Exhibit 10.1
TERMINATION AGREEMENT
This Termination Agreement (the "Termination Agreement") is made and
entered into as of the 30th day of September, 2002, by and between Seal Holdings
Corporation, now known as Le@P Technology, Inc. ("Le@P") and Xxxxxx X. Xxxxxxxx,
M.D. ("Employee"), an individual, whose principal place of business is 0000
Xxxxx Xxxxx Xxxxxxx, Xxxxx 000, Xxxx Xxxxxxxxxx, Xxxxxxx 00000.
WHEREAS, Seal Holdings Corp. and Employee previously entered into that
certain Employment Agreement, dated April 1, 1999 (the "Executive Employment
Agreement"), which Executive Employment Agreement was assumed by Le@P
Technology, Inc. with the change of name from Seal Holdings to Le@P Technology
on July 1, 2001; and
WHEREAS, Le@P and Employee now wish to terminate the Executive Employment
Agreement, effective September 30, 2002.
1. The aforestated recitations are true and correct and incorporated
herein by reference.
2. The Employment Agreement shall terminate effective September 30, 2002.
Except as provided in paragraph 3 below, neither Le@P (nor its predecessors,
successors or affiliates) nor Employee shall have any further obligations to one
another, whether pursuant to the Employment Agreement or otherwise. Consistent
with same, the restrictive covenants contained in the Employment Agreement shall
also terminate effective September 30, 2002.
3. In consideration for employee's agreement to terminate the Executive
Employment Agreement, Le@P agrees to pay employee a total of one hundred and
fifty thousand dollars dollars $150,000.00 which is the total amount due to be
paid through March 31, 2003 following the six month notice of termination with
Le@P. The employee agreed that this amount be paid out over approximately
eighteen months according to a schedule appended hereto.
4. In consideration for Le@P's agreement to terminate the Employment
Agreement and the payment and benefits set forth in paragraph 3 hereof, Employee
acknowledges that he has no claims of any kind against Le@P, Seal Holdings
Corporation or any and all of their predecessors and any and all of their
officers and directors and that Employee hereby releases them (and the
corporations) of any and all claims Employee may ever have had or do have,
except with regard to the obligations of Le@P as set forth in paragraph 3
herein. Likewise, Le@P, together with its officers and directors, do hereby
release Employee of any and all claims which it or they may ever have had or do
have. The foregoing releases are intended to be a mutual and general release of
and to all parties in all respects.
5. This Termination Agreement shall be interpreted and enforced pursuant
to the laws of the State of Florida. Any and all litigation or other proceedings
related to this Termination Agreement shall be commenced and held in Broward
County, Florida. In the event either party brings litigation to enforce the
terms of this Termination Agreement, the prevailing party shall be entitled to
all costs incurred, including reasonable attorneys fees and court costs,
incurred at both the trial and appellate levels, from the non-prevailing party.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.
WITNESSES: LE@P:
LE@P TECHNOLOGY, INC., f/k/a
SEAL HOLDINGS CORPORATION
/s/ Xxxx Xxxxxxx
---------------------------- By: /s/ M. Xxx Xxxxxx, M.D.
Print Name: Xxxxxx
Its:___________Chairman_______________
Date: September 11, 2002
EMPLOYEE:
/s/ Xxxx Xxxxxxx /s/ Xxxxxx X. Xxxxxxxx, M.D.
Xxxxxx X. Xxxxxxxx, M.D.
----------------------------
Date: September 11, 2002
Exhibit "A"
September 18, 2002
Xxxxxx X. Xxxxxxxx, M.D.
Payment Schedule
Paid Le@P
08/16/02 7,500
08/30/02 7,500
09/13/02 7,500
09/27/02 7,500
10/11/02 7,500
10/25/02 7,500
11/08/02 7,500
11/22/02 7,500
12/06/02 7,500
12/20/02 7,500
01/03/03 8,000
01/17/03 8,000
01/31/03 8,000
02/14/03 8,000
02/28/03 8,000
03/14/03 8,000
03/28/03 8,000
04/11/03 3,000
04/25/03 3,000
05/09/03 3,000
05/23/03 3,000
06/06/03 3,000
06/20/03 3,000
07/04/03 3,000
07/18/03 3,000
08/01/03 3,000
08/15/03 3,000
08/29/03 3,000
09/12/03 3,000
09/26/03 3,000
10/10/03 3,000
10/24/03 3,000
11/07/03 3,000
11/21/03 3,000
12/05/03 3,000
12/19/03 3,000
01/02/04 3,000
01/16/04 3,000
01/30/04 3,000
02/13/04 3,000
02/27/04 577
03/12/04 500
03/26/04 500
04/09/04 500
04/23/04 500 53,077 Earned from 7/29-9/30/2002
05/07/04 500
150,000 Per Termination Agreement
-------
Total 203,077 203,077
======= =======
Received and Accepted September 18, 2002
/s/ X. Xxxxxxxx, M.D. R. Xxxxxxxx, M.D.
---------------------
/s/ M. Xxx Xxxxxx M. Xxx Xxxxxx
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