EXHIBIT 10.34
SEPARATION AGREEMENT AND
RELEASE
THIS SEPARATION AGREEMENT AND RELEASE (this
"Agreement") is made by and between Willbros USA, Inc., a Delaware
corporation ("Willbros"), and John K. Allcorn ("Executive")
and shall become effective on the eighth day following its
execution by Executive and return to Willbros ("Effective
Date").
PURPOSE
Willbros and Executive have reached a mutual
agreement that Executive's employment will terminate on
December 31, 2008 (the "Termination Date"), pursuant to the
terms of this Agreement.
TERMS
To achieve a final and amicable resolution of
the employment relationship in all its aspects and in consideration
of the mutual covenants and promises herein contained and other
good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as
follows:
1.
Post-Employment Assistance. To the extent
Willbros may subsequently request in writing, Executive shall use
all reasonable efforts to assist Willbros in obtaining at least one
full spread of the Texas Independent Pipeline currently being bid
by Energy Transfer Partners, L.P. Executive shall
promptly transition all of his sales and marketing
responsibilities to the individual(s) designated by
Willbros,
2.
Compensation and Benefits. Willbros shall pay
Executive his usual salary and provide Executive with his usual
benefits through the end of December, 2008.
3.
Severance. Executive is a participant in the Willbros Group,
Inc. Severance Plan, as amended and restated effective
September 25, 2003 (the "Severance Plan"). In
accordance with the terms of the Severance Plan, Willbros shall pay
Executive an amount equal to Executive's annual base salary of
THREE HUNDRED EIGHTY THOUSAND AND THREE HUNDRED EIGHTY Dollars
($380,380) (the "Severance Payment"). The Severance
Payment, less applicable withholding taxes, shall be paid to
Executive within 60 business days after the Termination
Date.
4.
Bonus Payment. Executive shall be entitled to,
and shall be paid, a cash bonus for 2008, when such bonuses are
paid to other executives, in the amount of ONE HUNDRED NINETY
THOUSAND AND ONE HUNDRED NINETY DOLLARS ($190,190),
such payment being equal to 50% of Executive’s
current annual base salary .
5.
Vesting of Restricted Stock. Executive has been
granted 42,673 shares of restricted stock under the Willbros Group,
Inc. 1996 Stock Plan, as amended (the "1996 Stock Plan"), the
ownership of which has not yet vested in Executive pursuant to the
terms of the Restricted Stock Award Agreements evidencing such
grants. Willbros agrees that all of such shares of
restricted stock granted to Executive shall vest in full as of the
Termination Date. Executive acknowledges that
withholding taxes will be due on such shares when vested
on the Termination Date. Executive may satisfy the
withholding requirement, in whole or in part, by having Willbros
Group, Inc. ("WGI") withhold shares of restricted stock having a
Fair Market Value (as defined in the 1996 Stock Plan) on the date
the tax is to be determined equal to the minimum statutory total
tax which could be withheld on the transaction.
6.
Stock Options. As a participant in the 1996
Stock Plan, Executive has vested options to purchase 50,000 shares
of common stock of WGI at $15.00 per share. Under the
terms of the option agreement evidencing such options, such options
must be exercised within three months from the Termination Date
(but not beyond the expiration date of such options).
7.
Group Health Coverage. Willbros shall continue
to include Executive and his covered dependents on its group health
insurance through the end of December, 2008. Willbros
will issue Executive a notice informing him of his right, at his
expense, to continue coverage for himself and his covered
dependents in the group health plan sponsored by Willbros pursuant
to the Consolidated Omnibus Budget Reconciliation Act of 1985 as
amended ("COBRA"). Executive must comply with all
eligibility requirements for COBRA continuation. Except
as specifically set forth herein, life insurance, disability, club
dues and all other employee benefits made available to Executive by
Willbros will end on the Termination Date.
8.
Other Benefits . Neither this Agreement nor the
release contained herein shall waive Executive's right to any
accrued benefit under a company plan in which he is a qualified
participant, including but not limited to any benefits under a
pension or retirement plan.
9.
Computer. Executive shall be permitted to retain
his computer and his blackberry device, along with his assigned
cellular telephone number; provided, however, that Willbros shall
be permitted to remove any Willbros data from those devices, and
that Executive shall be responsible for the ongoing service and
other costs associated with those devices.
10.
Certification of Code of Business Conduct and Ethics for
2008 . In accordance with WGI policy, Executive
shall acknowledge his compliance with the Willbros Group, Inc.
Code of Business Conduct and Ethics and WGI's Foreign
Corrupt Practices Act Compliance Policy by completing, signing
and returning to WGI in due course the annual certification of
compliance with the referenced policies with respect to the period
beginning on January 1, 2008 and ending on the Termination
Date.
11. Waiver of
Reinstatement and Future Employment . Executive
forever waives and relinquishes any right or claim to reinstatement
to active employment with Willbros, its affiliates, subsidiaries,
divisions, and successors.
12. Release
by Executive of Willbros. Except for the
obligations specifically set forth in this Agreement, and any
continuing indemnity and insurance obligations owed to Executive,
Executive fully and forever relieves, releases, and discharges
Willbros, its predecessors, successors, parent, subsidiaries,
operating units, affiliates, divisions, and the agents,
representatives, officers, directors, shareholders, employees and
attorneys of each of the foregoing, from all claims, debts,
liabilities, demands, obligations, promises, acts, agreements,
costs, expenses, damages, actions, and causes of action whether in
law or in equity, whether known or unknown, suspected or
unsuspected, arising from Executive's employment with and
termination from Willbros, including but not limited to any and all
claims pursuant to Title VII of the Civil Rights Act of 1964, 42
U.S.C. § 2000e, et seq. , as amended by the Civil
Rights Act of 1991, which prohibits discrimination in employment
based on race, color, national origin, religion or sex; the Civil
Rights Act of 1866, 42 U.S.C.§§1981, 1983 and 1985, which
prohibits violations of civil rights; the Equal Pay Act of 1963, 29
U.S.C. § 206(d)(1), which prohibits unequal pay based upon
gender; the Age Discrimination in Employment Act of 1967, as
amended, and as further amended by the Older Workers Benefit
Protection Act, 29 U.S.C. § 621, et seq., which
prohibits age discrimination in employment; the Employee Retirement
Income Security Act of 1974, as amended, 29 U.S.C. §1001,
et seq. , which protects certain employee benefits; the
Americans with Disabilities Act of 1990, as amended, 42 U.S.C.
§ 12101, et seq. , which prohibits discrimination
against the disabled; the Family and Medical Leave Act of 1993, 29
U.S.C. § 2601, et seq ., which provides medical and
family leave; the Fair Labor Standards Act, 29 U.S.C. § 201,
et s
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