Document:

exv10w16

 

Exhibit 10.16

Description of Intuit Inc. Executive Stock Ownership and Matching Unit Program

Intuit Inc. (the “Company”) launched the Intuit Inc. Executive Stock Ownership Matching Unit
Program (the “Program”) on May 15, 2003. Participation in the Program, which is intended to
demonstrate management and Board commitment to the Company, strengthen retention, and align
executives’ interests with those of the Company’s stockholders, is mandatory for all members of the
Board of Directors and all officers at the Senior Vice President level and above.

The Program consists of two parts. First, the Program requires that members of the Board,
Executive Vice Presidents and Senior Vice Presidents hold – and continue to hold throughout their
service to the Company – at least 3,000 shares of Company common stock. The Chief Executive
Officer (“CEO”) is required to hold at least 100,000 shares. Shares that count toward this
ownership requirement include shares acquired through open market purchases, ESPP purchases, shares
held from option exercises, shares of restricted stock and shares subject to restricted stock unit
awards. Directors and officers must meet these ownership requirements by the later of (1) May
2006, or (2) three years from the date on which they became subject to the Program. If the
ownership requirements are not met within this timeframe, 50 percent of future bonus awards (for
officers) or annual cash retainers (for directors) will be made in stock until compliance is
achieved.

Second, the Program contains a matching unit component to encourage officers to acquire and hold
shares of Company stock. Specifically, for each two shares of common stock purchased by an officer
at the level of Senior Vice President and above, other than the CEO, the Company will award the
officer a matching unit equal to one share of common stock, up to a maximum of 1,500 matching unit
shares. (The CEO and members of the Board are not eligible for matching awards.) Matching units
are awarded on the date the officer purchases the shares (the “Award Date”). The shares that are
matched count towards the Program’s ownership requirements. However, shares subject to matching
unit awards do not count toward the Program’s ownership requirements.

Prior to December 9, 2004, matching units awarded under the Program were made pursuant to the
Intuit Inc. 2002 Equity Incentive Plan (the “2002 Plan”) in the form of stock bonus awards. Since
December 9, 2004, matching awards have been made pursuant to the Intuit Inc. 2005 Equity Incentive
Plan (the “2005 Plan”) in the form of restricted stock units. The 2002 Plan and the 2005 Plan were
approved by the Company’s stockholders on January 18, 2002 and December 9, 2004, respectively.

The terms of the 2002 Plan or the 2005 Plan (as applicable) and the Matching Unit Grant Agreement
documenting each award govern the officer’s and the Company’s rights and responsibilities with
respect to the award. In general, matching units vest in full on the fourth anniversary of the
Award Date, provided the officer has remained continuously employed by the Company until such date.
If the officer’s employment terminates prior to vesting:

	 	•	 	due to resignation or by the Company for Cause (as defined in the Matching Unit
Grant Agreement), the award will terminate without having vested as to any of the
underlying shares;

	 	•	 	due to Retirement (as defined in the Matching Unit Grant Agreement) or by the
Company other than for Cause, the award will vest pro rata based on the officer’s
number of full months of service since the Award Date;

 

 

	 	•	 	due to death or Total Disability (as defined in the Matching
Unit Grant Agreement) the award will vest in full on the officer’s termination date; or

	 	•	 	within one year following a Corporate Transaction (as defined in the Matching Unit
Grant Agreement) the award will vest in full on the officer’s termination date.

If an officer sells, gifts or otherwise transfers the common stock that caused the Company to make
a matching award (i.e., the shares that were matched pursuant to the Program) prior to the time the
award vests, the officer will forfeit the entire matching award and any rights to any shares
subject thereto unless the officer holds (1) shares the officer owned before he or she became
subject to the Program, (2) shares acquired while the officer participated in the Program that have
not been matched, and/or (3) matching award shares that have vested in a number equal to or greater
than the number of shares that caused the Company to make the matching award. All officers
eligible for matching units are required to pre-clear all sales, gifts or other transfers of
Company stock.

