SEVERANCE AND RELEASE
AGREEMENT
This Severance and
Release Agreement (this “Agreement”) is made as of this
27th day of October, 2006, by and between Intersections Inc. (the
“Corporation”) and C. Patrick Garner (the
“Executive”).
WHEREAS, the
Executive has been employed by the Corporation as its Executive
Vice President for Strategic Policy pursuant to an Employment
Agreement between the parties dated January 16, 2004 (the
“Employment Agreement”), and was subsequently appointed
by the Board of Directors of the Corporation to serve as its Chief
Marketing Officer; and
WHEREAS, the
parties wish with this Agreement, among other things, to terminate
the employment relationship created under the Employment Agreement
or otherwise, to provide for certain severance and related benefits
to the Executive as required by the Employment Agreement in
connection with such termination, and to provide for a release of
the Corporation by the Executive any claims arising out of such
termination, all as more particularly set forth herein.
NOW THEREFORE, in
consideration of the premises and the mutual covenants and
agreements herein contained and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1.
Termination . Executive’s employment by the
Corporation will be terminated, effective October 27,
2006.
2.
Severance Benefit . In accordance with Section 6(g) of the
Employment Agreement, the Corporation shall pay to the Executive,
net of any amounts required to be withheld pursuant to Section 9(c)
thereof, a lump sum severance benefit in an amount equal to
$400,557.79 on April 27, 2006, which is one hundred and eighty
one days following the termination of the Executive’s
employment by the Corporation.
3. COBRA
Benefits . The Corporation shall comply fully with its
obligations under Section 6(g) of the Employment Agreement with
respect to medical benefit continuation.
(a) The
Executive hereby releases and discharges the Corporation, its
directors, officers, agents, employees and any and all affiliated
companies, as well as any successor to the Corporation (each, a
“Released Party” and collectively, the “Released
Parties”), from all claims, liabilities, demands, obligations
and causes of action fixed or contingent, which the Executive may
have or claim to have against the Corporation or any other arising
from his employment or as a result of the termination