|
|
|
|
|
|
|
|
|
|
|
|
)
|
|
|
|
|
|
|
|
)
|
|
|
|
|
|
|
|
)
|
|
|
|
|
|
|
|
|
|
|
SEVERANCE
AGREEMENT
AND
RELEASE IN FULL
|
|
|
|
|
)
|
|
|
|
|
|
|
|
)
|
|
|
|
|
|
|
|
)
|
|
|
|
|
|
|
|
)
|
|
|
|
|
|
|
|
)
|
|
|
|
|
|
|
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Gary L. Lackey
(“Mr. Lackey”) and Granite Mortgage Company
(“the Company”), in consideration of the mutual
promises hereinafter exchanged, agree as follows:
1. The
parties agree that Mr. Lackey’s employment agreement is
terminated effective February 23, 2009, and Mr. Lackey will be
relieved of this position as stated in his AMENDED AND RESTATED
EMPLOYMENT AND NONCOMPETITION AGREEMENT dated 5/1/2003. The Company
will pay Mr. Lackey for a total $432,000.00, with appropriate
withholdings made to “Mr. Lackey” on Granite
Mortgage payroll. (This payment can be in the form of a one-time
total payment on 3/24/09 or split payment - $216,000.00 on 3/24/09
and the remaining $216,000.00 on 1/29/10 by providing a signed
written statement to Karen Warlick to confirm payment
option).
2. The
Company will pay, by lump sum, to (Mr. Lackey), the gross
amount of all accumulated but unused vacation time remaining for
2009, twenty-one (21) days at $75.31 per hour for $12,652.90
from which appropriate withholdings will be made and paid to
Mr. Lackey on 2/27/09.
5
3. From and
after the date of termination set forth in paragraph 1,
Mr. Lackey shall not have the right to participate in or
receive any benefit under any employee benefit plan of the Company,
any fringe benefit plan of the Company, or any other plan, policy
or arrangement of the Company providing benefits or perquisites to
employees of the Company generally or individually. Provided,
however, that he shall be entitled, if otherwise eligible, to elect
the payment of benefits to which he is entitled under any employee
benefit plan and to COBRA benefits as required by law.
4. In
consideration of the above referenced payment to him,
Mr. Lackey intends to and does hereby release and covenant not
to sue the Company, Bank of Granite Corporation and Bank of
Granite, and their past and present Directors, their past and
present employees and agents, and any other persons, agencies,
firms, or corporations affiliated with the Company, Granite
Mortgage and Bank of Granite from any and all causes of action and
claims from the beginning of time to the date this Agreement is
executed
|
