EXECUTIVE SEVERANCE AGREEMENT
EXHIBIT
10.28
Executive Severance Agreement
("Agreement") is made effective as of May 1, 2008 (the "Effective Date"),
between Linvatec Corporation d/b/a CONMED Linvatec, a Florida corporation with
its principal place of business at 00000 Xxxxxxx Xxxx., Xxxxx, Xxxxxxx 00000,
hereinafter referred to as "Linvatec," and Xxxxxx X. Xxxxxxx, hereinafter
referred to as "Darling."
RECITALS
WHEREAS, this Agreement is subject to
and shall be effective and binding on Darling, and shall be binding on Linvatec
upon execution;
WHEREAS, Linvatec Corporation has
offered employment to Darling, and Darling has accepted such employment subject
to the execution of this Executive Severance Agreement;
In
consideration of the promises and of the mutual covenants contained herein, and
for other good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto do hereby agree as follows:
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1.
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Severance
Obligation. In addition to the terms and conditions of
employment offered to Darling, which terms are set forth in a separate
instrument, Linvatec has agreed to provide Darling with a Severance
Payment, as set forth herein:
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(a)
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In
the event of (i) a sale of substantially all of the assets of, or a
transfer of substantially all of the stock of, Linvatec (hereinafter
referred to as a “Change of Control”) and (ii) if either (x) Darling does
not retain the title of President and comparable responsibilities for the
eighteen (18) month period following such Change of Control, or (y)
Darling is terminated with or without cause within eighteen (18) months of
such change in control, provided Darling agrees to stay on as an employee
during such eighteen (18) months, Linvatec or its successors or assigns
will pay to Darling a Severance Payment equal to his salary then in effect
for eighteen (18) months; provided that Darling shall have provided thirty
(30) days prior written notice to the Chief Executive Officer of Linvatec
and the General Counsel of Conmed Corporation within thirty days of his
having been deprived of the title of President or the comparable
responsibilities with Linvatec then being permitted thirty (30) days to
cure, if possible, before Darling shall be entitled to the payment
contemplated herein; provided further, that if Darling is terminated for
misconduct, he shall be entitled to no Severance
Payment.
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(b)
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In
circumstances not involving a Change in Control, if within two (2) years
of the Effective Date, Linvatec terminates Darling’s employment without
cause, Linvatec or its successors or assigns will pay to Darling a
Severance Payment equal to his salary then in effect for twelve (12)
months; provided that Darling is not employed with another company;
provided further, that if Darling is terminated for misconduct, he shall
be entitled to no Severance
Payment.
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(c)
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In
circumstances not involving a Change in Control, if Linvatec terminates
Darling’s employment with cause, Linvatec or its successors or assigns
will pay to Darling a Severance Payment equal to his salary then in effect
for six (6) months, provided that Darling is not employed with another
company; provided further, that if Darling is terminated for misconduct,
he shall be entitled to no Severance
Payment.
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(d)
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In
circumstances not involving a Change in Control, if Linvatec terminates
Darling’s employment for misconduct, Darling shall be entitled to no
Severance Payment.
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(e)
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Any
Severance Payment described in this Paragraph as due will be paid provided
further if the following conditions are met: (i) Darling
executes a full general release, releasing all claims, known or unknown,
suspected or unsuspected, that Darling may have against Linvatec arising
out of or any way related to Darling’s employment or termination of
employment with Linvatec; and (ii) Darling complies with all
surviving provisions of this
Agreement.
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(f)
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For
purposes of this Agreement, the term “Severance Payment” shall refer to
the salary amounts referred to herein. For the sake of clarity,
the term Severance Payment shall not include any right to continue to
participate in the maintenance of health or welfare benefits, including,
without limitation, the 401(k) Plan, pension plan or employee stock
purchase plan otherwise available to Linvatec employees. Darling agrees
that any Severance Payment otherwise due under this Agreement may be
reduced by Linvatec or its successors and assigns to fulfill any
outstanding payments or debts due and owing by Darling to Linvatec
following written notice of its intent to make such
deductions.
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2.
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Governing Law; Consent
to Forum and Jurisdiction; Waiver of Jury. This
Agreement will be governed by and construed in accordance with the laws of
the United States and the State of Florida. Each party consents
to the exclusive jurisdiction and venue of the state or federal courts in
Largo, Florida, if applicable, in any action, suit, or proceeding arising
out of or relating to this Agreement. Linvatec and Darling
waive any right otherwise in existence to a jury trial for any claims
arising under or relating to the provisions of this Agreement, with any
claims arising or relating to this Agreement to be resolved in the manner
set forth herein.
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3.
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Nature of
Employment. The nature of the employment relationship
between Linvatec Corporation and its employees is
at-will. Linvatec makes no representation that employment with
Linvatec represents a guarantee of continued
employment. Linvatec recognizes that employees may resign at
any time and for any reason. Likewise, individual employment
may be discontinued whenever Linvatec deems it to be in their best
interests. Any statements to the contrary are disavowed and
should not be relied on by any
employee.
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4.
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Entire Agreement; No
Amendment Unless Signed. This Agreement constitutes the entire
agreement between the parties hereto and supersedes and replaces all prior
agreements or understandings (whether oral or written) concerning
severance in the event of a Change in Control of Linvatec or
otherwise. This Agreement may not be changed or modified
except by an instrument in writing signed by both parties and which states
that it is an amendment hereto.
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5.
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Discretion to
Administrator of Linvatec Severance Plan. All
determinations concerning eligibility and the extent of any payments made
under this Agreement shall reside with the Administrator of the Linvatec
Severance Plan. The Plan Administrator shall have the same
discretion to interpret the provisions of this Agreement as would be the
case under the Linvatec Severance Plan, with Darling to have the same
remedies and process for submitting claims and for submitting any appeals
as would be the case under the Linvatec Severance
Plan.
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THE
PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND
EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED
THIS AGREEMENT ON THE DATES SHOWN BELOW.
Executive
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/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx
X. Xxxxxxx
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President
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Linvatec
Corporation d/b/a
CONMED
Linvatec
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/s/ Xxxxxx X. Xxxxx
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Xxxxxx
X. Xxxxx
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Director
– Assistant Secretary
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