Transition and Separation Agreement between Lear Corporation and Daniel A. Ninivaggi (May 21, 2009)

Summary

Lear Corporation and Daniel A. Ninivaggi have agreed that Mr. Ninivaggi will resign as an executive officer but remain a non-executive employee until July 1, 2009, with the same pay and benefits. After his employment ends, he will receive his final salary, payment for unused vacation, and must sign a release. He will also provide transition services through December 31, 2009, for a lump sum payment of $100,000. Outstanding equity awards will be handled according to existing terms.

EX-10.1 2 k47908exv10w1.htm EX-10.1 EX-10.1

Exhibit 10.1

May 21, 2009

Mr. Daniel A. Ninivaggi
[home address]

Dear Dan:

You have resigned as an executive officer of Lear Corporation (the “Company”) as of May 21, 2009. However, at the Company’s request, you have agreed to remain employed as a non-executive employee through July 1, 2009 at the same level of compensation and benefits as you are currently provided. Upon the termination of your employment on July 1, 2009, the Company shall pay to you any accrued and unpaid salary plus four (4) weeks pay in lieu of accrued and unused vacation time and you agree to execute the release in the form attached as Exhibit A hereto. As we have discussed, thereafter and through December 31, 2009, you agree to provide transition services as reasonably requested by the Company. In consideration of such transition services, the Company shall pay you $100,000 in a lump sum on or before July 1, 2009. The treatment of your outstanding equity awards will be in accordance with their existing terms as summarized on Exhibit B hereto.

Please confirm your acceptance of these terms by signing on the space provided below and returning this Agreement to the Company by May 28, 2009.


	LEAR CORPORATION
	By:	/s/ Terrence B. Larkin
		Terrence B. Larkin


Accepted this 21st day of May, 2009

/s/ Daniel A. Ninivaggi Daniel A. Ninivaggi