RESTRICTIVE COVENANTS AND GENERAL
RELEASE AGREEMENT
THIS
RESTRICTIVE COVENANTS AND GENERAL RELEASE AGREEMENT (the
“ Agreement ”) is entered into on March 13,
2006 between John D. Lewis (hereafter “ Executive
”) and Comerica Incorporated, a Delaware corporation, for the
benefit of Comerica Incorporated, Comerica Bank, all of their past,
present and future subsidiaries, affiliates, predecessors, and
successors, and all of their subsidiaries and affiliates,
(hereafter all individually and collectively referred to as “
Comerica ”). This Agreement sets forth the complete
understanding and agreement between Comerica and Executive relating
to Executive’s employment and cessation of employment with
Comerica. This Agreement shall be effective as of the Effective
Date (as defined in Section 14 below), and in the event the
Effective Date does not occur, this Agreement shall be void ab
initio .
Accordingly,
Executive and Comerica hereby agree as follows:
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1.
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Separation from
Employment .
Executive and Comerica agree that Executive’s employment with
Comerica shall terminate effective June 30, 2006 (the “
Separation Date ”). To the extent that as of the
Separation Date Executive satisfies the definition of
“retirement” (or any derivation of such term) under any
Comerica plan in which Executive participates as of the Separation
Date, the cessation of Executive’s employment shall be
treated as a retirement.
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2.
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Resignation from Vice Chairman
Position .
Effective as of April 14, 2006 (the “ Succession
Date ”), Executive shall resign from his position as
Comerica’s Vice Chairman and any other positions as an
officer of Comerica or member of a Comerica board or committee.
From the Succession Date through the Separation Date (the “
Transition Period ”), Executive shall continue as a
non-executive
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March 13,
2006
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Page 1 of 14
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employee of Comerica and shall
remain available at such times as may be requested by Comerica to
ensure a stable transition. During the Transition Period, Executive
shall be provided with appropriate office space for his
use.
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3.
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Public Announcement
. Comerica shall issue
an announcement of Executive’s resignation as
Comerica’s Vice Chairman and departure from Comerica on
March 15, 2006.
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4.
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Return of Comerica
Property .
Executive shall return to Comerica, no later than the close of
business on the Separation Date, all property of Comerica,
including but not limited to customer information, computer, palm
pilot, Blackberry, cellular phone, keys, identification cards,
corporate credit cards, and files or other documents received,
compiled or generated by or for Executive in connection with or by
virtue of his employment with Comerica.
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5.
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Compensation and Benefits
. In consideration for
the release of claims set forth in Section 7, the covenants
set forth in Sections 8, 9 and 10 and such other promises of
Executive as set forth in this Agreement, Comerica agrees that it
shall pay or provide to Executive the following payments and
benefits:
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a.
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During the Transition Period,
Comerica shall continue to pay Executive his regular base salary at
the rate in effect as of immediately prior to the Succession Date,
in accordance with the payroll practices of Comerica applicable to
similarly situated executives.
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b.
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During the Transition Period,
Executive shall continue to be eligible to participate in
Comerica’s health, welfare benefit and retirement plans
in
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March 13,
2006
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Page 2 of 14
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which Executive
participated immediately prior to the Succession Date, as such
plans may be in effect from time to time.
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c.
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Following the Transition Period,
Executive shall be eligible to elect continuation coverage under
Comerica’s healthcare benefit plans in accordance with
Section 4980B (“ COBRA ”) of the Internal
Revenue Code of 1986, as amended (the “ Code ”)
and the terms of the applicable plan. Assuming Executive elects
COBRA continuation coverage under Comerica’s medical benefit
plan, Executive shall be eligible to continue medical benefit plan
coverage under COBRA for the period of coverage under COBRA, with
the cost of such coverage to be paid by Executive pursuant to the
terms generally applicable to retired employees of Comerica as in
effect from time to time. Executive’s conversion rights under
other insurance programs following the Separation Date shall be
determined in accordance with the terms of the applicable
plan.
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d.
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During the Transition Period,
Comerica shall reimburse Executive for reasonable and documented
business expenses incurred by Executive on or before the Separation
Date, in accordance with the terms of Comerica’s
policy.
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e.
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During the Transition Period,
Executive may continue to use the automobile provided to him by
Comerica, which automobile shall be returned to Comerica on or
before the Separation Date at a location designated by
Comerica.
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March 13,
2006
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Page 3 of 14
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f.
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Stock options granted to Executive
under the 1997 Long-Term Incentive Plan (the “ LT
Incentive Plan ”) shall be governed by the terms of the
LT Incentive Plan and the respective grant agreements evidencing
the grant of such options.
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g.
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Comerica will recommend to the
Comerica Incorporated Compensation Committee (the “
Committee ”) that Executive’s restricted shares
of Comerica Incorporated common stock that are not vested as of the
Separation Date shall fully vest as of the effective date of any
such action by the Committee, subject to such other terms and
conditions of the LT Incentive Plan and the grant agreements
evidencing the grant of such restricted stock, including
Executive’s obligation to satisfy all tax withholding
obligations.
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h.
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Subject to Executive’s
continued compliance with the covenants set forth in
Sections 7, 8 and 9 of this Agreement and Executive’s
execution and non-revocation of the General Release attached as
Exhibit A hereto, Executive shall be paid a lump payment equal
to $1,057,800.00 on December 31, 2006.
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i.
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To
the extent provided by the Amended and Restated Bylaws of Comerica,
Incorporated, Article V, Section 12, Comerica agrees to
defend, indemnify and hold Executive harmless from and against all
liability for actions taken by him within the scope of his
responsibilities so long as his conduct in any such matter was
consistent with the standards contained in such Article V,
Section 12.
