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EXECUTIVE EMPLOYMENT
AND NON-COMPETITION AGREEMENT
This Executive Employment and Non-Competition Agreement, dated as of
April 1, 2001, by and between Glacier Corporation (the "Company") and Xxxx X.
Xxxxxxx (the "Executive"). The Company desires to retain the services of the
Executive, and the Executive desires to accept such retention, on the terms and
subject to the conditions contained in this Agreement.
ACCORDINGLY, for good and valuable consideration, the Company and the
Executive hereby agree as follows:
1. Duties. On the terms and subject to the conditions contained in this
Agreement, the Executive will be employed as Chief Executive Officer of the
Company and shall perform such duties and services consistent with such position
as may reasonably be assigned to the Executive from time to time by the Board of
Directors of the Company. The Executive shall perform the aforementioned duties
at the offices of the Company in Denver, Colorado, provided that the Company may
require the Executive to relocate to another facility or replacement space of
the Company in or around Denver, Colorado.
2. Term. Unless sooner terminated in accordance with the applicable
provisions of this Agreement, the Executive's employment hereunder shall be for
the period (including any extensions thereof, the "Employment Period")
commencing on the date hereof (the "Commencement Date") and initially ending
three years from the effective date of this Agreement. On each anniversary of
the Commencement Date, if the Executive is then employed by the Company and no
notice of termination or resignation has been given by either party, then this
Agreement shall be automatically extended for an additional one year period
without any further action by the parties, it being the parties intent that
while this Agreement remains in effect, it shall have successive three year
terms, subject to the terms and conditions set forth below.
3. Time to be Devoted to Employment. During the Employment Period, the
Executive will devote all of the Executive's working time, energies, efforts,
interests, and abilities exclusively to the business and affairs of the Company.
The Executive will not engage in any other business or activity which, in the
reasonable judgment of the Board of Directors of the Company, would conflict or
interfere with the performance of the Executive's duties set forth in this
Agreement, whether or not such activity is pursued for gain, profit or other
pecuniary advantage; provided, however, that the foregoing shall not prohibit
the Executive from (i) pursuing personal investments, and (ii) participating in
community affairs, but in each only to the extent that any such activities
described in clause (i) and (ii) would not, in the reasonable judgment of the
Board of Directors of the Company, conflict or interfere with the performance of
the Executive's duties set forth in this Agreement or violate the Executive's
covenants in Section 10.
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4. Base Salary; Commission; Benefits. During the Employment Period, the
Company shall pay the Executive an initial annual base salary (the "Base
Salary") of $200,000, payable in such installments (but not less often than
monthly) as is generally the policy of the Company with respect to the payment
of regular compensation to its executive officers. The Company and the Executive
acknowledge that $25,000 of such annual Base Salary shall be deferred until the
Company has completed its proposed public offering or other private financing of
$5,000,000 or more. The Base Salary will be reviewed by the Board of Directors
of the Company not less frequently than once per year, and the amount thereof
may be adjusted from time to time by the Board of Directors of the Company, but
not below the Base Salary set forth herein. The Executive shall be entitled to
bonuses under the following criteria: (i) 25% of the Base Salary at the close of
the Company's Initial Public Offering ("IPO") or private financing of $5,000,000
or more; (ii) 25% of the Base Salary paid monthly following the close of the IPO
or private financing of $5,000,000 or more; (iii) 25% of the Base Salary on 90%
achievement of the Company's budgeted EBITDA for each fiscal year during the
term hereof; and (iv) an additional 50% of the Base Salary based upon the
achievement of other financial performance criteria mutually agreed between the
Executive and the Board of Directors. The Executive will receive 800,000 options
to purchase 800,000 shares of the Company's pre-split Common Stock exercisable
at a price of $1.00 per share to be vested on the following schedule: 30%
immediately, 30% on the first anniversary of the date of this Agreement (if
Executive is then employed by the Company), 30% on the second anniversary of the
date of this Agreement (if the Executive is then employed by the Company), and
10% on the third anniversary of the date of this Agreement (if the Executive is
then employed by the Company). As the options vest they shall be replaced with
an equal number of options, which shall vest at the rate of 1/36 per month.
