Severance & Release Agreement Generator

SEPARATION, SEVERANCE, AND GENERAL RELEASE OF CLAIMS AGREEMENT This Separation, Severance, and General Release of Claims Agreement (this "Agreement") is entered into by and between Meridian Technologies Inc., a Delaware corporation (the "Company"), and Alexander Wright ("Employee"), residing at the address on file with the Company. RECITALS WHEREAS, Employee has been employed by the Company as Senior Vice President of Product; and WHEREAS, Employee and the Company have mutually agreed that Employee's employment will terminate effective November 15, 2024 (the "Separation Date"); and WHEREAS, the parties desire to settle fully, finally, and amicably all matters between them, including any and all claims arising out of Employee's employment and separation therefrom, on the terms set forth below. NOW, THEREFORE, in consideration of the mutual covenants and the severance benefits described herein, the adequacy of which is hereby acknowledged, the parties agree as follows: 1. SEPARATION OF EMPLOYMENT Employee's active employment with the Company shall conclude on the Separation Date (November 15, 2024). As of the Separation Date, Employee shall cease performing any services, holding themselves out as an agent or representative of the Company, and relinquish all corporate authority. 2. FINAL ACCRUED WAGES AND BENEFITS Regardless of whether Employee signs this Agreement, the Company shall pay Employee all earned, unpaid base salary through the Separation Date, together with accrued, unused paid time off (PTO) as required by applicable law and Company policy, on the Company's next regular payroll date. 3. SEVERANCE BENEFITS (CONTINGENT ON RELEASE) In exchange for Employee's execution, delivery, and non-revocation of this Agreement and compliance with its covenants, the Company agrees to provide: (a) Severance Pay: A lump-sum gross cash severance payment of $75,000 (representing 16 weeks of base salary), subject to standard payroll withholdings and deductions, payable within 14 calendar days following the Effective Date. (b) COBRA Health Subsidy: If Employee timely elects continued healthcare coverage under COBRA, the Company shall pay the employer portion of premiums for Employee and their eligible dependents for a period of 4 months following the Separation Date, or until Employee becomes eligible for coverage under another group health plan. 4. COMPREHENSIVE GENERAL RELEASE OF CLAIMS (a) In consideration of the severance benefits provided herein, Employee knowingly, voluntarily, and unconditionally releases and forever discharges the Company, its parents, subsidiaries, affiliates, officers, directors, shareholders, employees, agents, and successors (the "Company Released Parties") from any and all charges, claims, liabilities, demands, and causes of action of any nature whatsoever, known or unknown, suspected or unsuspected, arising on or before the date Employee signs this Agreement. (b) This release includes, without limitation, all claims arising under: Title VII of the Civil Rights Act of 1964; the Americans with Disabilities Act (ADA); the Age Discrimination in Employment Act (ADEA) as amended by the Older Workers Benefit Protection Act (OWBPA); the Employee Retirement Income Security Act (ERISA); the Family and Medical Leave Act (FMLA); the Fair Labor Standards Act (FLSA); and any other federal, state, or municipal statutory, common law, contract, tort, or public policy claim. (c) Excluded Claims: Nothing in this Agreement waives Employee's right to file an administrative charge with the EEOC or SEC, or claims for worker's compensation, unemployment insurance, or vested 401(k) retirement benefits. 5. OWBPA AND ADEA STATUTORY NOTICE AND ADVICE Pursuant to the Older Workers Benefit Protection Act (29 U.S.C. § 626(f)): (a) Employee is advised in writing to consult with an independent attorney prior to executing this Agreement. (b) Employee acknowledges having been given a period of at least 21 calendar days to consider and review the terms of this Agreement. (c) Employee has seven (7) calendar days following execution of this Agreement to revoke it by delivering written notice to the Company's General Counsel. This Agreement shall not become effective or enforceable until the eighth (8th) day following execution (the "Effective Date"). 6. RETURN OF COMPANY PROPERTY Within 5 business days of the Separation Date, Employee shall return to the Company all laptop computers, mobile devices, security access badges, software, files, customer lists, and proprietary documents in Employee's possession or control. 7. CONFIDENTIALITY AND NON-DISPARAGEMENT Employee reaffirms their ongoing obligations under any Proprietary Information and Inventions Agreement previously executed with the Company. Both parties agree to refrain from making any derogatory, defamatory, or disparaging statements regarding each other, their executives, services, or commercial reputation to any third party. 8. GOVERNING LAW AND SEVERABILITY This Agreement shall be interpreted and governed in accordance with the laws of the State of Delaware, without regard to conflicts of law principles. If any provision is adjudicated invalid or unenforceable, all remaining provisions shall remain in full force and effect. EMPLOYEE ACKNOWLEDGES THAT THEY HAVE READ THIS AGREEMENT, UNDERSTAND ITS CONTENTS AND LEGAL RAMIFICATIONS, AND FREELY ENTER INTO IT VOLUNTARILY. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the dates indicated below. COMPANY: Meridian Technologies Inc. By: _________________________________________ Name: _______________________________________ Title: ________________________________________ Date: ________________________________________ EMPLOYEE: Signature: ___________________________________ Printed Name: Alexander Wright Date: ________________________________________