Document:

Exhibit

Exhibit 10.31
EMPLOYMENT AGREEMENT 
MIGUEL LOZANO
EMPLOYMENT AGREEMENT (the “Agreement”) dated as of March ___, 2019 by and between El Pollo Loco, Inc. (the “Company”) and Miguel Lozano (the “Executive”).
WHEREAS, the Company desires to employ Executive as the Company's Chief Operating Officer; and
WHEREAS, Executive is willing to accept such employment on the terms hereinafter set forth in this Agreement.
NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows:
		
	1.
	Term of Employment; Executive Representation.

		
	(a)
	Employment Term.  Subject to the terms and conditions set forth in this Agreement, the term of Executive's employment under this Agreement shall commence on April 1, 2019 (the “Effective Date”) and end on the 12th month anniversary of the Effective Date (the “Initial Employment Term”) and on such date and on each subsequent anniversary of such date, the term shall, without further action by Executive or Company, be extended by an additional one-year period (each such one year term, the “Renewal Employment Term”) subject to earlier termination as provided in this Agreement; provided, however, that either Company or Executive may, by written notice to the other given not less than 60 days prior to the scheduled expiration of the Initial Employment Term or Renewal Employment Term (a “Non-Renewal Notice”), as applicable, cause the term not to extend (the period during which Executive is employed under the terms of this Agreement, including the Initial Employment Term and all Renewal Employment Terms, is referred to herein as the “Employment Term”).  The Employment Term shall also terminate earlier upon termination of Executive's employment as set forth in Section 7.

		
	(b)
	Executive Representation.  Executive hereby represents to the Company that the execution and delivery of this Agreement by Executive and the Company and the performance by Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound.

		
	2.
	Position.

		
	(a)
	During the Employment Term, Executive shall serve as the Company’s Chief Operating Officer and shall principally perform Executive’s duties to the Company and its affiliates from the Company’s offices in the Orange County, California metropolitan area, subject to normal and customary travel requirements in the conduct of the Company’s business.  Executive shall have such authorities, duties and responsibilities as the Chief Executive Officer may from time to time assign to him and reasonably consistent with those customarily performed by a chief operating officer of a company having a similar size and nature of the Company, and the Executive shall report directly to the Chief Executive Officer.

		
	(b)
	During the Employment Term, Executive will devote Executive’s full business time and best efforts to the performance of Executive’s duties hereunder and will not engage in any other business, profession or occupation (including in an advisory capacity, consulting capacity, or otherwise) for compensation or otherwise which would conflict with the rendition of such services either directly or indirectly, without the prior written consent of the Board of Directors of the Company (the “Board”).

		
	3.
	Compensation.

		
	(a)
	During the Employment Term, the Company shall pay Executive a base salary (the “Base Salary”) at the annual rate of $325,000 (less applicable withholding taxes), payable in regular installments in accordance with the Company’s usual payment practices.  Executive shall be entitled to such increases in Executive’s Base Salary, if any, as may be determined from time to time in the sole discretion of the Board.

		
	(b)
	With respect to each full calendar year during the Employment Term, Executive shall be eligible to earn an annual bonus award (an “Annual Bonus”) based on the achievement of specified performance goals, which shall be determined by the Board in its sole discretion within ninety (90) days following the commencement of each calendar year, with a targeted bonus equal to seventy-five percent (75%) of Executive’s then current Base Salary (the “Target Bonus”).  The Annual Bonus, if any, will be paid between January 1 and March 15 of the year following the year to which it relates.

		
	(c)
	At the discretion of the Board, during the Employment Term, starting in 2020, Executive will be eligible to receive an annual discretionary equity grant, with the amount and terms thereof determined by the Board. 

		
	4.
	Sign on Awards 

		
	(a)
	Equity.  Executive will receive the following equity grants during the Company’s annual equity grant window in 2019, typically in May (together, the “2019 Equity Grant”) with the aggregate grant-date value targeted at approximately $350,000.  The 2019 Equity Grant will consist of the following:

		
	(i)
	Approximately $100,000 worth of time-vested 10-year options that will vest 25%/year;

		
	(ii)
	Approximately $250,000 worth of time-vested restricted stock units (or restricted shares) that will vest 25%/year; and

All the other terms of the 2019 Equity Grant will be consistent with the Company’s standard equity award practices and shall be determined in good faith by the Board.  
		
	(b)
	Cash. Within 30 days of the Effective Date, the Company shall pay Executive a lump sum cash payment of $20,000. If Executive resigns without Good Reason or is terminated by the Company for Cause prior to the twelve month anniversary of the Effective Date, the Executive will repay such amount to the Company within 30 days of such termination. 

		
	(c)
	Indemnification.  The Executive shall be covered under the Company’s directors and officers liability insurance during the Employment Term and thereafter to the same extent as such coverage is provided from time to time to similarly situated officers of the Company.

		
	5.
	Employee Benefits.  During the Employment Term, Executive shall be provided, in accordance with the terms of the Company’s employee benefit plans as in effect from time to time, health insurance, retirement benefits and fringe benefits (collectively “Employee Benefits”) on the same basis as those benefits are generally made available to other senior executives of the Company.  Executive shall be provided with annual vacation of four (4) weeks per each twelve (12) month period and additional weeks on a basis consistent with Company policy. During the Employment Term, the Company shall provide Executive with an automobile allowance substantially similar to the allowance provided by the Company to other similarly situated senior executives of the Company.  

		
	6.
	Business Expenses.  During the Employment Term, reasonable, documented business expenses incurred by Executive in the performance of Executive’s duties hereunder shall be reimbursed by the Company in accordance with Company policies.

		
	7.
	Termination.  The Employment Term and Executive’s employment hereunder may be terminated early by either party at any time and for any reason; provided that Executive will be required to give the Company at least ninety (90) days advance written notice of any resignation of Executive’s employment.  Notwithstanding any other provision of this Agreement, the provisions of this Section 7 shall exclusively govern Executive’s rights upon termination of employment with the Company and its affiliates prior to expiration of the Employment Term.

