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EXHIBIT 10.c
[EXECUTION COPY]
CHANGE OF CONTROL AGREEMENT
AGREEMENT dated as of September 21, 2000 between MascoTech, Inc., a
Delaware corporation (including any successor thereto, the "COMPANY") and Xxxxx
X. Liner ("EXECUTIVE").
WHEREAS, Executive is currently Vice President and General Counsel of
the Company; and
WHEREAS, the Company desires to retain the services of Executive in
anticipation of a possible transaction which may result in a Change of Control
(as defined below) and to obtain the covenants set forth herein; and
WHEREAS, the parties desire to enter into this Agreement;
NOW, THEREFORE, in consideration of the premises and mutual covenants
herein and for other good and valuable consideration, the parties agree as
follows:
1. Definitions. For purposes of this Agreement, the following terms
shall have the meanings indicated.
"BASE SALARY" means the annual base salary being paid to Executive at
the higher of (i) the rate immediately prior to the Change of Control and (ii)
the rate prior to any termination of employment under Section 3.
"CAUSE" means (i) Executive's conviction of or plea of guilty or nolo
contendere to a crime involving moral turpitude or a crime (other than a minor
traffic or other minor violation) providing for a term of imprisonment, a
pattern of alcohol abuse (whether or not constituting a crime) or illegal
substance abuse on the part of Executive, or Executive's willful misconduct in
the performance of his duties to the Company or (ii) Executive's failure to
follow the instructions of the Company's Chairman of the Board of Directors or
the Company's Board of Directors or the executive officer of the Company to whom
Executive reports, or Executive's neglect of duties (other than any such neglect
resulting from incapacity of Executive due to physical or mental illness), but
in each such case only following 10 days' prior written notice thereof from the
Company which specifically identifies such failure or neglect and the
continuance of such failure or neglect during such notice period. The Company
must notify Executive of any event constituting Cause within 120 days after the
Company becomes aware of such event or such event shall not constitute Cause for
purposes of this Agreement; provided that a failure of the Company to so notify
Executive after the first occurrence of an event constituting Cause shall not
preclude any subsequent occurrences of such event (or a similar event) from
constituting Cause.
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"CHANGE OF CONTROL" means the first of the following events to occur
following the date hereof:
(i) Any "person" or "group of persons", as such terms are
used in Sections 13(d) and 14(d) of the Exchange Act, directly or
indirectly purchases or otherwise become the "beneficial owner" (as
defined in Rule 13d-3 under the Exchange Act) or has the right to
acquire such beneficial ownership (whether or not such right is
exercisable immediately, with the passage of time or subject to any
condition) of voting securities representing 50% or more of the
combined voting power of all outstanding voting securities of the
Company; or
(ii) during any period of twenty-four consecutive
calendar months, the individuals who at the beginning of such period
constitute the Company's Board of Directors, and any new directors
whose election by such Board or nomination for election by stockholders
was approved by a vote of at least two-thirds of the members of such
Board who were either directors on such Board at the beginning of the
period or whose election or nomination for election as directors was
previously so approved, for any reason cease to constitute at least a
majority of the members thereof.
"COMPANY" has the meaning set forth in the recital hereto.
"DATE OF TERMINATION" means the date of termination of Executive's
employment with the Company.
"EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.
"GOOD REASON" means:
(i) Removal from, or failure to be reappointed or reelected
to, the position Executive holds with the Company immediately prior to
a Change of Control (other than as a result of a promotion or a change
in position which is not material);
(ii) Any material diminution in Executive's title, position,
duties or responsibilities, the assignment to Executive of duties that
are inconsistent, in a material respect, with the scope of duties and
responsibilities associated with the position of Executive immediately
prior to the Change of Control;
(iii) Failure by the Company to pay Executive any compensation
otherwise vested and due if such failure continues for ten business
days following notice to the Company thereof;
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(iv) Reduction in base salary, bonus opportunity, other
compensation or benefits or the failure of the Company to pay Executive
a bonus (A) if a Change of Control occurs in calendar year 2000, in an
amount equal to or greater than the bonus earned for calendar year 2000
and in an amount equal to or greater than the Target Bonus for calendar
years 2001 and 2002, or (B) if a Change of Control occurs at any time
after December 31, 2000, in an amount equal to or greater than the
earned bonus for the period up to the date of the Change of Control and
in an amount equal to or greater than the Target Bonus for each of the
two one year periods following a Change of Control.
