RELEASE AGREEMENTRelease Agreement |
|
|
You are currently viewing: This Release Agreement involves
ASHWORTH INC | Winston E. Hickman. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
|
|
|
Exhibit 10.1
RELEASE AGREEMENT
The Release Agreement (this “Agreement”) is made and entered into as of the 16th day of November, 2006 by and between Winston E. Hickman (hereinafter referred to as “Employee”) and Ashworth, Inc. (hereinafter referred to as “Ashworth”) whereby the parties agree to terminate their employment relationship on an amicable basis as follows:
|
|
1. |
|
Employee has been employed
by Ashworth since February 23, 2006, during which time he has held the
position of Executive Vice President (EVP) and Chief Financial Officer
(CFO). |
|
|
2. |
|
In exchange for
Employee’s assistance with the professional transition of his
functional EVP and CFO responsibilities and the releases contained herein,
Ashworth will provide continued Medical, Dental and Exec-U-Care insurance
coverage for a period of eighteen months (18 months) as set forth below: |
|
|
a. |
|
Employee’s employment
will terminate on November 17, 2006 and his standard Group Coverage for
Medical, Dental and Exec-U-Care Insurances will end on November 30,
2006. |
|
|
b. |
|
To continue
Employee’s Medical and Dental insurances exactly as he is enrolled
prior to December 1, 2006, Ashworth will pay eighteen months of COBRA
premiums directly to its COBRA Administrator, Conixis. Said COBRA insurance
premiums or payments shall be in the amount of eight hundred thirty-eight
dollars ($838.00) per month for eighteen months, for a total of fifteen
thousand eighty-four dollars ($15,084). |
|
|
c. |
|
To continue
Employee’s Exec-U-Care coverage exactly as he is enrolled prior to
December 1, 2006, Ashworth will pay for eighteen months of coverage
directly to Exec-U-Care. Said Exec-U-Care premiums or payments shall be in
the amount of sixty-two dollars and fifty cents ($62.50) per quarter for five
(5) quarters, for a total of three hundred twelve dollars and fifty
cents ($312.50). |
|
|
d. |
|
Said payment of premiums
for Medical, Dental and Exec-U-Care Insurances shall cover the Employee for
the periods of December 1, 2006 through May 31, 2008. |
|
|
e. |
|
Employee will be kept
“whole” if Ashworth should change Group Medical, Dental, or
Exec-U-Care Plans or if the cost of said Plans should increase during the
eighteen month period subsequent to termination of his employment, such that
Employee will be provided substantially the same level of coverage that he
had prior to December 1, 2006 at no additional cost to the Employee. |
|
|
3. |
|
In consideration of the
aforementioned compensation, Employee agrees: |
