December 21, 2007
Exhibit
10.8
December
21, 2007
Xx.
Xxxxxx X. Xxxxxxxx
0000
Xxxxxxxx Xx.
XxXxxx,
XX 00000
Dear
Xxxxx:
This amended
and restated letter agreement (“Agreement”) amends and restates the letter
agreement dated November 12, 2007 between Xxxxxx X. Xxxxxxxx and Xxxxxx
International Industries, Incorporated.
This
Agreement will serve as acknowledgement of your resignation as an officer of
Xxxxxx International Industries, Inc. and its subsidiaries (collectively, the
“Company”) and our agreement concerning your status at the Company and your
separation from employment.
1. Resignation from Officer
Position; Employment Continuation and Termination
You have
resigned your position as Vice President – Financial Operations and Chief
Accounting Officer of the Company, effective as of November 12,
2007. Between November 12, 2007 and May 15, 2008, you shall continue
as an employee and your duties will be limited to transitioning your job
responsibilities and you will report directly and exclusively to the Chief
Financial Officer of the Company. From November 12, 2007 through
December 31, 2007, you will be a full-time, non-officer employee of
the Company and shall be paid at your current annualized rate. From
January 1, 2008 through May 15, 2008 (the “Termination Date”),
you will be a part-time employee, and you shall work each week for the Company
no more than twenty (20) hours and need report to the Company’s offices on no
more than two (2) days; provided, however, that your average hours worked will
not decrease below 20% of your average hours worked for the three years prior to
2008. During the period of part-time employment, you will be paid at
the annualized rate of $165,000. Through the Termination Date, you
shall remain eligible to participate in all Company-sponsored employee benefit
plans and programs (including the car allowance) at your current level of
participation, and any options you have under a Company option plan shall
continue to vest as if you remained a full-time employee.
2. Effect of Employment
Termination
No later than
ten (10) days after the Termination Date, the Company shall pay you a lump sum
payment for all unused vacation and sick leave accrued as of the Termination
Date. Following the Termination Date, you will not accrue any
vacation or sick leave, and you will not be eligible to participate in any
Company benefit plan, including the supplemental life and disability insurance
benefit.
You shall be
reimbursed for all business expenses incurred through the Termination Date that
are documented and submitted according to Company policy. The Company
shall reimburse you promptly consistent with current procedures and in any event
not later than the last day of the calendar year in which the expenses are
incurred.
Your election
to defer compensation into the Company 401(k) Plan will terminate on the
Termination Date. You are 100% vested in the Company employee match
and profit-sharing contributions, and 100% vested in all other contributions to
your 401(k) account. No distribution need be made from the account
until age 70 ½.
Your election
to defer compensation into the Company deferred compensation plan will terminate
on the Termination Date. You will receive termination benefit payouts
of your deferred compensation account balance per your irrevocable election(s),
commencing ninety (90) days after the Termination Date.
You are fully
vested in your retirement benefit under the Company’s Supplemental Executive
Retirement Plan (SERP). You will begin receiving bi-weekly payments
of $7,623.08 the first month following your attainment of age fifty-five
(55). If you die prior to age 55 or while “in-pay” status but prior
to receiving the equivalent of 120 months of benefit payments, such payments
will continue to your beneficiary in the same amount and payment schedule until
an aggregate of 120 months of payments have been made.
3. Release of Claims and
Post-Employment Benefits
Provided
that you execute the Agreement and Release (“Release”)in the form set forth
in Attachment A
to this Agreement within thirty (30) calendar days of the Termination Date and
do not revoke it as provided therein, the Company shall provide you with the
following:
X. Xxxxxxxxx. Xxxxxxxxx
pay in the amount of $919,800 as salary continuation, payable over a period of
twenty-four (24) months in equal bi-weekly installments, less deductions as
required by law or authorized by you, the first installment to be paid on the
first regular payroll date of the Company after the Effective Date of the
Release, and the last installment when the entire amount is paid. If
on the due date for any salary continuation severance payment the Company has
not received all of the items required pursuant to Section 9 of the Release,
such payment will be delayed until such items are returned but in no event past
December 31, 2008. If the Effective Date of the Release has not occurred on or
prior to December 31 of the calendar year, any payment that would have been paid
if the Effective Date of the Release occurred on the 40th date after
termination of employment shall be forfeited.
