In consideration of Xx. Xxxxxxx'x assignment and conveyance of the Invention to the Company, the Company agrees to compensate Xx. Xxxxxxx for said assignment as follows:
In consideration of Xx. Xxxx'x Guaranty, Touchscreen agrees that it will continue to provide services to the Company in the amount of approximately $10,000-$12,000 per week. Touchscreen will not be obligated to provide further services to the Company in the event that the total outstanding invoices owed by the Company to Touchscreen exceed $550,000 or Xx. Xxxx defaults under the Guaranty.
In consideration of Xx. Xxxxxxx’ execution and non-revocation of this Agreement, Xx. Xxxxxxx’ agreement to be legally bound by its terms, and Xx. Xxxxxxx’ undertakings as set forth herein, Biovail agrees, in accordance with the terms of the Employment Agreement, to provide Xx. Xxxxxxx the following payments and benefits, subject to Xx. Xxxxxxx’ continued compliance with the restrictive covenants set forth in Article Four of the Employment Agreement and Xx. Xxxxxxx’ execution and non-revocation of this Agreement:
In consideration of Xx. Xxxxxx’x execution of and compliance with the terms of this Consent Agreement, the Superintendent and the Office of the Attorney General agree to forgo pursuing further civil disciplinary measures or other civil or administrative sanction, including fines or penalties, for the violations described in the Stipulations, other than those agreed to in this Consent Agreement. However, should Xx. Xxxxxx violate this Consent Agreement, the Superintendent and the Attorney General reserve the right to pursue any available legal remedy for the violation, including without limitation the suspension or revocation of all licenses issued to Xx. Xxxxxx by the Superintendent.
In consideration of Xx. Xxx'x agreement to enter into this Agreement, the Company hereby irrevocably and unconditionally releases and forever discharges Xx. Xxx, his predecessors, successors, affiliates, representative and attorney, and their successors and assigns, from any, every, and all charges, complaints, claims, causes of action, and lawsuits including, but not limited to, those arising from or in any way related to Xx. Xxx'x employment with the Company, including but not limited to, actions based upon contract or tort, together with any and all other claims based on the Company's employment or use of Xx. Xxx, or any other event occurring prior to the date of this Agreement.
In consideration of Xx. Xxxxxxxx’x agreeing to continue his employment with the Companies from the period beginning on the date hereof and ending on the Separation Date, the Companies will continue to pay to Xx. Xxxxxxxx his current base salary through the Separation Date and make a one-time payment as soon as practicable following the Separation Date of an amount equal to the product of (i) 50% of his monthly base salary as of the day immediately preceding the Separation Date and (ii) the number of months, commencing December 1, 2005, through the Separation Date, including a pro-rata amount for the month in which the Separation Date occurs (the “Retention Bonus”), if, in the Company’s good faith judgment Xx. Xxxxxxxx has satisfactorily and in a professional manner performed his objectives marked under his name in Exhibit B attached hereto.
In consideration of Xx. Xxx’x performance of services as Chairman and a non-employee member of the Board and Xx. Xxx’x execution and delivery of this Agreement and non-revocation of the general release of claims contained herein, during the Term, Xx. Xxx shall be entitled to receive the following compensation and benefits from the Company:
In consideration of Xx. Xxxxx’x execution of this Settlement Agreement and Release, the Company agrees to pay to Xx. Xxxxx the total gross amount of $75,000.00 (the “Severance Amount”) at a rate of $12,500 per month, less required deductions, on a salary continuance basis. All severance payments shall be subject to the Company’s normal payroll practices and shall be made on regular company paydays.
In consideration of Xx. Xxxxxxxx'x consulting services and other promises herein, on January 2, 1998, MEMC will pay to Xx. Xxxxxxxx (or his designated beneficiary, if he should die before January 2, 1998) a lump sum in the amount of $539,751.00. In addition, Xx. Xxxxxxxx will be paid an hourly rate of $250 for each hour and fraction thereof which he spends providing consulting services, with a minimum of two hours for each telephone consultation and four hours for each requested consultation in person. In addition, Xx. Xxxxxxxx will be reimbursed for all reasonable expenses incurred as a result of his performing consulting services. To the extent that Xx. Xxxxxxxx requires administrative support to perform his consulting duties, these will be provided by MEMC; provided that, it is expressly understood that MEMC will not be responsible for providing Xx. Xxxxxxxx with office facilities at any MEMC location. Xx. Xxxxxxxx expressly acknowledges that the monies paid hereunder are over and above anything which MEMC may owe him for his services prior to the termination of his employment and represents additional pay and benefits to which Xx. Xxxxxxxx would not normally be entitled at the end of his employment. If Xx. Xxxxxxxx is required to travel in order to provide consulting services to MEMC, MEMC shall provide travel insurance in an amount not less than that for which Xx. Xxxxxxxx was eligible during the month prior to the Termination Date.
In consideration of Xx. Xxxxxxxxxxx’x continued employment and other benefits provided by the Company, on an ongoing basis from and after June 7, 2008, the Company will defer making payment of Xx. Xxxxxxxxxxx’x otherwise payable salary compensation.
