GENERAL RELEASE AND SEPERATION AGREEMENTGeneral Release and Seperation Agreement • March 14th, 2016 • Merchants Bancshares Inc • State commercial banks
This General Release and Separation Agreement (“Release”) is between Merchants Bank, a Vermont Chartered bank and Merchants Bancshares, Inc., a Delaware corporation (collectively referred to as “the Corporations”) and Michael R. Tuttle (“Tuttle”). Tuttle’s employment with the Corporations has terminated effective December 31, 2015 and this Agreement is intended to effectuate Tuttle’s post-employment rights and obligations under his Employment Agreement dated January 1, 2011, including but not limited to Tuttle’s rights in paragraph no. 4(b) of that Agreement.
