Document:

Exhibit
10.51

 

 

 

March 9, 2004

 

PERSONAL
AND CONFIDENTIAL

 

Ms. Cinda A. Hallman

400 Southeast Fifth Avenue

Unit N-804

Boca Raton, Florida 33432

 

Dear Cinda:

 

The purpose of this letter agreement and general
release (the “Agreement”) is to acknowledge, and set forth the terms of, our
agreement with regard to your termination of employment with Spherion
Corporation, its subsidiaries, affiliates, successors and assigns (the
“Company”).

 

1.                                       Termination
Date.  a)  You hereby confirm your resignation as a director of the Company
and from employment with the Company effective as of April 10, 2004 (the
“Termination Date”).  On and after the
date hereof (the “Effective Date”), you will not be eligible for any benefits
or compensation, other than as specifically provided herein.  In addition, effective as of the Termination
Date, you hereby confirm your resignation from all offices, directorships,
trusteeships, committee memberships and fiduciary capacities held with, or on
behalf of, the Company or any benefit plans of the Company.  You further acknowledge and agree that,
after the Termination Date, you will not represent yourself as being an
employee, director, officer, trustee, agent or representative of the Company,
for any purpose and will not make any public statements relating to the Company
without the Company’s prior written consent, other than general statements
relating to your position, title or experience with the Company, subject to the
confidentiality provision under Section 5 of this Agreement and the non-disparagement
provision under Section 7 of this Agreement and in no event shall you make any
statements as an agent or representative of the Company.

 

b)                             No
Right to Reinstatement.  You
acknowledge and agree that the Company will not have an obligation to rehire
you or to consider you for reemployment after the Termination Date.

 

2.                                       Severance
Payments and Benefits; Other Deliveries.

 

a)                              Severance.  Subject to the remainder of this Section 2
and Sections 3, 5, 6, 7, 8, 9, 10, 12 and 13 and your material compliance with
the terms of this Agreement, you will be entitled to receive:

 

 

Ms. Cinda Hallman

March 9, 2004

Page 2

 

 

i)                                         Cash
severance totaling $4,650,000, payable in two installments: the first
installment of $1,550,000 shall be paid on October 10, 2004 and the second
installment of $3,100,000 shall be paid on October 10, 2005; provided, however,
that the Company shall have the right in its sole discretion to pay $2,800,000
on or prior to December 31, 2004 in lieu of the second installment.

 

ii)                                      Any
vesting or service requirements with respect to any employee stock options and
deferred stock units granted to you while you were an employee of the Company
that are outstanding on the Termination Date and have not been exercised or
received by you prior to the Termination Date shall be deemed satisfied on the
Termination Date.  The employee stock
options will terminate and expire on July 10, 2004 and will only be exercisable
prior to such date; provided, however, that the nonqualified
stock option granted on April 9, 2001 to purchase 357,628 shares of the
Company’s common stock will terminate and expire on April 10, 2005 and will
only be exercisable prior to such date. 
Any stock options and deferred stock units granted to you in your
capacity as a director prior to April 9, 2001 that are outstanding on the
Termination Date shall be governed by the terms of such stock grant agreements
and will only vest and be exercisable as provided therein.  You acknowledge and agree that you shall not
be entitled to any reload of any stock option exercised on or after the
Effective Date.

 

iii)                                   Reimbursement
for expenses incurred by you in accordance with the Company’s policy but not
reimbursed prior to the Termination Date.

 

iv)                                  During
the  36 months following the Effective
Date (the “Continuation Period”), the Company shall continue to keep in full
force and effect for you all programs of medical, dental, vision, accident,
disability, life insurance, including optional term life insurance, and other
similar health or welfare programs with the same level of coverage, upon the
same terms and otherwise to the same extent as such programs shall have been in
effect with respect to you immediately prior to the Effective Date, and the
Company and you shall share the costs of the continuation of such insurance
coverage in the same proportion as such costs were shared immediately prior to
the Effective Date or, if the terms of such programs do not permit continued
participation by you (or if the Company otherwise determines it advisable to
amend, modify or discontinue such programs for employees generally), the
Company shall otherwise provide benefits substantially similar to and no less
favorable to you in terms of cost or benefits than you were entitled to receive
at the end of the period of coverage, for the duration of the Continuation
Period.  All benefits which the Company
is required by this Section 2(a)(iv) to provide, which will not be provided by
the Company’s programs described herein, shall be provided through the purchase
of insurance unless you are uninsurable. 
If you are uninsurable, the Company will provide the benefits out of its
general assets.  In the event you obtain
other employment

 

 

Ms. Cinda Hallman

March 9, 2004

Page 3

 

during the
Continuation Period which provides health or welfare benefits of the type
described in this Section 2(a)(iv) hereof (“Other Coverage”), then you shall
notify the Company promptly of such other employment and Other Coverage and the
Company shall thereafter not provide you the benefits described in this Section
2(a)(iv) hereof to the extent that such benefits are provided under the Other
Coverage.  Under such circumstances, you
shall make all claims first under the Other Coverage and then, only to the
extent not paid or reimbursed by the Other Coverage, under the plans and
programs described in this Section 2(a)(iv) hereof; provided, however,
that if you are eligible for health plan benefits as part of such Other
Coverage, the Company shall no longer be obligated to provide any continuing
health plan benefits.  For the absence
of doubt, each of you
and the Company acknowledges that, during the Continuation
Period, the Company’s obligation to provide benefits under this Section
2(a)(iv) shall be secondary to any health or welfare benefits to which you are
or may become entitled pursuant to Medicare or any other government
sponsored-program and primary to any health or welfare benefits to which you
are or may become entitled as a retiree of E.I. duPont de Nemours and Company.  The Continuation Period shall run
concurrently with the continuation period under the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”) and benefits provided pursuant
to this Section 2(a)(iv) shall reduce and count against your rights under COBRA.