During the Employment Period, the Executive will also be entitled to four (4)
weeks paid vacation to be credited annually and such other benefits as may be
made available to other executive officers of the Company generally, including,
without limitation, participation in such health, life and disability insurance
programs and retirement or savings plans as the Company may from time to time
maintain in effect.
5. Reimbursement of Expenses. During the Employment Period, the Company
shall reimburse the Executive in accordance with the Company's policy for all
reasonable and necessary traveling expenses and other disbursements incurred by
the Executive for or on behalf of the Company in connection with the performance
of the Executive's duties hereunder upon presentation of appropriate receipts or
other documentation therefor, in accordance with all applicable policies of the
Company. Such expenses shall include attorneys' fees and disbursements of
Executive in connection with any legal proceedings (including, but not limited
to, arbitration), whether or not instituted by the Company or Executive,
relating to the interpretation or enforcement of any provision of this
Agreement; provided, however, that in the case of any such proceeding to which
the Company and the Executive are adverse parties, each party shall bear its own
costs unless there is a judicial finding that the action was frivolous or
groundless, in which case the losing party shall reimburse the prevailing party
for all costs and expenses, including attorneys' fees and disbursements,
incurred by the prevailing party in defense or prosecution of any such
proceeding. Prior to advancing any costs and expenses to Executive, the Board of
Directors shall have the right to obtain an agreement, and to require acceptable
security therefor, from Executive requiring him to repay Company for the same
should it be determined that Executive is not entitled to payment of such costs
and expenses. If the Company is required by this Agreement or applicable law to
bear any legal fees relating to an action to which Executive is a party, the
Company shall reimburse the Executive such fees if obligated to do so within 30
days after presentation of invoices related thereto. Such invoices may be
redacted to preserve attorney-client confidentiality, work product or other
applicable privileges.
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6. Disability or Death. If, during the Employment Period, the Executive
is incapacitated or disabled by accident, sickness or otherwise (hereinafter, a
"Disability") such that the Executive has been rendered mentally or physically
incapable of performing the services required to be performed by the Executive
under this Agreement for any period of 120 consecutive days or for an aggregate
of 180 days in any period of 360 consecutive days, the Company may, at any time
thereafter, at its option, terminate the Executive's employment under this
Agreement immediately upon giving the Executive written notice to that effect.
In the event of the Executive's death, the Executive's employment hereunder will
be deemed terminated as of the date of death. During any period while the
Executive is on leave from the Company due to a Disability and is collecting
amounts paid under any disability insurance policy or plan funded by the
Company, the Base Salary payable to the Executive during such period shall be
reduced by such amounts collected or received.
7. Termination.
(a) The Company may terminate the Executive's employment hereunder
at any time for "cause" by giving the Executive written notice of such
termination. For purposes of this Agreement, "cause" means (i) willful
misconduct with respect to the business and affairs of the Company in the
written opinion of the Board of Directors, (ii) the failure to follow the lawful
directions of the Board of Directors of the Company, including, without
limitation, the violation of any material reasonable policy of the Company
applicable to the Executive, if such failure or violation continues for ten (10)
days after written notice thereof from the Company to the Executive, and, if
such failure or violation is curable, the Executive fails to cure such failure
or violation in the reasonable opinion of the Board of Directors of the Company,
or (iii) the material breach of any of the provisions of this Agreement and, if
such breach is capable of being cured, the Executive's failure to cure such
breach within 15 days of receipt of written notice thereof from the Company, or
(iv) the commission of a felony that in the reasonable judgment of the Board of
Directors of the Company has had or could reasonably be expected to have a
material adverse effect on the business, assets, liabilities, operations,
affairs or prospects of the Company or any of its subsidiaries or affiliates, or
(v) the commission of an act of fraud or financial dishonesty with respect to
the Company or any of its subsidiaries or affiliates in the written opinion of
the Board of Directors, or (vi) the commission of any crime that involves moral
turpitude or fraud or that otherwise has had or could reasonably be expected to
have a material adverse effect on the business, assets, liabilities, operations,
affairs or prospects of the Company or any of its subsidiaries or affiliates.
