Looking for an agreement? Search from over 1 million agreements now.

Separation Agreement

This is an actual contract by Agribrands International.
Browse the agreement preview below and buy the entire agreement for $35
Search This Document
SEPARATION AGREEMENT
BETWEEN
GONZALO DAL BORGO
AND
AGRIBRANDS INTERNATIONAL, INC.
07 April 1999


This Separation Agreement sets forth Agribrands International, Inc.'s (Company) offer of the following terms and conditions concerning the termination of your employment with the Company.


1. Your termination of employment will be considered an involuntary
termination due to the elimination of your position.


2. Your date of termination will be 30 April 1999.


3. The Company will provide you severance equivalent to twenty-four (24)
months at your current, monthly, gross, compensation rate of $16,068.00, a
total of $385,632.00.


4. The Company will pay you a performance bonus equivalent to achievement of
your target bonus level (30%) for twenty-four (24) months. Again, this
payment will be based upon your current, monthly, gross compensation rate
of $16,068.00, a total of $115,690.00.


4(A).The Company will provide you severance (payment of the amounts due in
paragraphs 3 and 4 above) in the form of salary continuation. The amounts
due will be paid as follows (based on a present value of the amounts in
paragraphs 3 and 4 above):


Date to be Paid Amount to be Paid
--------------- -----------------
May 15, 1999 $271,389.00
January 15, 2000 $38,750.00
April 15, 2000 $38,750.00
January 15, 2001 $41,000.00
April 15, 2001 $41,000.00
January 15, 2002 $43,750.00
April 15, 2002 $43,750.00
January 15, 2003 $11,750.00
April 15, 2003 $11,750.00


During this period, all payments will be taxed at the regular rates then
applicable.


5. You will be paid for all accrued but unused paid time off (PTO) which
presently is a total of 288 hours. This is equivalent to $26,698.00. The
payment will be in the form of a single lump sum.


6. The Company will provide you a lump sum in the gross amount of $26,000.00
in consideration of travel expenses you may incur in resolving pension
issues in Brazil, as well as costs that may be incurred as a result of your
relocation to Brazil or alternate location.


7. The Company will provide you a lump sum in the gross amount of $20,000.00
in consideration of expenses you may incur in the search for alternate
employment.


8. The Company will provide you a lump sum in the gross amount of $5,000.00 in
consideration of expenses you may incur for legal and/or financial planning
services associated with the termination of your employment.


9. All lump sum amounts noted above in paragraphs #3 through #8, will be paid
to you within thirty (30) days of the expiration of the revocation of this
Agreement and will be taxed as required by law.


10. Your health & dental benefits will be terminated on 30 April 1999. You will
be eligible, if you wish, to continue health insurance coverage, for these
two benefits, through our group health plan as provided under applicable
federal law (COBRA), which permits an additional eighteen (18) months of
benefit continuation at employee expense. If you elect this continuation
coverage, the Company will pay the employee premiums for this coverage on
your behalf until the earlier to occur of:


i) your participation in an alternate Company benefit plan; or


ii) eighteen months following 30 April 1999.


Upon the termination of benefits on 30 April 1999, you will receive a
letter detailing your rights under this legislation.


11. Your eligibility for / participation in all other benefits will be managed
as follows:


(i) Life insurance, disability insurance, accidental death & dismemberment
insurance, voluntary accidental death & dismemberment insurance and
company travel accident insurance will terminate on 30 April 1999. You
are eligible to convert your group life insurance coverage to an
individual policy without having to provide evidence of insurability,
assuming application for this conversion is received by the insurance
company within 30 days of benefit termination. You will be provided
with the necessary materials to execute this conversion, should you
choose to do so. Additionally, you are eligible to continue your
voluntary accidental death & dismemberment insurance via election of
portability cover
-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |