1
EXHIBIT 10.1
AMENDED AND RESTATED SEVERANCE AGREEMENT
This AMENDED AND RESTATED SEVERANCE AGREEMENT (the "Agreement"), by and
between Aviall, Inc., a Delaware corporation (the "Company"), and
________________ (the "Executive"), originally entered into on March 12, 1998
and amended and restated as of this 16th day of April, 1999.
WHEREAS, the Company considers it to be in the best interests of its
stockholders to xxxxxx the continuous employment of key management personnel,
and believes that the possibility of a reorganization event of the Company and
the uncertainty and questions which it may raise among management may result in
the departure or distraction of management personnel to the detriment of the
Company and its stockholders;
WHEREAS, the Board of Directors has determined that appropriate steps
should be taken to reinforce and encourage the continued attention and
dedication of members of the Company's management, including the Executive, to
their assigned duties without distraction in the face of potentially disturbing
circumstances arising from the possibility of a reorganization event of the
Company;
NOW, THEREFORE, in consideration of the mutual premises set forth below
and for other good and valuable consideration, in order to induce the Executive
to remain in the employ of the Company, the Company agrees that the Executive
shall receive the severance benefits set forth in this Agreement in the event
his employment with the Company terminates either prior or subsequent to a
"Change of Control" of the Company under the circumstances described below.
SECTION 1. DEFINITIONS
(a) "Annual Base Salary" shall mean the Executive's gross annual salary
before any deductions, exclusions or any deferrals or contributions under any
Company plan or program, but excluding bonuses, incentive compensation, employee
benefits or any other non-salary form of compensation (determined without regard
to any reduction in Annual Base Salary that occurs after a Change of Control).
(b) "Annual Incentive Payment" shall mean the greater of (i) the dollar
amount of the annual incentive payment that would be payable to the Executive if
the Company reaches its target performance for the year in which a Change of
Control occurs under the Company's short-term incentive program applicable to
the Executive, as if all requirements for full payment of such incentive had
been met (determined without regard to any reduction in incentive payments that
results in "Good Reason" termination) or (ii) the dollar amount of the annual
incentive actually paid or payable to the Executive for the most recently
completed fiscal year prior to a Change of Control. The Annual Incentive Payment
shall include, in addition to cash incentive payments, the cash value of any
restricted stock awards, which shall be equal to the lesser of (A) the value of
any restricted stock when awarded or (B) the current market value of such
restricted
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stock as of the date of the Executive's termination of employment with the
Company.
(c) "Cause" shall mean (i) the willful breach or habitual neglect of
assigned duties related to the Company, including compliance with Company
policies; (ii) conviction (including any plea of nolo contendere) of Executive
of any felony or crime involving dishonesty; (iii) any act of personal
dishonesty knowingly taken by Executive in connection with his responsibilities
as an employee and intended to result in personal enrichment of Executive or any
other person; (iv) bad faith conduct that is materially detrimental to the
Company; (v) inability of Executive to perform Employee's duties due to alcohol
or illegal drug use; (vi) the Executive's failure to comply with any legal
written directive of the Board of Directors of the Company (the "Board"); or
(vii) any act or omission of the Executive which is of substantial detriment to
the Company because of the Executive's intentional failure to comply with any
statute, rule or regulation, except any act or omission believed by Executive in
good faith to have been in or not opposed to the best interest of the Company
(without intent of Executive to gain, directly or indirectly, a profit to which
Executive was not legally entitled) and except that Cause shall not mean bad
judgment or negligence other than habitual neglect of duty. Notwithstanding the
foregoing, the Executive shall not have be deemed to have been terminated for
"Cause" unless and until there shall have been delivered to the Executive a copy
of a resolution duly adopted by the affirmative vote of not less than three
quarters of the Board then in office at a meeting of the Board called and held
for such purpose, after reasonable notice to the Executive and an opportunity
for the Executive, together with the Executive's counsel (if the Executive
chooses to have counsel present at such meeting), to be heard before the Board,
finding that, in the good faith opinion of the Board, the Executive had
committed an act constituting "Cause" as herein defined and specifying the
particulars thereof in detail. Nothing herein will limit the right of the
Executive or his or her beneficiaries to contest the validity or propriety of
any such determination.