B. Bonus. A
bonus in the amount of $115,000 with respect to the 2008 fiscal year, payable
during 2008 on September 30, 2008 or when bonuses are paid to Company
executives pursuant to the Company’s bonus policy, whichever is
earlier. You shall not be eligible for an MIC or other bonus for any
fiscal year after 2008.
C. Stock
Options. Subject to approval by the Company’s board of
directors or appropriate committee thereof, the Company shall extend to ninety
(90) days following the Termination Date the time period in which you may
exercise, in accordance with the terms of the Xxxxxx International 1992
Incentive Plan, the Xxxxxx International 2002 Option and Incentive Plan or any
other Company option plan, as applicable, your stock options that are vested as
of the Termination Date. The Company shall, at the first opportunity,
recommend such approval to the board of directors (or appropriate committee
thereof).
D. COBRA
Benefits. As required by law, COBRA benefits will be offered
to provide you with the same health benefits that you were entitled to receive
immediately prior to the Termination Date, and you will then, to the extent
(i) permitted by law and (ii) not inconsistent with the terms of the
relevant employee health benefit plan, be permitted to continue coverage for
eighteen (18) months following the Termination Date, under such plans as you
desire. If you elect to continue health care continuation coverage
under COBRA, subject to the last sentence of Section 3.A, above, the Company
shall pay for the cost of such coverage during the period in which you are
entitled to COBRA benefits, provided that the Company may make any
generally-applicable changes in such benefit plans it deems
appropriate. The Company’s Human Resources Department will provide
you with information regarding your rights under COBRA.
E. Laptop
Computer. You shall be permitted to retain the Company laptop
computer issued to you, provided that you first allow the Company to remove any
Company information from it.
F. Company
Release. If at any time prior to the Termination Date in
connection with the termination of any senior Company employee with management
or supervision responsibility with respect to accounting or financial operations
of the Company, the Company provides or otherwise agrees to provide a
release or other discharge of claims arising from such responsibility for the
benefit of any such employee, then the Company shall promptly execute and
deliver to you the release of claims in your favor in the form attached
hereto as Attachment
B in further consideration of your agreements and obligations set forth
in this Agreement and in the Release.
4. Section
409A
With respect
to payments under this Agreement, for purposes of Section 409A of the Internal
Revenue Code of 1986, as amended (“Section 409A”), each severance payment and
COBRA continuation reimbursement payment will be considered one of a series of
separate payments, and your Termination Date will be treated as your separation
from service. Notwithstanding any provision of this Agreement to the
contrary, if at the time of your separation from service (within the meaning of
Section 409A), (i) you are a specified employee (within the meaning of
Section 409A and using the identification methodology selected by the Company
from time to time), and (ii) the Company makes a good faith determination that
an amount payable hereunder constitutes deferred compensation (within the
meaning of Section 409A) the payment of which is required to be delayed pursuant
to the six-month delay rule set forth in Section 409A in order to avoid taxes or
penalties under Section 409A, then the Company will not pay such amount on
the otherwise scheduled payment date but will instead pay it in a lump sum on
the first business day after such six-month period, together with interest for
the period of delay, compounded annually, equal to the prime rate (as published
in the Wall Street Journal) in effect as of the dates the payments should
otherwise have been provided, subject to the last sentence of Section 3.A,
above.
To the extent
that there is a material risk that any payments under this Agreement or any
equity grant may result in the imposition of an additional tax to you under
Section 409A, the Company will reasonably cooperate with you to amend this
Agreement and related documents such that such documents and payments thereunder
comply with Section 409A without materially changing the economic value of
this Agreement or the arrangements hereunder to either party.
