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Separation Agreement and Release of All Claims

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Title:

Separation Agreement and Release of All Claims

Entities:

Huttig Building Products Inc.

Date:

2006

Size:

Preview shows 4KB of 17KB total

Price:

$37

ID:

#1713351

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SEPARATION AGREEMENT AND

RELEASE OF ALL CLAIMS

This Separation Agreement and Release of all Claims (?Release?) is made and entered into by and between Hank Krey (?Employee?) and Huttig Building Products, Inc., its affiliates, subsidiaries, related corporations, successors and assigns (the ?Company?) as of this 28^th day of April, 2006 (the ?Effective Date?). In consideration of the following promises, the parties agree as follows:

1. Employee acknowledges that he will separate from employment with the Company effective as of the earlier of (a) March 30, 2007 or (b) such date as Employee commences full-time employment with another employer (such date being hereafter referred to as the ?Separation Date?). As of the Separation Date, Employee?s employment relationship with the Company will end. In connection with Employee?s separation, the Company and Employee have agreed to settle all matters relating to Employee?s employment relationship with the Company and its termination.

2. Employee voluntarily terminates and irrevocably resigns from the Company effective as of the Separation Date, which termination and resignation is hereby accepted by the Company. Employee?s personnel file will reflect his resignation as of the Separation Date. As of March 30, 2006, Employee shall automatically and without taking any further actions be deemed to have resigned from all officer and director positions then held by him with the Company and all of its subsidiaries. Notwithstanding the foregoing, Employee will continue as an employee of the Company until the Separation Date, although his active employment will end on March 30, 2006. He will be on paid leave from March 30, 2006 through the Separation Date (the ?Severance Period?). Employee shall promptly notify the Company in writing if he becomes employed on a full-time basis by another employer prior to March 30, 2007 which notification shall include the amount of Employee?s new base salary with his new employer.

3. In consideration for the releases and covenants by Employee contained in this Release, the Company shall, on the terms and conditions hereinafter set forth, provide to Employee:

(a)

During the Severance Period, the Company shall pay Employee 100% of Employee?s current base salary (his current base salary is $195,000.00 on an annualized basis). If Employee becomes employed by another employer prior to March 30, 2007, at a base salary less than Employee?s current base salary, then the Company shall continue to pay to Employee severance payments equal to the difference between Employee?s new base salary and Employee?s current base salary until March 30, 2007. Such amounts will be paid in accordance with the Company?s regular payroll practices, prorated for any partial payroll periods, and will be subject to all withholding and deductions currently applicable to compensation received by an employee as an employee of the Company.

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