(d) "Change of Control" shall mean:
(i) The Company is merged or consolidated or reorganized into or
with another corporation or other legal person, and as a result of such merger,
consolidation or reorganization less than a majority of the combined voting
power of the then-outstanding securities of such corporation or person
immediately after such transaction are held in the aggregate by the holders of
Voting Stock of the Company immediately prior to such transaction;
(ii) The Company sells or otherwise transfers all or substantially
all of its assets to any other corporation or other legal person, and less than
a majority of the combined voting power of the then-outstanding securities of
such corporation or person immediately after such sale or transfer is held in
the aggregate by the holders of Voting Stock of the Company immediately prior to
such sale or transfer;
(iii) There is a report filed on Schedule 13D or Schedule 14D-l (or
any successor schedule, form or report), each as promulgated pursuant to the
Securities Exchange Act of 1934, as
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amended (the "Exchange Act"), disclosing that any person (as the term "person"
is used in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) has become
the beneficial owner (as the term "beneficial owner" is defined under Rule 13d-3
or any successor rule or regulation promulgated under the Exchange Act) of
securities representing 20% or more of the then outstanding Voting Stock of the
Company;
(iv) If during any period of two consecutive years, individuals who
at the beginning of any such period constitute the Directors of the Company
cease for any reason to constitute at least a majority thereof, unless the
election, or the nomination for election by the Company's shareholders of each
Director first elected during such period was approved by a vote of at least
two-thirds of the Directors of the Company then still in office who were
Directors of the Company at the beginning of any such period.
Notwithstanding the foregoing provisions of Subsections (ii) and (iii)
above, a "Change of Control" shall not be deemed to have occurred for purposes
of this Agreement (i) solely because (A) the Company; (B) a Subsidiary; or (C) a
Company-sponsored employee stock ownership plan or other employee benefit plan
of the Company either files or becomes obligated to file a report under or in
response to Schedule 13D, Schedule 14D-1 or Form 8-K (or any successor schedule,
form or report or item therein) under the Exchange Act, disclosing beneficial
ownership by it of shares of Voting Stock, whether in excess of 20% or
otherwise, or because the Company reports that a change of control of the
Company has or may have occurred or will or may occur in the future by reason of
such beneficial ownership or (ii) solely because of a change of control of any
Subsidiary.
(e) "Disability" shall mean the absence of the Executive from the
full-time performance of his duties with the Company for six consecutive months
as a result of incapacity due to physical or mental illness.
(f) "Good Reason" shall mean (i) failure to elect or reelect or
otherwise to maintain the Executive in the office or the position, or a
substantially equivalent office or position, of or with the Company and/or a
Subsidiary (or any successor thereto by operation of law of or otherwise), as
the case may be, which the Executive held immediately prior to a Change of
Control; (ii) (A) a significant adverse change in the nature or scope of the
authorities, powers, functions, responsibilities or duties attached to the
position with the Company and any Subsidiary which the Executive held
immediately prior to the Change of Control, (B) a reduction in the aggregate of
the Executive's Annual Base Salary and Annual Incentive Payment received from
the Company and any Subsidiary, or (C) the termination or denial of the
Executive's rights to employee benefits or a reduction in the scope or value
thereof, to which the Executive, his dependents and beneficiaries are entitled
to receive immediately prior to the Change of Control, any of which is not
remedied by the Company within 10 calendar days after receipt by the Company of
written notice from the Executive of such change, reduction or termination, as
the case may be; (iii) the Company relocates its principal executive offices (if
such offices are the principal location of Executive's work), or requires the
Executive to have his principal location of work changed, to any location that,
in either case, is in excess of 25 miles from the location thereof immediately
prior to the Change of Control, or
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requires the Executive to travel away from his office in the course of
discharging his responsibilities or duties hereunder at least 20% or more (in
terms of aggregate days in any calendar year or in any calendar quarter when
annualized for purposes of comparison to any prior year) than was required of
Executive in any of the three full years immediately prior to the Change of
Control without, in either case, his prior written consent; or (iv) without
limiting the generality or effect of the foregoing, any material breach of this
Agreement by the Company or any successor thereto which is not remedied by the
Company within 10 calendar days after receipt by the Company of written notice
from the Executive of such breach.
(g) "Subsidiary" shall mean an entity in which the Company directly or
indirectly beneficially owns 50% or more of the outstanding Voting Stock.
(h) "Voluntary Resignation" shall mean any termination of the
Executive's employment with the Company upon such Executive's own initiative,
including Executive's retirement other than termination of the Executive's
employment for Good Reason which shall not be deemed a "Voluntary Resignation"
for purposes of this Agreement.
