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EXHIBIT 10.89
SEVERANCE AGREEMENT
THIS SEVERANCE AGREEMENT (the "AGREEMENT") dated as of August _____,
2000 is made between IMC MORTGAGE COMPANY, a Florida corporation ("IMC") and
______________________________________________ (the "ASSOCIATE").
FACTUAL BACKGROUND
The following facts are the background for this Agreement:
A. IMC is in the process of winding down its affairs and
liquidating its assets and it is unable to offer qualified individuals the
prospect of long-term employment or promotion.
B. IMC has a need to retain capable employees and particularly
those with specialized knowledge of IMC, its means of operations and historical
businesses.
C. IMC has established the severance benefits provided in this
Agreement in order to induce the Associate to remain with IMC notwithstanding
its wind-down.
NOW, THEREFORE, in consideration of the mutual benefits to be derived
herefrom, the parties hereto agree as follows:
1. Severance Package. In the event of a "Severance Termination"
(as defined below), IMC will, on the effective date of termination
("TERMINATION DATE") of the Associate's employment by IMC, pay the following
(the "SEVERANCE PAYMENTS"): (a) pre-pay to the Associate the Associate's base
salary for a period of 90 days (the "POST-TERMINATION PERIOD") following the
Termination Date; and (b) make adequate provision (which may be in the form of
pre-paying for benefits or paying the Associate an amount equal to the cost of
the Associate's obtaining similar benefits) for all employee benefits
(including, without limitation, the employer's portion of social security and
medicare payments, employer's portion of health and accident insurance and any
other benefits in effect at the Termination Date) for the Post-Termination
Period.
2. Severance Termination. A "SEVERANCE TERMINATION" shall be
termination of the Associate's employment by IMC for any reason other than (i)
"Cause" (as defined below), or (ii) a voluntary decision by the Associate to
resign from employment with IMC. For purposes of this Agreement, "CAUSE" shall
be defined as any of the following, which act or omission is made or omitted by
the Associate: (a) actions by the Associate constituting fraud, embezzlement or
dishonesty; (b) actions by the Associate in intentionally furnishing materially
false, misleading or omissive information to IMC's chief executive officer or
Board of Directors; (c) actions constituting a breach of the confidentiality of
the trade secrets of IMC which is materially detrimental to IMC; or (d) acts or
omissions which constitute willful failure to follow the reasonable lawful
directions of the company's chief executive officer, which directives are
consistent with the Associate's job responsibilities.
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3. Total Payment. The Associate agrees that upon receipt of the
Severance Payment together with reimbursement of any expenses incurred by the
Associate on behalf of IMC which are normally reimbursable under IMC's policies
as in effect on the Termination Date, Associate will receive such amounts in
full satisfaction of any and all claims which Associate may have against IMC
for all matters relating to the Associate's employment by IMC, including,
without limitation, base salary, bonus payments, accrued vacation pay and sick
pay, benefits, contributions to employee benefit plans, stock options, claims
under any employment agreement as may exist between the Associate and IMC on
the Effective Date and any other amounts which Associate may claim due from
IMC, known or unknown, and whether accrued or past due. Associate acknowledges
that simultaneously with receipt of the Severance Payment, Associate may be
asked to sign a general and irrevocable release of IMC, its officers,
directors, employees, shareholders, attorneys and accountants as a condition
precedent to receipt of such Severance Payment. Notwithstanding the foregoing,
the receipt of the Severance Payment in full satisfaction of all such claims
and the general release will not release: (i) IMC of its obligations to provide
indemnification (including, without limitation, advancement of payment and
costs and expenses including attorneys' fees), including, without limitation,
indemnification under Florida Statutes 607.0850, under IMC's Articles of
Incorporation or Bylaws or under any separate indemnification agreement which
may exist between the Associate and IMC including, without limitation, any such
indemnification included in any employment agreement between IMC and Associate;
(ii) any claims of the Associate under any directors or officers liability
insurance or other insurance or indemnity policies in effect providing coverage
for the Associate; or (iii) any rights of the Associate which are vested under
any employee benefit plan including, without limitation, 401(k) plans, health,
accident and life insurance plans.
4. Miscellaneous. This Agreement constitutes the entire
agreement between the parties with regard to the subject matter set forth
herein. There are no other understandings or agreements verbal or otherwise in
relation thereto. No supplement, modification, change or waiver of this
agreement for any provision hereby shall be binding unless executed in writing
by the parties to be bound thereby. This Agreement shall be governed and
construed in accordance with the laws of the State of Florida and shall inure
to the benefit of and be binding upon the successors and assigns of the parties
hereto.
IN WITNESS WHEREOF, this Agreement has been executed as of the day and
year first above written.
IMC MORTGAGE COMPANY
By:
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Its President
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[IMC]
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[print name]
[ASSOCIATE]
