IMATION CORP
EX-10.1 SEVERANCE AGREEMENT DATED AUGUST 7, 2002
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>c72827exv10w1.htm
<DESCRIPTION>EX-10.1 SEVERANCE AGREEMENT DATED AUGUST 7, 2002
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<TITLE>IMATION CORP.</TITLE>
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<P align="right"><FONT size="2"><b>Exhibit&nbsp;10.1</b></FONT>

<P align="center"><FONT size="2"><b>SEVERANCE AGREEMENT</b></FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS SEVERANCE AGREEMENT (this &#147;Agreement&#148;) is made as of the 7th day of
August, 2002, between Imation Corp., a Delaware corporation, with its principal
offices at One Imation Place, Oakdale, Minnesota 55128 (the &#147;Company&#148;), and
William T. Monahan, an individual residing at 11930 Isleton Avenue North,
Stillwater, Minnesota 55082 (&#147;you&#148;).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, you have served as Chief Executive Officer of the Company and a
member of its Board of Directors since July&nbsp;1, 1996; and
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, you and the Company have entered into a certain Employment
Agreement, dated June&nbsp;25, 1996, as amended by letters between you and the
Company dated March&nbsp;20, 2002 and May&nbsp;23, 2002 (such agreement as so amended,
the &#147;Employment Agreement&#148;); and
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, this Agreement is intended to replace the Employment Agreement
and specify the term and conditions of your employment with the Company and the
financial arrangements that the Company will provide to you upon your
separation from employment with the Company under any of the circumstances
described herein; and
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, this Agreement is entered into by the Company in the belief that
it is in the best interests of the Company and its shareholders to help assure
that the Company will have your continued dedication during your employment
with the Company, by providing for certain severance benefits under certain
circumstances in connection with your employment with the Company, thereby
enhancing the Company&#146;s ability to attract and retain highly qualified people;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, to assure the Company that it will have your continued
dedication, and to induce you to remain in the employ of the Company, and for
other good and valuable consideration, the Company and you agree as follows:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term
of Agreement.&nbsp;&nbsp;&nbsp; The term of this Agreement shall commence on the
date of this Agreement (the &#147;Effective Date&#148;) and shall continue in effect
until the first anniversary of the Effective Date, and shall thereafter be
automatically renewed for successive one-year terms provided that you are
employed by the Company on each anniversary of the Effective Date (the &#147;Covered
Period&#148;), unless the Company, upon authorization by its Board of Directors
gives written notice to you that the Company does not wish to extend this
Agreement, and provided further, that, notwithstanding any such notice by the
Company not to extend, the Covered Period and this Agreement shall continue in
effect for a period of 12&nbsp;months from the date you receive such notice.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions.&nbsp;&nbsp;&nbsp;&nbsp; When the following terms are used in this Agreement with
initial capital letters, they shall have the following
meanings.
</FONT>
<P align="center"><FONT size="2">39</FONT>

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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &#147;Cause&#148; shall mean termination by the Company of your employment
based upon:</FONT></TD>
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        <TD width="9%"></TD>
        <TD width="91%"></TD>
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<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the willful and continued failure by you to substantially
perform your duties and obligations (other than any such failure
resulting from your Incapacity or any such actual or anticipated
failure resulting from your termination for Good Reason);</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the willful engaging by you in misconduct which is
materially injurious to the Company, monetarily or otherwise; or</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;your conviction of, or entering a plea of nolo contendere
to, a crime that constitutes a felony.</FONT></TD>
</TR>
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        <TD width="9%"></TD>
        <TD width="91%"></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">For purposes of this Section&nbsp;2(i), no action or failure to act on your
part shall be considered &#147;willful&#148; unless done, or omitted to be done, by
you in bad faith and without reasonable belief that your action or
omission was in the best interests of the Company.</FONT></TD>
</TR>
</TABLE>

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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &#147;Code&#148; shall mean the Internal Revenue Code of 1986, as
amended.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &#147;Date of Termination&#148; shall mean the date specified in the
Notice of Termination (except in the case of your death, in which case
Date of Termination shall be the date of death).</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &#147;Disability&#148; shall mean that you have suffered from Incapacity
for a period of six consecutive months, as determined by a medical doctor
mutually agreed to by you and the Company, and you have given Notice of
Termination to the Company, or Notice of Termination is given to you by
the Company and you shall not have returned to the performance of your
duties hereunder on a full-time basis within 30&nbsp;days after such Notice of
Termination is given.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &#147;Good Reason&#148; shall mean the occurrence of any of the following
events, except for occurrence of such an event in connection with the
termination of your employment or reassignment by the Company for Cause,
for Disability or for death:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the assignment to you of employment duties, functions or
responsibilities that are significantly different from, and result
in a substantial diminution of, your duties, functions or
responsibilities as of the Effective Date, except during any period
when you are suffering from Incapacity; or</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;a significant reduction by the Company in your base
salary, annual bonus opportunity (specifically excluding any
long-term incentive compensation for which you are eligible), or
benefits as in effect as of the Effective Date (excluding any
</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">40</FONT>