		
	(a)
	By the Company For Cause, By Executive’s Resignation without Good Reason or upon Non-Renewal of the Employment Term.

		
	(i)
	The Employment Term and Executive’s employment hereunder may be terminated by the Company for Cause (as defined below) or by Executive’s resignation without Good Reason (as defined below).

		
	(ii)
	For purposes of this Agreement, “Cause” shall mean (a) action by the Executive that constitute acts of (1) fraud; (2) embezzlement; (3) gross insubordination; (4) gross misconduct; (5) material dishonesty which causes material harm to the Company; (b) the Executive’s inability, failure, or refusal to perform any duty, responsibility, or obligation of his position, which (to the extent such inability, failure, or refusal to perform is curable in the judgment of the Company) is not cured by the Executive within five (5) days after receiving written notice from the Company of such inability, failure; (c) Executive's commission of a felony; (d) Executive’s substance abuse or alcohol abuse which renders the Executive unfit to perform his duties; or (e) any breach of the covenants set forth in Section 8 of this Agreement by Executive. Any voluntary termination of employment by the Executive in anticipation of an involuntary termination of the Executive’s employment by the Company for Cause shall be deemed to be a termination for Cause.

		
	(iii)
	If Executive’s employment is terminated by the Company for Cause, if Executive resigns without Good Reason or if the Employment Term expires as a result of the Company delivering to the Executive the Non-Renewal Notice (such event, the “Company Non-Renewal”), Executive shall be entitled to receive:

		
	(A)
	the Base Salary through the date of termination;

		
	(B)
	except in the case of termination for Cause, any Annual Bonus earned but unpaid as of the date of termination for any previously completed calendar year;

		
	(C)
	reimbursement for any unreimbursed business expenses properly incurred by Executive in accordance with Company policy prior to the date of Executive’s termination; and

		
	(D)
	such Employee Benefits, if any, as to which Executive may be entitled under the employee benefit plans of the Company;

		
	(E)
	any additional amounts or benefits due under any applicable plan, program, agreement or arrangement of the Company or its affiliates or pursuant to applicable law (the amounts described in clauses (A) through (E) hereof being referred to as the “Accrued Rights”).  The Accrued Rights under this Section 7 shall in all events be paid in accordance with the Company’s normal payroll procedures, expense reimbursement procedures or plan terms, as applicable.

Following such termination of Executive’s employment by Company Non-Renewal, the Company for Cause or resignation by Executive without Good Reason, except as set forth in this Section 7(a), Executive shall have no further rights to any contract damages, other compensation or any other benefits under this Agreement.
		
	(b)
	Disability or Death.

		
	(i)
	The Employment Term and Executive’s employment hereunder shall terminate upon Executive’s death or if Executive (A) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan, or disability plan, covering employees of the Company or an affiliate of the Company (such incapacity is hereinafter referred to as “Disability”).

Any question as to the existence of the Disability of Executive as to which Executive and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Executive and the Company.  If Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing.  The determination of Disability made in writing to the Company and Executive shall be final and conclusive for all purposes of the Agreement.
		
	(ii)
	Upon termination of Executive’s employment hereunder for either Disability or death, Executive or Executive’s estate (as the case may be) shall be entitled to receive:

		
	(A)
	the Accrued Rights; and

		
	(B)
	the Annual Bonus, if any, that the Executive would have been entitled to receive pursuant to Section 3(b) hereof in respect of the year in which such termination occurs based upon the actual achievement of the performance goals, multiplied by a fraction the numerator of which is the number of days Executive is employed by the Company in such year and the denominator of which is the total number of days in such year, payable when such Annual Bonus would have otherwise been payable in accordance with Section 3(b) had the Executive’s employment not terminated (the "Pro-Rata Bonus").

Following Executive's termination of employment due to death or Disability, except as set forth in this Section 7(b), Executive or Executive’s estate (as the case may be) shall have no further rights to any contract damages, other compensation or any other benefits under this Agreement.
		
	(c)
	By the Company Without Cause or by Executive’s Resignation with Good Reason.

		
	(i)
	The Employment Term and Executive’s employment hereunder may be terminated by the Company without Cause or by Executive with Good Reason.

		
	(ii)
	For purposes of this Agreement, “Good Reason” shall mean:

		
	(A)
	Executive’s relocation, without his consent and other than for a temporary work assignment, by the Company outside Orange County, California; 

		
	(B)
	a material diminution of Executive’s authority, duties, title or responsibilities as set forth in Section 2(a) hereof; 

		
	(C)
	a reduction of Executive’s Base Salary (as increased from time to time) as set forth in Section 3(a) hereof; 

		
	(D)
	the material failure of the Company to provide or cause to be provided to Executive any of the Employee Benefits described in Section 5 hereof; or

		
	(E)
	a requirement that Executive report to anyone other than the Chief Executive Officer or the Board; provided that none of the events described in clauses (A) through (E) of this Section 7(c)(ii) shall constitute Good Reason unless Executive shall have notified the Company in writing describing the event which constitutes Good Reason within thirty (30) days of the initial occurrence of such event and then only if the Company shall have failed to cure such event within thirty (30) days after the Company’s receipt of such written notice.

		
	(iii)
	If Executive’s employment is terminated by the Company without Cause (other than by reason of death or Disability), by Executive with Good Reason, Executive shall be entitled to receive:

		
	(A)
	the Accrued Rights;

		
	(B)
	subject to Executive’s execution of a general release of claims in a form reasonably determined by the Company (the “Release”), the expiration of the applicable revocation period with respect to such Release within sixty (60) days following the date of termination and Executive’s continued compliance with the provisions of Section 8 and 9, the Pro-Rata Bonus; 

		
	(C)
	subject to Executive’s execution of a Release, the expiration of the applicable revocation period with respect to such Release within sixty (60) days following the date of termination and Executive’s continued compliance with the provisions of Section 8 and 9, continued payment of the Base Salary in accordance with the Company's normal payroll practices for a period of twelve (12) months following the date of such termination, which shall commence on the sixtieth (60th) day following such termination (with the first payment equal to the cumulative amount that would have been paid in such initial sixty (60) day period);  and 

Following Executive’s termination of employment by the Company without Cause (other than by reason of Executive’s death or Disability) or by Executive’s resignation with Good Reason, except as set forth in this Section 7(c), Executive shall have no further rights to any contract damages, other compensation or any other benefits under this Agreement or under any other plans, programs or arrangements of the Company or its affiliates.
		
