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EXHIBIT 10.37
February 7, 2008
Mr. Peter Sheehan
2 Tyler Court
Natick, MA 01760
Re:
Separation Agreement
Dear
Peter:
As we discussed, your employment with
Belden Inc. (the “Company”) and all subsidiaries will
terminate effective on the close of business, February 29,
2008 (the “Separation Date”). This letter confirms all
of your entitlements arising out of your employment with and
separation from the Company pursuant to your Executive Employment
Agreement of July 16, 2006. You will receive:
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1.
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A severance payment equal to one
times the sum of your current annual base salary and your 2007
target annual cash incentive award. To meet the requirements of the
new deferred compensation rules (i.e., IRC 409A), $460,000 of this
amount will be paid to you in equal monthly payroll installments
over a twelve (12) month period commencing March 31,
2008. Half of the remaining $177,500 will be paid to you in a lump
sum 6 months and a day after your Separation Date, and the
remaining half will be paid in equal monthly payroll installments
over a six (6) month period commencing September 30,
2008. |
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637,500 |
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2.
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A 2007 annual cash incentive award
payable in accordance with the terms of our annual cash incentive
plan. |
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T-B-D |
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3.
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Additional consideration for a
six-month extension of the 12 month non-compete covenant in
your employment agreement, which shall be paid to you on
September 3, 2008. |
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187,500 |
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4.
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Subject to your continued co-payment
of premiums, continued participation for twelve (12) months in
the Company’s medical benefits plan which covers you and your
eligible dependents upon the same terms and conditions (except for
the requirement of your continued employment) in effect for active
employees of the Company. If you obtain other employment that
offers substantially similar or more favorable medical benefits,
continuation of such coverage by the Company will end. These health
benefits will reduce the period of coverage (and count against your
right to healthcare continuation benefits under COBRA) by twelve
(12) months. |
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Mr. Peter Sheehan
February 7, 2008
Page 2
You are entitled to your accrued and
unpaid salary through the Separati
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