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        <TD><FONT size="2">reduction caused by a restructuring by management of benefits for the employees of the company as a
whole that affects you in a manner comparable to other senior
executives of the Company);</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the failure of the Company to comply with Section&nbsp;7(iii)
of this Agreement.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) &#147;Incapacity&#148; shall mean your absence from your duties
hereunder or your inability to substantially perform such duties on
a full-time basis, in each case due to physical or mental illness.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) &#147;Notice of Termination&#148; shall mean a written notice which
sets forth the Date of Termination and, in reasonable detail, the
facts and circumstances claimed to provide a basis, if any, for
termination of your employment.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&#147;Severance Period&#148; shall mean the period of two years
beginning on your Date of Termination.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination Procedures. Any purported termination of your employment
by the Company or you (other than by reason of your death) during the Covered
Period shall be communicated by a Notice of Termination in accordance with
Section&nbsp;8 hereof. No purported termination by the Company of your employment
in the Covered Period shall be effective if it is not pursuant to a Notice of
Termination. Failure by you to provide Notice of Termination shall not limit
any of your rights under this Agreement except (a)&nbsp;that the Company shall be
permitted to cure any purported event if specified in Section&nbsp;2 (ii)&nbsp;and (b)&nbsp;to
the extent the Company can demonstrate that it suffered actual damages by
reason of such failure.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualification for Severance Benefits.
</FONT>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;You shall be eligible for severance benefits pursuant to the
terms of this Agreement if your employment is terminated and the Date of
Termination occurs during the Covered Period in any of the following
circumstances:</FONT></TD>
</TR>
</TABLE>
<P>
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<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;termination of your employment by you or by the Company
because of Disability;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;termination of your employment by the Company for any
other reason other than Cause; or</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;termination of employment by you for Good Reason;</FONT></TD>
</TR>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">provided, however, that you shall not begin receiving any payments or
benefits under this Agreement unless and until you execute a general
release of all claims against the Company and its affiliates, including
non-competition and non-solicitation covenants, in the form attached
hereto as Exhibit&nbsp;A and you have not rescinded such release within the
permitted time period for rescission under Section&nbsp;3.J therein; and
provided further, that in such case, failure to execute such release
within 21&nbsp;days of your Date of Termination shall result in the loss of any rights
to receive payments or benefits under this Agreement.</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2">41</FONT>

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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;In the event of termination of employment upon your death, no
severance benefits shall be payable pursuant to this Agreement, but your
estate or designated beneficiary shall be entitled to receive, as soon as
practical after the Date of Termination, a death benefit no less than
that provided on the Effective Date, under Split Dollar Insurance
Policies Numbers 12807864, 14618388, and 14618472, plus any increases in
that death benefit scheduled thereafter to occur under the terms of such
policies as in effect on the Effective Date. Such death benefit shall be
paid by the Company to the extent it is not paid directly by any
insurance company.</FONT></TD>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation Upon Termination.
</FONT>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Amounts. Upon qualification for severance benefits pursuant to
this Agreement, you shall be entitled to the benefits, to be funded from
the general assets of the Company, provided below:</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company shall pay to you (1)&nbsp;the full base salary
earned by you and unpaid through the Date of Termination, at the
rate in effect on the date of the Notice of Termination, (2)&nbsp;any
amount earned by you as a bonus with respect to the fiscal year of
the Company immediately preceding the Date of Termination if such
bonus has not theretofore been paid to you, and (3)&nbsp;an amount
representing credit for any vacation earned or accrued by you but
not taken during the current &#147;vacation year,&#148; in each case in a
lump sum as soon as practicable after the Date of Termination;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In lieu of any further base salary payments to you for
periods subsequent to the Date of Termination, the Company shall
pay to you the sum of an amount equal to two (2)&nbsp;times the average
of the sum of the actual annual bonuses paid to you for the three
years prior to the fiscal year in which the Date of Termination
occurs (specifically excluding any long-term incentive compensation
for which you are eligible) (such average, the &#147;Annual Bonus
Amount&#148;) plus an amount equal to two (2)&nbsp;times your annual base
salary for the fiscal year in which the Date of Termination occurs
(but disregarding any decrease thereof that constituted &#147;Good
Reason&#148;) (the amount of such annual base salary, the &#147;Annual Base
Salary&#148;), less, in the case of a termination for Disability, any
amounts paid or payable to you under the Company&#146;s disability
benefits plans or under the Social Security disability insurance
program.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
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<P align="center"><FONT size="2">42</FONT>

