{"id":40464,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/separation-agreement-excite-home-and-byron-smith.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"separation-agreement-excite-home-and-byron-smith","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/separation-agreement-excite-home-and-byron-smith.html","title":{"rendered":"Separation Agreement &#8211; Excite@Home and Byron Smith"},"content":{"rendered":"<pre>\n\nMay 25, 2001\n\n\nMr. Byron Smith\n\n\n\nDear Byron:\n\nThis letter confirms our discussion and agreement regarding your \ntransition and separation from employment with Excite@Home. We have \nagreed to a transition plan as follows:\n\n1.   Separation. Your separation and last day of employment with \nthe Company will be July 14, 2001. Between now and June 15, 2001, you \nwill work on projects at my direction, and will develop and implement \na transition plan for your current responsibilities. You and I will \nmeet regularly to review project status and transition. You agree to \nperform these assignments with the highest degree of professionalism. \nYou will be on vacation from June 15, 2001 until July 14, at which \npoint you will have a zero vacation balance.\n\n2.   Severance Benefits. Conditioned on your execution of a full \nrelease and waiver of claims including a waiver of the Executive \nSeverance and Retention Agreement (the \"Agreement\"), you will be \nentitled to the following benefits:\n\n.  Salary through the Separation Date paid according to regular \npayroll practices;\n     \n.  Six months of paid base salary continuation from July 15, 2001 \nthrough January 15, 2002, according to normal payroll practices.\n\n.  Medical, dental and vision coverage will be provided to you at \ncompany expense under the standard terms of COBRA for a period of \nsix months after your separation date, and provided that you are not \neligible for benefits from a new employer, for up to an additional \nsix months for a maximum of twelve months coverage. After the period \nof company paid COBRA benefits, you will have the option of continuing \nyour COBRA coverage at your own expense through the maximum COBRA \ncoverage period of eighteen months from your separation date. If you \nstill require benefits coverage after the eighteen month period and \nare still not eligible for benefits under a new employer, then for a \nperiod of twelve months after you are no longer eligible for COBRA if \nyour cost to purchase equivalent insurance is above the companies \nCOBRA rates then the company will reimburse any additional costs. The \nmedical, dental and vision benefits you are eligible to receive under \nCOBRA are identical to the benefits provided to Excite@Home\n-----------\nemployees. For life and disability insurance, we will reimburse the \ncost of an individual policy that provides equivalent coverage for the \nsame length of time as we pay for your medical, dental and vision \ncoverage.\n\n \nPage 2\n\n.  2001 bonus, of $24,000, less standard deductions and withholdings, will be\npaid to you on your separation date;\n\n.  Option Grant for 100,000 shares dated October 24, 2000 will continue to\n vest for 4 years from the date of grant, and you will have 90 days to\n exercise these options after they are 100% vested on October 24, 2004; all\n others options will cease vesting as of Separation Date and may be\n exercised as per the terms of the applicable Option Plan;\n\n.  Mortgage assistance continuation until the earlier of 6 months from the\nSeparation Date or the close of the sale of the Menlo Park property;\n\n.  Excite@Home home loan of $400,000 will be repaid with proceeds from the\nsale of the Menlo Park property. If the sale price is not sufficient to\nrecover your original purchase price of $1,626,000 and documented expenses\nfor remodel\/renovation and home selling expenses, you will not be required\nto repay 100% of the Excite@Home home loan, just the shortfall between your\noriginal purchase price (less documented expenses) and the sales price, so\nlong as all proceeds are applied to indebtedness on the property;\n\n.  Reimbursement of moving expenses not to exceed $35,000 with appropriate\nreceipts, provided that your move be completed within six months from July\n14, 2001;\n\n.  You may keep your laptop computer (provided you transfer Company materials\nto a secure drive for access by appropriate Company personnel), docking\nstation and speakers, and cell telephone (without service contract); and,\n\n.  Lump sum payment for outplacement assistance of $10,000, less standard\ndeductions and withholdings, will be paid to you on your separation date.\n\nThese benefits are subject to your performance of transition duties through the\nSeparation Date, and the execution of a full release and waiver agreement, a \none-year non-compete preventing your employment with Yahoo, and a one-year non-\nsolicitation of Excite@Home employees.\n\n3.   Confidentiality. The provisions of our agreement will be held in\nstrictest confidence by you and the Company and will not be disclosed except\nthat you may disclose this Agreement to your immediate family; both you and the\nCompany may disclose this Agreement in confidence to their respective attorneys,\naccountants, auditors, tax preparers, and financial advisors; the Company may\ndisclose this Agreement as necessary to fulfill standard or legally required\ncorporate reporting or disclosure requirements; and the parties may disclose\nthis Agreement insofar as such disclosure may be necessary to enforce its terms\nor as otherwise required by law. In particular, and without limitation, you\nagree not to disclose the terms of this Agreement to any current or former\nCompany employee.\n\n \nPage 3\n\nIf this Agreement is acceptable to you, please sign below and return the\noriginal to me.\n\nI wish you good luck in your future endeavors.\n\nSincerely,\n\n\nBy:_________________________________________\n       Patti Hart\n\n\nAGREED:\n\n\n\n____________________________________________     Dated:_________________________\nByron Smith\n\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6782],"corporate_contracts_industries":[9510],"corporate_contracts_types":[9539,9551],"class_list":["post-40464","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-at-home-corp","corporate_contracts_industries-technology__programming","corporate_contracts_types-compensation","corporate_contracts_types-compensation__severance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40464"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40464"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40464"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}