EXHIBIT 10.4
PRIVATE AND CONFIDENTIAL
SEVERANCE AND NON-DISCLOSURE AGREEMENT
THIS AGREEMENT, effective the 7th day of May 2004, by and between King
Pharmaceuticals, Inc., a Tennessee corporation, having its offices at 000 Xxxxx
Xxxxxx, Xxxxxxx, Xxxxxxxxx ("Company") and Xxxx X. Xxxxxxx (hereinafter referred
to as "Xx. Xxxxxxx").
WITNESSETH:
WHEREAS, Xx. Xxxxxxx was employed by the Company as President and
serves as a director and/or officer of each of the Company's subsidiaries; and
WHEREAS, Xx. Xxxxxxxxx X. Xxxxxxx, Chairman and Chief Executive Officer
of King, has notified Xx. Xxxxxxx of the Company's intent to combine the
functions and responsibilities of Xx. Xxxxxxx'x positions with the Company and
its subsidiaries with and among other executive officer positions; and
WHEREAS, pursuant to the Company's decision to combine the functions
and responsibilities of Xx. Xxxxxxx'x positions with the Company and its
subsidiaries with and among other executive officer positions, Xx. Xxxxxxx
resigned from his employment with the Company and each of the Company's
subsidiaries effective May 7th 2004; and
WHEREAS, the Company is willing to provide monetary remuneration to Xx.
Xxxxxxx in return for certain covenants, agreements, releases and waivers all as
hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual agreements and covenants
hereinafter set forth, the parties agree as follows:
1. Effective Date of Separation. The effective date of Xx. Xxxxxxx'x
resignation from the Company and each of the Company's subsidiaries is May 7,
2004 (the "Effective Date"). Xx. Xxxxxxx and the Company are executing this
agreement on May 28, 2004. The Company is accepting Xx. Xxxxxxx'x resignation
effective May 7, 2004 and agrees that Xx. Xxxxxxx shall continue to be covered
by the Company's health insurance until May 6, 2006. Xx. Xxxxxxx shall have such
rights as he may have under applicable law to continue health coverage at his
own expense for such additional periods of time as is available under applicable
law or to terminate such coverage or to procure his own separate coverage as he
may elect after his company health coverage expires as of midnight on May 6,
2006.
2. Consideration. Upon the full execution of this Agreement, the
Company shall pay to Xx. Xxxxxxx a lump sum which represents two (2) years of
his current annual salary and Target Bonus (60% of annual salary), as defined in
the Company's 2004 Management Incentive Plan (the "Separation Payment"). The
total
gross amount due Xx. Xxxxxxx is One Million Five Hundred Twenty-Six Thousand
Four Hundred Dollars ($1,526,400.00). If required, applicable withholding taxes
shall be deducted from such gross amount. The Company shall hold Xx. Xxxxxxx
harmless for any excise tax that may be assessed by the Internal Revenue Service
against the Separation Payment, including without limitation any reasonable
expenses incurred by Xx. Xxxxxxx in defending against the assessment thereof
3. Payment. The Separation Payment shall be fully due and payable to
Xx. Xxxxxxx upon the expiration of the seven (7) day revocation period set forth
in Paragraph 9 of this Agreement. Such payment in full shall be delivered by the
Company in the form of a check made payable to Xx. Xxxxxxx which shall be hand
delivered to Xx. Xxxxxxx, or by wire transfer to an account designated by Xx.
Xxxxxxx, at the expiration of said revocation period.
4. Company Property. Also, in consideration of the payment of the
amount specified in Paragraph 2 above, Xx. Xxxxxxx agrees that all ideas,
inventions, trade secrets, know how, documents and data ("Creative Property")
developed either during, in connection with, or pursuant to his employment with
the Company or in connection with or pursuant to the terms and conditions of
this Agreement with the Company always have been and shall remain the exclusive
property of the Company. Xx. Xxxxxxx agrees to provide all reasonable assistance
to the Company in perfecting and maintaining its rights to Creative Property.
Xx. Xxxxxxx further agrees that the Company shall have the right to use the
Creative Property for any purpose without additional compensation to Xx.
Xxxxxxx.
Further, Xx. Xxxxxxx agrees to return and surrender possession of all
property of the Company, of any nature whatsoever, including but not limited to
keys, other methods of entry or access to the Company's physical premises,
identification badges, memoranda, notes, records, reports, computer hardware or
software, cellular phones and other communication devices, and any other Company
information, material, or equipment (or copies thereof) in Xx. Xxxxxxx'x control
or possession as of the date of his resignation as set forth in Paragraph 1
above.
