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Document Preview Release and Severance Agreement |
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Title: |
Release and Severance Agreement |
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Date: |
2006 |
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Preview shows 7KB of 28KB total |
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Price: |
$38 |
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ID: |
#1395846 |
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RELEASE AND SEVERANCE AGREEMENT
This RELEASE AND SEVERANCE AGREEMENT (Agreement) is made and entered into by and between Broadwing Corporation (the Company) and David R. Huber (Dr. Huber) on this 31st day of January 2006 (the Effective Date).
THIS AGREEMENT CONTAINS A RELEASE AND WAIVER OF YOUR RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT AS WELL AS OTHER FEDERAL, STATE AND LOCAL LAWS PROTECTING DR. HUBERS RIGHTS. IF YOU SIGN THIS AGREEMENT, YOU ARE WAIVING ALL OF YOUR RIGHTS TO ASSERT ANY CLAIMS UNDER THESE LAWS. PLEASE READ THIS AGREEMENT CAREFULLY AND, IF YOU WISH, SEEK THE ADVICE OF AN ATTORNEY REGARDING THE LEGAL EFFECT OF SIGNING THIS AGREEMENT.
1
1. RESIGNATION FROM EMPLOYMENT. Upon execution of this Agreement, Dr. Huber resigns from employment with the Company.
2. SETTLEMENT CONSIDERATION. On the eighth day following the Dr. Hubers execution of this Agreement, the Company shall provide the following consideration (the Severance Consideration):
| A. | Pay Dr. Huber the sum of $400,000.00, less applicable withholdings and deductions, which is an amount equal to one years base pay; |
| B. | Provide for the continuation of health benefits for 18 months or for as long as Dr. Huber remains on the Board of Directors, whichever is longer, provided however, that upon the termination of Dr. Hubers service on the Board of Directors, the Company shall allow Dr. Huber to continue his participation in all health benefits which it is able, at Dr. Hubers option and expense, for a period of six (6) months; and |
| C. | Provide for all stock options and restricted stock held by Dr. Huber in the Company be vested in full and that stock option agreements shall be and are hereby amended to provide that they will continue to be exercisable until ten years after the date of the grant, the maximum period of exercisability under the relevant stock option or long-term incentive plan. |
Dr. Huber acknowledges and agrees that this Severance Consideration does not constitute monies to which Dr. Huber would otherwise be entitled as a result of his prior employment with the Company, and that these monies constitute fair and adequate compensation for the promises and covenants of Dr. Huber set forth in this Agreement.
3. RELEASE OF CLAIMS.
A. DR. HUBERS RELEASE. Dr. Huber agrees that, on behalf of himself and his insurers, accountants, proxies, executors, administrators, spouse, family members, representatives, attorneys, agents, successors, assigns, and partners, he hereby agrees to release, and forever discharge the Company, as well as its respective current and former shareholders, principals, officers, directors, attorneys, agents, employees, parent companies, majority-owned subsidiaries, affiliates, including without limitation Corvis Operations, Inc., successors and assigns, in their individual or business capacities, (otherwise referenced, collectively, as the Company Released Parties, in this Agreement), jointly and severally, from any personal injuries, claims, damages, fees, costs, or other equitable or common law relief for any causes of action, obligations, liabilities, contracts, torts, claims, demands, or suits, of whatever character, known or unknown, fixed or contingent, liquidated or unliquidated, whether asserted or unasserted, through the Effective Date of this Agreement, arising out of or relating to his prior employment with the Company, his resignation and/or termination from employment with the Company, and any other actions committed by the Company or any of its respective current or former employees or agents through the Effective Date
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