EMPLOYMENT AGREEMENT
EMPLOYMENT
AGREEMENT
THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is made as of November 8, 2007,
by and between Burlington Coat Factory Warehouse Corporation, a Delaware
corporation (the “Company”), and Xxxxxxx Xxxxxxxxx
(“Executive”).
WHEREAS,
the Company desires to employ Executive during the Employment Period, and
Executive is willing to accept employment with the Company, on the terms and
conditions set forth herein; and
WHEREAS,
the agreements of Executive in Sections 5, 6 and 7
are material inducements to enter into this Agreement.
In
consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. Definitions. In
this Agreement:
“Base
Salary” has the meaning given to that term in Section
3(a).
“Board”
means the Board of Directors of the Company.
“Cause”
means Executive (i) is convicted of a felony or other crime involving dishonesty
towards the Company or any of its Subsidiaries or material misuse of property
of
the Company or any of its Subsidiaries; (ii) engages in willful misconduct
or
fraud with respect to the Company or any of its Subsidiaries or any of their
customers or suppliers or an intentional act of dishonesty or disloyalty in
the
course of Executive’s employment; (iii) refuses to perform Executive’s material
obligations under this Agreement (except in connection with a Disability) as
reasonably directed by the Board or the Company’s chief executive officer, which
failure is not cured within 15 days after written notice thereof to Executive;
(iv) misappropriates one or more of the Company’s or any of its Subsidiaries
material assets or business opportunities; or (v) breaches Sections
5, 6 or 7 hereof which breach, if capable of being
cured, is not cured within 10 days of written notice thereof has been delivered
to Executive. The Company may allow Executive an extension of time to
cure a breach if the Board, in its sole discretion, determines that such
extension is appropriate under the circumstances.
“Company”
has the meaning set forth in the preamble above; together with its Subsidiaries
and affiliates and includes all predecessor entities.
“Confidential
Information” has the meaning given to that term in Section
5(a).
“Court”
has the meaning given to that term in Section 7(b).
“Disability”
means Executive’s inability to perform the essential duties, responsibilities
and functions of Executive’s position with the Company and its Subsidiaries for
a continuous period of 180 days as a result of any mental or physical disability
or incapacity, as determined under the definition of disability in the Company’s
long-term disability plan so as to qualify Executive for benefits under the
terms of that plan or as determined by an independent physician to the extent
no
such plan is then in effect. Executive shall cooperate in all
respects with the Company if a question arises as to whether Executive has
become disabled (including, without limitation, submitting to an examination
by
a medical doctor or other health care specialists selected by the Company and
authorizing such medical doctor or such other health care specialist to discuss
Executive’s condition with the Company).
“Employment
Period” means the period commencing on November 12, 2007 (the “Commencement
Date”) and ending on the Expiration Date or such earlier date as contemplated in
the proviso to Section 4(a).
“Expiration
Date” means the first anniversary of the Commencement Date; provided,
that if a written notice is not given by the Company at least ninety (90) days
prior to such anniversary (or any subsequent anniversary if this Agreement
is
extended) stating that such party is electing not to extend the Employment
Period, then the Expiration Date will automatically be extended to the next
anniversary of the date hereof.
“Expiration
Year” means the calendar year in which the Employment Period
expires.
“Good
Reason” means the occurrence of any of the following events without the
written consent of Executive: (i) a material diminution of Executive’s duties or
the assignment to Executive of duties that are inconsistent in any substantial
respect with the position, authority or responsibilities associated with
Executive’s position as set forth pursuant to Section 2(b), other
than any such authorities, duties or responsibilities assigned at any time
which
are by their nature, or which are identified at the time of assignment, as
being
temporary or short-term; (ii) the Company’s requiring Executive to be based at a
location which is fifty (50) or more miles from Executive’s principal office
location on the Commencement Date; or (iii) a material breach by the Company
of
its obligations pursuant to this Agreement (including, without limitation,
its
obligations pursuant to Section 3) (which such breach goes uncured
after notice and a reasonable opportunity to cure) ; provided, however, no
condition enumerated in the preceding shall be deemed to be “Good Reason” unless
within thirty (30) days of the initial existence of such condition, Executive
shall have given the Company written notice thereof specifically describing
the
condition giving rise to “Good Reason” and allowing the Company a period of at
least thirty (30) days from the date of receipt of the notice to remedy such
condition. Notwithstanding the foregoing, in no event will a
condition give rise to “Good Reason” hereunder unless within ten (10) days after
the expiration of the period provided in the Executive’s notice for the Company
to remedy said condition but in no event later than one hundred and twenty
(120)
days initial existence of said condition, Executive shall have actually
terminated his employment with the Company by giving written notice of
resignation for failure of the Company to remedy such condition..
“Termination
Year” means the calendar year in which the Employment Period is
terminated.
“Subsidiaries”
means any corporation or other entity of which the securities or other ownership
interests having the voting power to elect a majority of the board of directors
or other governing body are, at the time of determination, owned by the Company,
directly or through one of more Subsidiaries.
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“Work
Product” has the meaning given to that term in Section
6.
2.
Employment, Position and Duties.
(a) The
Company shall employ Executive and Executive hereby accepts employment with
the
Company, upon the terms and conditions set forth in this Agreement for the
Employment Period.
(b) During
the Employment Period, Executive shall serve as Senior Vice President – Supply
Chain of the Company and shall perform the normal duties, responsibilities
and
functions of an executive officer of a company of a similar size and type and
shall have such power and authority as shall reasonably be required to enable
Executive to perform Executive’s duties hereunder, subject to the power and
authority of the Board to expand or limit such duties, responsibilities,
functions, power and authority and to overrule actions of officers of the
Company in a manner consistent with the traditional responsibilities of such
office.
(c) During
the Employment Period, Executive shall (i) render such administrative, financial
and other executive and managerial services to the Company and its Subsidiaries
which are consistent with Executive’s position as the Board may from time to
time direct, (ii) report to the Board or the Company’s chief executive officer
and shall devote Executive’s best efforts and Executive’s full business time and
attention (except for permitted vacation periods and reasonable periods of
illness or other incapacity) to the business and affairs of the Company and
its
Subsidiaries and (iii) submit to the Board all business, commercial and
investment opportunities presented to Executive or of which Executive becomes
aware which relate to the business of the Company and its Subsidiaries, and
unless approved by the Board in writing, Executive shall not pursue, directly
or
indirectly, any such opportunities on Executive’s own
behalf. Executive shall perform Executive’s duties, responsibilities
and functions to the Company and its Subsidiaries hereunder to the best of
Executive’s abilities in a diligent, trustworthy and professional
manner.
