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

Severance Agreement

This is an actual contract by Netzee.

Save time and money with our Premium Packages.
Buy all (8) recommended agreements for
$140.00 (50% savings)
Agreement Preview
Sectors: Banking, Computer Software and Services, Financial Services, Internet
Governing Law: Georgia, View Georgia State Laws
Effective Date: November 29, 2001
Related Agreement Types:
Search This Document

C. Michael Bowers, 1609 Grand Oaks Boulevard, Oxford, Mississippi 38655 ("Employee") and Netzee, a Georgia Corporation with its principal place of business at 6190 Powers Ferry Road, Suite 400, Atlanta, Georgia 30339, ("the Company"), in exchange for their mutual covenants and obligations set forth herein, hereby agree as follows:

1. As of November 30, 2001, ("Date of Separation"), Employee's employment with the company shall cease.

2. The Company will pay employee a lump sum of Thirty-Five Thousand Three Hundred Thirty-Three Dollars and 00 cents ($35,333.00), minus appropriate withholdings under federal, state, city, or other applicable laws and appropriate deductions. In addition, in consideration for the successful relocation of the Connecticut Call Center, the Company will pay employee a lump sum bonus of Fifty Thousand Dollars and 00 cents ($50,000.00) pursuant to the addendum to the Agreement with Bank of America for technical support services. Payment of bonus will be made upon receipt of the payment from Bank of America that is anticipated to be made on or around December 31, 2001.

Employee agrees and acknowledges that this total amount constitutes adequate consideration for his covenants and obligations set forth herein, it being an amount over and above any entitlements that he has or may have had by reason of his separation from employment with the Company.

3. The Company will pay Employee any unused, accrued vacation time for 2001, minus appropriate withholdings under federal, state, city or other applicable laws and appropriate deductions, on November 30, 2001.

4. Employee shall be entitled to continuation of coverage under the Company's health/medical insurance plan pursuant to any rights she may have under the federal Consolidated Omnibus Budget Reconciliation Act, as amended ("COBRA"), part VI of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended; Internal Revenue Code ss.4980(B)(f). Such continuation shall be afforded up to the maximum period provided by law so long as Employee submits payments for elected coverage and otherwise complies with conditions on a timely basis. For the COBRA period December 2001 through January 2002, the Company will pay for the continuation of the COBRA coverage. Should the Employee decide to continue coverage beyond January 2002, Employee shall be responsible for payment of the COBRA continuation.

5. Employee acknowledges having had access to the Company's confidential, proprietary information and agrees that he will keep it in strict confidence, and will not, either directly or indirectly, make known, reveal, or otherwise disseminate such information gained by Employee during her association with the Company.

Except as provided herein, this Release Agreement supersedes all prior agreements between the company and the employee. However, the "Confidentiality, Non-Solicitation and Non-Recruitment Agreement" attached hereto as Exhibit "A" is not superseded and remains in full force and effect.

Such information is recognized and acknowledged by the Employee to include, but not be limited to the following:

(A) Business Information: (1) customer or prospective customer lists (contacts, addresses, phone numbers, etc.); (2) cost and/or sales information; (3) business contacts/relationships; (4) all personnel information; (5) all recruiting information; (6) information concerning medical or other employee benefits; (7) all information regarding pending litigation and legal matters (including, but not limited to, contracts, legislation, information regarding potential acquisitions and/or regarding the sale of the Company's business, administrative agency proceedings, etc.); (8) all information which the Company has covenanted not to disclose; (9) employee lists (including, but not limited to, names, address, phone numbers, positions, etc.); (10) financial statements of any kind; and (11) any information related to the Company's responses to soli
-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |

Privacy Policy   Terms of Service