Document:

exv10w1

Exhibit 10.1

SEVERANCE AGREEMENT AND GENERAL RELEASE

Michael Falvey

36 York Road

Wayland, MA 01778

Dear Michael:

This Severance Agreement and General Release (the “Agreement”) confirms our understanding regarding
the terms and conditions of the end of your employment with Aspect Medical Systems, Inc. (the
“Company”) and your post-employment engagement with the Company as an independent contractor. As
we discussed, you have no pre-existing right to severance. However, the Company has decided that
you may receive the severance benefits described in the “Description of Severance Benefits”
attached to this Agreement as Attachment A, if you: (a) sign and return this Agreement to Margery
Ahearn at 1 Upland Road, Norwood, MA 02062 on or after January 1, 2009 but no later than on January
9, 2009, and do not revoke the Agreement; and (b) sign and return the Release of Claims at
Attachment B to me on or after April 1, 2009 but no later than on April 22, 2009, and do not revoke
the Release of Claims.

By signing and returning this Agreement and the Release of Claims at Attachment B, and not revoking
your acceptance of either agreement, you will be agreeing to the terms and conditions set forth in
the numbered paragraphs below, including the release of claims set forth in paragraph 3 and in the
Release of Claims at Attachment B. Therefore, you are advised to consult with your attorney before
signing this Agreement and the Release of Claims at Attachment B, and you may take up to twenty-one
(21) days to do so. If you sign this Agreement and the Release of Claims at Attachment B, you may
change your mind and revoke your acceptance of either agreement during the seven (7) day revocation
period after you have signed the respective agreement by notifying Margery Ahearn in writing at the
address set forth above. If you do not so revoke, this Agreement and the Release of Claims at
Attachment B will become binding agreements between you and the Company upon the expiration of the
applicable seven (7) day revocation period.

If you choose not to sign and return this Agreement on or after January 1, 2009 but no later than
on January 9, 2009 and the Release of Claims at Attachment B on or after April 1, 2009 but
no later than on April 22, 2009, or if you timely revoke your acceptance of either agreement during
the applicable seven (7) day revocation period, you shall not receive any severance benefits from
the Company. Specifically, if you timely execute and do not revoke this Agreement but do not
execute the Release of Claims at Attachment B (or timely revoke your acceptance to the Release of
Claims), (x) you shall forfeit any portion of the severance benefits with respect to which payment
has not yet been made; (y) all of the Company’s obligations under this Agreement to provide any
remaining severance benefits shall immediately cease; and (z) you shall reimburse the Company for
all severance benefits previously received from the Company under this Agreement within five (5)
business days, including any portion of the Severance Pay, the Severance Bonus, and payments for
group health insurance and your attorney’s fees described in Attachment A.

 

 

Whether or not you decide to sign this Agreement and the Release of Claims at Attachment B,
however, you will receive payment on your Separation Date (as defined below) for all accrued wages
and any unused vacation time accrued through the Separation Date. Also, regardless of signing this
letter, you may elect to continue receiving group medical insurance pursuant to the federal “COBRA”
law, 29 U.S.C. § 1161 et seq. In the event you decide not to sign this Agreement
or the Release of Claims at Attachment B, all premium costs shall be paid by you on a monthly basis
for as long as, and to the extent that, you remain eligible for COBRA continuation. You should
consult the COBRA materials to be provided by the Company for details regarding these benefits.
All other benefits, including life insurance and long term disability, will cease upon your
Separation Date. Further, pursuant to the Company’s 1998 and 2001 Stock Incentive Plan you will
have up to ninety (90) days after the Separation Date to exercise any vested stock rights you may
have (as provided for by the plans). All unvested stock rights will be cancelled on the Separation
Date.

The following numbered paragraphs set forth the terms and conditions which will apply if you timely
sign and return this Agreement and the Release of Claims at Attachment B and do not revoke either
agreement during the applicable seven (7) day revocation period:

1. Separation Date; Bonus Payment; and Consulting Arrangement —

	 	a.	 	The effective date of the end of your employment with the Company will
be December 31, 2008, or such earlier date as may be determined by the Company in
accordance with this Paragraph 1 (the “Separation Date”). The period of time from
your execution of this Agreement until the Separation Date is defined as the
“Transition Period.” During the Transition Period, you agree to continue to
satisfactorily perform your normal employment duties and any other task as
requested by the Company and consistent with your position, and to be available to
assist the Company in transitioning your duties. The Company will continue to pay
your base salary, less all applicable taxes and withholdings, as well as customary
benefits, through the Separation Date, unless you voluntarily resign from your
position before the Separation Date or the Company ends your employment with
“Cause, “ which for purposes of this Paragraph 1 is defined as: (a) your willful
and continued failure to perform your duties as set forth in this Paragraph 1; or
(b) your willful engagement in illegal conduct or misconduct which is materially
injurious to the Company.
	 
	 	b.	 	Provided that you satisfactorily perform your duties through December
31, 2008 as set forth in Paragraph 1.a. above and you have met the requirements of
the Aspect Medical Systems 2008 Annual Incentive Plan (the “Plan”), you will be
eligible to receive your 2008 bonus in accordance with and under the terms of the
Plan. The amount of your bonus shall be determined and paid after the Company’s
Board of Directors determines your bonus award, but no later than by March 15,
2009. This bonus is separate from and unrelated to the Severance Bonus set forth
in Attachment A below and constitutes compensation unrelated to the severance
benefits.

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	 	c.	 	The Company agrees to engage you as a Consultant pursuant to the terms
and conditions set forth in the Consulting Agreement attached to this Agreement as
Attachment C.

	2.	 	Description of Severance Benefits — The severance benefits paid to you if you timely
sign and return this Agreement and the Release of Claims at Attachment B, do not revoke your
acceptance to either agreement within the applicable seven (7) day revocation period, and
satisfactorily fulfill all your obligations set forth in this Agreement and in the Consulting
Agreement attached to this Agreement as Attachment C are described in the “Description of
Severance Benefits” attached as Attachment A.
	 
	 	 	If you fail to fulfill your obligations set forth in this Agreement or the Consulting Agreement
attached to this Agreement as Attachment C, including your obligation to timely execute and not
revoke your acceptance of this Agreement and the Release of Claims at Attachment B, (x) you
shall forfeit any portion of the severance benefits with respect to which payment has not yet
been made; (y) all of the Company’s obligations under this Agreement to provide any remaining
severance benefits shall immediately cease; and (z) you shall reimburse the Company for all
severance benefits previously received from the Company under this Agreement within five (5)
business days, including any portion of the Severance Pay, the Severance Bonus, and payments for
group health insurance and your attorney’s fees described in Attachment A.
	 