3.
Compensation and Benefits.
(a) During
the Employment Period, Executive’s base salary shall be a minimum of Three
Hundred Fifty Thousand Dollars ($350,000.00) per annum (as increased or
decreased in accordance with this Agreement from time to time, the “Base
Salary”), which salary shall be payable by the Company in regular
installments in accordance with the Company’s general payroll practices (in
effect from time to time). Executive’s Base Salary will be subject to
annual review and increase or decrease (but shall not be decreased below the
Base Salary in effect on the date of this Agreement) by the Board during the
Employment Period.
(b) Executive
shall be entitled to participate in the Company’s Senior Management Bonus Plan
approved by the Board or a committee thereof, as in effect from time to
time. Notwithstanding the preceding, provided Executive remains
continuously in the employment of the Corporation, for the Company’s fiscal year
ending May 31, 2008 (“Fiscal 2008”), Executive will be entitled to receive a
bonus equal to the greater of (i) the amount payable to Executive under the
Company’s Senior Management Bonus Plan for the Fiscal 2008 or (ii) One Hundred
Seventy-five Thousand Dollars ($175,000.00), in each case pro-rated for the
partial fiscal year from the Commencement date through May 31,
2008. Such bonus shall be in lieu of direct participation in the
Senior Management Bonus Plan for the first year of employment and, except as
otherwise provided in Section 4(b)(i)(3) below, will be earned by the Executive
and payable to Executive at the same time as bonuses are payable to other
executives pursuant to the Senior Management Bonus Plan (but no later than
fifteen (15) days after the first anniversary of the Commencement
Date). Thereafter, Executive will participate in the Senior
Management Bonus Plan to the same extent as other members of senior management
at a comparable level of the Corporation.
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(c) The
Board, or a committee or appointee thereof, during the term of this Agreement,
shall review annually, or at more frequent intervals which the Board determines
is appropriate, Executive’s compensation and may award Executive compensation as
the Board deems appropriate in its sole discretion; provided,
however, that Executive’s base salary shall not be reduced pursuant to
any such review or otherwise.
(d) Executive
shall be entitled to twenty days of paid vacation each calendar year in
accordance with the Company’s policies, which if not taken in any year may not
be carried forward to any subsequent calendar year and no compensation shall
be
payable in lieu thereof. Such vacation will accrue as of January 1 of
each year, except that during the remainder of the 2007 calendar year, Executive
shall accrue twenty days of paid vacation pro rated for the number of full
calendar months remaining in the calendar year in which the Employment Period
commences.
(e) During
the Employment Period, the Company shall reimburse Executive for all reasonable
business expenses incurred by Executive in the course of performing Executive’s
duties, responsibilities and functions under this Agreement which are consistent
with the Company’s policies in effect from time to time with respect to travel,
entertainment and other business expenses, subject to the Company’s requirements
with respect to reporting and documentation of such expenses.
(f) Executive
shall be entitled to participate, on the same basis as other executives of
comparable level in the Company, in any compensation, bonus, incentive, award,
deferred compensation, pension, retirement, stock award, stock option or other
benefit, plan or arrangement of the Company (including, without limitation,
any
plan sponsored by the entity owning or controlling the Company, or any affiliate
of such entity) now existing or hereafter adopted, all upon terms at least
as
favorable as those enjoyed by other salaried employees of comparable level
of
the Company; provided, however, the Company may restrict or
exclude Executive’s participation in any such plan, or the benefits thereunder,
on such terms and conditions as the Company shall in its sole discretion
determine, if at any time Executive shall be working fewer than five days a
week
or on other part-time basis during regular business days. Executive
also shall be entitled to hospital, health, disability, medical and life
insurance, and any other benefits enjoyed, from time to time, by other salaried
employees of the Company of comparable level, all upon terms as favorable as
those enjoyed by other salaried employees of comparable level of the
Company. Notwithstanding anything in this Section 3(f)
to the contrary, if the Company adopts any change in the benefits provided
for
other salaried employees of the Company of comparable level, and such policy
is
uniformly applied to all such employees of the Company (and any successor or
acquirer of the Company, if any), then no such change shall be deemed a breach
by the Company of this Section 3(f).
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(g) Executive
will be indemnified and defended for acts performed (or omissions made) in
Executive’s capacity as an officer or director of the Company to the fullest
extent specified in the Company’s certificate of incorporation and bylaws and as
permitted under Delaware law.
