Exhibit 10.1
RESTRICTIVE COVENANTS AND GENERAL
RELEASE AGREEMENT
THIS RESTRICTIVE COVENANTS AND
GENERAL RELEASE AGREEMENT (the “Agreement”) is entered
into on February 20, 2009 between Dennis J. Mooradian
(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 Paragraph 18
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:
|
|
1.
|
Separation from
Employment . Executive
and Comerica agree that Executive’s employment with Comerica
shall terminate effective February 28, 2009 (the
“Separation Date”).
|
|
|
2.
|
Public Announcement
. Comerica shall issue an
announcement of Executive’s departure from Comerica by
February 26, 2009.
|
|
|
3.
|
Resignation from Boards and
Committees . Effective
February 28, 2009, Executive shall resign from his position as
Executive Vice President of Comerica Incorporated and Comerica Bank
and, effective before or as of February 28, 2009, Executive
shall resign from any other positions he holds as an officer,
member or manager of Comerica or as a member of a Comerica board or
committee.
|
|
|
|
|
Restrictive
Covenant and General Release Agreement 020609
|
|
Page 1 of 21
|
|
|
4.
|
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, personal computer, laptop,
Blackberry, keys, identification cards, access 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.
|
|
|
5.
|
Compensation and
Benefits . In
consideration for the release of claims set forth in Paragraph 6,
the covenants set forth in Paragraphs 7, 8, 9, 10 and 11 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:
|
|
|
a.
|
Prior to the Separation Date, so
long as Executive continues to be employed by Comerica, Comerica
shall continue to pay Executive his regular base salary at the rate
in effect as of immediately prior to the delivery of this
Agreement, in accordance with the payroll practices of Comerica
applicable to similarly situated executives.
|
|
|
b.
|
Prior to the Separation Date, so
long as Executive continues to be employed by Comerica, Executive
shall continue to be eligible to participate in Comerica’s
health, welfare benefit and retirement plans in which Executive
participated immediately prior to the delivery of this Agreement,
as such plans may be in effect from time to time.
|
|
|
c.
|
Following the Separation Date,
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
|
|
|
|
|
Restrictive
Covenant and General Release Agreement 020609
|
|
Page 2 of 21
|
|
|
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.
|
|
|
d.
|
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.
|
|
|
e.
|
Executive will receive, pursuant
to the terms of the 1999 Amended and Restated Comerica Incorporated
Deferred Compensation Plan (“DCP”) and the 1999
Comerica Incorporated Amended and Restated Common Stock Deferred
Incentive Award Plan (“DIAP”), distributions from his
accounts under those plans, payable in accordance with his prior
elections and the terms of the DCP and the DIAP, respectively. Such
distributions will be subject to all applicable taxes, FICA and
other withholding and deductions required by law and will be made
pursuant to the distribution schedule followed under the
administrative procedures of the DCP and the DIAP,
respectively.
|
|
|
|
|
Restrictive
Covenant and General Release Agreement 020609
|
|
Page 3 of 21
|
|
|
f.
|
At the meeting of the Comerica
Incorporated Governance, Compensation and Nominating Committee (the
“Committee”) held on January 27, 2009, upon the
recommendation of Comerica, the Committee adopted resolutions
generally providing that, subject to the execution and delivery by
Executive of this Agreement at least eight (8) calendar days
prior to the Separation Date and his non-revocation of this
Agreement:
|
(i) Executive’s restricted
shares of Comerica Incorporated common stock that are not vested as
of the Separation Date shall fully vest as of the Separation Date;
and
(ii) Executive’s Separation
Date shall qualify as a Retirement (as defined in the Comerica
Incorporated 2006 Amended and Restated Long-Term Incentive Plan and
its predecessor plan(s), each as amended and/or restated from time
to time (the “LTIP”)) so that his stock options
outstanding as of the Separation Date, other than those granted in
the calendar year of such Separation Date, shall continue to vest
pursuant to the vesting schedule applicable to such options, and
any vested options outstanding as of the Separation Date shall
continue in full force and effect for the remainder of the term of
the option.