(v) Relocation of Executive to an office of the Company (A)
more than 35 miles from his current office or (B) to a location that
would add more than 15 miles to Executive's one-way commute to or from
his current principal residence; or
(vi) Failure of the Company to obtain the assumption of this
Agreement pursuant to Section 8(g).
Any determination of Good Reason made in good faith by Executive shall
be final and conclusive. Executive must notify the Company of any event
constituting Good Reason within 120 days after Executive becomes aware of such
event or such event shall not constitute Good Reason for purposes of this
Agreement; provided that a failure of Executive to so notify the Company after
the first occurrence of an event constituting Good Reason shall not preclude any
subsequent occurrences of such event (or similar event) from constituting Good
Reason.
"NON-COMPETE TERM" means the period from the date of this Agreement
until the date two years following any termination of Executive's employment
with the Company.
"TARGET BONUS" means, with respect to any fiscal year of the Company,
50% of Base Salary.
2. Term of Agreement. Except as set forth in the next following
sentence, this Agreement shall be in effect from the date hereof until the
earliest of (i) the date all equity awards held by Executive immediately
following the effective time of a Change of Control have vested (the "EQUITY
VESTING DATE") and (ii) December 31, 2001 if no Change of Control shall occur or
be in process prior to such date, except to the extent necessary to give effect
to the provisions hereof. For purposes of the preceding sentence, a Change of
Control shall be deemed to be in process upon the filing of a Schedule TO under
the Exchange Act in respect of the Company or upon the execution of an agreement
which, if the transaction contemplated thereby were consummated, would result in
a Change of Control, in either case prior to December 31, 2001. Notwithstanding
the foregoing, prior to a Change of Control and following the expiration of this
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Agreement, Executive's employment shall be deemed an employment at will and
Executive's employment may be terminated at will by Executive or the Company.
3. Severance.
(a) Without Cause by the Company; by Executive for Good Reason.
If Executive's employment with the Company is terminated upon a Change
of Control or prior to or upon the second anniversary of a Change of
Control (x) by the Company without Cause (other than by reason of
disability (within the meaning of the Company's disability program,
"DISABILITY") or death) or (y) by Executive for Good Reason, in lieu of
any other severance benefits to which Executive would be entitled under
any other plans or programs of the Company, Executive shall be entitled
to the following benefits.
(i) The Company shall pay Executive (A) accrued unpaid
base salary and vacation through the Date of Termination, (B)
the Target Bonus (or, as applicable, the excess of Target
Bonus over the bonus paid for such period) for the most
recently completed bonus period if Target Bonus has not been
paid in respect of such period, (unless the most recently
completed bonus period is calendar year 2000, in which case
the Executive's entitlement shall be the earned bonus for such
period, not the Target Bonus) plus a pro rata portion of the
Target Bonus for the current bonus period through the Date of
Termination, in the case of either of (A) or (B), within ten
days of the Date of Termination in a lump sum payment and (C)
severance equal to (x) two times (y) the sum of (1) Base
Salary and (2) Target Bonus, payable in equal monthly payments
over the two year period following the Date of Termination.
Notwithstanding the foregoing, if Executive dies during such
two year period during which severance is being paid, any
remaining severance payments hereunder will be made in a lump
sum benefit to Executive's beneficiary within thirty days of
notification to the Company of Executive's death.
(ii) The Company shall make monthly payments to
Executive such that, after payment by Executive of all
applicable taxes thereon, Executive retains an amount which,
when added to the amount of Executive's contribution if any to
his health insurance arrangement as in effect prior to the
Date of Termination, will enable Executive to purchase
medical, dental and vision benefits substantially similar to
those Executive received immediately prior to the Date of
Termination, or at the date of the Change of Control if more
favorable, on the same terms Executive received such benefits
immediately prior to the Date of Termination, or at the date
of the Change of Control if more
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favorable, for a period of two years following the Date of
Termination.
(iii) At the end of the two year period set forth in
paragraph (ii) of this Section 3(a), the Company shall make
monthly payments to Executive such that, after payment by
Executive of all applicable taxes thereon, Executive retains
an amount equal to the amount by which (A) the cost to
Executive of purchasing health benefits substantially similar
to those he received prior to the Date of Termination for an
additional eighteen (18) month period exceeds (B) the cost
Executive would have incurred to purchase health benefits to
the same extent and on the same terms as if the last day of
such two year period were a "qualifying event" under Part 6 of
Title I of the Employee Retirement Income Security Act of
1974, as amended.