(h) For
the period from the Commencement Date to the earlier of (x) six (6) months
after
the Commencement Date and (y) the time Executive sells his current residence
in
Collierville, Tennessee (the “Current Home”) and relocates to a non-temporary
residence within reasonable commuting distance from the Company’s principal
offices in Burlington, New Jersey (the “New Home”), the Company will reimburse
to the Executive, reasonable housing accommodations for Executive and
his family (not to exceed $3,000.00 per month). Executive
acknowledges that he will be solely responsible for the excess of the amount
of
Executive’s actual cost of housing accommodations over $3,000.00 per
month. In addition to the preceding, upon presentation by Executive
to the Company of such written documentation as the Company may reasonably
request, the Company will reimburse Executive for, the reasonable costs approved
by the Company and incurred by Executive in relocating his personal residence
from the Current Home to the New Home, including: (A) the costs of moving his
motor vehicles and personal and household items (inclusive of temporary storage
for a period not to exceed twelve (12) months) from the Current Home to
temporary accommodations within New Jersey and from such temporary
accommodations to the New Home (it being understood that temporary storage
beyond twelve (12) months from the Commencement Date shall be at Executive’s
sole expense); (B) real estate brokerage commissions incurred in selling the
Current Home (not to exceed four (4) percent of the selling price of the Current
Home); (C) the costs of points paid by Executive in connection with obtaining
a
mortgage and reasonable attorneys fees in connection with the purchase of the
New Home by Executive (the “Home Purchase Costs”); provided the aggregate of
such Home Purchase Costs reimbursable by the Company shall be not more than
Ten
Thousand Dollars ($10,000.00); (D) the costs of roundtrip airfare (x) every
other weekend to visit his family for a period not to exceed six months
commencing from the Commencement Date and as reasonably required for Executive
to return to attend to the sale of his Current Home and arrange for the
transportation of motor vehicles and personal and household items to New Jersey
during the twelve month period following the Commencement Date and (y) up to
four times for Executive’s spouse and daughter to travel between Collierville,
Tennessee and New Jersey in connection with house hunting and relocation (it
being agreed that all such air travel shall be by economy class and must be
arranged through the Company’s travel office); (E) all other reasonable and
customary closing costs (such as attorneys fees) in connection with the sale
of
the Current Home and relocation expenses, in each case approved by the Company’s
Chief Executive Officer; and (F) reimbursement by the Company to Executive
for
any applicable federal and state income taxes paid by Executive resulting from
the inclusion in his taxable income of any of the amounts paid, or reimbursed
to
him, by the Company under clauses (A) through (E) of this Section 3(h),
payable to Executive at the same time that Executive files his federal and
state income tax returns for the year in which reimbursed amounts are included
in Executive’s taxable income and based on the highest marginal state and
federal income tax rates for such year. Executive agrees to provide
to the Company documentation showing that the reimbursed amounts are taxable
at
such rates for the year in question. The obligation of the Company to
provide reimbursement for Executive’s federal tax liability will be adjusted to
take into account the federal tax benefit, if any, of state income taxes
applicable to the inclusion in taxable income of the amount of such amounts
paid
or reimbursed, regardless of the year in which such federal tax benefit is
realized by Executive. Notwithstanding the foregoing or anything
herein to the contrary, the Company’s obligation for reimbursement of applicable
federal and state income taxes shall not extend to any taxes imposed on the
tax
reimbursement provided pursuant to the foregoing.
5
(i) For
the period from the Commencement Date to the time Executive shall become
eligible for participation in the Company’s health and medical plans, the
Company shall reimburse Executive for the excess of the costs paid by Executive
to his former employer for the purchase of continuation of health benefits
under
the Consolidated Omnibus Budget Reconciliation Act as administered by such
company over the Executive’s current contributions to such plans.
(j) On
or before February 28 , 2008, the Company will pay Executive a
one-time special bonus of One Hundred Forty-one Thousand Seven Hundred Fifty
Dollars ($141,750.00) representing the bonus payment forfeited by Executive
under the bonus plan of Executive’s former employer upon resignation by
Executive from employment with such employer to commence employment with the
Company.
(k) Notwithstanding
anything herein to the contrary, in the event Executive’s employment with the
Company is terminated either voluntarily by Executive (other than for Good
Reason) or for Cause by the Company within eighteen (18) months after the
respective dates on which Executive receives payment under Sections 3(h) and
3(j) above, Executive shall immediately repay to the Company all amounts paid
on
Executive’s behalf by the Company or reimbursed to Executive by the Company
pursuant to said Sections 3(h) and 3(j), exclusive of the costs of air
travel paid for or reimbursed by the Company pursuant to clause (D) of
Section 3(h).
(l) As
additional compensation, the Company shall provide Executive with the use of
an
automobile allowance of [One Thousand Dollars ($1,000.00)] per
month. Executive shall be responsible for all costs and expenses
incurred in connection with any automobile leased or purchased by Executive
including, without limitation, the acquisition, operation, maintenance,
insurance and repair thereof.
4.
Termination and Payment
Terms.
(a) The
Employment Period shall end on the Expiration Date; provided, that (i)
the Employment Period shall terminate prior to such date immediately upon
Executive’s resignation, death or Disability and (ii) the Employment Period may
be terminated by resolution of the Board, with or without Cause at any time
prior to such date. Except as otherwise provided herein, any
termination of the Employment Period by the Company shall be effective as
specified in a written notice from the Company to Executive.
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(b) If
the Employment Period is terminated by the Company on or prior to the Expiration
Date:
(i) (A)
by resolution of the Board (other than for Cause) or by Executive resigning
for
Good Reason or (B) if the Employment Period expires on the Expiration Date,
Executive shall be entitled to receive (1) all previously earned and accrued
but
unpaid Base Salary and vacation and unpaid business expenses up to the date
of
such termination or the Expiration Date, as applicable, (2) any unpaid bonus
under Section 3(j) plus any other bonus earned by Executive for the fiscal
year
prior to the Termination Year or the Expiration Year, as applicable, but then
unpaid, and any other amounts owed under Sections 3(h) or 3(i), (3) the pro
rata
portion of Executive’s target bonus or minimum guaranteed bonus (pursuant to
Section 3(b) hereof) during the Termination Year or the Expiration Year, as
applicable, to the extent targets (with regard only to non-guaranteed bonuses)
thereunder are achieved for such year, after such termination or expiration,
pro
rated based on the number of days of the Termination Year or the Expiration
Year, as applicable, prior to the date of termination or the Expiration Date,
as
applicable, which payment shall be made when the bonus payments for such
Termination Year or the Expiration Year, as applicable, are otherwise due;
(4)
severance pay in the full amount of Base Salary at the time of termination
or
expiration from the date of termination or the Expiration Date, as applicable,
through the period ending on the first anniversary of the date of termination
or
the Expiration Date, as applicable and (5) full continuation of Executive’s
hospital, health, disability, medical and life insurance benefits during the
one
year severance period (to the extent any of those benefits cannot be provided
by
Company during the one year severance period, the Company will provide Executive
with a sum of money calculated to permit Executive to obtain the same benefits
individually, grossed up for tax purposes so that Executive remains
whole).
(ii) for
any other reason, including as a result of Executive’s death, Disability,
voluntary resignation for other than Good Reason or by resolution of the Board
for Cause, Executive’s sole entitlement shall be to receive all previously
earned and accrued but unpaid Base Salary, vacation and unpaid business expenses
up to the date of such termination or expiration and Executive shall not be
entitled to any further Base Salary, bonus payments or benefits for that year
or
any future year, except as required by law, or to any other severance
compensation of any kind.
