Document:

Exhibit
10.1

AGREEMENT

Release
of Claims, Covenant not to Sue, and

Older Workers Act Waiver

 

 

This
Agreement of Release of Claims, Covenant not to Sue, and Older Workers Act
Waiver (“Agreement”) is made by and between Thomas R. Jenkins (“Employee”), an
individual, and Cornell Companies, Inc., a Delaware corporation (“CORNELL”).

WHEREAS,
Employee will be separated from employment with CORNELL; and

WHEREAS,
HOWEVER, CORNELL desires to provide some assistance in the transition resulting
from that separation; and

WHEREAS, Employee agrees,
in exchange for such assistance, to waive and release any and all claims that
Employee may have against CORNELL;

NOW THEREFORE, in
consideration of the mutual promises and releases contained herein and for
other good and valuable consideration, the sufficiency of which is hereby
acknowledged, the parties agree as follows:

1.               Salary and Benefits.  Upon the
execution of this Agreement, the parties agree as follows:

(a)          Employee shall be separated from employment with
CORNELL effective April 1, 2005 (hereinafter referred to as “termination
date”).

(b)         CORNELL shall provide Employee regular pay up to and
including termination date.

(c)          CORNELL shall provide Employee with payment equivalent
to Employee’s balance of any vested but unused Banked Time Off (BTO) balance
and old plan banked floating holiday hours.

(d)         CORNELL shall provide Employee with a one-time,
lump-sum payment in the amount of $25,000 to defray Employee’s cost of
relocation and outplacement services.

(e)          CORNELL shall provide Employee with the following
severance amounts:

(i)      A one-time, lump-sum payment in the amount
of $315,000;

(ii)                A one-time, lump-sum bonus amount of $10,300; and

(iii)             Monthly payments in the amount of $24,770.83 per month
for a total of twenty-four (24) months.

(f)            CORNELL shall provide Employee with full
medical/dental/vision benefits participation up to and including April 30,
2005.  Thereafter, Employee shall be
entitled to any and all other rights or benefits afforded to other terminated
employees of CORNELL, including, without limitation, the right to elect to
continue coverage under the CORNELL health plan, in accordance with the health
care continuation coverage provisions of the Consolidated Omnibus Budget
Reconciliation Act of 1985 (“COBRA”).

(g)   CORNELL agrees, notwithstanding
the terms within Paragraphs 4 or 5 of this Agreement, that Employee shall
maintain all rights to exercise, within ninety (90) days of termination date,
any and all stock options which will have vested as of said termination date.

 

2.               Confidential Information. 
Employee has had and continues to have access to confidential
information pertaining to the business and services of CORNELL.  Employee agrees that he will not disclose in
any way to any person, directly or indirectly, or use for his own benefit or
for the benefit of anyone else or any other person or entity, the Confidential
Information gained while employed by the Company.

3.               Non-Disparagement. Employee and
CORNELL mutually agree to refrain from making any statement, oral or written,
that would cast either party in a disparaging light, including to prospective
employers of Employee, to prospective clients and/or prospective
shareholders/stakeholders of CORNELL, to the media, to any internet site, to
the community at large, and/or to any other party which could ultimately,
directly or indirectly, result in an adverse effect against Employee and/or
CORNELL.

