EXHIBIT 10.68
EMPLOYMENT AGREEMENT
--------------------
This Employment Agreement ("Agreement") is made as of November 1, 1995 by
and between United Stationers Supply Co., an Illinois corporation (the
"Company") and ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ("▇▇▇▇▇▇▇").
In consideration of the mutual promises and agreements contained in this
Agreement, the Company hereby employs ▇▇▇▇▇▇▇, and ▇▇▇▇▇▇▇ accepts employment
with the Company on the terms and conditions contained in this Agreement.
1. Term of Employment. The term of employment shall commence as of the d
ate of this Agreement and shall continue until October 30, 1996, and thereafter
shall be extended automatically for additional one-year periods unless written
notice is given by either party to the other at least 60 days prior to the end
of such term, or any extension thereof.
2. Position and Duties. During the term of employment, ▇▇▇▇▇▇▇ shall
serve as General Counsel of the Company, and, in accordance with the authority
and direction of the board of directors of the Company (the "Board") shall
render such professional, administrative and other services to the Company as
may be required of such position or as the Board may from time to time direct.
▇▇▇▇▇▇▇ shall be available at all reasonable times for consultation with the
Board on matters relating to the Company's, or its affiliates' business.
▇▇▇▇▇▇▇ shall devote his best efforts and his full and exclusive business
time and attention (except for reasonable periods of vacation, illness or other
incapacity) to the business and affairs of the Company and its affiliates.
3. Compensation. During the term of employment, ▇▇▇▇▇▇▇ shall be
compensated as follows:
3.1. Base Salary. ▇▇▇▇▇▇▇ shall receive a base salary of no less
than $160,000.00 per year, payable in accordance with the Company's normal
payment schedule for management employees. The base salary shall be
reviewed by the Board annually and may, in the Board's sole discretion, be
increased when deemed appropriate.
3.2. Bonus. ▇▇▇▇▇▇▇ shall be eligible to participate in any bonus
plans approved by the Board and made generally available to senior
management employees of the Company, and shall be entitled to such bonus
amounts as shall be determined in accordance with such plans.
3.3. Benefits. ▇▇▇▇▇▇▇ shall be included, to the extent eligible, in
all plans, programs and policies providing general benefits for the
Company's employees or its senior management employees (as approved by the
Board and in effect from time to time). The benefit plans, programs and
policies presently in effect are listed on Exhibit A
attached to this Agreement. This paragraph shall not be construed to
require the Company to establish or maintain any policy, plan or program.
4. Confidential Information.
4.1. ▇▇▇▇▇▇▇ acknowledges the Company's exclusive ownership of all
information useful in the Company's business (including its dealings with
suppliers, customers and other third parties, whether or not a true "trade
secret"), which at the time or times concerned is not generally known to persons
engaged in businesses similar to those conducted by the Company, and which has
been or is from time to time disclosed to, discovered by, or otherwise known by
▇▇▇▇▇▇▇ as a consequence of his employment by the Company (including information
conceived, discovered or developed by ▇▇▇▇▇▇▇ during his employment with the
Company) (collectively, "Confidential Information"). Confidential Information
includes, but is not limited to the following especially sensitive types of
information:
(i) The identity, purchase and payment patterns of, and special
relations with, the Company's customers;
(ii) The identity, net prices and credit terms of, and special
relations with, the Company's suppliers;
(iii) The Company's inventory selection and management techniques;
(iv) The Company's product development and marketing plans; and
(v) The Company's finances, except to the extent publicly
disclosed.
4.2. The term "Proprietary Materials" shall mean all business records,
documents, drawings, writings, software, programs and other tangible things
which were or are created or received by or for the Company in furtherance of
its business, including, by or but not limited to, those which contain
Confidential Information. For example, Proprietary Materials include, but are
not limited to, the following especially sensitive types of materials:
applications software, the data bases of Confidential Information maintained in
connection with such software, and printouts generated from such data bases;
market studies and strategic plans; customer, supplier and employee lists;
contracts and correspondence with customers and suppliers; documents evidencing
transactions with customers and supplier; sales calls reports, appointment
books, calendars, expense statements and the like, reflecting conversations with
any company, customer or supplier; architectural plans; and purchasing, sales
and policy manuals. Proprietary Materials also include, but are not limited to,
any such things which are created by ▇▇▇▇▇▇▇ or with ▇▇▇▇▇▇▇'▇ assistance and
all notes, memoranda and the like prepared using the Proprietary Materials
and/or Confidential Information.
