Document:

EMCORE: SCOTT MASSIE SEVERANCE AGREEMENT

     

    
      

      

    

    EXHIBIT
      10.2

    

    AGREEMENT
      AND RELEASE

    

    Agreement
      and Release (“Agreement”) executed this 19th
      day of
December,
      2006, by
      and between Scott Massie (“Employee”)
      who
      resides at 9105 Avenida DeLa Luna, Albuquerque, New Mexico and Emcore
      Corporation (“Emcore”).

    

    1. Employee’s
      employment is terminated effective December 29, 2006. 

    

    2.    (a) As
      soon
      as administratively practicable following June 29, 2006, Emcore shall pay to
      Employee 62 weeks of his or her salary in a lump-sum payment (“Severance”). The
      total Severance, which will be paid to Employee, is equal to $310,000, less
      applicable withholdings and deductions.

    

     (b) In
      accordance with the Company’s health plans, Employee will be eligible to
      exercise his or her rights to COBRA health insurance coverage for Employee,
      and,
      where applicable, Employee’s spouse and eligible dependents, at Employee’s
      expense (subject to the foregoing), upon termination of the Employee’s
      employment. To the extent Employee elects COBRA continuation coverage, the
      Company shall continue to pay the portion of the COBRA premiums up to a maximum
      of 62 weeks that the Company would have otherwise paid assuming Employee was
      an
      active employee during such time. Up until the Severance payment is made, the
      Company will pay Employee’s portion of the COBRA premiums, which total amount of
      premiums shall then be deducted from the Severance payment. After the Severance
      payment is made, Employee shall be responsible for directly paying Employee’s
      portion of COBRA premiums. Nothing herein shall be construed as extending or
      delaying the start date of the COBRA coverage period for Employee.

    

    All
      voluntary payroll deductions, including but not limited to 401(k), ESPP and
      term
      life, will cease effective the date of termination. 

     

    (c) If
      Employee is rehired by Emcore during the Severance period, Emcore shall no
      longer be obligated to make any severance payment under paragraph 2(a) above
      that would otherwise be due and owing after the effective date of employee's
      rehiring. Employee acknowledges and agrees that the cessation of severance
      payments under this provision shall not affect the validity or enforceability
      of
      paragraph 5 of this agreement."

    

    3. Employee
      agrees and acknowledges that the payments and benefits provided for in paragraph
      “2” exceed any benefits to which he or she would otherwise be entitled under any
      policy, plan, and/or procedure of Emcore or any agreement with Emcore. Employee
      agrees and acknowledges that the
      payment of Severance (or any other payments hereunder) shall not be construed
      as
      a guarantee of any particular tax treatment for such payment.

    

    4. Employee
      shall have twenty-one (21) days from the date of his or her receipt of this
      Agreement to consider the terms and conditions of the Agreement. Employee may
      accept this Agreement by signing and returning it to Ms. Monica Van Berkel,
      Vice
      President, Human Resources, Emcore Corporation, or her successor to 2015 W.
      Chestnut Street, Alhambra, CA 91803, no later than 5:00 p.m. on the twenty-first
      (21st) day after Employee’s receipt of this Agreement (“Agreement and Release
      Return Date”). Thereafter, Employee will have seven (7) days to revoke this
      Agreement by stating his or her desire to do so in writing to Ms. Van Berkel
      or
      her successor at the address listed above, and delivering it to Ms. Van Berkel
      or successor no later than 5:00 p.m. on the seventh (7th) day following the
      date
      Employee signs this Agreement. The effective date of this Agreement shall be
      the
      (8th) day following Employee’s signing of this Agreement (the “Release Effective
      Date”), provided the Employee does not revoke the Agreement during the
      revocation period. In the event Employee does not accept this Agreement as
      set
      forth above, or in the event Employee revokes this Agreement during the
      revocation period, this Agreement, including but not limited to the obligation
      of Emcore and its subsidiaries and affiliates to provide the payments and
      benefits referred to in paragraph “2” above, shall automatically be deemed null
      and void. 