4.               Release and Covenant not to Sue. Employee, on behalf of Employee,
Employee’s descendants, ancestors, dependents, heirs, executors,
administrators, assigns, and successors, and each of them, hereby covenants not
to sue and fully releases, acquits, and discharges CORNELL, and its
subsidiaries and affiliates, past, present, future and each of them, as well as
its owners, trustees, directors, officers, agents, servants, employees,
stockholders, representatives, assigns, and successors, and each of them
(collectively referred to as “CORNELL Releasees”) with respect to and from any
and all claims, wages, demands, assistance, support, rights, liens, agreements,
contracts, covenants, actions, suits, rights to appeal, entitlements and
notices, causes of action, obligations, debts, costs, expenses, interests,
attorneys’ fees, contributions, damages, judgments, orders and liabilities of
whatever kind or nature in law, equity or otherwise, whether known or unknown,
suspected or unsuspected, and whether or not concealed or hidden, which
Employee has at any time heretofore owned or held against said CORNELL
Releasees, including, without limitation, those arising out of or in any way
connected with Employee’s employment relationship with CORNELL or Employee’s
termination or any other transactions, occurrences, acts or omissions or any
loss, damage or injury whatever, known or unknown, suspected or unsuspected,
resulting from any of them, committed or omitted prior to the date of this
Agreement, and including, without limitation, claims for breach of contract,
libel, slander, wrongful discharge, intentional infliction of emotional harm,
or other tort, discrimination or harassment based upon any federal, state, or
municipal statute or local ordinance relating to discrimination in employment,
and/or any other claim arising out of any federal, state, or municipal statute
or local law to which CORNELL Releasees may have been subject with regard to
Employee.

5.               Older Workers Act Waiver. Waiver of Claims Under the
Age Discrimination in Employment Act. Employee recognizes that, in signing this Release of
Claims, Employee is waiving Employee’s right to pursue any and all claims under
the Age Discrimination in Employment Act, 29 U.S.C. § 626 et seq. (“ADEA”)
arising prior to the date that Employee executes this Release. Employee understands that Employee may take twenty-one (21) days from
the date this Release is presented to Employee to consider whether to execute
this Release. Employee is advised that Employee may wish to consult with an
attorney prior to execution of this Release. Once Employee has executed this
Release, Employee may revoke the Release at any time during the seven (7) day
period following the execution of the Release. After seven (7) days have passed
following Employee’s execution of this Release, the execution of this Release
shall be final and irrevocable.  Note, however, no payment for relocation or severance will initiate
prior to the eighth day following Employee’s execution of this Agreement.

6.               Confidentiality of Agreement. 
Employee agrees that this Agreement, in its entirety, is to remain
confidential.  As such, Employee agrees
to refrain from disclosing by any means or by any 

 

 

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person the contents of this Agreement.  This clause in no way implies a waiver of the
privileged right to disclose to Employee’s attorney and/or members of
Employee’s immediate family.

7.               Entire Agreement. This Agreement constitutes and contains the entire
agreement and understanding concerning Employee’s employment and separation,
and the other subject matters addressed herein between the parties, and
supersedes and replaces all prior negotiations and all prior agreements
proposed or otherwise, whether written or oral, concerning the subject matter
hereof.

8.               Governing Law. This Agreement shall be governed by and subject to
the laws and exclusive jurisdiction of the courts of the State of Texas. In the
event that Employee breaches any of the provisions of this Agreement, Employee
agrees to pay CORNELL’s reasonable costs of prosecuting such claims, including
attorneys’ fees and costs.

9.               Severability. In the event that one or more of the provisions of
this Agreement shall for any reason be held to be illegal or unenforceable,
this Agreement shall be revised only to the extent necessary to make such
provision(s) legal and enforceable.

The
parties acknowledge that they have read the foregoing Agreement, understand its
contents, and accept and agree to the provisions it contains and hereby execute
it voluntarily and knowingly and with full understanding of its consequences.

PLEASE READ CAREFULLY.  THIS
AGREEMENT INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS.

 

	
  EMPLOYEE

  	
   

  	
  CORNELL COMPANIES, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Thomas R. Jenkins

  	
  By: 

  	
  /s/ Patrick N. Perrin

  	
   

  
	
   Thomas R.
  Jenkins

  	
   

  	
  Patrick N. Perrin,

  	
   

  
	
   

  	
   

  	
  Sr. Vice President &

  	
   

  
	
   

  	
   

  	
  Chief Administrative Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date: 

  	
  March 21, 2005

  	
   

  	
  Date: 

  	
  March 17, 2005Exhibit 10.2

 

AGREEMENT

 

Release of Claims, Covenant not to Sue, and

 

Older Workers Act Waiver

 

This Agreement of Release
of Claims, Covenant not to Sue, and Older Workers Act Waiver (“Agreement”) is
made by and between Paul B. Doucette (“Employee”), an individual, and Cornell
Companies, Inc., a Delaware corporation (“CORNELL”).