4.3. While some of the information contained in Proprietary Materials may
have been known to ▇▇▇▇▇▇▇ prior to employment with the Company, or may now or
in the future be in the public domain, ▇▇▇▇▇▇▇ acknowledges that the compilation
of that information contained in the
2
Proprietary Materials has or will cost the Company a great effort and expense,
and affords persons to whom Proprietary Materials are disclosed, including
▇▇▇▇▇▇▇, a competitive advantage over persons who do not know the information or
have the compilation of the Proprietary Materials. ▇▇▇▇▇▇▇ further acknowledges
that Confidential Information and Proprietary Materials include commercially
valuable trade secrets and automatically become the Company's exclusive property
when they are conceived, created or received. ▇▇▇▇▇▇▇ shall report to the
Company fully and promptly, orally (or, at the Company's request, in writing)
all discoveries, inventions and improvements, whether or not patentable, and all
other ideas, developments, processes, techniques, designs and other information
which may be of benefit to the Company, which ▇▇▇▇▇▇▇ conceives, makes or
develops during his employment (whether or not during working hours or with use
or assistance of Company facilities, materials or personnel, and which either
(i) relate to or arise out of any part of the Company's business in which
▇▇▇▇▇▇▇ participates, or (ii) incorporate or make use of Confidential
Information or Proprietary Materials) (all items referred to in this Section 4.3
being sometimes collectively referred to herein as the "Intellectual Property").
All Intellectual property shall be deemed Confidential Information of the
Company, and any writing or other tangible things describing, referring to, or
containing Intellectual Property shall be deemed the Company's Proprietary
Materials. At the request of the Company, during or after the term of
employment, ▇▇▇▇▇▇▇ (or after ▇▇▇▇▇▇▇'▇ death, ▇▇▇▇▇▇▇'▇ personal
representative) shall, at the expense of the Company, make, execute and deliver
all papers, assignments, conveyances, installments or other documents, and
perform or cause to be performed such other lawful acts, and give such
testimony, as the Company deems necessary or desirable to protect the Company's
ownership rights and Intellectual Property.
4.4. Confidentiality Duties. ▇▇▇▇▇▇▇ shall, except as may be required by
law, during the term of employment, and thereafter for the longest time
permitted by applicable law:
4.4.1. Comply with all of the Company's instructions (whether oral or
written) for preserving the confidentiality of Confidential Information and
Proprietary Materials.
4.4.2. Use Confidential Information and Proprietary Materials only at
places designated by the Company, in furtherance of the Company's business,
and pursuant to the Company's directions.
4.4.3. Exercise appropriate care to advise other employees of the
Company (and, as appropriate, subcontractors) of the sensitive nature of
Confidential Information and Proprietary materials prior to their
disclosure, and to disclose the same only on a need-to-know basis.
4.4.4. Not copy all or any part of Proprietary Materials, except as
the Company directs.
4.4.5. Not sell, give, loan or otherwise transfer any copy of all or
any part of Proprietary Materials to any person who is not an employee of
the Company, except as the Company directs.
3
4.4.6. Not publish, lecture on or otherwise disclose to any person
who is not an employee of the Company, except as the Company directs, all
or any part of Confidential Information or Proprietary Materials.
4.4.7. Not use all or any part of any Confidential Information or
Proprietary Materials for the benefit of any third party without the
Company's written consent.
Upon the termination of ▇▇▇▇▇▇▇'▇ employment for whatever reason, ▇▇▇▇▇▇▇
(or in the event of death, ▇▇▇▇▇▇▇'▇ personal representative) shall promptly
surrender to the Company the original and all copies of Proprietary Materials
(including all notes, memoranda and the like concerning or derived therefrom),
whether prepared by ▇▇▇▇▇▇▇ or others, which are then in ▇▇▇▇▇▇▇'▇ possession or
control. Records of payments made by the Company to or for the benefit of
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇'▇ copy of this Agreement and other such things, lawfully
possessed by ▇▇▇▇▇▇▇ which relate solely to taxes payable by ▇▇▇▇▇▇▇, employee
benefits due to ▇▇▇▇▇▇▇ or the terms of ▇▇▇▇▇▇▇'▇ employment with the Company,
shall not be deemed Proprietary Materials for purposes of this Section 4.
