Username:
  
  Password:
  
  

Exhibit 10.1

RELEASE AGREEMENT

Donald Wilson

[employee address]

 

 

Re:

Release Agreement

This letter confirms that your employment with AMCORE Financial, Inc. (the “ Company ”) terminated on April 27, 2009 (the “ Termination Date ”). This Release Agreement below is being provided for your review and consideration.

 

 

1.

Subject to your execution and continued compliance with the terms and conditions of this Release Agreement, the Company has agreed to provide you with a severance payment in an amount totaling $51,924.00 (gross), less all applicable payroll taxes and required or permitted withholdings (the “ Severance Payment ”).

 

 

2.

Your Severance Payment has been calculated as shown on the Severance Calculation Worksheet. The payment to be paid as soon as practicable after the Release Effective Date (as defined below) and in any event no later than 60 days following the Release Effective Date. If you are offered and accept another employment opportunity with the Company before any portion of the Severance Payment has been made or commenced, you will no longer be eligible for any Severance Payment, and this Release Agreement will be null and void. Further, if any portion of the Severance Payment has been made, and you are then offered re-employment with the Company, your eligibility for any remaining portions of the Severance Payment will terminate as a condition of re-employment and the Company will not provide you with any additional portions of the Severance Payment from the date you become re-employed by the Company. If any portion of the Severance Payment has been paid to you prior to such date, this Release Agreement will not be null and void and will remain in effect, even if you do not receive the full amount of the original Severance Payment. You understand and agree that this Release Agreement, and the payments provided thereunder shall in no way be deemed to constitute or give rise to a continuing employment relationship between you and the Company after your Termination Date or entitle you to any other benefits to which employees of the Company may be entitled after your Termination Date. The Severance Payment is in addition to all wages and unused vacation earned through the Termination Date.


 

3.

You acknowledge and agree that you are not otherwise entitled to receive the Severance Payment unless you agree to the terms of this Release Agreement. In exchange for the Severance Payment, you, on behalf of yourself and your heirs, executors, administrators, successors and assigns, hereby knowingly and voluntarily release the Company and any and all of its parent, subsidiary, affiliated or related companies, together with each of their officers, stockholders, directors, employees, agents, insurers and reinsurers, attorneys and representatives, and all of their, predecessors, successors, heirs, and assigns (collectively, the “ Releasees ”), from all claims, demands, causes of action, obligations, damages and liabilities of every kind or character whatsoever, whether presently known or unknown, suspected or unsuspected, both in law and equity (“ Claims ”),which you ever had, now have or may hereafter claim to have against any of the Releasees by reason of any matter, cause or thing whatsoever arising from the beginning of time until the date you sign this Release Agreement (the “ Release ”). T HIS R ELEASE INCLUDES , WITHOUT LIMITATION , ANY C LAIMS IN CONNECTION WITH YOUR EMPLOYMENT AND / OR THE TERMINATION OF YOUR EMPLOYMENT ; C LAIMS OF LIBEL , SLANDER , WRONGFUL DISCHARGE , INTENTIONAL INFLICTION OF EMOTIONAL HARM , FRAUD OR ANY OTHER STATE OR FEDERAL TORT ; C LAIMS UNDER ANY STATUTE OR REGULATION , INCLUDING BUT NOT LIMITED TO , THE A GE D ISCRIMINATION IN E MPLOYMENT A CT OF 1967, THE O LDER W ORKERS B ENEFIT P ROTECTION A CT , THE A MERICANS WITH D ISABILITIES A CT OF 1990, T ITLE VII OF THE C IVIL R IGHTS A CT OF 1964, THE C IVIL R IGHTS A CT OF 1991, S ECTIONS 1981 THROUGH 1988 OF T ITLE 42 OF THE U NITED S TATES C ODE , THE E MPLOYEE R ETIREMENT I NCOME S ECURITY A CT OF 1974, THE W ORKER A DJUSTMENT AND R ETRAINING N OTIFICATION A CT OF 1988, THE F AMILY AND M EDICAL L EAVE A CT OF 1993, THE S ARBANES O XLEY A CT OF 2002, EACH AS AMENDED , OR UNDER ANY OTHER FEDERAL , STATE OR LOCAL LAW , REGULATION , ORDINANCE OR COMMON LAW ; AND ALL C LAIMS UNDER ANY POLICY , AGREEMENT , UNDERSTANDING OR PROMISE , WRITTEN OR ORAL , FORMAL OR INFORMAL , BETWEEN YOU AND THE C OMPANY OR ANY OF THE OTHER R ELEASEES . The parties recognize, however, that nothing contained in this Release shall (i) release any claim that cannot be waived under applicable law, including but not


This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more