 

v)                                     If,
at the expiration of the Continuation Period, you are receiving benefits
pursuant to Section 2(a)(iv) hereof, then from the expiration of the
Continuation Period until your sixty-fifth birthday (the “Supplemental
Period”), you shall be entitled to be included in the Company’s medical program
(but not any other component of the Company’s health program, including,
without limitation, dental and vision care) as a supplement to any of your
other retiree or government-sponsored coverage; provided, however,
that you shall bear 100% of any premiums charged to an individual for such
Company-provided medical coverage.  In
the event you obtain other employment during the Supplemental Period which
provides medical benefits of the type described in this Section 2(a)(v) hereof
(“Other Medical Coverage”), then you shall notify the Company promptly of such
other employment and Other Medical Coverage and, the Company shall thereafter
not provide you the benefits described in this Section 2(a)(v) hereof.  For the absence of doubt, each of you and the Company
acknowledges that, during the Supplemental Period, the
Company’s obligation to provide benefits under this Section 2(a)(v) shall be
secondary to any medical benefits to which you are or may become entitled pursuant
to (A) Medicare or any other government sponsored-program or (B) as a retiree
of E.I. duPont de Nemours and Company.

 

 

Ms. Cinda Hallman

March 9, 2004

Page 4

 

b)                             Taxes.  The Company may withhold from any amounts
payable under this Agreement such federal, state and local taxes as are
required to be withheld (with respect to amounts payable hereunder or under any
benefit plan or arrangement maintained by the Company) pursuant to any
applicable law or regulation.

 

c)                              Excess
Parachute Payment.  In the event any
portion of your payments or benefits hereunder constitutes an “excess parachute
payment” within the meaning of Section 280G of the Internal Revenue Code (the
“Code”) the provision of Exhibit B to your Employment Agreement dated as
of April 9, 2001 (the “Employment Agreement”) shall apply thereto as if set
forth in full herein.

 

d)                             Home
Office Equipment; Personal Property.         The
Company will transfer to you on the Termination Date ownership of and title to
the computer, fax machine, printer and scanner that you currently hold at your
home.  The Company will pack and deliver
to your home, at its expense, artwork and other personal property owned by you
but currently residing at the Company’s headquarters.

 

3.                                       Cooperation
in Litigation and Investigations; Advisory Services.  On and after the Termination Date, (a) you
shall cooperate with the Company and provide information as to matters which
you were personally involved, or have information on, while you were a
director, employee or officer of the Company and which become the subject of an
action, investigation, proceeding, litigation or otherwise, upon reasonable
notice, including, that you will testify as a witness in connection with such
matters if requested by the Company to do so and (b) during the Continuation
Period, you agree to provide, upon reasonable notice, advisory services to the
Company on an as-requested and as-needed basis (in the sole discretion of the
Company), but in any event no more than 20 hours per month, on the following
matters:  (i) the selection of, and
transition to, a new Chief Executive Officer of the Company; and (ii)
implementation of the Company’s enterprise-wide information systems, so long as
such cooperation or advisory services do not unduly interfere with your future
employment or other business activities. 
The Company shall reimburse you for all reasonable travel, lodging,
telephone and similar expenses, as well as reasonable attorneys’ fees and
disbursements, incurred in connection with any cooperation, consultation or
advice rendered in connection with such cooperation or advisory services.

 

4.                                       Full
Discharge.  You agree and
acknowledge that the payments and benefits provided in Section 2 above and the
other entitlements hereunder:  a) will
be in full discharge of any and all liabilities and obligations of the Company
to you, monetarily or with respect to employee benefits or otherwise,
including, without limitation, any and all obligations arising under any
alleged written or oral employment agreement, policy,

 

 

Ms. Cinda Hallman

March 9, 2004

Page 5

 

plan or procedure of the Company and/or any alleged understanding or
arrangement between you and the Company or any of its officers; and b) exceed
any payment, benefit, or other thing of value to which you might otherwise be
entitled but for this Agreement under any policy, plan or procedure of the
Company or any prior agreement between you and the Company.

 

5.                                       Confidentiality.

 

a)                              Confidential
Information.  You will not at any
time (whether during or after your employment with the Company) disclose or use
for your own benefit or purposes, or for the benefit or purpose of any other
person, firm, partnership, joint venture, association, corporation or other
business organization, entity or enterprise, any trade secrets, information,
data, or other confidential information relating to customers, employees, job
applicants, services, development programs, prices, costs, marketing, trading,
investment, sales activities, promotion, processes, systems, credit and
financial data, financing methods, plans, proprietary computer software,
request for proposal documents, or the business and affairs of the Company
generally, or of any affiliate of the Company.

