Document:

SEPARATION AGREEMENT

EXHIBIT

10.48

 

SEPARATION AGREEMENT

AND GENERAL RELEASE

 

This Agreement is

entered into between Ronald L. Junck (“Employee”) and Labor Ready, Inc.

(“Company”) in order to sever their employment relationship.  In consideration of the mutual promises

below the Company and Employee agree as follows:

 

1.     Resignation.     Employee hereby resigns as Executive Vice

President and General Counsel of the Company, effective June 30, 2001.  The Company hereby accepts Employee’s

resignation. The foregoing notwithstanding, the date of Employee’s termination

of employment with the Company shall be deemed to be July 31, 2002 for purposes

hereof and for purposes of the Employment Contract between Employee and the

Company.

 

2.     Compensation.     Subject to Employee’s compliance with all

of the terms and conditions of this Agreement and as a material inducement to

Employee to enter into this Agreement, Company will continue to pay Employee

his current salary of $20,833.33 per month through July 31, 2002.

 

3.     Benefits.     In addition, Company agrees to continue to provide Employee

with all benefits to which Employee may be entitled under Company’s current

benefits plans, on the same terms as currently provided, through and including

July 31, 2002; provided, however, that Company shall pay Employee for all

unused vacation accrued by Employee as of June 30, 2001 under Company’s current

vacation policy, and Employee shall not be entitled to further vacation

benefits after June 30, 2001.

 

Employee expressly acknowledges that the above

represents consideration for any and all compensation due Employee as well as

Employee’s promises set forth herein and the settlement, waiver, release and

discharge of any and all claims relating to the employment arising under the

common law or under federal, state and local statue or regulation.

 

4.     Terms

and Conditions.     Employee

expressly agrees to all of the following terms and conditions:

 

a)              Employee shall not

solicit or cause or encourage others to solicit or participate in any manner in

the solicitation of any employee to leave the employment of the Company.

 

b)             Employee shall not

issue or make any written or verbal statement to anyone which addresses the

Company or his employment with the Company in a negative or derogatory manner.

 

 

c)              Employee shall not

discuss the Company in any public forum including without limitation with any

member of the press, before any group or in any Internet posting.

 

d)             Employee shall comply

with all of the ongoing covenants set forth in his Employment Contract.

 

e)              Employee shall

reasonably cooperate with the Company on an as requested basis in any pending

matters which in the Company’s reasonable judgment require Employee’s

involvement. Except as provided in this paragraph, Employee shall have no

further duties after June 30, 2001.

 

Employee expressly acknowledges that all of the

consideration to be made by Company is specifically conditioned upon Employee’s

strict compliance with all of the foregoing terms and conditions.  Upon the occurrence of any breach of these

terms and conditions, and if Employee is still then receiving payments from

Company, his right to continue receiving such payments will immediately

terminate.  Whether a breach occurs

before or after the end of Employee’s employment, Company shall be entitled to

exercise all remedies available at law to enforce this Agreement and to recover

its damages.

 

5.     Release

by Employee.     Employee represents

that he has not filed any complaint, charge or action against the Company, its

officers, agents or employees with any local, state or federal agency or court

arising from this employment relationship with the Company.  Employee further represents that he will not

seek damages, monetary or otherwise, or any other type of relief through any

such complaint at any time in the future. Employee and his successors and

assigns waives, releases and forever discharges the Company, its officers,

directors, agents and employees of and from any and all claims, causes of

action, rights, demands, debts, damages and actions of whatever nature arising

from or relating to Employee’s employment relationship with the Company

including the termination of this relationship and also including any cause of

action pertaining to employment discrimination based on age, race, creed, color,

religion, sex, national origin or disability.

 

6.     Opportunity

to Review.     Employee expressly

acknowledges that the Company has encouraged and given him the opportunity to

thoroughly discuss all aspects of this Agreement with his attorney or other advisor

before signing and that he has thoroughly discussed or in the alternative has

freely elected to waive any further opportunities to thoroughly discuss this

Agreement with his attorney or other advisor. 

Employee understands that he has twenty-one (21) days to review this

Agreement and determine whether or not to sign.  Signature prior to the expiration of 21 days waives the remaining

consideration period.  Employee has seven

(7) days from the date this Agreement is executed to revoke the waiver of any

claim under the Age Discrimination in Employment Act.  If Employee does not revoke the Agreement within the seven-day 

 

2

 

period, the Agreement shall become fully effective and the payment

terms referred to herein shall become effective.  If Employee does revoke this Agreement, the Company’s obligations

under Paragraphs 2 and 3 shall be null and void.

