SEVERANCE
AGREEMENT AND GENERAL RELEASE OF ALL CLAIMS
This
Agreement is entered into between Ambassadors International,
Inc. (“Ambassadors”) , a Delaware corporation, and
Joseph G. McCarthy (“Employee”)
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1.
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Termination of Employment
Due to the relocation of all corporate, IT and accounting functions
to Seattle, WA and the change in Ambassadors’ strategic
direction, Employee’s employment with Ambassadors will be
terminated as of 9/30/09 (the “Termination
Date”), which date may be advanced by Ambassadors with at
least thirty (30) days written notice.
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2.
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Separation Payments
In addition to any salary, benefits, bonus and expense
reimbursements accrued, Ambassadors will also pay Employee a gross
severance payment in the amount of $13,462.00, less
applicable taxes and withholding, which represents one week for
every full year of service to Ambassadors up to a maximum of four
weeks in accord with Ambassadors’ standard practice. Also, in
consideration of the work that needs to be done between now and the
Termination Date, Employee will be paid a “Stay
Incentive” of $40,385.00 for Employee’s
continued service in good standing to Ambassadors. Such payments
will be made within ten (10) days of the execution of this
Agreement or on the Termination Date, whichever is later in time.
The parties acknowledge that these payments are in consideration of
the releases granted and representations made by and obligations
undertaken by Employee in this Agreement. Employee is not entitled
to and will not seek any other payments or benefits from
Ambassadors or any of its parent or related entities.
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3.
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Health Insurance
:
Your health and vision insurance will remain in effect with
Ambassadors through 9/30/09.
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4.
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Reserved
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5.
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Reserved
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6.
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Reserved
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7.
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Unemployment Benefits
:
You may file for unemployment benefits immediately either over the
phone at: (800) 300-5616, or online at:
http://www.edd.ca.gov/fleclaim.htm
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8.
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Release of Claims
Employee agrees to release and forever discharge Ambassadors from
any claims, disputes, damages, payments or obligations of any kind
arising out of or related to Employee’s employment by or
separation from Ambassadors, to the extent such claims, disputes,
damages, payments or obligations arise out of agreements, events or
conduct occurring at any time prior to the date of this Agreement.
This release includes, but is not limited to, any claims arising
under the
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