5. Non-competition.
5.1. During ▇▇▇▇▇▇▇'▇ employment, and during the two year period following
his employment), ▇▇▇▇▇▇▇ shall not, in any way, directly or indirectly, manage,
operate, control (or participate in any of the foregoing), accept employment or
a consulting position with or otherwise advise or assist or be connected with or
directly or indirectly own or have any other interest in or right with respect
to (other than through ownership of not more than 1% of the outstanding shares
of a corporation's stock which is listed on a national securities exchange) any
enterprise (other than for the Company or for the benefit of the Company) which
is a wholesaler of office products having annual sales in excess of $1,000,000.
5.2. Notwithstanding Section 5.1., following the term of employment,
▇▇▇▇▇▇▇ may be engaged in the business of selling office products at retail and
▇▇▇▇▇▇▇ may be engaged by any company whose principal business is the
manufacture of office products.
5.3. ▇▇▇▇▇▇▇ recognizes that the foregoing limitations are reasonable and
properly required for the adequate protection of the business of the Company.
If any such limitations are deemed to be unreasonable by a court having
jurisdiction of the matter and parties, ▇▇▇▇▇▇▇ hereby agrees and submits to the
reduction of any such limitations to such territory or time as to such court
shall appear reasonable.
5.4. If ▇▇▇▇▇▇▇ shall be in violation of any of the foregoing restrictive
covenants and if the Company seeks relief from such breach in any court or other
tribunal, such covenants shall be extended for a period of time equal to the
pendency of such proceedings, including all appeals.
5.5. ▇▇▇▇▇▇▇ agrees that the remedy at law for any breach of the
provisions of Section 4 or this Section 5 shall be inadequate and that the
Company shall be entitled to injunctive relief in addition to any other remedies
it may have.
4
6. Termination and Severance.
6.1. Resignation. If ▇▇▇▇▇▇▇ resigns, or if ▇▇▇▇▇▇▇ gives notice to the
Company of non-extension of the term of employment pursuant to Paragraph 1, he
shall be entitled to receive only the unpaid portion of his base salary and
accrued vacation attributable to and including the date of resignation, and
reimbursement for reasonable reimbursable expenses incurred on behalf of the
Company prior to the date of termination.
6.2. By ▇▇▇▇▇▇▇ For Good Reason. ▇▇▇▇▇▇▇ may elect to terminate his
employment by written notice to the Company within 60 days after the occurrence
of any of the following events without ▇▇▇▇▇▇▇'▇ consent, any of which shall be
deemed "Good Reason":
(a) the reduction of ▇▇▇▇▇▇▇'▇ base salary;
(b) the exclusion of ▇▇▇▇▇▇▇ from, or diminution in ▇▇▇▇▇▇▇'▇
participation in, any pension, bonus, management incentive, profit sharing
and other similar incentive, compensation or deferred compensation plans
made available to employees of the Company or to officers or management
personnel of the Company at the level of vice president or lower, other
than exclusions, changes or diminutions applicable to all employees or such
management personnel or officers; or
(c) any diminution in expense reimbursement benefits enjoyed by
▇▇▇▇▇▇▇, except pursuant to a general change in the Company's reimbursement
policies; or
(d) any material reduction in ▇▇▇▇▇▇▇'▇ title or duties which has the
effect of materially reducing ▇▇▇▇▇▇▇'▇ status within the Company;
provided, however, that any change in the office or officer to whom ▇▇▇▇▇▇▇
reports, or in ▇▇▇▇▇▇▇'▇ duties or title which does not diminish ▇▇▇▇▇▇▇'▇
status within the Company, shall not be deemed "Good Reason"; or
(e) any relocation of the Company's headquarters outside of the
Chicago metropolitan area; or
(f) the breach by the Company of any of its covenants or obligations
under this Agreement.
