Settlement and Retention Agreement清算及续聘协议

-19-SettlementandRetentionAgreement清算及续聘协议核心提示：ThisSettlementandRetentionAgreement(theAgreement)isenteredintobyandbetween_________(Executive)andAAACorporation,a_________Corporation(AAAortheCompany)andiseffectiveasof_________(M,D,Y)theEffectiveDate).WHEREAS,ExecThisSettlementandRetentionAgreement(theAgreement)isenteredintobyandbetween_________(Executive)andAAACorporation,a_________Corporation(AAAortheCompany)andiseffectiveasof_________(M,D,Y)theEffectiveDate).WHEREAS,ExecutiveenteredintoaChange-in-ControlAgreementdated_________(M,D,Y)withBBB,Inc.,whichwasamendedon_________(M,D,Y)(theOriginalCICAgreement);andWHEREAS,BBB,Inc.wasmergedintoAAAin_________(M,Y)under_________law,andAAAtherebyacquiredalloftherightsandobligationsofBBB,Inc.undertheOriginalCICAgreement;andWHEREAS,ExecutiveispresentlyentitledtoexercisecertainrightsundertheOriginalCICAgreementthatwouldresultintheterminationofExecutive’semploymentandrequiretheCompanytomakeacashpaymentandprovideotherbenefitstoExecutive;andWHEREAS,theCompanywouldliketocontinuetoemployExecutive,andExecutivewouldliketocontinuetobeemployedbytheCompany;andWHEREAS,theCompanywouldliketoreducetheincentiveforExecutivetoterminateExecutive’semploymentandprovideanincentiveforExecutivetoremainemployedbytheCompany.NOWTHEREFORE,inconsiderationofthepromises,mutualcovenantsandagreementscontainedhereinandforothergoodandvaluableconsideration,thereceiptandsufficiencyofwhichareherebyacknowledged,thepartiesintendingtobelegallybound,agreeasfollows:1.SettlementPayment.TheCompanyagreestoprovideaSettlementPaymenttoExecutive,payableintwolumpsuminstallmentsonthedatesspecifiedbelow(thePaymentDates),lessapplicablewithholdingsasrequiredbylaworregulation;provided,withrespecttoeachinstallment,thatExecutive’semploymentisnotterminatedpriortotherespectivePaymentDateforsuchinstallmentbytheCompanyforCause(asdefinedbelow)orbyExecutivewithoutGoodReason(asdefinedbelow):AmountDatea.$,__________________(M,D,Y)b.$,__________________(M,D,Y)IntheeventExecutive’semploymentterminatespriortooneorbothofthePaymentDatesforanyotherreason,includingbutnotlimitedtoterminationofExecutive’semploymentbytheCompanywithoutCause,Executive’sresignationforGoodReason,Executive’sdeathorDisability(asdefinedbelow),anyoutstanding,unpaidportionoftheSettlementPaymentwillbecomeimmediatelydueandpayabletoExecutive,orhisestate,asthecasemaybe.2.At-Will.ExecutiveacknowledgesthatExecutivecontinuestobeemployedbytheCompanyasanat-willemployeeandthatnothinginthisAgreementisintendedtoorshouldbeconstruedtocontradict,modifyoralterExecutive’sat-willemploymentstatus.3.Definitions.a.Cause.ForpurposesofthisAgreement,Causeshallmean:(i)Executive’swillfulanddeliberatefailureorrefusaltoperformExecutive’sjobresponsibilitiesandduties(astheyexistedorwereassignedduringthe90-dayperiodimmediatelyprecedingtheEffectiveDateorasrevisedthereafterbyagreementofExecutiveandtheCompany),providedthatExecutivehasbeengivenwrittennoticeofanda30-dayopportunitytocuresuchnon-performance;(ii)commissionofanintentionalactoffraud,embezzlementortheftbyExecutiveinconnectionwithExecutive’sdutiesorinthecourseofExecutive’semploymentwiththeCompanyoritsaffiliatedcompanies;(iii)causingintentional,wrongfuldamagetopropertyoftheCompanyoritsaffiliatedcompanies;(iv)intentionallyandwrongfullydisclosingtradesecretsorconfidentialinformationoftheCompanyoritsaffiliatedcompanies;or(v)participating,withouttheCompany’sexpresswrittenconsent,inthemanagementofanybusinessenterprisethatengagesinsubstantialanddirectcompetitionwiththeCompanyoritsaffiliatedcompaniesandanysuchactshallhavebeenmateriallyharmfultotheCompanyoritsaffiliatedcompanies.b.GoodReason.ForpurposesofthisAgreement,GoodReasonshallmean:i.asubstantialdiminutioninExecutive’sposition,authority,dutiesorresponsibilities(astheyexistedorwereassignedatanytimeduringthe90-dayperiodimmediatelyprecedingtheEffectiveDate),excludingnon-substantialchangesintitleorofficeandanyisolated,insubstantialandinadvertentactionnottakeninbadfaiththatisremediedbytheCompanywithinthirty(30)daysofreceivingwrittennoticethereoffromExecutive;ii.anyreductionoradversechangetoExecutive’scompensationandbenefitsinplaceasoftheEffectiveDateoftheAgreementorgrantedtoExecutivebytheCompanythereafter,including,butnotlimitedto,basesalary,bonusesandanyotherincentivecompensationplansorprograms;savingsandretirementplansorprograms;healthandwelfarebenefitplans,including,butnotlimitedto,medical,prescription,dental,disability,salarycontinuance,employeelife,grouplife,accidentaldeathandtravelaccidentinsuranceplans;andpaidvacation,excludinganyisolated,insubstantialandinadvertentfailurenottakeninbadfaiththatisremediedbytheCompanywithinthirty(30)daysofreceivingwrittennoticethereoffromExecutiveoranyreductionthatismadeaspartof,andisgenerallyconsistentwith,ageneralreductionofseniorexecutivecompensationandbenefits;iii.therelocationofExecutive’sprincipalplaceofworktoanofficeorlocationmorethanfifty(50)milesfromthelocationExecutivewasassignedtoimmediatelypriortotheEffectiveDate(provided,however,thatrelocationtoCarlsbad,CA,shallnotconstituteGoodReason)ortheCompanysubstantiallyincreaseswithoutthepriorconsentoftheExecutivetheamountoftimeExecutiveisrequiredtotravel;andiv.anyfailurebyanysuccessortotheCompanytocomplywithandsatisfySection11,providedthatsuchsuccessorhasreceivedatleastten(10)dayspriorwrittennoticefromtheCompanyorExecutiveoftherequirementsofSection11ofthisAgreement.ForthepurposesofthisSection3(b),anygoodfaithdeterminationofGoodReasonmadebyExecutiveshallbeconclusive.c.Disability.ThetermDisabilitymeansExecutive’sinabilitytoperformtheessentialfunctionsofExecutive’sjobduetoamentalorphysicalcondition,withorwithoutreasonableaccommodation.InnoeventwillExecutive’semploymentbeterminatedforDisabilityuntil180consecutivedayshaselapsedandDisabilityhasbeendeterminedbyaphysicianselectedbytheCompanyoritsinsurersandacceptabletoExecutiveorExecutive’slegalrepresentative(suchagreementastoacceptabilitynottobewithheldunreasonably).d.DateofTermination.ThetermDateofTerminationmeansthedateofreceiptoftheNoticeofTermination(describedbelow)oranylaterdatespecifiedtherein,asthecasemaybe;provided,however,that:(i)ifExecutive’semploymentisterminatedbytheCompanywithoutCausetheDateofTerminationshallbethedatetheCompanynotifiestheExecutiveofsuchtermination;and(ii)ifExecutive’semploymentisterminatedbyreasonofdeathorDisability,theDateofTerminationshallbethedateofExecutive’sdeathortheeffectivedateoftheDisability,asthecasemaybe.4.NoticeofTermination.AnyterminationbytheCompanyforCauseorresignationbyExecutiveforGoodReasonbefore_________(M,D,Y),shallbecommunicatedbyNoticeofTerminationtotheotherpartyinaccordancewithSection13(b)ofthisAgreement.TheNoticeofTerminationmustbeinwritingandsetforth:(a)thefactsandcircumstances,inreasonabledetail,claimedtoprovideabasisfortheterminationwithCauseorresignationforGoodReason;(b)iftheDateofTerminationisotherthanthedateofreceiptofsuchnotice,theterminationdate(whichshallbenotmorethanthirty(30)daysafterthegivingofsuchnotice).ExecutiveortheCompany’sfailuretosetforthintheNoticeofTerminationanyfactorcircumstancethatcontributestoashowingofGoodReasonorCause,asthecasemaybe,shallnotwaiveanyrighthereunderorprecludeExecutiveortheCompanyfromassertingsuchfactorcircumstanceinenforcingExecutive’sortheCompany’srightshereunder.5.IndependentObligations.TheSettlementPaymentisinsettlementofpreexistingcontractualclaimsandshallnot:(a)bereducedbyanyseverancereceivedbyExecutive,orreduceanyseverancetobereceivedbyExecutive,uponterminationofemploymentunderanyseveranceplan,policy,agreement,orarrangementoftheCompanyapplicabletoExecutiveoragroupofemployeesoftheCompanyincludingtheExecutive,whetherornotanysuchseverancereceivedbyExecutiveispayableasaresultinwholeorinpartofachangeincontroloftheCompanypriortosuchterminationofemployment;(b)constitutesalary,bonus,orseveranceforpurposesoftheNewCICAgreement(describedatSection12below),andaccordingly,shallnotincrease,decrease,oraffectinanywaythecalculationofmoneypayableorentitlementtootherbenefitspursuanttotheNewCICAgreement;(c)beaffectedbyanyset-off,counterclaim,recoupment,defenseorotherclaim,rightoractionthattheCompanymayhaveagainstExecutiveorothers;and(d)besubjecttoanyrequirementthatExecutiveseekotheremploymentortakeanyotheractionbywayofmitigation,norwillitbeoffsetorotherwisebereducedbyreasonofExecutive’sreceiptofcompensationfromanysourceotherthantheCompany.6.Non-exclusivityofRights.NothinginthisAgreementshallpreventorlimitExecutive’scontinuingorfutureparticipationinanybenefit,bonus,incentiveorotherplans,programs,policiesorpracticesprovidedbytheCompanyoranyofitsaffiliatedcompaniesandforwhichExecutivemayqualify,norshallanythinghereinlimitorotherwiseaffectsuchrightsasExecutivemayhaveunderanyotheragreementswiththeCompanyoranyofitsaffiliatedcompanies.AmountsthatarevestedbenefitsorthatExecutiveisotherwiseentitledtoreceiveunderanyplan,policy,practiceorprogramoftheCompanyoranyofitsaffiliatedcompaniesatorsubsequenttotheDateofTerminationshallbepayableinaccordancewithsuchplan,policy,practiceorprogram.Inaddition,nothinginthisAgreementisintendedtoorshouldbeconstruedtocontradict,modifyoralterthetermsandconditionsofthatcertainofferletterenteredintobyExecutiveandtheCompanyon_________(M,D,Y)(thePromotionandRelocationLetter).ThetermsandconditionsofExecutive’semploymentshallcontinuetobegovernedbythePromotionandRelocationLetterexceptasexpresslysetforthherein.7.LegalFees.TheCompanyagreestopay,tothefullextentpermittedbylaw,alllegalfeesandexpensesthatExecutivemayreasonablyincur,includingthecostsandexpensesofanyarbitrationproceeding,asaresultofanycontest(regardlessoftheoutcomethereof)bytheCompanyorothersofthevalidityorenforceabilityof,orliabilityunder,anyprovisionofthisAgreementoranyguaranteeofperformancethereof(includingasaresultofanycontestbyExecutiveabouttheamountofanypaymentpursuanttothisAgreement),plusineachcaseinterestonanydelayedpaymentattheapplicableFederalrateprovidedforinSection7872(f)(2)oftheInternalRevenueCodeof1986,asamended(theCode);providedthatExecutive’sclaimisnotdeterminedbyacourtofcompetentjurisdictionoranarbitratortobefrivolousorotherwiseentirelywithoutmerit.8.TerminationofOriginalCICAgreement;Release.a.TerminationofOriginalCICAgreement.ThisAgreementterminatesallrightsandobligationsoftheCompanyandExecutiveundertheOriginalCICAgreementandsupersedesanypreviousagreementbetweentheCompanyandExecutive,writtenororal,totheextentsuchagreementrelatestothesubjectmatterhereof.b.GeneralReleaseofAllClaims.i.ExecutivefullyandunconditionallyreleasesanddischargesallclaimsandcausesofactionthatExecutiveorExecutive’sheirs,personalrepresentatives,successors,orassignseverhad,nowhave,orhereaftermayhaveagainsttheCompany,andanysubsidiarycorporations,divisionsandaffiliatedcorporations,partnershipsorotheraffiliatedentitiesoftheCompany,pastandpresent,aswellastheCompany’semployees,officers,directors,agents,shareholders,successorsandassigns(collectively,ReleasedParties)onaccountofanyclaimsand/orcausesofactionarisingoutoforrelatingtotheOriginalCICAgreementandanyotherdocumentrelatingtheretoordeliveredinconnectionwiththetransactionscontemplatedthereby.ii.ExecutivedeclaresandrepresentsthatExecutiveintendsthisAgreementtobecompleteandnotsubjecttoanyclaimofmistake,andthatthereleasehereinexpressesafullandcompletereleaseofallclaims,knownandunknown,suspectedorunsuspectedarisingoutoforrelatingtotheOriginalCICAgreementandanyotherdocumentrelatingtheretoordeliveredinconnectionwiththetransactionscontemplatedtherebyand,regardlessoftheadequacyorinadequacyoftheconsideration,Executiveintendsthereleasehereintobefinalandcomplete.ExecutiveexecutesthisAgreementwiththefullknowledgethatthereleasecoversallpossibleclaimsagainsttheReleasedPartiesarisingoutoforrelatingtotheOriginalCICAgreement,tothefullestextentpermittedbylaw.ExecutivefurtheragreesthatthisreleaseistobeinterpretedbroadlyandincludesthewaiverofallrightsunderCaliforniaCivilCodesection1542,whichprovidesthatageneralreleasedoesnotextendtoclaimswhichthecreditordoesnotknoworsuspecttoexistinhisfavoratthetimeofexecutingtherelease,whichifknownbyhimmusthavemateriallyaffectedhissettlementwiththedebtor.9.TerminationofSettlementandRetentionAgreement;Release.SimultaneouswiththepaymentofthelastinstallmentoftheSettlementPayment,ExecutiveagreestosignareleasesimilartothereleasesetforthinSection8(b)abovethatacknowledgesthattheCompanyhasfullyperformedandsatisfiedallofitsobligationsunderthisAgreementandthatreleasesallclaimsorcausesofactionarisingoutoforrelatingtothisAgreement.10.Arbitration.Anydispute,controversyorclaimarisingoutoforrelatingtothisAgreement,oranybreachthereof,shallbedeterminedandsettledbyarbitrationtobeheldintheCityofSanDiegopursuanttotheemploymentrulesoftheAmericanArbitrationAssociationoranysuccessororganization.Anyawardrenderedthereundershallbefinal,conclusiveandbindingontheparties.11.Successors.a.ThisAgreementispersonaltoExecutiveandwithoutthepriorwrittenconsentoftheCompanyshallnotbeassignablebyExecutiveotherwisethanbywillorthelawsofdescentanddistribution.ThisAgreementshallinuretothebenefitofandbeenforceablebyExecutive’slegalrepresentatives.b.ThisAgreementshallinuretothebenefitofandbebindingupontheCompanyanditssuccessorsandassigns.c.TheCompanywillrequireanysuccessor(whetherdirectorindirect,bypurchase,merger,consolidationorotherwise)toallorsubstantiallyallofthebusinessand/orassetsoftheCompanytoassumeexpresslyandagreetoperformthisAgreementinthesamemannerandtothesameextentthattheCompanywouldberequiredtoperformitifnosuchsuccessionhadtakenplace.AsusedinthisAgreement,CompanyshallmeantheCompanyashereindefinedandanysuccessortoitsbusinessand/orassetsasaforesaidthatassumesandagreestoperformthisAgreementbyoperationoflaw,orotherwise.12.NewCICAgreement.ThepartiesagreetoenterintoanewChangeinControlAgreementcontemporaneouslywiththeexecutionofthisAgreement,whichshallbeinthestandardformofsuchagreementadoptedbytheBoard