(c) Executive
agrees that: (i) Executive shall be entitled to the payments and
services provided for in Sections 4(b)(i)(3),
4(b)(i)(4), and 4(b)(i)(5), if any, if and only
if
Executive has executed and delivered the Release attached as Exhibit A
and seven (7) days have elapsed since such execution without any revocation
thereof by Executive and Executive has not breached as of the date of
termination of the Employment Period the provisions of Sections 5,
6 and 7 hereof and does not breach such sections or
such covenants
at any time during the period for which such payments or services are to be
made; and (ii) the Company’s obligation to make such payments and services will
terminate upon the occurrence of any such breach during such
period.
(d) Except
as stated above, any payments pursuant to Section 4(b) shall be
paid by the Company in regular installments in accordance with the Company’s
general payroll practices, and following such payments the Company shall have
no
further obligation to Executive pursuant to this Section 4 except
as provided by law. All amounts payable to Executive as compensation
hereunder shall be subject to all customary withholding, payroll and other
taxes. The Company shall be entitled to deduct or withhold from any
amounts payable to Executive any federal, state, local or foreign withholding
taxes, excise tax, or employment taxes imposed with respect to Executive’s
compensation or other payments or Executive’s ownership interest in the Company
(including, without limitation, wages, bonuses, dividends, the receipt or
exercise of equity options and/or the receipt or vesting of restricted
equity).
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(e) Executive
hereby agrees that except as expressly provided herein, no severance
compensation of any kind, nature or amount shall be payable to Executive and
except as expressly provided herein, Executive hereby irrevocably waives any
claim for severance compensation.
(f) Except
as provided in Sections 4(b)(i) and 4(b)(ii) above, all of
Executive’s rights pursuant to Sections 3(c), 3(d),
3(e), 3(f),3(h), 3(i), 3(j), and 3(l) shall cease upon
the
termination of the Employment Period.
(g) Notwithstanding
anything herein to the contrary, if, at the time any payment is payable to
Executive pursuant to the provisions of Section 4(b)(i) above as a result of
Executive’s “separation from service” (within the meaning of Section 409A of the
Internal revenue Code of 1986, as amended (the “Code”) and the regulations
promulgated thereunder, the Company or any company in the affiliate group in
which the Company’s financial statements are consolidated in accordance with
generally accepted accounting principles has a class of equity securities traded
on an established domestic or foreign securities market or otherwise including,
without limitation, trading on an American exchange only as American Depositary
receipts (“ADR’S”) and Executive is designated a “specified person” (as such
term is defined in Section 409A of the Code and the regulations promulgated
thereunder) on a list prepared by the Company periodically pursuant to Section
409A of the Code and the regulations promulgated thereunder, then during the
six
month period from and after the date of Executive’s “separation from service”
the amount payable to Executive pursuant to the provisions of Section 4(b)(i)
of
the Employment Agreement shall not exceed the lesser of (x) two times
Executive’s annual base compensation or (y) two times the amount determined
pursuant to Section 401(a)(17) of the Code, and any excess amount which accrues
to Executive during such period shall be withheld during such period and paid
to
Executive in a lump sum upon the expiration of six months after the date of
“separation from service” (or , if earlier than the end of such six month
period, upon Executive’s death). Any further amounts payable to
Executive pursuant to Section 4(b) (i) thereafter accruing shall be paid on
their scheduled payment dates.
5.
Confidential Information.
(a) Executive
acknowledges and agrees that the information, observations and data (including
trade secrets) obtained by Executive while employed by the Company and its
Subsidiaries concerning the business or affairs of the Company and its
Subsidiaries are the confidential information (“Confidential
Information”), and the property, of the Company and/or its
Subsidiaries. Without limiting the foregoing, the term “Confidential
Information” shall be interpreted as broadly as possible to include all
observations, data and other information of any sort that are (i) related to
any
past, current or potential business of the Company or any of its Subsidiaries
or
any of their respective predecessors, and any other business related to any
of
the foregoing, and (ii) not generally known to and available for use by those
within the line of business or industry of the Company or by the public (except
to the extent such information has become generally known to and available
for
use by the public as a direct or indirect result of Executive’s acts or
omissions) including all (A) Work Product (as defined below); (B) information
concerning development, acquisition or investment opportunities in or reasonably
related to the business or industry of the Company or any of its Subsidiaries
of
which Executive is aware or becomes aware during the term of his employment;
(C)
information identifying or otherwise concerning any current, former or
prospective suppliers, distributors, contractors, agents or customers of the
Company or any of its Subsidiaries; (D) development, transition, integration
and
transformation plans, methodologies, processes and methods of doing business;
(E) strategic, marketing, promotional and financial information (including
all
financial statements), business and expansion plans, including plans and
information regarding planned, projected and/or potential sales, pricing,
discount and cost information; (F) information identifying or otherwise
concerning employees, independent contractors and consultants; (G) information
on new and existing programs and services, prices, terms, and related
information; (H) the terms of this Agreement; (I) all information marked, or
otherwise designated, as confidential by the Company or any of its Subsidiaries
or which Executive should reasonably know is confidential or proprietary
information of the Company or any of its Subsidiaries; (J) all information
or
materials similar or related to any of the foregoing, in whatever form or
medium, whether now existing or arising hereafter (and regardless of whether
merely stored in the mind of Executive or employees or consultants of the
Company or any of its Subsidiaries, or embodied in a tangible form or medium);
and (K) all tangible embodiments of any of the foregoing.
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(b) Therefore,
Executive agrees that, except as required by law or court order, including,
without limitation, depositions, interrogatories, court testimony, and the
like
(and in such case provided that Executive must give the Company and/or its
Subsidiaries, as applicable, prompt written notice of any such legal
requirement, disclose no more information than is so required and seek, at
the
Company’s sole cost and expense, confidential treatment where available and
cooperate fully with all efforts by the Company and/or its Subsidiaries to
obtain a protective order or similar confidentiality treatment for such
information), Executive shall not disclose to any unauthorized person or entity
or use for Executive’s own purposes any Confidential Information without the
prior written consent of the Board, unless and to the extent that the
Confidential Information becomes generally known to and available for use by
the
public other than as a direct or indirect result of Executive’s acts or
omissions. Executive shall deliver to the Company at the termination
or expiration of the Employment Period, or at any other time the Company may
request, all memoranda, notes, plans, records, reports, computer tapes,
printouts and software and other documents and data (and copies thereof)
embodying or relating to the Confidential Information (including any Work
Product (as defined below)) or the business of the Company and its Subsidiaries
which Executive may then possess or have under Executive’s control and if, at
any time thereafter, any such materials are brought to Executive’s attention or
Executive discovers them in his possession or control, Executive shall deliver
such materials to the Company immediately upon such notice or
discovery.