    

    5.    (a) In
      consideration of the payments and benefits referred to in paragraph “2,”
Employee for himself or herself and for his or her heirs, executors, and assigns
      (hereinafter collectively referred to as the “Releasors”), forever releases and
      discharges Emcore and any and all of its parent corporations, subsidiaries,
      divisions, affiliated entities, predecessors, successors and assigns, and any
      and all of its or their employee benefit and/or pension plans or funds, and
      any
      of its or their past or present officers, directors, stockholders, agents,
      trustees, administrators, employees or assigns (whether acting as agents for
      such entities or in their individual capacities) (hereinafter collectively
      referred to as “Releasees”), from any and all claims, demands, causes of action,
      fees and liabilities of any kind whatsoever (based upon any legal or equitable
      theory, whether contractual, common-law, statutory, decisional, federal, state,
      local or otherwise), whether known or unknown, which Releasors ever had, now
      have or may have against Releasees by reason of any actual or alleged act,
      omission, transaction, practice, conduct, occurrence, or other matter from
      the
      beginning of the world up to and including the Release Effective
      Date.

    

     (b)
 Without
      limiting the generality of the foregoing subparagraph “(a)”, this Agreement is
      intended to and shall release the Releasees from any and all claims arising
      out
      of Employee’s employment with Releasees and/or the termination of Employee’s
      employment, including but not limited to any claim(s) under or arising out
      of
      (i) the Age Discrimination in Employment Act, as amended, or the Older Workers
      Benefit Protection Act; (ii) Title VII of the Civil Rights Act of 1964, as
      amended; (iii) the Americans with Disabilities Act, as amended; (iv) the
      Employee Retirement Income Security Act of 1974, as amended (“ERISA”) (excluding
      claims for accrued, vested benefits under any employee benefit plan of Emcore
      in
      accordance with the terms of such plan and applicable law); (v)  the New
      Mexico Human Rights Act; (vi) the California Fair Employment and Housing Act;
      (vii) the California Equal Pay Law; (viii) the California Sexual Orientation
      Bias Law; (ix) the California Labor and Government Codes; (x) the California
      Unruh Act; (xi) the New Jersey Law Against Discrimination, the New Jersey Equal
      Pay Act, the New Jersey Family Leave Act; (xii) the Illinois Human Rights Act;
      (xiii) the Virginia Human Rights Act; (xiv) the Pennsylvania Human Relations
      Act; (xv) alleged discrimination or retaliation in employment (whether based
      on
      federal, state or local law, statutory or decisional); (xvi) the terms and
      conditions of Employee’s employment with Emcore, the termination of such
      employment, and/or any of the events relating directly or indirectly to or
      surrounding that termination; and (xvii) any law (statutory or decisional)
      providing for attorneys’ fees, costs, disbursements and/or the
      like.

    

    (c) As
      a
      further consideration and inducement for this Agreement, to the extent permitted
      by law, Employee hereby waives and releases any and all rights under Section
      1542 of the California Civil Code or any analogous state, local, or federal
      law,
      statute, rule, order or regulation that Employee has or may have with respect
      to
      the Releasees. California Civil Code Section 1542 reads as follows:

    

    A
      GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW
      OR
      SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF
      KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE
      DEBTOR.

    

    Employee
      hereby expressly agrees that this Agreement shall extend and apply to all
      unknown, unsuspected and unanticipated injuries and damages, as well as any
      that
      are now disclosed, arising prior to Employee’s execution of this
      Agreement.

    

    6.    (a) Employee
      agrees that (s)he has not and will not engage in any conduct that is injurious
      to Emcore’s or Releasee’s reputation or interest, including but not limited to
      (i) divulging, communicating, or in any way making use of any confidential
      or
      proprietary information acquired in the performance of his or her duties at
      Emcore; and (ii) publicly disparaging (or inducing or encouraging others to
      publicly disparage) Emcore or Releasees.

    

    (b) Employee
      agrees to return to Emcore any and all originals and copies of documents,
      materials, records or other items in his or her possession or control belonging
      to Emcore or containing proprietary information relating to Emcore. Employee
      agrees to remove all Emcore proprietary information from his laptop. Employee
      shall be permitted to retain his laptop computer and cell phone. Effective
      on
      Employee’s date of termination, Employee shall be responsible for all cell phone
      charges.