If the employment is terminated by ▇▇▇▇▇▇▇ for Good Reason, ▇▇▇▇▇▇▇ shall
be entitled to receive:
6.2.1. the unpaid portion of his base salary for the remainder of
his term of employment, payable on the Company's regular pay schedule; and
6.2.2. reimbursement for reasonable reimbursable expenses incurred
on behalf of the Company prior to the termination; and
5
6.2.3. a severance amount equal to his base salary, plus his bonuses
earned from the Company for the calendar year preceding the year in which
notice is given by ▇▇▇▇▇▇▇ to the Company, payable in equal installments on
the Company's regular pay schedule, commencing within 30 days after receipt
by the Company of written notice from ▇▇▇▇▇▇▇ and continuing for 12 months.
6.3. By Expiration of the Term of Employment. If the term of employment
expires and notice has been given by the Company that the term will not be
extended or further extended pursuant to Paragraph 1 of this Agreement, ▇▇▇▇▇▇▇
shall be entitled to receive:
6.3.1. Accrued vacation pay and reimbursement for reasonable
reimbursable expenses incurred on behalf of the Company prior to the
expiration of the Term of Employment; and
6.3.2. A severance amount equal to his base salary plus his bonuses
earned for the calendar year preceding the date of expiration, payable in
equal installments on the Company's regular pay schedule commencing within
30 days and continuing for 12 months.
6.4. By Company For Cause. The Company may terminate the employment at
any time for Cause (as hereinafter defined). If ▇▇▇▇▇▇▇ is terminated by the
Company for Cause, ▇▇▇▇▇▇▇ shall be entitled to receive only the unpaid portion
of his base salary and accrued vacation attributable to all periods prior to and
including the date of his termination, and reimbursement for reasonable
reimbursable expenses incurred on behalf of the Company prior to the date of his
termination.
"Cause" means ▇▇▇▇▇▇▇'▇ (a) conviction of, or plea of nolo contendere to
a felony; (b) theft or embezzlement, or attempted theft or embezzlement, of
money or property or assets of the Company or any of its affiliates; (c) use of
illegal drugs; (d) material breach of this Agreement; (e) commission of any act
or acts of moral turpitude in violation of Company policy; (f) gross negligence
or willful misconduct in the performance of his duties; or (g) breach of any
fiduciary duty owed to the Company, including, without limitation, engaging in
directly competitive acts while employed by the Company.
6.5. By the Company. The Company may terminate ▇▇▇▇▇▇▇'▇ employment on
written notice to ▇▇▇▇▇▇▇ at any time. If ▇▇▇▇▇▇▇'▇ employment is terminated by
the Company, other than for Cause, ▇▇▇▇▇▇▇ shall be entitled to receive:
6.5.1. the unpaid portion of his base salary for the remaining
portion of the term of employment (but not for more than 12 months),
payable on the Company's regular pay schedule; and
6
6.5.2. accrued vacation pay and reimbursement for reasonable
reimbursable expenses incurred on behalf of the Company prior to the date
of termination; and
6.5.3. severance pay equal to his base salary plus his bonuses
earned from the Company for the year preceding the year of termination.
6.6. By Death or Disability. If ▇▇▇▇▇▇▇'▇ employment is terminated due to
his death or permanent disability, ▇▇▇▇▇▇▇ shall be entitled to severance pay in
accordance with the provisions of 6.5.2 and 6.5.3 above. In addition, if
▇▇▇▇▇▇▇'▇ spouse is then living, for the remainder of such spouse's life the
Company shall continue to provide health coverage for ▇▇▇▇▇▇▇'▇ spouse and
dependent children in accordance with the Company's health plans made generally
available to employees of the Company, without cost to ▇▇▇▇▇▇▇'▇ spouse.
Nothing in this Agreement shall affect ▇▇▇▇▇▇▇'▇ right to receive death benefit
payments under any policy of insurance carried by the Company and payable to
▇▇▇▇▇▇▇ or his designated beneficiary.
