SEVERANCE AND GENERAL RELEASE AGREEMENTRelease Agreement |
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EXHIBIT 10.32
SEVERANCE AND GENERAL RELEASE
AGREEMENT
This
Severance and General Release Agreement ("Agreement") is
entered into this 17th day of September, 2007, by and between
The Steak n Shake Company and its subsidiaries or related
companies (collectively, the "Company") and Gary Walker
("Employee").
Recitals
A.
Employee
was employed by the Company until his employment terminated on
September 17, 2007 (the "Separation Date").
B.
Employee
understands and agrees that his coverage under Company’s
insurance plans including, but not limited to, health insurance,
life insurance, dental insurance, short-term disability insurance
and long-term disability insurance, and participation in
Company’s group medical plan, group life insurance plan,
employee stock purchase plan, 401k plan, and any other
Company-sponsored benefits plan (collectively, the “Benefit
Plans”) shall all terminate on the Separation
Date.
C.
Employee's
employment relationship with the Company is covered by numerous
state and federal statutes and common laws, including the Age
Discrimination in Employment Act of 1967, as amended (29
U.S.C. § 621 et seq. ), and other
anti-discrimination laws, which prohibit, among other things,
discrimination on the basis of age, race, sex, religion, national
origin, color, disability and citizenship status (collectively, the
"Age and Other Discrimination Laws").
D.
To
obtain certain special benefits upon termination of employment with
the Company, Employee wishes to waive any and all rights or claims
against the Company that have arisen or may arise on or before the
date Employee executes this Agreement, to release and discharge the
Company from any and all possible liability and to covenant not to
sue the Company. To obtain Employee's waiver and release
and covenant not to sue, the Company is prepared to provide certain
special benefits to him.
Agreement
In
consideration of the foregoing and the following mutual
undertakings, and subject to the terms and conditions of this
Agreement, Employee and the Company agree
as follows:
1.
Benefits
The
Company agrees to provide Employee with the following
severance benefits:
(a)
The
Company will pay Employee a severance benefit equal to a total of
fifty-two (52) weeks of salary (the “Severance
Amount”). Each week of salary equals the weekly
compensation regularly paid to Employee immediately prior to
Employee's termination of employment, excluding any
bonuses. All payments to Employee will be subject to all
applicable payroll withholdings and deductions. Employee
warrants that all monies and/or benefits payable under this
Agreement are monies and/or benefits to which Employee is not
otherwise entitled. The Severance Amount will be paid to
Employee in equal installments on Company’s normal and
customary paydays until the Severance Amount is paid in
full.
(b)
Within
ten (10) days of the end of the revocation period, the
Company will pay Employee an additional severance benefit, in a
lump sum amount, equal to One Hundred and Seven Thousand One
Hundred Seventy Dollars ($107,170), reduced by applicable payroll
withholdings and deductions (the “Lump Sum
Amount”).
(c)
Employee’s
eligibility to collect the Severance Amount and the Lump Sum Amount
will begin upon expiration of the revocation period described in
Section 4 below.
(d)
Company
will not contest Employee’s pursuit of unemployment
benefits. Company makes no representation of any kind
regarding Employee’s eligibility for such
benefits.
(e)
Company
will provide Employee “executive job outplacement”
services through Right Management (or a comparable outplacement
service) for a period of six (6) months.
(f)
Company
will provide Employee with an explanation of coverage available
pursuant to the Consolidated Omnibus Budget Reconciliation Act of
1985 (“COBRA”) and any other applicable state or
federal law.
(g)
Employee
may use his Company vehicle in accordance with the current terms
for the ninety (90) day period following the Separation
Date.
All
payments or provision of benefits to Employee will be subject
to and reduced by all applicable payroll withholdings and
deductions.
1
2.
General Release and Covenant Not To
Sue
By
signing this Agreement, Employee generally, irrevocably and
unconditionally releases and forever discharges and covenants
not to sue the Company and all of its affiliated entities and
all of its present and former employees, partners, officers,
directors, employee benefit plans, trustees, administrators,
fiduciaries, agents, and all persons acting for or on behalf
of the Company, both individually and in their representative
capacities (collectively, including the Company, the "Released
Parties") from any and all claims, charges, complaints,
demands, liabilities, obligations, injuries, actions or rights
of action of any nature whatsoever (including claims for
attorneys' fees, interest and costs), whether known or
unknown, disclosed or undisclosed, administrative or judicial,
suspected or unsuspected, arising out of or in any manner
connected with any act, omission or event occurring in whole
or in part on or before the date Employee signs this
Agreement, including but not limited to any and all claims
arising from Employee's employment with the Company or the
termination of Employee's employment with the Company and
specifically includes, but is not limited to, and constitutes
a complete waiver of, any and all possible claims under the
Age and Other Discrimination Laws through the date
Em
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