Exhibit 10(d)7
SEPARATION AGREEMENT
THIS SEPARATION AGREEMENT ("Agreement") made and entered into by and
between GULF POWER COMPANY (the "Company") and XXXXXX X. XXXX ("Employee").
W I T N E S S E T H
WHEREAS, Employee has been employed by the Company for approximately
thirty-nine (39) years;
WHEREAS, Employee is a highly compensated employee of the Company and
is a member of its management;
WHEREAS, in order to be eligible for benefits under this Agreement, the
parties have agreed that Employee must terminate employment with the Company on
September 1, 2003.
WHEREAS, the parties desire to delineate their respective rights,
duties, and obligations attendant to such termination of employment, and desire
to reach an accord and satisfaction of all claims arising from Employee's
employment and his termination of employment, with appropriate releases; and
WHEREAS, the Company desires to compensate Employee for service he has
provided or will provide for the Company;
NOW, THEREFORE, in consideration of the premises, and the agreements of
the parties set forth in this Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, hereby covenant and agree as
follows:
1. Termination of Employment. Upon Employee's execution of this
Agreement, voluntary termination of employment with the Company on September 1,
2003 (the Employee's "Termination Date"), and effectiveness of the Release
attached hereto as Exhibit 1 (such effectiveness being no earlier than
Employee's Termination Date), the Company agrees to pay to Employee or his
spouse or his estate, as applicable, the compensation described in Paragraph 2
hereof. Employee covenants and agrees that the consideration set forth in
Paragraph 2 is in full satisfaction of all sums owed to Employee, if any, by the
Company, and constitutes good and complete consideration for his Release
attached hereto as Exhibit 1, those non-disclosure and non-interference
obligations under Paragraphs 5, 6, 7, 8 and 9 hereof and all other obligations
and covenants of Employee contained herein, including, but not limited to,
Paragraph 4. Employee agrees that this Agreement provides him certain benefits
to which he would not otherwise be entitled.
2. Compensation.
(a) Installments. Beginning on the first day of the first month
following both the Employee's Termination Date and the effective date of the
Release attached hereto as Exhibit 1 (such effective date being no earlier than
Employee's Termination Date), the Company shall commence payment to Employee of
five annual installment payments equal to One Hundred Eleven Thousand Nine
Hundred Ninety-Three Dollars and No Cents ($111,993.00) per installment payment.
In the event Employee dies before receiving payment of the amounts described in
this Paragraph 2(a) hereof, such amounts shall be paid to Employee's spouse, if
living, or if not, to the Employee's estate.
(b) Social Security Bridge Payments. Beginning on the first day of the
first month following Employee's Termination Date and the effective date of the
Release attached hereto as Exhibit 1 (such effective date being no earlier than
the Employee's Termination Date), and ending on the first day of the first month
during which Employee attains age 62, the Company agrees to pay to Employee a
monthly benefit equal to the monthly Social Security benefit the Employee would
become entitled to receive beginning at age 65 based upon the Social Security
law in effect for the year of his Termination Date and his Southern Company
System (as defined in Paragraph 4) Social Security earnings through his
Termination Date ("Social Security Bridge Benefit"). Upon the death of the
Employee, no unpaid amounts set forth in this Paragraph 2(b) shall be payable to
Employee's heirs or assigns unless Employee has designated a provisional payee
or a provisional payee is designated for him by default under The Southern
Company Pension Plan ("Pension Plan") and such provisional payee is then living.
If the provisions in the foregoing sentence are met, then beginning on the first
day of the first month after the date of the Employee's death, said provisional
payee, if then living, shall be entitled to the Social Security Bridge Benefit
until the first day of the first month during which the Employee would have
attained age 62. Notwithstanding the foregoing, upon the death of such
provisional payee, no unpaid amounts set forth above shall be payable to such
provisional payee's heirs or assigns. Such provisional payee shall only be
entitled to the benefit payments set forth in this Paragraph 2(b) that become
due and payable between Employee's death and the death of the provisional payee.
(c) Change in Control. In the event of a Southern Change in Control or
a Subsidiary Change in Control affecting Employee as defined in the Southern
Company Change in Control Benefit Plan Determination Policy, any unpaid amounts
under Paragraphs 2(a) and (b) shall be paid in a lump sum as soon as practicable
after the occurrence of such an event. The lump sum shall be equal to the
present value of any unpaid amounts based on an effective interest rate of 7.5%
per annum (0.6045% per month).