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6.
Intellectual Property, Inventions and
Patents. Executive acknowledges and agrees that all discoveries,
concepts, ideas, inventions, innovations, improvements, developments, methods,
specifications, designs, analyses, drawings, reports, patents and patent
applications, processes, programs, systems, software, firmware, materials,
plans, sketches, models, know-how, devices, developments, data, databases,
technology, trade secrets, works of authorship, copyrightable works and mask
works (whether or not including any confidential information) and all
registrations or applications related thereto, all other intellectual property
or proprietary information and all similar or related information (whether
or
not patentable or copyrightable and whether or not reduced to tangible form
or
practice) which relate to the Company’s or any of its Subsidiaries’ actual or
anticipated business, research and development or existing or future products
or
services and which are conceived, developed or made by Executive (whether alone
or jointly with others) while employed by the Company or its predecessors and
its Subsidiaries (“Work Product”) shall be deemed to be “work made for
hire” (as defined in the Copyright Act, 17 U.S.C.A. §101 et seq., as amended)
and owned exclusively by the Company. To the extent that any Work
Product is not deemed to be “work made for hire” under applicable law, and all
right, title and interest in and to such Work Product have not automatically
vested in the Company, Executive hereby (A) irrevocably assigns, transfers
and
conveys, and shall assign transfer and convey, to the full extent permitted
by
applicable law, all right, title and interest in and to the Work Product on
a
worldwide basis to the Company (or such other person or entity as the Company
shall designate), without further consideration, and (B) waives all moral rights
in or to all Work Product, and to the extent such rights may not be waived,
agrees not to assert such rights against the Company or its respective
licensees, successors or assigns. Executive shall, at the Company’s
expense, execute all documents and perform all actions reasonably requested
by
the Board (whether during or after the Employment Period) to establish, confirm,
evidence, effectuate, maintain, protect, enforce, perfect, record, patent or
register any of the Company’s rights hereunder (including, without limitation,
assignments, consents, powers of attorney and other instruments).
7.
Non-Compete, Non-Solicitation.
(a) In
further consideration of the compensation to be paid to Executive hereunder,
Executive acknowledges and agrees that during the course of Executive’s
employment with the Company and its Subsidiaries Executive shall become familiar
with the Company’s trade secrets and with other Confidential Information and
that Executive’s services have been and shall be of special, unique and
extraordinary value to the Company and its Subsidiaries, and therefore,
Executive agrees that, during his or her employment with the Company and for
a
period of one year thereafter (the “Non-Compete Period”; provided,
that if Executive’s employment is terminated by the Company with Cause, the
Non-Compete Period shall terminate on the date of such termination), Executive
shall not directly or indirectly (whether as an owner, partner, shareholder,
agent, officer, director, employee, independent contractor, consultant or
otherwise) own any interest in, operate, invest in, manage, control, participate
in, consult with, render services for (alone or in association with any person
or entity), in any manner engage in any business activity on behalf of a
Competing Business within any geographical area in which the Company or its
Subsidiaries operates or plan to operate. Nothing herein shall
prohibit Executive from being a passive owner of not more than 2% of the
outstanding stock of any class of a corporation which is publicly traded, so
long as Executive has no active participation in the business of such
corporation. For purposes of this paragraph, “Competing Business”
means each of the following entities, together with their respective
subsidiaries and affiliates: TJ Maxx, Marshalls, Xxxx Stores, Xxxxx
Mart, Century 21, Xxxxxx Xxxxx, Xxxxxxxxxxxxx Stores and Daffy
Dan’s.
10
(b) During
the Non-Compete Period, Executive shall not, directly or indirectly, and shall
ensure that any person or entity controlled by Executive does not, (i) induce
or
attempt to induce any employee of the Company or any Subsidiary to leave the
employ of the Company or such Subsidiary, or in any way interfere with the
relationship between the Company or any Subsidiary and any employee thereof,
(ii) hire, directly or through another person, any person (whether or not
solicited) who was an executive of the Company or any Subsidiary at any time
within the one year period before Executive’s termination from employment, (iii)
induce or attempt to induce any customer, supplier, licensee, licensor,
franchisee or other business relation of the Company or any Subsidiary to cease
doing business with the Company or such Subsidiary, engage in or assist any
person or entity in engaging in any Competing Business or in any way interfere
with the relationship between any such customer, supplier, licensee or business
relation and the Company or any Subsidiary (Executive understands that any
person or entity that Executive contacted during the one year period prior
to
the date of Executive’s termination of employment for the purpose of soliciting
sales from such person or entity shall be regarded as a “potential customer” of
the Company and its Subsidiaries as to whom the Company has a protectible
proprietary interest) or (iv) make or solicit or encourage others to make or
solicit directly or indirectly any defamatory statement or communication about
the Company or any of its Subsidiaries or any of their respective businesses,
products, services or activities (it being understood that such restriction
shall not prohibit truthful testimony compelled by valid legal
process).
8.
Enforcement.
(a) Executive
acknowledges and agrees that the Company entered into this Agreement in reliance
on the provisions of Sections 5, 6 and 7 and the
enforcement of this Agreement is necessary to ensure the preservation,
protection and continuity of the business of the Company and its Subsidiaries
and other Confidential Information and goodwill of the Company and its
Subsidiaries to the extent and for the periods of time expressly agreed to
herein. Executive acknowledges and agrees that he has carefully read
this Agreement and has given careful consideration to the restraints imposed
upon Executive by this Agreement, and is in full accord as to their necessity
for the reasonable and proper protection of confidential and proprietary
information of the Company and its Subsidiaries now existing or to be developed
in the future. Executive expressly acknowledges and agrees that each
and every restraint imposed by this Agreement is reasonable with respect to
subject matter, time period and geographical area.
(b) Notwithstanding
any provision to the contrary herein, the Company or its Subsidiaries may
pursue, at its discretion, enforcement of Sections 5, 6 and
7 in any court of competent jurisdiction (each
a
“Court”).