5. Other
Provisions
Indemnification. With
respect to your service as an officer and as an employee of the Company through
the Termination Date, the Company hereby: (a) shall indemnify and hold you
harmless (including advancement of reasonable legal fees) to the maximum extent
permitted by applicable law (for claims based on any action or omission by you
through the Termination Date, whether such claim arises or is brought before or
after the Termination Date), both during your employment and after the
Termination Date; (b) shall indemnify and hold you harmless (including
advancement of legal fees) with respect to the remainder of your employment on
the same terms and conditions as your indemnification while you served as an
officer of the Company; (c) agrees that (subject to subsection (d) below) you
will remain a beneficiary of or, if by such policy’s terms you are not a
beneficiary, you will receive the same benefits as a beneficiary of the
Company’s directors and officers or fiduciary liability policy on terms as least
as favorable as currently in effect with respect to all periods of your
employment; and (d) agrees that, if the Company changes the indemnification
of directors and officers or any fiduciary liability policy provided to its
officers and/or directors, you will receive the benefit from all such changes
unless any such changes are less favorable than your current indemnification and
directors and officers coverage; provided, however, in
each such instance that you have agreed to joint representation by counsel for
the Company until such time as a conflict of interest arises between you and the
Company that precludes such joint representation.
No Mitigation; No
Offset. You shall not be required to mitigate any obligations
of the Company under this Agreement by seeking other employment. The
payments due to you under this Agreement shall not be subject to offset by any
remuneration received from a subsequent employer. There shall be no
offset against amounts or benefits due you under this Agreement or otherwise on
account of any claim the Company may have against you.
Announcements. Any
public announcement or disclosure with respect to your status with and
separation from the Company (including any filings or submissions to the
Securities and Exchange Commission) shall state that you have voluntarily
resigned your position and shall be subject to your prior review, except to the
extent required under applicable law.
Attorneys
Fees. The Company will pay your reasonable legal fees and
disbursements, up to $50,000, relating to the negotiation and documentation of
this Agreement, the Release and your separation arrangements, promptly upon
presentation of invoices therefor and, to the extent such amount would be
taxable to you, pay you an additional amount at such time so that you will have
no after tax cost; provided however, that any such reimbursement will be made
not later than the last day of the calendar year in which the expenses are
incurred, and the amount of expenses eligible for reimbursement during any
calendar year will not affect the amount of expenses eligible for reimbursement
in any other calendar year.
Counterparts. This
Agreement may be executed in counterparts, all of which, when taken together,
shall constitute one agreement, with the same force and effect as if all
signatures had been made on one document.
All parties
represent that they have read this Agreement and fully understand all of its
terms; that they have executed this Agreement without coercion or duress of any
kind; and that they understand any rights they may have and sign this Agreement
with full knowledge of all such rights. All parties further represent
that they have had the opportunity to thoroughly discuss all aspects of this
Agreement with its or her respective legal counsel.
If the
foregoing terms are completely satisfactory to you, please countersign the
enclosed copy of this Agreement in the space provided and return the same to me
at your earliest convenience, whereupon a binding contract will be
formed. The date indicated and your signature below acknowledge your
review, understanding and full, knowing and voluntary acceptance of the terms
and conditions set forth in this Agreement, including Attachment
A.
IN WITNESS
WHEREOF, the aforementioned parties, intending to be legally bound hereby, have
executed this Agreement.
XXXXXX
INTERNATIONAL INDUSTRIES, INC.
By: /s/ Xxxxx
Xxxxxxx December 21,
2007
Xxxxx
Xxxxxxx, Vice President and General
Counsel
Date
Foregoing read, understood and
agreed to:
/s/ Xxxxxx X.
Xxxxxxxx December 21,
2007
Xxxxxx X.