	(d)
	Notice of Termination.  Any purported termination of employment by the Company or by Executive (other than due to Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 12(g) hereof.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of employment under the provision so indicated.

		
	8.
	Non-Interference/Non-Solicitation.  Executive acknowledges and recognizes that in the course of performing services for the Company, Executive will have access to certain confidential and proprietary information of the Company and its affiliates that is extremely valuable to the Company and its affiliates and is not known to the general public. Accordingly, Executive agrees as follows:

		
	(a)
	Executive agrees that during the term of employment and until the first anniversary of the date of termination of Executive's employment with the Company or any subsidiary of the Company, as the case may be (the "Restricted Period"), the Executive will not directly or indirectly, use any Company Confidential Information (as defined in Section 9) to interfere with business relationships (whether formed before or after the date of this Agreement) between the Company or any of its affiliates and customers, suppliers, partners, members or investors of the Company or its affiliates.

		
	(b)
	Executive further agrees that during the Restricted Period, Executive will not, directly or indirectly, (i) solicit or encourage any employee of the Company or its affiliates to leave the employment of the Company or its affiliates, or (ii) solicit or encourage to cease to work with the Company or its affiliates any consultant then under contract with the Company or its affiliates; provided, however, that general advertising not directed specifically at employees of the Company or any affiliate shall not be deemed to violate this Section 8(b).

		
	(c)
	It is expressly understood and agreed that although Executive and the Company consider the restrictions contained in this Section 8 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that any restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable.  Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein.

		
	9.
	Confidentiality and Cooperation.  Executive will not at any time (whether during or after Executive's employment with the Company) disclose or use for Executive's own benefit or purposes or the benefit or purposes of any other person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise other than the Company and any of its subsidiaries or affiliates, any trade secrets, information, data, or other confidential information relating to customers, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial data, manufacturing processes, financing methods, plans, or the business and affairs of the Company generally, or of any subsidiary or affiliate of the Company (“Company Confidential Information”); provided that the foregoing shall not apply to information which is not unique to the Company or which is generally known to the industry or the public other than as a result of Executive's breach of this covenant; provided further that the foregoing shall not apply when Executive is required to divulge, disclose or make accessible such information by a court of competent jurisdiction or an individual duly appointed thereby, by any administrative body or legislative body (including a committee thereof) having supervisory authority over the business of the Company, or by any administrative body or legislative body (including a committee thereof) with jurisdiction to order Executive to divulge, disclose or make accessible such information.  Executive agrees that upon termination of Executive's employment with the Company for any reason, he will return to the Company immediately all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way relating to the business of the Company and its affiliates and/or containing any Company Confidential Information, except that he may retain personal notes, notebooks and diaries that do not contain Company Confidential Information of the type described in the preceding sentence.  Executive further agrees that he will not retain or use for Executive's account at any time any trade names, trademark or other proprietary business designation used or owned in connection with the business of the Company or its affiliates.  Except to the extent that it could reasonably be expected to materially and unreasonably interfere with the Executive's professional and personal responsibilities and commitments, upon reasonable notice from the Company to the Executive, Executive agrees to cooperate, both during and after the Employment Term, at the Company’s sole cost and expense (including reasonable, necessary and documented legal fees to the extent not otherwise paid by insurance), with respect to matters of which Executive has knowledge.

		
	10.
	DEFEND TRADE SECRETS ACT.  

		
	(a)
	Notwithstanding anything set forth in this Agreement to the contrary, Executive shall not be prohibited from reporting possible violations of federal or state law or regulation to any governmental agency or entity or making other disclosures that are protected under the whistleblower provisions of federal or state law or regulation, nor is Executive required to notify the Company regarding any such reporting, disclosure or cooperation with the government.

		
	(b)
	Pursuant to Section 1833(b) of the Defend Trade Secrets Act of 2016, Executive acknowledges that he shall not have criminal or civil liability under any federal or State trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Nothing in this Agreement is intended to conflict with Section 1833(b) of the Defend Trade Secrets Act of 2016 or create liability for disclosures of trade secrets that are expressly allowed by such section.

		
	11.
	Specific Performance. Executive acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of Section 8 or Section 9 would be inadequate and, in recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, shall be entitled to cease making any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.

		
	12.
	Miscellaneous.

		
	(a)
	Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to conflicts of laws principles thereof.

		
	(b)
	Entire Agreement/Amendments.  This Agreement contains the entire understanding of the parties with respect to the employment of Executive by the Company.  There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein.  This Agreement supersedes any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof which have been made by either party.  This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto.

		
	(c)
	No Waiver.  The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

		
	(d)
	Severability.  In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.

		
	(e)
	Assignment.  This Agreement shall not be assignable by Executive.  This Agreement may be assigned by the Company to a company which is a successor in interest to substantially all of the business operations of the Company.  Such assignment shall become effective when the Company notifies the Executive of such assignment or at such later date as may be specified in such notice.  Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such successor company, provided that any assignee expressly assumes the obligations, rights and privileges of this Agreement.

		
	(f)
	Successors Binding Agreement.  This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributes, devises and legatees.

		
	(g)
	Notice.  For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt.

If to the Company:

El Pollo Loco, Inc.
3535 Harbor Boulevard, Suite 100 
Costa Mesa, CA 92626 
Attn: President and Chief Executive Officer
Attn: Vice President, Legal.

If to Executive: To the most recent address of Executive set forth in the personnel records of the Company.
		
