{"id":39596,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-storage-technology-corp-and-gary-d.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-storage-technology-corp-and-gary-d","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-storage-technology-corp-and-gary-d.html","title":{"rendered":"Employment Agreement &#8211; Storage Technology Corp. and Gary D. Francis"},"content":{"rendered":"<pre>August 19, 1997\n\n\n\n\nMr. Gary D. Francis\nStorage Technology Corporation\n2270 South 88th Street\nLouisville, Colorado 80028-5232\n\nDear Gary:\n\nIn connection with your accepting employment as Vice President and General\nManager of the Nearline Business Group ('VPNBG'), Storage Technology Corporation\n(the 'Company') agrees that you will be entitled to receive severance payments\nupon the terms and conditions set forth hereinbelow. If, during your employment\nas VPNBG, the Company elects to terminate your employment without 'Cause' (as\nthat term is defined below), you shall be entitled to receive, as a severance\npayment, an amount equal to the sum of (i) 100% of your then-current annual base\nsalary plus (ii) 100% of your then-current, on-plan bonus potential percentage\nunder the Company's MBO Program for the year of termination; provided, that it\nis determined that the applicable MBO targets have been achieved and payments\nunder such MBO Program are generally paid to all other eligible participants.\nThe Company will pay you in cash, in a lump sum the amount referenced in item\n(i) above, within thirty days after your date of termination of employment with\nthe Company. The Company will pay you the amount referenced in item (ii) above,\nat the same time and in the same manner as MBO bonus payments are generally made\nto all other eligible participants in such MBO Program.\n\nAs used in this letter the term 'Cause' shall mean any of the following: (i)\nwillful breach by you of any provisions of this agreement or any other written\nagreement between you and the Company; (ii) gross negligence or dishonesty in\nthe performance of your duties hereunder; (iii) engaging in conduct or\nactivities or holding any position that materially conflicts with the interest\nof, or materially interferes with your duties owed to, the Company; (iv)\nengaging in conduct that is materially detrimental to the business of the\nCompany; or (v) any intentional violation of the Company's policies applicable\nto employees of your position with the Company.\n\n\n\n\nThe terms set forth in this agreement supersede and replace in their entirety\nthe termination without cause and severance terms described in the Company's\ncorrespondence to you dated July 22, 1997. This agreement shall in no way be\ndeemed a commitment by you or the Company to change the nature of your\nemployment to other than 'at will employment' under applicable law.\n\nPlease indicate your acceptance of this agreement by signing both copies of this\nletter below. Retain one copy of this agreement for your records and return the\nother copy to the Company, to the attention of Lizbeth Stenmark, using the\nenclosed envelope.\n\n                                                     Very truly yours,\n\n\n\n                                                     \/s\/  Laurie N. Dodd\n                                                     ---------------------------\n                                                     Laurie N. Dodd\n                                                     Corporate Vice President\n                                                     Human Resource Development\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAccepted and Agreed:\n\n   \/s\/  Gary D. Francis\n-----------------------\nGary D. Francis\n\ncc: Mike Halbmaier\n      Dwight Seeley\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8959],"corporate_contracts_industries":[9508],"corporate_contracts_types":[9539,9544],"class_list":["post-39596","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-storage-technology-corp","corporate_contracts_industries-technology__hardware","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39596"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39596"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39596"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}