SETTLEMENT AGREEMENT AND
GENERAL RELEASE
Mike Voss (hereinafter “Voss”) and
The Spectranetics Corporation (hereinafter “the
Company”) (hereafter “the Parties”) voluntarily
agree to completely settle and resolve all claims Voss may have
against the Company as of the time Voss executes this Settlement
Agreement and General Release, in accordance with the terms of this
Settlement Agreement and General Release, including, but not
limited to, all issues related to or arising out of Voss’s
employment with the Company and the cessation of Voss’s
employment with the Company effective as of July 1, 2009, as
follows:
WHEREAS, the Parties want to avoid litigation,
costs, legal fees and inconvenience;
NOW, THEREFORE, for and in consideration of the
provisions, covenants and mutual promises contained herein, the
Parties hereby agree as follows:
1. Payment Terms. The Company shall
pay Voss in the amounts and at such times as set forth below within
seven (7) days after the expiration of the seven (7) day
revocation period described in Paragraph 12 below, and after
receipt by the Company’s counsel of an original of this
Settlement Agreement and General Release executed and dated by
Voss. The payment (“Settlement Payment”) shall be made
in the following manner:
a. The Company
will pay and cause to be delivered to Voss, as severance pay, in
the gross amount of One Hundred Seventy Thousand Dollars
($170,000.00) less required payroll deductions (e.g. health
benefits for July) and taxes, payable in twelve equal installments
of $14,166.66, commencing on July 23, 2009 and ending on
December 23, 2009. An IRS Form W-2 will be issued to Voss by
the Company.
b. If Voss
elects COBRA coverage, the Company agrees to reimburse Voss up to
$9,151.62 to assist in covering the cost of the COBRA coverage. The
Company will reimburse Voss after receiving receipts showing
payment made for contributions to his COBRA health care coverage by
Voss.
c. Voss
acknowledges that in this Settlement Agreement and General Release
he is receiving more money, compensation and benefits than he would
otherwise be entitled to receive from the Company.
a. To the
greatest extent permitted by law, Voss agrees to release the
Company regarding all claims he has or might have as of the time of
execution of this Settlement Agreement and General Release, whether
known or unknown. By way of explanation, but not limiting its
completeness, Voss, hereby fully, finally and unconditionally
releases, compromises, waives and forever discharges the Company
from and for any and all claims, liabilities, suits, discrimination
or other charges, personal injuries, demands, debts, liens,
damages, costs, grievances, injuries, actions or rights of action
of any nature whatsoever, known or unknown, liquidated or
unliquidated, absolute or contingent, whether in tort, contract, or
otherwise, in law or in equity, whether statutory or common law,
which was or could have been filed with any federal, state, local
or private court, agency, arbitrator or any other entity, based
directly or indirectly upon Voss’s employment with the
Company, the cessation of his employment, and any alleged act or
omission to act by the Released Parties, whether related or
unrelated to his employment, occurring and/or accruing prior to the
execution, by Voss, of this Settlement Agreement and General
Release. Voss further waives any right to any form of recovery,
compensation or other remedy in any action brought by him or on his
behalf.
b. Without
limiting the foregoing terms, this Settlement Agreement and General
Release specifically includes all claims of Voss. The release
includes any tort, and any and all claims Voss may have arising
from any federal, state or local constitution, statute, regulation,
rule, ordinance, order, public policy, contract or common law, and
all claims under the Age Discrimination in Employment
Act.
c. This
Settlement Agreement and General Release includes and extinguishes
all claims Voss may have for equitable and legal relief,
attorneys’ fees and costs. More particularly, Voss
acknowledges that this Settlement Agreement and General Release is
intended to be a resolution of disputed claims and that Voss is not
a “prevailing party.” Moreover, Voss specifically
intends and agrees that this Agreement and Release fully
contemplates claims for attorney’s fees and costs, and hereby
waives, compromises, releases and discharges any such claims and
liens.
d. Voss agrees
that this release includes all claims and potential claims against
the Company and any affiliated companies, including their parents,
subsidiaries, divisions, partners, joint ventures, sister
corporations, and as intended third-party beneficiaries, their
predecessors, successors, heirs and assigns, and their past,
present and future owners, directors, officers, members, agents,
attorneys, Voss’s representatives, trustees, administrators,
fiduciaries and insurers, jointly and severally, in their
individual, fiduciary and corpor
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