	(h)
	Withholding Taxes.  The Company may withhold from any amounts payable under this Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

		
	(i)
	Section 409A.  The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), to the extent subject thereto, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith.  Notwithstanding anything contained herein to the contrary, Executive shall not be considered to have terminated employment with the Company for purposes of any payments under this Agreement which are subject to Section 409A of the Code until the Executive has incurred a “separation from service” from the Company within the meaning of Section 409A of the Code.  Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separate identified payment for purposes of Section 409A of the Code.  Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six-month period immediately following an Executive’s separation from service shall instead be paid on the first business day after the date that is six months following the Executive’s separation from service (or, if earlier, the Executive’s date of death).  To the extent required to avoid an accelerated or additional tax under Section 409A of the Code, amounts reimbursable to Executive under this Agreement shall be paid to Executive on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in kind benefits provided to Executive) during one year may not affect amounts reimbursable or provided in any subsequent year.  The Company makes no representation that any or all of the payments described in this Agreement will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment.

		
	(j)
	Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.
_________________________     
Miguel Lozano 
 

 
EL POLLO LOCO, INC.
By:              
    Name:     
    Title:    
 

1Exhibit

Exhibit 10.32
CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE
This Confidential Separation Agreement and Release ( “Agreement”) is entered into by and between Gus Siade (“Siade”), individually, and El Pollo Loco, Inc. (hereinafter known as “Company” or “El Pollo Loco”).
RECITALS
A.Siade worked for El Pollo Loco as the Senior Vice President, Operations (“SVP, Operations”) and, as result of the elimination of the SVP, Operations position, on January 22, 2019 it was confirmed that Siade’s employment with the Company will be separated effective February 1, 2019 (“Separation Date”).  
B.On January 22, 2019 this Agreement was provided to Siade and is open for his consideration for twenty-two (22) calendar days until February 13, 2019, and shall become null and void if not executed by Siade by or before that deadline.  The earliest Siade can sign this Agreement is on February 1, 2019, and the Company’s obligations will not be triggered if the Agreement is signed before the Separation Date.  
C.Siade understands and agrees that he has been paid all earned and accrued benefits, wages, expenses, and amounts to which he is entitled at the time of execution of this Agreement.  Siade understands the aforementioned payments are not consideration for this Agreement. Siade will also receive any bonus earned under the El Pollo Loco 2018 Incentive Plan (“2018 Bonus Plan”), which is also not consideration for this Agreement and will be paid at the time earned and distributed by the Company to its Support Center employees, consistent with the terms of the 2018 Bonus Plan.  Siade understands and acknowledges that he is not entitled to any further compensation or payments, other than what is expressly set forth herein as consideration for his agreement to the terms of this Agreement.
D.  Siade also holds stock, shares and/or options, other securities or rights to purchase shares of the Company’s capital stock pursuant to the Company’s Omnibus Equity Incentive Plan and its related plan documents (collectively, the “Option Plan”), subject to certain vesting requirements and other terms and conditions set forth in the Option Plan.
E.By way of this Agreement, the Company has elected to offer Siade benefits to which he would not otherwise be entitled.  Based upon the foregoing, and in consideration of the mutual promises contained in this Agreement, the El Pollo Loco and Siade (the “Parties”) agree the Company will offer consideration to Siade in exchange for his agreement to the terms of their Agreement, as set forth below. Any Company shares of Siade will be governed under the terms of the existing plan agreement for the distribution of those shares.
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AGREEMENT
1.Effective Date.  The “Effective Date” of this Agreement shall be the day on which Siade executes this Agreement in accordance with its terms (on or after the Separation Date and before February 13, 2019).  The Company’s obligations under this Agreement are not triggered until ten (10) business days after the Effective Date, and on the condition there has been no revocation of the Agreement, including any pursuant to Paragraph 14.   
2.    Consideration.  Subject to Siade’s compliance with the terms and conditions of this Agreement, El Pollo Loco shall provide to Siade up to a total gross sum of Two-hundred eighty-one thousand eight-hundred seventy-six Dollars ($281,876) less any applicable taxes and withholding under state and federal law (“Consideration”), in consideration for Siade’s agreement to the terms of this Agreement, as specified below and assuming the Agreement is not revoked or breached by Siade.  The Consideration shall be issued by way of two (2) Company checks and paid out as follows:
(a)    The first check in the gross amount of One-hundred-forty thousand nine-hundred thirty-eight Dollars ($140,938.00) (“Check One”), less any applicable taxes and withholding (issued along with a Form W-2), made payable to Gus Siade, assuming there has been no breach or revocation of this Agreement in any form (including no revocation pursuant to Paragraph 14) by Siade, and delivered to Siade on or before fifteen (15) business days after El Pollo Loco’s receipt of this original fully executed Agreement and the Effective Date, in accordance with the terms of this Agreement, as full and complete consideration for Siade’s agreement to the terms of this Agreement; 
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(b)    The second check in the gross amount of One-hundred forty thousand nine-hundred thirty-eight Dollars ($140,938.00) (“Check Two”), less any applicable taxes and withholding (issued along with a Form W-2), made payable to Gus Siade and delivered to him on or before August 30, 2019, in further consideration for Siade’s agreement to the terms of this Agreement, and on the condition the following has occurred: (1) Siade’s execution of the Final Severance Release (Exhibit A) in July of 2019 and ensures its delivery to the Company, to the attention of Edye Austin, Vice President, Legal of the Company by or before July 31, 2019, (2) Siade’s continued compliance with the terms of this Agreement and the Final Severance Release, without revocation; and (3) confirmation that no claim(s) or litigation has been initiated by Siade or anyone acting on his behalf against the Company and the Released Parties.
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3.    The Consideration specified in Paragraph 2 shall be made by Company checks of El Pollo Loco, Inc.  Siade also understands Checks One and Two are designated as wages and will be reported by Siade on a Form W-2. Further, Siade acknowledges, understands and agrees that Check One alone is sufficient consideration for his agreement to the terms of this Agreement, and any subsequent breach of his obligations under this Agreement or the Final Severance Release Agreement relieves and forever excuses the Company of its obligation to render any further payment to him, including Check Two.                                                                                                                ____________
 