(i) "Voting Stock" shall mean securities entitled to vote generally in
the election of directors.
SECTION 2. SEVERANCE PRIOR TO CHANGE OF CONTROL
If, during the term of this Agreement, no Change of Control has
occurred and the Executive's employment with the Company is terminated for any
reason, this Agreement shall not apply and Executive shall be entitled to
receive severance if such payments are appropriate under the Company's then
applicable severance policy. The Company shall not discharge the Executive, or
materially reduce the Executive's salary, title, duties or benefits, in
anticipation of a Change of Control to avoid the Company's or its successor's
obligations under this Agreement.
SECTION 3. SEVERANCE AFTER CHANGE OF CONTROL
(a) If during the two-year period following a Change of Control,
Executive's employment with the Company is terminated for any reason other than
(i) death, (ii) Cause, (iii) Disability, or (iv) Voluntary Resignation, or if
Executive terminates employment with the Company for Good Reason (such
termination of employment collectively referred to herein as "Change of Control
Termination"), Executive shall be entitled to receive, subject to applicable
Federal, state and/or local taxes and other amounts required by governmental
authorities to be withheld or deducted, the payment by the Company of an amount
equal to _____ times the sum of (x) the Executive's Annual Base Salary as of the
date of the Change of Control Termination (or, if higher, the rate in effect
immediately prior to the Change of Control) and (y) the Executive's Annual
Incentive Payment (the "Change of Control Severance Payment"). The Company shall
distribute such Change of Control Severance Payment to the Executive in a lump
sum no later than fifteen (15) business days after such Change of Control
Termination. In addition, the Executive shall be entitled to receive, for one
year
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after the date of the Change of Control Termination, health and life insurance
benefits substantially identical to those benefits to which the Executive, his
dependents and beneficiaries were receiving immediately prior to the Change of
Control Termination (or, if greater in the aggregate, the benefits to which the
Executive, his dependents and beneficiaries were receiving immediately prior to
the Change of Control).
(b) Without limiting the rights of the Executive at law or in equity,
if the Company fails to make any payment or provide any benefit required to be
made or provided hereunder on a timely basis, the Company will pay interest on
the amount or value thereof at an annualized rate of interest equal to the
so-called composite "prime rate" as quoted from time to time during the relevant
period in the Southwest Edition of The Wall Street Journal, plus 2%. Such
interest will be payable as it accrues on demand. Any change in such prime rate
will be effective on and as of the date of such change.
(c) A termination of the Executive's employment with the Company will
not affect the rights that the Executive may have pursuant to any agreement,
policy, plan, program or arrangement of the Company or any Subsidiary providing
employee benefits, which rights shall be governed by the terms thereof, except
if the Executive is entitled to and is receiving the severance benefits
contemplated by this Agreement, the Executive shall not be entitled to also
receive severance compensation under the Company's Amended and Restated
Severance Pay Plan (or any successor plan).
SECTION 4. GROSS-UP PAYMENT
(a) Anything in this Agreement to the contrary notwithstanding, in the
event that this Agreement shall become operative and it shall be determined (as
hereafter provided) that any payment (other than the Gross-Up Payments (as
hereinafter defined) provided for in this Section 4) or distribution by the
Company or any of its affiliates to or for the benefit of the Executive, whether
paid or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise pursuant to or by reason of any other agreement, policy,
plan, program or arrangement, including without limitation any stock option,
restricted stock, restricted stock right, performance share, performance unit,
stock appreciation right or similar right, or the lapse or termination of any
restriction on or the vesting or exercisability of any of the foregoing (a
"Payment"), would be subject to the excise tax imposed by Section 4999 of the
Internal Revenue Code of 1986, as amended (the "Code") (or any successor
provision thereto) by reason of being considered "contingent on a change in
ownership or control" of the Company, within the meaning of Section 280G of the
Code (or any successor provision thereto) or to any similar tax imposed by state
or local law, or any interest or penalties with respect to such tax (such tax or
taxes, together with any such interest and penalties, being hereafter
collectively referred to as the "Excise Tax"), then the Executive shall be
entitled to receive an additional payment or payments (collectively, a "Gross-Up
Payment"). The Gross-Up Payment shall be in an amount such that, after payment
by the Executive of all taxes (including any interest or penalties imposed with
respect to such taxes), including any Excise Tax imposed upon
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the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment
equal to the Excise Tax imposed upon the Payment.