(iv) Executive shall receive any other benefits under
other plans or programs of the Company in which he is then
currently participating in accordance with their terms.
(v) Notwithstanding the terms of any stock incentive
plan or award agreement, any stock incentive awards held by
Executive with respect to shares of the Company's common stock
that have not vested as of the Date of Termination shall
continue to stay outstanding and vest in accordance with their
terms.
(vi) Other than the benefits set forth in this Section
3(a), the Company and its subsidiaries will have no further
obligations hereunder with respect to Executive following such
Date of Termination.
(vii) Executive shall not be required to mitigate
damages or the amount of any payment provided for under this
Agreement by seeking other employment or otherwise, nor will
any payments hereunder be subject to offset in respect of any
claims which the Company may have against Executive, nor,
except as provided in the next following sentence, shall the
amount of any payment or benefit provided for in this Section
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result of Executive's employment with another employer. The
amounts paid under Section 3(a)(ii) and (iii) hereof shall be
reduced to the extent Executive is eligible to receive
medical, dental or vision benefits from a successor employer
of Executive substantially comparable to those he was
receiving from the Company prior to the Date of Termination,
or the date of the Change of Control if more favorable.
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(b) Upon Disability or Death. If Executive's employment with
the Company is terminated prior to or upon the second anniversary of a
Change of Control by reason of Disability or death:
(i) The Company shall pay Executive (or his estate,
heirs or beneficiaries) (A) accrued unpaid base salary and
vacation through the Date of Termination and (B) the Target
Bonus (or, as applicable, the excess of Target Bonus over the
bonus paid for such period) for the most recently completed
bonus period if Target Bonus has not been paid in respect of
such period (unless the most recently completed bonus period
is calendar year 2000, in which case the Executive's
entitlement shall be the earned bonus for such period, not the
Target Bonus), plus a pro rata portion of the Target Bonus for
the current bonus period through the Date of Termination, in
the case of either of (A) or (B), within ten days of the Date
of Termination in a lump sum payment.
(ii) Notwithstanding the terms of any stock incentive
plan or award agreement, (A) in the event of a termination by
reason of Executive's death, any stock incentive awards held
by Executive with respect to shares of the Company's common
stock shall automatically vest as of the date of such
termination and (B) in the event of termination by reason of a
Executive's Disability, any stock incentive awards held by
Executive with respect to shares of the Company's common stock
that have not vested as of the Date of Termination shall
continue to stay outstanding and vest in accordance with their
terms.
(iii) Executive shall receive any other benefits under
other plans and programs of the Company in which he is then
currently participating in accordance with their terms.
(iv) Other than the benefits set forth in this Section
3(b), the Company and its subsidiaries will have no further
obligations hereunder with respect to Executive (or his or her
estate, heirs or beneficiaries) following the Date of
Termination.
(c) Any Other Termination. If Executive is terminated at any
time during the term of this Agreement following a Change of Control
for any reason other than set forth in Section 3(a) or 3(b), Executive
shall be entitled to receive his accrued unpaid base salary and
vacation through the Date of Termination, the Target Bonus (or, as
applicable, the excess of Target Bonus over any bonus paid for such
period) for the most recently completed bonus period if Target Bonus
has not been paid in respect of such period (unless the most recently
completed bonus period is calendar year 2000, in which case the
Executive's entitlement shall be the earned bonus for such period, not
the Target Bonus), plus except in the case of the
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Company's termination of Executive for Cause, a pro rata portion of the
Target Bonus for the current bonus period through the Date of
Termination, all of the foregoing payable in a lump sum within ten days
of the Date of Termination, and any other benefits under other plans
and programs of the Company in which he is then currently participating
in accordance with their terms, and the Company and its subsidiaries
will have no further obligations hereunder with respect to Executive
following the Date of Termination.
(d) Notice of Termination. Any purported termination of
employment by the Company or by Executive following a Change of Control
shall be communicated by written notice of termination to the other
party hereto in accordance with Section 8(i) which shall indicate the
specific termination provision in this Agreement relied upon and shall
set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of employment under the provision so
indicated.