	3.	 	Release — In consideration of the payment of the severance benefits described in
Attachment A, which you acknowledge you would not otherwise be entitled to receive, you hereby
fully, forever, irrevocably and unconditionally release, remise and discharge the Company, its
officers, directors, stockholders, corporate affiliates, subsidiaries, parent companies,
agents and employees (each in their individual and corporate capacities) (hereinafter, the
“Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of
action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants,
contracts, agreements, promises, doings, omissions, damages, executions, obligations,
liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature
which you ever had or now have against the Released Parties, including, but not limited to,
any and all claims arising out of or relating to your employment with and/or separation from
the Company, including, but not limited to, all employment discrimination claims under Title
VII of the Civil Rights Act of 1964, 42 U.S.C. §2000e et seq., the Age Discrimination in
Employment Act, 29 U.S.C. § 621 et seq., the Americans With Disabilities Act
of 1990, 42 U.S.C., §12101 et seq., the Family and Medical Leave Act, 29
U.S.C. § 2601 et seq., the Worker Adjustment and Retraining Notification Act
(“WARN”), 29 U.S.C. § 2101 et seq., Section 806 of the Corporate and Criminal
Fraud Accountability Act of 2002, 18 U.S.C. § 1514(A), and the Massachusetts Fair Employment
Practices Act., M.G.L. c.151B, §1 et seq., all as amended; all claims arising out of the Fair
Credit Reporting Act, 15 U.S.C. §1681 et seq., the Employee Retirement Income Security Act of
1974 (“ERISA”), 29 U.S.C. §1001 et seq., the Massachusetts Civil Rights Act, M.G.L. c.12 §§11H
and 11I, the Massachusetts Equal Rights Act, M.G.L. c.93, §102 and M.G.L. c.214, §1C, the
Massachusetts Labor and Industries Act, M.G.L. c.149, §1 et
seq., the Massachusetts Maternity
Leave Act, M.G.L. c. 149, § 105D, and the Massachusetts Privacy Act, M.G.L. c. 214, §1B, all
as amended; all common law claims including, but not limited to, actions in tort, defamation,
intentional infliction of

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	 	 	emotional distress, misrepresentation, fraud, wrongful discharge, and breach of contract; all
claims to any non-vested ownership interest in the Company, contractual or otherwise, including,
but not limited to, claims to stock or stock options; and any claim or damage arising out of
your employment with or separation from the Company (including a claim for retaliation, wrongful
discharge, or wrongful discharge in violation of public policy) under any common law theory or
any federal, state or local statute or ordinance not expressly referenced above; provided,
however, that nothing in this Agreement (i) prevents you from filing, cooperating with, or
participating in any proceeding before the Equal Employment Opportunity Commission or a state
fair employment practices agency (except that you acknowledge that you may not be able to
recover any monetary benefits in connection with any such claim, charge or proceeding); (ii)
affects your rights, if any, to vested benefits under the Company’s benefit plans or programs;
(iii) affects any of your rights to indemnification which you possessed as of the Separation
Date; or (iv) shall be construed to bar or limit your rights to enforce your rights under this
Agreement.
	 
	4.	 	Non-Disclosure and Non-Solicitation — As additional consideration for your execution
and non-revocation of this Agreement and the Release of Claims at Attachment B, the Company
agrees to waive the non-competition obligations set forth at Paragraph 5 of the
Non-disclosure, Developments, Non-Competition and Non-Solicitation Agreement you executed at
the inception of your employment (the “NDA”). However, the remaining provisions of the NDA
shall remain in full force and effect, and you hereby acknowledge and reaffirm your obligation
to keep confidential all non-public information concerning the Company which you acquired
during the course of your employment with the Company, as well as your obligations with
respect to non-solicitation, all as stated more fully in the NDA.
	 
	5.	 	Return of Company Property — You confirm that by the Separation Date, you will have
returned to the Company all Company property including, but not limited to, all keys, files,
records (and all copies thereof), documents (and all copies thereof), electronic data (and all
copies thereof), software (and all copies thereof), equipment, (including, but not limited to,
computer hardware, software and printers, wireless handheld devices, cellular phones, pagers,
etc.), Company identification, Company vehicles and any other Company-owned property which is
in your possession or control, and will leave intact all electronic Company documents,
including, but not limited to, those which you developed or help develop during your
employment. You further confirm that by the Separation Date, you will have cancelled all
accounts for your benefit, if any, in the Company’s name, including but not limited to, all
credit cards, telephone charge cards, cellular phone and/or pager accounts and computer
accounts.
	 
	6.	 	Mutual Non-Disparagement — You understand and agree that as a condition for payment
to you of the consideration herein described, you shall not make any false, disparaging or
derogatory statements to any media outlet, industry group, financial institution or current or
former employee, consultant, client or customer of the Company regarding the Company or any of
its directors, officers, employees, agents or representatives or about the Company’s business
affairs and financial condition. The Company agrees to instruct those of its officers and
members of its Board of Directors as of the date of this Agreement, not to make any false,
disparaging or derogatory statements about you, or your employment with or separation from the
Company.

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	7.	 	Tax Provision — In connection with the severance benefits provided to you pursuant to
this Agreement, the Company shall withhold and remit to the tax authorities the amounts
required under applicable law, and you shall be responsible for all applicable taxes with
respect to such severance benefits under applicable law. You acknowledge that you are not
relying upon advice or representation of the Company with respect to the tax treatment of any
of the severance benefits set forth in Attachment A.
	 
	8.	 	Section 409A — The Company makes no representations or warranty and shall have no
liability to you if any provisions of this Agreement are determined to constitute deferred
compensation subject to Internal Revenue Code Section 409A but not to satisfy the conditions
of that section.
	 
	9.	 	Amendment — This Agreement shall be binding upon the parties and may not be modified in any
manner, except by an instrument in writing of concurrent or subsequent date signed by duly
authorized representatives of the parties hereto. This Agreement is binding upon and shall
inure to the benefit of the parties and their respective agents, assigns, heirs, executors,
successors and administrators.
	 
	10.	 	Waiver of Rights — No delay or omission by the Company in exercising any right under
this Agreement shall operate as a waiver of that or any other right. A waiver or consent
given by the Company on any one occasion shall be effective only in that instance and shall
not be construed as a bar or waiver of any right on any other occasion.
	 
	11.	 	Validity — Should any provision of this Agreement be declared or be determined by any court
of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms
or provisions shall not be affected thereby and said illegal or invalid part, term or
provision shall be deemed not to be a part of this Agreement.
	 
	12.	 	Confidentiality — To the extent permitted by law, you understand and agree that as a
condition for payment to you of the severance benefits herein described, the terms and
contents of this Agreement (including Attachments A, B, and C), and the contents of the
negotiations and discussions resulting in this Agreement and its Attachments, shall be
maintained as confidential by you and your agents and representatives and shall not be
disclosed to any persons except your immediate family, attorneys, and financial advisors, and
to them only provided that they also agree to keep the information completely confidential.
Nothing in this paragraph limits your rights to disclose the existence and terms of this
Agreement: (a) pursuant to valid subpoena; (b) to fulfill Internal Revenue Service and
Commonwealth of Massachusetts Department of Revenue reporting requirements; or (c) as
otherwise required by federal or state law or as agreed to in writing by the Company.
	 
	13.	 	Nature of Agreement — You understand and agree that this Agreement and its
Attachments do not constitute an admission of liability or wrongdoing on the part of the
Company.
	 
