SEPARATION AGREEMENT AND GENERAL
RELEASE
This
Separation Agreement and General Release Agreement is entered into
this 3 day of November, 2008 by and between Kathy Hollenhorst
(hereinafter referred to as “HOLLENHORST”) and Caribou
Coffee Company, Inc., a Minnesota Corporation (hereinafter referred
to as the “Company”).
WHEREAS,
HOLLENHORST’S employment with the Company shall terminate at
the close of business on December 10, 2008; and
WHEREAS,
HOLLENHORST and the Company want to fully and finally settle all
issues differences and claims whether potential or actual between
them including but not limited to any claim that might arise out of
HOLLENHORST’S employment with the Company and the termination
of such employment.
NOW
THEREFORE in consideration of the mutual promises contained in this
Agreement it is agreement as follows:
The
parties agree that HOLLENHORST’S employment with the Company
shall terminate on the close of business December 10,
2008.
A. As
a result of HOLLENHORST’S termination from employment as
described in Section 1, HOLLENHORST will receive in her final
paycheck the following payments:
(i) A
final payroll check less applicable withholding; and
(ii) An
amount equal to her accrued but unpaid vacation pay, less
applicable withholding.
B. In
consideration of and in complete and total settlement of the claims
described below in Section 3, Company shall pay HOLLENHORST an
amount equal to her base salary at the last prevailing salary rate
equal to six (6) months, totaling $109,068.70, less applicable
withholding. If HOLLENHORST has not rescinded this Agreement
pursuant to Section 4 herein, this amount will be paid to
HOLLENHORST in order to comply with Section 409A of the
Internal Revenue Code in a lump sum, less applicable withholding,
six (6) months and one (1) day following
December 10, 2008.
C. Following
completion of calendar year 2008, the Company shall calculate
whether under the 2008 Bonus Plan for CEO, CFO, SVP, VP, Sr.
Directors and Directors, HOLLENHORST would have earned any bonus
and pay HOLLENHORST an amount equal to 11/12 of any such bonus that
would have otherwise been earned. Any amount so calculated will be
paid to HOLLENHORST on or before March 15, 2009. HOLLENHORST
shall not be eligible for any discretionary bonus that might
otherwise be paid to other executives of the company. The
eligibility for any bonus under this Section 2. C. shall have
no effect upon any other provisions of this Agreement.
D. HOLLENHORST
shall be allowed to keep her computer, printer and Blackberry after
all Company paid for software and data has been removed.
HOLLENHORST shall be responsible for making arrangements for any
new voice or data plan for the Blackberry.
HOLLENHORST
and the Company intend to settle any and all claims except for any
Workers Compensation claims made prior to December 10, 2008,
that HOLLENHORST has or may have against the Company as a result of
the Company’s hiring of HOLLENHORST, HOLLENHORST’S
employment with the Company, and the cessation of
HOLLENHORST’S employment with the Company. HOLLENHORST agrees
that in exchange for the Company’s promises specified in this
Agreement and in exchange for additional consideration to be paid
to HOLLENHORST by the company as described above in
Sections 2.B. HOLLENHORST for herself, her heirs, successors
and assigns, herby releases and discharges the Company, its parent
and affiliated companies, and each of their respective directors,
officers, agents, employees, successors and assigns all of whom are
hereinafter sometimes referred to as “releasees”, from
any and all liability or damages arising out of her relationship
with the releasees through the date of signing this Agreement,
whether known or unknown, foreseen or unforeseen, and, to the
maximum extent permitted by law, agrees not to institute any claims
for damages nor authorize or assist any other party, governmental
or otherwise, to institute any claim for damages via administrative
or legal proceedings or otherwise against the Company or any of the
releasees for any such claim including, but not limited to, any
claims arising under or based on Title VII of the Civil Rights Act
of 1964 (42 U.S.C. § 2000E et seq.); the Age
Discrimination in Employment Act (29 U.S.C § 621 et
seq.); the Family and Medical Leave Act (29 U.S.C. § 2601
et seq.); the Americans with Disabilities Act (42 U.S.C.
§ 12101 et seq. ), the law, regulation or ordinance of
any state or local governmental unit; and any contract, quasi
contract, negligence or tort claims, whether for compensatory or
punitive damages, and whether developed or undeveloped, arising
from or related to the company’s hiring of HOLLENHORST,
HOLLENHORST’S employment with the Company, and the cessation
of HOLLENHORST’S employment with the company, and including
but not limited to attorney’s fees, related costs and
interest. HOLLENHORST and the Company agree that
|
