EXHIBIT 10.35
EMPLOYMENT SEPARATION AGREEMENT BETWEEN
PYRAMID BREWERIES INC. AND GARY MCGRATH
This agreement (the “Employment
Separation Agreement”) between you, Gary McGrath and us,
Pyramid Breweries, Inc. (“Pyramid”), is dated for
reference purposes November 29, 2007 which is the date we
delivered it to you for your consideration.
1. Your full-time employment by
us is terminated effective December 28, 2007 (the
“Separation Date”).
2. You will be paid:
(a) your regular base salary, less authorized and customary
deductions and withholdings, through the Separation Date;
(b) the cash value of your current, accrued but unused
vacation, less customary tax and other withholdings; (c) your
normal salary, less authorized and customary deductions and
withholdings, from the Separation Date through June 27, 2008,
which represents a period of six months. Any sick leave you have
accrued will be forfeited on the Separation Date. You understand
and agree that you have no right to receive any further payments
for salary, bonuses, profit sharing or any other form of
compensation or incentive compensation unless indicated in this
document. Payments under 2 (c) will not begin until you have
executed this Employment Separation Agreement and the revocation
period set forth at paragraph 14 has expired.
3. Your participation in all
Pyramid health/dental plans ends on June 30, 2008 per the
terms of your Termination Clause. After that date continuation
coverage of health/dental insurance will be made available to you
and your dependents, at your expense, to the extent required by
federal law. Your rights under any retirement benefit plans in
which you may have participated will be determined in accordance
with the written plan documents governing those plans.
4. You will be paid a pro rata
share, through December 28, 2007 (your termination date) of
any 2007 personal performance bonus awards for which you are
eligible for under the 2007 Officer Incentive Compensation Plan in
the year of termination upon approval of the Compensation
Committee.
5. You will be granted a pro
rata share through December 28, 2007 (your termination date)
for any stock awards or stock units as set forth in the letter
dated April 26, 2006 re: Revision in Officer Compensation and
Termination Provisions.
6 All telephone reference checks and
verifications of your prior employment must be directed to Human
Resources. In response to any such inquiries, Human Resources will
only disclose dates of employment, last position held, duties and
responsibilities in that position, and final rate of pay.
7. In consideration for the
payments and other promises described at paragraphs 1, 2, 3, 4 and
5, you hereby release us from any and all claims of any kind, known
or unknown, related to or arising out of your employment by Pyramid
and/or the separation of that
employment. You specifically understand that you are waiving any
rights or claims that you may have under any federal, state or
local law, including without limitation the Civil Rights Act of
1964 (including Title VII of that Act); the Age Discrimination in
Employment Act of 1967, American With Disabilities Act, the Older
Workers Benefit Protection Act, the Family and Medical Leave Act,
the Employee Retirement Income Security Act and the Washington Law
Against Discrimination. You understand that the claims you are
releasing include any claims for discrimination on the basis of age
under federal, state or local law. The release you are giving
releases not only all claims you may have against Pyramid, but also
all claims you may have against Pyramid’s past and present
shareholders, officers, directors, agents, employees,
representatives, attorneys, parents, subsidiaries, affiliates,
benefit plans, pre