	14.	 	Acknowledgments — You acknowledge that you have been given at least twenty-one (21) days to
consider this Agreement, including Attachments A, B, and C, and that the Company advised you
to consult with an attorney of your own choosing prior to signing this Agreement or any of its
Attachments. You understand that you may revoke this Agreement

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	 	 	and the Release of Claims at Attachment B for a period of seven (7) days after you sign each
agreement by notifying Margery Ahearn in writing, at 1 Upland Road, Norwood, MA 02062, and the
Agreement and the Release of Claims at Attachment B shall not be effective or enforceable until
the expiration of such seven (7) day revocation period. You understand and agree that by
entering into this Agreement and the Release of Claims at Attachment B, you are waiving any and
all rights or claims you might have under The Age Discrimination in Employment Act, as amended
by The Older Workers Benefit Protection Act, and that you have received consideration beyond
that to which you were previously entitled.
	 
	15.	 	Voluntary Assent  — You affirm that no other promises or agreements of any kind have
been made to or with you by any person or entity whatsoever to cause you to sign this
Agreement (including Attachments A, B, and C), and that you fully understand the meaning and
intent of this Agreement and its Attachments. You state and represent that you have had an
opportunity to fully discuss and review the terms of this Agreement, including Attachments A,
B, and C, with an attorney. You further state and represent that you have carefully read this
Agreement, including Attachments A, B, and C, understand the contents herein, freely and
voluntarily assent to all of the terms and conditions hereof, and sign your name of your own
free act.
	 
	16.	 	Applicable Law  — This Agreement, including Attachments A, B, and C, shall be
interpreted and construed by the laws of the Commonwealth of Massachusetts, without regard to
conflict of laws provisions. You hereby irrevocably submit to and acknowledge and recognize
the jurisdiction of the courts of the Commonwealth of Massachusetts, or if appropriate, a
federal court located in Massachusetts (which courts, for purposes of this Agreement, are the
only courts of competent jurisdiction), over any suit, action or other proceeding arising out
of, under or in connection with this Agreement or the subject matter hereof.
	 
	17.	 	Entire Agreement  — This Agreement, including Attachments A, B, and C, contains and
constitutes the entire understanding and agreement between the parties hereto with respect to
the subject matter of the Agreement, including Attachments A, B, and cancels all previous oral
and written negotiations, agreements, commitments, writings in connection therewith. Nothing
in this paragraph, however, shall modify, cancel or supersede your obligations set forth in
paragraph 4 herein.

If you have any questions about the matters covered in this letter, please call me at (617)
559-7362.

	 	 	 	 	 
	 	Very truly yours,

ASPECT MEDICAL SYSTEMS, INC.

 	 
	 	By: 	 /s/
Margery Ahearn
	 
	 	 	 Margery Ahearn 	 
	 	 	VP, Human Resources 	 
	 

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I hereby agree to the terms and conditions set forth above and in the attached Description of
Severance Benefits. I have been given at least twenty-one (21) days to consider this Agreement
(including Attachments A, B, and C) and I have chosen to execute this on the date below. I intend
that this Agreement become a binding agreement between me and the Company if I do not revoke my
acceptance within seven (7) days by writing to Margery Ahearn at 1 Upland Road, Norwood, MA 02062.

	 	 	 
	 	 	 
	/s/ 
Michael Falvey

	 	 
	 

Michael Falvey

	 	Date: January 1, 2009

To be signed and returned to Margery Ahearn on or after January 1, 2009, but no later than on
January 9, 2009.

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ATTACHMENT
A

DESCRIPTION OF SEVERANCE BENEFITS

Severance Pay — The Company will pay you a lump sum amount of $237,950, less all
applicable state and federal taxes, as severance pay (the “Severance Pay”). The Severance Pay will
be paid in accordance with the Company’s normal payroll practices, but no earlier than the eighth
(8th) day after you timely execute and do not revoke this Agreement and no later than on January
21, 2009.

Severance Bonus — The Company will pay you a severance bonus of $95,228, less all
applicable taxes and withholdings (the “Severance Bonus”). The Severance Bonus will be paid in two
lump sums as follows:

     (a) $75,228 will be paid no earlier than the eighth (8th) day after you timely execute and do
not revoke this Agreement and no later than on January 21, 2009.

     (b) $20,000 will be paid no earlier than the eighth (8th) day after you timely execute and
return, and do not revoke your acceptance to, the Release of Claims in a form identical to that at
Attachment B.

Payment for Group Healthcare Insurance Continuation Coverage —  Effective as of the
Separation Date, you shall be considered to have elected to continue receiving group medical
insurance pursuant to the federal “COBRA” law, 29 U.S.C.
§ 1161 et seq. The Company will
provide you, at its expense, with the same group health and dental coverage as you had while you
were employed with the Company, for a period of 12 months beginning on January 1, 2009, or until
you become eligible for other coverage, whichever comes first. You shall pay all premium costs
related to the COBRA insurance continuation coverage thereafter on a monthly basis for as long as,
and to the extent that, you remain eligible for and continue to elect such coverage. You should
consult the COBRA materials to be provided by the Company for details regarding these benefits.

Payment of Attorney’s Fees — The Company agrees to reimburse you the cost of the legal
fees you actually incur in connection with the review, negotiation, and execution of this Agreement
and its Attachments A, B, and C, up to a maximum payment of $2,500. Such payment shall be made
directly to the law firm retained by you upon the Company’s receipt of an invoice reflecting the
amount due, but no earlier than the eighth (8th) day after you timely execute and do not
revoke this Agreement.

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ATTACHMENT B

RELEASE OF CLAIMS

In consideration of the payment of the severance benefits described in Attachment A, which you
acknowledge you would not otherwise be entitled to receive, you hereby fully, forever, irrevocably
and unconditionally release, remise and discharge the Company, its officers, directors,
stockholders, corporate affiliates, subsidiaries, parent companies, agents and employees (each in
their individual and corporate capacities) (hereinafter, the “Released Parties”) from any and all
claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of
money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions,
damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs),
of every kind and nature which you ever had or now have against the Released Parties, including,
but not limited to, any and all claims arising out of or relating to your engagement with and/or
separation from the Company, including, but not limited to, all employment discrimination claims
under Title VII of the Civil Rights Act of 1964, 42 U.S.C.
§2000e et seq., the Age Discrimination
in Employment Act, 29 U.S.C. § 621 et seq., the Americans With Disabilities Act of
1990, 42 U.S.C., §12101 et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601
et seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C.
§ 2101 et seq., Section 806 of the Corporate and Criminal Fraud Accountability Act
of 2002, 18 U.S.C. § 1514(A), and the Massachusetts Fair Employment Practices Act., M.G.L. c.151B,
§1 et seq., all as amended; all claims arising out of the Fair Credit Reporting Act, 15 U.S.C.
§1681 et seq., the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. §1001 et
seq., the Massachusetts Civil Rights Act, M.G.L. c.12 §§11H and 11I, the Massachusetts Equal Rights
Act, M.G.L. c.93, §102 and M.G.L. c.214, §1C, the Massachusetts Labor and Industries Act, M.G.L.
c.149, §1 et seq., the Massachusetts Maternity Leave Act, M.G.L. c. 149, § 105D, and the
Massachusetts Privacy Act, M.G.L. c. 214, §1B, all as amended; all common law claims including, but
not limited to, actions in tort, defamation, intentional infliction of emotional distress,
misrepresentation, fraud, wrongful discharge, and breach of contract; all claims to any non-vested
ownership interest in the Company, contractual or otherwise, including, but not limited to, claims
to stock or stock options; and any claim or damage arising out of your engagement with or
separation from the Company (including a claim for retaliation, wrongful discharge, or wrongful
discharge in violation of public policy) under any common law theory or any federal, state or local
statute or ordinance not expressly referenced above; provided, however, that nothing in this
Agreement (i) prevents you from filing, cooperating with, or participating in any proceeding before
the Equal Employment Opportunity Commission or a state fair employment practices agency (except
that you acknowledge that you may not be able to recover any monetary benefits in connection with
any such claim, charge or proceeding); (ii) affects your rights, if any, to vested benefits under
the Company’s benefit plans or programs; (iii) affects any of your rights to indemnification which
you possessed as of the Separation Date; or (iv) shall be construed to bar or limit your rights to
enforce your rights under this Agreement.