Unless otherwise stated in such notice to take effect on a later date in the
sole discretion of the Company, a termination pursuant to this Section 7(a)
shall take effect immediately upon the giving of the notice contemplated hereby.
The Board of Directors shall determine whether any action or omission on the
Executive's part constitutes "willful misconduct," provided that, solely for
purposes of clause (i) of the first sentence of this Section 7(a), any act or
failure to act on the part of the Executive that was taken or omitted by the
Executive in good faith and that the Executive reasonably believed to be in the
best interest of the Company shall not be considered "willful misconduct."
(b) The Company may terminate the Executive's employment hereunder
at any time without "cause" by giving the Executive written notice of such
termination, which termination shall be effective as of the date set forth in
such notice, provided that such date shall not be earlier than the date of such
notice. Termination without cause shall be defined to include termination
resulting from or in connection with a material increase or diminishment of
Executive's responsibilities without the Executive's prior consent, unless such
increase or diminishment in responsibilities is otherwise due to reasons set
forth in Section 7(a) above.
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(c) The Executive may terminate his employment for "cause"
with the Company at any time, upon 10 days' written notice and opportunity for
the Company to remedy or cure any non-compliance, by reason of (i) the Company's
material failure to perform its duties pursuant to this Agreement, or (ii) any
material diminishment in the duties and responsibilities, working facilities or
benefits extended to the Executive by this Agreement.
8. Effect of Termination.
(a) Upon the termination of the Executive's employment under this
Agreement by the Executive without cause or for "cause" by the Company pursuant
to Section 7(a), neither the Executive nor the Executive's beneficiaries or
estate shall have any further rights under this Agreement or any claims against
the Company or any of its subsidiaries or affiliates arising out of this
Agreement, except the right to receive, within 30 days after the effective date
of such termination (or such shorter period as may be required by applicable
law):
(i) the unpaid portion of the Base Salary payable to the
Executive pursuant to Section 4, computed on a pro rata basis to the effective
date of such termination;
(ii) reimbursement for any expenses for which the Executive
shall not have theretofore been reimbursed, as required by Section 5; and
(iii) the unpaid portion of any amounts earned by the Executive
prior to the effective date of such termination pursuant to any employee benefit
program maintained by the Company in which the Executive participated during the
Employment Period; provided, however, the Executive shall not be entitled to
receive any benefits under any such benefit program that have accrued during any
period if the terms of such program require that the beneficiary be employed by
the Company or any of its subsidiaries as of the end of such period.
(b) Upon termination of the Executive's employment by the Company under
this Agreement without "cause" pursuant to Section 7(b), or by the Executive
with "cause" under Section 7(c), neither the Executive nor the Executive's
beneficiaries or estate shall have any further rights under this Agreement or
any claims against the Company or any of its subsidiaries or affiliates arising
out of this Agreement, except the right to receive, within 30 days after the
effective date of such termination (or such shorter period as may be required by
applicable law), the following:
(i) the payments, if any, referred to in Section 8(a) above, to
the extent not covered by clause (ii) of this Section 8(b);
(ii) severance pay shall be the balance of Base Salary through
the end of the year in which termination takes place plus one year's Base Salary
as in effect at the time of termination;
(iii) the Executive shall be entitled to the benefits pursuant
to Section 4, through the end of the year in which termination takes place plus
one year as in effect at the time of termination; and
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(iv) the Executive shall be entitle to payment of a bonus which
shall be equal to the last 12 months' bonus or bonuses received by the Executive
that will be pro rated for the period of time the Executive is actually employed
in the year of termination, which bonus will be paid by the Company to the
Executive within 30 days of such termination.