Matching unit awards will be adjusted to reflect stock dividends, stock splits, reclassifications
and similar transactions as provided under the 2002 Plan or the 2005 Plan, as applicable. Matching
units are not transferable. Under the Program, holders of matching units will not have any voting,
dividend or other stockholder rights with respect to such units until the underlying shares are
issued.

The Company will issue the shares subject to a matching unit award on the date the award vests,
unless the officer has timely elected to defer issuance of the shares in a manner that satisfies
Section 409A of the Internal Revenue Code of 1986 and related regulations. In general, awards will
be settled in shares of common stock, less any shares withheld to satisfy applicable taxes.

The Company may terminate the matching unit component of the Program at any time, without further
notice or obligation to any participant.

2exv10w1

 

Exhibit 10.1

SETTLEMENT AGREEMENT 

AND 

COMPLETE AND PERMANENT RELEASE

     THIS SETTLEMENT AGREEMENT AND COMPLETE AND PERMANENT RELEASE (the “Agreement”) is entered
into between Vincent J. Lombardo (for himself and his agents, representatives, assigns, heirs,
personal representatives, and any person claiming by or through him or them) (collectively
“Lombardo”), and Ablest Inc. (and its subsidiaries, successors, agents, representatives, and
assigns), (collectively “Ablest”) (hereinafter collectively, “the Parties”).

     WHEREAS, Lombardo was formerly employed by Ablest, and has tendered his resignation, effective
September 30, 2005; and

     WHEREAS, Lombardo and Ablest desire to settle and resolve all matters between them, including
but not limited to all issues and matters arising during, after, and out of Lombardo’s employment
with Ablest;

     NOW, THEREFORE, in consideration of the foregoing and of the terms, conditions and agreements
hereinafter set forth, Lombardo and Ablest agree as follows:

	1.	 	Recitals.
	 
	 	 	The above recitals are true and accurate and incorporated into this Agreement.
	 
	2.	 	Compensation to Lombardo.
	 
	 	 	In exchange for Lombardo executing this Agreement, delivering a fully executed and notarized
original of this Agreement to Ablest, and fully complying with the terms and provisions of
this Agreement, on or before October 7, 2005, Ablest agrees to provide or pay to Lombardo or
pay on Lombardo’s behalf:

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	 	a.	 	a lump sum of Two Hundred Ninety Thousand Dollars ($290,000.00), less
legally required taxes and other normal withholding, in a single check, payable to
Vincent J. Lombardo;
	 
	 	b.	 	a lump sum of Three Thousand Dollars ($3,000.00), in a single check,
payable to Kelly & McKee, P.A.; for which a 1099 shall be issued to Kelly & McKee,
P.A. in January 2006;
	 
	 	c.	 	monthly payments for continuation of Lombardo’s group health and dental
insurance under COBRA, through and including December 2006, at the level of coverage
enjoyed by Lombardo on the date Lombardo executed this Agreement;
	 
	 	d.	 	the cost of life and disability coverage, through and including December
2006, at the level of coverage enjoyed by Lombardo on the date Lombardo executed this
Agreement;
	 
	 	e.	 	no later than December 15, 2005, a credit to Lombardo of an amount equal to
product of (i) the Fair Market Value of any restricted shares awarded under Ablest’s
Executive Stock Awards Plan (the “Plan”) that vested during calendar year 2005, times
(ii) the highest marginal tax rate applicable to Lombardo for federal tax purposes;
and such amount shall be applied to Lombardo’s federal tax account.

	 	 	The items outlined above in this Paragraph 2 (a) — (e) (hereinafter referred to
collectively as the “Compensation”) will be provided in full and final resolution of any
issues that have been raised or could have been raised by Lombardo, including but not
limited to all issues and matters arising during, after, and out of

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	 	 	Lombardo’s employment and employment agreement with Ablest. The Compensation Amount
includes any attorneys’ fees or any other costs that Lombardo may be obligated to pay. At
the time Lombardo executes and delivers this Agreement to Ablest, Lombardo shall deliver to
Ablest a letter of resignation in the form of Attachment A to this Agreement.