 

7.     Knowing

and Voluntary.     Employee

expressly acknowledges that he understands all of the provisions of this

Agreement, and that he is knowingly and voluntarily entering into this

Agreement.

 

8.     Governing Law.     This Agreement is made and entered into

in the State of Washington and shall in all respects be interpreted, enforced

and governed under the laws of this state.

 

9.     Effect

of Invalidity.     Should any

provision of this Agreement be declared or be determined by any court of

competent jurisdiction to be illegal, invalid, void or unenforceable, the

legality, validity and enforceability of the remaining parts, terms or

provisions shall not be effected thereby and any said illegal, unenforceable or

invalid part, term or provision shall be deemed to be revised in the legal,

enforceable and valid manner which most closely reflects the intention of the parties.

 

10.   Entire

Agreement.     This Agreement, along

with all of the ongoing covenants of Employee’s Employment Contract, sets forth

the entire agreement between the parties and fully supersedes any and all prior

agreements or understandings between these parties pertaining to this subject

matter.

 

EXECUTED this 24th day of May, 2001.

	

   

  	

   

  
	

   

  	

   

  	

  EMPLOYEE

  
	

   

  	

   

  
	

   

  	

   

  	

  /s/ Ronald L.

  Junck

  
	

   

  	

   

  	

  Ronald L. Junck

  
				

 

LABOR READY, INC.

 

	

  By:

  	

  /s/ Richard L. King

  	

   

  
	

   

  	

  Richard L. King, President and CEO

  	

   

  

 

3Form SI-03 Bond No

EXHIBIT

10.49

 

	

   

  	

   

  	

   

  
	

  Form

  SI-03

  	

   

  	

  Bond No. 1316090

  
	

  Rev. 07/00

  	

   

  	

   

  

 

COMMONWEALTH OF KENTUCKY

DEPARTMENT OF WORKERS CLAIMS

FRANKFORT, KENTUCKY 40601

 

CONTINUOUS BOND

 

GREAT

AMERICAN  INSURANCE COMPANY

580 Walnut Street

Cincinnati, Ohio

45202

 

a company authorized

to transact surety business in the Commonwealth of Kentucky, as Surety, and

LABOR READY MID-ATLANTIC, INC.

 

1015 A Street

Tacoma, Washington

98402

 

a self-insured

employer, as Principal,  are

hereby held and firmly bound to the Department of Workers’ Claims (hereinafter “Department”)

in the aggregate sum of $ 750,000.00*** the payment of which

the Surety

and Principal bind themselves, their successors and assigns,

jointly and severally.

 

1.  In accordance with Chapter 342 of the

Kentucky Revised Statutes and the administrative regulations promulgated

thereunder (the “Kentucky Workers’ Compensation Act,” as it may be amended from

time to time), the Principal has been certified to self-insure

its workers’ compensation liability and files this bond to satisfy its

obligation to provide an acceptable bond to secure, to the extent the

Commissioner of the Department directs, the payment of workers’

compensation liabilities as they are incurred. 

If the Principal shall discharge promptly and completely all of its liabilities

under the Kentucky Workers’ Compensation Act, then the obligations under this

bond shall be null and void; otherwise the obligations remain in full force and

effect, subject only to other provisions of this bond.

 

2.  Surety agrees that the obligations of this

bond shall extend to all past, present, future and potential liability of the Principal as

an employer that is self-insured for workers’ compensation liabilities in

Kentucky.

 

3.  This is a continuous bond and shall apply to

new as well as existing workers’ compensation liabilities incurred by  the Principal until the bond is terminated by

the Surety,

as hereinafter provided, or until the Principal’s status as a

self-insurer has been revoked or terminated by  the Commissioner, and in any of the above-described events

the Surety

shall remain obligated under the provisions of this bond for future

payments of workers’ compensation liabilities incurred by the Principal prior

to termination or revocation.  However,

the Surety

shall be released from its liability if the Principal provides

replacement surety acceptable to the Department

for payment of the liabilities covered by this bond.

 

 

4.  This bond may be terminated by the Surety by

filing a written notice of intent to terminate the bond in the Office of the

Commissioner of the Department and mailing a copy of the notice

to the Principal

on or before the date of filing, in which event the Surety’s obligation

for new workers’ compensation liabilities shall terminate sixty (60) days from

the date of such filing with the Commissioner. 

