TerminationAgreement合同终止协议7doc.docx
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TerminationAgreement合同终止协议7doc.docx
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TerminationAgreement合同终止协议7doc
TerminationAgreement合同终止协议-
WHEREAS,CompanyandBBBhaveagreedthatBBB’semploymentwiththeCompanywillvoluntarilyterminate;andWHEREAS,CompanyandBBBhaveagreeduponthetime,termsandconditionsunderwhichBBB’semploymentwiththeCompanywillterminate;NOW,THEREFORE,forandinconsiderationofthemutualcovenants,promisesandrepresentationscontainedherein,andothergoodandvaluableconsideration,thereceiptandsufficiencyofwhichareherebyacknowledged,CompanyandBBBagreeasfollows:
1.RegardingBBB’sEmploymentwithCompany.1.1.Employment.BBB’svoluntaryresignationandterminationofemploymentwithCompanyshallbeeffectiveon_________(M,D,Y)(TerminationDate).Effective_________(M,D,Y),BBBshallresignasanofficer,directorandmemberofexecutivecommitteesofCompanyanditssubsidiariesandaffiliatedcompaniesinwhichheholdsoffice,directorshipand/ormembership;however,from_________(M,D,Y),untiltheTerminationDate,BBBwillcontinuetoperformthedutiesreasonablyagreedtobetweenhimandtheChairmanandChiefExecutiveOfficerofCompany.Inconnectionwithhisresignationasanofficer,directorandmemberofexecutivecommittees,BBBagreestosignaresignationlettertobeplacedinthecorporateminutebooksofCompany,itssubsidiariesandaffiliates.Thepartiesagreethatsuchresignationandcontinuationofemployment,whichresultsinatransferofpositionandanoverallsubstantialandmaterialreductioninthenatureandscopeofhisdutiesandresponsibilities,shallnotbeanInvoluntaryTerminationofBBB’semploymentwithCompany.ThepartiesagreethatasoftheEffectiveDate,therehasoccurrednoeventthatisorcouldresultinanInvoluntaryTerminationofBBB’semploymentwithCompany.1.2.EmploymentAgreement.SubjecttotheprovisionsofthisAgreementwhichshallbecontrollingandwhichareanamendmentthereof,theEmploymentAgreementasamendedfromtimetotime,betweenCompanyandBBBeffectiveasof_________(M,D,Y)(theEmploymentAgreement)shallcontinueineffectuntiltheTerminationDate,whereuponBBB’semploymentwithCompanyshallvoluntarilyterminate.1.3.DefinedTerms.TermsandphrasesusedinthisAgreementwhicharedefinedintheEmploymentAgreementshallhavethesamemeaningasusedintheEmploymentAgreement.2.Consideration:
2.1.Payments.Asconsiderationforcovenantscontainedhereinandtheparties’agreementtherewith,andsubjecttotaxwithholdingrequirements,CompanyshallpaytoBBB:
A.Apaymentinthesumof_________Dollars($_________)whichshallbepaidtoBBBon_________(M,D,Y).B.AnamountastheannualbonusBBBwouldreceiveforcalendaryear_________inthesumof_________Dollars($_________),whichshallbepaidatthetimebonuspaymentsforcalendaryear_________arepaidtoexecutivesofCompany,butnotlaterthantheTerminationDate.2.2.DebtCancellation.Allprincipalintheamountof_________Dollars($_________)andallinterestaccruedthrough_________(M,D,Y)(_________Dollars($_________)asof_________(M,D,Y),plusinterestaccruedthereafterthrough_________(M,D,Y))underBBB’sStockFinanceDocumentsandLoanCommitmentDocumentsarecanceledandforgivenasof_________(M,D,Y),andshallbereportedbyCompanyastaxableincometoBBB.2.3.ClubMemberships.CompanyshalltransfertoBBBthemembershipsmaintainedbyCompanyforBBBatthe_________(PLACENAME)RacquetClubandthePetroleumClub,andsuchtransferofmembershipsshallbereportedbyCompanyastaxableincometoBBB.BBBshallpayfeesandcostsassociatedwithcontinuationofsuchmembershipsinhisname.2.4.VacationDays.CompanyshallpayBBBaccumulatedunusedvacationpayfor_________(YEAR)on_________(M,D,Y)intheamountof_________Dollars($_________),andaccumulatedunusedvacationpayfor_________(YEAR)intheamountof_________Dollars($_________)ontheTerminationDate.3.EmployeeBenefitPlansandCompensationPrograms.3.1.EntitlementtoBenefitsandCompensation.ExceptasotherwiseprovidedinthisAgreement,BBBshallbeentitledtoreceivebenefitsearnedbyandpayabletohimunderallemployeebenefitplansandcompensationplansandprogramsinwhichheparticipatedorwascoveredbyduringhisemploymentwithCompany,accordingtothetermsandprovisionsthereof,andasprovidedforintheEmploymentAgreement.Infurtherancethereof,thepartiesacknowledgeandagree:
