates to the contrary, (a) the
plural includes the singular and the singular includes the plural; (b) "and" and
"or" are each used both conjunctively and disjunctively; (c) "any," "all,"
"each," or "every" means "any and all, and each and every"; (d) "includes" and
"including" are each "without limitation;" and (e) "herein," "hereof,"
"hereunder" and other similar compounds of the word "here" refer to this entire
Agreement and not to any particular paragraph, subparagraph, section or
subsection.
12. Successors. This Agreement shall inure to the benefit of and be
binding upon Company and its successors and assigns. Company will require any
successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business or assets of Company to
assume expressly and agree to perform this Agreement in the same manner and to
the same extent that Company would be required to perform it if no such
succession had taken place. In the event of such a succession, the term
"Company" as used in this Agreement shall mean Company as already defined, as
well as any successor to its business or assets which assumes and agrees to
perform this Agreement by operation of law or otherwise.
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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first written above.
SWIFT & COMPANY
By: /s/ Xxxx Xxxxxx
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Name: Xxxx Xxxxxx
Title: President and Chief Executive Officer
EXECUTIVE
/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
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