Exhibit 10.7.10
SEPARATION AND GENERAL RELEASE
AGREEMENT
This Separation and Release
Agreement (the “Agreement”) is made and entered into by
and between CBL & Associates Management, Inc. (the
“Company”) and Robert S. Tingle
(“Employee”).
WHEREAS, Employee’s employment
with the Company ends on December 31, 2008, as a result of a
reduction in force.
WHEREAS, Employee and the Company
wish to part ways amicably and set forth the terms and conditions
of Employee’s separation from employment, as well as resolve
any disputes and claims which Employee could potentially have
arising from the employment of Employee by the Company and the
ending of that employment;
NOW THEREFORE, in consideration of
the release and other promises contained in this Agreement, the
parties agree as follows:
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A.
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The Company’s
Agreements
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Subject to the terms and conditions
contained herein, the Company agrees to provide Employee with the
following, to which Employee would not otherwise be
entitled:
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1.
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Separation pay in consideration for
Employee’s releases and other promises herein in a single,
lump sum gross aggregate payment of $312,000.00 after the Effective
Date. The payment shall be subject to all applicable deductions,
tax and reporting obligations of the Company. The payment shall not
be salary, wages, or income for purposes of any 401(k) or other
benefit plan of the Company.
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2.
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Employee will be paid a bonus totaling
$140,000.00 (gross) on January 5, 2009 associated with Port Orange,
West Melbourne, and D’Iberville (in accordance with
Employee’s incentive compensation formula) and in keeping
with corporate guidelines in effect at the time of the bonus is
issued.
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3.
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Employee’s unvested stock grants will be
fully vested as of January 2, 2009.
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Subject to and except for the
provisions of this Agreement, including but not limited to the
specific exception set forth directly below, the Company hereby
releases and waives any and all claims, demands, or causes of
action (collectively, “claims”) known or unknown,
suspected or unsuspected, that, as of the date on which Employee
signs this Agreement, Company has or could have against the
Employee. Notwithstanding the preceding statement, the Company is
not releasing and shall not be deemed to release Employee from any
claim involving fraud on the part of the Employee.
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1.
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Full and General Release of
Liability : Employee
hereby releases and waives any and all claims, demands, or causes
of action (collectively, “claims”) known or unknown,
suspected or unsuspected, that, as of the date on which Employee
signs this Agreement, Employee has or could have against the
Company, its Board of Directors, and all of the Company’s
current and past directors, officers, insurers, attorneys,
fiduciaries, current and former employees, agents, successors,
assigns, subsidiary and parent companies,
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and all other entities affiliated or
related to it, without limitation, exception, or reservation
(collectively, the “Released Parties”). Employee
understands that Employee is releasing the Company and the other
Released Parties, to the maximum extent permitted by law, from any
liability which the Company or the other Released Parties may have
or may have had to Employee, at any time up to and including the
date Employee signs this Agreement. This release includes a waiver
(a giving up) of any legal rights or claims Employee may have or
may have had of any kind whatsoever, including but not limited to
claims of race, color, national origin, sex or gender, age,
religion, disability, genetic information, or other protected class
discrimination, harassment, or retaliation, arising under Title VII
of the Civil Rights Act of 1964, the Rehabilitation Act of 1973,
the Civil Rights Act of 1866 (Section 1981), the Americans with
Disabilities Act of 1990, the Age Discrimination in Employment Act,
the Older Worker Benefit Protection Act, the Genetic Information
Nondiscrimination Act of 2008, any applicable federal, state, or
local anti-discrimination statute or law, regulation, or ordinance,
including but not limited to the Tennessee Fair Employment
Practices Law, Tenn. Code Ann. § 4-21-407(b), any violation of
the Employee Retirement Income Security Act of 1974, the Family and
Medical Leave Act of 1993, the federal and/or state Constitution,
all claims arising under Company policy or practice, and all claims
arising under any other federal, state, or local statute,
regulation, or the common law, including any and all claims in tort
or contract, to the maximum extent permitted by law.
Notwithstanding anything to the
contrary stated above or in this Agreement, Employee’s full
and general release provided herein:
(i) shall
not be deemed to release Employee’s rights to indemnification
and other rights that Employee has by virtue of that certain
Indemnification Agreement between the Company and Employee dated
November 3, 1993 and that certain Indemnification Agreement between
CBL & Associates Properties, Inc. and Employee dated November
3, 1993 (a copy of each such Indemnification Agreement is attached
hereto as Exhibit B), nor shall such be deemed to release
Employee’s rights to the Tier II Retiree Benefits per the
Company’s Retiree Benefits Policy;
(ii)shall not be deemed to release
any rights of Employee that Employee has solely by virtue of being
a shareholder of CBL & Associates Properties, Inc.;
(iii)shall not be deemed to release
any rights of Employee that Employee has to be reimbursed, pursuant
to the policies and procedures of the Company, for Employee’s
travel expenses and other out of pocket costs as to such matters
that Employee has paid or incurred that are supported by verified
invoices or other evidence that Employee has presented to Company
showing that Employee has paid or incurred such expenses and
Employee’s rights to such reimbursement shall not be denied
simply because such travel expenses and/or out of pocket costs may
have been incurred more than one year prior to this Agreement;
and
(iv)shall not be deemed to release
any rights of Employee that Employee has solely by virtue of
Employee’s ownership of a limited partner interest in those
certain limited partnerships identified on Exhibit C and Employee
shall retain such interests following the termination of
Employee’s employment with the Company.
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2.
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Return of Company
Property : Employee
agrees that Employee will return to Company all of Company’s
property, including but not limited to, all laptops, cellular
phones, electronic devices, keys, other Company property, and/or
the originals and all copies, summaries, and abstracts of all
written, recorded, or computer-generated information which Employee
has in his possession or control and which Employee has obtained in
connection with Employee’s employment with the
Company.
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3.
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Non-Interference
: Nothing in this Agreement shall
interfere with Employee’s right to file a charge, cooperate
or participate in an investigation or proceeding conducted by the
Equal Employment Opportunity Commission or any other federal, state
or local regulatory or law enforcement agency. However, the
consideration provided to Employee in this Agreement shall be the
sole monetary relief provided to Empl
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