6.7. Retirement. ▇▇▇▇▇▇▇ agrees that, in any event, his employment shall
terminate automatically on his sixty-fifth birthday. If his employment is
terminated pursuant to this Section 6.7., ▇▇▇▇▇▇▇ shall be entitled to:
6.7.1. accrued vacation pay and reimbursement for reasonable expenses
incurred on behalf of the Company prior to the date of termination, and
6.7.2. in addition, ▇▇▇▇▇▇▇ shall be entitled to participate in the
Company's health plan for retirees.
7. Change in Control. In the event of a Change in Control, provided
▇▇▇▇▇▇▇ is either (a) still employed by the Company 6 months after the date of
the Change in Control, or (b) has been terminated by the Company during that 6-
month period other than for Cause, ▇▇▇▇▇▇▇ shall be entitled to resign before
the first anniversary of the Change in Control. Upon termination of his
employment after a Change in Control, except by ▇▇▇▇▇▇▇'▇ resignation within six
months after the Change in Control or by the Company for Cause, ▇▇▇▇▇▇▇ shall be
entitled to:
7.1. accrued vacation pay and reimbursement for reasonable
reimbursable expenses incurred on behalf of the Company prior to the date
of termination; and
7.2. severance pay equal to his base salary plus his bonuses earned
from the Company for the year preceding the year in which the Change in
Control occurs, payable in equal installments on the Company's regular pay
schedule commencing within 30 days after termination of ▇▇▇▇▇▇▇'▇
employment and continuing for 12 months.
"Change in Control" shall mean a change in control of a nature that would
be required to be reported in responses to Item 6(e) of Schedule 14A of
Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended
and presently in force (the "Exchange Act"); provided that, without limitation,
a Change in Control shall be deemed to have occurred if (a) any
7
Person becomes the "beneficial owner" (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of United Stationers Inc.
representing thirty percent (30%) or more of the combined voting power of United
Stationers Inc.'s then outstanding equity having the power to seat the Board
generally, or (b) during any period of two consecutive years, individuals who at
the beginning of such period constitute the Board cease for any reason to
constitute at least a majority thereof, unless the election, or the nomination
for election by United Stationers Inc.'s stockholders, of any new director was
approved by a vote of at least two-thirds (2/3) of the directors then still in
office who were directors at the beginning of the period.
8. Stay Bonus. In addition to the payments to which ▇▇▇▇▇▇▇ may be
entitled pursuant to Section 6 or 7 above, ▇▇▇▇▇▇▇ shall also be entitled to
receive the remasining balance of his Stay Bonus and the medical benefits to
which he is entitled under the United Stationers Inc. Employee Benefits Trust
dated March 22, 1995.
9. Medical Benefits. The Company makes the following covenants to
▇▇▇▇▇▇▇ with respect to ▇▇▇▇▇▇▇'▇ medical benefits ("Medical Benefits"):
9.1 In the event the United Stationers Medical Plan ("Plan") remains
in effect and ▇▇▇▇▇▇▇'▇ employment with the Company terminates for any
reason, ▇▇▇▇▇▇▇ (and ▇▇▇▇▇▇▇'▇ covered dependents at the time of such
termination of employment) shall be entitled to continue to participate in
the Plan until ▇▇▇▇▇▇▇ attains age sixty-five (65), and ▇▇▇▇▇▇▇'▇ spouse
shall be entitled to continue to participate, in her own right, in the Plan
until ▇▇▇▇▇▇▇'▇ spouse attains age sixty-five (65), under the same terms
and conditions applicable to persons who are provided coverage as active
employees under the Plan; provided, however, that a minimum $1,000,000
Comprehensive Medical Lifetime Maximum Payment shall remain applicable to
▇▇▇▇▇▇▇ (and ▇▇▇▇▇▇▇'▇ covered dependents at the time of the termination of
employment).
9.2 In the event of the termination of the Plan or any cessation of
coverage under the Plan not occurring in accordance with the terms of the
Plan as in effect on September 1, 1995 (the date any such event first
occurs being referred to as the 'Coverage Cessation Date'), ▇▇▇▇▇▇▇ shall
be entitled to and the Company shall pay to ▇▇▇▇▇▇▇ THREE THOUSAND SEVENTY
DOLLARS ($3,070.00) per month for the period commencing on the first day of
the month following the month in which the Coverage Cessation Date occurs
and ending on the first to occur of:
(i) the later of the date ▇▇▇▇▇▇▇ or ▇▇▇▇▇▇▇'▇ spouse attains
age sixty-five (65);
(ii) in the event of the death of ▇▇▇▇▇▇▇, the date the spouse
of ▇▇▇▇▇▇▇ attains age sixty-five (65);
(iii) the end of the eighteen (18) month period commencing on
the Coverage Cessation Date; or
8
(iv) March 30, 1998.
