EXHIBIT 10.195
TERMINATION AGREEMENT
This Termination Agreement (the "Agreement"), dated this 23 day of August,
2002, by and between PPD Development, LP, successor in interest by conversion to
PPD Pharmaco, Inc. ("PPD" or "Employer") and Xxxxxxx X. X'Xxxxxx, MRCP, Ph.D.
("Employee").
WHEREAS, Employer and Employee are parties to that certain Employment
Agreement dated October 1, 1997 (the "Employment Agreement"); and
WHEREAS, pursuant to the terms of the Employment Agreement, the term
thereof was automatically renewed for an additional one-year period on January
1, 2002; and
WHEREAS, notwithstanding that the term of the Employment Agreement is not
scheduled to expire until December 31, 2002, Employee submitted his resignation
on August 9, 2002; and
WHEREAS, PPD is willing to accept Employee's resignation and to terminate
the Employment Agreement upon the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual promises, covenants and
considerations contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:
1. Termination of Employment Agreement. The Employment Agreement and
Employee's employment with PPD shall terminate as of the close of business on
August 23, 2002 (the "Termination Date"). From and after the Termination Date,
neither party hereto shall have any rights or obligations to the other under the
Employment Agreement.
2. Miscellaneous.
a. This Agreement constitutes the entire agreement between the parties
with respect to the subject matter hereof and may not be altered or amended
except by writing signed by the parties.
b. This Agreement shall be governed by the laws of State of North
Carolina.
c. This Agreement shall inure to the benefit of and be binding upon PPD,
Employee and their respective heirs, successors, assigns and personal
representatives.
d. The parties agree that any dispute under this Agreement or the
Employment Agreement shall be submitted to arbitration pursuant to Section 19 of
the Employment Agreement.
IN WITNESS WHEREOF, the parties have caused this agreement to be
executed as of the date first hereinabove set forth.
PPD Development, LP
By: PPD GP, LLC
Its General Partner
By: /s/ Xxxx X. Xxxxxxxxx, Xx.
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Name: Xxxx X. Xxxxxxxxx, Xx.
Title: Vice President
/s/ Xxxxxxx X'Xxxxxx
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Xxxxxxx X'Xxxxxx, MRCP, Ph.D.
