- 6 - At the time petitioner's employment was terminated, he had been employed by WC for approximately 21 years. Settlement Agreement and General Release Following petitioner's acceptance of Mr. Creighton's $1,125,000 offer, attorneys became involved in drafting the settlement agreement. Petitioner's attorney attempted to insert a statement in the draft agreement that the $1,125,000 payment was in consideration for tort liabilities. WC's assistant general counsel specifically refused to acknowledge that WC's $1,125,000 payment to petitioner was in consideration for any tort liabilities. On May 16, 1989, petitioner and Mr. Creighton (on WC's behalf) signed a Settlement Agreement and General Release of All Claims (General Release). Pursuant to the General Release, petitioner was paid $1,125,000 in consideration for releasing all potential causes of action against WC and WMC. In this regard, the General Release stated: The Cash Payment shall represent full and complete satisfaction, settlement and release by Wise of any and all claims he has or may have against any entity in the Weyerhaeuser Group, or any director, officer of [sic] employee of any entity in the Weyerhaeuser Group for salary, bonus and other incentive compensation, severance pay or other compensation based on termination of employment and accrued and unpaid vacation pay. * * * * * * * Wise does as of the Effective Date release Weyerhaeuser, each subsidiary of Weyerhaeuser, and each director, officer, employee and agentPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011