Exhibit 10.1
AGREEMENT AND GENERAL RELEASE
This
Agreement and General Release is made and entered into by and
between Dana R. Snyder (hereinafter referred to as
“Employee”) and Associated Materials Incorporated
(hereinafter referred to as “Company”).
WITNESSETH:
WHEREAS, Employee was employed by
Company on July 1, 2006 and his employment is terminated
effective October 1, 2006;
WHEREAS, Employee and Company desire
to settle fully and finally all differences between them,
including, but in no way limited to, any differences that might
arise out of Employee’s employment with Company;
NOW THEREFORE, in consideration of
the mutual promises herein contained,
It is agreed as follows:
First : The Company will pay
Employee severance pay in the amount of one thousand dollars
($1,000) per month for a period until the Employee reaches
sixty-five (65) years of age.
Second : The Company will
continue Employee’s coverage under the Company medical, and
dental insurance program, as it may be amended and provided by law,
through the period of severance pay, as provided in the First
paragraph above. Upon termination of medical and dental coverage,
the Employee will be offered COBRA coverage as provided by
law.
Third : Employee agrees that
he will continue to cooperate with the Company and will make
himself available as his services are needed by the Company. As
Employee’s services are needed by the Company the Employee
will be reimbursed for his reasonable expenses.
Fourth : Employee understands
and agrees that effective October 2, 2006, he is no longer
authorized to incur any expenses or obligations or liabilities on
behalf of the Company, unless specifically authorized.
Fifth: Employee agrees that
in the course of his employment with the Company he has acquired
certain confidential Company information. Employee understands and
agrees that such Company information has been disclosed to Employee
in confidence and for Company use only. Employee understands and
agrees that he will keep such Company information confidential at
all times during and after his employment with the Company. When
Company information becomes generally available to the public other
than by Employee’s acts or omissions, it is no longer subject
to the restrictions in this paragraph. However, Company information
shall not be deemed to come under this exception merely because it
is embraced by more general information which is or becomes
generally available to the public.
Exhibit 10.1
Sixth : It is agreed that the
benefits contained in this Agreement and General Release which flow
to Employee from Company are subject to termination, reduction or
cancellation in the event that Employee takes any action or engages
in any conduct in violation of this Agreement.
Seventh : Moreover, the
provisions of this Agreement are severable, and if any part of it
is found to be unenforceable, the other paragraphs shall remain
fully
