|SPECTRUM BRANDS HOLDINGS, INC. filed this Form 8-K on 07/13/2018|
This Release Agreement (the Agreement) is entered into between George Nicholson (Employee) and HRG Group, Inc. (the Company).
(a) Employee and the Company are parties to an employment agreement (as amended, modified or supplemented, if applicable, the Employment Agreement) and a retention bonus and severance agreement dated as of January 20, 2017 (the Prior Retention Agreement) and a retention bonus and severance agreement dated as of September 15, 2017 (the Retention Agreement) and the Retention Agreement replaces and supersedes in its entirety the Prior Retention Agreement. Capitalized term not defined herein shall have the meaning ascribed to them in the Retention Agreement.
(b) The Employee and the Company wish to terminate the Employees employment effective as of July 13, 2018;
(c) Pursuant to the Retention Agreement, the Employee has received the Designated 2017 Payment and Specified 2017 Bonus and, subject to the execution and effectiveness of this Agreement, will be paid $ 325,000 as the Designated Payment and $425,000 as the Specified Bonus and an additional $200,000 and COBRA Reimbursement each in accordance with the terms of the Retention Agreement;
(d) Employee and the Company desire to fully and finally resolve and settle any and all issues between them, actual or potential, whether or not relating to Employees employment with the Company and the termination of such employment as set forth in this Agreement.
(e) Employee and the Company acknowledge and agree that the Recitals set forth in Paragraph 1 of this Agreement are accurate and that Employees last day of employment is July 13, 2018 (the Termination Date). As of the Termination Date, Employee (i) will be relieved of the duties and responsibilities of Employees position, (ii) shall resign as evidenced by this Agreement, and any other agreement or document requested by the Company, from any titles and appointments Employee may hold with the Company and its parent, subsidiaries and affiliates, and (iii) will have no authority to and may not represent himself as an employee or agent of the Company or its parent, subsidiaries and affiliates for any purpose unless and to the extent specified in writing by an authorized officer of the Company.
2. Payments to Employee
(a) Payments. Provided that Employee timely delivers to the Company a signed original of this Agreement and subject to Employees compliance with the Confidential Information, Company Property, Intellectual Property, and Non-Disparagement provisions of the Employment Agreement (or similar provisions of the Employment Agreement with different headings) and Paragraph 9 of this Agreement (collectively, the Post Employment