9.3 After the Coverage Cessation Date, the Company shall pay claims
or reimburse expenses for those medical expenses which are considered
deductible under section 213 of the Code or any successor provision,
(without regard to any applicable threshold for deductibility) to ▇▇▇▇▇▇▇,
subject to the following terms and conditions:
(i) ▇▇▇▇▇▇▇ (or any of ▇▇▇▇▇▇▇'▇ covered dependents as of the
Coverage Cessation Date) if covered by a medical plan maintained by
▇▇▇▇▇▇▇'▇ then current employer or a medical plan maintained by the
employer of the spouse of ▇▇▇▇▇▇▇, has exceeded the lifetime maximum
benefit provided in such plan;
(ii) payment of medical expenses or reimbursement for such
claims under this subsection 9.3 shall not in the aggregate exceed
the lesser of the following amounts:
(a) a maximum of $300,000 for ▇▇▇▇▇▇▇ and all dependents
(on an aggregate basis) of ▇▇▇▇▇▇▇ as of the Coverage Cessation
Date; or
(b) the amount by which $700,000 exceeds the aggregate
amount of all medical claims under this subsection 9.3 for the
group of employees referred to as "Contract Officers" under the
Plan (including all covered dependents of such Contract
Officers as of the Coverage Cessation Date) prior to the date of
the requested payment by the Contract Officer; and
(iii) reimbursement for such claims under this subsection 9.3
shall be made for the period commencing on the Coverage Cessation Date
and ending on the first to occur of:
(a) the later of the date ▇▇▇▇▇▇▇ or ▇▇▇▇▇▇▇'▇ spouse
attains age sixty-five;
(b) in the event of the death of ▇▇▇▇▇▇▇, the date the
spouse of ▇▇▇▇▇▇▇ attains age sixty-five (65);
(c) the end of the eighteen (18) month period commencing
on the Coverage Cessation Date; or
(d) March 30, 1998.
The coverage provided under this Section 9.3 shall be separate and in
addition to the coverage provided under Section 9.2 above.
9
9.4 In addition, if ▇▇▇▇▇▇▇ is or becomes an eligible retired officer
in accordance with the definition of a "retired officer" contained in the
Company's Officer Medical Expense Reimbursement Policy (presently LD-3)
("Policy"), or a similar policy, ▇▇▇▇▇▇▇ shall be entitled to the medical
expense reimbursement benefits thereof whether or not the Policy is later
modified or revoked.
10. Miscellaneous.
10.1. All notices hereunder shall be given in writing and sent to the
party for whom such is intended by hand delivery or United States certified
or registered mail, return receipt requested, postage prepaid, or overnight
courier service, addressed to the party for whom intended at the following
respective addresses:
If to the Company:
United Stationers Supply Co.
▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: President
If to ▇▇▇▇▇▇▇: ▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
or to such other persons and/or at such other addresses as may be
designated by written notice served in accordance with the provisions
hereof. Such notices shall be deemed to have been served, if hand
delivered, on the day delivered, and if mailed, on the third day following
the date deposited in the mail. Urgent notices shall be given by Telex or
cable to the same addresses and confirmed by mail as provided above. All
notices sent by Telex or cable shall be deemed to have been served upon
receipt of the Telex or cable, but only if in fact confirmed by mail
promptly after dispatch of the Telex or cable.
