Exhibit 10.1
SEPARATION AGREEMENT AND RELEASE
This Separation Agreement and Release
(hereinafter this “Agreement”) is entered into this 8th
day of February 2008 (hereinafter the “Effective
Date”), by and between Vocus, Inc. (hereinafter
“Vocus”) and Robert Lentz (hereinafter
“Employee”).
WHEREAS, Employee has been employed
by Vocus as Chief Technology Officer; and
WHEREAS, Employee and Vocus are
parties to an Employment Agreement dated December 6, 2005
(hereinafter the “Employment Agreement”) which is
attached hereto as Exhibit A and is hereby incorporated by
reference; and
WHEREAS, Vocus and Employee have
agreed that Employee will cease to be employed by VOCUS after
February 8, 2008; and
WHEREAS, Vocus and Employee desire to
resolve all outstanding issues or future issues of any kind and
reach a full and final settlement as to the Employment Agreement
and all other issues relating to Employee’s employment with
Vocus.
NOW THEREFORE, for and in
consideration of the foregoing and of the terms, conditions and
agreements set forth herein and other good and valuable
consideration, the receipt and sufficiency of which is hereby
acknowledged, Employee and Vocus agree as follows:
I.
RESIGNATION . Effective as of February 8, 2008, Employee
voluntarily resigns from his position as Chief Technology Officer,
and Vocus hereby accepts his resignation (hereinafter the
“Resignation Date”). It is agreed that effective as of
the Resignation Date, the Employee has no further privileges,
duties, or obligations in his capacity as Chief Technology Officer.
The parties agree that the payment of any sums after the
Resignation Date by Vocus to Employee pursuant to this Agreement
shall not be considered wages, and Employee shall be responsible
for any tax liability associated with any payments made to him
pursuant to this Agreement. Vocus shall, however, withhold the
ordinary and customary federal and state taxes to such extent as
required by law.
II.
CONSIDERATION .
(A) Health Benefits .
Employee, and his qualified beneficiaries, may be eligible for
benefit continuation under Vocus’ group health plan in
accordance with the provisions of the federal Consolidated Budget
Reconciliation Act (“COBRA”). Vocus will pay One
Hundred (100%) of Employee’s and Employee’s qualified
beneficiaries’ COBRA costs, including all premiums, for a
period of twelve (12) months following the Resignation Date.
Thereafter, Employee and/or Employee’s qualified
beneficiaries shall
be
responsible for the full cost of COBRA coverage should they elect
to continue such coverage.
(B) Stock Options .
Notwithstanding any provisions set forth in any plan documents or
agreements, any stock options granted by Vocus to Employee as of
the Resignation Date shall continue to vest for twelve
(12) months following the Resignation Date, in accordance with
the terms and conditions (other than the vesting terms) of the
applicable plan documents associated with any such stock options,
provided that such continued vesting shall only occur if Employee
continues acting as a strategic consultant as set forth in
Section III(A) below.
III.
CONSULTANT AND BOARD OF DIRECTORS.
(A) Employee agrees that from
the Resignation Date through February 8, 2009 (hereinafter the
“Consultation Period”), and for no additional
compensation other than as provided in this Agreement, Employee
shall continue as a strategic consultant of Vocus and, as such,
shall make himself available to provide such advice and assistance
as Vocus may from time to time reasonably request during the
Consultation Period. Provided, however, that Employee shall not be
required to work more than eight (8) hours per day, two
(2) days per week, eight (8) days per month or ninety-six
(96) days per year as a strategic consultant during the
Consultation Period. During the Consultation Period, Employee shall
report directly to Vocus’ Chief Executive Officer. The
parties agree that during the Consultation Period the relation
created by this Agreement is that of contractee and independent
contractor. Employee shall not be an employee of Vocus during the
Consultation Period. During the Consultation Period Employee shall
have control over the manner and means of performing his job
functions as a Strategic Consultant and shall complete it according
to his own means and methods of work.
(B) Employee agrees to continue
to serve as a member of Vocus’ Board of Directors until his
current term as a member of the company’s Board of Directors
terminates. For the remainder of his term as a member of
Vocus’ Board of Directors, Employee shall not receive any
compensation beyond the compensation set forth herein and, hereby,
waives any rights to any monetary or equity based consideration
normally paid to non-employee members of the company’s Board
of Directors.
(C) Vocus shall promptly
reimb