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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;During the Severance Period, the Company shall continue to
provide to you all welfare benefits under the Company&#146;s plans and
programs and under individual arrangements that you are receiving immediately prior to the
Date of Termination (but disregarding any diminution of such
benefits that constituted &#147;Good Reason&#148;), on the same terms and
conditions as if you had remained an active employee. In the event
that your participation in any such plan or program is barred by
the terms thereof or would have adverse tax consequences for you,
any other participant therein or the Company, the Company shall
arrange to provide you and your dependents with benefits
substantially similar thereto or the cash equivalent thereof,
grossed up by an additional cash payment to offset any effect of
personal income tax imposed on such cash equivalent payments beyond
such tax that would have been imposed, had you continued to
participate in such plan or program as an active employee.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;With respect to each defined benefit pension plan
sponsored by the Company in which you participate immediately
before the termination of your employment (whether or not such plan
is qualified under Section&nbsp;401(a) of the Code) (each, a &#147;Pension
Plan&#148;), you shall receive additional payments (the &#147;Supplemental
Pension&#148;) from the Company equal to the excess (if any) of (i)&nbsp;the
amount that would be payable to you as a benefit from such Pension
Plan, had you remained employed through the Severance Period with
base salary paid at an annual rate equal to the Annual Base Salary
and annual bonus compensation equal to the Annual Bonus Amount,
over (ii)&nbsp;the amount actually payable to you as a benefit from such
Pension Plan. The Supplemental Pension with respect to each
Pension Plan shall be paid as and when your benefits from such
Pension Plan are paid; provided, that if the benefits under such
Pension Plan are paid, or begin to be paid, before the end of the
Severance Period, the amount of the Supplemental Pension shall be
appropriately discounted from the end of the Severance Period to
reflect the earlier payment.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;In addition, if Minnesota Mining and Manufacturing Company
(&#147;3M&#148;) does not treat the Severance Period as a period of continued
employment for purposes of determining your grandfathered benefits
from your employment at 3M, then the Company shall pay you a single
lump sum cash payment, as soon as reasonably practicable after the
Date of Termination, equal to the actuarial present value of the
additional grandfathered benefits to which you would have been
entitled, had 3M treated the Severance Period as a period of
continued employment for such purposes, grossed up by an additional
cash payment to offset the personal income tax cost (if any) to you
of having such payment made in an immediate lump sum by the Company
rather than pursuant to the grandfathered benefits.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
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<P align="center"><FONT size="2">43</FONT>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Notwithstanding any other agreement in existence between
the Company and you, if you are eligible for severance benefits
under this Agreement, at the Date of
Termination, (i)&nbsp;all shares of restricted stock owned or held
by you or promised to you by the Company shall be immediately
vested in you without further restriction and you shall be treated
at that time as the unrestricted owner of such Company stock,
subject to applicable constraints under federal and state
securities laws, (ii)&nbsp;all stock options granted to you before the
Effective Date that have not yet vested as of the Date of
Termination shall vest in full and remain exercisable in accordance
with their terms and the terms of the applicable plan, and (iii)
all other stock options that you hold as of the Effective Date
shall continue to vest and be exercisable during your Severance
Period in accordance with their terms and the terms of the
applicable plan, as if your employment had terminated on the last
day of the Severance Period rather than on the actual Date of
Termination.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Time and Form of Cash Payments.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The cash payments provided for in Section&nbsp;5(i)(b) above
shall be paid at regular payroll intervals beginning forty-five
(45)&nbsp;days after your Date of Termination (subject to the provisions
of Section&nbsp;4 of this Agreement relating to execution of a release
in the form of Exhibit&nbsp;A) or, at the election of the Company, in a
single lump sum payment thirty (30)&nbsp;days after the Date of
Termination. If severance is paid at regular payroll periods, you
shall receive the same amount of base salary each pay-day that you
were receiving before termination, plus a pro-rata portion of the
payment of two (2)&nbsp;times the Annual Bonus Amount, until the total
amount of severance pay that is due under this agreement has been
paid. All severance payments are subject to any required
withholding.</FONT></TD>
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</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Effect of Reemployment. If you are re-employed by the Company
after severance payments have been scheduled to be made but before the
final severance payment is made, all remaining severance payments shall
be suspended and shall automatically terminate as of the date of
re-employment. If you have received severance payments in a single lump
sum and are re-employed before the date the final severance payment would
have been made if payments had been made at regular payroll intervals,
you will be required to refund to the Company: (a)&nbsp;that portion of the
lump sum payment representing severance payments you would have received
after the date of re-employment minus (b)&nbsp;an amount equal to any taxes
paid or payable on such portion of the lump sum payment.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;No Mitigation. You shall not be required to mitigate the
amount of any payment provided for in this Section&nbsp;5 by seeking other
employment or otherwise, nor shall the amount of any payment provided for
in this Section&nbsp;5 be reduced by any compensation earned by you as the
result of employment by another employer after the Date of Termination, or otherwise, except as set
forth in Section&nbsp;5(i)(b) and Section&nbsp;5(iii) hereof.</FONT></TD>
</TR>
</table>