Xxxxxxxx Date
ATTACHMENT
A
AGREEMENT AND RELEASE
(“Release”)
In
consideration of the agreement by Xxxxxx International Industries, Inc. (the
“Company” or “Employer”) to provide the benefits described in Section 3 of the
letter agreement between me and the Company dated November 12, 2007 (the
“Agreement”) and in consideration for the Company’s other promises in the
Agreement and herein, I agree as follows:
1. Release of Known and Unknown
Claims by Me.
a)
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I
hereby release and forever discharge the Company and each of its
associates, owners, stockholders, affiliates, divisions, subsidiaries,
predecessors, successors, heirs, assigns, agents, directors, officers,
partners, employees, representatives, and insurers (collectively, the
“Company Releasees”) of and from any and all manner of action or actions,
cause or causes of actions, in law or in equity, suits, debts, liens,
contracts, agreements, promises, liabilities, claims, demands, damages,
loss, cost or expense, of any nature whatsoever, known or unknown, fixed
or contingent, which I now have or may have against the Company or any
Company Releasee to the extent acting by, through, under or in concert
with the Company, by reason of any matter, cause or thing whatsoever from
the beginning of time to the Effective Date. The claims
released herein include, without limitation, claims arising out of, based
upon, or relating to the hire, employment, remuneration or termination of
my employment and any claims constituting, arising out of, based upon, or
relating to any tort theory, any express or implied contract, Title VII of
the Civil Rights Act of 1964, the Civil Rights of 1866, the Civil Rights
Act of 1991, the Age Discrimination in Employment Act (29 U.S.C. §§621 et
seq.), the Equal Pay Act, the Fair Labor Standards Act, the
Consolidated Omnibus Budget Reconciliation Act, the Employee Retirement
Income Security Act, the Family and Medical Leave Act, the Americans with
Disabilities Act, and any other local, state or federal law governing the
employment relationship. Notwithstanding anything herein to the
contrary, nothing herein or otherwise shall release the Company from any
claims, rights or damages that I may have: (i) under the
Agreement, this Release, or the Company Release (if any); (ii) as a
stockholder in the Company; or (iii) that may not be released or waived as
a matter of law.
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b)
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I
expressly acknowledge, agree and recite that (i) the release and waiver
set forth in subsection 1(a) above are written in a manner I understand;
(ii) in executing this Release, I am not waiving rights or claims that may
arise after the date that this Release becomes effective; (iii) I am
waiving rights or claims only in exchange for consideration in addition to
anything to which I am otherwise entitled; (iv) I have entered into and
executed this Release knowingly and voluntarily; (v) I have read and
understand this Release in its entirety; and (vi) I have not been forced
to sign this Release by any employee or agent of
Employer.
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c)
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I
represent and warrant that there has been no assignment or other transfer
of any interest in any claims released hereunder, and I agree to indemnify
and hold the Company Releasees harmless from any liability, claims,
demands, damages, reasonable costs, reasonable expenses and reasonable
attorney’s fees incurred by the Company Releasees as a result of any
person asserting any such assignment or transfer. It is the
intention of the parties that this indemnity does not require payment as a
condition precedent to recovery by the Company Releasees against me under
this indemnity.
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d)
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I
agree that, except for claims made to or brought by the Equal Employment
Opportunity Commission (“EEOC”), if I hereafter commence, join in, or in
any manner seek relief through any suit arising out of, based upon or
relating to any of the claims released hereunder, or in any manner assert
against the Company Releasees any of the claims released hereunder, I
shall pay to the Company Releasees in addition to any other damages caused
to the Company Releasees thereby, all reasonable attorneys fees incurred
by the Company Releasees in defending or otherwise responding to said suit
or claim.
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e)
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It
is my intention that my execution of this Release will forever bar every
claim, demand, cause of action, charge and grievance released
above.
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2.
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Assumption of
Risk. Each of the parties fully understands that if any fact with
respect to any matter covered by this Release is found hereafter to be
other than, or different from, the facts now believed by any of the
parties to be true, each of the parties expressly accepts and assumes the
risk of such possible difference in fact and agrees that the release
provisions hereof shall be and remain effective notwithstanding any such
difference in fact.
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3.
