Black & Decker 2015 Annual Report Download - page 126
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Exhibit 1: Involuntary Termination
The Company may immediately terminate your employment at any time for "Just Cause." If your
employment is terminated for Just Cause, as defined below, you shall have no right to receive any
compensation or benefits, including those described in this Agreement, and any separation payor benefits,
except as provided by law, for any period after said termination of employment. Any benefits payable under
insurance, health, retirement, or other plans as a result of your participation in such plans through such date of
termination shall be paid when and as due under those plans and in accordance with Company policy.
Termination for "Just
Cause" shall mean termination of your employment due to the fact that:
(1) you committed a material breach of this Agreement which you were unable or unwilling to
cure within thirty (30) days of being notified in writing of such breach; that you engaged in an act of
fraud, embezzlement or theft; that you were convicted or pled nolo contendere to a felony; or that you
engaged in intentional or willful misconduct (which, for purposes of this Agreement, shall consist of
behavior which causes material harm to the interests of one or more employees of the Company and
which is in violation of federal or state law or Company policy) or committed a breach of fiduciary duty
or a material breach of the Company's Business Conduct Guidelines that you were unable or unwilling
to cure within thirty (30) days of being notified in writing of such breach.; or
(2) that you intentionally or willfully damaged or threatened to damage the reputation, business,
or property of the Company or that you intentionally or willfully committed any other act causing or
threatening to cause material harm to the Company.
The Company may immediately terminate your employment for a reason other than Just Cause. In
such a case, your separation pay and benefits shall be determined by the Company policy addressing
executive termination then in effect for employees based in the United States. A copy of the current policy is
attached hereto, and incorporated into this Agreement by reference. The Company guarantees you that,
regardless of any changes that may occur with such policy, it shall pay you as separation pay the current
standard of fifty-two weeks' of separation pay if the Company terminates your employment without Just
Cause. With this one exception, all other separation pay and benefits shall be determined in accordance with
the terms then in force under the relevant Company policy(ies). Any benefits payable under insurance,
health, retirement, or other plans as a result of your participation in such plans through such date of
termination shall be paid when and as due under those plans and in accordance with Company policy.