EMCORE: SCOTT MASSIE SEVERANCE AGREEMENT
Published on December 20, 2006
EXHIBIT
10.2
AGREEMENT
AND RELEASE
Agreement
and Release (“Agreement”) executed this 19th
day of
December,
2006, by
and between Scott Massie (“Employee”)
who
resides at 9105 Avenida DeLa Luna, Albuquerque, New Mexico and Emcore
Corporation (“Emcore”).
1. Employee’s
employment is terminated effective December 29, 2006.
2. (a) As
soon
as administratively practicable following June 29, 2006, Emcore shall pay to
Employee 62 weeks of his or her salary in a lump-sum payment (“Severance”). The
total Severance, which will be paid to Employee, is equal to $310,000, less
applicable withholdings and deductions.
(b) In
accordance with the Company’s health plans, Employee will be eligible to
exercise his or her rights to COBRA health insurance coverage for Employee,
and,
where applicable, Employee’s spouse and eligible dependents, at Employee’s
expense (subject to the foregoing), upon termination of the Employee’s
employment. To the extent Employee elects COBRA continuation coverage, the
Company shall continue to pay the portion of the COBRA premiums up to a maximum
of 62 weeks that the Company would have otherwise paid assuming Employee was
an
active employee during such time. Up until the Severance payment is made, the
Company will pay Employee’s portion of the COBRA premiums, which total amount of
premiums shall then be deducted from the Severance payment. After the Severance
payment is made, Employee shall be responsible for directly paying Employee’s
portion of COBRA premiums. Nothing herein shall be construed as extending or
delaying the start date of the COBRA coverage period for Employee.
All
voluntary payroll deductions, including but not limited to 401(k), ESPP and
term
life, will cease effective the date of termination.
(c) If
Employee is rehired by Emcore during the Severance period, Emcore shall no
longer be obligated to make any severance payment under paragraph 2(a) above
that would otherwise be due and owing after the effective date of employee's
rehiring. Employee acknowledges and agrees that the cessation of severance
payments under this provision shall not affect the validity or enforceability
of
paragraph 5 of this agreement."
3. Employee
agrees and acknowledges that the payments and benefits provided for in paragraph
“2” exceed any benefits to which he or she would otherwise be entitled under any
policy, plan, and/or procedure of Emcore or any agreement with Emcore. Employee
agrees and acknowledges that the
payment of Severance (or any other payments hereunder) shall not be construed
as
a guarantee of any particular tax treatment for such payment.
4. Employee
shall have twenty-one (21) days from the date of his or her receipt of this
Agreement to consider the terms and conditions of the Agreement. Employee may
accept this Agreement by signing and returning it to Ms. Monica Van Berkel,
Vice
President, Human Resources, Emcore Corporation, or her successor to 2015 W.
Chestnut Street, Alhambra, CA 91803, no later than 5:00 p.m. on the twenty-first
(21st) day after Employee’s receipt of this Agreement (“Agreement and Release
Return Date”). Thereafter, Employee will have seven (7) days to revoke this
Agreement by stating his or her desire to do so in writing to Ms. Van Berkel
or
her successor at the address listed above, and delivering it to Ms. Van Berkel
or successor no later than 5:00 p.m. on the seventh (7th) day following the
date
Employee signs this Agreement. The effective date of this Agreement shall be
the
(8th) day following Employee’s signing of this Agreement (the “Release Effective
Date”), provided the Employee does not revoke the Agreement during the
revocation period. In the event Employee does not accept this Agreement as
set
forth above, or in the event Employee revokes this Agreement during the
revocation period, this Agreement, including but not limited to the obligation
of Emcore and its subsidiaries and affiliates to provide the payments and
benefits referred to in paragraph “2” above, shall automatically be deemed null
and void.