4. Gross-Up in connection with a Change of Control. In the event that,
as a result of the payments to which he becomes entitled by reason of a Change
of Control pursuant to the terms hereof or the terms of any other agreement
(including but not limited to the accelerated vesting of stock options),
Executive becomes subject to excise tax (the "EXCISE TAX") under Section 4999 of
the Internal Revenue Code of 1986, as amended (the "CODE"), the Company shall
pay to Executive as additional compensation an amount (the "GROSS-UP PAYMENT")
equal to an amount which, after payment by Executive of all taxes (including any
federal, state and local income tax and excise tax upon such amount) would allow
the Executive to retain an amount equal to the Excise Tax, unless, if the
reduction of the severance payments hereunder to Executive by no more than 5%
would avoid the imposition of Excise Tax, then the Company shall so reduce such
severance payments to Executive and no Gross-up Payment will be made.
For purposes of determining whether Executive will be subject to the
Excise Tax and the amount of such Excise Tax, the following criteria shall
apply:
(a) All determinations required to be made under this Section 4
shall be made by the Company's independent auditors (the "ACCOUNTING
FIRM"), which shall provide detailed supporting calculations to both
the Company and Executive within 15 business days after the Date of
Termination or such earlier time as is requested by the Company
provided that any determination that an Excise Tax is payable by
Executive shall be made on the basis of substantial authority. If the
Accounting Firm determines that no Excise Tax is payable by Executive,
it shall furnish Executive with a written opinion that Executive has
substantial authority not to record any Excise Tax on his federal
income tax return. Any determination by the Accounting Firm meeting the
requirements of this Section 4(a) shall, subject to possible adjustment
as set forth in Section 4(c) below, be binding upon the Company and
Executive.
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(b) The value of any non-cash benefits or any deferred payment
or benefit shall be determined by the Accounting Firm in accordance
with the principles of Sections 280G(d)(3) and (4) of the Code. For
purposes of determining the amount of the Gross-Up Payment, Executive
shall be deemed to pay federal income taxes at the highest marginal
rate of federal income taxation in the calendar year in which the
Gross-Up Payment is to be made and state and local income taxes at the
highest marginal rate of taxation in the state and locality of
Executive's residence on the date on which the Excise Tax is incurred,
net of the maximum reduction in federal income taxes which could be
obtained from deduction of such state and local taxes.
(c) In the event that the Excise Tax is subsequently determined
to be less than the amount taken into account hereunder, Executive
shall repay to the Company, at the time that the amount of such
reduction in Excise Tax is finally determined, the portion of the
Gross-Up Payment attributable to such reduction (plus that portion of
the Gross-Up Payment attributable to the Excise Tax and federal, state
and local income tax deduction) plus interest on the amount of such
repayment at the rate provided in Section 1274(b)(2)(B) of the Code. In
the event that the Excise Tax is determined to exceed the amount taken
into account hereunder (including by reason of any payment the
existence or amount of which cannot be determined at the time of the
Gross-Up Payment), the Company shall make an additional payment in
respect of an amount equal to such excess at the time that the amount
of such excess finally is determined. In the case of any payment that
the Company is required to make to Executive pursuant to the preceding
sentence (a "LATER PAYMENT"), the Company shall also pay to Executive
an additional amount such that after payment by Executive of all of
Executive's applicable Federal, state and local taxes, including any
interest and penalties assessed by any taxing authority, on Later
Payment, Executive will retain an amount equal to the Later Payment.
Executive and the Company each shall reasonably cooperate with the
other in connection with any administrative or judicial proceedings
concerning the existence or amount of liability for Excise Tax.
Notwithstanding any provision of this Agreement to the contrary,
Executive shall pay his ordinary federal, state and local income taxes to which
he is subject as a result of the payments to which he becomes entitled by reason
of a Change of Control pursuant to the terms hereof or the terms of any other
agreement (including but not limited to the accelerated vesting of stock
options).