(d) Other Compensation. Subject to Paragraph 1, on the effective date
of the Release attached hereto as Exhibit 1 (such effective date being no
earlier than Employee's Termination Date), the Company shall provide Employee
with (i) access to the Company's tax preparation and financial planning services
for a period of two years following Employee's Termination Date, and (ii) the
personal computers he is using on his Termination Date.
(e) Misconduct. Notwithstanding the foregoing, in the event Employee
engages in Misconduct, as defined below, before or after Employee's Termination
Date but prior to receiving all of the compensation described in Paragraphs
2(a), (b) and (d) above, Company may not provide the Employee with the
compensation under this Paragraph 2, and Company shall have no further
obligations with respect to any amounts or compensation under this Agreement.
For purposes of this Paragraph 2(e), "Misconduct" shall mean (i) the final
conviction of any felony, or (ii) the carrying out of any activity or the making
of any public statement which materially diminishes or materially and
untruthfully brings the Southern Company or any of its subsidiaries or
affiliates into contempt, ridicule or materially and reasonably shocks or
offends the community in which the Southern Company or any of its subsidiaries
or affiliates is located.
(f) Withholding. In accordance with Paragraph 20, Employee shall be
responsible for all state and federal income taxes and his share of FICA taxes
owed on the foregoing compensation (including, but not limited to, the
compensation provided in subparagraph (d) above), and Company shall make
appropriate withholding of these amounts.
3. Publicity; No Disparaging Statement. Except as otherwise provided in
Paragraph 13 hereof, Employee and the Company covenant and agree that they shall
not engage in any communications which shall disparage one another or interfere
with their existing or prospective business relationships.
4. No Employment. Employee agrees that he shall not seek re-employment
as an employee, leased employee or independent contractor with the Company or
the Southern Company or any of its subsidiaries or affiliates (collectively, for
purposes of this Paragraph 4, "Southern Company System"), for a period of
twenty-four (24) months following the execution of the Release attached hereto
as Exhibit 1. The Company or any member of the Southern Company System shall not
rehire the Employee as an employee, leased employee or independent contractor
for a period of twenty-four (24) months following the Employee's execution of
the Release attached hereto as Exhibit 1, unless an exceptional business reason
exists for rehiring the Employee and a committee, comprised of (i) an officer
from the business unit seeking to rehire the Employee and (ii) the Southern
Company Senior Vice President, Human Resources, approves of such rehiring.
5. Business Protection Provision Definitions.
(a) Preamble. As a material inducement to the Company to enter into
this Agreement, and its recognition of the valuable experience, knowledge and
proprietary information Employee gained from his employment with the Company,
Employee warrants and agrees he will abide by and adhere to the following
business protection provisions in Xxxxxxxxxx 0, 0, 0, 0 xxx 0 xxxxxx.
(x) Definitions. For purposes of Paragraphs 5, 6, 7, 8 and 9 herein,
the following terms shall have the following meanings:
(i) "Competitive Position" shall mean any employment,
consulting, advisory, directorship, agency,
promotional or independent contractor arrangement
between the Employee and any person or Entity engaged
wholly or in material part in the business that the
Company is engaged in (the "Business") whereby the
Employee is required to or does perform services on
behalf of or for the benefit of such person or Entity
which are substantially similar to the services
Employee participated in or directed while employed
by the Company, the Southern Company or any of their
respective affiliates (collectively the "Southern
Entities").
(ii) "Confidential Information" shall mean the proprietary
or confidential data, information, documents or
materials (whether oral, written, electronic or
otherwise) belonging to or pertaining to the Company
or other Southern Entities, other than "Trade
Secrets" (as defined below), which is of tangible or
intangible value to any of the Southern Entities and
the details of which are not generally known to the
competitors of the Southern Entities. Confidential
Information shall also include: (A) any items that
any of the Southern Entities have marked
"CONFIDENTIAL" or some similar designation or are
otherwise identified as being confidential; and (B)
all non-public information known by or in the
possession of Employee related to or regarding any
proceedings involving or related to the Southern
Entities before the Florida Public Service Commission
or other Entities.
(iii) "Entity" or "Entities" shall mean any business,
individual, partnership, joint venture, agency,
governmental agency, body or subdivision,
association, firm, corporation, limited liability
company or other entity of any kind.
(iv) "Territory" shall include the States of Georgia,
Alabama, Mississippi or Florida.