    

    (c) Employee
      acknowledges that the terms of Sections 10, 11, 12, 13, 17 and 21 of the
      Employment Agreement between Employee and Emcore signed by the Employee on
      August 23, 2002, remain in full force and effect, and Employee agrees and
      acknowledges that (s)he is bound by the terms of those sections. Both Employee
      and Emcore agree, however, that Section 11 of the Employment Agreement shall
      not
      restrict Employee from hiring former employees of Emcore provided that Employee
      complies with his other non-solicitation obligations and provided further that
      Employee continues to adhere to the no-hire restrictions with respect to current
      employees of Emcore’s EPV and ESP divisions. Without limiting the generality of
      the foregoing, Emcore agrees that Employee’s acceptance of new employment with
      Energy Photovoltaics, Inc. does not violate the non-compete covenant in the
      Employment Agreement.

    

    7.    (a) Employee
      will cooperate with Emcore and/or its subsidiaries and affiliates and its/their
      counsel in connection with any investigation, administrative proceeding or
      litigation relating to any matter in which Employee was involved or of which
      Employee has knowledge.

    

    (b) Employee
      agrees that, in the event (s)he is subpoenaed by any person or entity
      (including, but not limited to, any government agency) to give testimony (in
      a
      deposition, court proceeding or otherwise) which in any way relates to
      Employee’s employment with Releasees, (s)he will give prompt notice of such
      request to Monica Van Berkel, Vice President, Human Resources, Emcore
      Corporation, or her successor, and will make no disclosure until Emcore has
      had
      a reasonable opportunity to contest the right of the requesting person or entity
      to such disclosure.

    

    8. The
      terms
      and conditions of this Agreement are and shall be deemed to be confidential,
      and
      shall not be disclosed by Employee to any person or entity without the prior
      written consent of Monica Van Berkel, Vice President, Human Resources, Emcore
      Corporation or her successor, except if required by law and to Employee’s
      accountants, attorneys or spouse, provided that they agree to maintain the
      confidentiality of this Agreement. Employee further represents that (s)he has
      not disclosed the terms and conditions of this Agreement to anyone other than
      his or her attorneys, accountants and spouse.

    

    9. The
      making of this Agreement is not intended, and shall not be construed, as an
      admission that Releasees have violated any federal, state or local law
      (statutory or decisional), ordinance or regulation, breached any contract,
      or
      committed any wrong whatsoever against Employee.

    

    10. The
      parties agree that this Agreement may not be used as evidence in a subsequent
      proceeding except in a proceeding to enforce the terms of this
      Agreement.

    

    11. Employee
      acknowledges that: (a) (s)he has carefully read this Agreement in its entirety;
      (b) (s)he has had an opportunity to consider fully the terms of this Agreement;
      (c) (s)he has been advised by Emcore in writing to consult with an attorney
      of his or her choosing in connection with this Agreement; (d) (s)he fully
      understands the significance of all of the terms and conditions of this
      Agreement and (s)he has discussed it with his or her independent legal counsel,
      or has had a reasonable opportunity to do so; (e) (s)he has had answered to
      his
      or her satisfaction any questions (s)he has asked with regard to the meaning
      and
      significance of any of the provisions of this Agreement; and (f) (s)he is
      signing this Agreement voluntarily and of his or her own free will and assents
      to all the terms and condition contained herein.

     

    12. This
      Agreement is binding upon, and shall inure to the benefit of, the parties and
      their respective heirs, executors, administrators, successors and
      assigns.

    

    13. If
      any
      provision of this Agreement shall be held by a court of competent jurisdiction
      to be illegal, void, or unenforceable, such provision shall be of no force
      and
      effect. However, the illegality or unenforceability of such provision shall
      have
      no effect upon, and shall not impair the enforceability of, any other provision
      of this Agreement; provided, however, that, upon any finding by a court of
      competent jurisdiction that the release and covenants provided for by paragraph
      “5” of this Agreement is illegal, void, or unenforceable, Employee agrees to
      execute a release, waiver and/or covenant that is legal and enforceable.
      Finally, any breach of the terms of paragraphs “6,” “7” and/or “8” shall
      constitute a material breach of this Agreement as to which Emcore may seek
      appropriate relief in a court of competent jurisdiction.

    

    14. This
      Agreement shall be governed by, and construed and enforced in accordance with,
      the laws of the State of New Mexico, without regard to the conflict of laws
      provisions thereof.