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March 13,
2006
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Page 4 of 14
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6.
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Release of Claims
. In consideration for
the payments and other benefits provided to Executive by this
Agreement, including those described above in Section 5,
certain of which Executive is not otherwise entitled, and the
sufficiency of which Executive acknowledges, Executive further
agrees, as follows:
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a.
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For
himself and for all people acting on his behalf (such as, but not
limited to, his family, heirs, executors, administrators, personal
representatives, agents and/or legal representatives), Executive
agrees to waive any and all claims or grievances which he may have
against Comerica and Comerica’s past or present stockholders,
directors, officers, trustees, agents, representatives, attorneys,
employees, in their individual or representative capacities, and
any and all employee benefit plans and their respective past,
current and future trustees and administrators (hereafter,
collectively, the “ Released Parties ”). By his
signature hereto, Executive, for himself and for all people acting
on his behalf, forever and fully releases and discharges any and
all of the Released Parties from any and all claims, causes of
action, charges, contracts, grievances, and demands, including but
not limited to any claims for attorney fees, that Executive ever
had, now has, or may have by reason of or arising in whole or in
part out of any event, act or omission occurring on or prior to the
Effective Date of this Agreement. This release includes, but is not
limited to, any and all claims of any nature that relate to
Executive’s employment by or termination of employment with
Comerica . This release includes, but is not limited to:
claims of promissory estoppel, forced resignation, constructive
discharge,
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March 13,
2006
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Page 5 of 14
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libel, slander, deprivation of due
process, wrongful or retaliatory discharge, discharge in violation
of public policy, breach of contract, breach of implied contract,
infliction of emotional distress, detrimental reliance, invasion of
privacy, negligence, malicious prosecution, false imprisonment,
fraud, assault and battery, interference with contractual or other
relationships, or any other claim under common law. This release
also specifically includes, but is not limited to: any and all
claims under any federal, state, and/or local law, regulation, or
order prohibiting discrimination, including the Age
Discrimination in Employment Act , the Americans With
Disabilities Act, Title VII of the Civil Rights Act of 1964, the
Elliott-Larsen Civil Rights Act, or the Michigan Person’s
With Disabilities Civil Rights Act, together with any and all
claims under the Fair Credit Reporting Act, the Uniform Services
Employment and Reemployment Rights Act, the Employee Retirement
Security Income Security Act, the Family Medical Leave Act, or any
other federal, state, and or local law, regulation, or order
relating to employment, as they all have been or may be amended. It
is Executive’s intent, by executing this Agreement, to
release all claims as specified above to the maximum extent
permitted by law, whether said claims are presently known or
unknown.
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b.
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To
the maximum extent permitted by law, Executive agrees that he has
not filed, nor will he ever file, a lawsuit asserting any claims
which are released by this Agreement, or to accept any benefit from
any lawsuit which might be filed by another person or government
entity based in
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March 13,
2006
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Page 6 of 14
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whole or in
part on any event, act, or omission which is the subject of
Executive’s release.
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c.
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Executive understands and agrees
that, other than the payments and benefits expressly enumerated in
this Agreement, he is not entitled to receive any other
compensation, wage, vacation, leave, benefit or other payment from
Comerica, other than any vested benefits to which he may be
entitled under the Comerica Incorporated Retirement Plan, the
Comerica Incorporated Preferred Savings [401(k)] Plan, the 1997
Comerica Incorporated Deferred Compensation Plan, the 1999 Comerica
Incorporated Amended and Restated Deferred Compensation Plan, the
1999 Comerica Incorporated Amended and Restated Common Stock
Deferred Incentive Plan, the Comerica Incorporated Amended and
Restated Employee Stock Purchase Plan, and the Benefit Equalization
Plan for Employees of Comerica Incorporated, in each case in
accordance with the terms of such plans and any valid elections
thereunder. Executive agrees that he is not entitled to any
benefits under any other program or plan of Comerica.
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d.
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The
provisions of this Section 6 do not apply to any claim
Executive may have for representation and indemnification pursuant
to Section 5(i) above.
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7.
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Confidential
Information/Cooperation . Executive agrees that he shall not
at any time disclose to third parties Comerica’s confidential
business, proprietary, or personnel information, as that
information is defined in the Comerica Employee
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March 13,
2006
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Page 7 of 14
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Handbook and/or Code of Business
Conduct and Ethics and/or its Corporate Information Protection
Policy and manual. Executive agrees that in the event of a legal
proceeding (whether threatened or pending, whether investigative,
administrative, or judicial) involving matters of which he has
knowledge by virtue of the positions Executive held during his
employment at Comerica, Executive shall disclose to Comerica and
its counsel any facts known to Executive which might be relevant to
said legal proceeding and shall cooperate fully with Comerica and
its counsel so as to enable Comerica to present any claim or
defense which it may have relating to such matters. For purposes of
this Section 7, “cooperate fully” shall mean that
Executive shall make himself reasonably available for interviews,
depositions, and testimony as directed by Comerica or its counsel,
and shall further execute truthful statements, declarations, or
affidavits pertaining to such matters at the request of Comerica or
its counsel. Executive shall be reimbursed for any out of pocket
expenses and/or lost wages that he may incur as a result of his
compliance with this Section 7. Nothing in this Section 7
shall be construed as requiring Executive to be non-truthful or as
preventing him from disclosing information that would be considered
adverse to Comerica or requiring him to do anything in violation of
any applicable law, rule or regulation.
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8.
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Non-Dispar
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