Severance Agreement between Mayville Engineering Company, Inc. and Craig Nichols
This agreement is between Mayville Engineering Company, Inc. and Craig Nichols, who serves as Senior Vice President Operations and Supply Chain. It outlines the terms under which Craig Nichols would receive severance pay if his employment is terminated without cause or if he resigns for good reason, except in cases involving a change in control (which is covered by a separate agreement). The agreement specifies the amount and conditions for severance, including the requirement for a release of claims, and defines key terms such as "cause" and "good reason."
Exhibit 10.1
SEVERANCE AGREEMENT
THIS SEVERANCE AGREEMENT, effective as of the __ day of March, 2025 (this “Agreement”), is by and between MAYVILLE ENGINEERING COMPANY, INC. a Wisconsin corporation (the “Company”), and Craig Nichols (the “Executive”).
WITNESSETH:
WHEREAS, the Executive has agreed to serve as the Company’s Senior Vice President Operations and Supply Chain.
WHEREAS, the Company is, as of the date hereof, entering into a Change in Control Employment and Severance Agreement with the Executive (the “CIC Agreement”), which provides for severance benefits upon certain terminations of employment in connection with a change in control of the Company.
WHEREAS, the Company desires to provide Executive certain assurances regarding severance pay in the event of termination of employment under certain circumstances in which the CIC Agreement would not apply as described in this Agreement.
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, the parties hereto, intending to be legally bound, hereby agree as follows:
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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the day and year first above written.
MAYVILLE ENGINEERING COMPANY, INC.
By: | | |
| Name: | |
| Title: | |
| | |
Attest: | | |
| Name: | |
| Title: | |
| | |
EXECUTIVE |
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EXHIBIT A
RELEASE
AGREED TO AND ACCEPTED BY:
EXECUTIVE
_________________________________Date: ______________
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