Exhibit 10.62
Dated as of October 28, 2008
John A. DeSantis
39 Leisure Point Rd.
Standish, Maine 04084
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Re:
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Termination of 2007 Executive
Employment Agreement dated May 31, 2007
(“Agreement”)
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Dear John:
The purpose of this agreement
(“Release”) is to memorialize agreements reached in
conjunction with your announced separation from Remington Arms
Company, Inc. (“Remington”). as you assume the position
of President and General Manager of Bushmaster Firearms
International LLC (“Bushmaster”). Bushmaster is a
subsidiary of Freedom Group, Inc. (“FGI”) and an
affiliated company to Remington. As discussed, your announced
change in position will impact your Agreement. In this respect you
and Remington agree as follows:
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(a)
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The Agreement shall be mutually
terminated without “good cause” effective October 31,
2008, subject to the agreements and contents of this
Release.
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(b)
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Effective October 31, 2008 by your
signature below, you voluntarily resign your position as Executive,
Executive, Special Projects.
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(c)
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Pursuant to Section 4(a) of the
Agreement, you will be paid $375,000.00 under the Remington Annual
Incentive Compensation Plan (“RAICP”). This amount will
be paid to you pursuant to the terms of the RAICP and will be less
all applicable deductions for federal, state and local taxes, and
applicable garnishments.
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(d)
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Pursuant to Section 4(b) of the
Agreement, you will be paid $360,000.00 under the Remington Long
Term Incentive Plan (“RLTIP”). This amount will be paid
to you pursuant to the terms of the RLTIP and will be less all
applicable deductions for federal, state and local taxes, and
applicable garnishments.
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(e)
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Pursuant to Section 7 of the
Agreement, Remington and you waive the requirement for a written
“Notice of Termination” as required by the
Agreement.
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(f)
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Except as provided above, you waive,
for yourself and your dependants, any right to any additional
payments or Remington benefits including but not limited to
Continuation Coverage, as such term is defined in the Agreement,
long-term disability, life insurance and similar benefits under the
Agreement.
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(g)
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Nothing in this Release modifies or
otherwise changes the Remington Arms Company 401(k) Plan or
Remington Supplemental Pension Plan (“SERP”) which
shall remain in full force and effect, according to the terms and
conditions of these plans, inclusive of the provisions reserving
the right to change these plans.
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(h)
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You agree to complete all Remington
business travel expense reports and requests for reimbursement as
soon as reasonability possible after October 31, 2008.
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(i)
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Notwithstanding anything to the
contrary herein, you agree that Sections 8, 9, 10, 11, 12, 13, 14
15, 17, 18, 19, 20(a), (b) (c) and (f) remain in full force and
effect.
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Your signature below
indica
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