Exhibit 10.18
GENERAL WAIVER AND RELEASE OF
CLAIMS
THIS GENERAL WAIVER AND RELEASE OF CLAIMS IS
ENTERED INTO THIS 17 TH DAY OF JANUARY, 2006 BETWEEN
MEDICAL STAFFING NETWORK HOLDINGS, INC., MEDICAL STAFFING NETWORK,
INC. (COLLECTIVELY “MSN”) AND GARY PECK.
1. Resignation . MSN
has accepted your resignation effective January 16, 2006. For
purposes of this Waiver and Release, MSN has agreed to treat your
resignation as a Termination by the Executive for Good Reason, as
that term is defined in your Employment Agreement with MSN, a copy
of which is attached as Exhibit A.
2. Contractual Requirement
to Execute a General Waiver and Release of Claims (Waiver and
Release). Pursuant to Section 6(f)(iv) in your Employment
Agreement, payment of any amounts pursuant to Section 6(f),
Payments upon Termination shall be expressly conditioned
upon your execution of this Waiver and Release against MSN and its
officers, directors, agents, and affiliates. Furthermore, this
Waiver and Release will be deemed Confidential Information as
defined in Section 7(a) of your Employment Agreement.
3. Full Satisfaction .
You hereby acknowledge and agree that, except for the payments
specified in Section 6(f) Payments upon Termination in your
Employment Agreement you will not be entitled to any other
compensation or benefits from MSN, except as follows:
(a) After the effective date
of this Waiver and Release, MSN will pay you the equivalent of 12
month’s salary, as described in Section 6(f)(ii) of your
Employment Agreement. These payments will be made in installments,
minus applicable taxes, coinciding with MSN’s payroll
period.
(b) Upon your resignation, you
will be eligible for continued coverage under MSN’s health
plan COBRA provisions. During the Severance Period, as defined in
your Employment Agreement, MSN will provide you such coverage at no
cost to you. Thereafter, you may elect to continue your health
coverage, if eligible under the terms of MSN’s COBRA
policies, at the full COBRA premium.
(c) You are also entitled to
the payments set forth in Section 6(f)(i) of your Employment
Agreement.
4. General Release
.
(a) You hereby agree on behalf
of yourself, your agents, assignees, attorneys, successors,
assigns, heirs and executors, to, and you do hereby, fully and
completely forever release MSN and its officers, directors, agents
and affiliates (hereinafter collectively referred to as the
“Releasees”), from any and all causes of
