SEVERANCE AGREEMENT AND
RELEASE AND WAIVER OF CLAIMS
This Severance
Agreement and Release and Waiver of Claims (this
“Agreement”) is made and entered into as of this
27 th
day of February 2009, by and
between Jerry Pientka (hereinafter referred to as
“Employee”) and First Industrial Investments, Inc.
(hereinafter referred to as “Employer”).
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A.
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Employee has been employed by
Employer.
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B.
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Employee’s employment with
Employer will be terminated, effective February 27, 2009 (the
“Termination Date”).
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C.
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The
parties desire an amicable separation and to affect such desire
Employer offers Employee a severance package if Employee agrees to
settle and compromise any and all claims and issues Employee has,
or may have, or may claim to have against Employer.
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NOW,
THEREFORE, in consideration of the recitals and the mutual
covenants hereinafter set forth, the parties hereto agree as
follows:
Section 1. Termination of
Employment .
Employee’s employment with Employer is terminated, effective
February 27, 2009.
Section 2. Severance
Payment . In
consideration for the promises made in this Agreement, Employer
agrees to pay Employee a severance payment of $60,000.00 (the
“Severance Payment”), payable in one lump sum within
ten (10) days following the Effective Date (as defined in
Section 9 below). The Severance Payment is subject to all
applicable reporting and deductions. Employee expressly agrees,
understands and acknowledges that some or all of the Severance
Payment provided Employee under this Section 2 constitutes pay
in excess of that to which a separated employee of Employer would
be entitled without entering into this Agreement. Employee
acknowledges that the above pay, along with the other promises set
forth in this Agreement, are being provided by Employer as
consideration for Employee entering into this Agreement, including
the release of claims and waiver of rights provided for in
Section 8.
Section 3. Bonus Payment
. Employer agrees to pay the
Employee a bonus payment in accordance with Employee’s
employment contract equal to $253,117, payable in one lump sum
within ten (10) days following the Effective Date (as defined
in Section 9 below). The Bonus payment is subject to all
applicable reporting and deductions.
Section 4. HealthCare
Coverage . For
3 month(s) beginning on March 1, 2009, Employer will pay
Employee’s COBRA premiums pertaining to coverage for the
health and dental insurance benefit programs in which Employee
participated on the Termination Date, to the extent
Employer’s insurer permits. However, Employee agrees to
immediately notify Employer if Employee obtains other employment
during the Benefit Period which offers health and dental insurance
to Employee. Employer’s obligation to continue COBRA premiums
on behalf of Employee shall cease upon Employee’s eligibility
for health and dental insurance with Employee’s other
employment.
Section 5. No Other
Payments . Employee
agrees that, other than the payments specified in Sections 2
through 4 herein, Employee will not be entitled to, and will make
no claims for, any other payments. No additional Paid Time Off, or
other benefits, shall accrue following the Employee’s
Termination Date.
Section 6. Vacation Pay and Expense
Reimbursement .
Employer agrees to pay Employee’s accrued but not taken
vacation pay and to reimburse Employee for all appropriate expense
reimbursements submitted in accordance with Employer’s policy
regarding expense reimbursements. Employee agrees to submit such
expenses no later than March 13, 2009. Payment will be made on
the first regularly scheduled pay period following the
Employee’s Termination Date.
Section 7. Employee
Conduct . Employee
agrees that, at all times following the signing of this Agreement,
Employee shall not engage in any vilification of or calumny against
Employer, and shall refrain from making any false, negative,
critical or disparaging statements of any kind, implied or
expressed, concerning Employer, including, but not limited to,
management style, methods of doing business, the quality of
products and services, role in the community, financial condition
or treatment of employees. Employee further agrees to do nothing
that would damage Employer’s business reputation or good
will.
Section 8. Release of Claims and Waiver
of Rights . In return
for the receipt of the entirety of the consideration described in
Sections 2, and 3, Employee, for Employee and Employee’s
heirs, executors, spouse and administrators, hereby releases and
forever discharges Employer, its parent, affiliates, subsidiaries,
members, predecessors and all other related business entities,
their past and present owners, officers, directors, agents,
shareholders, attorneys and employees from any and all claims or
causes of action of any type arising out of Employee’s
employment with Employer or the termination thereof that Employee
had or now has including, without limitation, claims arising under
the Family and Medical Leave Act (“FMLA”); Age
Discrimination In Employment Act (“ADEA”); Title VII of
the Civil Rights Act of 1964, 42 U.S.C. §§ 2000 et
seq . (as amended) (“Title VII”); the Civil
Rights Act of 1866, 42 U.S.C. § 1981; the Civil Rights Act of
1991, Pub. L. No. 102-166; the Occupational Safety and Health
Act; the Rehabilitation Act of 1973, 29 U.S.C. §§ 701,
et seq .; the Equal Pay Act; the Employee Retirement
Income Security Act (“ERISA”); Federal Executive Order
11246; the Americans With Disabilities Act (“ADA”); the
Illinois Human Rights Act; the Cook
County Human
Rights Ordinance; the Chicago Human Ri
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