EXHIBIT 10.33
EXECUTIVE: XXXXXX X. XXXXXX
BINDVIEW CORPORATION
RESCISSION AGREEMENT
THIS RESCISSION AGREEMENT (this "AGREEMENT") is made between BindView
Development Corporation, a Texas corporation (the "COMPANY"),1 and the
"EXECUTIVE" identified above. Unless otherwise indicated, all references to
Sections are to Sections in this Agreement.
1. BACKGROUND. The Company and the Executive previously executed the
following documents on May 1, 2001: (1) a "Restricted Stock Agreement"
pursuant to which the Executive was granted an award of 400,000 shares of
restricted stock of the Company; (2) a promissory note executed and
delivered by the Executive to the Company in the original principal
amount of $1,044,000.00, bearing interest at 6% per annum, in payment for
such restricted stock; (3) a security agreement granting the Company a
security interest in such restricted stock.
2. RESCISSION. For good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the
Executive agree to the rescission of the documents recited in Section 1.
Executed to be effective as of December 31, 2001.
BINDVIEW CORPORATION, BY: EXECUTIVE
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Xxxx X. Xxxxxxx, Chairman, Xxxxxx X. Xxxxxx
President, and Chief
Executive Officer
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(1) "BindView Corporation" is a registered assumed name of BindView Development
Corporation.
