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General Release And Separation Agreement

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Sectors: Aerospace and Defense
Governing Law: Minnesota, View Minnesota State Laws
Effective Date: March 01, 2002
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Exhibit 10.27

GENERAL RELEASE and SEPARATION AGREEMENT

This General Release and Separation Agreement ("General Release"), is made and entered into this 23 day of February 2002, by and between Scott S. Meyers ("you" or "your"), a resident of the state of Minnesota, and Alliant Techsystems Inc., a Delaware corporation with its principal place of business in Edina, Minnesota, and its predecessor companies, affiliates, subsidiaries, and related entities (collectively "ATK" or the "Company").

You and ATK have agreed that your employment will conclude as provided in this General Release. In connection with the termination of your employment and subject to this General Release, ATK has agreed to provide you with certain payments and other benefits to which you would not be entitled absent your execution of this General Release. Further, you and ATK desire to settle any and all disputes related directly or indirectly to your hiring by ATK, your employment with ATK, and/or the termination of your employment with ATK, in accordance with the terms and conditions set forth in this General Release.

Therefore, in consideration of the mutual covenants and agreements set forth in this General Release, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by both you and ATK, you and ATK agree as follows:

1. Assignment and Termination of Employment: On April 1, 2002 you will be placed on Assignment reporting to Eric Rangen to provide services as requested. ATK will employ you in that Assignment through January 31, 2003, unless you Resign from your position prior to that date. If you accept employment with a third party prior to January 31, 2003, other than board of director activities for another company, volunteer services to a non-profit, or consulting work which is approved by Mr. Rangen, you will be deemed to have resigned from ATK ("Resign"). Except as otherwise provided in this General Release, or as set forth in the applicable employee benefit plan, all of your privileges as an ATK employee will end as of the close of business on the "Termination Date," which will be the earlier of January 31, 2003, or the date you Resign.

You will tender your resignation as a member of the Board of Directors of ATK and as an officer/manager of the Company on March 31, 2002.

2. Compensation: In connection with the termination of your employment with ATK, ATK will provide you the following payments and benefits in consideration for your execution and non-revocation of this General Release and your fulfillment of the other obligations set forth herein.

a. Continuation of Salary: During your Assignment to Mr. Rangen, ATK will pay to you a monthly base salary of $31,250. ATK will make these payments to you only on the conditions that you have signed this General Release, have not exercised your right to revoke this General Release (as described more fully in Paragraph (12) below), and have fulfilled the other obligations set forth in this General Release. You will not be entitled to any severance payment or benefit under any ATK severance plan at the end of your employment with ATK.

b. Withholdings: ATK will withhold required deductions from your salary and any lump sum payments including deductions for applicable state and federal taxes, social security, all other standard deductions, and/or any specific deductions applicable to you. The state tax withholdings will be for the state of Minnesota for the entire period of your continued employment. Your salary will be considered "Earnings" or "Recognized Compensation" for purposes of any of ATK's qualified or non-qualified employee benefit plans. Similarly, to the extent you are a participant in the 401(k) or Employee Stock Purchase Plans, deductions will be taken from these payments as long as you are a participant.

c. Outplacement Service: In lieu of outplacement service you will be paid a lump sum of $30,000. Withholdings will be taken in accordance with section 2(b) above. This payment will not be considered "Earnings" or "Recognized Compensation" for purposes of any of ATK's qualified or non-qualified employee benefit plans. This payment will be delivered either (1) March 31, 2002,


or (2) after the Consideration Period and Right to Rescind period have expired pursuant to section 11 and 12 of this Agreement, whichever occurs later.

d. Executive Perquisite Account: Your participation in the Executive Perquisite Account plan and Executive Financial Planning benefits shall end on March 31, 2002. The Executive Life Insurance Plan in which you are currently covered will be continued at its current amount and under its current terms through your Termination Date. ATK will not maintain it in effect thereafter. At your prior request the policy will be transferred to you on your Termination Date but any cash surrender value remaining on the Termination Date will not be transferred to you.

e. Executive Incentive Plan. You will be eligible to receive an Executive Incentive Plan (EIP) payment for Fiscal Year 2002. Such payment will be based on the performance criteria already agreed upon between you and ATK prior to the beginning of such Fiscal Year and actual corporate performance. This amount will be paid in a single lump sum payment in cash (or deferral) at the same time as all other EIP participants receive payment. This amount will be considered "Earnings" or Recognized Compensation" for purposes of ATK's qualified or non-qualified employee benefit plans. You will not be a participant in the ATK Executive Incentive Plan for the fiscal year beginning April 1, 2002 or thereafter.

f. Stock Options: Any stock options will vest in accordance with the terms of your Non-qualified Stock Option Agreement(s) until your Termination Date, at which time all non-vested stock options shall be forfeited.

g. Restricted Stock: Your restricted stock grant will vest on January 31, 2003, in accordance with the terms of your Restricted Stock Agreement. If you Resign before January 31, 2003 all unvested restricted stock shall be forfeited.

h. Performance Share Incentive Stock: Any performance shares that have been granted to you will be prorated as of January 31, 2003 in accordance with the terms of your Performance Share Agreement(s). If you Resign before January 31, 2003 performance shares will be forfeited.

i. Income Security Plan: After March 31, 2002, you will not be eligible for benefits under the Amendment and Restatement of Alliant Techsystems Inc. Income Security Plan.

j. Accrued but Unused Vacation: You agree to take all of your accrued and unused vacation prior to your Termination Date so that there is no vacation balance remaining at your Termination Date.

k. Employee Benefit Plans: As a full time regular employee, you and your family will be eligible during your Assignment for health insurance coverage under ATK's group plan and to benefits under all other ATK employee benefit plans according to the terms and conditions of such plans. Your rights to benefits under these ATK employee benefit plans are not conditioned on your execution of this General Release.

3. Inclusive of Income and All Other Benefits: Except as provided in Paragraph 2 above, you acknowledge and agree that you have received all other compensation and benefits due and owing from ATK and that you have no further claim to any compensation or employee benefits from ATK. You acknowledge and agree that you are not entitled to the salary payments described above unless you sign this General Release, forego your right to revoke your agreement to this General Release, and fulfill the other obligations specified herein. You acknowledge and agree that ATK has offered you the payments and terms set forth above solely as consideration for your execution and non-rescission of this General Release and your fulfillment of the other obligations set forth herein.

4. Your Death: In the event of your death prior to January 31, 2003, ATK will pay to your estate all amounts that would have been due you under paragraphs 2(a) and 2(c), above had you remained employed through January 31, 2003, on the condition that you have signed this General Release, have not exercised your right to revoke this General Release, and have fulfilled the other obligations set

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forth herein. The balance of your rights in the event of your death will be governed by the applicable plans.

5. Unemployment Compensation Benefits: ATK agrees not to challenge your entitlement to unemployment compensation benefits after your Termination Date as provided by law, should you elect to seek such benefits.

6. Attorneys' Fees and Expenses: You agree that you are responsible for payment of all of y
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