Exhibit 10.1
CHARLES RIVER LABORATORIES
Severance Agreement
This will set forth our revised
agreement regarding your severance.
1.
You will receive one-year of severance pay in exchange for your
agreement not to compete with CRL during the one-year severance
period. You will receive this severance pay even if you find
employment during this period, so long as the employment is
not with a competitor.
2.
If at the end of a year you have not found full-time employment,
then CRL will, at its choosing, either release you from the
non-compete or continue your severance for up to an additional year
until you find non-competing employment.
3.
“Competitor” for this purpose means lab animal breeders
and ascites producers.
4.
This severance arrangement will apply if you are terminated by CRL
for any reason other than for “cause”.
“Cause” will be limited to the commission of a serious
crime, fraud, dishonesty, willful misconduct or total disregard for
your assigned duties.
5.
The outstanding balance of your one-year severance will be payable
in a lump-sum to your spouse, child or other designated family
member in the event you die during the initial year.
6.
Your CRL disability coverage will continue so long as the severance
is still in effect.
7.
CRL’s contributions to your ESLIRP will continue so long as
the severance is in effect.
8.
You will be eligible for EICP for the year in which your
termination occurs, on at least a pro rata allocation
basis.
If we agree, please sign below, and
this will modify the CRL Corporate Officer Separation Plan as it
applies to you.
|
/s/ Real H. Renaud
|
|
/s/ James C. Foster
|
|
Real H. Renaud
|
James C. Foster
|
|
Vice President, Worldwide
|
President and Chief Operating
|
|
Production
|
Officer
|
|
|
|
|
Dated: January 7, 1992
|
Dated: January 20, 1992
|