                                        INITIAL HERE
4.    Attorneys’ Fees.  Each Party shall bear his or its own attorneys’ fees (if any), costs, and any other expenses incurred in connection with the subject matter of this Agreement. 
5.    Taxes.  Notwithstanding the tax deductions set forth in Paragraph 2 above, Siade shall pay in full when due, and shall be solely responsible for, any and all federal, state, or local income taxes that are or may be assessed against his or on his behalf relating to the Consideration payments received by Siade pursuant to this Agreement, as well as all interest or penalties that may be owed in connection with such taxes.  Siade is not relying on any representations or conduct of El Pollo Loco with respect to the adequacy of the withholdings.  Siade further agrees to indemnify and hold harmless El Pollo Loco from any and all claims related to or arising from each of his responsibilities to pay taxes associated with the Consideration or the manner in which payment has been allocated for purposes of this Agreement.
6.    Releases.  
6.1.    Release.  In consideration for the mutual promises and covenants undertaken herein, Siade does hereby, for himself and for his heirs, attorneys, legal representatives, agents, successors-in-interest and assigns, irrevocably and unconditionally releases and forever discharges El Pollo Loco as well as its parent companies, subsidiaries, affiliates, predecessors, successors or assigns, shareholders, members, partners, officers, attorneys, agents and employees (the “Released Parties”), from any and all causes of action, claims, actions, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever kind and character, which he has or may have against the Released Parties by reason of, or arising out of, touching upon, or concerning Siade’s relationship with El Pollo Loco, or any and all other matters of whatever kind, nature or description, whether known or unknown, occurring prior to the date of execution of this Agreement.  This release specifically includes, but is not limited to, any and all claims for breach of contract or implied contract, fraud, breach of fiduciary duty, breach of the covenant of good faith and fair dealing, inducement of breach, intentional or negligent misrepresentation, conspiracy, tortious denial of contract, interference with proprietary interests, failure to pay wages, bonuses, benefits, vacation pay, severance pay or other compensation of any sort, negligence, negligent hiring, retention or supervision, defamation, unlawful efforts to prevent relationship, violation of constitutional rights, discrimination or harassment on the basis of race, color, sex, sexual orientation, national origin, religion, age (including but not limited to claims arising under the Age Discrimination in Employment Act and Older Worker Benefit Protection Act, 29 U.S.C. § 621, et seq.), disability, medical condition or marital status, and/or violation of any statutes, rules, regulations or ordinances, whether federal, state or local, including, but not limited to, Title VII of the Civil Rights Act of 1964, the California Fair Employment and Housing Act, the California Family Rights Act, and qui tam actions pursuant to any federal, state or local statute, rule, regulation or ordinance.  Siade has confirmed he has no claims of any kind against the Company, and has not been precluded by this or any other agreement for discussing the facts of a claim of sexual harassment, discrimination or retaliation.  Nothing in this Agreement shall preclude Siade from filing a charge with a government agency or cooperating in an investigation conducted by a government agency, including the Department of Fair Employment and Housing, and the Equal Employment Opportunity Commission.  However, Siade agrees except with respect to proceedings before the Securities and Exchange Commission, he is waiving his right to any monetary damages or other equitable relief as a result of any such proceedings.
6.2.    Mistakes in Fact; Voluntary Consent.  Siade expressly and knowingly acknowledges that, after the execution of this Agreement, he may discover facts different from or in addition to those that he now knows or believes to be true with respect to the claims released in this Agreement.  Nonetheless, this Agreement shall be and remain in full force and effect in all respects, notwithstanding such different or additional facts and Siade intends to fully, finally, and forever settle and release those claims released in this Agreement.  In furtherance of such intention, the release given in this Agreement shall be and remain in effect as a full and complete release of such claims, notwithstanding the discovery and existence of any additional or different claims or facts.  Similarly, in entering into this Agreement, Siade assumes the risk of misrepresentations, concealments, or mistakes, and if he should subsequently discover that any fact relied upon in entering into this Agreement was untrue, that any fact was concealed, or that her understanding of the facts or law was incorrect, he shall not be entitled to set aside this Agreement or the settlement reflected in this Agreement or be entitled to recover any damages on that account.  
6.3.    Section 1542 of the California Civil Code.  Siade expressly waives any and all rights and benefits conferred upon him by Section 1542 of the California Civil Code, which states as follows:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR THE RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.
Accordingly, Siade knowingly, voluntarily and expressly waives any rights and benefits arising under Section 1542 of the California Civil Code and any other statute or principle of similar effect.
6.4.    Covenant of Siade.  Siade represents and covenants he has not revealed to anyone any trade secrets or confidential or proprietary information of the Company or Released Parties, not otherwise available to the public.  The Parties understand and agree that notwithstanding the provisions of this Agreement, Siade will remain bound by the confidentiality provisions of this Agreement, as specified in Paragraph 7, below, with respect to non-public information gained by him during his employment.
6.5.    No Lawsuits.  Siade confirms he has filed no lawsuit and no charge against the Released Parties, including any charge with any government agency including but not limited to the EEOC or the DFEH, related to his employment.  Siade further confirms that he has no such claims nor has he notified the Company of any such claims.  In the event that any claim released herein is at any time in the future prosecuted by Siade, or by any person, entity or administrative agency on behalf of Siade, Siade shall pay any amounts to the Company received by him as a result of such future prosecution of any claims released herein.
___________
INITIAL HERE 

