Exhibit 10.2
TERMINATION OF
EMPLOYMENT AGREEMENT
EFFECTIVE DATE: July 31, 2005
PARTIES AND ADDRESSES:
CorVu Corporation
0000 Xxxx 00xx Xxxxxx, Xxxxx 000
Xxxxx, XX 00000 (the "Company")
Xxxxxx XxxXxxxxx
00 Xxxxxxxx Xxxxxx
Xxxxxxxx Xxxxxxx, XXX, 0000, Xxxxxxxxx ("Executive")
RECITALS:
A. The Company is a Minnesota corporation engaged principally in the
business of developing, manufacturing and selling business software programs.
B. Executive is currently employed as the Company's President and Chief
Executive Officer pursuant to an employment agreement effective as of July 1,
1999, as amended effective as of January 1, 2001, February 28, 2003, December
18, 2003 and February 11, 2005 (the "Agreement").
C. The Company and Executive desire to terminate the Agreement as of the
Effective Date.
AGREEMENTS:
In consideration of the mutual promises and undertakings set forth herein,
the Company and Executive agree as follows:
1. As of the Effective Date, Executive resigns as the Company's President and
Chief Executive Officer. He also resigns as the President and Chief Executive
Officer and director of CorVu North America, Inc. and of CorVu Latin America,
Inc.
2. Pursuant to Section 5.1(a) of the Agreement, the parties mutually agree to
terminate the Agreement effective as of the Effective Date.
3. The parties agree that Executive shall be entitled to receive all
compensation payable to him under the Agreement up to and including the
Effective Date, as well as salary payable to him from the Company's
subsidiaries. The parties further agree that Executive shall promptly receive
$50,413 in accrued salary up to and including the Effective Date, plus a $25,000
bonus for fourth quarter revenue achievement due under the Agreement, as full
payment of all obligations of Company and its subsidiaries to Executive up to
and including the Effective Date, subject to the approval of such prompt payment
by ComVest Investment Partners II LL. The parties agree that Executive shall not
be entitled to receive any further compensation, salary, bonus, commissions,
overrides, severance or other payments from the Company or any of its
subsidiaries for any services provided by Executive prior to the Effective Date.
Further, Executive agrees and acknowledges that he has no, and shall assert no,
further claims of any kind or nature, for compensation or otherwise, against the
Company, its subsidiaries or their officers, directors, employees or agents.
4. The compensation for services provided by Executive to CorVu Australasia Pty.
Ltd., the Company's Asia Pacific subsidiary, on and after August 1, 2005 will be
established by the Compensation Committee of Company's Board of Director, in
consultation with Executive and Company's Chief Executive Officer.
IN WITNESS WHEREOF, the parties hereto have executed this Termination of
Employment Agreement.
CORVU CORPORATION
By: /s/ Xxxxx X. Xxxxxxx /s/ Xxxxxx X. XxxXxxxxx
-------------------------------- -----------------------------------
Xxxxx X. Xxxxxxx Xxxxxx X. XxxXxxxxx
Its: Chief Financial Officer
Approved as to the payments described in Paragraph 3 above:
ComVest Investment Partners II LLC
By: /s/ Xxxx Xxxxxxxx
---------------------------------------
Its: Partner
---------------------------------------