(b) Subject to the provisions of Section 4(f), all determinations
required to be made under this Section 4, including whether an Excise Tax is
payable by the Executive and the amount of such Excise Tax and whether a
Gross-Up Payment is required to be paid by the Company to the Executive and the
amount of such Gross-Up Payment, if any, shall be made by a nationally
recognized accounting firm (the "Accounting Firm") selected by the Executive in
his sole discretion. The Executive shall direct the Accounting Firm to submit
its determination and detailed supporting calculations to both the Company and
the Executive within 30 calendar days after the Termination Date, if applicable,
and any such other time or times as may be requested by the Company or the
Executive. If the Accounting Firm determines that any Excise Tax is payable by
the Executive, the Company shall pay the required Gross-Up Payment to the
Executive within five business days after receipt of such determination and
calculations with respect to any Payment to the Executive. If the Accounting
Firm determines that no Excise Tax is payable by the Executive, it shall, at the
same time as it makes such determination, furnish the Company and the Executive
an opinion that the Executive has substantial authority not to report any Excise
Tax on his federal, state or local income or other tax return. As a result of
the uncertainty in the application of Section 4999 of the Code (or any successor
provision thereto) and the possibility of similar uncertainty regarding
applicable state or local tax law at the time of any determination by the
Accounting Firm hereunder, it is possible that Gross-Up Payments which will not
have been made by the Company should have been made (an "Underpayment"),
consistent with the calculations required to be made hereunder. In the event
that the Company exhausts or fails to pursue its remedies pursuant to Section
4(f) and the Executive thereafter is required to make a payment of any Excise
Tax, the Executive shall direct the Accounting Firm to determine the amount of
the Underpayment that has occurred and to submit its determination and detailed
supporting calculations to both the Company and the Executive as promptly as
possible. Any such Underpayment shall be promptly paid by the Company to, or for
the benefit of the Executive within five business days after receipt of such
determination and calculations.
(c) The Company and the Executive shall each provide the Accounting
Firm access to and copies of any books, records and documents in the possession
of the Company or the Executive, as the case may be, reasonably requested by the
Accounting Firm, and otherwise cooperate with the Accounting Firm in connection
with the preparation and issuance of the determinations and calculations
contemplated by Section 4(b). Any determination by the Accounting Firm as to the
amount of the Gross-Up Payment shall be binding upon the Company and the
Executive.
(d) The federal, state and local income or other tax returns filed by
the Executive shall be prepared and filed on a consistent basis with the
determination of the Accounting Firm with respect to the Excise Tax payable by
the Executive. The Executive shall make proper payment of the amount of any
Excise Payment, and at the request of the Company, provide to the Company true
and correct copies (with any amendments) of his federal income tax return as
filed with the Internal Revenue Service and corresponding state and local tax
returns, if relevant, as filed with the
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applicable taxing authority, and such other documents reasonably requested by
the Company, evidencing such payment. If prior to the filing of the Executive's
federal income tax return, or corresponding state or local tax return, if
relevant, the Accounting Firm determines that the amount of the Gross-Up Payment
should be reduced, the Executive shall within five business days pay to the
Company the amount of such reduction.
(e) The fees and expenses of the Accounting Firm for its services in
connection with the determinations and calculations contemplated by Section 4(b)
shall be borne by the Company. If such fees and expenses are initially paid by
the Executive, the Company shall reimburse the Executive the full amount of such
fees and expenses within five business days after receipt from the Executive of
a statement therefor and reasonable evidence of his payment thereof.
(f) The Executive shall notify the Company in writing of any claim by
the Internal Revenue Service or any other taxing authority that, if successful,
would require the payment by the Company of a Gross-Up Payment. Such
notification shall be given as promptly as practicable but no later than 10
business days after the Executive actually receives notice of such claim and the
Executive shall further apprise the Company of the nature of such claim and the
date on which such claim is requested to be paid (in each case, to the extent
known by the Executive). The Executive shall not pay such claim prior to the
earlier of (i) the expiration of the 30-calendar-day period following the date
on which he gives such notice to the Company and (ii) the date that any payment
of amount with respect to such claim is due. If the Company notifies the
Executive in writing prior to the expiration of such period that it desires to
contest such claim, the Executive shall:
(i) provide the Company with any written records or documents in
his possession relating to such claim reasonably requested by the
Company;
(ii) take such action in connection with contesting such claim as
the Company shall reasonably request in writing from time to time,
including without limitation accepting legal representation with
respect to such claim by an attorney competent in respect of the
subject matter and reasonably selected by the Company;
(iii) cooperate with the Company in good faith in order effectively
to contest such claim; and
(iv) permit the Company to participate in any proceedings relating
to such claim;
provided, however, that the Company shall bear and pay directly all costs and
expenses (including interest and penalties) incurred in connection with such
contest and shall indemnify and hold harmless the Executive, on an after-tax
basis, for and against any Excise Tax or income tax, including interest and
penalties with respect thereto, imposed as a result of such representation and
payment of costs and expenses. Without limiting the foregoing provisions of this
Section 4(f), the Company shall control all proceedings taken in connection with
the contest of any claim
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contemplated by this Section 4(f) and, at its sole option, may pursue or forego
any and all administrative appeals, proceedings, hearings and conferences with
the taxing authority in respect of such claim (provided, however, that the
Executive may participate therein at his own cost and expense) and may, at its
option, either direct the Executive to pay the tax claimed and xxx for a refund
or contest the claim in any permissible manner, and the Executive agrees to
prosecute such contest to a determination before any administrative tribunal, in
a court of initial jurisdiction and in one or more appellate courts, as the
Company shall determine; provided, however, that if the Company directs the
Executive to pay the tax claimed and xxx for a refund, the Company shall advance
the amount of such payment to the Executive on an interest-free basis and shall
indemnify and hold the Executive harmless, on an after-tax basis, from any
Excise Tax or income or other tax, including interest or penalties with respect
thereto, imposed with respect to such advance; and provided further, however,
that any extension of the statute of limitations relating to payment of taxes
for the taxable year of the Executive with respect to which the contested amount
is claimed to be due is limited solely to such contested amount. Furthermore,
the Company's control of any such contested claim shall be limited to issues
with respect to which a Gross-Up Payment would be payable hereunder and the
Executive shall be entitled to settle or contest, as the case may be, any other
issue raised by the Internal Revenue Service or any other taxing authority.
(g) If, after the receipt by the Executive of an amount advanced by the
Company pursuant to Section 4(f), the Executive receives any refund with respect
to such claim, the Executive shall (subject to the Company's complying with the
requirements of Section 4(f)) promptly pay to the Company the amount of such
refund (together with any interest paid or credited thereon after any taxes
applicable thereto). If, after the receipt by the Executive of an amount
advanced by the Company pursuant to Section 4(f), a determination is made that
the Executive shall not be entitled to any refund with respect to such claim and
the Company does not notify the Executive in writing of its intent to contest
such denial or refund prior to the expiration of 30 calendar days after such
determination, then such advance shall be forgiven and shall not be required to
be repaid and the amount of any such advance shall offset, to the extent
thereof, the amount of Gross-Up Payment required to be paid by the Company to
the Executive pursuant to this Section 4.
SECTION 5. VESTING OF STOCK OPTIONS
Vesting of any long-term incentive grants and awards resulting from
employment terminations, regardless of the reason for or date of such
termination, shall be governed by the long-term incentive plan document and any
grant or award agreements and shall not be affected by the terms of this
Agreement.
SECTION 6. AT-WILL EMPLOYMENT
The Company and the Executive acknowledge that the Executive's
employment with the Company is and shall continue to be at-will, as defined
under applicable law. If the Executive's employment terminates for any reason,
whether prior to or after a Change of Control, the Executive shall not be
entitled to any payments or benefits, other than as provided by this Agreement
or as may
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otherwise be available in accordance with the terms of the Company's then
existing employee plans and written policies in effect at the time of
termination.
SECTION 7. EXPIRATION OF AGREEMENT
This Agreement shall terminate, except for any unpaid obligation of the
Company hereunder, two (2) years following the date of a Change of Control of
the Company; provided, however, that notwithstanding any provision of this
Agreement to the contrary, the parties' respective rights and obligations under
Sections 3, 4, 8, 9, 10, 12 and 13 will survive any termination or expiration of
this Agreement or the termination of Executive's employment following a Change
of Control for any reason whatsoever.
SECTION 8. NO OBLIGATION TO MITIGATE
(a) The Executive is under no obligation to mitigate damages in the
amount of any payment provided herein by seeking other employment or otherwise.
(b) The amount of any payment provided herein shall not be reduced,
offset or subject to recovery by the Company by reason of any compensation
earned by the Executive as the result of the Executive's employment by another
employer after the termination date of the Executive's employment with the
Company.