5. (a) In
consideration of the payments and benefits referred to in paragraph “2,”
Employee for himself or herself and for his or her heirs, executors, and assigns
(hereinafter collectively referred to as the “Releasors”), forever releases and
discharges Emcore and any and all of its parent corporations, subsidiaries,
divisions, affiliated entities, predecessors, successors and assigns, and any
and all of its or their employee benefit and/or pension plans or funds, and
any
of its or their past or present officers, directors, stockholders, agents,
trustees, administrators, employees or assigns (whether acting as agents for
such entities or in their individual capacities) (hereinafter collectively
referred to as “Releasees”), from any and all claims, demands, causes of action,
fees and liabilities of any kind whatsoever (based upon any legal or equitable
theory, whether contractual, common-law, statutory, decisional, federal, state,
local or otherwise), whether known or unknown, which Releasors ever had, now
have or may have against Releasees by reason of any actual or alleged act,
omission, transaction, practice, conduct, occurrence, or other matter from
the
beginning of the world up to and including the Release Effective
Date.
(b)
Without
limiting the generality of the foregoing subparagraph “(a)”, this Agreement is
intended to and shall release the Releasees from any and all claims arising
out
of Employee’s employment with Releasees and/or the termination of Employee’s
employment, including but not limited to any claim(s) under or arising out
of
(i) the Age Discrimination in Employment Act, as amended, or the Older Workers
Benefit Protection Act; (ii) Title VII of the Civil Rights Act of 1964, as
amended; (iii) the Americans with Disabilities Act, as amended; (iv) the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”) (excluding
claims for accrued, vested benefits under any employee benefit plan of Emcore
in
accordance with the terms of such plan and applicable law); (v) the New
Mexico Human Rights Act; (vi) the California Fair Employment and Housing Act;
(vii) the California Equal Pay Law; (viii) the California Sexual Orientation
Bias Law; (ix) the California Labor and Government Codes; (x) the California
Unruh Act; (xi) the New Jersey Law Against Discrimination, the New Jersey Equal
Pay Act, the New Jersey Family Leave Act; (xii) the Illinois Human Rights Act;
(xiii) the Virginia Human Rights Act; (xiv) the Pennsylvania Human Relations
Act; (xv) alleged discrimination or retaliation in employment (whether based
on
federal, state or local law, statutory or decisional); (xvi) the terms and
conditions of Employee’s employment with Emcore, the termination of such
employment, and/or any of the events relating directly or indirectly to or
surrounding that termination; and (xvii) any law (statutory or decisional)
providing for attorneys’ fees, costs, disbursements and/or the
like.
(c) As
a
further consideration and inducement for this Agreement, to the extent permitted
by law, Employee hereby waives and releases any and all rights under Section
1542 of the California Civil Code or any analogous state, local, or federal
law,
statute, rule, order or regulation that Employee has or may have with respect
to
the Releasees. California Civil Code Section 1542 reads as follows:
A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW
OR
SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF
KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE
DEBTOR.
Employee
hereby expressly agrees that this Agreement shall extend and apply to all
unknown, unsuspected and unanticipated injuries and damages, as well as any
that
are now disclosed, arising prior to Employee’s execution of this
Agreement.
6. (a) Employee
agrees that (s)he has not and will not engage in any conduct that is injurious
to Emcore’s or Releasee’s reputation or interest, including but not limited to
(i) divulging, communicating, or in any way making use of any confidential
or
proprietary information acquired in the performance of his or her duties at
Emcore; and (ii) publicly disparaging (or inducing or encouraging others to
publicly disparage) Emcore or Releasees.
(b) Employee
agrees to return to Emcore any and all originals and copies of documents,
materials, records or other items in his or her possession or control belonging
to Emcore or containing proprietary information relating to Emcore. Employee
agrees to remove all Emcore proprietary information from his laptop. Employee
shall be permitted to retain his laptop computer and cell phone. Effective
on
Employee’s date of termination, Employee shall be responsible for all cell phone
charges.
(c) Employee
acknowledges that the terms of Sections 10, 11, 12, 13, 17 and 21 of the
Employment Agreement between Employee and Emcore signed by the Employee on
August 23, 2002, remain in full force and effect, and Employee agrees and
acknowledges that (s)he is bound by the terms of those sections. Both Employee
and Emcore agree, however, that Section 11 of the Employment Agreement shall
not
restrict Employee from hiring former employees of Emcore provided that Employee
complies with his other non-solicitation obligations and provided further that
Employee continues to adhere to the no-hire restrictions with respect to current
employees of Emcore’s EPV and ESP divisions. Without limiting the generality of
the foregoing, Emcore agrees that Employee’s acceptance of new employment with
Energy Photovoltaics, Inc. does not violate the non-compete covenant in the
Employment Agreement.
