Letter Agreement Regarding Employment Terms Between Quantum Corporation and George Kreigler (December 16, 2003)
This agreement is between Quantum Corporation and George Kreigler, confirming his role as General Manager of the Storage Systems organization. It outlines that Kreigler is eligible for a performance bonus based on quarterly results, with details to be provided separately. If his position is eliminated within 18 months and no comparable job is found, or if he is discharged for reasons other than misconduct or failure to perform, he will receive up to 12 months' salary as severance, contingent on signing a release of claims. Kreigler must sign and return the letter to accept these terms.
Exhibit 10.12
Quantumtm
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| John Gannon |
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| December 16, 2003 |
To: George Kreigler
From: John Gannon
Dear George,
I am pleased that you have accepted the opportunity to lead Quantum’s Storage Systems organization as the General Manager.
I realize the leadership challenges that this new role presents and am completely confidant that you are capable of driving the organizational change and achieving the results that will allow us to meet our strategic goals. I’ve already mentioned to you that you will be eligible for a performance bonus based on achieving specific quarterly results. The details of that program will be specified in a separate communication.
In addition, as we discussed, if your position is eliminated within the next 18 months and a comparable job is not found within Quantum, or if you are discharged for any reason other than misconduct, or failure to perform within that time period, Quantum will provide you with a severance package of up to 12 months salary upon your signature on Quantum’s “release of all claims” agreement.
To confirm this agreement, please sign one copy of this letter and return it to Barbara Barrett.
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| Sincerely, John Gannon |
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I understand and accept the terms of this agreement
Signed: /s/ George Kreigler
Dated: 12/16/03