(c) Upon termination of the Executive's employment under this Agreement
pursuant to Section 6 due to the Executive's Disability, neither the Executive
nor the Executive's beneficiaries or estate shall have any further rights under
this Agreement or any claims against the Company or any of its subsidiaries or
affiliates arising out of this Agreement, except the right to receive, within 30
days after the effective date of such termination (or such shorter period as may
be required by applicable law), in the case of amounts due pursuant to clause
(i) below, and at such other times as provided in clause (ii) below in the case
of amounts due thereunder:
(i) the payments, if any, referred to in Section 8(a) above, to
the extent not covered by clause (ii) of this Section 8(c);
(ii) the Base Salary through the end of the month in which such
termination occurs, payable during such period in such manner as the Base Salary
is payable pursuant to Section 4; and
(iii) the vesting period any options or warrants held by the
Executive to purchase the Company's Common Stock shall be automatically
accelerated as described in Section 13 hereof.
(d) Upon termination of the Executive's employment under this Agreement
pursuant to Section 6 due to the Executive's death, neither the Executive nor
the Executive's beneficiaries or estate shall have any further rights under this
Agreement or any claims against the Company or any of its subsidiaries or
affiliates arising out of this Agreement, except the right to receive, within 30
days after the effective date of such termination (or such shorter period as may
be required by applicable law), in the case of amounts due pursuant to clause
(i) below, and at such other times as provided in clause (ii) below in the case
of amounts due thereunder:
(i) the payments, if any, referred to in Section 8(a) above, to
the extent not covered by clause (ii) of this Section 8(d);
(ii) the Base Salary through the end of that month in which such
termination occurs, payable during such period in such manner as the Base Salary
is payable pursuant to Section 4; and
(iii) the Company will secure key-man life insurance on the life
of the Executive within a reasonable period after the date hereof, a portion of
which shall benefit individual or trust beneficiaries designated by the
Executive.
(e) Except as otherwise specifically provided below, if the Executive's
employment with the Company is terminated for any reason other than (i) due to
the Executive's death or disability pursuant to Section 6, or (ii) without
"cause" pursuant to Section 7(b), neither the Company nor any of its affiliates
will be obligated to pay the Executive a bonus with respect to the fiscal year
in which the Executive's employment is so terminated or thereafter.
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9. Disclosure of Information.
(a) From and after the date hereof, the Executive shall not at any
time use or disclose to any person or entity (other than any officer, director,
employee, affiliate or representative of the Company or any of its
subsidiaries), except as required in connection with the performance of the
Executive's duties under and in compliance with this Agreement and as required
by law or compelled by any judicial process, any Confidential Information (as
hereinafter defined) heretofore acquired or acquired during the Employment
Period for any reason or purpose whatsoever, nor shall the Executive make use of
any Confidential Information for the Executive's own purposes or benefit or for
the purpose or benefit of any person or entity except the Company or any
subsidiary thereof.
(b) For purposes of this Agreement, "Confidential Information"
means, subject to the proviso at the end of this sentence, all of the following
information of the Company and its subsidiaries: (i) the Intellectual Property
Rights (as hereinafter defined) of the Company and its subsidiaries, and (ii)
all other information of a proprietary or confidential nature relating to the
Company or any subsidiary thereof, or the business or assets of the Company or
any such subsidiary, including, without limitation, books and records, agent,
independent contractor, customer lists and related information, supplier lists
and related information, distribution channels, pricing information, cost
information, marketing plans, strategies, forecasts, financial statements,
budgets and projections; provided, however, that the following shall not be
deemed to be confidential information: (A) any such information that is
generally available to the public on the date hereof, or which becomes generally
available to the public after the date hereof other than as a result of the
Executive's breach or violation of this Section 9, (B) any such information that
the Executive reasonably determines is necessary or desirable to disclose in the
performance of his duties to the Company and its subsidiaries under this
Agreement so long as the Executive uses reasonable efforts to obtain the
agreement of the person to whom such disclosure is made to keep such information
confidential, (C) any such information that the Executive receives from a third
party who, to the Executive's knowledge, does not have any independent
obligation to the Company or any of its subsidiaries to keep such information
confidential, and (D) any such information that Executive possessed prior to his
employment by the Company.
