TerminationAgreement合同终止协议6doc.docx
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TerminationAgreement合同终止协议6doc.docx
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TerminationAgreement合同终止协议6doc
TerminationAgreement合同终止协议-
ThisAgreement,enteredinto_________,_________,_________(M,D,Y)isbetweenAAACorporation,aDelawarecorporation(theCompany)and_________(Name)(Employee).WHEREAS,priortotheterminationdateofthisAgreementEmployeeservedasCorporateVicePresident,GeneralCounselSecretaryfortheCompany;WHEREAS,effectiveasof_________,_________,_________(M,D,Y),theCompanyandEmployeehaveterminatedEmployee’semploymentfromtheCompanyinthecapacityofCorporateVicePresident,GeneralCounselSecretary,andnowwishtoresolveallclaimsbetweenthem.BythisAgreementthepartiessetoutthetermsandongoingobligationsofthepartieswithrespecttohisterminationofemploymentwiththeCompany.WHEREAS,theCompanyandEmployeerecognizeandagreethatEmployee’semploymentisbeingextendedto_________,_________,_________(M,D,Y).Thepartiesagreeasfollows:
1.TERMINATIONOFEMPLOYMENT:
a.Thepartiesagreethatunlessotherwiseagreedinwritinghereafter,Employee’semploymentwiththeCompanywillendon_________,_________,_________(M,D,Y).b.Thepartiesagreethat,eventhoughEmployee’semploymentwiththeCompanyshallcontinuethrough_________,_________,_________(M,D,Y),Employee’sseverancepackagefromtheCompanywillbelimitedtoapaymentequaltothesumof:
(i)his_________(YEAR)annualbasesalaryand(ii)100%ofhisOnPlanBonuspotentialpercentagefor_________(YEAR),whichbonusshallbe45%ofemployee’s_________(YEAR)annualbasesalary.Paymentshallbemadewithin30daysofthedateoftermination.EmployeeagreesthatheisnoteligibleforabonusundertheMBOprogramfor_________(YEAR)orthereafter.c.ExceptasmodifiedbythisAgreement,alltermsandconditionsofemploymentareunchanged,includingthetermsandconditionsoutlinedintheletterof_________,_________,_________(M,D,Y)(attachedasExhibitA).d.DuringtheremainderofEmployee’semploymenthewillcontinuetobeboundbyallofhisotherobligationstotheCompany,includingbutnotlimitedtohisdutiesofloyaltyandcareandhisProprietaryRightsAgreement.TheforgoingprovisionsofthisAgreementarenotintendedtoprohibittheCompanyfrom,andtheCompanyreservesitsrightto,atanytime,terminateEmployeeforCauseasthattermisdefinedintheLetterAgreement.IfEmployee’semploymentisterminatedforCause,heshallthenbeentitledtonofurtherpaymentsorbenefitsunderthisAgreementortheLetterAgreementasofthedateofsuchtermination.e.IntheeventthatEmployeebreachesthisAgreement,thentheCompanyshall,inadditiontoanyotherremediestheCompanymighthave,berelievedofitsobligationtopayfurthersalaryorotherpaymentsdueundertheLetterAgreementorunderthisAgreement(otherthantheseverancepaymentsetforthinparagraph1(b)).PaymentsmadepriortosuchterminationandothercommitmentsmadebytheCompanyshallbedeemedadequateconsiderationforEmployee’sobligationshereunder.2.SETTLEMENTANDRELEASE:
a.EmployeeherebyirrevocablyandunconditionallyreleasesanddischargestheCompany,itspastandpresentsubsidiaries,divisions,officers,directors,agents,employees,successors,andassigns(separatelyandcollectively,releases)jointlyandindividually,fromanyandallclaims,knownorunknown,whichhe,hisheirs,successorsorassignshaveormayhaveagainstreleasesandanyandallliabilitywhichreleasesmayhavetohimwhetherdenominatedasclaims,demands,causesoraction,obligations,damages,orliabilitiesarisingfromanyandallbases,howeverdenominated,includingbutnotlimitedto,anyclaimsofdiscriminationundertheAgeDiscriminationinEmploymentAct,theOlderWorkersBenefitProtectionAct,theRehabilitationAct,theFamilyMedicalLeaveAct,theAmericanwithDisabilitiesAct,TitleVIIoftheCivilRightsActof1964,theCivilRightsActof1991oranyfederalorstatecivilrightsact,claimsforwrongfuldischarge,breachofcontract,orfordamagesunderanyfederal,stateorlocallaw,ruleorregulation,orcommonlawunderanytheory;provided,however,thatthisreleasedoesnotaffect:
(1)anyclaimsforbenefitswhichhavevestedorshallvestonorbefore_________,_________,_________(M,D,Y)underanyoftheCompany’sbenefitplansotherthantheMBOprogram;
