EXHIBIT (E)(16)
MUTUAL RELEASE
This Mutual Release ("Agreement") is entered into as of ________________,
by and between Telocity Delaware, Inc., a Delaware corporation (the "Company"),
and __________________, an individual ("Individual"), with reference to the
following facts:
A. Pursuant to the exercise on _______________, ______ of an option
granted on _________________, ______ (the "Option") to the Individual under the
Company's _______________ Plan, the Individual purchased from the Company a
total of ____________ shares of the Company's Common Stock (the "Shares") for an
aggregate purchase price of $___________ (the "Purchase Price"), representing
$______ per share;
B. In payment of the Purchase Price, the Individual delivered to the
Company the Individual's Recourse Promissory Note and Pledge Agreement, dated
________________, ____ (the "Note"), in the principal amount of $_____________,
bearing interest on unpaid principal at the rate of ________% per annum;
C. ;
D.
E. The Company and the Individual now desire to rescind Note compromise,
settle and release any and all claims they may have against each other arising
from or relating in any way to the Note.
NOW, THEREFORE, in consideration of the foregoing facts, and for other good
and valuable consideration, the parties agree as follows:
1. Upon the execution of this Agreement, the Company and the Individual
shall rescind the Note and the Note shall be deemed rescinded without any
further action by either party.
2. Upon the execution of this Agreement, the Individual, on be half of
the Individual and the Individual's heirs, executors, administrators,
predecessors, successors, assigns, representatives and attorneys, fully and
forever releases and discharges the Company and its officers, directors, agents,
attorneys, accountants, investment bankers, financial advisors, subsidiaries,
parents, affiliates, predecessors and successors from any and all claims, debts,
demands, losses, actions, causes of action, suits, costs, damages, expenses,
controversies and liabilities whatsoever, both in law and in equity, in
contract, tort, by statute or regulations, or otherwise, which they may now have
or ever may have had or may have in the future against the Company or its
officers, directors, agents, attorneys, accountants, investment bankers,
financial advisors, subsidiaries, parents, affiliates, predecessors and
successors, and which is based upon, relates in any way to or arises from the
Notes, the execution of the Notes, representations concerning the Notes, efforts
or attempts to collect on the Notes, efforts or attempts secure repayment of the
Notes and any payroll or paycheck deductions relating to the Notes.
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3. Upon the execution of this Agreement, the Company, on be half of
itself and its heirs, predecessors, successors and assigns, fully and forever
releases and discharges the Individual from any and all claims, debts, demands,
losses, actions, causes of action, suits, costs, damages, expenses,
controversies and liabilities whatsoever, both in law and in equity, in
contract, tort, by statute or regulations, or otherwise, which they may now have
or ever may have had or may have in the future against the Individual, and which
is based upon, relates in any way to or arises from the Notes.
4. Neither the payments set forth in this Agreement nor the execution of
this Agreement by the Company shall be deemed to constitute an admission of
wrongdoing or of any violation of law on part the part of the Company or Xx.
Xxxxxxxx, and neither shall be admissible as evidence thereof in any future
legal proceedings.
5. This Agreement constitutes the entire agreement between the parties
and supersedes all prior agreements and understandings, oral and written,
between the parties hereto with respect to the subject matter hereof and the
transactions contemplated hereby.
6. This Agreement is made and entered into in the State of Washington and
shall be governed by and construed and enforced in accordance with the laws of
the State of Washington.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first set forth above.
MULTIPLE ZONES INTERNATIONAL, INC.
____________________________________
Xxxxx Xxxxx, President
XXXXX XXXXX
____________________________________
XXXXXXX XXXXXXX
____________________________________
XXXXXXX X. XXXXXXX
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____________________________________
XXX XXXXXXX
____________________________________
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