(v) "Trade Secrets" shall mean information or data of or
about any of the Southern Entities, including, but
not limited to, technical or non-technical data,
formulas, patterns, compilations, programs, devices,
methods, techniques, drawings, processes, financial
data, financial plans, product plans or lists of
actual or potential customers or suppliers that: (A)
derives economic value, actual or potential, from not
being generally known to, and not being readily
ascertainable by proper means by, other persons who
can obtain economic value from its disclosure or use;
and (B) is the subject of efforts that are reasonable
under the circumstances to maintain its secrecy. The
Employee agrees that trade secrets include non-public
information related to the rate making process of the
Southern Entities and any other information which is
defined as a "trade secret" under applicable law.
(vi) "Work Product" shall mean all tangible work product,
property, data, documentation, "know-how," concepts
or plans, inventions, improvements, techniques and
processes relating to the Southern Entities that were
conceived, discovered, created, written, revised or
developed by Employee during the term of his
employment with the Company.
6. Nondisclosure: Ownership of Proprietary Property.
(a) In recognition of the need of the Company to protect its legitimate
business interests, Confidential Information and Trade Secrets, Employee hereby
covenants and agrees that Employee shall regard and treat Trade Secrets and all
Confidential Information as strictly confidential and wholly-owned by the
Company and shall not, for any reason, in any fashion, either directly or
indirectly, use, sell, lend, lease, distribute, license, give, transfer, assign,
show, disclose, disseminate, reproduce, copy, misappropriate or otherwise
communicate any such item or information to any third party or Entity for any
purpose other than in accordance with this Agreement or as required by
applicable law: (i) with regard to each item constituting a Trade Secret, at all
times such information remains a "trade secret" under applicable law, and (ii)
with regard to any Confidential Information, for a period of three (3) years
following the Termination Date (hereafter the "Restricted Period").
(b) Employee shall exercise best efforts to ensure the continued
confidentiality of all Trade Secrets and Confidential Information, and he shall
immediately notify the Company of any unauthorized disclosure or use of any
Trade Secrets or Confidential Information of which Employee becomes aware.
Employee shall assist the Company, to the extent necessary, in the protection of
or procurement of any intellectual property protection or other rights in any of
the Trade Secrets or Confidential Information.
(c) All Work Product shall be owned exclusively by the Company. To the
greatest extent possible, any Work Product shall be deemed to be "work made for
hire" (as defined in the Copyright Act, 17 U.S.C.A. ss. 101 et seq., as
amended), and Employee hereby unconditionally and irrevocably transfers and
assigns to the Company all right, title and interest Employee currently has or
may have by operation of law or otherwise in or to any Work Product, including,
without limitation, all patents, copyrights, trademarks (and the goodwill
associated therewith), trade secrets, service marks (and the goodwill associated
therewith) and other intellectual property rights. Employee agrees to execute
and deliver to the Company any transfers, assignments, documents or other
instruments which the Company may deem necessary or appropriate, from time to
time, to protect the rights granted herein or to vest complete title and
ownership of any and all Work Product, and all associated intellectual property
and other rights therein, exclusively in the Company.
(d) Employee represents and agrees that he will keep all terms and
provisions of this Agreement completely confidential, except for possible
disclosures to his legal advisors or to the extent required by law, and Employee
further agrees that he will not disclose the terms, provisions or information
contained in or concerning this Agreement to anyone, including, but not limited
to, any past, present, or prospective employee or applicant for employment with
the Company. Employee agrees that he may only disclose to future, potential
employers of Employee that he participates in a Separation Agreement with the
Company which imposes certain restrictions on him.
7. Non-Interference With Employees.
Employee covenants and agrees that during the Restricted Period he will
not, either directly or indirectly, alone or in conjunction with any other
person or Entity: (A) actively recruit, solicit, attempt to solicit, or induce
any person who, during such Restricted Period, or within one year prior to the
Termination Date, was an exempt employee of the Company or any of its
subsidiaries, or was an officer of any of the other Southern Entities to leave
or cease such employment for any reason whatsoever; or (B) hire or engage the
services of any such person described in Paragraph 7(A) in any business
substantially similar or competitive with that in which the Southern Entities
were engaged during his employment.
8. Non-Interference With Customers.
(a) Employee acknowledges that in the course of employment, he has
learned about Company's business, services, materials, programs and products and
the manner in which they are developed, marketed, serviced and provided.