 

WHEREAS, Employee and
CORNELL executed an Employment Agreement, effective October 20, 2004, wherein
Employee and Cornell made certain agreements regarding Employee’s employment
and separation from employment; and

 

WHEREAS, Employee will be
separated from employment with CORNELL at the sole discretion of the CEO
without cause;

 

NOW THEREFORE, in
consideration of the mutual promises and releases contemplated in that
Employment Agreement and contained herein and for other good and valuable
consideration, the sufficiency of which is hereby acknowledged, the parties
agree as follows:

 

1.               Salary and
Benefits.  Upon the execution of this
Agreement, the parties agree as follows:

 

(a)          Employee shall be
separated from employment with CORNELL effective April 1, 2005 (hereinafter
referred to as “termination date”).

 

(b)         CORNELL shall provide
Employee regular pay up to and including termination date.

 

(c)          CORNELL shall provide
Employee with payment for Employee’s balance of any vested but unused banked
time off hours, banked vacation hours, and banked floating holiday hours, as
applicable.

 

(d)         CORNELL shall provide
Employee with up to 40 hours of paid time off, depending on current available
balance.

 

(e)          CORNELL shall provide
Employee severance as follows:

 

i.                  A one-time,
lump-sum payment in the amount of $70,600.00;

 

ii.               A one-time,
lump-sum payment in the amount of $3,900.00 to cover outplacement costs; and

 

iii.            Monthly payments in
the amount of $12,258.11 per month for a total of twelve (12) months

 

(g)         CORNELL shall provide
Employee with full medical/dental/vision benefits participation up to and
including April 30, 2005.  Thereafter,
Employee shall be entitled to any and all other rights or benefits afforded to
other terminated employees of CORNELL, including, without limitation, the right
to elect to continue coverage under the CORNELL health plan, in accordance with
the health care continuation coverage provisions of the Consolidated Omnibus
Budget Reconciliation Act of 1985 (“COBRA”).

 

 

2.               Employment
Agreement Still in Force.  Employee
agrees that this Agreement was specifically contemplated within Section 4.1(c)
the above-referenced Employment Agreement effective October 20, 2004, and that
the instant Agreement neither supersedes that prior agreement nor renders
ineffective any of its terms requiring Employee’s confidentiality and
non-competition for a period of twelve months following date of Employee’s
separation from employment.

 

3.               Non-Disparagement.
Employee and CORNELL mutually agree to refrain from making any statement, oral
or written, that would cast either party in a disparaging light, including to
prospective employers of Employee, to current or prospective funding agencies,
to current or prospective clients, to current or prospective
shareholders/stakeholders of CORNELL, to the media, to any internet site, to
the community at large, and/or to any other party which could ultimately,
directly or indirectly, result in an adverse effect against Employee and/or
CORNELL.

 

