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Title: |
Severance and Release Agreement |
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Date: |
2008 |
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Preview shows 5KB of 16KB total |
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Price: |
$41 |
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ID: |
#3284544 |
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SEVERANCE AND RELEASE AGREEMENT
THIS AGREEMENT is made and entered into as of this the day of April, 2008, by and between Robert J. Skandalaris (hereinafter ?Skandalaris?), Noble International, Ltd. (hereinafter the ?Company?) and any and all of its subsidiaries and affiliates (hereinafter referred to collectively as ?Noble?).
AGREEMENT
WHEREAS, Skandalaris is currently an Officer of the Company and the Chairman of the Board of Directors.
WHEREAS, on or about January 1, 2002, Skandalaris entered into an employment agreement with the Company.
WHEREAS, Skandalaris and Noble agree that it would be in their best interests to sever their employment relationship;
WHEREAS, Skandalaris and Noble have met and reached a full agreement and understanding concerning the severance of their employment relationship;
WHEREAS, this Severance and Release Agreement is intended to set forth, and does set forth, all terms and conditions of Skandalaris? termination of employment.
NOW, THEREFORE, the parties to this Severance and Release Agreement have mutually and voluntarily agreed to resolve their disputes in sole consideration for the promises and covenants set forth as follows:
1. Upon the execution of this Severance and Release Agreement by the parties, Skandalaris voluntarily resigns from his employment with Noble effective no later than April 21, 2008. Skandalaris shall resign from all positions and offices held with Noble, its entities and affiliates.
2. The Company agrees to pay Skandalaris severance payments equal to One Million Two Hundred Thousand and 00/100 Dollars ($1,200,000.00), to be paid in equal installments over a period of three (3) years from the date hereof, consistent with the Company?s current payroll period and practices , subject to deductions for local, state, federal or FICA taxes, as applicable.
3. The Company shall continue Skandalaris? currently elected health care for a period of three (3) years from the date hereof (the ?Health Care Coverage Period?) either directly through a Company sponsored plan or through payment of his COBRA. All other perquisites and other employee benefits shall cease immediately.
4. For a period of two (2) years from the date hereof, the Company shall (a) provide the use of certain space within the Company?s corporate offices pursuant to the terms of a Sublease to be entered into between the Company and Quantum Ventures of Michigan, LLC, (b) provide Robert J. Skandalaris with an administrative assistant at an annual salary not to exceed Fifty Thousand Dollars ($50,000.00), plus normal and ordinary benefits provided by the Company (the ?Administrative Assistant?), provided, however, that the administrative assistant shall not be eligible for any incentive bonuses provided by the Company; and (c) IT services and support on behalf of Quantum Ventures of Michigan, LLC.
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