SEC Contract Filing

Filing Date: 2017-04-12

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>cik0000885568-ex101_46.htm
<DESCRIPTION>EX-10.1
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cik0000885568-ex101_46.htm
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.1</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SEPARATION AGREEMENT</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">THE PARTIES to this Separation Agreement (&#8220;Agreement&#8221;), Old Dominion Electric Cooperative (&#8220;Employer&#8221;) and Elissa Ecker (&#8220;Employee&#8221;), agree that the following sets forth their complete agreement and understanding regarding the retirement and end of Employee&#8217;s employment.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><font style="font-weight:normal;">WHEREAS, Employee desires to retire;</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Employee&#8217;s last day of employment will be April 15, 2017, but Employee will not perform any duties on behalf of the Company or report to work after April 7, 2017 (the &#8220;Last Day of Work&#8221;); and</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">WHEREAS, Employee and Employer desire to settle fully and finally any and all differences and issues, including those arising out of the end of employment and other potential claims Employee may have against Employer;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">NOW THEREFORE, Employee and Employer agree as follows:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font>The Company will pay the Employee Two Hundred Ten Thousand, Four Hundred Sixty-Eight Dollars ($210,468.00), minus applicable tax withholdings (the &#8220;Severance Payment&#8221;).&nbsp;&nbsp;If Employee timely elects continuing health coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), Employer will pay her COBRA premium for a twelve month period, from May 2017 until April 2018. The Company will pay to the Employee Twenty-Four Thousand Two Hundred Eight-Five and 60/100 Dollars ($24,285.60) to represent 240 hours of earned but unused vacation.&nbsp;&nbsp;If employee submits for reimbursable business expenses under Company policy within ten (10) days of the Effective Date of this Agreement, Company will reimburse Employee for appropriate business expenses.&nbsp;&nbsp;After the Company receives this Agreement signed by the Employee, the Severance Payment and payment for earned vacation will be paid in a lump sum at the regular payroll following the expiration of the Revocation Period set out in paragraph 21 below.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.<font style="margin-left:36pt;"></font>The Company agrees to make the following statement to its employees on the Employee&#8217;s Last Day of Work:&nbsp;&nbsp;&#8220;Elissa Ecker has elected to take early retirement and we have accepted her decision.&#160; She will be retiring as of the end of this week.&#160;&#160;&#160; Please join me in thanking Elissa for her service to ODEC and to wish her the very best in the future.&#8221;&nbsp;&nbsp;If employment references are directed to (Acting) Director of Human Resources, the Company will respond with Employee&#8217;s name, last position, and last salary. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-fami