Exhibit 10.2
SEVERANCE AGREEMENT
AND RELEASE OF ALL CLAIMS
This Severance Agreement and Release
of All Claims (the “Agreement”) is made and entered
into by and between Joseph A. Avila (hereinafter referred to as the
“Employee”) and Quanta Services, Inc., a Delaware
corporation, including its associated companies and subsidiaries,
officers, directors, supervisors, managers, employees,
stockholders, agents, attorneys, representatives and assigns
(hereafter collectively referred to as the
“Company”).
The purpose of this Agreement is to
arrange a settlement of the Employee’s employment with the
Company that is satisfactory both to the Company and to the
Employee. By signing this Agreement, the Company and the Employee
agree as follows:
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Termination of Employment. The Employee and the
Company are entering into this Agreement as a way of amicably
concluding the employment relationship on March 6, 2008,
between them and of resolving voluntarily any dispute or potential
dispute or claim that the Employee has or might have with the
Company, whether known or unknown by the Employee at this time.
This Agreement is not and should not be construed as an allegation
or admission on the part of the Company that it has acted
unlawfully or violated any state or federal law or regulation. The
Company, including its officers, directors, managers, supervisors,
employees, stockholders, agents, attorneys, representatives and
assigns, specifically disclaims any liability to the Employee or
any other person for any alleged violation of rights or for any
alleged violation of any order, law, statute, duty, policy or
contract. |
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Severance Benefits. As consideration for the
Employee agreeing to release the Company from all claims that are
described in Paragraph 7 herein and subject to the provisions
of Paragraph 10 herein, the Company will provide the Employee
the following severance benefits (the “Severance
Benefits”): |
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a. |
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Severance Payment. The Company will pay the
Employee $77,872.50, less applicable taxes. This amount represents
a lump sum payment totaling three months’ salary for the
Employee. |
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b. |
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Cash Bonus. The Company will pay the Employee
$320,835, less applicable taxes. This amount represents the cash
bonus earned by the Employee pursuant to the terms of the
Company’s 2007 Annual Incentive Plan. |
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c. |
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Accelerated Vesting of Restricted Stock. The
Company shall fully vest (i) 3,825 shares of unvested common
stock held by Mr. Avila pursuant to that certain restricted
stock award agreement dated as of October 10, 2006 by and
between the Company and Mr. Avila and (ii) 1,311 shares
of unvested common stock held by Mr. Avila pursuant to that certain
restricted stock award agreement dated as of March 22, 2007 by
and between the Company and Mr. Avila, in each case such
vesting to be subject to the satisfaction of any and all applicable
tax withholding requirements of the Company. |
| 3. |
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Tax Consequences. The Employee acknowledges and
agrees that the Company has made no representations to him
regarding the tax consequences of any Severance Benefit received by
him pursuant to this Agreement. |
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Entire Consideration. The Employee agrees that
the Severance Benefits constitute the entire amount of
consideration provided to him under this Agreement. The Employee
further agrees that he will not seek any further compensation for
any other claimed damage, costs, severance, income or
attorney’s fees. |
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Non-Disclosure Agreement. Without the express
written agreement of the Company’s Chief Executive Officer or
unless required to do so by law, the Employee agrees never to
disclose the existence, facts, terms, or amount of this Agreement,
nor the substance of the negotiations leading to this Agreement, to
any person or entity, other than to his personal counsel or
attorney, personal accountants, or personal tax preparer, any such
disclosure to such persons to be made only if the relevant person
must have such information for the performance of his or her
responsibilities. To the extent required by law or applicable
regulation, Employee may also disclose the provisions of this
Agreement to the appropriate taxing authorities. |
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Covenants Concerning Claims. The Employee agrees
that he will not file any complaints, claims or actions against the
Company with any court or agency regarding any matters or claims
that arose prior to the Employee’s execution of this
Agreement, and that if any court or agency assumes jurisdiction on
behalf of the Employee of any complaint, claim or action against
the Company, he will direct that court or agency to withdraw from
or dismiss with prejudice the matter. |
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Nothing, however, in this Agreement will be construed to
prevent the Employee from filing a charge or complaint of age
discrimination with the Equal Employment Opportunity Commission
under the Age Discrimination in Employment Act of 1967, as amended
(29 U.S.C. § 621 et seq .), or from challenging the
validity of this Agreement under the Age Discrimination in
Employment Act of 1967, as amended, or the Older Worker’s
Benefit Protection Act, as amended. The Employee further
understands and agrees that if he or someone acting on his behalf
files, or causes to be filed, any such claim, charge, |
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complaint, or action against the Company, he expressly waives
any right to recover any damages or other relief, whatsoever, from
the Company including costs and attorneys’ fees. |
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The Employee’s Release Of All Claims Including Age
Discrimination In Employment Act Claims. In consideration
of the Severance Benefits, the Employee, for himself, his heirs,
executors, administrators, successors and assigns, does fully and
forever release and discharge the Company, its associated companies
and subsidiaries, their respective associated companies and
subsidiaries, all of their respective present and former officers,
directors, supervisors, managers, employees, stockholders, agents,
attorneys and representatives, and the successors and assigns of
such persons and entities (collectively, the “Released
Parties”), from all actions, lawsuits, grievances,
complaints, liens, demands, obligations, damages, liabilities and
claims of any nature whatsoever, know or unknown, that the Employee
had, now has, or may hereafter claim to have against the Released
Parties from the beginning of time through the date the Employee
execut |
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