Employee knows and acknowledges that the Company has invested considerable time
and money in developing its programs, agreements, offices, representatives,
services, products and marketing techniques and that they are unique and
original. Employee further acknowledges that the Company must keep secret all
pertinent information divulged to Employee and Company's business concepts,
ideas, programs, plans and processes, so as not to aid Company's competitors.
Accordingly, Company is entitled to the following protection, which Employee
agrees is reasonable:
(b) Employee covenants and agrees that for a period of two (2) years
following the Termination Date, he will not, on his own behalf or on behalf of
any person or Entity, solicit, direct, appropriate, call upon, or initiate
communication or contact with any person or entity or any representative of any
person or entity, with whom Employee had contact during his employment, with a
view toward the sale or the providing of any product, equipment or service sold
or provided or under development by Company during the period of two (2) years
immediately preceding the date of Employee's termination. The restrictions set
forth in this section shall apply only to persons or entities with whom Employee
had actual contact during the two (2) years prior to termination of employment
with a view toward the sale or providing of any product, equipment or service
sold or provided or under development by Company.
9. Non-Interference With Business.
(a) Employee and Company expressly covenant and agree that the scope,
territorial, time and other restrictions contained in this entire Agreement
constitute the most reasonable and equitable restrictions possible to protect
the business interest of the Company given: (i) the business of the Company;
(ii) the competitive nature of the Company's industry; and (iii) that Employee's
skills are such that he could easily find alternative, commensurate employment
or consulting work in his field which would not violate any of the provisions of
this Agreement. The Employee further acknowledges that the compensation
described in Paragraph 2 is also in consideration of his covenants and
agreements contained in Paragraphs 5 through 9 hereof.
(b) Employee covenants and agrees to not obtain or work in a
Competitive Position within the Territory for a period of two (2) years from the
Termination Date.
10. Return of Materials. Upon the Employee's termination, or at any
point after that time upon the specific request of the Company, Employee shall
return to the Company all written or descriptive materials of any kind belonging
or relating to the Company or its affiliates, including, without limitation, any
originals, copies and abstracts containing any Work Product, intellectual
property, Confidential Information and Trade Secrets in Employee's possession or
control.
11. Cooperation. The parties agree that as a result of Employee's
duties and activities during his employment, Employee's reasonable availability
may be necessary for the Company to meaningfully respond to or address actual or
threatened litigation, or government inquiries or investigations, or required
filings with state, federal or foreign agencies (hereinafter "Company Matters").
Upon request of the Company, and at any point following termination of
employment, Employee will make himself available to the Company for reasonable
periods consistent with his future employment, if any, by other Entities and
will cooperate with its agents and attorneys as reasonably required by such
Company Matters. The Company will reimburse Employee for any reasonable
out-of-pocket expenses associated with providing such cooperation.
12. Termination with Cause. In the event of Employee's termination of
employment for Cause at any time, the Employee shall forfeit all of the benefits
provided in Paragraph 2 and the Company shall have no further obligations with
respect to any amounts under this Agreement. As used in this Agreement, the term
"Cause" shall mean gross negligence or willful misconduct in the performance of
the duties and services required in the course of employment by the Company; the
final conviction of a felony or misdemeanor involving moral turpitude; the
carrying out of any activity or the making of any statement which would
prejudice the good name and standing of any of the Southern Entities or would
bring any of the Southern Entities into contempt, ridicule or would reasonably
shock or offend any community in which any of the Southern Entities is located;
a material breach of the fiduciary obligations owed by an officer and an
employee to any of the Southern Entities; or the Employee's unsatisfactory
performance of the duties and services required by his or her employment.
13. Confidentiality and Legal Process. Employee represents and agrees
that he will keep the terms, amount and fact of this Agreement confidential and
that he will not hereafter disclose any information concerning this Agreement to
any one other than his personal agents, including, but not limited to, any past,
present, or prospective employee or applicant for employment with Company.
Notwithstanding the foregoing, nothing in this Agreement is intended to prohibit
Employee from performing any duty or obligation that shall arise as a matter of
law. Specifically, Employee shall continue to be under a duty to truthfully
respond to any legal and valid subpoena or other legal process. This Agreement
is not intended in any way to proscribe Employee's right and ability to provide
information to any federal, state or local government in the lawful exercise of
such governments' governmental functions.