5. Confidential Information. Xx. Xxxxxxx agrees that he will not use or
disclose any confidential information, trade secret, or proprietary information,
whatever their form, obtained from or by virtue of his association with the
Company including but not limited to information about costs, profits, budgets,
finances, markets, sales, customers, potential customers, products,
formulations, pricing policies, operational methods or technical processes. Xx.
Xxxxxxx agrees not to communicate to any other person or entity about the
nature, quality or quantity of work. Xx. Xxxxxxx agrees not to display for any
purpose any document or portion thereof or any copy or reproduction thereof,
belonging to, or pertaining to the Company without due written authorization
from the Company. To the extent not inconsistent with this Paragraph 5, nothing
herein shall in any way prevent Xx. Xxxxxxx from utilizing his general business,
management and financial skills, techniques and abilities.
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6. Agreement Not to Compete. Xx. Xxxxxxx agrees that for a period of
six (6) months after the Effective Date he will not accept any employment,
whether as an owner, partner, director, officer, employee, agent, independent
contractor, consultant, or in any other capacity (collectively referred to as
"Employment" for purposes of this paragraph) with any entity the business of
which directly competes with the Company's business. Should Xx. Xxxxxxx wish to
accept Employment which potentially would be in violation of this provision, he
must request permission to do so from the Company by seeking and obtaining
written permission from the Chief Executive Officer of the Company and its Board
of Directors to accept such Employment. The Chief Executive Officer of the
Company and its Board of Directors may not unreasonably withhold such
permission.
7. Solicitation of the Company's Employees. Xx. Xxxxxxx agrees that for
a period of twenty-four (24) months from the effective date of this Agreement,
he will not participate in recruiting or soliciting any Company employee, with
the exception of Xx. Xxxxxxx'x executive assistant, Xxxxx Xxxx. Should Xx.
Xxxxxxx wish to discuss possible employment with any then-current Company
employee during the twenty-four (24) month period set forth above, he may
request permission to do so by seeking and obtaining a written exception to this
provision from the Chief Executive Officer of the Company and its Board of
Directors; provided, however, Xx. Xxxxxxx agrees that he will not discuss any
employment possibility with such employees prior to securing the Company's
permission. Should the Company decline to grant such permission, Xx. Xxxxxxx
agrees that he will not at any time, either during or after the non-solicitation
period set forth above, advise the employee concerned that he/she was the
subject of a request under this paragraph or that the Company refused to grant
Xx. Xxxxxxx the right to discuss an employment possibility with him/her.
8. Covenant to Protect the Company. Xx. Xxxxxxx agrees: (i) not to make
any public statement or statements to the press concerning Company business
objectives, status of its securities, its management practices, or other
sensitive information without first receiving the Company's written approval;
(ii) that he will not divulge or disclose any proprietary or confidential
information to any third party, except his personal legal advisor, without the
prior written consent of the Company (any disclosure of such information by any
of Xx. Xxxxxxx'x advisors shall be considered a disclosure by Xx. Xxxxxxx) (iii)
that he will not make to any third party, including without limitation the news
media, any written or oral statement which he knows or reasonably should know
will cause harm to the Company, its employees or agents.
The Company agrees that the Company's director's and officers who are
subject to the reporting requirements of Section 16 of the Securities Exchange
act of 1934 ("Section 16 Officers") will not make to any third party or any
employee of the Company, including without limitation the news media, any
written or oral statements critical of Xx. Xxxxxxx'x character, integrity, or
job performance, or request any other person to do so.