(c) Whenever
possible, each provision of this Agreement shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of
this
Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality
or
unenforceability shall not affect any other provision or any other jurisdiction,
but this Agreement shall be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never
been contained herein. More specifically, if any Court determines
that any of the covenants set forth in Sections 5, 6 and
7 are overbroad or unreasonable under applicable
law in duration,
geographical area or scope, the parties to this Agreement specifically agree
and
authorize such Court to rewrite this Agreement to reflect the maximum duration,
geographical area and/or scope permitted under applicable law.
11
(d) Because
Executive’s services are unique and because Executive has intimate knowledge of
and access to Confidential Information and Work Product, the parties hereto
agree that money damages would not be an adequate remedy for any breach of
Sections 5, 6 and 7, and any breach of the terms of
Sections 5, 6 and 7 would result
in irreparable
injury and damage to the Company and its Subsidiaries for which the Company
and
its Subsidiaries would have no adequate remedy at law. Therefore, in
the event of a breach or threatened breach of Sections 5, 6
and 7, the Company or its successors or assigns, in addition to any other
rights and remedies existing in their favor at law or in equity, shall be
entitled to specific performance and/or immediate injunctive or other equitable
relief from a Court in order to enforce, or prevent any violations of, the
provisions hereof (without posting a bond or other security), without having
to
prove damages. The terms of this Section 8 shall not
prevent the Company or any of its Subsidiaries from pursuing any other available
remedies for any breach or threatened breach of this Agreement, including the
recovery of damages from Executive.
9.
Executive’s Representations. Executive
hereby represents and warrants to the Company that (i) the execution, delivery
and performance of this Agreement by Executive do not and shall not conflict
with, breach, violate or cause a default under any contract, agreement,
instrument, order, judgment or decree to which Executive is a party or by which
he is bound, (ii) except as is alleged or claimed by Xxxxxxxx Sonoma in a letter
from Xxxxxxxx Sonoma dated October 16, 2007 (a copy of which has been provided
to the Company), Executive is not a party to or bound by any employment
agreement, noncompete agreement or confidentiality agreement with any other
person or entity and (iii) upon the execution and delivery of this Agreement
by
the Company, this Agreement shall be the valid and binding obligation of
Executive, enforceable in accordance with its
terms. EXECUTIVE HEREBY ACKNOWLEDGES, AGREES AND REPRESENTS
THAT EXECUTIVE HAS CONSULTED WITH INDEPENDENT LEGAL COUNSEL REGARDING
EXECUTIVE’S RIGHTS AND OBLIGATIONS UNDER THIS AGREEMENT AND THE TERMS OF THE
RELEASE ATTACHED AS EXHIBIT A AND THAT
EXECUTIVE FULLY UNDERSTANDS THE TERMS AND CONDITIONS CONTAINED HEREIN AND
THEREIN.
10. Survival. The
provisions of Section 3(g) and 3(k) and Sections 4 through
20, inclusive, shall survive and continue in
full force in accordance
with their terms notwithstanding the termination of the Employment
Period.
11. Notices. Any
notice provided for in this Agreement shall be in writing and shall be either
personally delivered, sent by reputable overnight courier service with
confirmation of delivery, sent by facsimile (with evidence of transmission)
or
mailed by first class mail, return receipt requested, to the recipient at the
address below indicated:
12
To
Executive:
Xxxxxxx
Xxxxxxxxx
_____________________
_______________________
To
the
Company:
Burlington
Coat Factory Warehouse Corporation
0000
Xxxxx 000
Xxxxxxxxxx,
Xxx Xxxxxx 00000
Attention:
General Counsel
Facsimile
No.: (000) 000-0000
with
copies (which shall not constitute notice) to:
Xxxx
Capital Partners, LLC
000
Xxxxxxxxxx Xxxxxx
Xxxxxx,
Xxxxxxxxxxxxx 00000
Attention:
Jordan Hitch
Facsimile
No.: (000) 000-0000
Xxxxxxxx
& Xxxxx LLP
000
Xxxx
00xx Xxxxxx
Xxx
Xxxx,
XX 00000
Attention: Xxxx
Xxxxx, Esq.
Facsimile
No.: (000) 000-0000
or
such
other address or to the attention of such other person as the recipient party
shall have specified by prior written notice to the sending
party. Any notice under this Agreement shall be deemed to have been
given when personally delivered, one (1) business day following delivery to
the
overnight courier service, if given by facsimile, when such facsimile is
transmitted to the applicable fax number specified above and the appropriate
facsimile confirmation is received, or if so mailed, on receipt.
12. Complete
Agreement. This Agreement and those other documents expressly
referred to herein embody the complete agreement and understanding among the
parties hereto and supersede and preempt any prior understandings, agreements
or
representations by or among the parties hereto, written or oral, which may
have
related to the subject matter hereof in any way.
13. Counterparts. This
Agreement may be executed in separate counterparts, each of which is deemed
to
be an original and all of which taken together constitute one and the same
agreement.
14. Successors
and Assigns. This Agreement is intended to bind and inure to the
benefit of and be enforceable by Executive, the Company and their respective
heirs, successors and assigns; provided, that the services provided by
Executive under this Agreement are of a personal nature and rights and
obligations of Executive under this Agreement shall not be
assignable.
13
15. Choice
of Law. All issues and questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed
by,
and construed in accordance with, the laws of the State of New York, without
giving effect to any choice of law or conflict of law rules or provisions
(whether of the State of New York or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of New
York. In furtherance of the foregoing, the internal law of the State
of New York shall control the interpretation and construction of this Agreement,
even though under that jurisdiction’s choice of law or conflict of law analysis,
the substantive law of some other jurisdiction would ordinarily
apply.
16. Consent
to Jurisdiction. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE
EXCLUSIVE JURISDICTION OF THE STATE OR FEDERAL COURTS LOCATED IN THE CITY AND
STATE OF NEW YORK IN THE BOROUGH OF MANHATTAN FOR THE PURPOSES OF ANY SUIT,
ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE
PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE
OR
DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH IN
SECTION 11 SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION,
SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO
JURISDICTION IN THIS SECTION 16. EACH OF THE PARTIES
HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF
VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY
RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE
STATE OR FEDERAL COURTS LOCATED IN THE CITY AND STATE OF NEW YORK IN THE BOROUGH
OF MANHATTAN AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY
WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION,
SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.
