Amendment to Non-Compete Severance Agreement and Change in Position for Jon Bascom – AutoZone, Inc.

Contract Categories: Human Resources › Change of Control Agreements
Summary

This agreement between AutoZone, Inc. and Jon Bascom outlines Jon's transition from Senior Vice President IT CIO to Vice President Information Technology, effective upon the appointment of a new Senior Vice President of IT. It specifies his new salary grade and bonus eligibility. The agreement also amends Jon's non-compete severance terms, stating that if his employment is terminated without cause within twelve months of his new role, he will receive severance based on his previous salary for up to 24 months, adjusted for time served in the new position.

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EX-10.40 5 d404388dex1040.htm EX-10.40 EX-10.40

Exhibit 10.40

 

To:   Jon Bascom

   5/25/12

From: Bill Giles

 

Re: Overview of change from Senior Vice President IT CIO to Vice President IT

Position: Vice President Information Technology

Salary grade: 21

Base compensation:

Bonus: 40%

Effective date: Upon election of the new Senior Vice President of IT

Non-compete agreement: The terms of your non-compete severance agreement are amended in accordance with the following: AutoZone will adjust the terms of Jon’s non-compete severance agreement to cover the following.

 

  •  

Upon election of the new Senior Vice President of IT Jon will be eligible for severance consistent with all other VPs. However, if his employment is terminated without cause within twelve months of assuming his new assignment, either by his election or ours, he will receive severance at his previous salary multiplied by a factor of 24 months, less the period he has been in his new assignment.

 

 

Jon Bascom

     

 

Date                                         

AutoZone, Inc.     

By:

     
William Giles     

 

Date