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9. Release. Except for obligations of the Company arising under or
continuing pursuant to this Agreement, including specifically but not limited to
the provisions of Paragraph 11, Indemnification, Xx. Xxxxxxx hereby forever
waives for himself, his attorneys, heirs, executors, administrators, successors
and assigns fully and forever any claims against the Company, its partners, any
related or affiliated company (including, without limitation King
Pharmaceuticals, Inc., Monarch Pharmaceuticals, Inc., Xxxxx Pharma Incorporated,
Parkedale Pharmaceuticals, Inc., King Pharmaceuticals Research and Development,
Inc., Meridian Medical Technologies, Inc., their predecessors, successors,
assigns, partners, officers, directors, agents, representatives, attorneys or
employees), for any action or inaction, loss, expense or any damages of whatever
nature arising from any occurrence or occurrences, known or unknown, from the
beginning of time until the effective date of this Agreement. Without
limitation, Xx. Xxxxxxx specifically waives any claim arising under the FAIR
LABOR STANDARDS ACT ("FLSA"), the AMERICANS WITH DISABILITIES ACT ("ADA"), the
AGE DISCRIMINATION IN EMPLOYMENT ACT ("ADEA"), and the REHABILITATION ACT (as
codified in 29 U.S.C. Sections 701 et seq.), or their state counterparts; claims
under TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, as amended, TITLE VII OF THE
CIVIL RIGHTS ACT OF 1991, as amended, the FAMILY MEDICAL LEAVE ACT ("FMLA"), the
NATIONAL LABOR RELATIONS ACT ("NLRA"), or any state counterpart; or any other
claims or causes of action emanating from common law, breach of contract,
statute or code, ordinance, rule or regulation. Further, Xx. Xxxxxxx represents
and warrants, with the understanding that such representation and warranty is
material to this transaction, that he has no current intention to, and will not
in the future, assert, in any manner or by any means, any such claim before any
federal, state or local judicial or administrative agency or body.
Xx. Xxxxxxx, by his signature, represents and acknowledges that the
Company has advised him to consult with an attorney; that he has twenty-one (21)
days from the date this Agreement is presented to him within which to consider
this Agreement; and that he has seven (7) days following the execution of this
Agreement within which to revoke this Agreement. Further, Xx. Xxxxxxx
acknowledges by his signature that he intends for this Agreement to become
effective upon its execution and that the Separation Payment identified herein
will be paid in accordance with Paragraph 3 of this Agreement.
10. Covenant Not to Xxx. Except as required to enforce obligations of
Xx. Xxxxxxx arising under this Agreement, the Company, on behalf of itself and
its past and present officers, directors, agents, attorneys, affiliates,
subsidiaries, divisions, predecessors, successors, insurers and assigns, hereby
agrees not to xxx or file any action or claim against Xx. Xxxxxxx after the
Effective Date, unless based upon the Company's good faith belief that Xx.
Xxxxxxx has violated any legal obligation or duty arising out of existing common
law, statute or regulation, or imposed by the Company's Corporate Code of
Conduct and Ethics as it exists on the Effective Date. As of the Effective Date,
the Company is unaware of any such violation.
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11. Indemnification. (a) (i) The Company shall indemnify, defend and
hold harmless Xx. Xxxxxxx (the "Indemnified Party") who has been a director or
officer of the Company or any of its Subsidiaries against all losses, claims,
damages, costs and expenses (including reasonable attorneys' fees), liabilities,
judgments and, subject to the proviso of this sentence, settlement amounts that
are paid or incurred in connection with any claim, action, suit, proceeding or
investigation (whether civil, criminal, administrative or investigative and
whether asserted or claimed prior to, at or after the Effective Date) that is
(i) based on, or arises out of, the fact that such Indemnified Party is or was a
director or officer of the Company or any of its Subsidiaries, or (ii) based on,
or arising out of, or pertaining to this Agreement or the transactions
contemplated hereby, in each case to the fullest extent a corporation is
permitted under applicable law to indemnify its own directors or officers, as
the case may be ("Indemnified Liabilities"); provided, however, that the Company
shall not be liable for any settlement of any claim effected without its written
consent (which consent shall not be unreasonably withheld). Without limiting the
foregoing, in the event that any such claim, action, suit, proceeding or
investigation is brought against the Indemnified Party (whether arising prior to
or after the Effective Date), (w) the Company following the Effective Date will
pay all expenses of the disposition of any such claim, action, suit, proceeding
or investigation to the Indemnified Party to the full extent permitted by
applicable law promptly after statements therefor are received and otherwise
advance to such Indemnified Party upon request reimbursement of documented
expenses reasonably incurred, in either case to the extent not prohibited by the
Tennessee Business Corporation Act (TBCA); provided, however, that the person to
whom expenses are advanced provides any undertaking required by applicable law
to repay such advance if it is ultimately determined that such person is not
entitled to indemnification; (x) the Indemnified Party shall retain counsel
reasonably satisfactory to the Company; (y) the Company following the Effective
Date shall pay all reasonable fees and expenses of such counsel for the
Indemnified Party (subject to the penultimate sentence of this paragraph) and
all costs and expenses of the Indemnified Party in connection with seeking and
obtaining indemnification from the Company, in each case promptly as statements
therefore are received; and (z) the Company following the Effective Date shall
use all commercially reasonable efforts to assist in the defense of any such
matter. In the event of any dispute as to whether the Indemnified Party's
conduct complies with the standards set forth under the TBCA and the Company
Charter or Company By-laws, a determination shall be made by independent counsel
mutually acceptable to the Company and the Indemnified Party (the "Independent
Counsel"); provided, however, that the Company following the Effective Date
shall not be liable for any settlement effected without its written consent
(which consent shall not be unreasonably withheld). Without limiting the
foregoing, to the extent that the Indemnified Party is, by reason of the fact
that such Indemnified Party is or was a director or officer of the Company or
any of its Subsidiaries, a witness in any claim, action, suit, proceeding or
investigation to which the Indemnified Party is not a party, such Indemnified
Party shall be indemnified and held harmless against all costs and expenses in
connection therewith.