5. Non-Competition; Non-Solicitation; Confidentiality.
(a) Executive acknowledges and recognizes the highly
competitive nature of the business of the Company and accordingly
agrees that, in consideration of this Agreement, the rights conferred
hereunder,
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and any payments hereunder, during the Non-Compete Term, Executive will
not engage, either directly or indirectly, as an employee, consultant
or independent contractor, or as a principal for his own account or
jointly with others, or as a stockholder in any corporation or joint
stock association, in any business other than the Company or its
subsidiaries which designs, develops, manufactures, distributes, sells
or markets the type of products or services sold, distributed or
provided by the Company or its subsidiaries during the two year period
prior to the Date of Termination (the "BUSINESS"); provided that
nothing herein shall prevent Executive from owning, directly or
indirectly, not more than 5% of the outstanding shares of, or any other
equity interest in, any entity engaged in the Business and listed or
traded on a national securities exchanges or in an over-the-counter
securities market.
(b) During the Non-Compete Term, Executive will not (i)
directly or indirectly employ or solicit, or receive or accept the
performance of services by, any active employee of the Company or any
of its subsidiaries who is employed primarily in connection with the
Business, except in connection with general, non-targeted recruitment
efforts such as advertisements and job listings or directly or
indirectly induce any employee of the Company to leave the Company, or
assist in any of the foregoing or (ii) solicit for business (relating
to the Business) any person who is a customer or former customer of the
Company or any of its subsidiaries, unless such person shall have
ceased to have been such a customer for a period of at least six
months.
(c) Executive will not at any time (whether during or after his
employment with the Company) disclose or use for his own benefit or
purposes or the benefit or purposes of any other person, firm,
partnership, joint venture, association, corporation or other business
organization, entity or enterprise other than the Company and any of
its subsidiaries, any trade secrets, information, data, or other
confidential information relating to customers, development programs,
costs, marketing, trading, investment, sales activities, promotion,
credit and financial data, financing methods, plans, or the business
and affairs of the Company generally, or of any subsidiary of the
Company, unless required to do so by applicable law or court order,
subpoena or decree or otherwise required by law, with reasonable
evidence of such determination promptly provided to the Company. The
preceding sentence of this paragraph (c) shall not apply to information
which is not unique to the Company or which is generally known to the
industry or the public other than as a result of Executive's breach of
this covenant. Executive agrees that upon termination of his employment
with the Company for any reason, he will return to the Company
immediately all memoranda, books, papers, plans, information, letters
and other data, and all copies thereof or therefrom, in any way
relating to the business of the Company and its subsidiaries, except
that he
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may retain personal notes, notebooks and diaries. Executive further
agrees that he will not retain or use for his account at any time any
trade names, trademark or other proprietary business designation used
or owned in connection with the business of the Company or its
subsidiaries.
(d) It is expressly understood and agreed that although
Executive and the Company consider the restrictions contained in this
Section 5 to be reasonable, if a final judicial determination is made
by a court of competent jurisdiction that the time or territory or any
other restriction contained in this Agreement is an unenforceable
restriction against Executive, the provisions of this Agreement shall
not be rendered void but shall be deemed amended to apply as to such
maximum time and territory and to such maximum extent as such court may
judicially determine or indicate to be enforceable. Alternatively, if
any tribunal of competent jurisdiction finds that any restriction
contained in this Agreement is unenforceable, and such restriction
cannot be amended so as to make it enforceable, such finding shall not
affect the enforceability of any of the other restrictions contained
herein.
(e) This Section 5 will survive the termination of this
Agreement.
6. Remedies. (a) Executive acknowledges and agrees that the Company's
remedies at law for a breach or threatened breach of any of the provisions of
Section 5 would be inadequate and, in recognition of this fact, Executive agrees
that, in the event of such a breach or threatened breach, in addition to any
remedies at law, the Company, without posting any bond, shall be entitled to
seek equitable relief in the form of specific performance, temporary restraining
order, temporary or permanent injunction or any other equitable remedy which may
then be available.
(b) Notwithstanding any provision of this Agreement to the
contrary, from and after any breach by Executive of the provisions of
Section 5 of this Agreement, the Company shall cease to have any
obligations to make payments or provide benefits to Executive under
this Agreement.