If the Principal fails to file substitute security that is acceptable

to the Commissioner within thirty (30) days of the filing of the Surety’s notice,

the Principal

shall be in default and this bond may be called.  Substitution of surety may be allowed only

by novation whereby the new surety or other security assumes all liabilities of

the Principal

past, present, future and potential, under the Kentucky Workers’

Compensation Act.

 

5.  The Commissioner of the Department may make written

demand personally or by mail upon the Principal and Surety, at the addresses

indicated on the face of this bond, for any portion of the bond amount from

time to time or for the full amount of the bond upon a default by the Principal in

the performance of any of its obligations as a self-insured employer or upon

the insolvency, bankruptcy, or receivership of either the Principal or the Surety.  Payment shall be made within

fifteen (15) business days after delivery of such demand to the Surety.

 

6.  The amount of this bond may be increased or

decreased by an agreement stating the effective date of the increase or

decrease, executed by the Principal and Surety on the form specified

by the Department,

and approved by the Commissioner of the Department.

 

7.  If the Surety makes payment to the

Commissioner of the Department pursuant to the provisions of

this bond, any unused balance may be released to the Surety by  the Commissioner upon proof of payment and

a lapse of time adequate to assure that the Principal’s liabilities under

the Kentucky Workers’ Compensation Act have been fully satisfied and that each

has been paid or lapsed under the Act.

 

8.  The insolvency, bankruptcy or receivership

of the Principal

shall not relieve the Surety of its obligations under this bond.

 

9.  Nothing stated herein shall be deemed to

relieve the Principal of any liabilities arising under the Kentucky

Workers’ Compensation Act.

 

10.  This bond shall be effective April 23, 2001

and shall replace, supersede and exonerate Great American Insurance Company

Bond No. 1316090 which was executed on April 23, 2001.

 

IN WITNESS

WHEREOF, the Principal and Surety herein have caused this bond to be

signed and executed in their names and on their behalf this 1st

day of June, 2001.

 

ATTEST:

 

	

  /s/ Tracy D. Woods

  	

   

  	

  LABOR READY MID-ATLANTIC, INC.

  
	

   

  	

   

  
	

   

  	

  PRINCIPAL

  

 

 

 

	

   

  	

   

  	

  BY:

  	

  /s/ Ronald L. Junck

  	

  (seal)

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  ATTEST:

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  /s/ Tevy Lor

  	

   

  	

  GREAT AMERICAN

  INSURANCE COMPANY

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  SURETY

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  BY:

  	

  /s/ Patrick D. Dineen

  	

  (seal)

  
	

   

  	

   

  	

  Patrick D. Dineen, Attorney-in-Fact

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  NOTE:

  	

  Please type name and title below signatures.

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

  Power of attorney must be attached.

  	

   

  	

   

  	

   

  	

   

  	

   

  
												

 

GREAT

AMERICAN INSURANCE COMPANY

580

WALNUT STREET • CINCINNATI, OHIO 45202 • 513-369-5000 • FAX

513-723-2740

 

	

  The number of persons authorized

  by this power of attorney is not more than

  	

   

  	

   

  	

  No. 0

  	

  17201

  
	

  SEVEN

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  POWER

  OF ATTORNEY

  	

   

  	

   

  

 

KNOW

ALL MEN BY THESE PRESENTS: That the GREAT AMERICAN INSURANCE COMPANY, a

corporation organized and existing under and by virtue of the laws of the State

of Ohio, does hereby nominate, constitute and appoint the person or persons

named below its true and lawful attorney-in-fact, for it and in its name, place

and stead to execute in behalf of the said Company, as surety, any and all

bonds, undertakings and contracts of suretyship, or other written obligations

in the nature thereof; provided that the liability of the said Company on any

such bond, undertaking or contract of suretyship executed under this authority

shall not exceed the limit stated below.

 

 

	

  Name

  	

   

  	

  Address

  	

   

  	

  Limit of Power

  
	

  JAY A. MILEY

  	

   

  	

  ALL OF

  	

   

  	

  ALL

  
	

  PATRICK D. DINEEN

  	

   

  	

  SEATTLE, WASHINGTON

  	

   

  	

  UNLIMITED

  
	

  HEIDI BROCKUS

  	

   

  	

   

  	

   

  	

   

  
	

  KRISTA M. STROMBERG

  	

   

  	

   

  	

   

  	

   

  
	

  KATHIE L. WIEGERS

  	

   

  	

   

  	

   

  	

   

  
	

  TEVY LOR

  	

   

  	

   

  	

   

  	

   

  
	

  SUZANNE HOLDEN

  	

   

  	

   

  	

   

  	

   

  

 

This Power of

Attorney revokes all previous powers issued in behalf of the

attorney(s)-in-fact named above.