(ii) The Company shall not enter into any settlement of any
claim in which the Company is jointly liable with the Indemnified Party (or
would be if joined in
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such claim) unless such settlement provides for a full and final release of all
claims asserted against the Indemnified Party.
(b) Except to the extent required by law, the Company following the
Effective Date shall not take any action so as to amend, modify, limit or repeal
the provisions for indemnification of the Indemnified Party contained in the
certificates or articles of incorporation or by-laws (or other comparable
charter documents) of the Company and its Subsidiaries following the Effective
Date in such a manner as would adversely affect the rights of the Indemnified
Party to be indemnified by such corporations in respect of his serving in such
capacities prior to the Effective Date. The Company following the Effective Date
shall honor all of its indemnification obligations to the Indemnified Party
existing as of the Effective Date and shall maintain in effect adequate
directors' and officer's liability insurance with respect to such
indemnification obligations.
(c) The provisions of this Section are intended to be for the benefit
of, and shall be enforceable by, the Indemnified Party and his heirs and legal
representatives, and shall be in addition to, and shall not impair, any other
rights an indemnified party may have under the Company Charter, other
organizational documents of the Company or any of its Subsidiaries, the TBCA or
otherwise.
12. Remedy. By their signatures, the parties recognize and agree that
monetary damages alone for breach of this Agreement may not adequately
compensate the other party for any breach of this Agreement, and in the event of
any breach or threatened breach thereof, such party shall be entitled to
injunctive relief, both temporary and permanent, as well as, and in addition to,
all other available remedies, including such damages as may be permitted by law,
all of which shall be cumulative and not exclusive. Each party hereto hereby
waives any requirements for the posting of a bond by the other party in
connection with any injunctive relief as it may seek as set forth herein.
13. Cooperation. Xx. Xxxxxxx agrees that he will fully cooperate with
the Company, its attorneys, agents, representatives, and employees with respect
to legal and business matters that have arisen or may arise whether potential or
actual. Cooperation includes but is not limited to release of documents, review
of documents, and attending depositions, hearings, and trials on reasonable
notice. The Company will reimburse Xx. Xxxxxxx for all necessary and reasonable
expenses incurred by Xx. Xxxxxxx pursuant to the provisions of this paragraph.
14. Governing Law. This Agreement and its Exhibits shall be governed by
the laws of the State of Tennessee, and they constitute the entire and exclusive
agreement between the parties hereto with respect to Xx. Xxxxxxx'x resignation
of employment and any rights and duties owed by the Company to Xx. Xxxxxxx and
they shall supersede all previous or contemporaneous negotiations, commitments,
statements and writings. Jurisdiction and venue for any claims arising from the
breach of this Agreement shall lie solely in the Law Court for Xxxxxxxx County,
Tennessee, Bristol Division.
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15. Effect of Asserting a Claim Against the Company. In the event Xx.
Xxxxxxx, or any person or entity authorized by Xx. Xxxxxxx to do so, asserts any
claim against the Company (other than a claim for breach of this Agreement), Xx.
Xxxxxxx, on behalf of himself, his representatives and assigns, acknowledges
that such action constitutes a breach of this Agreement. Xx. Xxxxxxx further
acknowledges that the Full and Final General Release (attached hereto as Exhibit
A) which he has signed contemporaneously herewith shall act as a total and
complete bar to his re-employment or to recovery of any sum or amount whatsoever
from the Company, whether labeled "award, liability, damages, judgment, backpay,
wages, commissions or fine" or otherwise resulting directly or indirectly from
any lawsuit, remedy, charge, or complaint whether brought privately by him or
anyone else, including any federal, state, or local agency, whether or not on
his behalf or at his request.
