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Document Preview Agreement and General Release |
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Title: |
Agreement and General Release |
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Entities: |
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Date: |
2006 |
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Size: |
18KB total |
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Price: |
$31 |
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ID: |
#1619477 |
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Exhibit 10.1
AGREEMENT AND GENERAL RELEASE
THIS AGREEMENT AND GENERAL RELEASE (“Agreement”) is entered into by and between RICHARD L. ROBBINS on his/her own behalf and on behalf of his/her representatives, attorneys, heirs, executors, administrators, successors and assigns (hereinafter collectively, “Employee”), and Footstar Corporation, on behalf of itself, Footstar, Inc., and each of their respective subsidiaries, affiliates, divisions, officers, directors, employees, agents, representatives, attorneys, successors and assigns (hereinafter “Footstar” and/or “Company”). In consideration of the covenants, conditions and obligations set forth herein the parties agree as follows:
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1. |
Employee’s last day of work with the Company shall be March 31, 2006. |
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2. |
Subject to the terms of this Agreement Footstar agrees to pay Employee the following sums within 14 days of separation; provided, however, Footstar is in receipt of a fully executed copy of this Agreement and the requisite revocation period set forth in Paragraph (24) has expired: |
| a) | Sum of $598,500.00 (Five Hundred Ninety Eight Thousand Five Hundred Dollars and 00/Cents) representing severance benefits of 18 months base pay annual bonus at target; | |
| b) | Sum of $23,453.00 (Twenty Three Thousand Two Hundred Three Dollars and 00/100 Cents) representing payment under the 2006 Retention Plan; | |
| c) | Sum of $30,973.00 (Thirty Thousand Nine Hundred Thirty Eight Dollars and 00/100 Cents) representing payment under the 2006 Performance Plan. | |
| d) | The amounts described in paragraph 2 (a)-(b) above shall be paid in one lump sum payment less all required withholdings and/or deductions. |
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3. |
Footstar agrees not to contest any claim by Employee for unemployment benefits. |
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4. |
Employee Benefit Plans: Employee shall be permitted to continue to participate in the Medical and/or Dental Plans (“Plans” or “Plan”) that were in effect for the Employee on the day immediately preceding Employee’s separation for a period of (18) months from the date of separation.( Notwithstanding anything to the contrary contained herein, it is agreed and understood that in the event medical and/or dental insurance coverage becomes available as a result of obtaining other employment, then in that event, Employee shall promptly notify the Company and the medical and dental insurance coverage described herein shall cease. It is further understood and agreed that Footstar, in its sole discretion, may from time to time, during the period following Employee’s separation, increase or decrease the monthly contributions or change Plan provisions. If such changes are implemented, Employee’s contributions and/or coverage will change in the same manner as for other active employees participating in the Plan. The medical benefit continuation referred to in this paragraph will be provided through COBRA. Employee contributions for this coverage will remain at the same level an active employee pays under the group plan. If medical coverage is elected beyond this period, the full COBRA rates will apply. Employee will not be entitled to participate in the Company’s short term or long term disability plans or its life insurance program after March 31, 2006. |
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*All payments for medical and /or dental shall be deducted from the lump sum payment. In the event Employee obtains coverage during this period and provides Company with notice of same, a refund for the amounts deducted shall be issued by the Company on a pro-rata basis.
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