 

b)                             Exception
to Confidentiality.  You shall not
be prohibited from divulging information deemed to be trade secret or
confidential or proprietary information of the Company or any affiliate of the
Company if: (i) the specific item of information becomes generally available to
the public without violation of this Agreement or any other duty of
confidentiality by you; (ii) if such disclosure is compelled by law, in which
event, to the extent lawful and practicable, you agree to (x) give the Company
prior written notice of any disclosure to be made pursuant to this subsection (ii)
promptly after receiving a request for such disclosure, and (y) at the
Company’s expense, cooperate fully with the Company to obtain protective
orders, confidential treatment or other such protective action as may be
available to preserve the confidentiality of the information required to be
disclosed, or (iii) to protect your rights hereunder.

 

c)                                      Return
of Records.  You expressly covenant
that, by the Termination Date, you will have returned to the Company all
memoranda, books, papers, plans, information, letters and other data, and all
copies thereof or therefrom (whether in written, printed, electronic or other
form), in any way relating to the business of the Company and its affiliates, provided,
however,  that you may retain copies
of your records of addresses and phone numbers such as “rolodex” files,
calendars, day planners, employment-related documents, benefit plan documents
and election forms, performance evaluations and health evaluations.  Thereafter, in the event that you learn of
any property of the Company to be in your custody, you will promptly return
such property to the Company.

 

 

Ms. Cinda Hallman

March 9, 2004

Page 6

 

6.                                       Covenant
Not To Compete.  You agree that
during the one (1) year period commencing on the Termination Date, you shall
not, anywhere in the world:

 

a)                              Engage
in any business, whether as an employee, consultant, partner, principal, agent,
representative or stockholder (other than as a stockholder of less than a 1%
equity interest in any publicly held company) or in any other corporate or
representative capacity with any other business, whether in corporate,
proprietorship, or partnership form or otherwise, where such business is
engaged in any activity that competes with the business of the Company or its
affiliates as conducted on the Termination Date or during the 180-day period
prior thereto, or that will compete with any proposed business activity of the
Company in the planning stage on such date or during such period; provided,
however, that this Section 6(a) shall not prohibit you from providing
services to a consulting, accounting or similar service firm provided that a
majority of such firm’s clients are not competitors of the Company or its
affiliates and provided further that you do not so provide services, directly
or indirectly, for any company or other business entity that at any time during
such period is a direct competitor of the Company or its affiliates;

 

b)                             solicit
business from, or perform services for, or induce others to perform services
for, any company or other business entity which at any time during the one (1)
year period immediately preceding the Termination Date was a client of the
Company or its affiliates, in each case of the type then currently provided by
the Company; or

 

c)                              offer,
or cause to be offered, employment with any business, whether in corporate,
proprietorship, or partnership form or otherwise, either on a full-time,
part-time or consulting basis, to any person who was employed by the Company or
its affiliates or for whom the Company or its affiliates performed outplacement
services, in either case at any time during the one (1) year period immediately
preceding the Termination Date.

 

For purposes of this Agreement, affiliates of the
Company include subsidiaries 50% or more owned by the Company and the Company’s
franchisees and licensees.

 

7.                                       Non-Disparagement.

 

a)                              Protected
Group.  You shall not act to damage
the Company or its affiliates or the Company’s or its affiliates’ reputation or
disparage the Company or its affiliates or their respective past or present
officers, directors or employees (collectively, the “Protected Group”),
provided that the foregoing shall not apply to truthful statements made in
compliance with legal process, governmental inquiry or to defend your legal rights.

 

 

Ms. Cinda Hallman

March 9, 2004

Page 7

 

b)                             Company
Obligations.  Neither the Company
nor any of its affiliates, nor any then director, officer or senior-level
executive of the Company or any of its affiliates, shall act to damage you or
your reputation, disparage you or intentionally criticize you or your
performance with the Company, provided that the foregoing shall not apply to
truthful statements made in compliance with legal process, governmental inquiry
or as required by legal filing or disclosure requirements or to defend the
legal rights of any member of the Protected Group.

 

8.                                       Equitable
Relief and Other Remedies; Reformation; Consideration.

 

a)                              Each
party acknowledges and agrees that its remedies at law for a breach or
threatened breach of any of the provisions of Sections 5, 6, and 7 would be
inadequate and, in recognition of this fact, each party agrees that, in the
event of such a breach or threatened breach, in addition to any remedies at
law, the affected party, after the posting of a reasonable bond under Florida
law, shall be entitled to obtain equitable relief in the form of specific
performance, temporary restraining order, a temporary or permanent injunction
or any other equitable remedy which may then be available.  Such remedies shall be cumulative and not
exclusive and shall be in addition to whatever other rights or remedies the
affected party shall have for damages for a breach of any of the covenants or
agreements contained in this Agreement. 
Notwithstanding anything herein to the contrary, both parties hereby
expressly reserve the right to seek damages and other economic remedies for
breach of any of the covenants or agreements contained in this Agreement.

 

b)                             If
the provisions of Sections 5, 6 and 7 would otherwise be determined invalid or
unenforceable by a court of competent jurisdiction, such court shall exercise
its discretion in reforming the provisions of such Sections to the end that
each party be subject to such restrictive covenant, reasonable under the
circumstances, enforceable by the affected party.

 

c)                              The
consideration for this Agreement, including without limitation the release and
your covenants contained in Sections 5, 6 and 7, the sufficiency of which is
hereby acknowledged, was the Company’s agreement to employ you and provide
compensation and benefits pursuant to the Employment Agreement and the
Company’s agreement herein to provide you with the consideration provided by
this Agreement.