10.2. This Agreement and all rights and benefits hereunder are
personal to ▇▇▇▇▇▇▇ and neither this Agreement nor any right or interest of
▇▇▇▇▇▇▇ herein, or arising hereunder, shall be voluntarily or involuntarily
sold, transferred or assigned by ▇▇▇▇▇▇▇. Any attempt by ▇▇▇▇▇▇▇ to
assign, execute, attach, transfer, pledge, hypothecate or otherwise dispose
of any such benefits or amounts or any rights or interests contrary to the
foregoing provisions, or the levy or attachment or similar process
thereupon, shall be null and void and of no effect and shall relieve the
Company of all liabilities hereunder. This Agreement and all of the
Company's right and obligations hereunder may be assigned and/or delegated,
as the case may be, without ▇▇▇▇▇▇▇'▇ consent, to any entity which merges
with the Company or which acquires substantially all of the assets of the
Company and which agrees to be bound hereby. The enforceability of
▇▇▇▇▇▇▇'▇ rights under the Agreement shall not be affected by any
assignment or merger.
10
10.3. This Agreement shall be binding upon and inure to the benefit
of the parties and their respective heirs, personal representatives,
successors and permitted assigns.
10.4. This Agreement constitutes the entire agreement between the
parties and contains all the agreements between such parties with respect
to the subject matter hereof. This Agreement supersedes all other
agreements, oral or in writing, between the parties with respect to the
subject matter hereof.
10.5. No change or modification of this Agreement shall be valid
unless the same shall be approved by the Board and in writing and signed by
▇▇▇▇▇▇▇ and an authorized representative of the Company other than ▇▇▇▇▇▇▇.
No waiver of any provisions of this Agreement shall be valid unless in
writing and signed by the person or party to be charged.
10.6. If any provisions of this Agreement (or portions thereof)
shall, for any reason, be invalid or unenforceable, such provisions (or
portions thereof) shall be ineffective only to the extent of such
invalidity or unenforceability, and the remaining provisions or portions
shall nevertheless be valid, enforceable and of full force and effect.
10.7. The Section or paragraph headings or titles are for convenience
only and shall not be deemed a part of this Agreement.
10.8. This Agreement may be executed in multiple counterparts, each
of which shall be deemed to be an original and all of which taken together
shall constitute a single instrument.
10.9. If ▇▇▇▇▇▇▇ or his estate or designee prevails in any action to
enforce their rights under this Agreement, they shall be entitled to
receive their attorneys' fees, costs and expenses incurred in enforcing
their rights under this Agreement, as well as interest at the Prime Rate as
publicly announced by The Northern Trust Company from time to time on the
amount of the judgment from the date of demand for payment hereunder
through the date of receipt of the amount of the judgment.
11. Arbitration. Each of the undersigned hereby agrees that any
controversy or claim arising out of or relating to this Agreement, or the breach
thereof, including but not limited to any claims of discrimination and wrongful
termination, will be submitted for arbitration in accordance with the
Commercial Arbitration Rules of the American Arbitration Association, and
judgment upon the award rendered by the Arbitrator(s) may be entered in any
court having jurisdiction thereof.
11
UNITED STATIONERS SUPPLY CO.,
an Illinois corporation
ATTEST:_______________________ By:___________________________
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇
Secretary Chairman of the Board and
Chief Executive Officer
______________________________
▇▇▇▇ ▇. ▇▇▇▇▇▇▇
12
EXHIBIT A
TO EMPLOYMENT AGREEMENT
▇▇▇▇ ▇. ▇▇▇▇▇▇▇
The following are benefit plans, programs and policies in which ▇▇▇▇▇▇▇ is
entitled to participate as of November 1, 1995:
United Stationers Supply Co. Pension Plan
United Stationers Inc. Profit Sharing PluSavings Plan
United Stationers Inc. Flexible Spending Plan
United Stationers Management Incentive Plan
United Stationers Inc. Management Equity Plan
United Group Medical and Dental Benefit Plans
Retiree Health Plan
Annual physical exam at Company expense
Group Term Life Insurance - 2 1/2 times base salary
Travel and Accident Insurance - $300,000
Split Dollar Life Insurance
Disability Insurance in accordance with insurance policy
Club and Association Dues - in accordance with Company Policy
Financial and Tax Consulting - and tax return preparation, in
accordance with Company Policy
Officer Indemnification and Insurance - D&O insurance is provided on a
claims-made basis; and Restated Certificate of Incorporation,
and Delaware and Illinois law provide indemnification of
officers and directors
Other - Vacations in accordance with Company Policy; other benefits
that may from time to time be made available to employees
generally
13