SEC Contract Filing

Filing Date: 2017-06-20

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex102_6-20x2017.htm
<DESCRIPTION>EXHIBIT 10.2
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<div><a name="sD60DD14AD3E838ACC839C1C76EE88CA0"></a></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.2</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SEPARATION AGREEMENT AND GENERAL RELEASE (&#8220;AGREEMENT&#8221;)</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In return for the mutual promises in this Agreement, FalconStor Software, Inc. (the &#8220;Company&#8221;), 2 Huntington Quadrangle, Melville, NY 11747, its predecessor companies, and its and their respective stockholders, affiliates, subsidiaries, divisions, successors and assigns and the current and former employees, officers, directors and agents thereof (collectively referred to throughout this Agreement as &#8220;Employer&#8221;), and Gary Quinn, his heirs, executors, administrators, successors, and assigns (collectively referred to throughout this Agreement as &#8220;You&#8221;), agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Purpose</font><font style="font-family:inherit;font-size:12pt;">. This is a Separation Agreement between Company and You and an exchange of General Releases of claims between You and the Employer.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Time to Return and Legal Review</font><font style="font-family:inherit;font-size:12pt;">. You understand and agree that You have until July 5, 2017 to sign and return this Agreement. You are advised to consult with an attorney, at your own expense, before signing. By signing, You acknowledge that Company has advised You to consult with an attorney before signing, at your own expense, and that You have had enough time to do so. You further understand that if You do not sign and return this Agreement by July 5, 2017, Company shall have no obligation to make any payments or provide any benefits to You under this Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Revocation</font><font style="font-family:inherit;font-size:12pt;">. You may revoke (cancel) this Agreement for a period of seven (7) calendar days after the day You sign this Agreement. Any revocation within this period must be submitted, in writing, to Jason Pitre, Company&#8217;s Director of Human Resources</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">,</font><font style="font-family:inherit;font-size:12pt;">&#32;and state, &#8220;I hereby revoke my acceptance of our Agreement.&#8221; The revocation must be personally delivered to Jason Pitre or a person he designates, or mailed to Jason Pitre and received within seven (7) calendar days of your signing of this Agreement and General Release. This Agreement shall not become effective or enforceable until the revocation period has expired without revocation by You. If the last day of the revocation period is a Saturday, Sunday, or legal holiday in New York, then the revocation period shall not expire until the next following day which is not a Saturday, Sunday, or legal holiday.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Resignation</font><font style="font-family:inherit;font-size:12pt;">. Effective July 1, 2017, You voluntarily resign from all positions, whether as an employee, as an officer, or as a director, at the Company and any of its direct and indirect subsidiaries, foreign or United States entities, effective on July 1, 2017. Both You and the Company agree that in response to inquiries regarding your departure from the Company both You and the Employer will state that You voluntarily resigned to pursue other opportunities. Furthermore, it is acceptable if You are not in the office every day while the transition is taking place.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Duty of Confidentiality</font><font style="font-family:inherit;font-size:12pt;">. You expressly agree and confirm that You will comply with