	3.	 	No Admission of Liability.
	 
	 	 	This Agreement does not constitute an admission by Ablest that any action it took with
respect to Lombardo was wrongful, unlawful or in violation of any statute, law or
regulation. Instead, this Agreement is entered into by Ablest and Lombardo solely for the
purpose of compromise and to resolve any differences between them. Lombardo agrees that he
will not state, represent, suggest or imply to anyone that Ablest has admitted any liability
or committed any wrongful acts with respect to Lombardo.
	 
	4.	 	No Actions Against Ablest.
	 
	 	 	Lombardo represents and warrants that he has filed no court actions, charges, administrative
actions or other proceedings of any kind against Ablest or its past or present officers,
directors, affiliates, administration, staff, or attorneys, including in their individual
capacities, (collectively, the “Released Parties”), which are currently pending before any
federal, state or local administrative agency of any kind or before any court. Lombardo
agrees that he will not file any complaints, cases or charges asserting any claims released
in this Agreement, with the exception of an action to enforce this Agreement, if necessary.
Lombardo further agrees that he will reimburse and indemnify the Released

3

 

	 	 	Parties for any expenses and legal fees incurred by the Released Parties in defending any
complaint, case or charge he has filed or will file in violation of this paragraph or in an
effort to assert claims released in this Agreement.

	5.	 	Release of All Claims by Lombardo.
	 
	 	 	Except as to rights specifically arising under this Agreement, Lombardo hereby releases and
forever discharges the Released Parties from any and all claims, demands, rights,
liabilities and causes of action of any kind or nature, known or unknown, arising prior to
or through the date he executes this Agreement, including but not limited to, any claims,
demands, rights, liabilities and causes of action arising out of or having any connection
with his employment or employment agreement with Ablest, which Lombardo agrees is terminated
effective the date Lombardo executes this Agreement. This release specifically includes,
but is not limited to, Title VII; 42 U.S.C. §1981 (“Section 1981”); the Americans with
Disabilities Act of 1991; the Age Discrimination in Employment Act of 1973, as amended by
the Older Workers’ Benefits Protection Act; the Florida laws governing Civil Rights; the
Florida Private Whistleblower’s Act, and any other federal, state or local statute, rule or
regulation; as well as any claims for alleged wrongful discharge; negligence or intentional
infliction of emotional distress, breach of implied or express contract, unlawful
discrimination, constructive discharge, failure to hire, retaliation, or any tort,
defamation, slander, fraud, fraud in the inducement, including fraud in the inducement to
this Agreement, misrepresentation, violation of public policy or invasion of privacy, claims
for reinstatement, hiring, promotion, transfer, back pay, front pay, front

4

 

	 	 	benefits, interest, compensatory damages, liquidated damages, punitive damages,
consequential damages, incidental damages, attorney’s fees and costs, or any other alleged
damages attributed to any alleged improper or unlawful behavior by Ablest, whether such
claims arose based upon Lombardo’s employment or employment agreement with Ablest, or based
upon any other transaction or occurrence between the Parties. This Agreement covers claims
that Lombardo knew about and those he may not know about as well as both liquidated and
unliquidated claims. Lombardo represents and warrants that he has not assigned, given or
sold any portion of any claim discussed in this Agreement to anyone else. In addition, on
October 1, 2005, Lombardo shall deliver to Ablest an executed release dated October 1, 2005
in the form attached hereto as Attachment B.

	6.	 	Release of All Claims by Ablest.
	 
	 	 	Ablest hereby releases and forever discharges Lombardo from any and all claims, demands,
rights, liabilities and causes of action of any kind or nature, known or unknown, arising
prior to or through the date Ablest executes this Agreement, including but not limited to,
any claims, demands, rights, liabilities and causes of action arising out of or having any
connection with Lombardo’s employment with Ablest.
	 
	7.	 	No Coercion, Right to Consult With An Attorney 

	 	a.	 	Lombardo acknowledges and agrees that Ablest did not pressure, coerce, or
threaten him to obtain the execution of this Agreement.

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	 	b.	 	Lombardo acknowledges and agrees that he entered into this Agreement of his
own free will, knowingly, and only after careful deliberation and forethought.
	 
	 	c.	 	Lombardo acknowledges that he was advised to consult with an attorney and
did consult with his attorney before he signed this Agreement.