14. Successors And Assigns; Applicable Law. This Agreement shall be
binding upon and inure to the benefit of Employee and his heirs, administrators,
representatives, executors, successors and assigns, and shall be binding upon
and inure to the benefit of the Company and its officers, directors, employees,
agents, shareholders, parent corporation and affiliates, and their respective
predecessors, successors, assigns, heirs, executors and administrators and each
of them, and to their heirs, administrators, representatives, executors,
successors and assigns. This Agreement shall be construed and interpreted in
accordance with the laws of the State of Florida, United States of America
(without giving effect to principles of conflicts of laws).
15. Complete Agreement. This Agreement shall constitute the full and
complete Agreement between the parties concerning its subject matter and fully
supersedes any and all other prior Agreements or understandings between the
parties concerning the subject matter hereof. This Agreement shall not be
modified or amended except by a written instrument signed by both Employee and
an authorized representative of the Company.
16. Severability. The unenforceability or invalidity of any particular
provision of this Agreement shall not affect its other provisions, and to the
extent necessary to give such other provisions effect, they shall be deemed
severable. The judicial body interpreting this Agreement shall be authorized and
instructed to rewrite any of the sections which are enforceable as written in
such a fashion so that they may be enforced to the greatest extent legally
possible. Employee acknowledges and agrees that the covenants and agreements
contained in this Agreement, including, without limitation, the covenants and
agreements contained in Xxxxxxxxxx 0, 0, 0, 0 xxx 0, xxxxx xx construed as
covenants and agreements independent of each other or any other contract between
the parties hereto and that the existence of any claim or cause of action by
Employee against Company, whether predicated upon this Agreement or any other
contract, shall not constitute a defense to the enforcement by Company of said
covenants and agreements.
17. Waiver Of Breach; Specific Performance. The waiver of a breach of
any provision of this Agreement shall not operate or be construed as a waiver of
any other breach. Each of the parties to this Agreement will be entitled to
enforce its or his rights under this Agreement, specifically, to recover damages
by reason of any breach of any provision of this Agreement and to exercise all
other rights existing in its or his favor. The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of
the provisions of this Agreement and that any party may in its or his sole
discretion apply to any court of law or equity of competent jurisdiction for
specific performance or injunctive relief in order to enforce or prevent any
violations of the provisions of this Agreement.
18. Unsecured General Creditor. The Company shall neither reserve nor
specifically set aside funds for the payment of its obligations under this
Agreement, and such obligations shall be paid solely from the general assets of
the Company. Notwithstanding that Employee may be entitled to receive the value
of his benefit under the terms and conditions of this Agreement, the assets from
which such amount may be paid shall at all times be subject to the claims of the
Company's creditors.
19. No Effect On Other Arrangements. It is expressly understood and
agreed that the payments made in accordance with this Agreement are in addition
to any other benefits or compensation to which Employee may be entitled or for
which he may be eligible, whether funded or unfunded, by reason of his
employment with the Company.
20. Tax Withholding. There shall be deducted from the payment under
this Agreement the amount of any tax required by any governmental authority to
be withheld and paid over by the Company to such governmental authority for the
account of Employee.
21. Compensation. Any compensation paid on behalf of Employee under
this Agreement shall not be considered "compensation," as the term is defined in
The Southern Company Employee Savings Plan, The Southern Company Employee Stock
Ownership Plan or The Southern Company Pension Plan. The payment under this
Agreement shall not be considered wages, salaries or compensation under any
other employee benefit plan.
22. No Guarantee of Employment. No provision of this Agreement shall be
construed to affect in any manner the existing rights of the Company to suspend,
terminate, alter, modify, whether or not for cause, the employment relationship
of Employee and the Company.
23. Interpretation. The judicial body interpreting this Agreement shall
not more strictly construe the terms of this Agreement against one party, it
being agreed that both parties and/or their attorneys or agents have negotiated
and participated in the preparation hereof.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement,
this ___ day of ________________, 2003.
"COMPANY"
GULF POWER COMPANY
By:
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Its:
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"EMPLOYEE"
XXXXXX X. XXXX
EXHIBIT 1 to
Separation Agreement
with Xxxxxx X. Xxxx
RELEASE AGREEMENT
THIS RELEASE ("Release") is made and entered into by and between XXXXXX
X. XXXX ("Employee") and GULF POWER COMPANY, and its successor or assigns
("Company").
