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GENERAL RELEASE AND SETTLEMENT
AGREEMENT
David S. Rahilly and Katy Industries, Inc., for
good and valuable consideration, the receipt and adequacy of which
are mutually acknowledged and agreed to by the parties, do hereby
covenant and agree as follows:
1.
The following terms as used in this General
Release and Settlement Agreement ("Agreement") shall be defined as
set forth in subparagraphs (a) and (b) of this
paragraph:
(a) All references
to "Employee" shall refer to David S. Rahilly and his estate,
heirs, devisees, legatees, representatives, spouse(s), attorneys,
agents, executors, administrators, agents, successors, sureties and
assignees.
(b) All references
to "Katy" shall refer to Katy Industries, Inc. and its employees,
directors, officers, partners, venturers, members, subsidiary
corporations, affiliated corporations, parent corporations,
divisions, agents, attorneys, predecessors, successors, sureties,
assignees and other related entities.
2.
Employee’s employment with Katy will end on
January 5, 2007 ("Termination Date"). Employee agrees that after
the Termination Date Employee will not seek or accept employment
with Katy. Employee agrees that after the Termination Date, in
order to minimize distractions and interruptions, Employee will not
report to work for Katy and will not enter Katy’s
premises.
3.
As consideration for the release of claims
described in Paragraph 4 below and the other promises and
consideration described herein, Katy will pay Employee $9,615.39 on
a bi-weekly basis for six (6) months less deductions for payroll
taxes. (This is the equivalent of $125,000.00 or six (6) months of
Employee’s regular annual base salary.) Katy shall begin
these payments to Employee within 14 days of the date Katy receives
this Agreement signed by Employee. Employee acknowledges that these
payments as described in this Paragraph 3 constitute special
payments which Employee would not be entitled to receive if
Employee did not enter into this Agreement with Katy.
4.
Employee agrees to RELEASE, ACQUIT, AND FOREVER
DISCHARGE Katy from any and all claims, known or unknown, foreseen
or unforeseen, matured or unmatured, developed or undeveloped,
discoverable or undiscoverable, which exist as of the effective
date of this Agreement including, but not limited to, any and all
claims arising out of, involving, or related to Employee’s
hire, employment or termination of employment with Katy. It is
expressly understood that this Agreement extinguishes any and all
claims relating to Employee’s termination of employment
specifically including, but not limited to, claims for damages,
wages, costs, or attorneys’ fees, whether arising under tort
or contract theories, or any federal, state, or local law,
including but not limited to any claims pursuant to Title VII of
the Civil Rights Act of 1964, as amended by the Civil Rights Act of
1991 and otherwise, 42 U.S.C. § 2000e et
seq .; the Civil Rights Act of 1866, 42 U.S.C. § 1981
as amended by the Civil Rights Act of 1991; the Civil Rights Act of
1870, 42 U.S.C. § 1983; the Age Discrimination in Employment
Act, 29 U.S.C. § 621 et seq .; the Older
Workers’ Benefit Protection Act, as amended; the Equal Pay
Act, 29 U.S.C. § 206(d) et seq .; the
Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 as
amended by the Civil Rights Act of 1991; the Employee Retirement
Income Security Act; the Rehabilitation in Employment Act, 29
U.S.C. § 793 et seq .; Executive Order
No. 11246 and/or 11375; any other federal law; any state
anti-discrimination law; any other state or local statutory,
court-made or administrative laws, regulations, ordinances or
executive orders; any alleged contract, whether written or implied
between Employee and Katy, or other persons or entities covered by
this Agreement; any claims for discrimination based on age, sex,
race, national origin, color, religion, disability or any other
protected class; and/or any other basis whatsoever, whether or not
characterized as violations continuing in nature. Employee agrees
Employee will not file a lawsuit against Katy in any state or
federal court based on anything that has occurred up to the date of
this Agreement. Employee represents and warrants that Employee has
not filed any lawsuit or administrative agency charge against Katy.
Employee agrees that if a claim or charge is filed against Katy by
or on Employee’s behalf, Employee will not accept any
judgment or settlement money
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