<P align="center"><FONT size="2">44</FONT>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;Disability Benefits. In the event your employment terminates as
a result of your Disability, the Company shall ensure that from and after
the end of the Severance Period, so long as you continue to suffer from
Incapacity, your aggregate cash payments under the Company&#146;s disability
benefits plans, the Social Security disability insurance program and any
supplemental payments by the Company under this Section&nbsp;5(v) are, on an
annualized basis, not less than 50% of your Annual Base Salary.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280G Provision.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="5%"></TD>
        <TD width="95%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;In the event that any payment or benefit received or to be
received by you (whether payable pursuant to the terms of this Agreement
or otherwise (collectively, the &#147;Total Payments&#148;)) would be subject to
the excise tax imposed by Section&nbsp;4999 of the Code or any interest,
penalties or additions to tax with respect to such excise tax (such
excise tax, together with any such interest, penalties or additions to
tax, are collectively referred to as the &#147;Excise Tax&#148;), then you shall be
entitled to receive from the Company an additional cash payment (a
&#147;Gross-Up Payment&#148;) within thirty business days of such determination in
an amount such that after payment by you of all taxes (including such
interest, penalties or additions to tax imposed with respect to such
taxes), including any Excise Tax, imposed upon, the Gross-Up Payment, you
retain an amount of the Gross-Up Payment equal to the Excise Tax imposed
upon the Total Payments. Notwithstanding the foregoing provisions of
this Section&nbsp;6(a)(i), if it shall be determined that you are entitled to
the Gross-Up Payment, but that the Parachute Value of all Payments do not
exceed 110 % of the Safe Harbor Amount, then no Gross-Up Payment shall be
made to you and the amounts payable under this Agreement shall be reduced
so that the Parachute Value of all Payments, in the aggregate, equals the
Safe Harbor Amount. The reduction of the amounts payable hereunder, if
applicable, shall be made by first reducing the payments under Section
5(i)(b), unless you elect an alternative method of reduction, and in any
event shall be made in such a manner as to maximize the Value of all
Payments actually made to you. For purposes of reducing the Payments to
the Safe Harbor Amount, only amounts payable under this Agreement (and no
other Payments) shall be reduced. If the reduction of the amount payable
under this Agreement would not result in a reduction of the Parachute
Value of all Payments to the Safe Harbor Amount, no amounts payable under
the Agreement shall be reduced pursuant to this Section&nbsp;6(a). All
determinations required to be made under this Section&nbsp;6, including
whether a Gross-Up Payment is required and the amount of such Gross-Up
Payment, shall be made by an independent accounting firm retained by the
Company (the &#147;Accounting Firm&#148; ), which shall provide detailed supporting
calculations both to the Company and you within a reasonable period of
time as requested by the Company. If the Accounting Firm determines that
no Excise Tax is</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">45</FONT>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="5%"></TD>
        <TD width="95%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">payable by you, it shall furnish you with an opinion that you have
substantial authority not to report any Excise Tax on your federal income
tax return. For purposes of this Agreement, the following terms have the
meanings set forth below:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Parachute Value&#148; of a Payment shall mean the present value as of
the date of the change of control for purposes of Section&nbsp;280G of
the Code of the portion of such Payment that constitutes a
&#147;parachute payment&#148; under Section&nbsp;280G(b)(2), as determined by the
Accounting Firm for purposes of determining whether and to what
extent the Excise Tax will apply to such Payment.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Payment&#148; shall mean any payment or distribution in the nature of
compensation (within the meaning of Section&nbsp;280G(b)(2) of the Code)
to or for your benefit, whether paid or payable pursuant to this
Agreement or otherwise.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Safe Harbor Amount&#148; means 2.99 times your &#147;base amount,&#148; within
the meaning of Section&nbsp;280G(b)(3) of the Code.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Value&#148; of a Payment shall mean the economic present value of a
Payment as of the date of the change of control for purposes of
Section&nbsp;280G of the Code, as determined by the Accounting Firm
using the discount rate required by Section&nbsp;280G(d)(4) of the Code.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="5%"></TD>
        <TD width="95%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Any uncertainty in the application of Section&nbsp;4999 of the Code
at the time of the initial determination by the Accounting Firm hereunder
shall be resolved in favor of you. As a result of the uncertainty in the
application of Section&nbsp;4999 of the Code at the time of the initial
determination by the Accounting Firm hereunder, it is possible that at a
later time there will be a determination that the Gross-Up Payments made
by the Company were less than the Gross-Up Payments that should have been
made by the Company (&#147;Underpayment&#148;), consistent with the calculations
required to be made hereunder. In the event that you are required to make
a payment of any Excise Tax, the Accounting Firm shall determine the
amount of the Underpayment, if any, that has occurred and any such
Underpayment shall be promptly paid by the Company to you or for your
benefit. If, after you receive any Gross-Up Payment, you become entitled
to receive any refund with respect to such claim, you shall promptly pay
to the Company the amount of such refund (together with any interest paid
or credited thereon after taxes applicable thereto).</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Any determination by the Accounting Firm as to the amount of
any Gross-Up Payment, including the amount of any Underpayment, shall be
binding upon the Company and you.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;Notwithstanding any other provision of this Section&nbsp;6, the
Company may, in its sole discretion, withhold and pay over to the
Internal Revenue Service or any other applicable taxing authority, for your benefit, all or any portion of any Gross-Up
Payment, and you hereby consent to such withholding.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">46</FONT>