 

9.                                       Executive’s
Release.  a)  For and in consideration of the payments to
be made and the promises set forth in this Agreement, you, for yourself and for
your heirs, dependents, executors, administrators, trustees, legal
representatives and assigns (collectively referred to as “Releasors”), hereby
forever release, waive and discharge the

 

 

Ms. Cinda Hallman

March 9, 2004

Page 8

 

Company, employee benefit and/or pension plans or funds, insurers,
successors and assigns, and all of its or their past, present and/or future
officers, trustees, agents, attorneys, employees, fiduciaries, trustees,
administrators and assigns, whether acting as agents for the Company or in
their individual capacities (collectively referred to as “Releasees”), from any
and all claims, demands, causes of action, fees and liabilities of any kind
whatsoever, whether known or unknown, which Releasors ever had, now have, or
hereafter may have against Releasees by reason of any actual or alleged act,
omission, transaction, practice, policy, procedure, conduct, occurrence, or
other matter up to and including the date of your execution of this Agreement,
including without limitation, those in connection with, or in any way related
to or arising out of, your employment, service as a director, service as a
trustee, service as a fiduciary or termination of any of the foregoing with the
Company or any other agreement, understanding, relationship, arrangement, act,
omission or occurrence, with the Company or other claims.

 

b)                             Without
limiting the generality of the foregoing, this Agreement is intended and shall
release the Releasees from any and all claims, whether known or unknown, which
Releasors ever had, now have, or may hereafter have against the Releasees
including, but not limited to,  (i) any
claim of discrimination or retaliation under the Age Discrimination in
Employment Act (“ADEA”) 29 U.S.C. Section 621 et seq., Title VII of the Civil
Rights Act, the Americans with Disabilities Act, the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”) (excluding claims for accrued,
vested benefits under any employee benefit plan of the Company in accordance
with the terms and conditions of such plan and applicable law) or the Family
and Medical Leave Act; (ii) any claim under the Florida Civil Rights Act of
1992 (formerly known as the Human Rights Act of 1977), the Florida Equal Pay
Law, the Florida Aids Act, the Florida Whistle Blower Law and waivable rights
under the Florida Constitution; (iii) any other claim (whether based on
federal, state or local law or ordinance statutory or decisional) relating to
or arising out of your employment, the terms and conditions of such employment,
the termination of such employment and/or any of the events relating directly
or indirectly to or surrounding the termination of such employment, and/or any
of the events relating directly or indirectly to or surrounding the termination
of that employment, including, but not limited, breach of contract (express or
implied), tort, wrongful discharge, detrimental reliance, defamation, emotional
distress or compensatory or punitive damages; and (iv) any claim for attorney’s
fees, costs, disbursements and the like.

 

c)                              You
agree that you will not, from any source or proceeding, seek or accept any
award or settlement with respect to any claim or right covered by Section 9(a)
or (b) above, including, without limitation, any source or proceeding involving
any person or entity, the United States Equal Employment Opportunity Commission
or other similar federal or state agency. 
Except as

 

 

Ms. Cinda Hallman

March 9, 2004

Page 9

 

otherwise required by law, you further agree that you
will not, at any time hereafter, commence, maintain, prosecute, participate in
as a party, permit to be filed by any other person on your behalf (to the
extent it is within your control or permitted by law), or assist in the
commencement or prosecution of as an advisor, witness (unless compelled by
legal process or court order) or otherwise, any action or proceeding of any
kind, judicial or administrative (on your own behalf, on behalf of any other
person and/or on behalf of or as a member of any alleged class of persons) in
any court, agency, investigative or administrative body against any Releasee
with respect to any actual or alleged act, omission, transaction, practice,
conduct, occurrence or any other matter up to and including the date of your
execution of this Agreement which you released pursuant to Section 9(a) or (b)
above.  You further represent that, as
of the date you sign this Agreement, you have not taken any action encompassed
by this Section 9(c).  If,
notwithstanding the foregoing promises, you violate this Section 9(c), you will
indemnify and hold harmless Releasees from and against any and all demands,
assessments, judgments, costs, damages, losses and liabilities and attorneys’
fees and other expenses which result from, or are incidents to, such
violation.  Notwithstanding anything
herein to the contrary, this Section 9(c) shall not apply to any claims that
you may have under the ADEA and shall not apply to the portion of the release
provided for in Section 9(a) or (b) relating to the ADEA.

 

(d)                                 The
sole matters to which the release and covenants in this Section 9 do not apply
are:  (i) your rights of indemnification
and coverage under directors’ and officers’ liability insurance to which you
were entitled immediately prior to the Termination Date under the Company’s
By-laws, the Company’s Certificate of Incorporation, Section 16 of the
Employment Agreement or otherwise with regard to your service as an officer and
director of the Company (which protections shall continue to apply to any
advisory services you perform pursuant to Section 3 hereof); (ii) rights under
any tax-qualified pension plan maintained by the Company or under ERISA; (iii)
rights under this Agreement; or (iv) if applicable, your general rights as a
common stockholder of the Company.