Acknowledgements. You acknowledge that you have been given at least twenty-one (21) days
to consider this Release of Claims and that the Company advised you to consult with an attorney

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of your own choosing prior to signing this Release of Claims. You understand that you may revoke
your acceptance to this Release of Claims for a period of seven (7) days after you sign it, and
that it shall not be effective or enforceable until the expiration of the seven (7) day revocation
period. You understand and agree that by entering into this Release of Claims you are waiving any
and all rights or claims you might have under the Age Discrimination in Employment Act, as amended
by the Older Workers Benefit Protection Act, and that you have received consideration beyond that
to which you were previously entitled.

     You affirm that you have received payment in full for all services rendered in conjunction
with your engagement by the Company as a an independent contractor and that no other payment is
owed to you pursuant to the Consulting Agreement. You also affirm that you have returned all
Company property as provided in Paragraph 5 of the Agreement.

	 	 	 
	 
	 	 
	 

	 	 

	Michael Falvey

	 	Date

To be signed and returned to Margery Ahearn at 1 Upland Road, Norwood, MA 02062 on or after April
1, 2009 but no later than on April 22, 2009.

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ATTACHMENT
C

CONSULTING AGREEMENT

     THIS CONSULTING AGREEMENT (the “Consulting Agreement”) is entered into by Aspect Medical
Systems, Inc., a Delaware corporation with offices at 1 Upland Rd. in Norwood, MA (the “Company”),
and Michael Falvey (the “Consultant”).

     WHEREAS, the Company desires to retain the services of the Consultant and the Consultant
desires to perform certain services for the Company on an “as needed” basis; and

     WHEREAS, the Consultant is in the business of providing such services and has agreed to
provide such services pursuant to the terms and conditions set forth in this Consulting Agreement;

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

     1. Job To Be Performed. Starting on January 1, 2009 (the “Effective Date”) and for a
three-month period thereafter ending on March 31, 2009 (the “Consulting Period”), the Consultant
agrees to perform consulting services as may be reasonably requested by the Company from time to
time (collectively, the “Services”); provided, however, that nothing in this Consulting
Agreement shall require the Company to request any Services from the Consultant for any minimum
period of time, or at all, during the Consulting Period. The Consultant agrees to use his best
efforts in the performance of the Services and agrees to cooperate with the Company’s personnel,
not to interfere with the conduct of the Company’s business and to observe all rules, regulations
and security requirements of the Company.

     2. Consultant. It is the express intention of the parties to this Consulting
Agreement that the Consultant is an independent contractor and not an employee, agent, joint
venturer or partner of the Company for any purposes whatsoever. The Consultant shall not be
entitled to any benefits that the Company may make available to employees from time to time. The
Consultant shall be solely responsible for all state and federal income taxes, unemployment
insurance and social security taxes and for maintaining adequate workers’ compensation insurance
coverage for himself.

	 	(a)	 	Performance of Services. The Consultant shall have the right to
control the method, manner and means of performing the Services; provided,
however, that the Consultant shall make reasonable efforts to make himself available as
requested by the Company. In performing the Services, the amount of time devoted by
the Consultant on any given day will be entirely within the Consultant’s control, and
the Company will rely on the Consultant to put in the necessary number of hours as are
necessary to fulfill the requirements of the Consulting Agreement.
	 
	 	(b)	 	Final Results. In the performance of the Services, the Consultant has
the authority to control and direct the performance of the details of the Services, the

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	 	 	 	Company being interested only in the results obtained. However, the Services
contemplated by this Consulting Agreement must meet the Company’s standards and
approval and shall be subject to the Company’s general right of inspection and
supervision to secure their satisfactory completion.
	 
	 	(c)	 	Non-Exclusivity. The Consultant retains the right to contract with
other companies or entities for his services without restriction; provided,
however, that such other engagements must not interfere with the Consultant’s
performance of the Services. Likewise, the Company retains a reciprocal right to
contract with other companies and/or individuals for consulting services without
restriction.
	 
	 	(d)	 	Scope of Authority. The Consultant is not authorized to assume or
create any obligation or responsibility, express or implied, on behalf of, or in the
name of, the Company or to bind the Company in any manner. The Consultant shall not
use the Company’s trade names, trademarks, service names or servicemarks without the
prior approval of the Company. The Consultant is not authorized to transact business,
incur obligations, sell goods, receive payments, solicit orders or assign or create any
obligation of any kind, express or implied, on behalf of the Company or any of the
Company’s related or affiliated entities, or to bind in any way whatsoever, or to make
any promise, warranty or representation on behalf of the Company or any of the
Company’s related or affiliated entities with respect to any matter, except as
expressly authorized in this Consulting Agreement or in another writing signed by an
authorized representative of the Company.
	 
	 	(e)	 	Evidence of Federal Tax Return Filing. The Consultant agrees to
furnish to the Company, by no later than May 15 of the year after the calendar year in
which compensation is paid, evidence that the income received from the Company for
independent contractor duties was reported consistent with the reporting requirements
of an independent contractor. The Company shall file Form 1099 to report the
compensation paid to the Consultant.

     3. Consulting Fees. The Company shall pay to the Consultant consulting fees of $1,000
for each day or part of each day the Consultant performs Services as requested by the Company,
regardless of the number of hours worked. The Company shall reimburse the Consultant for all
reasonable travel and other out-of-pocket expenses incurred by the Consultant in rendering Services
under this Consulting Agreement.

     4. Termination. The Company may, without prejudice to any right or remedy it may have
due to any failure of the Consultant to perform his obligations under this Consulting Agreement,
terminate the Consultation Period immediately upon written notice to the Consultant. In the event
of termination, the Consultant shall be entitled to payment for Services performed and expenses
paid or incurred prior to the effective date of termination. Such payments shall constitute full
settlement of any and all claims of the Consultant of every description against the Company.