	8.	 	Return of Ablest Property.
	 
	 	 	No later than October 1, 2005, Lombardo will return all Ablest property to Ablest and
understands that all Ablest property must be returned before any of the Compensation under
this Agreement will be paid to him. The list of Ablest property to be returned specifically
includes, but is not limited to, the company car, the laptop computer, all Ablest company
credit cards, all keys, passcodes, and passwords. Concurrently with Lombardo’s return of
all Ablest property to Ablest, Ablest agrees to return to Lombardo any and all personal
property belonging to Lombardo in the possession of Ablest.
	 
	9.	 	Confidentiality of this Agreement.

	 	a.	 	As to Lombardo. Lombardo acknowledges that his keeping the terms of
this Agreement confidential is a material reason Ablest agreed to it. Lombardo
affirms that he has not told anyone but his spouse, attorneys, accountant
or tax advisor of the terms of this Agreement, including, but not limited to the
amounts to be paid to him and his counsel. Except as otherwise provided in this
Agreement, the terms of this Agreement are strictly confidential and shall not be
disclosed by Lombardo at any time in the future to any other person without the prior

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	 	 	 	written consent of Ablest, except as required in any legal
proceeding after notice to Ablest where it is practical to give such notice or as
otherwise required by law. Lombardo is prohibited from discussing the terms of
this Agreement, specifically the Compensation, with any current, past or future
employee or customer of Ablest, other than to indicate, if asked, that the matter
is confidential and that all matters between him and Ablest have been mutually and
satisfactorily resolved. Notwithstanding the foregoing, Lombardo may share
information concerning the terms of this Agreement with his spouse, and, as
necessary for purposes of legal or tax advice, with his attorneys, accountant and
tax advisor, subject to the understanding that his spouse, attorney, accountant
and tax advisor will also keep the terms of the Agreement completely confidential
and that any breach by them will be considered a breach by Lombardo.

	 	b.	 	As to Ablest. Ablest agrees that except as otherwise provided in
this Agreement, the terms of this Agreement are strictly confidential to a comparable
extent as to Lombardo, above, and shall not be disclosed by Ablest at any time in the
future to any person other than those persons with a legitimate business need to
know. Notwithstanding the foregoing, Ablest reserves the right to make such
disclosures regarding Lombardo’s resignation and the terms of this Agreement as
Ablest reasonably deems necessary under applicable laws, rules, and regulations. In
the event Ablest issues a press release regarding

7

 

	 	 	 	Lombardo’s resignation, Ablest agrees to submit the language of the press release
to Lombardo for his review and approval prior to distribution.

	10.	 	Continued Confidentiality of Ablest Business Information.
	 
	 	 	Lombardo agrees that, by virtue of his former position with Ablest, he may have seen or
heard certain confidential or proprietary information concerning Ablest, including, but not
limited to, information relating to strategic marketing and business plans, ongoing business
operations and practices, financial data, business relationships and trade secrets
(collectively the “Protected Information”). Lombardo agrees he will not: (i) reveal such
Protected Information to any person or organization; (ii) use such Protected Information in
a manner that would be detrimental to Ablest; or (iii) retain any documents (whether
original or copy) containing any Protected Information.
	 
	11.	 	Non-Disparagement.

	 	a.	 	Lombardo agrees he will not criticize, denigrate, or otherwise
speak adversely against Ablest to any future, past, or prospective employee,
officer, director, client, or customer of Ablest, or in any way disparage or
injure Ablest’s name or reputation within the business community, or to the
public at large. The type of comments contemplated include, but are not limited
to, any remark which may cause or tend to cause an adverse impact on the
reputation or character of Ablest or cause a reasonable person in the business
community or the public at large to negatively alter or change his or her opinion
of Ablest.

8

 

	 	b.	 	Ablest agrees it will not criticize, denigrate, or otherwise speak
adversely against Lombardo to any future, past, or prospective employer, or in
any way disparage or injure Lombardo’s name or reputation within the business
community, or to the public at large. The type of comments contemplated include,
but are not limited to, any remark which may cause or tend to cause an adverse
impact on Lombardo’s reputation or character or cause a reasonable person in the
business community or the public at large to negatively alter or change his or
her opinion of Lombardo.