7.    Confidentiality.  Siade agrees he will not disclose to others (i) the fact or terms of this Agreement, (ii) the amounts referenced in this Agreement, or (iii) the fact of the payment of these amounts, except that he may disclose such facts to his spouse, attorneys, accountants, insurers or other professional advisors to whom the disclosure is necessary to effect the purpose for which the professional has been consulted, provided that they each agree to be bound by this confidentiality provision.  Nothing contained in this paragraph shall preclude Siade from revealing or describing his employment with the Company to prospective employers; provided however, such disclosure shall not violated Paragraph 10, and not disparage the Company.  The confidentiality obligations contained in this paragraph shall be in addition to any other confidentiality agreements between the Company and Siade.  Notwithstanding the foregoing, nothing in this Agreement shall be construed as precluding disclosure required and compelled by law.  In the event Siade is required and compelled by law to disclose any such matters, he will first give fifteen (15) days advance written notice (or, in the event that it is not possible to provide fifteen (15) days written notice, as much written notice as is possible under the circumstances) to the Company so that the Company  may present and preserve any objections that it may have to such disclosure and/or seek an appropriate protective order. The Parties acknowledge and agree this Paragraph 7 is a material inducement to the Parties entering into this Agreement, and further acknowledge and agree that any breach of this Paragraph by Siade, Siade’s representatives, and/or Siade’s family members, shall be subject to a claim for damages or equitable relief (or both).  The Parties acknowledge and agree that any such disclosure of the facts or terms of this Agreement shall be subject to a claim for damages including but not limited to liquidated damages in a sum equal to $1,000 per violation and/or injunctive relief.    
8.    Notice.  Written notices pursuant to this Agreement shall be directed as follows:
If to El Pollo Loco:
Edye Austin
El Pollo Loco, Inc.
3535 Harbor Blvd., Suite 100
Costa Mesa, CA  92626
Facsimile No.: (714) 599-5593
If to Siade
Gus Siade
26183 Quartz Mesa Lane
Valencia, CA  91381