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No Pending
Actions. I represent that I do not presently have on
file any complaint, charge or claim (civil, administrative or criminal)
against the Company in any court or administrative forum, or before any
governmental agency or entity. I represent that I will not
hereafter file any complaints, charges or claims (civil, administrative or
criminal) against the Company with any administrative, state, federal or
other governmental entity, agency, board or court (except the EEOC) with
respect to the claims released in Section 1
above.
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4.
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Proprietary and
Privileged Information. I agree and acknowledge that
during the course of my employment with Company, I received confidential
and/or proprietary information relating to, without limitation, Company
and its subsidiaries’ and affiliates’ business and marketing strategies,
finances, benefit plans, systems, products and employees. I
agree on the date upon which I sign this Release to return to the Company
any and all documents, papers and material (including any of the same
stored on electronic media such as diskettes or tapes) containing such
confidential and/or proprietary information which has not theretofore been
returned to the Company. I further agree that, following my
signing of this Release and for so long thereafter as such information is
not in the public domain through no fault of mine, I will not use or
disclose any such confidential and/or proprietary information, either
directly or indirectly, to or for the benefit of any other person, firm or
corporation. The provisions of this Section 4 supplement, but
do not replace, my legal and other contractual obligations (if any)
relating to confidential Company
information.
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5.
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No Admission of
Liability. I understand and agree that neither the
execution of this Release nor the performance of any term hereof shall
constitute or be construed as an admission of any liability whatsoever by
either the Company or me, as both the Company and I have consistently
taken the position that it/I have no liability whatsoever to the
other.
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6.
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Confidentiality. The
terms and conditions of this Release shall be kept confidential by the
Company as well as by me; provided, that it shall
not be a breach of this Release for me to present this Release under seal
to any court called upon to enforce it, and, so long as such disclosure is
accompanied by a warning that the recipient must keep the information
confidential, it also shall not be a breach of this Release for me to
disclose any part of this Release or the information contained herein to a
member of my immediate family or to my legal counsel or tax or financial
advisor(s); provided
further, that it shall not be a breach of this Release for me to
comply with a valid court order or subpoena requiring the disclosure of
any information about this Release, or as otherwise required by
law.
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7.
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Arbitration. The
parties hereby agree to submit any claim or dispute arising out of the
terms of the Agreement or this Release or the Company Release (as defined
in the Agreement and if any) to private and confidential arbitration by a
single neutral arbitrator. Subject to the terms of this
paragraph, the arbitration proceedings shall be governed by the then
current Rules of the American Arbitration Association (“AAA”) and shall be
conducted in Washington, D.C., or such other location upon which Company
and I agree. The arbitrator shall be appointed by agreement of
the Company and me or, if no agreement can be reached within two weeks of
the matter’s first submission to the AAA, by the AAA pursuant to its
Rules. The decision of the arbitrator shall be final and
binding on the Company and me, and judgment thereon may be entered in any
court having jurisdiction. All costs of the arbitration
proceeding, including reasonable attorneys’ fees and witness expenses,
shall be paid by the party against whom the arbitrator
rules. This arbitration procedure is intended to be the
exclusive method of resolving any claim for breach of the Agreement or
this Release or the Company Release; provided, however, that
nothing in this Section 7 shall prohibit either the Company or me from
requesting a court of law to issue any injunction to prohibit future
breaches of Section 4 or any obligation referred to in the last sentence
of Section 4. This Release, the Agreement, and the Company
Release shall be governed by, and construed in accordance with, the laws
of the District of Columbia (excluding the choice of law rules
thereof).
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8.
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Attorneys’
Fees. If the Company or I bring an action or proceeding
for breach of the Agreement, this Release, or the Company Release or to
enforce its or my rights hereunder or thereunder, the prevailing party
shall be entitled to recover its costs and expenses, including court
and/or arbitration costs and reasonable attorneys’ fees, if any, incurred
in connection with such action.
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9.
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Return of Employer
Property. I represent that I have returned to the
Company all Company products, samples, equipment, parts, inventory,
manuals, technical information and other Company materials in my
possession or under my control, except those with respect to which I have
made arrangements with the Company to pick up or otherwise deliver to the
Company and except as otherwise provided in the
Agreement. Company’s receipt of all such items which I am
obligated to return is a condition of its obligation to provide me the
benefits described in Section 3 of the
Agreement.