     5. Proprietary Information. The Consultant acknowledges that his relationship with
the Company is one of high trust and confidence and that in the course of his service to the

-12-

 

Company he will have access to and contact with Proprietary Information. The Consultant
agrees that he will not, during the Consultation Period or at any time thereafter, disclose to
others, or use for his benefit or the benefit of others, any Proprietary Information or
Information. For purposes of this Consulting Agreement, Proprietary Information shall mean, by way
of illustration and not limitation, all information (whether or not patentable and whether or not
copyrightable) owned, possessed or used by the Company, including, without limitation, any
Invention, formula, vendor information, customer information, apparatus, equipment, trade secret,
process, research, report, technical data, know-how, computer program, software, software
documentation, hardware design, technology, marketing or business plan, forecast, unpublished
financial statement, budget, license, price, cost and employee list that is communicated to,
learned of, developed or otherwise acquired by the Consultant in the course of his service as a
consultant to the Company.

     6. Other Agreements. The Consultant hereby represents that, except as the Consultant
has disclosed in writing to the Company, the Consultant is not bound by the terms of any agreement
with any third party to refrain from using or disclosing any trade secret or confidential or
proprietary information in the course of his consultancy with the Company, to refrain from
competing, directly or indirectly, with the business of such third party or to refrain from
soliciting employees, customers or suppliers of such third party. The Consultant further
represents that his performance of all the terms of this Consulting Agreement and the performance
of his duties as a consultant of the Company do not and will not breach any agreement with any
third party to which the Consultant is a party (including without limitation any nondisclosure or
non-competition agreement), and that the Consultant will not disclose to the Company or induce the
Company to use any confidential or proprietary information or material belonging to any previous
employer or others, except for any confidential or proprietary information or material belonging to
the Company which the Consultant used or accessed during his employment for the Company.

     7. Return of Company Property. Upon termination of this Consulting Agreement or at
any other time upon request by the Company, the Consultant shall promptly deliver to the Company
all records, files, memoranda, notes, designs, data, reports, price lists, customer lists,
drawings, plans, computer programs, software, software documentation, sketches, laboratory and
research notebooks and other documents (and all copies or reproductions of such materials) in his
possession, custody or control relating in any way to the business or prospective business of the
Company.

     8. Cooperation. The Consultant shall use his best efforts in the performance of his
obligations under this Consulting Agreement. The Company shall provide such access to its
information and property as may be reasonably required in order to permit the Consultant to perform
his obligations hereunder. The Consultant shall cooperate with the Company’s personnel, shall not
interfere with the conduct of the Company’s business and shall observe all rules, regulations and
security requirements of the Company concerning the safety of persons and property.

     9. Non-Assignability of Contract. This Consulting Agreement is personal to the
Consultant and he shall not have the right to assign any of his rights or delegate any of his
duties without the express written consent of the Company; provided, that in the event that
the

-13-

 

Consultant establishes a partnership, corporation or other entity, one purpose of which is to
provide the Consulting Services, the consultant may assign this Consulting Agreement to such
partnership, corporation or other business entity with the advance written consent of the Company.
Any non-consented-to assignment or delegation, whether express or implied or by operation of law,
shall be void and shall constitute a breach and a default by the Consultant.

     10. Notices. All notices required or permitted under this Consulting Agreement shall
be in writing and shall be deemed effective upon personal delivery or upon deposit in the United
States Post Office, by registered or certified mail, postage prepaid, addressed to the other party
at the address shown above, or at such other address or addresses as either party shall designate
to the other in accordance with this section.

     11. Complete Agreement. This Consulting Agreement contains the entire understanding
between the parties and supersedes, replaces and takes precedence over any prior understanding or
oral or written agreement between the parties respecting the subject matter of this Consulting
Agreement; provided, however, that nothing in this Consulting Agreement shall modify,
cancel or supersede the Severance Agreement and General Release entered into between the Consultant
and the Company, to which this Consulting Agreement is attached hereto as Attachment C. There are
no representations, agreements, arrangements, nor understandings, oral or written, between the
parties relating to the subject matter of this Consulting Agreement that are not fully expressed
herein.

     12. Severability. In the event any provision of this Consulting Agreement shall be
held invalid, the same shall not invalidate or otherwise affect in any respect any other term or
terms of this Consulting Agreement, which term or terms shall remain in full force and effect.

     13. Non-Waiver. No delay or omission by the Company in exercising any right under
this Consulting Agreement shall operate as a waiver of that or any other right. A waiver or
consent given by the Company on any one occasion shall be effective only in that instance and shall
not be construed as a bar or waiver of any right on any other occasion.

     14. Amendment. This Consulting Agreement may be amended or modified only by a written
instrument executed by both the Company and the Consultant.

     15. Counterparts. This Consulting Agreement may be executed in two (2) signed
counterparts, each of which shall constitute an original, but all of which taken together shall
constitute one and the same instrument.

     16. Interpretation. Whenever the context may require, any pronouns used in this
Consulting Agreement shall include the corresponding masculine, feminine or neuter forms, and the
singular forms of nouns and pronouns shall include the plural, and vice versa. The captions of the
sections of this Consulting Agreement are for convenience of reference only and in no way define,
limit or affect the scope or substance of any section of this Consulting Agreement.

     17. Governing Law; Jurisdiction. This Consulting Agreement shall be governed by and
construed in accordance with the internal laws of the Commonwealth of Massachusetts without giving
effect to any choice or conflict of law provision or rule (whether of the

-14-

 

Commonwealth of Massachusetts or any other jurisdiction) that would cause the application of
laws of any jurisdictions other than those of the Commonwealth of Massachusetts.

     IN WITNESS WHEREOF, the parties hereto have executed this Consulting Agreement as of the day
and year set forth above.

	 	 	 	 	 
	 	COMPANY

 	 
	 	By:  	/s/ 
Margery Ahearn	 
	 	 	 Title: 	 H.R.V.P
	 	  	 	 	 
	 
	 	Date:	January
5, 2009

	 
	 
	 	CONSULTANT

 	 
	 	/s/ 
Michael Falvey	 
	 	Michael Falvey 	 
	 	 	 	 
	 
	 	Date:
December 30, 2008
 	 

-15-EX-10.1

Exhibit 10.1

SEPARATION AGREEMENT

This Separation Agreement (this “Agreement”) is made and entered into as of the 6th day of January,
2009, by and between Orbitz Worldwide, Inc. (together with its subsidiaries, the “Company”) and
Steven D. Barnhart (the “Executive”).

     WHEREAS, the Company and Executive entered into an employment agreement dated as of December
26, 2008 (the “Employment Agreement”; terms used but not defined herein shall have the meanings set
forth in the Employment Agreement), setting forth the terms and conditions of Executive’s
employment with the Company; and

     WHEREAS, the Company and Executive intend that this Agreement shall represent the complete
agreement of the parties relating to Executive’s rights under the Employment Agreement or otherwise
relating to the termination of his employment with the Company.