(c) As used herein, the term "Intellectual Property Rights" means
all intellectual property rights, including, without limitation, patents, patent
applications, patent rights, trademarks, trademark applications, trade names,
service marks, service xxxx applications, copyrights, copyright applications,
know-how, franchises, licenses, trade secrets, proprietary processes and
formulae, inventions, proprietary artwork and designs, development tools,
marketing materials, and all documentation and media constituting, describing or
relating to the foregoing, including, without limitation, manuals, memoranda and
records.
10. Noncompetition Covenant.
(a) The Executive acknowledges and recognizes that during the
Employment Period the Executive will be privy to Confidential Information. The
Executive further acknowledges and recognizes that the relationships with
suppliers and customers of the Company that the Executive will maintain or
develop during the Employment Period with the use and assistance of the Company
and its properties and assets are of special and unique value to the Company and
its affiliates and that the Company would find it extremely difficult to replace
the Executive. Accordingly, in consideration of the premises contained herein
and the consideration the Executive will receive hereunder and subject to the
terms hereof, the Executive will not, at any time during the period commencing
on the Commencement Date and ending on the first
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year's anniversary of the effective date of any termination of the Executive's
employment with the Company and its subsidiaries, (A) directly or indirectly
engage in, represent in any way, or be connected with, any Competing Business
(as defined below), whether such engagement shall be as a director, officer,
employee, stockholder, shareholder, partner, member or other owner, affiliate or
other participant in any Competing Business, (B) assist others in engaging in
any Competing Business in any capacity or manner described in clause (A) above,
(C) induce any employee of the Company or any of its subsidiaries to terminate
his employment with the Company or any of its subsidiaries or to engage in any
Competing Business in any manner or capacity described in clause (A) above, or
(D) induce any customer, agent or any other person or entity with whom or which
the Company or any subsidiary or affiliate thereof has a business relationship,
contractual or otherwise, to terminate or alter such business relationship. This
covenant is considered an integral part of this Agreement. The foregoing
restriction shall not apply to the Executive's ownership of publicly traded
securities which represent not more than 5% of the ownership interests of the
issuer. Notwithstanding any language to the contrary elsewhere herein, this
covenant will not take effect if the Company terminates the Executive without
cause.
(b) The Executive understands that the foregoing restrictions may
limit the Executive's ability to earn a livelihood in a business similar to the
business of the Company or any subsidiary or affiliate thereof, but the
Executive nevertheless believes that the Executive has received and will receive
sufficient consideration and other benefits as an employee of the Company and
under the terms of this Agreement to justify clearly such restrictions, which in
any event (given the Executive's education, skills and ability) the Executive
does not believe would prevent the Executive from earning a living.
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(c) As used herein, the term "Competing Business" shall mean any
business conducted in any city or county in any state or province of the United
States or Canada which is engaged in the distribution, brokering, exchange, or
processing of food and non-food products to quick-service accounts, if such
business or the services provided by it are competitive, directly or indirectly,
with the business of the Company or any of its subsidiaries at any time during
the Employment Period (or with respect to which there are fixed plans at the
time of termination of the Employment Period for the engagement in such services
by the Company or any of its subsidiaries). Anything contained in the
immediately preceding sentence to the contrary notwithstanding, any entity which
has separate divisions or business units, one or more of which are engaged in a
business described above, will not be deemed a Competing Business with respect
to those portions of such entity which are not engaged in a business described
above so long as the Executive's association with any such separate divisions or
business units (fully taking into account the Executive's functions and the
nature of the Executive's work at such division or business unit) does not
involve any Persons who, at the time of termination of the Executive's
employment, are customers of the Company or any of its subsidiaries or relate in
any material respect to that portion of such business which would be a Competing
Business hereunder. Notwithstanding any other language to the contrary herein, a
Competing Business will not include a system distributor (as defined customarily
in the foodservice industry) unless the system distributor provides distribution
services to independent quick-service accounts or quick-service accounts outside
of its system.
