EXHIBIT 10(a)
RELEASE AND WAIVER AGREEMENT
This Release and Waiver Agreement ("Agreement") is between Xxxxxx X.
Xxxxx and Xxxxxxxx Stores Inc. and all past, present and future subsidiaries
and affiliates of Xxxxxxxx Stores Inc.(individually and collectively referred
to as ("the Company").
1. Complete Release. In consideration for $67,500.00 in severance pay,
$5,192.31 in unused vacation and continued health and dental coverage through
March 16, 1998 (at my normal contribution rate), which I agree is sufficient
consideration and is in excess of anything of value to which I am otherwise
entitled, including any earned wages or benefits due and owing me, I release,
waive, and fully discharge the Company and all present and former employees,
officers, directors, shareholders, and agents of the Company, from any and
all charges, causes of action, damages, claims or demands, whether known or
unknown at this time, arising out of, connected with, or based on my
employment and separation from employment with the Company, including, but
not limited to, those based on contract, personal injury, tort, common law,
employment discrimination, the Age Discrimination in Employment Act of 1967
(as amended)("ADEA") and any and all other federal, state or local laws or
ordinances.
2. Other Consideration. I agree that upon execution of this Agreement I
will use all reasonable efforts to find similar employment comparable in
wages to that which I had immediately prior to my termination from the
Company. In the event that, within twenty-six (26) weeks from September 16,
1997, I am not employed nor have I been employed during that period in a
position (1) comparable in wages to that which I had immediately prior to my
termination from the Company; or (2) which compensates me for at least 75% of
the wages that I received from the Company immediately prior to my
termination, then the Company will pay me within two (2) weeks of the
expiration of the 26 week period an additional $33,750 less all applicable
payroll deductions; and will extend my medical and dental coverage (at my
normal contribution rate) for an additional three (3) months.
I further agree that prior to this additional payment I will, upon request of
the Company, provide a full and detailed oral and/or written report
concerning (1) my efforts to find comparable employment; and/or (2) the wages
I then receive, or received at anytime during the 26 week period.
3. Non-Release of Future Claims. This Agreement does not waive or
release any rights or claims that I may have under the ADEA which arise after
the date I sign this Agreement.
4. 21 Day Period for Review and Consideration of Agreement. I understand
that I have been given a period of at least 21 days to review and consider
this Agreement before signing it.
5. Encouragement to Consult with Attorney. I acknowledge that I have
been advised in writing to consult with an attorney before signing this
Agreement.
6. Employee's Right to Revoke Agreement. I may revoke this Agreement for
a period of seven (7) calendar days after signing it. This Agreement is not
effective or enforceable until this revocation period has expired. I
understand that any revocation to be effective must be in writing and either:
(1) post-marked within seven (7) days of execution of this Agreement and
addressed to the Vice President, Personnel, Xxxxxxxx Stores Inc., 0000
Xxxxxxx Xxxx, Xxxxxxx, Xxxxxxxx 00000; or (2) hand delivered within seven (7)
days of execution of this Agreement to the Vice President, Personnel,
Xxxxxxxx Stores Inc,. 0000 Xxxxxxx Xxxx, Xxxxxxx, Xxxxxxxx 00000. I
understand that if revocation is made by mail, mailing by certified mail,
return receipt requested, is recommended to show proof of mailing. If I
revoke this Agreement it shall not be effective or enforceable and I will not
receive the consideration set forth in Paragraph 1 above.
7. Entire Agreement. I agree no oral or written statements have been
made by the Company which vary the terms of this Agreement and that this
constitutes the entire agreement between myself and the Company.
8. Voluntary Agreement. I acknowledge that I have read this Agreement,
understand its term and its binding effect, and am acting voluntarily and of
my own free will in signing it.
Xxxxxx X. Xxxxx
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WITNESS Employee(Print Name)
/s/ Xxxxxx X. Xxxxxxxxxx /s/ Xxxxxx X. Xxxxx
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Employee (Signature)
THE COMPANY October 7, 1997
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By: Xxxxx X. Xxxxxxx Dated
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Its: Vice President, Personnel 09/16/97