17. Waiver
of Jury Trial. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR
EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT AFTER HAVING THE
OPPORTUNITY TO CONSULT WITH COUNSEL, EACH PARTY HERETO EXPRESSLY WAIVES THE
RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING
IN
ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.
18. Amendment
and Waiver. The provisions of this Agreement may be amended or
waived only with the prior written consent of the Company (as approved by the
Board) and Executive, and no course of conduct or course of dealing or failure
or delay by any party hereto in enforcing or exercising any of the provisions
of
this Agreement (including, without limitation, the Company’s right to terminate
the Employment Period for Cause) shall affect the validity, binding effect
or
enforceability of this Agreement or be deemed to be an implied waiver of any
provision of this Agreement.
14
19. Key
Man Life Insurance. The Company may apply for and obtain and
maintain a key man life insurance policy in the name of Executive together
with
other executives of the Company in an amount deemed sufficient by the Board,
the
beneficiary of which shall be the Company. Executive shall submit to
physical examinations and answer reasonable questions in connection with the
application and, if obtained, the maintenance of, as may be required, such
insurance policy.
20. Executive’s
Cooperation. During the Employment Period and thereafter,
Executive shall cooperate with the Company and its Subsidiaries in any internal
investigation or administrative, regulatory or judicial proceeding as reasonably
requested by the Company (including, without limitation, Executive being
available to the Company upon reasonable notice for interviews and factual
investigations, appearing at the Company’s request to give testimony without
requiring service of a subpoena or other legal process, volunteering to the
Company all pertinent information and turning over to the Company all relevant
documents which are or may come into Executive’s possession, all at times and on
schedules that are reasonably consistent with Executive’s other permitted
activities and commitments). In the event the Company requires
Executive’s cooperation in accordance with this section after the termination of
the Employment Period, the Company shall reimburse Executive for all of
Executive’s reasonable costs and expenses incurred, in connection therewith,
plus pay Executive a sum of One Thousand Five Hundred Dollars ($1,500.00) per
day for Executive’s time spent, such payment to be made within thirty (30) days
after the date incurred.
* * * * *
15
IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date
first written above.
BURLINGTON
COAT FACTORY WAREHOUSE CORPORATION
|
|||
By:
|
/s/:
Xxxx Xxxxx
|
||
Name:
Xxxx Xxxxx
|
|||
Title: Chief
Executive Officer
|
|||
/s/:
Xxxxxxx Xxxxxxxxx
|
|||
EXECUTIVE:
Xxxxxxx Xxxxxxxxx
|
Exhibit
A
GENERAL
RELEASE
I,
[__________], in consideration of and subject to the performance by Burlington
Coat Factory Warehouse Corporation, a Delaware corporation (together with its
subsidiaries, the “Company”), of its obligations with respect to the
payment of severance pursuant to Sections 4(b)(i)(3),
4(b)(i)(4) and 4(b)(i)(5) of the Employment
Agreement, dated as of November __, 2007 (the “Agreement”) and this
General Release (the “General Release”), do hereby release and forever
discharge as of the date hereof the Company, its subsidiaries and affiliates
and
all present and former directors, officers, agents, representatives, employees,
successors and assigns of the Companies and their subsidiaries and affiliates
and the Company’s direct and indirect owners (collectively, the “Released
Parties”) to the extent provided below.
1.
|
I
understand that any payments paid to me under Sections
4(b)(i)(3), 4(b)(i)(4) and
4(b)(i)(5) of the Agreement represent consideration for
signing this General Release and are not salary or wages to which
I was
already entitled. I understand and agree that I will not receive
the
payments specified in Sections 4(b)(i)(3),
4(b)(i)(4) and 4(b)(i)(5) of the Agreement
unless I execute this General Release and do not revoke this General
Release within the time period permitted hereafter or breach this
General
Release or Sections 5, 6 or 7 of the
Agreement. Such payments will not be considered compensation
for purposes of any employee benefit plan, program, policy or arrangement
maintained or hereafter established by the Company or its
affiliates. I also acknowledge and represent that I have
received all salary, wages and bonuses that I am entitled to receive
(as
of the date hereof) by virtue of any employment by the
Company.
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2.
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Except
as provided in paragraphs 4, 12 and 13 below and except for the provisions
of the Agreement which expressly survive the termination of my employment
with the Company, I knowingly and voluntarily (for myself, my heirs,
executors, administrators and assigns) release and forever discharge
the
Company and the other Released Parties from any and all claims, suits,
controversies, actions, causes of action, cross-claims, counter-claims,
demands, debts, compensatory damages, liquidated damages, punitive
or
exemplary damages, other damages, claims for costs and attorneys’ fees, or
liabilities of any nature whatsoever in law and in equity, both past
and
present (through the date this General Release becomes effective
and
enforceable) and whether known or unknown, suspected, or claimed
against
the Company or any of the Released Parties which I, my spouse, or
any of
my heirs, executors, administrators or assigns, may have, which arise
out
of or are connected with my employment with, or my separation or
termination from, the Company (including, but not limited to, any
allegation, claim or violation, arising under: Title VII of the Civil
Rights Act of 1964, as amended; the Civil Rights Act of 1991; the
Age
Discrimination in Employment Act of 1967, as amended (including the
Older
Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended;
the Americans with Disabilities Act of 1990; the Family and Medical
Leave
Act of 1993; the Worker Adjustment Retraining and Notification Act;
any
applicable Executive Order Programs; the Fair Labor Standards Act;
or
their state or local counterparts; or under any other federal, state
or
local civil or human rights law, or under any other local, state,
or
federal law, regulation or ordinance; or under any public policy,
contract
or tort, or under common law; or arising under any policies, practices
or
procedures of the Company; or any claim for wrongful discharge, breach
of
contract, infliction of emotional distress, defamation; or any claim
for
costs, fees, or other expenses, including attorneys’ fees incurred in
these matters) (all of the foregoing collectively referred to herein
as
the “Claims”).
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A-1
3.
|
I
represent that I have made no assignment or transfer of any right,
claim,
demand, cause of action, or other matter covered by paragraph 2
above.
