EXHIBIT 10.2
TERMINATION
AGREEMENT AND
GENERAL RELEASE OF ALL CLAIMS
This Termination
Agreement and General Release (the "Agreement") by and between
Quantum Corporation, a Delaware corporation (“Quantum”
or “Company”), and George Kreigler III (Quantum
employee #9032) (“Mr. Kreigler”), collectively, (the
“Parties”).
WHEREAS
, the Company and Mr. Kreigler have previously agreed, by letter of
agreement dated December 16, 2003, to the terms of certain enhanced
severance benefits payable to Mr. Kreigler under conditions set out
more fully therein and attached hereto as Attachment A; and
WHEREAS
, the Company and Mr. Kreigler have further agreed to mutually and
amicably end the employment relationship in accordance with the
terms and conditions hereinafter set forth;
NOW,
THEREFORE , in consideration of the mutual promises set forth
herein the Parties agree as follows.
1. Definition of Parties :
References in this Agreement to “Quantum” shall include
any and all parent, subsidiary and affiliated corporations and
business entities and all shareholders, officers, directors,
agents, managers, employees, representatives, attorneys, and
successors and assigns of those corporations and entities.
References in this Agreement to “George Kreigler III”
or “Mr. Kreigler” shall include all of his
representatives, attorneys, heirs, and successors and assigns.
2. Quantum's Consideration For Agreement
: Quantum agrees to provide Mr. Kreigler with the following
benefits. These benefits are in addition to any payments or
benefits for which Mr. Kreigler is otherwise eligible as a result
of the termination of his employment:
a)
Severance Pay .
Quantum agrees
to pay Mr. Kreigler the sum of Three Hundred and Four Thousand,
Five Hundred dollars and 00/100 ($304,500.00), which represents his
base salary for a 12 month period. This amount shall be paid
by check in a single lump sum less all normal payroll deductions
two weeks after the Termination Date. In addition, Mr.
Kreigler will be compensated for four weeks of unused vacation in
the amount of $23, 423.08.
b)
Benefit Continuation .
If Mr. Kreigler
is enrolled in a medical, dental, vision or Employee Assistance
Program (EAP) plan sponsored by Quantum on the Termination Date, he
shall be entitled to remain an active participant in such benefits
at no additional cost to him through the end of the month in which
employment terminates. The normal employee-employer premium
contributions will apply. Thereafter, he has the option to
continue coverage through COBRA at his own cost.
c) Quantum
shall continue Mr. Kreigler’s group-term life insurance
coverage in effect at the time of the Termination Date for sixty
(60) days following the Termination Date. If Mr. Kreigler
fails to make timely payment of his costs for such coverage, such
coverage shall terminate effective as of the first day of the
period for which timely payment was not received.
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3. Mr. Kreigler’s Last Day of Regular
Employment : Mr. Kreigler’s last day of regular
employment at Quantum and his Termination Date shall be June 1,
2005. Mr. Kreigler has agreed to be available as needed as a
consultant to Quantum for six months following the Termination Date
without additional consideration.
4. Mr. Kreigler’s Waiver of All Legal
Claims : In consideration for the payments and
promises described above, Mr. Kreigler does hereby completely
release and forever discharge Quantum from all claims, rights,
obligations, and causes of action of any and every kind and
character, known or unknown, which Mr. Kreigler may now have, or
has ever had, arising from