	12.	 	Applicable Law.
	 
	 	 	This Agreement shall be governed and interpreted under Florida law, excluding its conflicts
of law provisions. Any action to enforce this Agreement shall be brought in Hillsborough
County, Florida.
	 
	13.	 	Entire Agreement, Severability.
	 
	 	 	This Agreement constitutes and contains the entire agreement between the parties concerning
the subject matter of this Agreement and supersedes all prior discussions, negotiations,
agreements or understandings between the parties. If any portion of this Agreement, except
for Paragraph 5, is found to be unenforceable, the Parties desire that all other portions
that can be separated from it, or appropriately limited in scope, shall remain fully valid
and enforceable. If the releases contained in Paragraph 5 are found to be unenforceable by
any court or tribunal of competent jurisdiction, this Agreement will be null and void

9

 

	 	 	and Lombardo shall immediately return to Ablest the Compensation provided hereunder.

     14. Attorneys’ Fees In Case Of Breach.

     Should any party sue for a breach of this Agreement, the prevailing party shall be entitled
to reasonable attorney’s fees and costs associated with the breach.

[REMAINDER OF THIS PAGE IS BLANK]

10

 

WAIVER OF JURY TRIAL

THE PARTIES AGREE SHOULD ANY LEGAL ACTIONS BE FILED, ONE

AGAINST THE OTHER, AT ANY TIME IN THE FUTURE, LOMBARDO AND

ABLEST EACH AGREE TO WAIVE TRIAL BY JURY.

     IN WITNESS WHEREOF, the Parties hereby have executed this Agreement on the dates written
below:

	 	 	 
	 
	 	/s/ Vincent J. Lombardo 
	 
	 	 
	 

	 	Vincent J. Lombardo
	 
	 	 
	 

	 	September 22, 2005

Date

STATE OF FLORIDA

COUNTY OF Hillsborough

     The
foregoing instrument was acknowledge before me
this  22nd  day
of  September , 2005 by  Vincent J.
Lombardo ,
who is personally known to me or has
produced           —          
as identification.

	 	 	 	 	 
	 
	/s/ Barbara D. Jarnagin 	 
	 
	 	 
	 

	 	NOTARY PUBLIC
	 
	 	 	 	 
	 

	Name: 	Barbara D. Jarnagin, Notary Public-State of Florida	 
	 

	 	 
	 
	 	 
	 

	Serial #: 	Commission
# DD341591 	 
	 
	 	 
	 

	My Commission
Expires: November 23, 2008 

Binded by National Notary Assn.
	 
	 	 	 	 
	 

	ABLEST INC.	 
	 
	 	 	 	 
	 

	/s/ Kurt Moore 	 
	 

	 	 
	 

	By: 	Kurt Moore 	 
	 

	Its: 	President — CEO 
	 
	 	 	 	 
	 

	September 22, 2005

Date	 

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ATTACHMENT A

RESIGNATION

     I, Vincent J. Lombardo, hereby resign as Vice President, Chief Financial Officer,
Treasurer, and Secretary, of Ablest Inc., effective September 30, 2005.

	 	 	 	 	 
	 	 	 
	 	  	/s/ Vincent J. Lombardo	 
	 	 	Vincent J. Lombardo 	 
	 	 	 
	 	 	September 22, 2005

Date 	 
	 

 

ATTACHMENT B

RELEASE

     THIS SETTLEMENT AGREEMENT AND COMPLETE AND PERMANENT RELEASE (the “Agreement”) is entered
into between Vincent J. Lombardo (for himself and his agents, representatives, assigns, heirs,
personal representatives, and any person claiming by or through him or them) (collectively
“Lombardo”), and Ablest Inc. (and its subsidiaries, successors, agents, representatives, and
assigns), (collectively “Ablest”) (hereinafter collectively, “the Parties”).

