TO: Xxxxx Xxxxx III
FROM: Xxxxxx X. XxXxxxxx
RE: Separation Agreement
DATE: 8/16/2000
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As an officer of the corporation, in the event that the Company terminates
your employment for any reason other than "cause", you will be entitled to the
separation package outlined below. This correspondence supersedes all
previous correspondence related to this subject.
- You will be notified in writing that your employment is being terminated.
An effective date will be identified.
- You will receive six months salary continuation, from the effective date,
during which:
- You will remain an employee on "inactive" status whereby your benefits
will continue as usual,
- You will no longer be present at the Company,
- Your stock options will continue to vest as usual,
- You will be provided with Executive Outplacement Services at a cost not
to exceed $15,000.
- Your employment with the Company will terminate at the completion of your
six months of salary continuation. Your last paycheck will include earned,
unused vacation time in accordance with Company policy.
- From your date of termination, you will have the option of continuing your
medical and dental coverage through COBRA for up to 18 months. For the
first 6 months of COBRA, if you (and your eligible dependents) are
uninsured, Focal will pay the entire premium cost. Beginning with the
seventh month, you will be responsible for the entire premium.
- To receive this separation package, you will be required to sign a
document that releases Focal from any liability with regard to your
employment.
