MICHAEL SOSNOWIK Lawrence, New York 11559
Exhibit
10.1
XXXXXXX
XXXXXXXX
000
Xxxxxxxxxxxx Xxxxxx
Xxxxxxxx,
Xxx Xxxx 00000
January
31, 2007
000
Xxxxx
Xxxxx, Xxxxx 000
Xxxx
Xxxxxx, Xxxxxxxx 00000
Gentlemen:
Reference
is made to the Employment Agreement, dated as of August 30, 2006 between Lab123,
Inc. (the “Company”) and me, as amended pursuant to a letter agreement dated
December 28, 2006 (collectively, the “Employment Agreement”).
It
is
hereby agreed that, except as provided herein, the Employment Agreement is
terminated effective immediately.
1.
I will
remain a full-time employee of the Company through January 31, 2007 and work
my
last three full time days in Chicago, Illinois.
2.
During
a transition period from February 1, 2007 to and including May 1, 2007 (the
“Transition Period”) I will make myself be available to assist the Company in
any issues and/or customer solicitations that are open as of the date
hereof.
3.
During
the Transition Period I will continue to receive my salary in the same amount
and on the same bi-weekly schedule as set forth in the Employment Agreement.
Additionally, in accordance with the policies and procedures of the Company,
the
Company shall reimburse me for all reasonable business expenses which I have
incurred prior to, or will incur during, the Transition Period. I shall incur
no
new expenses after the date hereof without the prior consent of the
Company.
4.
During
the Transition Period the Company will continue to maintain for my benefit
the
same insurance coverage as maintained for my benefit prior to the date hereof.
5.
At
then end of the Transition Period I shall be offered the option to continue
my
health insurance coverage insurance at my expense under the provisions and
subject to the limitations of COBRA.
6.
The
covenant not to compete which I gave to the Company under Section 10(b) of
the
Employment Agreement shall continue during the Transition Period and expire
on
May 1, 2007. My covenant of Confidentiality given under Section 10(a) of the
Employment Agreement shall continue indefinitely. All other contractual
obligations and restrictions which existed between me and the Company under
the
Employment Agreement will remain in force during the Transition Period, but
will
become null and void at the end of the Transition Period.
7.
I am
simultaneously herewith delivering to the Board of Directors of the Company
my
resignation as an officer and director of the Company.
8.
The
provisions set forth in Section 11 of the Employment Agreement shall also govern
this letter agreement.
Please
indicate your agreement with the foregoing by signing a copy of this letter
in
the space indicated below.
| |
|
Very
truly yours,
|
| /s/ Xxxxxxx Xxxxxxxx | ||
| Xxxxxxx Xxxxxxxx | ||
TERMS AGREED TO:
| LAB123, INC | ||||
| By: | /s/ Xxxxx Xxxxxx | |||
|
Xxxxx Xxxxxx, Chairman of the Board |
||||
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