 

IN WITNESS WHEREOF

the GREAT AMERICAN INSURANCE COMPANY has caused these presents to be signed and

attested by its appropriate officers and its corporate seal hereunto affixed

this 18th day of April, 2001

 

	

  Attest

  	

  GREAT AMERICAN

  INSURANCE COMPANY

  

 

STATE OF OHIO,

COUNTY OF HAMILTON - ss:

 

On this 18th

day of April, 2001, before me personally appeared DOUGLAS R. BOWEN, to me

known, being duly sworn, deposes and says that he resided in Cincinnati, Ohio,

that he is the Vice President of the Bond Division of Great American Insurance

Company, the Company described in and which executed the above instrument; that

he knows the seal; that it was so affixed by authority of his office under the

By-Laws of  said Company, and that he

signed his name thereto by like authority.

 

This Power of

Attorney is granted by authority of the following resolutions adopted by the

Board of Directors of Great American Insurance Company by unanimous written

consent dated March 1, 1993.

 

RESOLVED:  That the Division President, the several Division Vice Presidents

and Assistant Vice Presidents, or any one of them, be  and hereby is authorized, from time to time, to

appoint one or more Attorneys-In-Fact to execute on behalf of the Company, as

surety, any and all  bonds, undertakings and contracts of suretyship, or

other written obligations in the nature thereof; to prescribe their respective

duties and the  respective limits of their authority, and to revoke

any such appointment at any time.

 

RESOLVED FURTHER:  That the Company seal and the signature of

any of the aforesaid officers and any Secretary or Assistant  Secretary of the Company may be affixed by facsimile

to any power of attorney or certificate of either given for the execution of

any bond,  undertaking ,contract or suretyship ,or other written

obligation in the nature thereof, such signature and seal when so used being

hereby adopted by  the Company as the original signature of such officer

and the original seal of the Company, to be valid and binding upon the Company

with the  same force and effect as though manually affixed.

 

CERTIFICATION

 

I, RONALD C.

HAYES, Assistant Secretary of Great American Insurance Company, do hereby

certify that the foregoing Power of Attorney and the Resolutions of the Board

of Directors of March 1, 1993 have not been revoked and are now in full force

and effect.

 

Signed and sealed

this 1st day of June, 2001

 

 

All-Purpose

Certificate of Acknowledgment

 

	

  State of

  	

  Washington

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  County of

  	

  King

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  On June 1, 2001  before me, Kathie

  L. Wiegers

  	

   

  	

   

  
	

  DATE

  	

  NAME OF NOTARY PUBLIC

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  personally appeared Patrick D. Dineen and Tevy Lor

  	

   

  	

   

  
	

   

  	

  NAME(S) OF SIGNER(S)

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  ý 

  personally known to me - OR

  	

  proved to me on the basis of satisfactory evidence

  to be the person(s) whose name(s) is/are subscribed to the within instrument

  and acknowledged to me that he/she/they executed the same in his/her/their authorized

  capacity(ies), and that by his/her/their signatures on the instrument the

  person(s), or the entity upon behalf of which the person(s) acted, executed

  the instrument.

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  Witness my hand and official seal.

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  /s/ Kathie L. Wiegers

  	

   

  	

   

  
	

   

  	

  SIGNATURE OF NOTARY PUBLIC

  	

   

  	

   

  
												

 

Though the data

below is not required by law, it may prove valuable to persons relying on the

document and prevent fraudulent reattachment of this form.

 

	

  CAPACITY

  CLAIMED BY SIGNER

  	

   

  	

  DESCRIPTION

  OF ATTACHED DOCUMENT(S)

  
	

  Attorney-in-Fact

  	

   

  	

  Type of Document

  
	

   

  	

   

  	

   

  	

   

  	

  Continuous

  Bond

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  Bond

  No. 1316090

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  Number of Pages

  	

  Three (3)

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  Date of Document

  	

  June 1, 2001

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  Signer(s) Other Than Named Above

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  Labor Ready Mid-Atlantic, Inc.

  	

   

  
								

 

SIGNER

IS REPRESENTING:

NAME

OF PERSON(S) OR ENTITY(IES)

 

Great

American Insurance Company

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