     WHEREAS, Lombardo was formerly employed by Ablest, and has tendered his resignation, effective
September 30, 2005; and

     WHEREAS, Lombardo and Ablest desire to settle and resolve all matters between them, including
but not limited to all issues and matters arising during, after, and out of Lombardo’s employment
with Ablest;

     NOW, THEREFORE, in consideration of the foregoing and of the terms, conditions and agreements
hereinafter set forth, Lombardo and Ablest agree as follows:

	1.	 	Recitals.
	 
	 	 	The above recitals are true and accurate and incorporated into this Agreement.
	 
	2.	 	No Actions Against Ablest.
	 
	 	 	Lombardo represents and warrants that he has filed no court actions, charges, administrative
actions or other proceedings of any kind against Ablest or its past or present officers,
directors, affiliates, administration, staff, or attorneys, including in their individual
capacities, (collectively, the “Released Parties”),

 

 

	 	 	which are currently pending before any federal, state or local administrative agency of any
kind or before any court. Lombardo agrees that he will not file any complaints, cases or
charges asserting any claims released in this Agreement, with the exception of an action to
enforce this Agreement, if necessary. Lombardo further agrees that he will reimburse and
indemnify the Released Parties for any expenses and legal fees incurred by the Released
Parties in defending any complaint, case or charge he has filed or will file in violation of
this paragraph or in an effort to assert claims released in this Agreement.
	 
	3.	 	Release of All Claims by Lombardo.
	 
	 	 	Lombardo hereby releases and forever discharges the Released Parties from any and all
claims, demands, rights, liabilities and causes of action of any kind or nature, known or
unknown, arising prior to or through the date he executes this Agreement, including but not
limited to, any claims, demands, rights, liabilities and causes of action arising out of or
having any connection with his employment or employment agreement with Ablest. This release
specifically includes, but is not limited to, Title VII; 42 U.S.C. §1981 (“Section 1981”);
the Americans with Disabilities Act of 1991; the Age Discrimination in Employment Act of
1973, as amended by the Older Workers’ Benefits Protection Act; the Florida laws governing
Civil Rights; the Florida Private Whistleblower’s Act, and any other federal, state or local
statute, rule or regulation; as well as any claims for alleged wrongful discharge;
negligence or intentional infliction of emotional distress, breach of implied or express
contract, unlawful discrimination, constructive discharge, failure to hire, retaliation, or
any tort, defamation, slander, fraud, fraud

2

 

	 	 	in the inducement, including fraud in the inducement to this Agreement, misrepresentation,
violation of public policy or invasion of privacy, claims for reinstatement, hiring,
promotion, transfer, back pay, front pay, front benefits, interest, compensatory damages,
liquidated damages, punitive damages, consequential damages, incidental damages, attorney’s
fees and costs, or any other alleged damages attributed to any alleged improper or unlawful
behavior by Ablest, whether such claims arose based upon Lombardo’s employment or employment
agreement with Ablest, or based upon any other transaction or occurrence between the
Parties. This Agreement covers claims that Lombardo knew about and those he may not know
about as well as both liquidated and unliquidated claims. Lombardo represents and warrants
that he has not assigned, given or sold any portion of any claim discussed in this Agreement
to anyone else.
	 
	4.	 	Release of All Claims by Ablest.
	 
	 	 	Ablest hereby releases and forever discharges Lombardo from any and all claims, demands,
rights, liabilities and causes of action of any kind or nature, known or unknown, arising
prior to or through the date Ablest executes this Agreement, including but not limited to,
any claims, demands, rights, liabilities and causes of action arising out of or having any
connection with Lombardo’s employment with Ablest.
	 
	5.	 	No Coercion, Right to Consult With An Attorney 

	 	a.	 	Lombardo acknowledges and agrees that Ablest did not pressure, coerce, or
threaten him to obtain the execution of this Agreement.

3

 

	 	b.	 	Lombardo acknowledges and agrees that he entered into this Agreement of his
own free will, knowingly, and only after careful deliberation and forethought.
	 
	 	c.	 	Lombardo acknowledges that he was advised to consult with an attorney and
did consult with his attorney before he signed this Agreement.

