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Title: |
Severance Agreement |
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Date: |
2004 |
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Size: |
Preview shows 6KB of 22KB total |
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Price: |
$35 |
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ID: |
#343700 |
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SEVERANCE AGREEMENT
AND RELEASE OF ALL CLAIMS
-------------------------
This Severance Agreement and Release of All Claims (hereinafter referred to
as "the Agreement") is made and entered into by and between Brian Carlisle
(hereinafter sometimes referred to as "employee"), and Adept Technology, Inc.
(hereinafter referred to as "Adept").
W I T N E S S E T H:
WHEREAS, Employee has worked for Adept as Chief Executive Officer; and
WHEREAS, Adept, at its sole discretion, and is its right to do so,
terminated Employee's employment effective December 5, 2003. Employee hereby
consents, and does not challenge said termination; and
WHEREAS, Employee does not have pending against Adept or any present or
former employee, agent, officer, director, representative, or supervisor of
Adept (hereinafter all referred to as "Releasees") any claim, charge, or action
in or with any federal, state, or local court or administrative agency; and
Adept does not have pending against Employee any claim, charge, or action in
other with any federal, state, or local court or administrative agency; and
WHEREAS, Employee and Adept desire to allow Employee to wrap up Employee's
employment in an orderly fashion and to settle all differences between them;
NOW, THEREFORE, in consideration of the covenants and promises herein
contained and other good and valuable consideration, receipt of which is hereby
acknowledged, and to avoid unnecessary litigation, it is hereby agreed by and
between the parties as follows:
{PAGE}
FIRST: This Agreement and compliance with this Agreement shall not be
construed as an admission by Adept or by any Releasees or by Employee of any
liability whatsoever, or as an admission by Adept or by any Releasees of any
violation of the rights of Employee or any person, or a violation of any order,
law, statute, duty, or contract whatsoever with respect to Employee or any
person. Adept specifically disclaims any liability to Employee or any other
person for any alleged violation of the rights of employee or any person, or for
any alleged violation of any order, law, statute, regulation, duty, or contract.
SECOND: (a) Employee understands and agrees that he has not executed this
Agreement without first having the right to consider it for a full twenty-one
(21) days from receipt of this Agreement and that he did not execute this
Agreement without first being advised in writing to consult with an attorney
regarding this Agreement. Employee has indeed consulted with an attorney of his
choice.
(b) Within fourteen (14) days after Employee delivers to Adept a fully
signed original copy of this Agreement, Adept will begin to pay to Employee a
total gross amount of $168,506.00 less appropriate withholdings equaling six
months of Employee's current annual salary. This amount shall be paid in
thirteen equal installments on an every two week basis beginning on the tenth
day after the Employee signs and returns this Agreement to Adept and continuing
on an every two week basis thereafter until employee has been paid a total
amount of $168,506.00. Should Adept fail to make a payment under this Agreement,
this shall be considered a material breach of said Agreement. If Adept fails to
make a payment under this Agreement within fourteen days of its due date, this
shall be considered a "failure to make payment." In addition, Adept shall:
(i) Pay for Employee's current medical, dental and vision health
benefits at their current levels through February 2004. After expiration of this
period Employee shall be entitled to continue medical and other benefits at his
own costs under the terms provided by COBRA;
{PAGE}
(ii) Extend the expiration date of all options currently held by
employee to November 4, 2004.
(iii) Immediately accelerate the vesting on all options as to
which was originally scheduled to vest through November 4, 2004. This will
include the full vesting with respect to the 150,000 shares granted on November
4, 2003 which was originally scheduled to be fully vested as of November 4,
2004.
(iv) Shall name Employee as an insured on its Officers and
Directors liability policy for a period of three years following the execution
of this agreement.
(v) Allow Employee to keep his computer that was provided to him
by Adept during his employment, including all installed software and
accessories, to the extent that they do not contain proprietary and confidential
trade secrets of Adept. Such confidential and proprietary information shall
either be returned to Adept and deleted and destroyed from the computer.
Moreover, Employee agrees that he shall destroy or return any and all copies or
replicas of such confidential and proprietary information. With the exception of
such confidential and proprietary information, this computer shall become the
property of Employee upon the execution of this Agreement.
(vi) Allow Employee to keep the screen projector provided to him
by Adept during his employment The projector shall become the property of
Employee upon the execution of this Agreement.
Employee agrees that the foregoing monies and other consideration shall
constitute the entire amount of monetary and other consideration provided to him
under this Agreement and that he will not seek any further compensation or
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