 

10.                                 Supplemental
Release.  On the Termination Date,
you agree to deliver to the Company an executed Supplemental General Release in
the form annexed hereto as Exhibit A (the “Supplemental General
Release”).  If you do not execute and
timely deliver the Supplemental General Release (or, if you timely deliver the
Supplemental General Release but revoke such release prior to the eighth day
after its execution), this Agreement and the Supplemental General Release will be
null and void and of
no further force or effect, provided, however, that (a) the Employment Agreement
shall remain in full force and effect and (b)
notwithstanding anything to the contrary contained herein, your termination of
employment from the Company without cause as of the Effective Date and your
resignation as a director as of the Termination Date shall remain in full force
and effect.

 

 

Ms. Cinda Hallman

March 9, 2004

Page 10

 

11.                                 Company’s
Release.  The Company hereby releases
waives, discharges and gives up any and all rights which it may have against
you arising out of  your employment with
the Company or termination therefrom or during your tenure and in your roles
(or prior roles) as Chief Executive Officer, President or director, or the
circumstances related thereto or by reason of any other matter, cause or thing
whatsoever from the first date of your employment or holding of any such office
or position to the Termination Date, provided however, notwithstanding the generality
of the foregoing, nothing herein will be deemed to release you from any of your
acts or omissions involving or arising from fraud or criminal activity.

 

12.                                 Company
Policies, Plans and Programs.

 

Whenever any rights under this Agreement depend on the
terms of a policy, plan or program established or maintained by the Company,
any determination of these rights shall be made on the basis of the policy,
plan or program in effect at the time as of which the determination is made.  No reference in this Agreement to any
policy, plan or program established or maintained by the Company shall preclude
the Company from prospectively or retroactively changing or amending or
terminating that policy, plan or program or adopting a new policy, plan or
program in lieu of the then-existing policy, plan or program.

 

13.                                 Confidentiality
of Agreement.

 

a)                              By
You.  The existence, terms, and
conditions of this Agreement are and will be deemed to be fully confidential
and will not be disclosed by you to any other person or entity (other than the
fact that an amicable agreement has been reached), except: (i) as may be
required by law; (ii) from and after this Agreement’s having been filed by the
Company as a publicly-available document with the Securities Exchange
Commission or any other public entity, or otherwise made publicly-available by
the Company; (iii) to your accountant, tax planner or preparer, financial
planner or estate planner to the extent necessary to prepare your tax returns
or engage in financial or estate planning; or (iii) to your spouse, the
trustees of any trusts of which you are the grantor, your executor and/or
personal representative and/or your attorneys, provided that, to the maximum
extent permitted by law, you give to each such person to whom disclosure is
made notice of the confidentiality provisions of this Agreement, and each
agrees to keep the existence, terms and conditions of this Agreement fully
confidential.  You further agree not to
solicit or initiate any demand by others not party to this Agreement for any
disclosure of the existence, terms or conditions of this Agreement.

 

 

Ms. Cinda Hallman

March 9, 2004

Page 11

 

b)                             By
the Company..  The Company agrees to
maintain the existence, terms and conditions of this Agreement fully
confidential and will not disclose the terms of this Agreement (other than the
fact that an amicable agreement has been reached) to any person other than its
attorneys or accountants, except as set forth herein.

 

c)                              Disclosure.  You agree that this Agreement may be used by
you or the Company only as evidence in a subsequent proceeding in which either
you or the Company alleges a breach of this Agreement.  You further agree that this Agreement
otherwise will not be filed with a court or used for any other purpose.  Notwithstanding anything herein to the
contrary, you acknowledge that the existence, terms and conditions of this
Agreement may be disclosed by the Company to its board of directors, auditors,
or others who have a need to know for business reasons, or to the extent
required by law, including, without limitation, as required by legal filing or
disclosure requirements, or as otherwise advised by the Company’s legal
counsel.

 

d)                             Response
to Inquiries.   The Company agrees
to direct any inquiries regarding your termination of employment only to Steven
Elbaum, Roy Krause, Mark Smith, Teri Miller and Kip Havel or any of their
successors (each an “Authorized Spokesperson”) for a response, and that such
persons shall respond to any such inquiries only to the extent consistent with
the mutually-agreed upon press release announcing your retirement from the
Company, a copy of which is attached hereto. 
In the event that any other person or entity seeks a reference with
respect to you, (i) the Company will promptly notify you of such inquiry, (ii)
such inquiry will be directed only to the Authorized Spokesperson, and (iii)
such Authorized Spokesperson shall provide only the dates of your employment,
positions held by you at the Company and compensation unless otherwise authorized
by you to provide any additional information or evaluation regarding your
performance.

 

14.                                 Resolution
of Disputes.

 

a)                              Except
as set forth in Section 14(b), the parties shall submit any claim, demand,
dispute, charge or cause of action (in any such case, a “Claim”) arising out
of, in connection with, or relating to this Agreement to binding arbitration in
conformance with the J*A*M*S/ENDISPUTE Streamlined Arbitration Rules and
Procedures or the J*A*M*S/ENDISPUTE Comprehensive Arbitration Rules and Procedures,
as applicable, but expressly excluding Rule 28 of the J*A*M*S/ ENDISPUTE
Streamlined Rules and Rule 33 of the J*A*M*S/ENDISPUTE Comprehensive Rules, as
the case may be.  All arbitration
procedures shall be held in Fort Lauderdale, Florida and shall be subject to
the choice of law provisions set forth in Section 15 of this Agreement.