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10.
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Construction of
Agreement and Release. The Agreement, this Release, and
the Company Release shall be construed as a whole in accordance with their
fair meaning and in accordance with the laws of the District of
Columbia. Neither the language of the Agreement nor that of
this Release or the Company Release shall be construed for or against any
particular party. Each and every covenant, term, provision and
agreement herein contained shall be binding upon and inure to the benefit
of the successors and assigns of the parties hereto. The
headings used herein and in the Agreement and the Company Release are for
reference only and shall not affect the construction of any of
them.
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11.
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Sole
Agreement. The Agreement, this Release, the obligations
referred to in the last sentence of Section 4 above (if any), and the
Company Release (if any) represent the sole and entire agreement between
the parties and supersede all prior agreements, negotiations and
discussions between the parties and/or their respective counsel with
respect to the subject matters covered
hereby.
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12.
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Severability. In
the event that any one or more of the provisions contained in the
Agreement, this Release, and the Company Release shall, for any reason, by
held to be invalid, void, illegal or unenforceable in any respect, such
invalidity, voidness, illegality or lack of enforceability shall not
affect any other provision of the Agreement or this Release or the Company
Release, as the case may be, and the remaining portions shall remain in
full force and effect.
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13.
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Amendment to
Agreement.
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a)
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Any
amendment or modification of the Agreement or this Release or the Company
Release must be made in a writing signed by me and a duly authorized
representative of the Company and stating the intent of both parties to
amend the Agreement or the Release or the Company Release, as
applicable.
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b)
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Notices. All
notices, requests, demands and other communications hereunder must be in
writing, marked “Personal and Confidential,” and shall be deemed to have
been given if delivered by hand or mailed by first class, postage and
registry fees prepaid, and addressed as
follows:
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(1) If
to
Employee: Xxxxxx
Xxxxxxxx
0000 Xxxxxxxx Xx.
XxXxxx, XX 00000
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(2)
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If
to Company:
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Attn: Chief
Financial Officer
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Xxxxxx International Industries,
Inc.
0000 Xxxxxxxxxxxx Xxxxxx,
X.X.
Xxxxx 0000
Xxxxxxxxxx, X.X. 00000
14.
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Revocation;
Effectiveness. I understand that I have the right to
revoke this Release within seven (7) calendar days after I sign
it. This Release will become effective and enforceable only
after I have signed it and upon expiration of the seven-day revocation
period with no revocation taking place (the “Effective
Date”). I understand that if I desire to revoke this Release, I
must give actual, written notice of revocation to the above person at the
above address before the seven-day revocation period
expires.
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The date
indicated and my signature below acknowledge my review, understanding and full,
knowing and voluntary acceptance of the terms and conditions set forth in this
Release.
IN
WITNESS WHEREOF, I, intending to be legally bound hereby, have executed this
Release.
Xxxxxx X.
Xxxxxxxx (“Employee”, “me”, or
“I”) Date
ATTACHMENT
B
AGREEMENT AND RELEASE BY COMPANY
(“Company Release”)
In
consideration of mutual promises in the letter agreement between Xxxxxx
International Industries, Inc. (the “Company” or “Employer”) and Xxxxxx X.
Xxxxxxxx (the “Employee”) dated November 12, 2007 (the “Agreement”) and those in
the Release (as defined in the Agreement), the Company agrees as
follows:
1.
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Release of Known and
Unknown Claims by the
Company.