(d) In the event a court of competent jurisdiction finds any
provision of this Section 10 to be so overbroad as to be unenforceable, then
such provision shall be reduced in scope by the court, but only to the extent
deemed necessary by the court to render the provision reasonable and
enforceable, it being the intention of the Executive to provide the Company with
the broadest protection possible against harmful competition.
11. Inventions Assignment. During the Employment Period, the Executive
shall promptly disclose, and hereby grant and assign to the Company for its sole
use and benefit any and all inventions, improvements, technical information and
suggestions reasonably relating to the business of the Company or any of its
subsidiaries (collectively, the "Inventions") which the Executive may develop or
acquire during the Employment Period (whether or not during usual working
hours), together with all patent applications, letters patent, copyrights and
reissues thereof that may at any time be granted for or with respect to the
Inventions. In connection therewith, (a) the Executive shall, at the expense of
the Company (including a reasonable payment based on the Executive's last per
diem earnings with the Company) for the time involved if the Executive is not
then in the Company's or any of its subsidiaries' employ, promptly execute and
deliver such applications, assignments, descriptions and other instruments as
may be necessary or proper in the opinion of the Company to vest title to the
Inventions and any patent applications, patents, copyrights, reissues or other
proprietary rights related thereto in the Company and to enable it to obtain and
maintain the entire right and title thereto throughout the world, and (b) the
Executive shall render to the Company, at its expense (including a reasonable
payment based on the Executive's last per diem earnings with the Company) for
the time involved if the Executive is not then in the Company's or any of its
subsidiaries' employ, such reasonable assistance as the Company may require in
the prosecution of applications for said patents, copyrights, reissues or other
proprietary rights, in the prosecution or defense of interferences which may be
declared involving any said applications, patents, copyrights or other
proprietary rights and in any litigation in which the Company or any of its
subsidiaries may be involved relating to the Inventions.
12. Assistance in Litigation. At the request and expense of the Company
(including a reasonable payment based on the Executive's last per diem earnings
with the Company) for the time involved
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if the Executive is not then in the Company's or any of its subsidiaries' employ
or receiving severance payments from the Company or any of its subsidiaries
pursuant to Section 8(c)(ii)) and upon reasonable notice, the Executive shall,
at all times during and for a period of five years after the Employment Period,
furnish such information and assistance to the Company as it may reasonably
require in connection with any issue, claim or litigation in which the Company
or any of its subsidiaries may be involved (other than any such issue, claim or
litigation with respect to which the Executive is a party adverse to the
Company). During such period, the Executive shall provide such assistance at
those times and places as may be reasonably requested by the Company and not
unreasonably inconvenient to the Executive. The Executive shall not, pursuant to
this Section 12 or Section 11 hereof, be required to provide such assistance
under this Section 12 or Section 11 hereof for more than three consecutive days
or for an aggregate of 15 days or more in any consecutive six-month period.
13. Provisions Concerning Acceleration of Option Vesting. Upon the
occurrence of a Triggering Event, the vesting period of any options then held by
the Executive shall not automatically be accelerated, but the Compensation
Committee of the Board of Directors or the entire Board of Directors of the
Company may in their discretion permit the acceleration of any vesting period
applicable to options then held by the Executive. Any vesting periods applicable
to options held by the Executive will automatically be accelerated if, after
occurrence of a Triggering Event, the duties or responsibilities, working
facilities or benefits provided to the Executive prior to the date of such
Triggering Event are in any manner materially diminished. In the event the
Company terminates this Agreement without "cause," the vesting periods for any
options then held by the Executive shall be accelerated and the Executive shall
be provided a two-year period in which to exercise such accelerated options.