9.    Cooperation.  Siade agrees that he will assist the Company in defending or prosecuting any claim which arose or may arise or continue after Siade’s employment ends.  Such assistance shall include, but not be limited to Siade being reasonably available as a witness for the Company regardless of the location of the deposition, arbitration or trial, being reasonably available to be prepared for testimony, and providing the Company and its counsel with information, documents or other material within Siade’s knowledge related to Siade’s employment or pertinent to the claim.  The Company agrees to reimburse Siade for reasonable out-of-pocket expenses only (including travel) actually incurred by Siade in providing assistance at Siade’s request pursuant to this provision.  
10.    Non-Disparagement.  Siade agrees that he will not knowingly disparage the Company, the Released Parties, or any past or present (as of the time any statement is made) officer, director or employee of the Company, or otherwise make statements whether or not such statements are thought to be (or are) true with respect to the Company’s business or human resources practices, policies and procedures, and whether or not such statements are made publicly, privately, subject to confidentiality obligations, or otherwise, which could tend to harm or injure the personal or business reputation, or business, of the Released Parties, and whether or not such statements are made to any present employee, officer or director of the Company or Released Parties or to someone outside of the Company.  This Paragraph 10 does not apply to Siade’s statements to his attorneys or physicians or to any statements required by law.  
11.    Neutral Reference.  All reference requests for Siade should be directed to the Work Number l-800-996-7566.  Inquiries may also be referred to the Work Number’s website, www.worknumber.com.  The Company acknowledges and agrees that for all references directed to the Work Number, it will limit information to Siade’s prospective employers to the fact that Siade was employed by the Company, the dates of his employment, the last job title and position Siade held.  
12.    Return of El Pollo Loco Documents.  Siade represents and warrants he does not possess any documents or materials belonging to the Company and he will deliver to the Company all originals and copies in his possession, custody or control, all documents and materials, of whatever nature, belonging to El Pollo Loco, its products and/or its services, and/or Siade’s employment with the Company, no later than two (2) days after the Effective Date.  Excluded from this production will be Siade’s personnel files and pay records.  
13.    ADEA Waiver.  Siade specifically agrees and acknowledges that: (a) his waiver of rights under this Agreement is knowing and voluntary as required under the Age Discrimination in Employment Act, 29 U.S.C. § 621 et. seq. and the Older Workers Benefit Protection Act; (b) he understands the terms of this Agreement; (c) El Pollo Loco advises Siade to consult with an attorney prior to executing this Agreement; (d) the Company has given him a period of up to twenty-one (21) days within which to consider this Agreement; (e) following his execution of this Agreement, he has seven (7) days in which to revoke his agreement to this Agreement as specified in Paragraph 14 and that, if he chooses not to so revoke, the Agreement shall then become effective and enforceable and the payment and extension of benefits listed above shall then be made to him in accordance with the terms of this Agreement; and (f) nothing in this Agreement shall be construed to prohibit him from filing a charge or complaint, including a challenge to the validity of the waiver provision of this Agreement, with a government agency or participating in any investigation conducted a government agency.  However, Siade agrees, except with respect to any proceedings before the Securities and Exchange Commission, he is waiving the right to monetary damages or other equitable or monetary relief as a result of such proceedings.
14.    Revocation Period.  Siade may revoke this Agreement and his release of claims, insofar as it extends to potential claims under the Age Discrimination in Employment Act, by informing El Pollo Loco of his intent to revoke his release within seven (7) calendar days following his execution of this Agreement.  Siade understands that any such revocation must be in writing and delivered by hand or by certified mail - return receipt requested - within the applicable period to Edye Austin, 3535 Harbor Blvd., Suite 100, Costa Mesa, CA 92626.  Siade understands that if Siade exercises his right to revoke, then El Pollo Loco will have no obligations under this Agreement to Siade or to others whose rights derive from him.  The Agreement shall not become effective or enforceable, until the seven (7) day revocation period identified above has expired and in accordance with the Effective Date set forth herein.  The terms of this Agreement shall be open for acceptance by Siade for a period of twenty-one (21) calendar days, and Siade understands that he should, and El Pollo Loco hereby advises him to, consult with legal counsel regarding the releases contained herein and to consider whether to accept El Pollo Loco’s offer and sign the Agreement.  In the event Siade revokes this Agreement pursuant to this Paragraph 14, any such revocation is limited to any claim under the ADEA and this Agreement is otherwise enforceable in exchange for consideration of One Hundred Dollars ($100).
15.    No Future Employment with El Pollo Loco.  Except as otherwise set forth herein, El Pollo Loco and Siade mutually agree that Siade will not in the future knowingly apply, or be considered, for employment with El Pollo Loco or any of El Pollo Loco’s current or future parents, or subsidiaries.    
16.    Indemnification and Attorneys’ Fees.  Without in any way limiting the generality of the foregoing, in the event that any action, suit, or other proceeding is instituted to enforce or interpret this Agreement, or to remedy, prevent or obtain relief from a breach of this Agreement, the prevailing party shall recover all of such party’s costs and fees (including but not limited to attorneys’ fees) incurred in each and every such action, suit, or other proceeding.
17.    Miscellaneous Terms.  Each of the Parties to this Agreement further represents, warrants, and agrees as follows:
17.1.    Independent Advice from Counsel.  Each of the Parties has had opportunity to receive independent legal advice from legal counsel of such party’s choice prior to executing this Agreement.  The terms of this Agreement are contractual, not a mere recital, and are the result of negotiations between the Parties, and no party shall be deemed the drafter of this Agreement.
17.2.    Non-Reliance on Other Parties.  Except for statements expressly set forth in this Agreement and the Consulting Agreement, no party has made any statement or representation to any other party regarding a fact relied on by the other party in entering into this Agreement, and no party has relied on any statement, representation, or promise of any other party, or of any representative or attorney for any other party, in executing this Agreement or in making the settlement provided for in this Agreement.
17.3.    Negotiated Agreement.  The terms of this Agreement are contractual, not a mere recital, and are the result of negotiations between the Parties.  Accordingly, no party shall be deemed the drafter of this Agreement.
17.4.    Severability.  In the event that any provision of this Agreement should be held to be void, voidable, unlawful, or for any other reason unenforceable, the Parties hereto shall mutually agree upon a new provision to replace the provision held void, voidable, unlawful or unenforceable.  In the event that it is not possible as a matter of law to replace any such provision, the remaining provisions or portions of this Agreement shall remain in full force and effect.
17.5.    Modifications.  No modification of this Agreement, shall be binding upon any party to this Agreement unless made in writing and signed by such party or by a duly authorized officer or agent of such party.
17.6.    Accord and Satisfaction.  In entering into this Agreement and the consideration provided for in this Agreement, the Parties recognize that no facts or representations are ever absolutely certain.  Except for the Consulting Agreement between the Parties, this Agreement is intended to be final and binding between the Parties hereto, and is further intended to be effective as a full and final accord and satisfaction between them.  
17.7.    Successors and Assigns.  This Agreement shall inure to the benefit of and shall be binding upon the heirs, successors and assigns of the Parties hereto and each of them.  
17.8.    Applicable Law; Venue.  This Agreement shall be construed in accordance with, and governed by, the laws of the State of California without taking into account conflict of law principles.  Any action to enforce, interpret or evade the terms of this Agreement shall be exclusively brought in the United States District Court, for Central District Court of California.
17.9.    Integration.  This Agreement constitutes a single, integrated written contract expressing the entire Agreement of the Parties concerning the subject matter referred to in this Agreement.  No covenants, agreements, representations, or warranties of any kind whatsoever, whether express or implied in law or fact, have been made by any party to this Agreement, except as specifically set forth in this Agreement.  All prior and contemporaneous discussions, negotiations, and agreements have been and are merged and integrated into, and are superseded by, this Agreement. 
17.10.    No Transfer/Assignment of Claims.  Siade warrants and represents that he has not assigned or transferred or purported to assign or transfer to any person or entity all or any part of or any interest in any claim released under this Agreement.  Siade agrees that he is solely responsible for the satisfaction of any assignment or lien to any lien holder.
17.11.    Knowing and Voluntary Agreement.  Each Party acknowledges that he or it is entering into this Agreement knowingly and voluntarily after having had an opportunity to negotiate with regard to the terms of this Agreement, to receive advice with regard to it, to carefully read and consider its terms, and to make such investigation of the facts pertaining to the settlement and this Agreement and of all matters pertaining to this Agreement as such party deems necessary or desirable.
17.12.    Counterparts.  This Agreement may be executed and delivered in any number of counterparts or copies (“counterpart”) by the Parties to this Agreement.  When each party has signed and delivered at least one counterpart to the other party to this Agreement, each counterpart shall be deemed an original and, taken together, shall constitute one and the same Agreement, which shall be binding and effective as to the Parties to this Agreement.  
SIADE ACKNOWLEDGES AND AGREES THAT HE HAS CAREFULLY READ AND VOLUNTARILY SIGNED THIS AGREEMENT, THAT HE WAS PROVIDED OPPORTUNITY TO REVIEW THIS AGREEMENT FOR AT LEAST 21-DAYS AND AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF HIS CHOICE, AND THAT SIADE SIGNS THIS AGREEMENT WITH THE INTENT OF RELEASING EL POLLO LOCO AND THE RELEASED PARTIES FROM ANY AND ALL CLAIMS.
IN WITNESS WHEREOF, the Parties hereto have approved and executed this Agreement on the dates specified below.  

