Sample Business Contracts
Separation Agreement and Release - Dice Inc. and Peter Steiner
This letter confirms our recent conversations concerning your relinquishing your duties as Senior Vice PresidentSales of Dice Inc. (f/k/a EarthWeb Inc.), and sets forth the agreement that has been reached between Dice Inc., including its subsidiaries, divisions, affiliates, predecessors, successors and assigns and its past and present officers, directors, shareholders, counsel, employees, agents, administrators, representatives, insurers or fiduciaries in their individual and/or representative capacities (collectively referred to as the Company) and you regarding your separation from the Company, effective as of September 30, 2002 (the Separation Date).
1. |
Effective on the Separation Date, your employment with the Company and your Employment Agreement, dated August 13, 2001, as amended, (the Employment
Agreement) are terminated. |
2. |
On the Separation Date, you will submit a written turnover report detailing the status of any projects planned or then in progress in which you are involved.
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3. |
On the Separation Date, you will return all equipment, materials and records of the Company which are then in your possession and repay any advances from the
Company that may be then outstanding. Any expenses for which you are entitled to be reimbursed under the Companys expense reimbursement policy will be reimbursed in accordance with the Companys standard policies and procedures.
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4. |
Provided that you abide by the terms of this Agreement and in consideration for the covenants and agreements herein contained: |
(a) |
The Company will continue to pay you your current base pay on a biweekly basis, less applicable withholding deductions, through the Separation Date.
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(b) |
On the Separation Date, the Company will pay you for your accrued but unused vacation days as of the Separation Date. |
(c) |
On the eighth day following the execution of this Agreement, the Company will pay you a lump sum severance payment equal to six months of your current
base pay, plus $5,000 for outplacement, legal expenses and other transitional items, less applicable withholding deductions |
(d) |
The Company will allow you to exercise any of your vested stock options at anytime prior to March 31, 2003. Vesting of your stock options will cease as of the
Separation Date. |
(e) |
The Company will provide you and your family with continuing health, dental and life insurance in the same manner as if you continued to be employed by the
Company through March 31, 2003. |
5. |
As a key executive of the Company, you have been intimately involved in the management of the business of the Company and in planning and implementing its
business strategies. In the course of your employment with the Company, you have developed special skills, knowledge and abilities in the online recruiting services field which are of a uniquely personal nature. You have also acquired
detailed knowledge of the internal operations of the Company and its business and possess highly confidential information concerning both the U.S. and non-U.S. business activities of the Company. In addition, you have been afforded the opportunity
to develop special relationships of confidence and trust with the customers, suppliers, consultants, employees, officers and directors of the Company. |
6. |
The parties acknowledge and agree that the Company would be unfairly and irreparably damaged if you were to take any of such skills, knowledge, information or
relationships, which you have acquired and developed during the course of your employment with the Company, and use them to the detriment of the Company, and therefore the provisions of this paragraph are reasonable, appropriate and necessary for
the protection of the Companys properties, investments, business relationships, economic advantages and good will. Accordingly, you hereby agree that: |
i. |
For the period from the date of the Agreement through June 30, 2003, you will not, without the Companys prior written consent, directly or indirectly hold
an ownership interest in, provide financing for, control, manage or operate, or participate in the ownership, control, management or operation of, or render services in the capacity of
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an employee, freelancer, consultant, agent, independent sales representative or a similar capacity to or for the benefit of Monster/TMP, HotJobs, Yahoo Careers, CareerBuilder, HeadHunter, Techies, ComputerJobs, Brass Ring, JustTechJobs, Computer Work, Brain Bench, Craigs List, or Career Mag. Notwithstanding anything to the contrary contained herein, you shall not be deemed to have breached the provisions hereof solely by reason of your ownership of an equity interest of less than one-half of one percent (0.5%) in the securities of a publicly traded competitive business or an interest in a mutual or other investment fund which owns an interest in one of the named entities, provided that you have no influence or control over such funds investment decisions.