7. Termination of Employment After the Second Year Following a Change
of Control. If Executive's employment is terminated after the second year
following a Change of Control, but prior to the Equity Vesting Date, without
Cause by the Company or by Executive for Good Reason, (i) Executive shall be
entitled to receive (A) his accrued unpaid base salary and vacation through the
Date of Termination, (B) the Target Bonus (or, as applicable, the excess of the
Target Bonus over any bonus paid for such period) for the most recently
completed bonus period if Target Bonus has not been paid in respect of such
period, and (C) a pro rata portion of the Target Bonus for the bonus period
through the Date of Termination, all of the foregoing payable in a lump sum
within ten days of the Date of Termination, and (D) any other benefits under
other
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plans and programs of the Company in which he is then currently participating,
in accordance with their terms, (ii) notwithstanding the terms of any stock
incentive plan or award agreement, any stock incentive awards held by Executive
with respect to shares of the Company's common stock that have not vested as of
the Date of Termination shall continue to stay outstanding and vest in
accordance with their terms, and (iii) the Company and its subsidiaries will
have no further obligations hereunder with respect to Executive following the
Date of Termination.
8. Miscellaneous.
(a) Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of Michigan.
(b) Entire Agreement/Amendments. This Agreement contains the
entire understanding of the parties with respect to the severance
payable to Executive in the event of a termination of employment
following a Change of Control during the term of this Agreement. There
are no restrictions, agreements, promises, warranties, covenants or
undertakings between the parties with respect to the subject matter
herein other than those expressly set forth herein or therein. This
Agreement may not be altered, modified or amended, except by written
instrument signed by the parties hereto.
(c) No Waiver. The failure of a party to insist upon strict
adherence to any term of this Agreement on any occasion shall not be
considered a waiver of such party's rights or deprive such party of the
right thereafter to insist upon strict adherence to that term or any
other term of this Agreement.
(d) Severability. In the event that any one or more of the
provisions of this Agreement shall be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability
of the remaining provisions of this Agreement shall not be affected
thereby.
(e) Arbitration. With respect to any dispute between the
parties hereto arising from or relating to the terms of this Agreement,
except as provided in Section 6(a), the parties agree to submit such
dispute to arbitration in Michigan under the auspices of and the
employment rules of the American Arbitration Association. The
determination of the arbitrator(s) shall be conclusive and binding on
the Company and Executive and judgment upon the award rendered by the
arbitrator(s) may be entered in any court having jurisdiction thereof.
(f) Attorneys Fees. In the event of a dispute by the Company,
Executive or others as to the validity or enforceability of, or
liability under, any provision of this Agreement, the Company shall
reimburse
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Executive for (i) all legal fees and expenses incurred by him in
connection with such dispute if Executive substantially prevails in the
dispute and (ii) if Executive has not substantially prevailed in such
dispute as set forth in (i), one-half the amount of all legal fees and
expenses incurred by him in connection with such dispute except to the
extent Executive's position is found by a tribunal of competent
jurisdiction to have been frivolous.
(g) Assignment. This Agreement shall not be assignable by
either party. Notwithstanding the foregoing, the Company shall assign
this Agreement to any successor to substantially all of the stock,
assets or business of the Company, and any such successor must assume
in writing all of the obligations of the Company under this Agreement.
(h) Successors; Binding Agreement. This Agreement shall inure
to the benefit of and be binding upon the personal or legal
representatives, executors, administrators, successors, including
successors to all or substantially all of the stock, business and/or
assets of the Company, heirs, distributees, devisees and legatees of
the parties.
(i) Notice. For the purpose of this Agreement, notices and all
other communications provided for in the Agreement shall be in writing
and shall be deemed to have been duly given when delivered or mailed by
United States registered mail, return receipt requested, postage
prepaid, addressed to the respective addresses set forth on the
execution page of this Agreement; provided that all notices to the
Company shall be directed to the attention of the Board of Directors of
the Company with a copy to the Secretary of the Company, or to such
other address as either party may have furnished to the other in
writing in accordance herewith, except that notice of change of address
shall be effective only upon receipt.
(j) Withholding Taxes. The Company may withhold from any
amounts payable under this Agreement such U.S. federal, state and local
taxes as may be required to be withheld pursuant to any applicable law
or regulation.
(k) Counterparts. This Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.
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IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and year first above written.
MASCOTECH, INC.
By: /s/ Xxxxxxx Xxxxxxx
-----------------------------------------
Title: Executive Vice President - Finance
and Administration
Address: 00000 Xxx Xxxx Xxxx
Xxxxxx, Xxxxxxxx 00000
XXXXX X. LINER
/s/ Xxxxx X. Liner
------------------------------------------------
Address: 0000 Xxxxxxxxxx Xxxxx Xxxxx
Xxxx Xxxxxxxxxx, XX 00000
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