Exhibit 10.23
X. X. XXXXXX
TERMS OF SEPARATION
- Voluntary separation date of March 31, 1998.
- Severance agreement (parachute) as exists.
- My salary will be paid through August 25, 1998. (Paid in a lump
sum on March 31, 1998, or I will sign a consultant agreement and
my salary can be paid every two weeks, until August 25, 1998.)
- Retention bonus of $250,000 to be paid on March 31, 1998.
- Bonus based on NPB bonus plan on achievement of plan for full
fiscal '98 (prorated for 75% of fiscal year) (paid by 8/31/98).
- Waiver of $125,000 bonus for cost reduction synergies
- Waiver of $125,000 bonus for developing successful strategy
organization integration of global medical products company
- Waiver of SAR
/s/ X. Xxxxxxx Xxxxxx, Xx Date: 12/12/97
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X. Xxxxxxx Xxxxxx, Xx.
President and Chief Executive Officer
Xxxxxxx Xxxxxxx Xxxxxxx
Executive Vice President Mallinckrodt
/s/ X. Xxxxxxx Xxxxxx Date: 12/15/97
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X. Xxx Xxxxxx
Chairman and Chief Executive Officer
Mallinckrodt Inc.