7. (a) Employee
will cooperate with Emcore and/or its subsidiaries and affiliates and its/their
counsel in connection with any investigation, administrative proceeding or
litigation relating to any matter in which Employee was involved or of which
Employee has knowledge.
(b) Employee
agrees that, in the event (s)he is subpoenaed by any person or entity
(including, but not limited to, any government agency) to give testimony (in
a
deposition, court proceeding or otherwise) which in any way relates to
Employee’s employment with Releasees, (s)he will give prompt notice of such
request to Monica Van Berkel, Vice President, Human Resources, Emcore
Corporation, or her successor, and will make no disclosure until Emcore has
had
a reasonable opportunity to contest the right of the requesting person or entity
to such disclosure.
8. The
terms
and conditions of this Agreement are and shall be deemed to be confidential,
and
shall not be disclosed by Employee to any person or entity without the prior
written consent of Monica Van Berkel, Vice President, Human Resources, Emcore
Corporation or her successor, except if required by law and to Employee’s
accountants, attorneys or spouse, provided that they agree to maintain the
confidentiality of this Agreement. Employee further represents that (s)he has
not disclosed the terms and conditions of this Agreement to anyone other than
his or her attorneys, accountants and spouse.
9. The
making of this Agreement is not intended, and shall not be construed, as an
admission that Releasees have violated any federal, state or local law
(statutory or decisional), ordinance or regulation, breached any contract,
or
committed any wrong whatsoever against Employee.
10. The
parties agree that this Agreement may not be used as evidence in a subsequent
proceeding except in a proceeding to enforce the terms of this
Agreement.
11. Employee
acknowledges that: (a) (s)he has carefully read this Agreement in its entirety;
(b) (s)he has had an opportunity to consider fully the terms of this Agreement;
(c) (s)he has been advised by Emcore in writing to consult with an attorney
of his or her choosing in connection with this Agreement; (d) (s)he fully
understands the significance of all of the terms and conditions of this
Agreement and (s)he has discussed it with his or her independent legal counsel,
or has had a reasonable opportunity to do so; (e) (s)he has had answered to
his
or her satisfaction any questions (s)he has asked with regard to the meaning
and
significance of any of the provisions of this Agreement; and (f) (s)he is
signing this Agreement voluntarily and of his or her own free will and assents
to all the terms and condition contained herein.
12. This
Agreement is binding upon, and shall inure to the benefit of, the parties and
their respective heirs, executors, administrators, successors and
assigns.
13. If
any
provision of this Agreement shall be held by a court of competent jurisdiction
to be illegal, void, or unenforceable, such provision shall be of no force
and
effect. However, the illegality or unenforceability of such provision shall
have
no effect upon, and shall not impair the enforceability of, any other provision
of this Agreement; provided, however, that, upon any finding by a court of
competent jurisdiction that the release and covenants provided for by paragraph
“5” of this Agreement is illegal, void, or unenforceable, Employee agrees to
execute a release, waiver and/or covenant that is legal and enforceable.
Finally, any breach of the terms of paragraphs “6,” “7” and/or “8” shall
constitute a material breach of this Agreement as to which Emcore may seek
appropriate relief in a court of competent jurisdiction.
14. This
Agreement shall be governed by, and construed and enforced in accordance with,
the laws of the State of New Mexico, without regard to the conflict of laws
provisions thereof.
15. This
Agreement (including the Exhibits attached hereto) constitutes the complete
understanding between the parties and supersedes any and all agreements,
understandings, and discussions, whether written or oral, between the parties.
No other promises or agreements shall be binding unless in writing and signed
after the Release Effective Date by the parties to be bound
thereby.
/s
Scott
Massie Date:
December 19, 2006
Scott
Massie
By: /s
Monica
Van Berkel Date:
December 19, 2006
Monica
Van Berkel
Vice
President, Human Resources