A.BBBshallreceiveannualpaymentsof_________Dollars($_________)each,onorbeforeeachMarch1intheyears_________(YEAR)through_________(YEAR).B.BBBshallreceivenotlessthan_________Dollars($_________)asaresultoftheperformanceofthePerformanceUnitsgrantedtohimunderCompany’sAmendedandRestatedPerformanceUnitPlan,representingpaymentfor_________PerformanceUnitsgrantedtohimon_________(M,D,Y)forthe_________(YEAR)-_________(YEAR)PerformancePeriod,andascommunicatedinagrantnotificationletterdated_________(M,D,Y).C.BBBhaswaivedandforfeitedallrightstopostretirementbenefitsundertheEnronExecutiveSupplementalSurvivorBenefitsPlanandallbenefitsunderthe_________(PLACENAME)NaturalGasCorporationandSubsidiariesExecutivePost-RetirementSalaryContinuationAgreementdated_________(M,D,Y).D.VestingofalloutstandingoptionsgrantedtoBBBunderstockplansofCompanyshallceaseasoftheTerminationDate.OptionswhicharevestedandoutstandingontheTerminationDateshallbeexerciseableasspecifiedandprovidedforintheapplicablegrantagreements.Companyagreesthatasof_________(M,D,Y),CompanywillcausetovestinBBBatleast_________optionsgrantedtoBBBpursuanttoGrantNo._________,dated_________(M,D,Y).E.ThebenefitspayableunderCompany’sDeferralPlansandtheHNGDeferralPlanwillbepaid,whendistributabletoBBBinaccordancewiththeprovisionsofsaidplans,asifBBBhadretiredfromCompany.F.BBBwaives,andCompanyshallnotberequiredtopay,anyseveranceorseverancebenefits,inconnectionwiththeterminationofhisemployment,whetherfromaCompanysponsoredseveranceplanorthegeneralassetsofCompany.TheconsiderationprovidedforunderthisAgreementareinlieuofandtaketheplaceofanyseverancepayorseverancebenefit,whichBBBforfeits.G.ExceptasprovidedinthisAgreement,allcompensationandbenefitstoMr.BBBterminatecontemporaneouslywithhisterminationofemploymentasoftheTerminationDate.4.Ownership,Protection,UseandMarketingofIntellectualProperty:
4.1.Disclosure.BBBwillpromptlydisclosetoCompanyalloftheinformationortechnologythatBBBheretoforeconceived,developed,reducedtopractice,made,invented,created,oracquiredinconnectionwithBBB’semploymentrelationshipwithCompany.Thisincludesinformationandtechnology(includingbutnotlimitedto,confidentialinformationandtradesecrets),improvements(whetherornotpatentable),inventions,designs,algorithms,formulas,processes,compositionsofmatter,maskworks,computerprograms,andallformsofexpressionofideasandoriginalworksofauthorshipthatarethesubjectmatterofcopyright.Thisappliestoallinformationortechnology,whetherconceived,developed,reducedtopractice,made,invented,created,oracquiredsolelyorjointlywithothers,whetherornotinthecourseandscopeofBBB’semploymentservices,whetherornotinCompany’sofficesoratBBB’shomeorelsewhere,andwhetherornotusingCompany’sfacilities.4.2.Assignment.Totheextentthattheinformationortechnology,particularlytheformsofexpressionofideasandoriginalworksofauthorshipconstitutingthesubjectmatterofcopyright,wereduringBBB’semploymentbyCompany,conceived,developed,reducedtopractice,made,invented,created,oracquiredasaresultofBBBbeingcommissionedorrequestedbyCompanytoperformservicesforCompany,tothefullestextentallowedbylawitisintendedthatsuchinformationandtechnologyshallbeaworkforhire,bothundertheUnitedStatesCopyrightActorotherwise.Totheextenttheinformationortechnologyisnotaworkforhire,BBBherebyirrevocablyassignstoCompanyallworldwideright,titleandinterestinandtotheinformationandtechnology,includingallintellectualpropertyrightsinorpertainingtosuchandtechnology.Thisassignmentofintellectualpropertyrightsinorpertainingtotheinformationandtechnologyincludes,butisnotlimitedto(a)therighttomaintainallsuchinformationandtechnologyinconfidence(includingtherightoffirstpublicationasspecifiedinmoredetailbelow),(b)therighttodeterminewhether,whenandunderwhatcircumstancestofileapplicationsforUnitesStatesandforeignpatents,(c)allrightsofcopyright,and(d)allmoralrights.Thetermmoralrightsmeans(i)theexclusiverightofattribution(e.g.,authorship,inventorship,etc.)oftheinformationandtechnology,(ii)therighttoobjecttoorpreventthemodificationoftheinformationortechnology,(iii)therighttowithdrawfromcirculationorcontrolthepublicationordistributionoftheinformationortechnology,and/or(iv)anysimilarrightexistingunderthejudicialorstatutorylawinanycountryintheworld,orunderanytreaty,regardlessofwhetherornotsuchrightisdenominatedorgenerallyreferredtoasamoralright.BBBwaivesanysuchmoralrightswithrespecttotheinformationandtechnology;provided,however,BBBretainsanon-exclusiverighttoattribution(e.g.,authorship,inventorship,etc.)oftheinformationandtechnology.4.3.CompanyConfidentialInformation.BBB’semploymentrelationshipwithCompanycreatesarelationshipofconfidenceandtrust
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