 

 

Ms. Cinda Hallman

March 9, 2004

Page 12

 

b)                             In
the event of any dispute arising out of or relating to this Agreement for which
any party is seeking injunctive relief, specific performance or other equitable
relief, such matter may be resolved by litigation.  Accordingly, the parties shall submit such matter to the
exclusive jurisdiction of the United States District Court for the Southern
District of Florida or, if jurisdiction is not available therein, any other
court located in Broward County, Florida, and hereby waive any and all
objections to such jurisdiction or venue that they may have.  Each party agrees that process may be served
upon such party in any manner authorized under the laws of the United States or
Florida, and waives any objections that such party may otherwise have to such
process.

 

15.                                 Miscellaneous.

 

a)                              Entire
Agreement.  This Agreement,
including its exhibits and schedules, 
represents the complete understanding between you and the Company and
supersedes any and all other agreements between the parties, including without
limitation, the Employment Agreement as well as any memorandums, letters or
other agreements regarding your employment or separation from the Company, provided,
however, that (i) to the extent specific provisions or exhibits of the
Employment Agreement have been expressly incorporated herein by reference, such
provisions or exhibits shall continue to apply, and (ii) Section 29 of the Employment
Agreement shall continue to apply to any payment provided for in this
Agreement, except as specifically set forth in Sections 2(a)(iv) and (v) of
this Agreement.  For avoidance of doubt,
the parties hereby agree that, except as set forth above, the Employment
Agreement is hereby cancelled in its entirety as of the date hereof and that
the terms of this Agreement shall govern the relationship between the
parties.  No other promises or
agreements will be binding unless in writing and signed by you and the Company.

 

b)                             Governing
Law.  Except as it may be preempted
by ERISA, this Agreement will be construed and enforced in accordance with the
procedural and substantive laws of the State of Florida without regard to any
otherwise applicable principles of conflicts of law.

 

c)                              Severability.  If, at any time after the execution of this
Agreement, any provision of this Agreement will be held to be illegal or
unenforceable by a court of competent jurisdiction, solely such provision will
be of no force or effect.  Except with
respect to claims under the ADEA, if you seek to challenge the validity of or
otherwise vitiate this Agreement, you will, as a precondition, be required to
repay the Company all amounts paid to you by the Company pursuant to this
Agreement and, if applicable, the Company will not be required

 

 

Ms. Cinda Hallman

March 9, 2004

Page 13

 

to make any additional payments.  For the absence of doubt, the assertion by
you of a claim arising out of, or any attempt by you to enforce, this Agreement,
or any challenge by you to the Company’s interpretation of any provision of
this Agreement shall not constitute a challenge to the validity of, or an
attempt to vitiate, this Agreement.

 

d)                             Successors
and Assigns.  This Agreement is
binding upon, and will inure to the benefit of, you and the Company and your
and its respective heirs, executors, legatees, legal administrators,
transferees, administrators, successors and assigns.

 

e)                                      Counterparts.  This Agreement may be executed in one or
more counterparts, including by facsimile signatures, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

 

f)                                        Notices.    All communications with respect hereto
shall be in writing and shall be delivered by hand, sent prepaid by express
mail or sent by the United States post, certified, postage prepaid, return
receipt requested, to the following addresses:

 

If to the Company, then to

 

General Counsel’s office

2050 Spectrum Boulevard

Fort Lauderdale, Florida 33309

 

With copy (not constituting notice) to:

 

Andrea S. Rattner, Esq.

Proskauer Rose LLP

1585 Broadway

New York, NY 10036

 

If to you, then to:

 

Cinda Hallman

400 SE 5th Avenue, North 804

Boca Raton, FL 33432-5523

 

 

Ms. Cinda Hallman

March 9, 2004

Page 14

 

With copy (not constituting notice) to:

 

Jerry L. Shulman, Esq.

Williams & Connolly LLP

725 12th Street, NW

Washington, DC, 20005

 

g)                                     Captions
and Section Headings.  Captions and
section headings used herein are for convenience and are not part of this Agreement
and will not be used in construing it.

 

h)                                     Authorization
by the Company.  The Company
represents and warrants to you that the execution, delivery and performance of
this Agreement and the consummation of the transactions contemplated hereby
have been duly and validly authorized and that all corporate action required to
be taken by the Company for the execution, delivery and performance of this
Agreement has been duly and effectively taken.

 

i)                                         Further
Assurances.  Each party hereto shall
execute such additional documents, and do such additional things, as may
reasonably be requested by the other party to effectuate the purposes of this
Agreement.

 

16.                                 Acknowledgement.  You are hereby advised by the Company, and
acknowledge that you have been so advised in writing, to consult independent
legal counsel of your choice before signing this Agreement.  You further acknowledge that you have had
the opportunity to consult independent legal counsel and to consider the terms
of this Agreement.  You further acknowledge
that you have carefully read this Agreement in its entirety; that you have had
an adequate opportunity to consider it and to consult with any advisors of your
choice about it; that you have had the opportunity to consult independent legal
counsel of your choice who has answered to your satisfaction all questions you
had regarding this Agreement; that you understand all the terms of this
Agreement and their significance; that you knowingly and voluntarily assent to
all the terms and conditions contained herein; and that you are signing this
Agreement voluntarily and of your own free will.

