Exhibit 10.1
This letter
agreement (the “Agreement”) sets forth the terms of the
termination of your employment with TheStreet.com, Inc. (together
with its subsidiaries, the “Company”).
1. Your employment, which commenced
on July 5, 2006, will cease effective the close of business on May
8, 2009. Moreover, upon your signing of this
Agreement on the date indicated below (the “Execution
Date”), the Employment Agreement between you and the Company
dated as of June 30, 2008 (the “Employment Agreement”)
shall terminate, and all obligations thereunder shall cease, except
for the obligations and agreements set out in Sections 5, 6, and 7
thereof, which shall remain in effect.
2. In consideration of your signing
of this Agreement and the release set out in paragraph 3 herein,
and subject to your return of all Company property in your
possession to the Company and your continued compliance with
Sections 5 and 6 of the Employment
Agreement related to non-competition, non-solicitation and
confidentiality, the Company will pay you : (i) a lump sum payment
of $100,000, minus all amounts required to be withheld by law
including applicable taxes, which shall be payable on the eighth
day following the Execution Date, provided you have not revoked
this Agreement during that time; and (ii) the amount of your
accrued unpaid salary and accrued unused vacation days through May
8, 2009, which will be paid on May 15, 2009, your next regular pay
day. You hereby acknowledge and agree that, other than
as specifically set forth in this Agreement, you are not due any
compensation from the Company, including compensation for unpaid
salary, bonus, commission, profit share, severance, accrued or
unused vacation or sick time, or in connection with the exercise of
stock options or unvested equity grants.
3. In consideration of the payments and benefits
provided to you under this Agreement and after consultation with
counsel, you and each of your respective heirs, executors,
administrators, representatives, agents, successors and assigns
(collectively the “Ashman Parties”) hereby irrevocably
and unconditionally release and forever discharge the Company and
its subsidiaries and affiliates and each of their respective
officers, employees, directors, managers, shareholders and agents
(collectively, the “Company Parties”), from any and all
claims, actions, causes of action, rights, judgments, fees and
costs (including attorneys’ fees), obligations, damages,
demands, accountings or liabilities of whatever kind or character
(collectively, “Claims”), including, without
limitation, any Claims based upon contract, tort, or under any
federal, state, local or foreign law, including but not limited to,
any claims under Age Discrimination in Employment Act, Older Worker
Benefit Protection Act, Title VII of the Civil Rights Act of 1964,
as amended, 42 U.S.C. Section 1981, the Americans with Disabilities
Act, as amended, the Family and Medical Leave Act, as amended, the
Employee Retirement Income Security Act of 1974, as amended, the
Civil Rights Act of 1991, as amended, the Civil Code Section 1542,
the New York Human Rights Law, the Administrative Code of the City
of New York, and the Consolidated Omnibus Budget
Reconciliation Act (COBRA), as amended, or any other federal, state
or local
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