Termination Agreement Between Splinex Inc. and Christian Schormann
Exhibit 10.2
Termination Agreement
Between
Splinex Inc. and Xxxxxxxxx Xxxxxxxxx
Splinex Inc., represented by Xxxxx Xxxxxxx, President, and Xxxxxxxxx Xxxxxxxxx, VP of R&D of Splinex, mutually agree to terminate Xx. Xxxxxxxxx’x employment with Splinex as of Monday, October 17th.
Splinex agrees that Xx. Xxxxxxxxx’x employment ends immediately, waiving the 90 day notice period specified in Xx. Xxxxxxxxx’x employment contract.
Splinex also agrees to pay Xx. Xxxxxxxxx the following promptly as cash funds become available. A regular paycheck will be issued October 28.
| • | Deferred Wages: $9,871.78 |
| • | Accrued Vacation: $5,691.65 |
| • | Wages due through 10/17: $4,384.62 |
| • | Severance, 90 days: $47,500.00 |
| • | Consulting fees due pre-employment: $14,000 | |||
| In total: $81,448.05 | ||||
Furthermore, Splinex agrees that Xx. Xxxxxxxxx keeps his laptop computer
For Splinex:
|
Xxxxxxxxx Xxxxxxxxx | |
/s/ Xxxxxx X. Xxxxxxx
|
/s/ Xxxxxxxxx Xxxxxxxxx | |
Xxxxx Xxxxxxx, President
|
Xxxxxxxxx Xxxxxxxxx, VP of R&D | |