     NOW, THEREFORE, the Company and Executive, for the full and sufficient consideration set forth
below, agree as follows:

     1. Executive has resigned from his position as President and Chief Executive Officer and as a
director of the Company on January 6, 2009 (the “Separation of Service Date”), but for purposes of
severance and the vesting of any equity-based awards held by Executive with respect to the Company,
Executive’s employment with the Company shall be deemed to terminate without Cause as of April 6,
2009 (the “Last Date of Employment”). Executive shall receive his Base Salary earned from January
6, 2009 through his Last Date of Employment, less applicable taxes, withholding and any other
lawful deductions. Other than as set forth below, Executive shall not be eligible for any other
payments from the Company. In connection with Executive’s resignation, the parties hereto hereby
waive any notice requirements set forth in the Employment Agreement.

     2. Subject to Executive’s execution of the General Release attached as Exhibit A hereto (the
“General Release”) and Executive’s continued compliance with Sections 8 and 9 of the Employment
Agreement and in consideration for execution by Executive of the General Release and his full
compliance with the promises made in this Agreement and the General Release, the Company agrees:

	 	a.	 	to pay Executive eight thousand two hundred nineteen
dollars and eighteen cents ($8,219.18), subject to applicable taxes,
withholding and deductions, which represents the pro rata portion of
Executive’s target bonus for 2009 and is paid pursuant to the Section
7(c)(iii)(B) of the Employment Agreement;
	 
	 	b.	 	to pay Executive two million dollars ($2,000,000.00),
subject to applicable taxes, withholding and deductions, which represents
Executive’s base salary and target bonus for twenty-four (24) months and
is paid pursuant to Section 7(c)(iii)(C) of the Employment Agreement;
	 
	 	c.	 	to pay Executive additional cash consideration in a
lump sum amount of thirty-seven thousand eight hundred eighty-nine dollars
and sixty-eight cents ($37,889.68), subject to applicable taxes,
withholding and deductions;

1

 

	 	d.	 	to provide Executive with vesting of any equity-based
awards held by Executive with respect to the Company as, and to the
extent, described in the definitive documentation related to such
awards as summarized on Schedule I attached hereto (in the event of
an inconsistency between the information set forth on Schedule I and
the terms and conditions of such awards contained in the definitive
documentation related to such awards, the terms and conditions
contained in the definitive documentation shall govern);
and
	 
	 	e.	 	to provide Executive, as additional consideration,
outplacement benefits pursuant to Company policy.

The severance payment provided in clause (a) of this Section 2 shall be payable when the Company
pays bonuses under the Bonus Plan for the first half of fiscal year 2009, or if no bonuses are
paid, then no later than March 15, 2010. The severance payment provided in clause (b) of this
Section 2 shall be payable in equal amounts over a period of twenty-four (24) months from the
Separation of Service Date in accordance with the Company’s normal payroll practices, but shall be
delayed for six (6) months and one (1) day, or if earlier, Executive’s death, as required by
Section 409A of the Internal Revenue Code (“Section 409A”) and the regulations promulgated
thereunder, with the delayed payments payable in a lump sum at the end of such delay period. The
severance payment provided in clause (c) of this Section 2 will be made as soon as reasonably
practicable once the General Release has taken effect, but in no case more than sixty (60) days
after Executive’s Last Date of Employment. This Agreement is intended to comply with the
requirements of Section 409A.  To the extent that any provision in this agreement is ambiguous as
to its compliance with Section 409A, the provision shall be read in such a manner so that all
payments under this agreement shall not incur an “additional tax” within the meaning of Section
409A(a)(1)(B) of the Code.

Notwithstanding
the foregoing, the 72,881 restricted stock units of the Company held by Executive
that are scheduled to vest after the Separation of Service Date shall be settled in shares of the
common stock of the Company on July 7, 2009, or if earlier, Executive’s death, as required by
Section 409A and the regulations promulgated thereunder.

     3. Executive is obligated to pay any local, state or federal taxes that may become due and
owing on the payments and benefits provided under this Agreement and in this regard agrees to hold
the Company, their current and former parents, and their shareholders, affiliates, subsidiaries,
divisions, predecessors, successors and assigns and the employees, officers, directors, advisors
and agents thereof (collectively, the “Released Parties” or a “Released Party”) harmless for any
taxes, interest or penalties deemed by the government as due thereon from the Company or from her.

     4. Executive understands and agrees that he would not receive certain sums and/or benefits
specified in Section 2 above, except for his execution of this Agreement and the General Release,
and the fulfillment of the promises contained herein and therein, and that such consideration is
greater than any amount to which he would otherwise be entitled as an employee of the Company or
under the Employment Agreement or applicable law.

     5. This Agreement is made in the State of Illinois and shall be interpreted under the laws of
the State of Illinois. Its language shall be construed as a whole, according to its fair meaning,
and not strictly for or against either party. Should any provision of this Agreement be declared
illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be
enforceable, including the general release language, such provision shall immediately become null
and void, leaving the remainder of this Agreement in full force and effect. However, if as a
result of any action initiated by Executive, any portion of the General Release were ruled to be
unenforceable for any reason, Executive shall return the payments and benefits paid under this
Agreement or the General Release to the Company.

2

 

     6. Executive agrees that neither this Agreement or the General Release nor the furnishing of
the consideration for this Agreement or the General Release shall be deemed or construed at any
time for any purpose as an admission by the Company of any liability or unlawful conduct of any
kind, all of which the Company denies.

     7. This Agreement may not be modified, altered or changed except upon express written consent
of both parties wherein specific reference is made to this Agreement.

     8. This Agreement (and when executed, the General Release) sets forth the entire agreement
between the parties hereto, and fully supersedes any prior agreements or understandings between the
parties, with the exception of the award agreements related to the equity-based awards held by Executive with respect to the Company and
any non-compete, non-solicit or confidentiality agreement between
Executive and the Company or one of their affiliates, including but not limited to Sections 8 and 9
of the Employment Agreement, which agreement(s) shall survive the termination of Executive’s
employment in accordance with its own terms.

3

 

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

	 	 	 	 	 
	 
	 	EXECUTIVE	 	 
	 
	 
	 	/s/ Steven D. Barnhart	 	 
	 

	 	 

	 	 
	 
	 
	 	ORBITZ WORLDWIDE, INC.	 	 
	 
	 
	 	By: /s/ James P. Shaughnessy	 	 
	 
	 	Name: James P. Shaughnessy	 	 
	 
	 	Title: SVP, Chief Administrative Officer

          and General Counsel	 	 

4

 

EXHIBIT A

FORM OF GENERAL RELEASE

This General Release (“General Release”) is incorporated into, and forms a part of, the Separation
Agreement dated January 6, 2009 (the “Agreement”) by and between Orbitz Worldwide, Inc. and Steven
D. Barnhart. Terms used but not defined herein shall have the meanings ascribed to them in the
Agreement.

     WHEREAS, Orbitz Worldwide, Inc. (collectively with its subsidiaries, the “Company”) and Steven
D. Barnhart (collectively with his heirs, executors, administrators, successors and assigns, the
“Executive”) entered into the Agreement setting forth the terms and conditions of Executive’s
termination of employment with the Company; and

     WHEREAS, in exchange for entering into this General Release, Executive has received separate
consideration beyond that which he was entitled under the Employment Agreement, the Company’s
policies or under applicable law.