(2)anyclaimsforindemnificationforactsofEmployeewhichhaveoccurredormayoccurasanofficeroremployeeoftheCompany;or(3)anyclaimswhichmayariseaftertheexecutionofthisAgreement.ThisreleasespecificallyexceptsanyclaimEmployeemaywishtomakeforunemploymentcompensation,andtheCompanyagreesnottocontestanyclaimmadebyEmployeeforunemploymentcompensation.Thisreleaseisforanyrelief,nomatterhowdenominated,including,butnotlimitedto,backpay,frontpay,compensatorydamages,punitivedamages,ordamagesforpainandsuffering.Employeefurtheragreesthathewillnotfileorpermittobefiledonhisbehalfanysuchclaim,willnotpermithimselftobeamemberofanyclassseekingreliefagainstthereleases,andwillnotcounselorassistintheprosecutionofclaimsagainstthereleases,whetherthoseclaimsareonbehalfofhimselforothers,unlessheisunderacourtordertodoso.NotwithstandinganyotherprovisionofthisAgreementortheLetterAgreement,Employeevoluntarilyrelinquishesandshallnotunderanycircumstancesbepaidanysumunderparagraph5(b)oftheLetterAgreement.b.TheCompanyherebyirrevocablyandunconditionallyreleasesanddischargesEmployeeandhisheirs,successors,andassigns(separatelyandcollectively,releases),jointlyandindividually,fromanyandallclaims,knownorunknown,whichit,itspastandpresentsubsidiaries,divisions,officers,directors,agents,employees,successors,andassignshaveormayhaveagainstreleasesandanyandallliabilitywhichreleasesmayhavetoit,whetherdenominatedasclaims,demands,causesofaction,obligations,damagesorliabilitiesarisingfromanyandallbases,howeverdenominated;provided,however,thatthisreleasedoesnotaffectanyclaimswhicharebasedonreleases’willfulacts,grossnegligenceordishonestyintheperformanceofdutiesasanemployeeoftheCompany,noranyclaimswhichmayariseaftertheexecutionofthisAgreement.TheCompanyfurtheragreesthatitwillnotfileorpermittobefiledonitsbehalfanyclaimagainstEmployeewhichisreleasedhereby.3.PAYMENTTERMS:
IntheeventthatEmployeecompliesinallrespectswiththetermsofthisAgreement,theCompanywillpaytoEmployeetheamountduepursuanttoSection1(b)ofthisAgreement.ExceptasotherwiseprovidedinthisAgreement,allstockoptionsandrestrictedstockwillcontinuetovestthroughandincludingtheTerminationDateandwillbeexercisableafterthatdateinaccordancewiththeirterms.Employeeshallreceiveapaymentof$,_________asataxgross-upofthevestingrestrictedshares.4.EMPLOYEEBENEFITS:
AftertheTerminationDate,EmployeeshallbeentitledtocontinuehiscoverageundertheCompany’sgroupmedicalanddentalplanstotheextentprovidedin,andsubjecttohissatisfactionoftherequirementsof,theCompany’sstandardHealthCareContinuationNotice.IfEmployeechoosestoextendthebenefitsthroughCOBRA,EmployeewillberesponsibleforcompletingtheBenefitsContinuationNoticeandpaymentofpremiums.5.PENDINGANDFUTURELITIGATION:
a.PendingLitigation:
Duringhisemploymentandthereafter,EmployeeagreestoparticipateinanylitigationcurrentlyactivethatisbroughtbyoragainsttheCompany,bygivingadvice,participatingindiscovery,andgivingdepositionandtrialtestimonyasmaybenecessary,aswellasparticipationinotheractivitiesrelatedtosuchlawsuit.b.FutureLitigation:
Duringhisemploymentandthereafter,EmployeealsoagreestoparticipateinanyfuturelitigationarisingoutoftheperiodofhisemploymentwiththeCompanybygivingadvice,participatingindiscovery,andgivingdepositionandtrialtestimonyasmaybenecessary,aswellasparticipationinotheractivitiesrelatedtosuchlitigation.c.PendingandFutureLitigation:
IfEmployeeisrequiredtoparticipateineitherpendingorfuturelitigation,theCompanyagreestoreimburseEmployeeforalloutofpocketexpensesreasonablyincurredinconnectiontherewith.TheCompanywillattempttoschedulesaidparticipationwiththeemployee’sscheduleandothercommitmentsinmind.Employeewillbepaidhiscurrenthourlyrateforanyparticipationasdescribedherein,after_________,_________,_________(M,D,Y).6.NON-SOLICITATION:
a.EmployeecovenantsandagreesthatduringtheperiodendingtwoyearsaftertheTerminationDate,hewillnot,directlyorindirectly,hire,solicit,orencouragethen-currentCompanyemployeestoapplyforemploymentwithanypersonorentity:
(a)withwhichEmployeeis(orintendstobe)employed;(b)inwhichEmployeeorafirminwhichheisemployed,hasafinancialinterestorisengagedasaconsultant,recruiter,independentcontractororotherwise;or(c)inwhichEmployeeisotherwisesubstantiallyfinanciallyinterested.Employeefurthercovenantsandagreesthathewillnotprovidetoanyotherpersonorentitythenamesoforreferences(otherthanareferencerequestedbytheCompany)onanypersonwhoisthenemployedbytheCompany.b.EmployeeandtheCompanyagreethatifinanyproceeding,thetribunalshallrefusetoenforcefullyanycovenantscontainedhereinbecausesuchcovenantscovertooextensiveageographicareaortoolongaperiodoftimeorforanyotherreasonwhatsoever,anysuchcovenantshallbedeemedamendedtotheextent(butonlytotheextent)requiredbylaw.7.NON-DISPAR
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