GENERAL RELEASE OF CLAIMS
This GENERAL RELEASE OF CLAIMS (Release) is made by _____________________ (Executive), a resident of ___________________,_________________, in favor of Allegro MicroSystems, LLC of Manchester, New Hampshire (the Company), and all related entities, corporations, partnerships and subsidiaries of the Company, as well as each of their current and former directors, insurers, officers, trustees, partners, successors in interest, representatives and agents.
WHEREAS, Executives employment by the Company has ended or will end on ____________, ____ (the Termination Date); and
WHEREAS, Executive wishes to provide the Company with a general release in exchange for the consideration to be provided by the Company to Executive pursuant to that certain Severance Agreement between Executive and the Company dated ____________, 2020 (the Severance Agreement).
NOW THEREFORE, in consideration of the commitments and mutual promises contained in this document, it is agreed as follows:
ONE: This Release shall constitute full accord and satisfaction of any and all claims which have been or could be raised by Executive and a covenant not to sue (as set forth in Paragraph THREE below).
TWO: In return for Executives releases under this Release, Allegro shall provide the following Consideration to Executive:
(a) The Severance Benefit defined in the Severance Agreement, which shall be an amount equal to __________________________.
(b) Company payment of COBRA medical insurance coverage for a period of time as specified in the Severance Agreement.
(c) Other commitments of the Company as set forth in the Severance Agreement.
THREE: In return for the Consideration to be provided by the Company to Executive, on behalf of Executive and his or her heirs, beneficiaries, devisees, executors, administrators, attorneys, personal representatives, and assigns, Executive promises not to sue, and Executive releases and gives up any claim he/she has or may have against, the Company or any of its current or former subsidiaries, affiliated companies, parent companies, shareholders, directors, officers, employees, agents, benefit plans, trustees or representatives, or their successors or assigns, including without limitation any claim under federal, state, or local law relating to Executives employment with the Company or the termination thereof, from the beginning of time up to and including the date