AGREEING PARTIES
Dated:  February __, 2019        
Gus Siade
Dated:  February __, 2019    EL POLLO LOCO, INC.
By:    
Name:    
Its:    

EXHIBIT A

FINAL SEVERANCE RELEASE
THIS FINAL SEVERANCE RELEASE SHALL BE VALID ONLY IF EXECUTED BY SIADE IN JULY OF 2019 AND DELIVERED TO THE COMPANY BY OR BEFORE JULY 31, 2019, WITHOUT REVOCATION.
By executing this this Final Severance Release (“Final Release”) I reaffirm the representations, release of all claims waiver of known and unknown claims, including but not limited to the general release of all claims against the Company and Company Parties arising out of payment of my incentive compensation under the 2018 Bonus Plan or any other issues arising after my Separation Date, in exchange for Check Two which is being provided as additional consideration for this Final Release and my continued compliance with my Confidential Separation Agreement (“Agreement”), which I previously executed.  I confirm that I continue to comply with the terms of that Agreement.  This Final Release does not in any way impact my existing contractual obligations under that Agreement.
Rather, this Final Release confirms my agreement to further release the Company of any and all claims arising after my Separation Date, including payment of any incentive compensation under the 2018 Bonus Plan.  Specifically, I acknowledge that consistent with and subject to Paragraph 6 of the Agreement, here in this Final Release I hereby release El Pollo Loco for any claims arising after my Separation Date and in consideration for the promises made herein, and Check Two to be provided by the Company, I irrevocably and unconditionally releases and forever discharges El Pollo Loco as well as its parent companies, subsidiaries, affiliates, predecessors, successors or assigns, shareholders, members, partners, officers, attorneys, agents and employees (the “Released Parties”), from any and all causes of action, claims, actions, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever kind and character, which he has or may have against the Released Parties by reason of, or arising out of, touching upon, or concerning my relationship with El Pollo Loco, or any and all other matters of whatever kind, nature or description, whether known or unknown, occurring prior to the date of execution of this Final Release and the Agreement.  This release specifically includes, but is not limited to, any and all claims for breach of contract or implied contract, fraud, breach of fiduciary duty, breach of the covenant of good faith and fair dealing, inducement of breach, intentional or negligent misrepresentation, conspiracy, tortious denial of contract, interference with proprietary interests, failure to pay payments of any kind, or other compensation of any sort, negligence, negligent hiring, retention or supervision, defamation, unlawful efforts to prevent relationship, violation of constitutional rights, discrimination or harassment on the basis of race, color, sex, sexual orientation, national origin, religion, age (including but not limited to claims arising under the Age Discrimination in Employment Act and Older Worker Benefit Protection Act, 29 U.S.C. § 621, et seq.), disability, medical condition or marital status, and/or violation of any statutes, rules, regulations or ordinances, whether federal, state or local, including, but not limited to, Title VII of the Civil Rights Act of 1964, the California Fair Employment and Housing Act, the California Family Rights Act, and qui tam actions pursuant to any federal, state or local statute, rule, regulation or ordinance.  I understand that nothing in this Final Release and the Agreement shall preclude me from filing a charge with a government agency or cooperating in an investigation conducted by a government agency, including the Department of Fair Employment and Housing, and the Equal Employment Opportunity Commission.  However, I agree except with respect to proceedings before the Securities and Exchange Commission, I am waiving my right to any monetary damages or other equitable relief as a result of any such proceedings.  I also confirm I have not filed any lawsuit or charge against the Company or Released Parties, and I further confirm that I have no such claims. 
Without limiting the generality of the above, I specifically acknowledge and agree that all rights under Section 1542 of the California Civil Code are expressly waived, and any rights of similar effect under any other state or common law are equally waived.  That section provides:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR THE RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.
I further understand and acknowledge that pursuant to Paragraphs 13 and 14 of the Agreement, here for this Final Release I again specifically agree and acknowledge that:  (a) my waiver of rights under this Final Release is knowing and voluntary as required under the Age Discrimination in Employment Act, 29 U.S.C. § 621 et. seq. and the Older Workers Benefit Protection Act; (b) I understand the terms of this Final Release; (c) the Company advised me to consult with an attorney prior to executing this Final Release; (d) the Company has given me a period of up to twenty-one (21) days within which to consider this Agreement; (e) following my execution of this Final Release, I have seven (7) days in which to revoke my agreement to this Agreement as specified in Paragraph 14 and that, if I choose not to so revoke, the Final Release shall then become effective and enforceable and the payment and extension of benefits listed above shall then be made to me in accordance with the terms of this Final Release and Agreement; and (f) nothing in this Agreement shall be construed to prohibit me from filing a charge or complaint, including a challenge to the validity of the waiver provision of this Agreement, with a government agency or participating in any investigation conducted a government agency.  However, I agree, except with respect to any proceedings before the Securities and Exchange Commission, I am waiving the right to monetary damages or other equitable or monetary relief as a result of such proceedings.  As specified in Paragraph 14 of the Agreement, I may revoke my release of claims, insofar as it extends to potential claims under the Age Discrimination in Employment Act, by informing the Company of my intent to revoke my release within seven (7) calendar days following my execution of this Final Release, and any such revocation would be limited only to revocation of the release as applied to claims related to my Consulting Work and would not otherwise impact my obligations and duties under the Agreement since I received Check One as consideration for my agreement to the terms of the Agreement.  I also understand that any such revocation must comply with the terms and procedures set forth in Paragraph 14 of the Agreement and be delivered to Edye Austin, 3535 Harbor  Blvd, Suite 100, Costa Mesa, CA 92626.  The terms of this Agreement shall be open for acceptance by me for a period of twenty-one (21) days, and I understand that I should and the Company hereby advises me to, consult with legal counsel regarding the releases contained herein and to consider whether to accept the Company’s offer and sign this Final Release.
I also affirm and agree that I have been paid all amounts due and owing as of the date of execution, including but not limited to, all salary, incentive compensation or other wages or benefits, that I earned for services through the date of execution.  I further understand and agree the aforementioned Check Two is not compensation for any past services provided, and agree I am not entitled to any payments or benefits from the Company other than those expressly set forth herein.
I HAVE VOLUNTARILY RE-AFFIRMED THE SEPARATION AGREEMENT AND FINAL SEVERANCE RELEASE, I HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF MY CHOICE, I HAD AT LEAST 21 DAYS IN WHICH TO REVIEW THIS, AND I KNOWINGLY INTEND TO RELEASE THE COMPANY AND COMPANY PARTIES FROM ANY AND ALL CLAIMS.

Dated: _____________________    By:        
Gus Siade

	
			
	 
	1

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