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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successors.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="5%"></TD>
        <TD width="95%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;This Agreement shall inure to the benefit of and be binding upon
the Company and its successors and assigns.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;This Agreement shall inure to the benefit of and be enforceable
by your personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees, and legatees. If you should
die while any amount would still be payable to you hereunder if you had
continued to live, all such amounts, unless otherwise provided herein,
shall be paid in accordance with the terms of this Agreement, to your
devisee, legatee or other designee or, if there is no such designee, to
your estate or, if no estate, in accordance with applicable law.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company), by
agreement in form and substance satisfactory to you (your acceptance of
such agreement not to be unreasonably withheld), to expressly assume and
agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no such succession
had taken place. Failure of the Company to obtain such agreement prior
to the effectiveness of any such succession shall be a breach of this
Agreement and shall entitle you to compensation from the Company in the
same amount and on the same terms as you would be entitled hereunder if
you terminated your employment for Good Reason, except that for purposes
of implementing the foregoing, the date on which any such succession
becomes effective shall be deemed the Date of Termination. As used in
this Agreement, &#147;Company&#148; shall mean the Company and any successor to its
business and/or assets which executes and delivers the agreement provided
for in this Section&nbsp;7 or which otherwise becomes bound by all the terms
and provisions of this Agreement by operation of law.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice. All notices, requests, demands and all other communications
required or permitted by either party to the other party by this Agreement
(including, without limitation, any Notice of Termination) shall be in writing
and shall be deemed to have been duly given when delivered personally or
received by certified or registered mail, return receipt requested, postage
prepaid, at the address of the other party as follows:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Company:
</FONT>
<P>
<TABLE width="50%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="25%"><FONT size="2">Imation Corp.<BR>
Attention: General Counsel<BR>
One Imation Place<BR>
Oakdale, Minnesota 55128</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">47</FONT>

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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to you:
</FONT>
<P>
<TABLE width="50%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="25%"><FONT size="2">William T. Monahan<BR>
11930 Isleton Avenue North<BR>
Stillwater, Minnesota 55082</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Either party to this Agreement may change its address for purposes of this
Section&nbsp;8 by giving fifteen (15)&nbsp;days&#146; prior written notice to the other party
hereto.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous. No provision of this Agreement may be modified, waived
or discharged unless such waiver, modification or discharge is agreed to in
writing and signed by you and the Company. The validity, interpretation,
construction, and performance of this Agreement shall be governed by the laws
of the State of Minnesota without regard to its conflicts of law principles.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controversies. All controversies, claims or disputes arising out of
or related to this Agreement shall be settled by arbitration, under the rules
of the American Arbitration Association then in effect, in Saint Paul,
Minnesota, as the sole and exclusive remedy of either party, and judgment upon
such award rendered by such arbitration(s) may be entered in any court of
competent jurisdiction. The Company shall reimburse the Executive for his
reasonable attorney fees and other expenses incurred in connection with any
such arbitration; provided, that the aggregate amount required to be reimbursed
under this Section&nbsp;10 shall in no event exceed $50,000.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of Agreement; Entire Agreement. This agreement supersedes any
and all other oral or written agreements or policies made relating to the
subject matter hereof and constitutes the entire agreement of the parties
relating to the subject matter hereof, including without limitation the
Employment Agreement.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Validity. 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.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts. 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.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employment. This Agreement does not constitute a contract of
employment or impose on the Company any obligation to retain you as an
employee, to continue your current employment status or to change any
employment policies of the Company, including but not limited to the Company&#146;s
Employee Agreement.
</FONT>
<P align="center"><FONT size="2">48</FONT>

