Document:

EX-10.1 Separation Agreement

 

Exhibit 10.1

SEPARATION AGREEMENT

AND

MUTUAL RELEASE OF CLAIMS

between

HARRIS INTERACTIVE INC., its directors, officers, employees, agents, representatives, subsidiaries,

affiliated entities, successors and assigns (hereinafter “Harris”)

and

ROBERT E. KNAPP, his heirs, beneficiaries, representatives, agents, successors and assigns

(hereinafter “Knapp”)

     WHEREAS, Knapp was employed as Chairman and Chief Executive Officer for Harris under an
Agreement dated December 31, 2003, effective January 26, 2004 (the “Agreement”); and

     WHEREAS, effective May 4, 2005, Knapp and the Board of Directors of Harris mutually agreed to
Knapp’s resignation from the foregoing positions; and

     WHEREAS, Knapp’s employment agreement contains provisions relating to severance pay after
separation; and

     WHEREAS, Knapp and Harris wish to revise the amount of severance, provide for payment in a
lump sum, and exchange mutual releases of all claims; now, therefore,

     IT IS HEREBY AGREED BETWEEN KNAPP AND HARRIS AS FOLLOWS:

     1. In full satisfaction of its severance pay obligations to Knapp, including without limitation
those specified in Section 6(b)(i) of the Agreement, Harris will provide to Knapp payment in the
gross amount of Six Hundred Thousand and 00/100 Dollars ($600,000.00), less severance payments
previously made to Knapp, and less applicable taxes and deductions applicable to health insurance,
such payment to be made by check sent via FedEx to the address shown for Knapp in the Agreement
within 5 business days after this agreement becomes effective.

     2. As a result of Knapp’s separation from employment, Harris’s obligations under the Agreement have
been terminated with the exception, however, of obligations under Sections 3(d), 5, and 6(b)(ii)
which shall be continuing. Knapp acknowledges that his obligations under the Agreement, including
those specified in Sections 3(d), 4(f), 5, 7, 8 and 9 shall continue.

     3. Harris and Knapp hereby release each other from any and all claims, causes of action or
liability of any nature whatsoever, from the beginning of time to the date of this agreement;
provided, however, with respect to and in connection with any third party claim, (i) Knapp shall
continue to be entitled to any and

Page 5 of 8

 

all indemnification, protection, and coverage afforded to him under Delaware law, Harris’s
Certificate of Incorporation and Bylaws, and the terms of Harris’s directors and officers liability
insurance policies, and (ii) each party hereto shall be entitled to assert any and all claims which
it would otherwise be entitled to make against the other. This mutual release of claims is
intended to be as broad and complete as may be permitted under law, and includes all claims based
upon Knapp’s employment agreement, other contracts and agreements, tort, statutes, rules and
regulations, and includes all claims for consequential, compensatory and punitive damages, and for
costs and attorneys’ fees and expenses. This mutual release shall include, but not be limited to,
any claims that could be made under state or federal laws, rules or regulations, including the
following: the Civil Rights Acts of 1964 and 1991, as amended; the Fair Labor Standards Act; the
Age Discrimination in Employment Act; the Older Workers’ Benefit Protection Act; the Americans with
Disabilities Act; the Family and Medical Leave Act; the Employees Retirement Income and Security
Act (ERISA); the New York Human Rights Law; the New York Labor Law; and the Connecticut Fair
Employment Practices Act. This release shall exclude only (i) the rights each party has under the
terms of this agreement and (ii) any rights Knapp may have to vested benefits under any qualified
plans of Harris in which Knapp may be a participant.

     4. Knapp agrees that he has been advised in writing to seek the advice of legal counsel before
entering into this agreement, and Knapp affirms that he has been represented by legal counsel in
this matter. Knapp further understands and agrees that he is being provided with twenty-one (21)
calendar days to consider the terms of this agreement, and that this agreement will expire and
become null and void if it is not executed and returned before the end of the twenty-one (21)
calendar-day period. Knapp further understands and agrees that he shall have the right to execute
this agreement at any time before the expiration of the twenty-one (21) calendar-day period, and
that if he does so, he agrees that he has thereby waived the remainder of that twenty-one (21) day
period. Finally, Knapp acknowledges and agrees that after executing this agreement, he has the
right to revoke his acceptance of this agreement by delivering a written revocation within seven
(7) calendar days after his execution of the agreement, provided such revocation is received within
said seven (7) day period by legal counsel for Harris: Beth Ela Wilkens, Harris Beach PLLC, 99
Garnsey Road, Pittsford, New York, 14534. This agreement shall become effective only after it has
been executed by both parties and only after the seven (7) day revocation period has expired,
without revocation by Knapp.

     5. This agreement contains the entire understanding between the parties, and there are no other
promises, agreements, plans, polices or practices of any kind which would affect the terms hereof,
and this agreement may be modified only by a subsequent written agreement executed by the parties
hereto. If any provision of this agreement is determined to be invalid or unenforceable, then the
remainder of the agreement shall be applied and enforced as if the unenforceable or invalid
provision had not been a part of this agreement.

