Mutual Separation And Release Agreement

5. Removing the reference to the “founder.” The company acknowledges and agrees that Mr. Musk is a founder of the company and his predecessor X.com. The Company agrees that, within ten days of this agreement, all references to the company`s “founder” be removed from the company`s website and the “on” section of all future company press releases. In addition, the company refrains from disclosing who the company`s founders are or making statements quoted in the press that undermine the “founder” status of X.com or Mr. Musk`s company when communicating with the media or other third parties. In the event that the company violates its obligations under this section 5 (a), Mr. Musk may sell to the company and employees may demand a “reciprocal” release so that the employer refrains from pursuing its claims against the employee in the same manner. Mutual release is particularly important if the employer has the opportunity to take legal action against the worker for breach of work at serthenert. Typically, the company offers a type of payment (often called severance pay) in exchange for a waiver and the release of rights. The agreement may provide the worker with other advantageous conditions, such as the continuation of health services. B, a neutral reference and services that help find a new job.

In addition to the release of rights, the employer can obtain commitments, such as .B the agreement of the employee, customers or other employees. While organizations are not legally obligated to offer a separation agreement – and are generally subject to a low legal risk if they do not, most clients advise putting one on the table, if only to ensure security against possible future litigation. 14. Arbitration. The contracting parties strive to be dealt with by consultation with any dispute that arises in this agreement. In the event that, within thirty (30) days after written notification by one of the parties to the other party of such a dispute, it is not possible to reach an agreement on such a dispute, the dispute will be settled by binding arbitration before an arbitrator before an arbitrator before an amicable agreement in Santa Clara County California, California. If the parties fail to reach an agreement, they submit the case to the presiding judge of the Santa Clara District, who selects an arbitrator based on the contributions of the parties. The arbitration decision is final, conclusive and binding on both parties, and any award or arbitration decision may be subject to any competent court. The parties agree that, in arbitration proceedings, the dominant party has the right to bring a cease and desealance action before any court competent to enforce the award. The parties also agree that, in such a proceeding, the dominant party will be charged reasonable legal fees and fees. This section does not apply to the confidentiality agreement. The parties heresquile to waive all rights they must assert in court with respect to arbitration applications.