 

[remainder of page intentionally left blank; signatures
appear on the next page]

 

 

Ms. Cinda Hallman

March 9, 2004

Page 15

 

 

If this Agreement is acceptable to you, please sign
the enclosed duplicate original and return the signed Agreement to me.  Again, we thank you for all of your
contributions to the Company and wish you the best of luck in all of your
future endeavors.

 

 

	
   

  	
  SPHERION
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
        /s/ Lisa G.
  Iglesias

  	
   

  
	
   

  	
         Lisa G.
  Iglesias, Senior Vice President

  
	
   

  	
   

  
	
  Accepted and Agreed to:

  	
   

  
	
   

  	
   

  
	
  By

  	
  :       /s/ Cinda
  A. Hallman

  	
   

  	
   

  
	
   

  	
           Cinda
  A. Hallman

  	
   

  
	
   

  	
   

  
	
  Dated: March 9, 2004

  	
   

  
						

 

 

Exhibit A

 

Supplemental General Release

 

To:                              Spherion
Corporation

2050 Spectrum Boulevard

Fort Lauderdale, Florida
33309

Attention:  Lisa G. Iglesias

 

1.                                       I
hereby acknowledge receipt of the letter agreement, dated March 9, 2004 between
Spherion Corporation (the “Company”) and me (the “Letter Agreement”); and I further
acknowledge that the payments and benefits provided in Section 2 of the Letter
Agreement and the other entitlements thereunder exceed any payment, benefit, or
other thing of value to which I might otherwise be entitled under any policy,
plan or procedure of the Company or any prior agreement between me and the
Company.

 

2.                                       I
further acknowledge that my employment with the Company will terminate on April
10, 2004 (the “Termination Date”), that the Company will not have an obligation
to rehire me or to consider me for reemployment after the Termination Date and
that my employment with the Company is permanently and irrevocably severed.

 

3.                                       (a)                                  For
and in consideration of the payments to be made and the promises set forth in
the Letter Agreement, I, for myself and for my heirs, dependents, executors,
administrators, trustees, legal representatives and assigns (collectively
referred to as “Releasors”), hereby forever release, waive and discharge the
Company, employee benefit and/or pension plans or funds, insurers, successors
and assigns, and all of its or their past, present and/or future officers,
trustees, agents, attorneys, employees, fiduciaries, trustees, administrators
and assigns, whether acting as agents for the Company or in their individual
capacities (collectively referred to as “Releasees”), from any and all claims,
demands, causes of action, fees and liabilities of any kind whatsoever, whether
known or unknown, which Releasors ever had, now have, or hereafter may have
against Releasees by reason of any actual or alleged act, omission,
transaction, practice, policy, procedure, conduct, occurrence, or other matter
up to and including the date of my execution of this Supplemental General
Release, including without limitation, those in connection with, or in any way
related to or arising out of, my employment, service as a director, service as
a trustee, service as a fiduciary or termination of any of the foregoing with
the Company or any other agreement, understanding, relationship, arrangement, act,
omission or occurrence, with the Company or other claims.

 

(b)                                 Without
limiting the generality of the foregoing, this Supplemental General Release is
intended and shall release the Releasees from any and all claims, whether known
or unknown, which Releasors ever had, now have, or may hereafter have against
the Releasees including, but not limited to, 
(i) any claim of discrimination or retaliation under the Age
Discrimination in Employment Act (“ADEA”) 29 U.S.C. Section 621 et seq., Title
VII of the Civil Rights Act, the Americans with Disabilities Act, the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”) (excluding claims
for accrued, vested benefits under any employee benefit plan of the Company in
accordance with the terms and conditions of such plan and applicable law)

 

 

or the Family and Medical Leave Act; (ii) any claim under the Florida
Civil Rights Act of 1992 (formerly known as the Human Rights Act of 1977), the
Florida Equal Pay Law, the Florida Aids Act, the Florida Whistle Blower Law and
waivable rights under the Florida Constitution; (iii) any other claim (whether
based on federal, state or local law or ordinance statutory or decisional)
relating to or arising out of my employment, the terms and conditions of such
employment, the termination of such employment and/or any of the events
relating directly or indirectly to or surrounding the termination of such
employment, and/or any of the events relating directly or indirectly to or
surrounding the termination of that employment, including, but not limited,
breach of contract (express or implied), tort, wrongful discharge, detrimental
reliance, defamation, emotional distress or compensatory or punitive damages;
and (iv) any claim for attorney’s fees, costs, disbursements and the like.

 

(c)                                  I
agree that I will not, from any source or proceeding, seek or accept any award
or settlement with respect to any claim or right covered by Section 3(a) or (b)
above, including, without limitation, any source or proceeding involving any
person or entity, the United States Equal Employment Opportunity Commission or
other similar federal or state agency. 
Except as otherwise required by law, I further agree that I will not, at
any time hereafter, commence, maintain, prosecute, participate in as a party,
permit to be filed by any other person on my behalf (to the extent it is within
my control or permitted by law), or assist in the commencement or prosecution
of as an advisor, witness (unless compelled by legal process or court order) or
otherwise, any action or proceeding of any kind, judicial or administrative (on
my own behalf, on behalf of any other person and/or on behalf of or as a member
of any alleged class of persons) in any court, agency, investigative or
administrative body against any Releasee with respect to any actual or alleged
act, omission, transaction, practice, conduct, occurrence or any other matter
up to and including the date of my execution of this Supplemental General
Release which I released pursuant to Section 3(a) or (b) above.  I further represent that, as of the date I
sign this Supplemental General Release, I have not taken any action encompassed
by this Section 3(c).  If,
notwithstanding the foregoing promises, I violate this Section 3(c), I will
indemnify and hold harmless Releasees from and against any and all demands,
assessments, judgments, costs, damages, losses and liabilities and attorneys’
fees and other expenses which result from, or are incidents to, such
violation.  Notwithstanding anything
herein to the contrary, this Section 3(c) shall not apply to any claims that I
may have under the ADEA and shall not apply to the portion of the release
provided for in Section 3(a) or (b) relating to the ADEA.