     6. This agreement is governed by the laws of the State of New York, and any and all actions or
proceedings to enforce its terms shall be maintained either in the Supreme Court of the State of
New York in Monroe County, or in the Federal District Court for the Western District of New York
sitting in Rochester, New York.

     7. This agreement may be executed in two or more counterparts, each of which shall be deemed to be
an original and all of which, when taken together, shall be deemed to constitute the same
agreement.

     IN WITNESS WHEREOF, THE PARTIES HERETO HAVE EXECUTED THIS AGREEMENT ON THE DATES HEREINAFTER
SET FORTH, EFFECTIVE AS OF JUNE 30, 2005; PROVIDED, HOWEVER, THE 7-DAY PERIOD REFERENCED IN SECTION
4 HEREOF SHALL BE CALCULATED FROM THE DATE ON WHICH KNAPP ACTUALLY EXECUTES THIS AGREEMENT.

[Signature Pages Follow]

Page 6 of 8

 

Signed: July 6, 2005

Effective, except as to calculation of the 7-day period under Section 4, as of June 30, 2005

HARRIS INTERACTIVE INC.

	 	 	 	 	 
	 	 	 
	 	By:  	                                     /s/ Gregory T. Novak
 	 
	 	 	Gregory T. Novak 	 
	 	 	Acting Chief Executive Officer 	 
	 

State of New York )

County of Monroe )            ss:

     On the 6th day of July in the year 2005 before me, the undersigned, personally appeared
Gregory T. Novak, Acting Chief Executive Officer, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to the within
instrument and acknowledged to me that he executed the same in his capacity with the full authority
of the Board of Directors, and that by his signature on the instrument, the individual, or the
person upon behalf of which the individual acted, executed the instrument.

	 	 	 	 	 
	 	 	 
	 	     /s/ Rosemary Craig
 	 
	 	Notary Public 	 
	 	 	 
	 

Page 7 of 8

 

Signed: July 6, 2005

Effective, except as to calculation of the 7-day period under Section 4, as of June 30, 2005

	 	 	 	 	 
	 	 	 
	 	     /s/ Robert E. Knapp
 	 
	 	ROBERT E. KNAPP 	 
	 	 	 
	 

State of ___)

County of ___)      ss:

     On the ___day of July in the year 2005 before me, the undersigned, personally appeared Robert
E. Knapp, personally known to me or proved to me on the basis of satisfactory evidence to be the
individual whose name is subscribed to the within instrument and acknowledged to me that he
executed the same in his capacity, and that by his signature on the instrument, the individual, or
the person upon behalf of which the individual acted, executed the instrument.

 

Notary Public

[Notary Certificate to be Signed Post-Filing]

Page 8 of 8exv10w1

 

Exhibit 10.1

FIRST AMENDMENT

TO

EMPLOYMENT AGREEMENT

     This First Amendment to Employment Agreement (the “First Amendment”) is effective as of June
30, 2005 by and between Meritage Homes Corporation, a Maryland corporation (the “Company”) and John
R. Landon, an individual (“Executive”).

RECITALS

     WHEREAS, the Company and Executive previously entered into that certain Employment Agreement
(Amended and Restated as of July 1, 2003) (the “Employment Agreement”); and

     WHEREAS, the Company and Executive desire to amend Exhibit B to the Agreement with respect to
personal use by the Executive of private aircraft paid for by the Company.

     NOW THEREFORE, in consideration of the covenants and mutual agreements set forth herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and in reliance upon the mutual agreements contained herein, the Company and
Executive agree as follows:

     Executive Benefits. Exhibit B to the Agreement, which sets forth certain benefits
that the Company will provide to Executive, is amended and restated in its entirety as set forth on
Exhibit B to this First Amendment.

     IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date
first above written.

	 	 	 	 	 	 	 
	 	 	MERITAGE HOMES CORPORATION, a
	 	 	Maryland corporation
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Raymond Oppel
	 	 	 	 	 
	 	 	Name:	 	Raymond Oppel
	 	 	Title:	 	Chairman of the Compensation Committee
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE:	 	/s/ John R. Landon
	 

	 	 	 	 	 	 

 

 

EXHIBIT B

SPECIFIED BENEFITS

	1.	 	Payments (including a tax gross up) annually for Executive to purchase life insurance in the
amount of $5,000,000.
	 
	2.	 	Payments (including a tax gross up) annually for Executive to purchase disability insurance
providing for monthly payments of an estimated $20,000 per month.
	 
	3.	 	Executive Supplemental Savings Plan enabling deferred compensation in excess of 401(k)
limitations.
	 
	4.	 	Supplemental Retirement Benefits Program to provide the Executive retirement payments equal
to 60% of his final five years average base salary beginning at age 65 and continuing through
death.
	 
	5.	 	Use of private aircraft paid for by the Company for the personal use of Executive and his
family in an amount not to exceed 28.75 hours. Such benefit will be included as taxable
income by the Executive pursuant to Treasury Regulation 1.61-21 using the special
noncommercial valuation rule.
	 
	6.	 	Use of Company car (same as current policy.)

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