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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, you have set your hand and, pursuant to the
authorization from the Board, the Company has caused these presents to be
executed in its name on its behalf, all as of the day and year first above
written.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="35%">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;IMATION CORP.:</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;By:</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;Its:</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<HR size="1" noshade>
&nbsp;&nbsp;&nbsp;William T. Monahan</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">49</FONT>



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<P align="center"><FONT size="2"><B>EXHIBIT A</B>
</FONT>

<P align="center"><FONT size="2"><B>CONFIDENTIAL GENERAL RELEASE<BR>
OF ALL CLAIMS/COVENANT NOT TO SUE</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Confidential General Release of All Claims/Covenant Not to Sue
(&#147;Agreement&#148;) is made and entered into between _____________________&nbsp;(&#147;Employee&#148;)
and Imation Corp. (&#147;Imation&#148;). <B>EMPLOYEE UNDERSTANDS THAT EMPLOYEE MAY CONSIDER
THIS AGREEMENT FOR AT LEAST TWENTY-ONE (21)&nbsp;DAYS AFTER EMPLOYEE HAS RECEIVED
THIS AGREEMENT, WHICH WAS ON&nbsp;______________________ , UNLESS EMPLOYEE CHOOSES TO WAIVE
THAT RIGHT BY EXECUTING THE AGREEMENT WITHIN THE TWENTY-ONE (21)&nbsp;DAY PERIOD.</B>
</FONT>
<P align="left"><FONT size="2">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><B>What Imation Agrees To Do</b></u>
</FONT>

<P align="left"><FONT size="2">In return for this Agreement and for Employee&#146;s termination from Imation as
described herein and in full and final settlement, compromise, and release of
all of Employee&#146;s employment-related claims (as described in section 2 below),
Imation agrees to pay Employee in accordance with the terms set forth in the
Amended and Restated Severance Agreement.
</FONT>
<P align="left"><FONT size="2">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>What Employee Agrees To Do</b></U>
</FONT>

<P align="left"><FONT size="2">As a condition to receiving the payments and benefits set forth in Section&nbsp;1,
Employee agrees as follows:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">A)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee must return all Imation property currently in Employee&#146;s
possession, including, but not limited to, all notes, memoranda,
correspondence, files, notebooks, technical charts or diagrams, customer
lists or information, sales and marketing information, computer recorded
information, software, equipment, materials, keys and credit cards.
Employee acknowledges that this obligation is continuing and agrees to
promptly return to Imation any subsequently discovered property as
described above.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">B)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee also agrees to repay to Imation the amount of any permanent or
temporary advances or other monies due and owing Imation, and to pay off
the remaining balance on his/her corporate credit cards. If Employee
fails to make such payments as of the date he/she signs this Agreement,
Employee agrees that Imation may deduct any monies owed from the Agreement
payments, if no other written arrangements are made for repayment by the
date this Agreement is signed.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">C)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee hereby irrevocably and unconditionally releases and forever
discharges Imation from any and all federal, state or local charges,
claims, controversies, causes of action, damages, costs, attorneys&#146; fees,
or liabilities of any nature, both past and present, known and unknown,
including but not limited to claims arising under federal, state, local,
and common laws and under any regulations of any jurisdiction that in any
way relate to employment and termination of employment existing at any
time</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">50</FONT>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">up to and including the date of this Agreement, that Employee now may
have or ever have had. This Agreement specifically includes, but is not
limited to, ANY CLAIMS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT of
1967, THE OLDER WORKERS BENEFIT PROTECTION ACT OF 1990, Title VII of the
Civil Rights Act of 1964, the Americans with Disabilities Act, any state
or local human rights act, claims for wrongful termination, breach of
contract, and tort claims (for example, defamation, emotional distress or
any tort or negligence-based claim). Employee expressly acknowledges
that this Agreement also is intended to include in its scope, without
limitation, all claims that Employee does not know of or expect to exist
in Employee&#146;s favor at the time Employee signs this Agreement and that
this Agreement contemplates the extinguishment of any such claim or
claims except as expressly provided in this Section. THE EMPLOYEE IS NOT
WAIVING ANY RIGHTS FOR EVENTS ARISING AFTER THE DATE OF THIS AGREEMENT.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">D)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee agrees that, for a period of two years after termination of
employment with Imation:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="15%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">i.</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="81%"><FONT size="2">Employee will inform any new employer, prior to
accepting employment, of the existence of this provision of
the Confidential General Release and provide such employer
with a copy thereof.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">ii.</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="91%"><FONT size="2">Employee agrees not to directly or indirectly,
render services to any Conflicting Organization in the United
States or in any country in which Imation has a plant for
manufacturing a product upon which Employee worked during
employment by Imation, except that Employee may accept
employment with a large Conflicting Organization whose
business is diversified (and which has separate and distinct
divisions), and which as to part of its business is not a
Conflicting Organization, provided Imation, prior to Employee
accepting such employment, shall receive separate written
assurances satisfactory to Imation from such Conflicting
Organization and from Employee that Employee will not render
services directly or indirectly in connection with the
development, manufacture, marketing, sale, merchandising,
leasing, servicing or promotion of any Conflicting Product.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">

