FORM OF
SEVERANCE AND RELEASE AGREEMENT
This Severance
and Release Agreement (the “Agreement”) is entered into
by and between
(the “Director”) and Hanmi Bank and its affiliated or
related parent or subsidiary corporations, as well as their
respective attorneys, agents, representatives, partners, joint
ventures, successors, assigns, insurers, employees, officers, and
directors (hereinafter collectively referred to as “the
Bank”). The purpose of this Agreement is to settle and
compromise any and all disputes and controversies of any nature
existing between the parties arising out of the Director’s
relationship with and/or separation from the Bank.
1.
Severance Pay . The Director shall receive $3,000 per month
for five years, minus all applicable state and federal
withholdings. The Director will also receive current health
insurance coverage for five years in which the Bank will continue
to pay for medical (i.e., HMO, PPO, dental and/or vision)
premiums.
2.
Warranties by The Director.
(a) The
Director acknowledges that he has received all monies and other
benefits and other benefits due to him as a result of his
relationship with the Bank, other than the amount set forth in
Paragraph 1.
(b) The
Director also represents that he has no pending complaints or
charges against the Bank with any state or federal court or any
local, state or federal agency, division or department, based on
any events occurring prior to the date of execution of this
Agreement.
(c) The
Director further represents that he will not in the future file,
participate in, instigate or encourage the filing of any lawsuit or
claim by any party in any state or federal court or any proceeding
before any local, state or federal agency, department or division,
claiming that the Bank has violated any local, state or federal
laws, statutes, ordinances or regulations based upon events
occurring prior to the date of the execution of this
Agreement.
3.
No Admission of Liability by Bank or the Director . This
Agreement does not constitute an admission of wrongdoing of any
kind by the Bank or the Director.
4.
Release of Known and Unknown Claims . In exchange for the
agreements contained in Paragraph 1 above, and in
consideration of the further agreements set forth below, The
Director agrees unconditionally and forever to release and
discharge the Bank, as defined above, from any and all claims,
actions, causes of action, demands, rights, or damages of any kind
or nature which he may now have, or ever have, whether known or
unknown, including any claims, causes of action or demands of any
nature arising out of or in any way relating to his relationship
with and/or separation from the Bank on or before the date of the
execution of this Agreement.
This
Release includes, but is not limited to all claims, actions or
causes of action that were or could have been asserted during the
negotiations over this Agreement, any claims, actions or causes of
action that were or could have been asserted before any
administrative agency or in court, as well as any claims, actions,
or causes of action for fraud, misrepresentation, defamation,
discrimination or harassment in any form, retaliation, any
claims
Severance &
Release Agreement, Page 1 of 5
under any
federal, state, local or other governmental statute or ordinance,
including, without limitation, Title VII of the Civil Rights Act of
1964, the Civil Rights Act of 1991, the Americans with Disabilities
Act, the Older Workers Benefit Protection Act, the Age
Discrimination in Employment Act of 1967, the Family and Medical
Leave Act of 1993, the California Fair Employment and Housing Act,
and any and all other federal, state or local statutes, rules,
ordinances, or regulations; any and all claims for alleged wrongful
discharge, retaliation, negligent or intentional infliction of
emotional distress, and breach of contract; any and all claims for
compensation, bonuses, commissions, lost wages, stock or stock
options, or unused accrued vacation or sick pay; any and all claims
for severance or similar benefits or to post-employment health or
group insurance benefits; any and all claims for attorneys’
fees, costs or indemnification; and any and all other claims
resulting from any alleged unlawful behavior or conduct by any
Hanmi Releasee, the existence of which is specifically denied by
the Hanmi Releasees.
The
Director further agrees knowingly to waive the provisions and
protections of Section 1542 of the California Civil Code,
which reads:
A GENERAL
RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW
OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH, IF KNOWN BY HIM, MUST HAVE MATERIALLY AFFECTED HIS
SETTLEMENT WITH THE DEBTOR.
The
Director further agrees to waive the provisions and protections of
any state or federal statute that affords similar protections as
that of Section 1542 of the California Civil Code.
5.
Knowing and Voluntary . The Director represents and agrees
that he is entering into this Agreement knowingly and voluntarily.
The Director affirms that no promise or inducement was made to
cause him/her to enter into this Agreement, other than the
severance pay promised to the Director in Paragraph 1, above.
The Director further confirms that he/she has not relied upon any
other statement or representation by anyone other than what is in
this Agreement as a basis for his/her agreement.
6.
No Claims previously made or assigned to Others . The
Director and Hanmi, respectively, represent that neither they nor
anyone on their behalf has filed, nor assigned to others the right
to file, nor are there currently pending by the Director or Hanmi
or anyone on their behalf, any complaints, charges or lawsuits
against the Hanmi Releasees or the Director (as the case may be),
or any of them, with any governmental agency, any court or with or
in any other forum, and that neither The Director nor Hanmi nor
anyone on their behalf will file, assign to others the right to
file, or make any further claims against the Hanmi Releasees or the
Director Releasees (as the case may be), or any of them, at any
time for any alleged acts or omissions covered by the
release
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