4.               Release and
Covenant not to Sue. Employee, on behalf of Employee, Employee’s
descendants, ancestors, dependents, heirs, executors, administrators, assigns,
and successors, and each of them, hereby covenants not to sue and fully
releases, acquits, and discharges CORNELL, and its subsidiaries and affiliates,
past, present, future and each of them, as well as its owners, trustees,
directors, officers, agents, servants, employees, stockholders,
representatives, assigns, and successors, and each of them (collectively
referred to as “CORNELL Releasees”) with respect to and from any and all
claims, wages, demands, assistance, support, rights, liens, agreements,
contracts, covenants, actions, suits, rights to appeal, entitlements and
notices, causes of action, obligations, debts, costs, expenses, interests,
attorneys’ fees, contributions, damages, judgments, orders and liabilities of
whatever kind or nature in law, equity or otherwise, whether known or unknown,
suspected or unsuspected, and whether or not concealed or hidden, which
Employee has at any time heretofore owned or held against said CORNELL
Releasees, including, without limitation, those arising out of or in any way
connected with Employee’s employment relationship with CORNELL or Employee’s
termination or any other transactions, occurrences, acts or omissions or any
loss, damage or injury whatever, known or unknown, suspected or unsuspected,
resulting from any of them, committed or omitted prior to the date of this Agreement,
and including, without limitation, claims for breach of contract, libel,
slander, wrongful discharge, intentional infliction of emotional harm, or other
tort, discrimination or harassment based upon any federal, state, or municipal
statute or local ordinance relating to discrimination in employment, and/or any
other claim arising out of any federal, state, or municipal statute or local
law to which CORNELL Releasees may have been subject with regard to Employee.

 

5.               Older Workers
Act Waiver. Waiver of Claims Under the Age Discrimination in Employment Act.
Employee recognizes that, in signing this Release of Claims, Employee is
waiving Employee’s right to pursue any and all claims under the Age
Discrimination in Employment Act, 29 U.S.C. § 626 et seq. (“ADEA”) arising
prior to the date that Employee executes this Release. Employee
understands that Employee may take twenty-one (21) days from the date this
Release is presented to Employee to consider whether to execute this Release.
Employee is advised that Employee may wish to consult with an attorney prior to
execution of this Release. Once Employee has executed this Release, Employee
may revoke the Release at any time during the seven (7) day period following
the execution of the Release. After seven (7) days have passed following
Employee’s execution of this Release, the execution of this Release shall be
final and irrevocable.  Note, however, no payment of severance will initiate prior to the
eighth day following Employee’s execution of this Agreement.

 

6.               Confidentiality
of Agreement.  Employee agrees that
this Agreement, in its entirety, is to remain confidential.  As such, Employee agrees to refrain from
disclosing by any means or by any person the contents of this Agreement.  This clause in no way implies a waiver of the
privileged

 

2

 

right to disclose to
Employee’s attorney and/or members of Employee’s immediate family who,
themselves, will agree to maintain said confidentiality.

 

7.               Entire Agreement.
This Agreement constitutes and contains the entire agreement and understanding
concerning Employee’s employment and separation, and the other subject matters
addressed herein between the parties, and supersedes and replaces all prior
negotiations and all prior agreements proposed or otherwise, whether written or
oral, concerning the subject matter hereof.

 

8.               Governing Law.
This Agreement shall be governed by and subject to the laws and exclusive
jurisdiction of the courts of the State of Texas. In the event that Employee
breaches any of the provisions of this Agreement, Employee agrees to pay
CORNELL’s reasonable costs of prosecuting such claims, including attorneys’
fees and costs.

 

9.               Severability.
In the event that one or more of the provisions of this Agreement shall for any
reason be held to be illegal or unenforceable, this Agreement shall be revised
only to the extent necessary to make such provision(s) legal and enforceable.

 

The
parties acknowledge that they have read the foregoing Agreement, understand its
contents, and accept and agree to the provisions it contains and hereby execute
it voluntarily and knowingly and with full understanding of its consequences.

 

PLEASE
READ CAREFULLY.  THIS AGREEMENT INCLUDES
A RELEASE OF KNOWN AND UNKNOWN CLAIMS.

 

	
  EMPLOYEE

  	
   

  	
  CORNELL COMPANIES, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Paul B. Doucette

  	
   

  	
  BY:

  	
   /s/ Patrick N. Perrin

  	
   

  
	
  Paul B. Doucette

  	
   

  	
  Patrick N. Perrin,

  
	
   

  	
   

  	
  Sr. Vice President &

  
	
   

  	
   

  	
  Chief Administrative Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
  March
  23, 2005

  	
   

  	
  Date:

  	
  March
  11, 2005

  	
   

  
									

 

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