     NOW, THEREFORE, in consideration of the mutual promises and agreements set forth in the
Agreement and this General Release, the Company and Executive hereby agree as follows:

     1. Executive hereby agrees and acknowledges that:

          (a) the terms of the Agreement and this General Release are the products of mutual negotiation
and compromise between Executive and the Company; and

          (b) the meaning, effect and terms of the Agreement and this General Release have been fully
explained to Executive;

          (c) Executive has been advised, in writing, by the Company that he should consult with an
attorney prior to executing this General Release;

          (d) Executive is being afforded at least twenty-one (21) days from his Last Day of Employment
to consider the meaning and effect of this General Release; Executive may execute this General
Release after the Last Day of Employment but may not execute it more than
twenty-one (21) days after the Last Day of Employment; if Executive executes this General Release
before the Last Day of Employment, it shall be null and void and of no effect;

          (e) Executive understands that he may revoke this General Release for a period of seven (7)
calendar days following the day he executes it, and this General Release shall not become effective
or enforceable until the revocation period has expired, and no revocation has occurred (“the
Effective Date”). Any revocation within this period must be submitted, in writing, to the
Company’s Human Resources Department and state, “I hereby revoke my acceptance of your General
Release.” Any such revocation must be personally delivered to the Company’s Human Resources
Department, or mailed to the Company’s Human Resources Department, postage prepaid and postmarked
within seven (7) calendar days of execution of this General Release;

          (f) Executive has carefully considered other alternatives to executing the Agreement and this
General Release; and

 

 

General Release

[DATE]

Page 2 of 6

          (g) Executive understands and agrees that he would not to receive certain monies and/or
benefits specified in Section 2 of the Agreement, except for his execution of the Agreement and
this General Release, and the fulfillment of the promises contained therein and herein, and that
such consideration is greater than any amount to which he would otherwise be entitled as an
employee of the Company or under the Employment Agreement or applicable law.

     2. Except as otherwise expressly provided in the Agreement or this General Release or the
right to enforce the terms of the Agreement or this General Release, Executive, of his own free
will, knowingly and voluntarily releases and forever discharges the Released Parties, of and from
any and all actions or causes of action, suits, claims, charges, complaints, promises demands and
contracts (whether oral or written, express or implied from any source), or any nature whatsoever,
known or unknown, suspected or unsuspected, which against the Released Parties executive or
Executive’s heirs, executors, administrators, successors or assigns ever had, now have or hereafter
can shall or may have by reason of any matter, cause or thing whatsoever arising any time prior to
the time Executive executes this General Release, including, but not limited to:

	 	a.	 	any and all matters arising out of Executive’s employment by the Company or any
of the Released Parties and the termination of that employment, and that includes but
is not limited to any claims for salary, allegedly unpaid wages, bonuses, commissions,
retention pay, severance pay, vacation pay, or any alleged violation of the National
Labor Relations Act, any claims for discrimination of any kind under the Age
Discrimination in Employment Act of 1967 as amended by the Older Workers Benefit
Protection Act, Title VII of the Civil Rights Act of 1964, Sections 1981 through 1988
of Title 42 of the United States Code, any claims under the Employee Retirement Income
Security Act of 1974 (except for vested benefits which are not affected by this General
Release), the Americans With Disabilities Act of 1990, the Fair Labor Standards Act (to
the extent such claims can be released), the Occupational Safety and Health Act, the
Consolidated Omnibus Budget Reconciliation Act of 1985, the Federal Family and Medical
Leave Act (to the extent such claims can be released);
	 
	 	b.	 	Illinois Human Rights Act; Minimum Wage Law; Equal Wage Act; Equal Pay Act of
2003; Wages for Women and Minors Act; Religious Freedom Restoration Act Statutory
Provision Regarding Retaliation/Discrimination for Filing a Worker’s Compensation
Claim; Equal Pay Laws; School Visitation Rights Act; AIDS Confidentiality Act; Right to
Privacy Law; Genetic Information Privacy Act; the Cook County Human Rights Ordinance;
the Chicago Human Rights Ordinance, as amended; and
	 
	 	c.	 	any other federal, state or local civil or human rights law, or any other
alleged violation of any local, state or federal law, regulation or ordinance, and/or
public policy, implied or expressed contract, fraud, negligence, estoppel, defamation,
infliction of emotional distress or other tort or common-law claim having any bearing
whatsoever on the terms and conditions and/or termination of his employment with the
Company including, but not limited to, any statutes or claims providing for the award
of costs, fees, or other expenses, including reasonable attorneys’ fees, incurred in
these matters.

 

 

General Release

[DATE]

Page 3 of 6

Nothing in the general release of claims in this paragraph 5 shall affect any vested equity granted
to Executive under the Orbitz Worldwide, Inc. 2007 Equity and Incentive Plan (the “Orbitz Plan”)
and any vested equity granted to Executive under the TDS Investor (Cayman) L.P. 2006 Interest Plan
(the “Travelport Plan”), as amended and/or restated from time to time, and the award agreements
issued under the Orbitz Plan and the Travelport Plan, as applicable.

     3. Executive also acknowledges that he does not have any current charge, claim or lawsuit
against one or more of the Released Parties pending before any local, state or federal agency or
court regarding his employment and his separation from employment. Executive understands that
nothing in this release prevents him from filing a charge or complaint with or from participating
in an investigation or proceeding conducted by the United States Equal Employment Opportunity
Commission (“EEOC”) or any other federal, state or local agency charged with the enforcement of any
employment or labor laws, although by signing this General Release, Executive is giving up any
right to monetary recovery that is based on any of the claims he has released. Executive also
understands that if he files such a charge or complaint, he has, as part of this General Release,
waived the right to receive any remuneration beyond what he has received in the Agreement.

     4. Executive shall not seek or be entitled to any personal recovery, in any action or
proceeding that may be commenced on Executive’s behalf in any way arising out of or relating to the
matters released under this General Release.

     5. Executive represents that he has not and agrees that he will not in any way disparage the
Company or any Released Party, their current and former officers, directors and employees, or make
or solicit any comments, statements, or the like to the media or to others that may be considered
to be derogatory or detrimental to the good name or business reputation of any of the
aforementioned parties or entities.

     6. Executive acknowledges that in connection with his employment, he has had access to
information of a nature not generally disclosed to the public. Executive agrees to keep
confidential and not disclose to anyone, unless legally compelled to do so, Confidential and
Proprietary Information. “Confidential and Proprietary Information” includes but is not limited to
all Company or any Released Party’s business and strategic plans, financial details, computer
programs, manuals, contracts, current and prospective client and supplier lists, and all other
documentation, business knowledge, data, material, property and supplier lists, and developments
owned, possessed or controlled by the Company or any Released Party, regardless of whether
possessed or developed by Executive in the course of his employment. Such Confidential and
Proprietary Information may or may not be formally designated as confidential or proprietary and
may be oral, written or electronic media. Regardless of any formal designation, Executive
understands and agrees that the Confidential and Proprietary Information is subject to protection
under this General Release. Executive understands that such information is owned and shall
continue to be owned solely by the Released Parties. Executive agrees that he will not use or
disclose, directly or indirectly, in whole or in part, any Confidential and Proprietary
Information. Executive acknowledges that he has complied and will continue to comply with this
commitment, both as an employee and after the termination of his employment. Executive also
acknowledges his continuing obligations under the Orbitz Worldwide, Inc. Code of Business Conduct
and Ethics. Nothing in this provision is intended to or may be construed to limit in any way the
full protection of trade secrets or confidential information under applicable law.

