WAIVER AND RELEASE AGREEMENTWaiver Agreement |
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Exhibit 10.1
WAIVER AND RELEASE AGREEMENT
I, Tracy D. Pagliara, understand my last day of employment with Gardner Denver is August 25, 2008 (“Termination of Employment Date”), and I accept the following, which Gardner Denver, Inc., including its agents, employees, officers, directors, insurers, subsidiaries, affiliates, successors and assigns (collectively “GDI”) promises to me, in consideration for the promises I make in this Waiver and Release Agreement (this “Agreement”), and in satisfaction of any and all obligations owed, financial or otherwise, due or payable to me by GDI:
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payment of the sum of Five Hundred and Ten Thousand and No/100’s Dollars ($510,000.00), a payment equivalent to seventy two (72) weeks of pay, to be made payable to me in lump sum, less applicable withholdings, payable no earlier than the first practicable payroll date occurring at least eight (8) days after my acceptance of and signature on this Agreement; |
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payment of the sum of Eighteen Thousand One Hundred and Sixty Six and 50/100’s Dollars ($18,166.50), a payment equivalent to eighteen (18) months of COBRA medical insurance premiums, to be made payable to me in lump sum, less applicable withholdings, payable no earlier than the first practicable payroll date occurring at least eight (8) days after my acceptance of and signature on this Agreement; and |
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Other Benefits: |
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My eligibility and right to payment under the GDI retirement savings plan and supplemental excess defined contribution plan will be governed exclusively by the terms and conditions of applicable plan document(s), using my Termination of Employment Date as my separation from service and/or termination date as such is defined in the applicable plan document(s); I understand that my contributions and the company contributions will cease on my Termination of Employment Date. |
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Any remaining stock options that have vested prior to my Termination of Employment Date, but have not been exercised by me, may be exercised until February 28, 2009. Thereafter, I have forfeited any vested but unexercised options. Vesting on all unvested options terminates on my Termination of Employment Date, except that all unvested options which are scheduled to vest in February 2009 will be treated as vested, effective on their respective vest dates in February 2009. |
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Any unvested restricted stock and restricted stock units terminate on my Termination of Employment Date, except that the unvested restricted stock which is scheduled to vest in February 2009 will be treated as vested, effective on the vest date. |
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Waiver and
Release Agreement
Page 2 of 5
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My participation in any GDI bonus plan, including but not limited to the Executive Annual Bonus Plan and the Long-Term Incentive Plan, will cease as of my Termination of Employment Date. I will receive full payment of the amount that would have been otherwise payable if my eligibility continued under the 2008 Executive Annual Bonus Plan and the 2006 Long-Term Cash Bonus Opportunity if, and to the extent, the financial conditions for these bonus payments are met as of December 31, 2008, payable no later than March 15, 2009. |
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I understand that I am eligible to receive outplacement services through a firm of my choosing at GDI’s expense (up to an amount no greater than $25,000.00) to assist me in finding a new position. I further understand GDI will also reimburse me for reasonable travel expenses associated with such outplacement services, subject to the overall $25,000.00 limit described in the preceding sentence. |
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I understand that I will continue to receive GDI’s executive tax return preparation service regarding my 2008 tax return and tax planning services through Rubin Brown, up to an aggregate amount no greater than $6,000.00. |
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I understand that the payments hereunder are inclusive of any and all vacation pay entitlements. |
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In lieu of any and all other future variable compensation, including but not limited to equity compensation and Long-Term Cash Bonus Opportunities, I will receive payment of the sum of One Hundred and Thirty Thousand and No/100’s Dollars ($130,000.00), less applicable withholdings, payable no earlier than the first practicable payroll date occurring at least eight (8) days after my acceptance of and signature on this Agreement. |
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I understand that all other company benefits cease on my Termination of Employment Date. |
(1.) Complete and General Release. I understand this is a complete and general release. In exchange for the promises made by GDI in this Agreement, which I acknowledge are sufficient, I, for myself and my heirs, executors, administrators, successors and assigns, release and forever discharge and promise not to sue GDI with respect to any claims (including without limitation, causes of action, suits, debts, sums of money, controversies, agreements, promises, damages, costs, losses, expenses and demands whatsoever, at law or in equity, or before any federal, state or local administrative agency, whether known or unknown, whether accrued or unaccrued, whether contingent or certain) which I now have, or any claims whatsoever which may hereafter accrue on account of the events, circumstances or occurrences related to my employment and separation from employment with GDI up to and including the effective date of this release, including without limitation any claims such as claims under the Age Discrimination in Employment Act, of 1967, 29 U.S.C. § 621, et seq. ; Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000-e et seq .; the Employee Retirement Inc






