PerkinElmer, Inc. Letter Agreement with John A. Roush Regarding Bonus, Restricted Stock, and Severance (November 22, 2003)
PerkinElmer, Inc. confirms in this letter to John A. Roush the terms of a $100,000 cash bonus, a grant of 5,000 restricted shares, and guaranteed severance. The bonus must be repaid if Roush leaves voluntarily before November 18, 2005, but repayment is waived in case of involuntary separation or a company change in control. The restricted shares vest if he remains employed through November 18, 2005, or earlier if terminated without cause or upon a change in control. If involuntarily terminated, Roush will receive at least nine months of base salary as severance.
Exhibit 10.6
 | Richard F. Walsh Senior Vice President Human Resources | |
| PerkinElmer, Inc. 45 Wiliam Street Wellesley, MA ###-###-#### USA Phone: 781 ###-###-#### Fax: 781 ###-###-#### |
Via UPS and E-mail
November 22, 2003
John A. Roush
Dear John,
This is to confirm the terms of the cash bonus; restricted stock grant; and guaranteed severance provided to you by the Company.
Cash Bonus:
The Company has granted you a cash bonus of $100,000 which is to be repaid if you voluntarily leave the Company before November 18, 2005, according to the following schedule: 100% of the bonus is to be repaid if you leave before November 18, 2004; and 50% if you leave after November 18, 2004 but before November 18, 2005. In the event of involuntary separation or a Change in Control of PerkinElmer, Inc. the requirement to repay all or any portion of the bonus is waived.
Restricted Shares:
The Company has granted you 5,000 restricted shares of PerkinElmer stock. These shares will vest on November 18, 2005 provided you remain employed by the Company through that date. In the event your employment is involuntarily terminated for reasons other than cause, the restricted shares vest on your termination date. In addition, the shares vest upon a Change in Control of PerkinElmer, Inc. In the next few days, we will send you a restricted stock agreement confirming the provisions relating to the grant.
Guaranteed Severance:
In the event that your employment with the Company is involuntarily terminated, you will receive a severance payment equal to a minimum of nine months of your base salary in effect at the time of separation.
This letter does not provide a guarantee of future employment nor does it constitute a contract of employment with PerkinElmer.
John, we are all very pleased that you have decided to continue your employment with PerkinElmer and we wish you much continued success.
Best Regards,
| /s/ RICHARD F. WALSH |
| Richard F. Walsh |
| cc: | Greg Summe |
John Murphy
Tom Goulet
Lynda Walker