As used in this Agreement, the term "Triggering Event" shall be defined
to include a (i) change in ownership in one or a series of transactions of 50%
or more of the outstanding shares of the Company, (ii) merger, consolidation,
reorganization or liquidation of the Company, or (iii) a change in control of
the type that would be required to be reported in response to Item 6(e) of
Schedule 14A promulgated under the Securities Exchange Act of 1934, as amended
("Exchange Act") whether or not the Company is then subject to such reporting
requirement; provided that, without limitation, such a change of control shall
be deemed to have occurred if (A) any 'person' (as such term is used in Sections
13(d) and 14(d) of the Exchange Act), other than a trustee or fiduciary holding
securities under an employee benefit plan of the Company and other than a person
who is a director of the Company on the date hereof, is or becomes the
'beneficial owner' (as defined in Rule 13d-3 under the Exchange Act) directly or
indirectly, of securities of the Company representing 30% or more of the
Company's combined voting power of the Company's then outstanding securities,
(B) at any time following the execution of this Agreement, a majority of the
Board of Directors is not comprised of (i) individuals who on the Agreement Date
were members of the Board plus (ii) any new directors whose nomination for
election by the Board or the Company's stockholders was approved by the vote of
a majority of the directors then in office who either were directors or whose
nomination was previously so approved.
14. Entire Agreement, Amendment and Waiver. This Agreement contains the
entire agreement between the parties hereto with respect to the subject matter
hereof and thereof and supersede any prior agreement between the Executive and
the Company or any predecessor of the Company or any of their respective
subsidiaries or affiliates. No waiver, amendment or modification of any
provision of this Agreement shall be effective unless in writing and signed by
each party hereto. The waiver by either party
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of a breach of any provision of this Agreement by the other party shall not
operate or be construed as a waiver of any subsequent breach by such other
party.
15. Notices. All notices or other communications pursuant to this
Agreement shall be in writing and shall be deemed to be sufficient if delivered
personally, telecopied, sent by nationally-recognized, overnight courier or
mailed by registered or certified mail (return receipt requested), postage
prepaid, to the parties at the following addresses (or at such other address for
a party as shall be specified by like notice):
(i) if to the Company, to:
Glacier Corporation
0000 00xx Xxxxxx, Xxxxx 000
Xxxxxx, Xxxxxxxx 00000
Telephone: (000) 000-0000
Telecopier: (000) 000-0000
with a copy to:
Berliner Xxxxxx Xxxxxx & Xxxxxxxx, P.C.
0000 Xxxxxxx Xxxxxx, Xxxxx 0000
Xxxxxx, Xxxxxxxx 00000-0000
Attention: Xxxxxx X. Xxxxxx, Esq.
Telephone: (000) 000-0000
Telecopier: (000) 000-0000
(ii) if to the Executive, to:
Xxxx X. Xxxxxxx
0000 Xxxxxx Xxxx Xxxxx
Xxxxxxxxx, Xxxxxxxx 00000
Telephone: (000) 000-0000
All such notices and other communications shall be deemed to have been given and
received (i) in the case of personal delivery, on the date of such delivery,
(ii) in the case of delivery by telecopy, on the date of such delivery, (iii) in
the case of delivery by nationally-recognized, overnight courier, for delivery
in the morning of the following day, on the business day following dispatch, and
(iv) in the case of mailing, on the third business day following deposit in the
U.S. mail.
16. Headings. The section headings in this Agreement are for
convenience only and shall not control or affect the meaning of any provision of
this Agreement.