16. Public Statement. The Company acknowledges and agrees that for
purposes of public disclosure and all other communications contemplated by this
Paragraph 15, Xx. Xxxxxxx and the Company shall at all times describe and refer
to Xx. Xxxxxxx'x separation from the Company exclusively as Xx. Xxxxxxx'x
resignation from his position as President and his other positions with the
Company and its subsidiaries. The Company may make further disclosures as
required by law or the rules of the New York Stock Exchange or any other
securities exchange or trading system on which King securities are listed. Xx.
Xxxxxxx shall be allowed by the Company to notify verbally and in writing (via
letter, e-mail or other means) employees and third parties of his resignation
from his positions with the Company and its subsidiaries.
17. Severability. This Agreement shall be considered severable such
that if any provision or part of it is ever held invalid under any law or ruling
by a court of competent jurisdiction, that provision or part shall remain in
full force and effect to the extent allowed by law, and all remaining provisions
or parts of this Agreement shall remain in full force and effect.
18. Modification. No modification of this Agreement shall be effective
unless made in writing and signed by each of the parties hereto.
19. Reasonableness of Restrictions. Xx. Xxxxxxx acknowledges that he
has carefully read and considered the provisions and restrictions contained in
the above paragraphs and, having done so, agrees that the restrictions set forth
in such paragraphs are fair and reasonable and are reasonably required for the
protection of the interests of the Company, its officers, directors, and other
employees.
20. Waivers. The failure of either party hereto to enforce at any time
any of the provisions of this Agreement shall in no way be construed to be a
waiver of any such provision or of any other provision, or of the right of such
party thereafter to enforce each and every such provision or other provision in
the event of a subsequent breach. Any waiver of any provision of this Agreement
shall be in writing signed by the waiving party.
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21. Acknowledgment of Compliance. Because this Agreement includes a
release and waiver of claims under the Age Discrimination in Employment Act, and
other federal legislation, by signing this Agreement, Xx. Xxxxxxx acknowledges
that his release and waiver of claims under the Age Discrimination in Employment
Act complies with the Older Worker Benefit Protection Act and further
acknowledges that he confirms, understands and agrees to the terms and
conditions of this Agreement; that these terms are written in layperson's terms
and that he has been fully advised of his right to seek the advice and
assistance of consultants, including an attorney, as well as tax advisors to
review this Agreement.
22. Communication. Unless otherwise set forth herein, all notices,
requests, consents and other communications required or permitted hereunder
shall be in writing and shall be hand delivered or mailed by registered or
certified mail, return receipt requested, addressed as follows, or to such other
address as may be provided in writing by the respective parties to this
Agreement:
If to the Company: If to Xx. Xxxxxxx:
Executive Vice President Xxxx X. Xxxxxxx
Human Resources 000 Xxxx Xxxx Xxxxxx
King Pharmaceuticals, Inc. Xxxxxxxx, XX 00000
000 Xxxxx Xxxxxx
Xxxxxxx, XX 00000
23. Duplicate Original. This Agreement shall be executed in duplicate
originals, with one original to be maintained by the Company and one original to
be maintained by Xx. Xxxxxxx.
24. XX. XXXXXXX FURTHER STATES THAT HE HAS CAREFULLY READ THE WITHIN
AND FOREGOING "PRIVATE AND CONFIDENTIAL SEVERANCE AND NON-DISCLOSURE AGREEMENT"
AND THE "FULL AND FINAL GENERAL RELEASE" EXECUTED SIMULTANEOUSLY HEREWITH, THAT
HE KNOWS AND UNDERSTANDS THE CONTENTS THEREOF AND THAT HE EXECUTES THE SAME AS
HIS OWN FREE ACT AND DEED. XX. XXXXXXX FURTHER REPRESENTS AND AGREES THAT HE HAS
BEEN ADVISED BY THE COMPANY TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS
AGREEMENT AND THAT HE FULLY UNDERSTANDS THE TERMS, CONDITIONS, AND FINAL AND
BINDING EFFECT OF THIS AGREEMENT AND THE RELEASE ATTACHED HERETO TO BE A FULL
AND FINAL RELEASE OF ALL CLAIMS WITH FINAL AND BINDING EFFECT. IN THE EVENT THIS
AGREEMENT IS REVOKED BY XX. XXXXXXX IN ACCORDANCE WITH THE PROVISIONS OF THIS
AGREEMENT, XX. XXXXXXX AGREES TO RETURN TO THE COMPANY ALL CONSIDERATION AND
BENEFITS PROVIDED BY THE COMPANY TO WHICH XX. XXXXXXX WOULD NOT BE ENTITLED
ABSENT THIS AGREEMENT.