The opportunities afforded Executive
in both paragraphs (f)(i) and (f)(ii) above are subject to the
other terms and conditions of the LTIP and the grant agreements
evidencing the applicable grants of such restricted stock and stock
options, including Executive’s obligation to satisfy all tax
withholding obligations.
|
|
|
|
Restrictive
Covenant and General Release Agreement 020609
|
|
Page 4 of 21
|
|
|
g.
|
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.
|
|
|
6.
|
Release of Claims
. In consideration for the payments
and other benefits provided to Executive by this Agreement,
including those described above in Paragraph 5, certain of which
Executive is not otherwise entitled, and the sufficiency of which
Executive acknowledges, Executive further agrees, as
follows:
|
|
|
a.
|
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,
contracts, grievances, liabilities, debts, judgments, and demands,
including but not limited to any claims for
|
|
|
|
|
Restrictive
Covenant and General Release Agreement 020609
|
|
Page 5 of 21
|
|
|
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, 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
Texas Commission on Human Rights Act, the Public Employment
Discrimination Act, the Texas Free Enterprise and Enterprise Act of
1938, the Texas Payday Law, the Texas Minimum Wage Act of 1970,
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
|
|
|
|
|
Restrictive
Covenant and General Release Agreement 020609
|
|
Page 6 of 21
|
|
|
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.
|
|
|
b.
|
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 whole or in
part on any event, act, or omission which is the subject of
Executive’s release.
|
|
|
c.
|
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, incentive, wage, vacation or other paid time off,
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 1999 Comerica Incorporated Amended and
Restated Deferred Compensation Plan, the 1999 Comerica Incorporated
Amended and Restated Common Stock Deferred Incentive Award Plan,
and the Comerica Incorporated Amended and Restated Employee Stock
Purchase Plan, in each case in accordance with the terms of such
plans and any valid elections thereunder. In addition, prior to
November 23,
|
|
|
|
|
Restrictive
Covenant and General Release Agreement 020609
|
|
Page 7 of 21
|
|
|
2004, a portion of the
Executive’s incentive bonus attributable to the three-year
performance period under the MIP was automatically invested in
common stock that, pursuant to a No Sale Agreement, will be
non-transferrable until he terminates employment with Comerica
(sometimes referred to as the non-deferred 3-year award program or
plan) (the “Non-Deferred Account”). Executive shall be
entitled to receive the shares in his Non-Deferred Account
following his Separation Date. Executive agrees that he is not
entitled to any benefits under any other program or plan of
Comerica.
|
|
|
d.
|
The provisions of this Paragraph
6 do not apply to any claim Executive may have for representation
and indemnification pursuant to Paragraph 5(g) above or any claim
based solely upon his status as a shareholder of Comerica
Incorporated.
|
|
|
7.
|
Disclosure of
Information . Executive
hereby acknowledges that he has been and will continue to have
access and exposure to confidential and proprietary information of
Comerica and trade secrets, including details of the business or
affairs of Comerica, its subsidiaries or affiliates (including,
without limitation, planning information and strategies,
information and/or strategies for the prosecution and/or defense of
any matter that is now or may be in the future the subject of any
lawsuit, dispute, controversy, claim and/or regulatory action,
financial information, organizational structure, strategic
planning, sales and marketing strategies, distribution methods,
data processing and other systems, personnel policies and
compensation plans and arrangements); any customer or
|
|
|
|
|
Restrictive
Covenant and General Release Agreement 020609
|
|
Page 8 of 21
|
|
|
advertising lists; any
information, knowledge or data of a technical nature (including,
without limitation, methods, know-how, processes, discoveries,
machines, or research projects); any information, knowledge or data
relating to future developments (including without limitation, tax
planning research and development, future marketing or
merchandising); or any and all other trade secrets (collectively,
“Confidential Information”). Confidential Information
does not include (i) information already known or
independently developed by Executive from public sources or
information in the public domain, (ii) information in the
public domain through no wrongfu
|
|