 

 

(d)                                 The
sole matters to which the release and covenants in this Section 3 do not apply
are:  (i) my rights of indemnification
and coverage under directors’ and officers’ liability insurance to which I was
entitled immediately prior to the Termination Date under the Company’s By-laws,
the Company’s Certificate of Incorporation, Section 16 of my Employment
Agreement dated as of April 9, 2001 or otherwise with regard to my service as
an officer and director of the Company (which protections shall continue to
apply to any advisory services I perform pursuant to Section 3 of the Letter
Agreement); (ii) rights under any tax-qualified pension plan maintained by the
Company or under ERISA; (iii) rights under the Letter Agreement; or (iv) my
general rights as a common stockholder of the Company.

 

4.                                       Governing
Law; Enforceability.  The interpretation of this Supplemental
General Release will be construed and enforced in accordance with the procedural and substantive laws
of the State of Florida
without regard to any otherwise
applicable principles of conflicts of law.  If, at any time after the execution of this
Supplemental General Release, any provision of this Supplemental General
Release will be held to be illegal or unenforceable by a court of competent
jurisdiction, solely such provision will be of no force or effect.

 

5.                                       Acknowledgement.  I acknowledge that I have been advised by
the Company in writing to consult independent legal counsel of my choice before
signing this Supplemental General Release. 
I further acknowledge that I have had the opportunity to consult independent
legal counsel and to consider the terms of this Supplemental General Release
for a period of at least 21 days.  I
further acknowledge that I have carefully read this Supplemental General
Release in its entirety; that I have had an adequate opportunity to consider it
and to consult with any advisors of my choice about it; that I have had the
opportunity to consult independent legal counsel of my choice who has answered
to my satisfaction all questions I had regarding this Supplemental General
Release; that I understand all the terms of this Supplemental General Release
and their significance; that I knowingly and voluntarily assent to all the
terms and conditions contained herein; and that I am signing this Supplemental
General Release voluntarily and of my own free will.

 

6.                                       Effective
Date.  I further acknowledge that
this Supplemental General Release will become effective on the later of April
10, 2004 and the eighth day following my execution of this Supplemental General
Release (either, the “Effective Date”). 
I may at any time prior to the Effective Date revoke this Supplemental
General Release by delivering written notice of revocation to: the Company at
2050 Spectrum Boulevard, Fort Lauderdale, Florida 33309, to the attention of
the General Counsel.  In the event that
I revoke this Supplemental General Release prior to the eighth day after its
execution, this Supplemental General Release and the promises contained in the
Letter Agreement, will automatically be null and void.  If the last day of the revocation period
falls on a Saturday, Sunday or holiday, the last day of the revocation period
will be deemed to be the next business day.

 

 

7.                                       Entire
Agreement.  I understand that this
Supplemental General Release and the Letter Agreement constitute the complete
understanding between the Company and me and that no other promises or
agreements will be binding unless in writing and signed by me and the Company.

 

 

	
  By:

  	
  /s/ Cinda A.
  Hallman

  	
   

  
	
   

  	
  Cinda A. Hallman

  	
   

  
	
   

  
	
  Dated: March 19, 2004Exhibit
10.54

 

SIXTH
AMENDMENT

TO THE
SPHERION CORPORATION

DEFERRED
COMPENSATION PLAN

 

THIS
SIXTH AMENDMENT to the Spherion Corporation Deferred
Compensation Plan (the “Plan”) is made on this 1st day of January,
2004, by Spherion Corporation, a Delaware corporation (the “Company”);

 

W I T N
E S S E T H :

 

WHEREAS,
Article IX of the Plan provides that the Company has the right to amend the
Plan at any time; and

 

WHEREAS,
the Company now desires to amend the Plan to permit participants to direct the
investment of Matching Contributions;

 

NOW,
THEREFORE, the Plan hereby is amended, effective as of
January 1, 2004, as follows:

 

1.                             By
adding the following to the end of Plan Section 4.2(e)(ii):

 

“Notwithstanding the foregoing, Matching Contributions
made on or after January 1, 2004, may be invested in any Investment Funds
as directed by the Participant, provided that a Participant may not direct the
investment of any additional amounts representing Matching Contributions or
earnings thereon into the Deferred Company Stock Unit Fund.”

 

2.                             Except
as specifically amended hereby, the Plan shall remain in full force and effect
as prior to this Amendment.

 

IN
WITNESS WHEREOF, the Company has caused its duly authorized
officer to execute this Sixth Amendment on the date first above written.

 

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  SPHERION
  CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Lisa Iglesias

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  Senior Vice President

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