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IN WITNESS WHEREOF, the undersigned have hereto set their hand
on the date set forth beneath their signatures.
AGREED:
King Pharmaceuticals, Inc.
BY: /s/ Xxx X. Xxxx
-------------------------------
Chairman of the Board
DATE: May 28, 2004
-------------------------------
BY: /s/ C. Xxxxx Xxxxxxxx
-------------------------------
Executive Vice-President
Human Resources
DATE: May 28, 2004
-------------------------------
/s/ Xxxx X. Xxxxxxx
---------------------------
Xxxx X. Xxxxxxx
May 28, 2004
---------------------------
Date
/s/ Xxxx X. Xxxxxx
---------------------------
Witness
Xxxx X. Xxxxxx
---------------------------
Printed Name of Witness
May 28, 2004
---------------------------
Date
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EXHIBIT A
STATE OF TENNESSEE
COUNTY OF XXXXXXXX
FULL AND FINAL GENERAL RELEASE
FOR AND IN CONSIDERATION of the consideration identified in the
Private and Confidential Severance and Non-Disclosure Agreement to which this
Full and Final General Release is attached, the receipt and sufficiency of which
is hereby acknowledged, Xxxx X. Xxxxxxx (hereinafter "Xx. Xxxxxxx") for himself,
his attorneys, his heirs, executors, administrators, successors and assigns,
does hereby fully, finally and forever release and discharge King
Pharmaceuticals, Inc., and its related companies and affiliates, predecessors,
successors, assigns, partners, officers, directors, agents, representatives,
attorneys and employees (hereinafter collectively referred to as "the Company"),
of and from all claims, demands, actions, causes of action, suits, damages,
losses, expenses and controversies of any and every nature whatsoever arising
from the beginning of time until the date of this Release including, but not
limited to, those claims arising from or relating in any way to Xx. Xxxxxxx'x
employment and his separation from employment with the Company and any claims
arising under the AMERICANS WITH DISABILITIES ACT, the FAIR LABOR STANDARDS ACT,
the AGE DISCRIMINATION IN EMPLOYMENT ACT, and the REHABILITATION ACT (as
codified in 29 U.S.C. Sections 701 et seq.); or their state counterparts; claims
arising or brought pursuant to TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, as
amended, TITLE VII OF THE CIVIL RIGHTS ACT OF 1991, as amended, the FAMILY
MEDICAL LEAVE ACT, the NATIONAL LABOR RELATIONS ACT, or any state counterpart;
or any other claims or causes of action emanating from common law, breach of
contract, or federal or state statute, local or city statute, code (including
but not limited to the City Code of Bristol), ordinance, rule, or regulation,
arising out of or accruing during the course of or in any way related to Xx.
Xxxxxxx'x employment with the Company; or claims related in any way to his
separation from employment with the Company, or any claims of whatsoever origin
or nature. Further, Xx. Xxxxxxx acknowledges that, in exchange for executing
this Full and Final General Release, he is receiving consideration beyond
anything of value to which he was already entitled.
Xx. Xxxxxxx, by his signature, represents and acknowledges that the
Company has advised him to consult with an attorney; that he has twenty-one (21)
days from the date this Release is presented to him within which to consider
this Release; and that he has seven (7) days following the execution of this
Agreement within which to revoke this Agreement. Further, Xx. Xxxxxxx
acknowledges by his signature that he intends for this Release and the Private
and Confidential Severance and Non-Disclosure Agreement to which it is attached
to become effective upon their execution and that the consideration
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identified in the Private and Confidential Severance and Non-Disclosure
Agreement will be paid in accordance with Paragraph 3 of the Private and
Confidential Severance and Non-Disclosure Agreement.
This Full and Final Release shall not release either Xx. Xxxxxxx or the
Company from their respective obligations to each other under the Private and
Confidential Severance and Non-Disclosure Agreement effective May 7, 2004.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand on the
date set forth beneath his signature.
/s/ Xxxx X. Xxxxxxx
-----------------------------------
Xxxx X. Xxxxxxx
May 28, 2004
-----------------------------------
Date
/s/ Xxxx X. Xxxxxx
-----------------------------
Witness
Xxxx X. Xxxxxx
-----------------------------
Printed Name of Witness
/s/ May 28, 2004
-----------------------------
Date
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