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a)
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The
Company hereby releases and forever discharges Employee and each of her
immediate family members, heirs, executors, administrators, successors,
assigns, agents, and attorneys (collectively, the “Employee Releasees”) of
and from any and all manner of action or actions, cause or causes of
actions, in law or in equity, suits, debts, liens, contracts, agreements,
promises, liabilities, claims, demands, damages, loss, cost or expense, of
any nature whatsoever, known or unknown, fixed or contingent, which
Company now has or may have against the Employee or any Employee Releasee
to the extent acting by, through, under or in concert with the Employee,
by reason of any matter, cause or thing whatsoever from the beginning of
time through the date on which the Company signs the Company
Release. The claims released herein include, without
limitation, claims arising out of, based upon, or relating to the hire,
employment, remuneration or termination of the Employee’s employment and
any claims constituting, arising out of, based upon, or relating to any
tort theory, any express or implied contract, and any local, state or
federal law governing the employment
relationship. Notwithstanding anything herein to the contrary,
nothing herein shall release the Employee from any claims, rights or
damages that the Company may have: (i) under the Agreement, the
Release, and this Company Release; (ii) with respect to any act that is
determined to be a criminal act under any federal, state or local law
committed or perpetuated by the Employee during the course of her
employment with the Company (including any criminal act of fraud,
misappropriation of funds or embezzlement); or (iii) that may not be
released or waived as a matter of
law.
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b)
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The
Company expressly acknowledges, agrees and recites that (i) the release
and waiver set forth in subsection 1(a) above are written in a manner it
understands; (ii) in executing this Company Release, it is not waiving
rights or claims that may arise after the date on which it executes this
Company Release; (iii) it is waiving rights or claims only in exchange for
consideration in addition to anything to which it is otherwise entitled;
(iv) it has entered into and executed this Company Release knowingly and
voluntarily; (v) it has read and understands this Company Release in its
entirety; and (vi) it has not been forced to sign this Company Release by
Employee.
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c)
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The
Company represents and warrants that there has been no assignment or other
transfer of any interest in any claims released hereunder, and the Company
agrees to indemnify and hold the Employee Releasees harmless from any
liability, claims, demands, damages, reasonable costs, reasonable expenses
and reasonable attorney’s fees incurred by the Employee Releasees as a
result of any person asserting any such assignment or
transfer. It is the intention of the parties that this
indemnity does not require payment as a condition precedent to recovery by
the Employee Releasees against the Company under this
indemnity.
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d)
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The
Company agrees that, if the Company hereafter commences, joins in, or in
any manner seeks relief through any suit arising out of, based upon or
relating to any of the claims released hereunder, or in any manner asserts
against the Employee Releasees any of the claims released hereunder, the
Company shall pay to the Employee Releasees in addition to any other
damages caused to the Employee Releasees thereby, all reasonable attorney
fees incurred by the Employee Releasees in defending or otherwise
responding to said suit or claim.
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e)
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It
is the Company’s intention that its execution of this Company Release will
forever bar every claim, demand, cause of action, charge and grievance
released above.
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2.
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Assumption of
Risk. Each of the parties fully understands that if any fact with
respect to any matter covered by this Company Release is found hereafter
to be other than, or different from, the facts now believed by any of the
parties to be true, each of the parties expressly accepts and assumes the
risk of such possible difference in fact and agrees that the release
provisions hereof shall be and remain effective notwithstanding any such
difference in fact.
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3.
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No Pending
Actions. The Company represents that it does not
presently have on file any complaint, charge or claim (civil,
administrative or criminal) against the Employee in any court or
administrative forum, or before any governmental agency or
entity. The Company represents that it will not hereafter file
any complaints, charges or claims (civil, administrative or criminal)
against the Employee with any administrative, state, federal or other
governmental entity, agency, board or court with respect to the claims
released in Section 1 above.
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4.
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No Admission of
Liability. The Company understands and agrees that
neither the execution of this Company Release nor the performance of any
term hereof shall constitute or be construed as an admission of any
liability whatsoever by either the Company or the Employee, as both the
Company and the Employee have consistently taken the position that it/she
has no liability whatsoever to the
other.
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The date indicated and the Company’s
signature below acknowledge its review, understanding and full, knowing and
voluntary acceptance of the terms and conditions set forth in this Company
Release.
IN WITNESS WHEREOF, the Company,
intending to be legally bound hereby, has executed this Company
Release.
Xxxxxx
International Industries, Inc.
By:
Title: Date