WHEREAS, Employee and Company have agreed that Employee's employment
with Gulf Power Company shall terminate on September 1, 2003;
WHEREAS, Employee and the Company have previously entered into that
certain Separation Agreement, dated _________________, 2003 ("Agreement"), that
this Release is incorporated therein by reference;
WHEREAS, Employee and Company desire to delineate their respective
rights, duties and obligations attendant to such termination and desire to reach
an accord and satisfaction of all claims arising from Employee's employment, and
his termination of employment, with appropriate releases, in accordance with the
Agreement;
WHEREAS, the Company desires to compensate Employee in accordance with
the Agreement for service he has or will provide for the Company;
NOW, THEREFORE, in consideration of the premises and the agreements of
the parties set forth in this Release, and other good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound, hereby covenant and agree as follows:
1. Release. Employee does hereby remise, release and forever discharge
the Company and its officers, directors, employees, agents, shareholders, parent
corporation and affiliates, and their respective predecessors, successors,
assigns, heirs, executors and administrators (collectively, "Releasees"), of and
from all manner of actions and causes of action, suits, debts, claims and
demands whatsoever at law or in equity, known or unknown, actual or contingent,
including, but not limited to, any claims which have been asserted, or could be
asserted now or in the future, against any Releasees arising under any and all
federal, state or local laws and any common law claims, and including, but not
limited to, any claims Employee may have pursuant to the Age Discrimination in
Employment Act and the Xxxxxxxx-Xxxxx Act of 2002 and any claims to benefits
under any and all offer letters, employment or separation agreements, or bonus,
severance, workforce reduction, early retirement, out-placement, or other
similar plans sponsored by the Company, now or hereafter recognized
(collectively, "Claims"), which he ever had or now has or may in the future
have, by reason of any matter, cause or thing arising out of his employment
relationship and privileges, his serving as an employee of the Company or the
separation from his employment relationship or affiliation as an employee of the
Company as of the date of this Release against each of the Releasees.
Notwithstanding the foregoing, Employee does not release any Claims under the
Age Discrimination in Employment Act that may arise after his execution of this
Release.
2. No Assignment of Claim. Employee represents that he has not assigned
or transferred, or purported to assign or transfer, any Claims or any portion
thereof or interest therein to any party prior to the date of this Release.
3. Compensation. In accordance with the Separation Agreement, the
Company agrees to pay the Employee, his spouse or his estate, as the case may
be, the amounts provided in Paragraph 2 of the Agreement.
4. No Admission Of Liability. This Release shall not in any way be
construed as an admission by the Company or Employee of any improper actions or
liability whatsoever as to one another, and each specifically disclaims any
liability to or improper actions against the other or any other person, on the
part of itself or himself, its or his employees or agents.
5. Voluntary Execution. Employee warrants, represents and agrees that
he has been encouraged in writing to seek advice from anyone of his choosing
regarding this Release, including his attorney and accountant or tax advisor
prior to his signing it; that this Release represents written notice to do so;
that he has been given the opportunity and sufficient time to seek such advice;
and that he fully understands the meaning and contents of this Release. He
further represents and warrants that he was not coerced, threatened or otherwise
forced to sign this Release, and that his signature appearing hereinafter is
voluntary and genuine. EMPLOYEE UNDERSTANDS THAT HE MAY TAKE UP TO TWENTY-ONE
(21) DAYS TO CONSIDER WHETHER OR NOT HE DESIRES TO ENTER INTO THIS RELEASE.
6. Ability to Revoke Agreement. EMPLOYEE UNDERSTANDS THAT HE MAY REVOKE
THIS RELEASE BY NOTIFYING THE COMPANY IN WRITING OF SUCH REVOCATION WITHIN SEVEN
(7) DAYS OF HIS EXECUTION OF THIS RELEASE AND THAT THIS RELEASE IS NOT EFFECTIVE
UNTIL THE EXPIRATION OF SUCH SEVEN (7) DAY PERIOD. HE UNDERSTANDS THAT UPON THE
EXPIRATION OF SUCH SEVEN (7) DAY PERIOD THIS RELEASE WILL BE BINDING UPON HIM
AND HIS HEIRS, ADMINISTRATORS, REPRESENTATIVES, EXECUTORS, SUCCESSORS AND
ASSIGNS AND WILL BE IRREVOCABLE.
Acknowledged and Agreed To:
"COMPANY"
GULF POWER COMPANY
By:
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Its:
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I UNDERSTAND THAT BY SIGNING THIS RELEASE, I AM GIVING UP RIGHTS I MAY HAVE. I
UNDERSTAND THAT I DO NOT HAVE TO SIGN THIS RELEASE.
"EMPLOYEE"
XXXXXX X. XXXX
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Date_____ _________
WITNESSED BY:
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Date