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4.
|
I
agree that this General Release does not waive or release any rights
or
claims that I may have under the Age Discrimination in Employment
Act of
1967 which arise after the date I execute this General Release. I
acknowledge and agree that my engagement and employment by, and separation
from employment with the Company in compliance with the terms of
the
Agreement shall not serve as the basis for any claim or action (including,
without limitation, any claim under the Age Discrimination in Employment
Act of 1967).
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5.
|
In
signing this General Release, I acknowledge and intend that it shall
be
effective as a bar to each and every one of the Claims hereinabove
mentioned or implied. I expressly consent that this General Release
shall
be given full force and effect according to each and all of its express
terms and provisions, including those relating to unknown and unsuspected
Claims (notwithstanding any state statute that expressly limits the
effectiveness of a general release of unknown, unsuspected and
unanticipated Claims), if any, as well as those relating to any other
Claims hereinabove mentioned or implied. I acknowledge and agree
that this
waiver is an essential and material term of this General Release
and that
without such waiver the Company would not have agreed to make any
payments
pursuant to the terms of Sections 4(b)(i)(3),
4(b)(i)(4) and 4(b)(i)(5) of the
Agreement. I further agree that in the event I should bring a
Claim seeking damages against the Company or any other Released Party,
or
in the event I should seek to recover against the Company or any
other
Released Party in any Claim brought by a governmental agency on my
behalf,
this General Release shall serve as a complete defense to such Claims.
I
further agree that I am not aware of any pending charge or complaint
of
the type described in paragraph 2 as of the execution of this General
Release.
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6.
|
I
agree that neither this General Release, nor the furnishing of the
consideration for this General Release, shall be deemed or construed
at
any time to be an admission by the Company, any Released Party or
myself
of any improper or unlawful
conduct.
|
7.
|
I
agree that I will forfeit all amounts payable by the Company pursuant
to
Sections
4(b)(i)(3), 4(b)(i)(4) and
4(b)(i)(5) of the Agreement if I challenge the validity of
this General Release. I also agree that if I violate this
General Release by suing the Company or the other Released Parties,
I will
return all severance payments received by me pursuant to Sections
4(b)(i)(3), 4(b)(i)(4) and
4(b)(i)(5) of the
Agreement.
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8.
|
I
agree that this General Release is confidential and agree not to
disclose
any information regarding the terms of this General Release, except
to my
immediate family and any tax, legal or other advisor I have consulted
regarding the meaning or effect hereof or as required by law, and
I will
instruct each of the foregoing not to disclose the same to
anyone.
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2
9.
|
Any
non-disclosure provision in this General Release does not prohibit
or
restrict me (or my attorney) from responding to any inquiry about
this
General Release or its underlying facts and circumstances by the
Securities and Exchange Commission (SEC), the National Association
of
Securities Dealers, Inc. (NASD), any other self-regulatory organization
or
governmental entity.
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10.
|
I
agree that, as of the date hereof, I have returned to the Company
any and
all property, tangible or intangible, relating to its business, which
I
possessed or had control over at any time (including, but not limited
to,
company-provided credit cards, building or office access cards, keys,
computer equipment, manuals, files, documents, records, software,
customer
data base and other data) and that I shall not retain any copies,
compilations, extracts, excerpts, summaries or other notes of any
such
manuals, files, documents, records, software, customer data base
or other
data other than such documents as are generally or publicly known;
provided, that such documents are not known as a result of my
breach or actions in violation of the Agreement or this General
Release.
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11.
|
Notwithstanding
anything in this General Release to the contrary, this General Release
shall not relinquish, diminish, or in any way affect any rights or
claims
arising out of any breach by the Company or by any Released Party
of the
Agreement after the date hereof or any other rights or claims I may
have
against the Company or any Released Party arising after the date
hereof.
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12.
|
Whenever
possible, each provision of this General Release shall be interpreted
in
such manner as to be effective and valid under applicable law, but
if any
provision of this General Release is held to be invalid, illegal
or
unenforceable in any respect under any applicable law or rule in
any
jurisdiction, such invalidity, illegality or unenforceability shall
not
affect any other provision or any other jurisdiction, but this General
Release shall be reformed, construed and enforced in such jurisdiction
as
if such invalid, illegal or unenforceable provision had never been
contained herein.
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13.
|
As
set forth in Section 10 of the Agreement, Section 3(g) and
3(k) and Sections 4 through 20 of the Agreement,
inclusive, survived the termination of my employment and are incorporated
herein and made part hereof.
|
BY
SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:
|
(i)
|
I
HAVE READ IT CAREFULLY;
|
|
(ii)
|
I
UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT
RIGHTS,
INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION
IN
EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS
ACT OF
1964, AS AMENDED; THE EQUAL PAY ACT OF 1963 AND THE AMERICANS WITH
DISABILITIES ACT OF 1990;
|
|
(iii)
|
I
VOLUNTARILY CONSENT TO EVERYTHING IN
IT;
|
3
|
(iv)
|
I
HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT
AND I
HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION I HAVE CHOSEN
NOT
TO DO SO OF MY OWN VOLITION;
|
|
(v)
|
I
HAVE HAD AT LEAST 21 DAYS (OR 45 DAYS, AS REQUIRED BY LAW) FROM THE
DATE
OF MY RECEIPT OF THIS RELEASE SUBSTANTIALLY IN ITS FINAL FORM ON
_______________ __, _____ TO CONSIDER IT AND THE CHANGES MADE SINCE
THE
_______________ __, _____ VERSION OF THIS RELEASE ARE NOT MATERIAL
AND
WILL NOT RESTART THE REQUIRED 21-DAY (OR 45-DAY, AS APPLICABLE)
PERIOD;
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|
(vi)
|
ANY
CHANGES TO THE AGREEMENT SINCE [_______, 2007] EITHER ARE
NOT MATERIAL OR WERE MADE AT MY
REQUEST.
|
|
(vii)
|
I
UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE
TO
REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE
UNTIL THE REVOCATION PERIOD HAS EXPIRED WITHOUT NOTICE OF ANY SUCH
REVOCATION HAVING BEEN RECEIVED BY THE
COMPANY;
|
(viii)
|
I
HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH
THE
ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT;
AND
|
|
(ix)
|
I
AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED,
WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED
BY
AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY
ME.
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DATE:
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4