RELEASE AND WAIVER AGREEMENT
CONCERNING MY SEPARATION FROM EMPLOYMENT
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I, Allen J. Cizner, who resides at 50 E. Bellevue #2102, Chicago, IL 60611, have agreed to accept a Separation Benefit, upon
my separation from employment with PECO II, Inc. (the Company).
I understand that, upon my signature, and that of a representative of the Company, this Agreement between the Company
and me will govern the terms of my separation. I understand I will be paid through May 2, 2003 (the “Effective Date”). In
addition, I understand that my responsibilities with the Company will terminate as of April 25, 2003, however, I will be
available to provide technical assistance as requested by the CEO for an additional five working days as PECO II, Inc.
I will receive all salary earned and accrued through the Effective Date of my separation which includes all unused earned
vacation pay for the calendar year 2003 to which I may be entitled and which shall be paid on or before May 9, 2003. I have
been given a Dell computer and a printer. I understand that the Company is providing the Separation Benefit as a special
benefit to me, in return for this Agreement. I understand that the Separation Benefit is over and above what I would
normally receive upon separation.
I understand that the Separation Benefit provided under this Agreement shall be:
A gross payment equivalent to 12 weeks of pay ($51,923.03), which shall be paid upon the full execution of this
I understand that my receipt of the Separation Benefit in no way affects any right I may have to receive continued medical
coverage under COBRA (the Consolidated Omnibus Budget Reconciliation Act). I further understand that the complete
terms of my release and waiver agreement, and all the terms of my separation are contained in this single Agreement. I am
relying on no information or representation concerning my separation, other than the terms