Separation Agreement between PROVANT, Inc. and Paul M. Verrochi (March 21, 2000)

Summary

Paul M. Verrochi resigns as Chairman, CEO, and employee of PROVANT, Inc., but remains on the Board of Directors. In return for a $1,000,000 cash payment, continued automobile and parking benefits until May 4, 2001, and paid medical insurance premiums during COBRA coverage, Verrochi agrees to terminate his employment contract (except for non-competition and confidentiality clauses) and surrender all stock options, while retaining his warrants. These benefits are contingent on Verrochi providing general and age discrimination releases.

EX-10.46 4 b36802prex10-46.txt SEPARATION AGREEMENT - PAUL M. VERROCHI 1 Exhibit 10.46 March 21, 2000 PROVANT, Inc. 67 Batterymarch Street, Suite 500 Boston, MA 02110 Ladies and Gentlemen: Effective immediately, I hereby resign as Chairman of the Board, Chief Executive Officer and an employee of PROVANT, Inc. ("PROVANT"). I shall remain a member of the Board of Directors of PROVANT. In exchange for the benefits described on the attached Exhibit, I hereby agree that my existing employment contract with PROVANT is terminated (except for the non-competition and confidentiality clauses) and all stock options that I have received from PROVANT are terminated and shall be surrendered to PROVANT. I will continue to keep my warrants to acquire PROVANT stock. Such benefits shall be made available to me promptly upon (a) delivery by me of a general release in favor of PROVANT and a special release relating to age discrimination claims and (b) expiration of the statutory revocation period with respect to the special release. /s/ Paul M. Verrochi --------------------------------- Paul M. Verrochi 2 EXHIBIT 1. I shall be paid in cash the sum of One Million Dollars ($1,000,000). 2. My automobile allowance and parking benefits shall continue until May 4, 2001. 3. PROVANT shall pay all of my medical insurance premiums during the period I am entitled to coverage under COBRA.