M E M O R A N D U M
Exhibit 10.9
M E M O R A N D U M
TO: | Thomas J. Hollister |
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FROM: | Edward J. Faneuil |
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CC: | Eric Slifka |
| Kenneth Watchmaker |
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DATE: | July 9, 2013 |
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RE: | Follow-up Understandings |
Tom:
As a follow-up to our discussions, the below memorializes the several items that Global (the Company) had agreed to address. In no particular order, here is my summary of those action items:
1. Automobile
You may retain and use the Company automobile which you currently drive until December 31, 2013. During that timeframe, the Company will remain responsible for the insurance, maintenance and repairs of said automobile. Consistent with your employment perks, gasoline expenses will be for your account. Effective January 1, 2014, the Company will sell the automobile to you for One and 00/100 ($1.00) Dollar on an as is, where is basis.
2. Upon expiration of your Terminal Administrative Leave on December 31, 2013, you and the Company recognize and agree that your eligibility to participate in certain benefits
including, without limitation, 401(k), employer-sponsored long term disability and life insurance and other employee benefit plans (the Unavailable Benefits Package) shall end. The Company and you agree that the following consideration to you shall constitute full and final satisfaction of the Companys commitment to address the Unavailable Benefits Package in a mutually satisfactory manner:
a. On or before August 31, 2013, the Company shall pay you $25,500.00
b. On or before December 31, 2013, the Company shall pay not more than Ten Thousand and 00/100 ($10,000.00) Dollars of invoices (upon your submission of same) associated with life insurance, disability, long term health care or similar like policy premiums on your behalf.
I trust that I have captured the essence of our understandings. Should you have any questions, please do not hesitate to contact me.
If satisfactory, kindly reply by email confirming your agreement and understanding.
As always, best wishes.
EJF/mew