Exhibit 10.113
EMPLOYMENT TERMINATION AGREEMENT AND RELEASE
SpecTran Corporation, (collectively the "Company"), and Xxxxxxx X. Xxxx
("Xxxx") hereby agree as follows:
1. Xxxx'x employment with the Company as Vice President, Marketing and Sales is
terminated effective July 27, 1998.
2. The Company shall continue to pay Xxxx his current compensation (at the
monthly rate of $12,250.00) through February 18, 1999 at the Company's regular
pay periods, subject to withholdings required by law. Instead of continuing to
pay Xxxx'x monthly car allowance of $825 through February 18, 1999, the Company
will pay Xxxx a lump sum of $5,480.
3. The Company shall continue to provide Xxxx with the benefits outlined in his
Employment Agreement dated June 20, 1998 until such coverage is obtained by him
elsewhere, or until February 18, 1999, whichever is sooner. The release in
paragraph 8 shall not affect such rights. Following that date, the Company will
respect Xxxx'x rights, if any, to continued medical and dental coverage at his
own expense under the Consolidated Omnibus Budget Reconciliation Act (COBRA).
This agreement and release shall not affect any right Xxxx otherwise has under
the terms of the Company's 401(k), pension and stock option plans.
4. Instead of providing the assistance of an outplacement firm, the Company will
pay to Xxxx the sum of $5,000.
5. The execution of this agreement shall not be construed as an admission of a
violation of any statute or law or breach of any duty or obligation by either
the Company or Xxxx.
6. This agreement, except for paragraph 12, is confidential and shall not be
made public by either the Company or Xxxx except as required by law or if
necessary in order to enforce this Agreement. However, Xxxx may disclose the
contents of this Agreement with his spouse and tax advisors and unemployment
authorities.
7. The Company agrees not to contest any claim for unemployment compensation
benefits which Xxxx may file. With regard to such claim, the Company will state
that the reason for termination was related to work performance and not
attributed to misconduct or known violation of uniformly enforced rule or
policy.
8. Xxxx acknowledges that the payments provided for in paragraphs 2, 3 and 4 of
this agreement are greater than any to which he may have otherwise been entitled
under any existing Company separation, benefit or compensation policy. In
consideration of the foregoing, Xxxx hereby releases and forever discharges the
Company, its present and former officers, employees, agents, partners,
subsidiaries, successors and assigns from any and all liabilities, causes of
action, debts, claims and demands both in law and in equity known or unknown,
fixed or contingent, which he may have or claim to have based upon or in any way
related to employment or termination of employment with the Company and hereby
covenants not to file a lawsuit or charge to assert such claims. This includes
but is not limited to claims arising under federal, state or local laws
prohibiting employment discrimination, including specifically the Age
Discrimination in Employment Act of 1967, as amended (ADEA), or claims growing
out of any legal restrictions on the Company's right to terminate its employees.
The foregoing does not constitute a release of any claim Xxxx may have for
unemployment compensation benefits. Neither the Company (including its
directors, officers or employees) nor Xxxx will make any disparaging remarks
regarding the other, whether written or oral.
9. The invalidity or unenforceability of any particular provision of this
Agreement shall not affect the other provisions hereof, and this agreement shall
be construed in all respects as if such invalid or unenforceable provisions were
omitted.
10. Xxxx understands that various state and federal laws prohibit employment
discrimination based on age, sex, race, color, national origin, handicap or
veteran status. These laws are enforced through the Equal Employment Opportunity
Commission (EEOC), Department of Labor and state human rights agencies. Xxxx
acknowledges that he has been advised and represented by counsel with regard to
this Agreement and has had the opportunity to review this Agreement since if was
first presented to him on July 27, 1998.
11. Xxxx has carefully read and fully understands all of the provisions of this
Termination Agreement and Release which sets forth the entire understanding
between him and the Company. This agreement may not be changed orally but only
by an agreement in writing signed by the party against whom enforcement of any
waiver, change, modification, extension or discharge is sought. Xxxx
acknowledges that he has not relied upon any representation or statement,
written or oral, not set forth in this document.
12. The Company agrees that from the date hereof Xxxx is no longer bound by the
non-compete obligations contained in his Employment Agreement and that the
Company will not exercise the option provided under Section 10 of his Employment
Agreement regarding his activities during the one-year period following the
termination of Xxxx'x employment with the Company.
13. Xxxx may revoke his agreement to the terms hereof at any time during the
seven (7) day period required by law immediately following the date of his
signature below ("revocation period") by delivering written notice of his
revocation to the Company. This agreement shall become effective upon the
expiration of the revocation period.
SPECTRAN CORPORATION
By: /s/ Xxxxxxx Xxxxxxxx /s/ Xxxxxxx X. Xxxx
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Xxxxxxx Xxxxxxxx Xxxxxxx X. Xxxx
President and Chief Executive Officer
Dated: October 7, 1998 Dated: September 30, 1998