SECTION 9. LEGAL FEES AND EXPENSES
It is the intent of the Company that the Executive not be required to
incur legal fees and the related expenses associated with the interpretation,
enforcement or defense of Executive's rights under this Agreement by litigation
or otherwise because the cost and expense thereof would substantially detract
from the benefits intended to be extended to the Executive hereunder.
Accordingly, if it should appear to the Executive that the Company has failed to
comply with any of its obligations under this Agreement or in the event that the
Company or any other person takes or threatens to take any action to declare
this Agreement void or unenforceable, or institutes any litigation or other
action or proceeding designed to deny, or to recover from, the Executive the
benefits provided or intended to be provided to the Executive hereunder, the
Company irrevocably authorizes the Executive from time to time to retain counsel
of Executive's choice, at the expense of the Company as hereafter provided, to
advise and represent the Executive in connection with any such interpretation,
enforcement or defense, including without limitation the initiation or defense
of any litigation or other legal action, whether by or against the Company or
any Director, officer, stockholder or other person affiliated with the Company,
in any jurisdiction. Notwithstanding any existing or prior attorney-client
relationship between the Company and such counsel, the Company irrevocably
consents to the Executive's entering into an attorney-client relationship with
such counsel, and in that connection the Company and the Executive agree that a
confidential relationship shall exist between the Executive and such counsel.
Without respect to whether the Executive prevails, in whole or in part, in
connection with any of the foregoing, the Company will pay and be
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solely financially responsible for any and all attorneys' and related fees and
expenses incurred by the Executive in connection with any of the foregoing;
provided that, in regard to such matters, the Executive has not acted in bad
faith or with no colorable claim of success.
SECTION 10. ASSIGNMENT, SUCCESSORS
(a) Without limiting the rights of the Executive as provided in Section
3 hereof, the Company shall require any successor to or assign (whether direct
or indirect, by purchase, merger, consolidation or otherwise) of all or
substantially all of the business and/or assets of the Company, by agreement in
form and substance reasonably satisfactory to the Executive, to expressly and
unconditionally assume and agree to perform this Agreement.
(b) This Agreement shall inure to the benefit of and be enforceable by
the Executive's personal and legal representatives, executors, administrators,
successors, heirs, distributees, devises and legatees. If the Executive dies
while any amounts are payable hereunder, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement to
the Executive's devisee, legatee, or other designee or, if there is no such
designee, to the Executive's estate.
(c) This Agreement is personal to the Executive and without the prior
written consent of the Company shall not be assignable by the Executive except
by will or the laws of descent and distribution.
SECTION 11. PRIOR AGREEMENT
This Agreement amends and restates the agreement, dated as of March 12,
1998 (the "Prior Agreement"), between the Company and the Executive, which Prior
Agreement shall, without further action, be superseded as of the date first
written above.
SECTION 12. NOTICE
For purposes of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have
been duly given when delivered or mailed by United States registered mail,
return receipt requested, postage prepaid, to the addresses set forth below or
to such other address as any party may have furnished to the other in writing
and in accordance herewith, except that notices of changes of address shall be
effective only upon receipt.
If to the Company:
Aviall, Inc.
0000 Xxxxxxxx Xxxxx
Xxxxxx, Xxxxx 00000-0000
Attn: General Counsel
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If to the Executive:
SECTION 13. MISCELLANEOUS
(a) No provisions of this Agreement may be modified, waived or
discharged except in a writing signed and dated by both parties. No waiver by
either party at any time of any breach by the other party of, or compliance
with, any condition or provision of this Agreement shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or any prior or
subsequent time.
(b) This Agreement reflects the entire agreement of the parties with
respect to its subject matter, and supersedes all previous agreements. No
agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either party which are
not set forth expressly in this Agreement.
(c) This Agreement shall be governed and construed in all respects in
accordance with the internal laws of the State of Texas (without giving effect
to principles of conflicts of laws). All references to sections of the Exchange
Act or the Code shall be deemed also to refer to any successor provisions to
such sections.
(d) The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.
(e) This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original but all of which together will
constitute one and the same instrument.
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IN WITNESS WHEREOF, the Executive has hereunto set his hand and,
pursuant to the authorization from its Board of Directors, the Company has
caused these presents to be executed in its name on its behalf, all on the day
and year first written above.
AVIALL, INC.
By:
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Xxxx X. Xxxxxxxx, Chairman, President
and Chief Executive Officer
The Executive
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