 

 

General Release

[DATE]

Page 4 of 6

     7. Executive understands that if the Agreement and this General Release were not signed, he
would have the right to voluntarily assist other individuals or entities in bringing claims against
Released Parties. Executive hereby waives that right and agrees that he will not provide any such
assistance other than assistance in an investigation or proceeding conducted by the EEOC or other
federal, state or local agency, or pursuant to a valid subpoena or court order. Executive agrees
that if such a request for assistance if by any agency of the federal, state or local government,
or pursuant to a valid subpoena or court order, he shall advise the Company in writing of such a
request no later than three (3) days after receipt of such request.

     8. Executive acknowledges and confirms that he has returned all company property to the
Company, including his identification card, and computer hardware and software, all paper or
computer based files, business documents, and/or other records as well as all copies thereof,
credit cards, keys and any other Company supplies or equipment in his possession. In addition, any
business related expenses for which he seeks reimbursement have been documented and submitted to
the Company. Finally, any amounts owed to the Company have been paid.

     9. This General Release is made in the State of Illinois and shall be interpreted under the
laws of the State of Illinois. Its language shall be construed as a whole, according to its fair
meaning, and not strictly for or against either party. Should any provision of this General
Release be declared illegal or unenforceable by any court of competent jurisdiction and cannot be
modified to be enforceable, including the release language, such provision shall immediately become
null and void, leaving the remainder of this General Release in full force and effect. However, if
as a result of any action initiated by Executive, any portion of the release language were ruled to
be unenforceable for any reason, Executive shall return the payments and benefits paid under the
Agreement and this General Release to the Company.

     10. Executive agrees that neither the Agreement or this General Release nor the furnishing of
the consideration for the Agreement and this General Release shall be deemed or construed at any
time for any purpose as an admission by the Company of any liability or unlawful conduct of any
kind, all of which the Company denies.

     11. This General Release may not be modified, altered or changed except upon express written
consent of both parties wherein specific reference is made to this General Release.

     12. The Agreement and this General Release set forth the entire agreement between the parties
hereto, and fully supersede any prior agreements or understandings between the parties, with the
exception of the award agreements related to the equity-based awards held by Executive with respect to the
Company and any non-compete, non-solicit or confidentiality agreement between Executive and the
Company or one of their affiliates, including but not limited to Sections 8 and 9 of the Employment
Agreement, which agreement(s) shall survive the termination of Executive’s employment in accordance
with its own terms.

     13. Executive agrees to cooperate with and make himself readily available to the Company and
its General Counsel, as the Company may reasonably request, to assist it in any matter regarding
the Company or their affiliates, subsidiaries, and predecessors, including giving truthful
testimony in any litigation or potential litigation involving the Company and their affiliates,
subsidiaries, and their predecessors, over which Executive has knowledge or

 

 

General Release

[DATE]

Page 5 of 6

information. The Company will reimburse Executive for any and all reasonable expenses reasonably
incurred in connection with Executive’s compliance with this paragraph.

     14. In consideration for the payments and benefits provided to Executive under the Agreement
and this General Release, Executive warrants and affirms to the Company that he has at all times
conducted herself as a fiduciary of, and with sole regard to that which is in best interests of,
the Company and its affiliates and their predecessors. He affirms that in conducting business for
the Company and its affiliates and their predecessors, he has done so free from the influence of
any conflicting personal or professional interests, without favor for or regard of personal
considerations, and that he has not in any way violated the Orbitz Worldwide Code of Business
Conduct and Ethics or any other of the Company’s core policies. Toward that end, Executive
understands that this affirmation is a material provision of the Agreement and this General
Release, and, should the Company determine that Executive has engaged in business practices
inconsistent with the affirmation set forth herein then Executive agrees that he shall have
committed a material breach of the Agreement (including this General Release), and any payments and
benefits provided to Executive under the Agreement and this General Release shall not have been
earned. In that case, Executive shall be liable to return fifty percent (50%) of the payments and
benefits made to him or on his behalf under the Agreement or this General Release as liquidated
damages.

THE PARTIES HAVE READ AND FULLY CONSIDERED THIS GENERAL RELEASE AND ARE MUTUALLY DESIROUS OF
ENTERING INTO THIS GENERAL RELEASE. EXECUTIVE UNDERSTANDS THAT THIS GENERAL RELEASE SETTLES, BARS
AND WAIVES ANY AND ALL CLAIMS HE HAD OR MIGHT HAVE AGAINST THE COMPANY AND ACKNOWLEDGES THAT HE IS
NOT RELYING ON ANY OTHER REPRESENTATIONS, WRITTEN OR ORAL, NOT SET FORTH IN THIS DOCUMENT. HAVING
ELECTED TO EXECUTE THE AGREEMENT AND THIS GENERAL RELEASE, TO FULFILL THE PROMISES SET FORTH
HEREIN, AND TO RECEIVE THEREBY THE SUMS AND BENEFITS SET FORTH IN THE AGREEMENT, EXECUTIVE FREELY
AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS GENERAL RELEASE. IF THIS GENERAL
RELEASE IS RETURNED EARLIER THAN 21 DAYS FROM THE LAST DATE OF EMPLOYMENT, THEN EXECUTIVE
ADDITIONALLY ACKNOWLEDGES AND WARRANTS THAT HE HAS VOLUNTARILY AND KNOWINGLY WAIVED THE 21 DAY
REVIEW PERIOD, AND THIS DECISION TO ACCEPT A SHORTENED PERIOD OF TIME WAS NOT INDUCED BY THE
COMPANY THROUGH FRAUD, MISREPRESENTATION, A THREAT TO WITHDRAW OR ALTER THE OFFER PRIOR TO THE
EXPIRATION OF THE 21 DAYS, OR BY PROVIDING DIFFERENT TERMS TO EMPLOYEES WHO SIGN RELEASES PRIOR TO
THE EXPIRATION OF SUCH TIME PERIOD.

 

 

General Release

[DATE]

Page 6 of 6

     IN WITNESS WHEREOF, each of the parties now voluntarily and knowingly execute this General
Release.

	 	 	 	 	 
	 

	 	 	 	EXECUTIVE
	 
	 	 	 	 
	 

	 	 	 	 
	Signed and sworn before me

this        day of                     , 2009.
	 	 	 	 
	 
	 	 	 	 
	 

Notary Public

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	ORBITZ WORLDWIDE, INC.
	 
	 	 	 	 
	 

	 	 	 	By:
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	Signed and sworn to before me

this       day of                     , 2009.
	 	 	 	 
	 
	 	 	 	 
	 

Notary Public

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}]]