	6.	 	Confidentiality of this Agreement.

a. As to Lombardo. Lombardo acknowledges that his keeping the terms of
this Agreement confidential is a material reason Ablest agreed to it. Lombardo
affirms that he has not told anyone but his spouse, attorneys, accountant
or tax advisor of the terms of this Agreement, including, but not limited to the
amounts to be paid to him and his counsel. Except as otherwise provided in this
Agreement, the terms of this Agreement are strictly confidential and shall not be
disclosed by Lombardo at any time in the future to any other person without the
prior written consent of Ablest, except as required in any legal proceeding after
notice to Ablest where it is practical to give such notice or as otherwise
required by law. Lombardo is prohibited from discussing the terms of this
Agreement, specifically the Compensation, with any current, past or future
employee or customer of Ablest, other than to indicate, if asked, that the matter
is confidential and that all matters between him and Ablest have been mutually and
satisfactorily resolved. Notwithstanding the foregoing, Lombardo may share
information concerning the terms of this Agreement with his spouse, and, as

4

 

	 	 	 	necessary for purposes of legal or tax advice, with his attorneys, accountant and
tax advisor, subject to the understanding that his spouse, attorney, accountant
and tax advisor will also keep the terms of the Agreement completely confidential
and that any breach by them will be considered a breach by Lombardo.
	 
	 	b.	 	As to Ablest. Ablest agrees that except as otherwise provided in
this Agreement, the terms of this Agreement are strictly confidential and shall not
be disclosed by Ablest at any time in the future to any person other than those
persons with a legitimate business need to know. Notwithstanding the foregoing,
Ablest reserves the right to make such disclosures regarding Lombardo’s resignation
and the terms of this Agreement as Ablest reasonably deems necessary under applicable
laws, rules, and regulations.

	7.	 	Applicable Law.
	 
	 	 	This Agreement shall be governed and interpreted under Florida law, excluding its conflicts
of law provisions. Any action to enforce this Agreement shall be brought in Hillsborough
County, Florida.
	 
	8.	 	Entire Agreement, Severability.
	 
	 	 	This Agreement constitutes and contains the entire agreement between the parties concerning
the subject matter of this Agreement and supersedes all prior discussions, negotiations,
agreements or understandings between the parties concerning the subject matter of this
Agreement. If any portion of this Agreement, except for Paragraph 3, is found to be
unenforceable, the Parties

5

 

	 	 	desire that all other portions that can be separated from it, or appropriately limited in
scope, shall remain fully valid and enforceable. If the releases contained in Paragraph 3
are found to be unenforceable by any court or tribunal of competent jurisdiction, this
Agreement will be null and void and Lombardo shall immediately return to Ablest the
Compensation provided hereunder.
	 
	9.	 	Attorneys’ Fees In Case Of Breach.
	 
	 	 	Should any party sue for a breach of this Agreement, the prevailing party shall be entitled
to reasonable attorney’s fees and costs associated with the breach.

WAIVER OF JURY TRIAL

THE PARTIES AGREE SHOULD ANY LEGAL ACTIONS BE FILED, ONE

AGAINST THE OTHER, AT ANY TIME IN THE FUTURE, LOMBARDO AND

ABLEST EACH AGREE TO WAIVE TRIAL BY JURY.

[REMAINDER OF PAGE IS BLANK]

6

 

     IN WITNESS WHEREOF, the Parties hereby have executed this Agreement on the dates
written below:

	 	 	 	 	 
	 	 	 
	 	 	 
	 	Vincent J. Lombardo 	 
	 
	 	October 1, 2005

Date 	 
	 

STATE OF FLORIDA

COUNTY OF              
               
            

     The foregoing instrument was acknowledge before me this  
                    day of    
                       
           
   , 2005 by
                 
             
               
               , who is personally known to me or has produced  
        
         
              
               
              as
identification.

 

       
                  
                                    
             

NOTARY PUBLIC

Name:     
                    
                   
                   

Serial #:     
                  
                   
                   

My Commission Expires:

 

ABLEST INC.

 

       
                  
                                    
             

By: Kurt Moore

Its: President –  CEO

October 1, 2005

Date

7

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