EXHIBIT (10t)
SERVERANCE TERMINATION AGREEMENT
THIS SERVERANCE TERMINATION AGREEMENT (this "Agreement") effective as of
February 29, 2004 (the "Effective Date"), by and between UNIFI, INC., a New York
corporation (hereinafter referred to as "Unifi" or the "Company"), and STEWART
Q. LITTLE (hereinafter referred to as "Employee");
WITNESSETH:
WHEREAS, Unifi and Employee entered into that certain Severance Agreement
effective April 30, 2003 (the "Severance Agreement"), the terms of which are
incorporated herein by reference; and
WHEREAS, the Severance Agreement provides that the Company will pay
Employee certain Monthly Payments through and including October 2004, and that
Employee is entitled to certain other benefits from the Company during the term
of the Severance Agreement; and
WHEREAS, Section 10 of the Severance Agreement prohibits Employee from
seeking employment with Competitors of the Company until after April 30, 2005;
and
WHEREAS, Employee has an employment opportunity with a Competitor of the
Company, which position Employee desires to accept; and
WHEREAS, Employee has asked the Company to terminate his Severance
Agreement and allow him to accept said position of employment with a Competitor
of the Company and the Company is agreeable to terminate Employee's Severance
Agreement; and
WHEREAS, the parties desire to terminate the Severance Agreement and
release each other from their respective obligations under the Severance
Agreement on the terms and conditions set forth below.
NOW, THEREFORE, for and in consideration of the covenants contained herein
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:
1. CAPITALIZED TERMS.
All capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to them in the Severance Agreement.
2. TERMINATION.
The Severance Agreement is hereby terminated effective February 29, 2004
("Termination Date"). To and through the Termination Date, both parties shall
duly perform and fully comply with all terms and conditions of the Severance
Agreement. After the Effective Date Unifi shall not be required to pay or
provide any of the benefits to Employee set forth in the Severance Agreement,
including paying the Monthly Payments.
3. MUTUAL RELEASE.
This Agreement is intended to and the mutual release which follows shall
fully and finally settle any and all demands, charges, claims, accounts, or
causes of action of any nature including, without limitation, known or unknown
claims and causes of action that arise out of or in connection with the
Severance Agreement. The following release shall be effective as of the
Termination Date without further action of the parties: the Company and Employee
do hereby release and discharge each other from their respective obligations
arising from or connected with the provisions of the Severance Agreement,
excepting such rights and obligations as may be created or reserved by this
Agreement and further excepting the obligations, if any, of the Company and
Employee contained in the Severance Agreement to not disclose Confidential
Information (Section 9) and to hold the other harmless against any and all
claims (Section 12). The release of liability contained herein shall not
preclude a party from exercising any discovery rights it may have against the
other party in connection with any civil litigation or arbitration proceedings
involving a third party.
4. REPRESENTATIONS AND WARRANTIES.
a. Each party represents and warrants to the other that it has
not made any claim, demand, obligation, liability, or cause of action arising
from the Severance Agreement.
b. Each party, and each and every individual person signing below
on behalf of a party, represents and warrants that he or she is an officer,
partner or duly authorized agent of the entity for which he or she is signing,
and is duly authorized to enter into this Agreement.
5. MISCELLANEOUS.
a. The parties have read this Agreement and the release contained
herein, and on the advice of counsel they have freely and voluntarily entered
into this Agreement.
b. This Agreement shall be binding upon and inure to the benefit
of each of the parties hereto and their successors.
c. This Agreement shall be interpreted and construed under the
laws of North Carolina.
d. This Agreement contains the entire agreement of the Parties
and supersedes all prior agreements and understandings, oral or written, if any,
relating to the subject matter hereof. This Agreement may not be changed or
altered, except by an agreement in writing signed by the Party against whom
enforcement of any waiver, change, modification, extension or discharge is
sought.
e. This Agreement may be executed in multiple counterparts, each
of which shall be deemed an original for all purposes and all of which shall be
deemed collectively to be one agreement, but in making proof hereof it shall be
necessary to exhibit only one such counterpart.
f. Employee hereby agrees that he will execute from time to time
after the Effective Date any and all such documents, agreements, instruments,
certifications, consents, statements, waivers, and/or releases as Unifi shall
request as is necessary to implement and institute the intents and purposes of
this Agreement.
g. Any notice required or permitted to be given under this
Agreement shall be sufficient, if in writing and if sent by registered or
certified mail, postage prepaid, or telecopier to:
EMPLOYEE
Stewart Q. Little
1833 B-8 Banking St
Greensboro, NC
and to:
UNIFI
Attn: Charles F. McCoy
7201 W. Friendly Avenue (27410)
P.O. Box 19109
Greensboro, NC 27419-9109
Fax: (336) 856-4364
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IN WITNESS WHEREOF, Unifi and Employee have duly executed this Agreement
as of the day and year first above written.
EMPLOYEE:
/S/ STEWART Q. LITTLE
------------------------------(Seal)
STEWART Q. LITTLE
UNIFI, INC.
BY: /S/ CHARLES F. MCCOY
---------------------------
CHARLES F. MCCOY
Vice President
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