TO: Xxx Xxxxxxxxx
FROM: Xxxxxx X. XxXxxxxx
RE: Separation Agreement
DATE: 7/12/2000
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As a vice president and 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.
