Separation Agreement and General
Release
Agreement made
by and between MicroFinancial Inc. its successors, assigns,
officers, directors, stockholders, agents, and employees (hereafter
referred to as the “Company”) and Thomas Herlihy, your
executors, heirs, administrators, and assigns (hereafter referred
to as “You”). In consideration of the mutual covenants
contained herein, the parties agree as follows:
1. Duties
and Responsibilities . You will relinquish all duties and
responsibilities, and your employment will terminate as of
May 18, 2009 (your Separation Date ).
2.
Separation Pay . The Company agrees to pay you 4 months
of Separation Pay, in addition to the unused accrued vacation (48.6
hours), and floater pay (2.83 hours), totaling (51.43 hours), to
which you are entitled. You will receive this Separation Pay in the
form of a bi-weekly payment equivalent to your most recent normal
bi-weekly pay, less applicable deductions for taxes and any
employee benefits.
3. Insurance
and other Benefits .
a. Group
Health and Dental Coverage . If enrolled, Microfinancial Inc.
will continue to pay your medical and dental benefits for thirty
days at the end of your separation pay period. At the end of the
thirty days, you will be eligible to continue medical and dental
coverage at your own expense as provided by state and federal COBRA
(Consolidated Omnibus Budget Reconciliation Act of 1985).
Eligibility to continue this insurance stops upon the termination
of any period allowed by law. You agree to notify the Company
promptly when you are covered by another plan.
b.
Retirement Plans . You shall be entitled to your vested
benefit in the Company’s 401(k) Plan. Service credit will
cease as of your Separation Date .
c.
Vacation Pay . You have received full payment for all
accrued unused vacation as of your Separation Date
.
d.
Cessation of Benefits . Unless otherwise provided for
expressly in this Agreement, all other benefits have ceased as of
your Separation Date , including without limitation, the
accrual of vacation, floater or other pay, and life, LTD,
401(k).
a. In
consideration of the payment of continued salary and other benefits
set forth in this Agreement, you for yourself, your executors,
heirs, administrators, assigns, and anyone else claiming by,
through or under you, irrevocably and unconditionally, release, and
forever discharge the Company from, and with respect to, any and
all debts, demands, actions, causes of action, suits, covenants,
contracts, wages, bonuses, damages and any and all claims, demands,
liabilities, and expenses (including attorneys’ fees and
costs) whatsoever of any name or nature both in law and in equity,
whether known or unknown (“Claim”) which you now have,
ever had or may in the future have against the Company by reason of
any matter, cause or thing which has happened, developed or
occurred before the signing of this Agreement, including, but not
limited to, whether known or unknown, either at law, in equity, or
mixed, that you ever had, now have, or can, shall, or may have,
against the Company by reason of, on account of, or arising out of
any matter, cause or thing whatsoever, which has happened,
developed, or occurred before the signing of this Agreement
including but not limited to (i) any and all claims, asserted
or unasserted, arising from your employment with or separation from
the Company, and specifically including any claims you may have
under any federal, state or local labor, employment,
discrimination, human rights, civil rights, wage/hour, pension, or
tort law, statute, order, rule, regulation or public policy,
including but not limited to, those arising under
the Age
Discrimination in Employment Act, the Older Workers Benefit
Protection Act, the National Labor Relations Act, the Fair Labor
Standards Act, the Fair Credit Reporting Act, the Occupational
Safety and Health Act of 1970, the Americans With Disabilities Act
of 1990, the Civil Rights Acts of 1964 and 1991, the Civil Rights
Act of 1866, the Employee Retirement Income Security Act of 1974,
the Rehabilitation Act of 1973, the Family and Medical Leave Act of
1993, the Equal Pay Act of 1963, the Massachusetts Fair Employment
Practices Act, M.G.L. c. 151B, and the Massachusetts Civil Rights
Act, all as amended, (ii) those arising under common law,
including but not limited to claims or suits for intentional
interference with contractual relations, breach of the implied
covenant of good faith and fair dealing, breach of contract,
wrongful termination, negligent supervision, negligence,
intentional and negligent infliction of emotional distress,
defamation, false imprisonment, libel, and slander, and
(iii) any other action or grievance against the other party
based up
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