    

    15. This
      Agreement (including the Exhibits attached hereto) constitutes the complete
      understanding between the parties and supersedes any and all agreements,
      understandings, and discussions, whether written or oral, between the parties.
      No other promises or agreements shall be binding unless in writing and signed
      after the Release Effective Date by the parties to be bound
      thereby.

    

     

    /s
      Scott
      Massie    Date:
      December 19, 2006

    Scott
      Massie       

    

    

    By: /s
      Monica
      Van Berkel       Date:
      December 19, 2006

    Monica
      Van Berkel

    Vice
      President, Human ResourcesAmendment to Employment Agreement

    EXHIBIT
      10.1

    

    SECOND
      AMENDMENT TO EMPLOYMENT AGREEMENT

     

    THIS
      SECOND
      AMENDMENT TO EMPLOYMENT AGREEMENT (this
      “Agreement”), entered into as of the 20th
      day of
      December, 2006, and effective as of December 14, 2006, by and between
      SUMMIT FINANCIAL GROUP, INC., a West Virginia corporation and bank holding
      company (“Summit”) and H. CHARLES MADDY, III, (“Maddy”). 

     

    W
      I T N E S
      S E T H:

     

    WHEREAS,
      on
      March 4, 2005, Summit and Maddy entered into that certain Employment Agreement
      whereby Summit agreed to employ Maddy and Maddy accepted employment as the
      Chief
      Executive Officer of Summit (the “Employment Agreement”); and

     

    WHEREAS,
      the
      term of the Employment Agreement commenced on March 4, 2005, and extends until
      March 4, 2008; and

     

    WHEREAS,
      the
      Board of Directors of Summit or a committee designated by the Board of Directors
      of Summit is required by the terms of the Employment Agreement to review the
      Employment Agreement at least annually, and the Board of Directors of Summit
      may, with the approval of Maddy, extend the term of the Employment Agreement
      annually for one (1) year periods (so that the actual term of the Employment
      Agreement will always be between two and three years); and

     

    WHEREAS,
      on
      December 6, 2005, the Compensation and Nominating Committee of the Board of
      Directors of Summit met to review the Employment Agreement and extended the
      term
      of the Employment Agreement for an additional one (1) year until March 4, 2009;
      and

     

    WHEREAS,
      Maddy approved the extension of the Employment Agreement for an additional
      one
      (1) year until March 4, 2009; and 

     

    WHEREAS,
      on
      December 14, 2006, the Compensation and Nominating Committee of the Board of
      Directors of Summit met to review the Employment Agreement and extended the
      term
      of the Employment Agreement for an additional one (1) year until March 4, 2010;
      and

     

    WHEREAS,
      Maddy approved the extension of the Employment Agreement for an additional
      one
      (1) year until March 4, 2010; and 

     

    WHEREAS,
      Maddy and Summit desire to enter into this Agreement to evidence the extension
      of the Employment Agreement for an additional one (1) year until March 4,
      2010.

     

    NOW
      THEREFORE, for in consideration of the premises and mutual covenants, agreements
      and undertakings, and for good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties covenant and agree
      as
      follows:

     

    1. Amendment
      to Employment Agreement.
      Effective
      as of the date of this Agreement, the term of the Employment Agreement shall
      be
      until March 4, 2010. 

     

    2. Enforceable
      Documents.
      Except as
      modified herein, all terms and conditions of the Employment Agreement, as the
      same may be supplemented, modified, amended or extended from time to time,
      are
      and shall remain in full force and effect. 

     

    3. Authority.
      The
      undersigned are duly authorized by all required action or agreement to enter
      into this Agreement. 

     

    4. Modifications
      to Agreement.
      This
      Agreement may be amended or modified only by an instrument or document in
      writing signed by the person or entity against whom enforcement is
      sought.

     

    5. Governing
      Law.
      This
      Agreement, and any documents executed in connection herewith or as required
      hereunder, and the rights and obligations of the undersigned hereto and thereto,
      shall be governed by, construed and enforced in accordance with the laws of
      the
      State of West Virginia.

     

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

     

    SUMMIT
      FINANCIAL GROUP, INC. 

    

    

    By: /s/
      Oscar
      M.
      Bean                

     

    Its: Chairman                            
       

     

    

     

                                    /s/
      H. Charles
      Maddy,
      III              

    H.
      Charles
      Maddy, III

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