17. Severability. In the event that any provision of this Agreement is
determined to be partially or wholly invalid, illegal or unenforceable in any
jurisdiction, then such provision shall, as to such jurisdiction, be modified or
restricted to the extent necessary to make such provision valid, binding and
enforceable, or if such provision cannot be modified or restricted, then such
provision shall, as to such jurisdiction, be deemed to be excised from this
Agreement; provided, however, that the binding effect and enforceability of the
remaining provisions of this Agreement, to the extent the economic benefits
conferred
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upon the parties by virtue of this Agreement remain substantially unimpaired,
shall not be affected or impaired in any manner, and any such invalidity,
illegality or unenforceability with respect to such provisions shall not
invalidate or render unenforceable such provision in any other jurisdiction.
18. Remedies. Each of the parties hereto acknowledges and understands
that the provisions of this Agreement are of a special and unique nature, the
loss of which cannot be adequately compensated for in damages by an action at
law, and thus, the breach or threatened breach of the provisions of this
Agreement would cause the non-breaching party irreparable harm. Each of the
parties hereto further acknowledges that in the event of a breach of any of the
covenants contained in paragraphs 9, 10, or 11, the non-breaching party shall be
entitled to seek and obtain immediate relief enjoining such violations in any
court or before any judicial body having jurisdiction over such a claim. All
remedies hereunder are cumulative, are in addition to any other remedies
provided for by law and may, to the extent permitted by law, be exercised
concurrently or separately, and the exercise of any one remedy shall not be
deemed to be an election of such remedy or to preclude the exercise of any other
remedy.
19. Representation. The Executive hereby represents and warrants to the
Company that (a) the execution, delivery and performance of this Agreement by
the Executive does not breach, violate or cause a default under any agreement,
contract or instrument to which the Executive is a party or any judgment, order
or decree to which the Executive is subject and (b) the Executive is not a party
to or bound by any employment agreement, consulting agreement, non-compete
agreement, or similar agreement with any other person or entity.
20. Construction. Throughout this Agreement the singular shall include
the plural, and the plural shall include the singular, and the masculine and
neuter shall include the feminine, wherever the context so requires.
21. Opportunity to Consult Counsel. The Executive acknowledges that
this Agreement was prepared by counsel for the Company and that the Company and
its counsel have recommended that the Executive consult with his individual
counsel concerning the terms of this Agreement. The Executive acknowledges that
the Company's counsel does not represent the Executive and has no obligation to
the Executive, whether under this Agreement or otherwise.
22. Authority. The officer executing this agreement on behalf of the
Company has been empowered and directed to do so by the Board of Directors of
the Company.
23. Benefits of Agreement, Assignment. The terms and provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors, assigns, representatives, heirs and estate, as
applicable. The Executive may assign this Agreement. The Company may not assign
this Agreement to any of its subsidiaries or a corporation formed for the
purpose of changing the Company's domicile without the Executive's consent. Any
other assignments by the Company shall require the Executive's prior written
consent, which shall not be unreasonably withheld.
24. Counterparts. This Agreement may be executed in any number of
counterparts, and each such counterpart shall be deemed to be an original
instrument, but all such counterparts together shall constitute but one
agreement.
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25. Governing Law. This Agreement shall be governed by and construed in
accordance with the domestic laws of the State of Colorado without giving effect
to any choice or conflict of law provision or rule (whether of the State of
Colorado or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of Colorado.
26. Mutual Waiver of Jury Trial. BECAUSE DISPUTES ARISING IN CONNECTION
WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED
BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE LAWS TO
APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE
RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE
BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE
PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR
PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS
AGREEMENT OR ANY DOCUMENTS RELATED HERETO.
IN WITNESS WHEREOF, each of the undersigned has executed this
Executive Employment and Non-Competition Agreement as of the date first above
written.
GLACIER CORPORATION
Dated: 4/9/01 By: /s/ XXXXX O'X. XXXXX
---------------------- -----------------------------------------
Xxxxx O'X. Xxxxx, Chief Financial Officer
EXECUTIVE
Dated: 4/9/01 /s/ XXXX X. XXXXXXX
---------------------- --------------------------------------------
Xxxx X. Xxxxxxx
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