<TR valign="top">
        <TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="71%"><FONT size="2">&#147;Conflicting Product&#148; means any product, process, system
or service of any person or organization other than
Imation, in existence or under development, which
is the same as or similar to or competes with, or
has a usage allied to, a product, process, system
or service upon which Employee worked during the
last three years of Employee&#146;s employment by
Imation or by 3M prior to Employee&#146;s employment by
Imation.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">51</FONT>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="71%"><FONT size="2">&#147;Conflicting Organization&#148; means any person or
organization which is engaged in or about to become
engaged in, research on or development, production,
marketing, leasing, selling or services of a
Conflicting Product.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">E)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee also agrees that following Employee&#146;s termination from Imation,
Employee will not make disparaging remarks about Imation and will not
interfere with Imation&#146;s business relationships with its customers,
vendors, or distributors.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">F)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee further agrees that Employee will not solicit Imation employees,
either on behalf of Employee or any third party, to resign from Imation to
work for Employee or any third party.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">G)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">As further consideration for this Agreement, Employee agrees that if
requested by Imation, Employee will make himself/herself available at
reasonable times to assist and cooperate with Imation in the litigation of
any lawsuits or claims, and agrees to be available to Imation to testify
honestly with regard to such lawsuits or claims if Employee is determined
by Imation to be a material witness. Similarly, Employee agrees that
he/she will decline to voluntarily aid, assist, or cooperate with any
parties who are involved in claims or lawsuits by or against Imation, or
with their attorneys or agents; and will notify Imation when and if the
Employee is contacted by other parties or their attorneys or agents
involving claims or lawsuits by or against Imation. It is understood and
intended that nothing in this paragraph shall prevent Employee from
honestly testifying at a legal proceeding in response to a lawful and
properly served subpoena in a proceeding involving Imation.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">H)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee agrees that Imation shall be entitled to injunctive and other
equitable relief to prevent a breach or threatened breach of the
provisions of this Agreement, without the necessity of proving actual
damages. Such injunctive relief shall be in addition to any other damages
that may be available at law. Employee also acknowledges that if Imation
is required to bring an action to enforce its rights under this Agreement,
it shall be entitled to recover its attorney&#146;s fees and costs associated
with such an action, if Imation prevails.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>3. </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Other Understandings, Agreements, and Representations</b></U>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">A)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee agrees that Employee&#146;s Imation employment will terminate
effective ____________________&nbsp;and such termination will be deemed to be a
termination. Employee further understands and agrees that Employee will
not be eligible for and will not receive consideration, severance pay or
benefits under any other group Income Assistance Pay Plan for which
Employee might otherwise have been eligible.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">52</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">B)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee understands that the term Imation, as used in this Agreement,
includes: (1)&nbsp;its past, present, and future divisions, subsidiaries,
affiliates successors and assigns, and their officers, directors,
employees, agents, insurers and legal counsel; (2)&nbsp;any ERISA employee
benefit plan sponsored by Imation, acting as plan administrator, fiduciary
or party in interest with respect to such plan. Employee agrees that this
Agreement binds Employee and also binds Employee&#146;s heirs, executors,
administrators, assigns, agents, partners and successors in interest.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">C)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee agrees that this Agreement and the payment of money and benefits
to Employee by Imation is not an admission by Imation of any violation of
Employee&#146;s rights or of any statutory or other legal obligation.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">D)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee represents that no right, claim, or cause of action covered by
this Agreement has been assigned or given to someone else.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">E)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee represents that, except as provided in Section&nbsp;5(iv) of the
Amended and Restated Severance Agreement, Employee will not apply for or
accept employment with Imation in any capacity</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">F)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Except as set forth in Section&nbsp;2.D.i Employee represents that Employee
will keep the terms of this Agreement strictly confidential, except that
Employee may tell Employee&#146;s spouse, legal counsel and tax advisor. In
the event Employee chooses to communicate any information about the
existence of the Agreement or any of its terms to Employee&#146;s spouse, legal
counsel and/or accountant or investment advisor, Employee shall instruct
such persons that information about the existence of the Agreement and its
terms are confidential and that the spouse, legal counsel or accountant is
not to disclose, disseminate or publicize, or cause or permit to be
disclosed, disseminated or publicized, the information to any other party,
entity, person (including any current or former employee of Imation),
company, government agency, publication judicial authority. Employee may
also disclose information regarding the Agreement (1)&nbsp;to the extent
necessary to report the sum awarded to appropriate taxing authorities or
(2)&nbsp;in response to any subpoena issued by a state or federal governmental
agency or court of competent jurisdiction; provided, however, that notice
of receipt of such order or subpoena shall be promptly communicated to
Imation by telephone and in writing David M. Wilk, Imation Legal Affairs,
1 Imation Place, Oakdale, Minnesota 55128, telephone (651)&nbsp;704-4489 so
that Imation shall have an opportunity to intervene and assert what rights
it has to nondisclosure prior to any response to such order or subpoena.
Any court reviewing a subpoena should be aware that part of the
consideration for the Agreement is the agreement of Employee not to
testify regarding the existence of the Agreement or any of its terms.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">53</FONT>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">G)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">This Agreement contains the entire understanding between Employee and
Imation and supersedes all prior agreements and understandings relating to
the subject matter of this Agreement. This Agreement shall not be
modified, amended, or terminated except as provided in section 3.J. unless
such modification, amendment, or termination is executed in writing by
Employee and Imation.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">H)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee agrees that Imation may use this Agreement to secure withdrawal
of any federal, state, or local charge Employee might have filed or will
file, that Employee will sign any document necessary to obtain the
withdrawal of any such charge, and that Employee waives the right to
receive monetary damages or other legal or equitable relief awarded by any
governmental agency related to any such charge.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">I)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee represents and certifies that Employee has twenty-one (21)&nbsp;days
to consider whether to accept this Agreement and enter into this Release;
review it before being asked to sign it; has read this Agreement
carefully; has been given a fair opportunity to discuss and negotiate the
terms of this Agreement; understands its provisions; has been advised to
consult an attorney; has determined that it is in Employee&#146;s best interest
to enter into this Agreement; has not been influenced to sign this
Agreement by any statement or representation by Imation not contained in
this Agreement; and enters into this Agreement knowingly and voluntarily.
If Employee chooses to sign this Agreement before twenty-one (21)&nbsp;days
have passed, Employee understands that it is their decision to execute the
Agreement early and that Imation has made the full twenty-one (21)&nbsp;day
period available for Employee to consider the Agreement.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">J)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee understands that pursuant to the provisions of Minnesota
Statutes &#145; 363.031, subd. 2, Employee may rescind this Agreement by
notifying Imation of Employee&#146;s desire to do so in a writing delivered to
Imation personally or by certified mail, return receipt requested, within
fifteen (15)&nbsp;calendar days of Employee&#146;s execution of this Agreement. To
be effective, such notice of rescission, if mailed, must be postmarked
within the fifteen (15)&nbsp;day period and addressed as follows:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="50%"><FONT size="2">Patty Meagher<BR>
Imation Corp.<BR>
Legal Affairs<BR>
1 Imation Place<BR>
Pioneer Building 1S-14<BR>
Oakdale, MN 55128</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">54</FONT>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">K)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">In case any part of this Agreement is held invalid, illegal or otherwise
unenforceable, the validity, legality and enforceability of the remaining
provisions will not be affected in any way, it being intended that the
provisions of this Agreement are severable, EXCEPT THAT, if paragraph 2 of this Agreement is
held invalid, illegal, or unenforceable, this Agreement is voidable, and,
if Employee seeks to void this Agreement, Employee understands and agrees
that Employee will repay the total amount of consideration paid to
Employee under this Agreement.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">L)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Any dispute arising between Employee and Imation under this Agreement
will be submitted to final and binding arbitration in accordance with the
rules of the American Arbitration Association before an arbitrator
mutually selected by the parties. In the event that the parties cannot
agree on an arbitrator, the parties agree to submit the dispute before an
arbitrator selected by the Chief Judge of Ramsey County Court. The
Arbitration shall be conducted in St. Paul, Minnesota and shall be final
and binding on both parties. The expenses of the neutral arbitrator(s) and
any court reporter shall be equally divided between Employee and Imation.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">M)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The agreement will be governed by and construed and interpreted according
to the laws of the State of Minnesota.</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="40%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" valign="top" align="left"><FONT size="2"><B>ACCEPTED AND AGREED:</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" valign="top" align="left"><FONT size="2"><B>IMATION CORP.</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">By</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Date:</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Date:</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">55</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2"><B>WAIVER OF<BR>
CONSIDERATION PERIOD</B>
</FONT>

<P align="left"><FONT size="2">I understand that under the law I have 21&nbsp;days to consider the Confidential General Release of All Claims/Covenant Not to Sue. I knowingly and voluntarily waive this consideration period. The 15&nbsp;day rescission period to revoke the acceptance of the Confidential General Release of All Claims/Covenant Not to Sue remains in effect.
</FONT>

<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
        <TD width="15%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="84%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Print Name</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Signature</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Date</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
</TABLE>


<P align="center"><FONT size="2">56</FONT>



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