Employment Agreement
Exhibit
10.2
This
Employment Agreement (this "Agreement"), dated as of
November 30, 2007 (the "Commencement Date"), is between
Synthetech, Inc., an Oregon corporation ("Employer"), and Xxxx
X. Xxxxx ("Executive").
RECITALS
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A.
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Employer
desires to continue to retain the services of Executive upon the
terms and
conditions set forth herein.
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B.
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Executive
desires to continue to provide services to Employer upon the terms
and
conditions set forth herein.
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AGREEMENT
For
and
in consideration of the foregoing premises and for other good and valuable
consideration, the sufficiency and receipt of which are hereby acknowledged,
Employer and Executive hereby agree as follows:
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1. EMPLOYMENT
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Employer
will continue to employ Executive and Executive accepts continued employment
by
Employer as its Vice President of Finance and Administration, Chief Financial
Officer, Secretary, Treasurer. Executive will have the authority,
subject to Employer's Articles of Incorporation and Bylaws, as may be granted
from time to time by Employer's Chief Executive Officer ("CEO")
or its President and Chief Operating Officer. Executive will perform
the duties assigned to him from time to time by Employer's CEO or President
and
Chief Operating Officer, which relate to the business of Employer or any
subsidiaries or parent company of Employer or any business ventures in which
Employer or any subsidiaries or parent company of Employer may
participate.
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2. ATTENTION
AND EFFORT
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Executive
will devote the necessary time, ability, attention and effort to Employer's
business and will serve its interests during the term of this
Agreement.
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3. TERM
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Unless
otherwise terminated pursuant to paragraph 6 of this Agreement, Executive's
term
of employment under this Agreement shall begin on the Commencement Date and
shall expire on March 31, 2009; provided, however, that,
commencing on March 31, 2009 and on each anniversary thereafter on which
the term of this Agreement may be scheduled to expire, and subject to
paragraph 6, the expiration date of the term of Executive's employment
hereunder shall automatically be extended for one additional year unless, not
later than the date 180 days prior to the expiration of the then existing term
either party gives the other written notice that the expiration date shall
not
be so extended; and,
provided further, that if a Change in
Control (as defined in paragraph 7.5) of Employer occurs and Executive's
employment with Employer is not terminated in connection with such Change in
Control, the term of this Agreement shall automatically extend for an additional
18 months from the date on which the Change in Control
occurs.
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4. COMPENSATION
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During
the term of this Agreement, Employer agrees to pay or cause to be paid to
Executive, and Executive agrees to accept in exchange for the services rendered
hereunder by him, the following compensation:
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4.1 Base
Salary
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Executive's
compensation shall consist, in part, of an annual base salary of no less than
$145,000 plus any increases thereto, before customary payroll
deductions. Such annual base salary shall be paid in substantially
equal installments and at the same intervals as other officers of Employer
are
paid, and shall be prorated for any partial years. The Compensation
Committee of the Board of Directors (the "Compensation
Committee") shall determine any increases in the annual base salary in
future years. The Compensation Committee shall solicit from
Employer's CEO recommendations for any such annual base salary
increases.
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4.2 Bonus
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Executive
may be entitled to receive, in addition to the annual base salary described
above, an annual bonus in an amount to be determined by the Compensation
Committee, in its sole discretion. The Compensation Committee shall
solicit from Employer's CEO recommendations for any such annual
bonus. The Compensation Committee shall, with input from Employer's
CEO, determine the performance objectives for a given fiscal year prior to
the
beginning of that year and shall, following the Compensation Committee's review
of the CEO's assessment as to achievement of those performance objectives,
determine achievement by Executive of those objectives in its sole
discretion. Any annual bonus will be paid to Executive no later than
30 days after completion of Employer's audited financial statements for the
fiscal year for which such bonus applies, but in no event later than the end
of
the Executive's taxable year. If (a) Executive's employment with
Employer terminates as a result of expiration of the term of this Agreement
or
termination (i) by Employer other than for Cause (as defined in paragraph 7.6);
(ii) by Executive with Good Reason (as defined in paragraph 7.7); or (iii)
due
to Executive's death or total disability (as defined in paragraph 6.3) and
(b) actual performance for the fiscal year during which such termination
occurs achieves the performance objectives established by the Compensation
Committee for such fiscal year, Executive shall be entitled to receive (no
later
than 30 days after completion of Employer's audited financial statements for
the
applicable fiscal year, but in no event later than the end of the Executive's
taxable year) an annual bonus, the amount of which shall be prorated (based
on
the number of days during such fiscal year Executive was employed by Employer
prior to such termination).
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4.3 Equity
Awards
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The
Compensation Committee shall determine any grants of restricted stock, stock
options or other equity-based awards to be made to Executive under Employer's
equity compensation plans or otherwise. The Compensation Committee
shall solicit from Employer's CEO recommendations for any such grants and
awards.
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4.4 Withholding
Employer
shall withhold from any payments under this Agreement all federal, state, city
or other taxes as may be required pursuant to any applicable law, governmental
regulation or ruling.
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5. BENEFITS
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During
the term of this Agreement, Executive will be entitled to participate, subject
to and in accordance with applicable eligibility requirements, in fringe benefit
programs as shall be available generally to officers and employees of Employer
or which may be provided specifically for Executive from time to time by action
of the Compensation Committee (or any other person or committee appointed by
the
Board of Directors to determine fringe benefit programs).
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6. TERMINATION
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Employment
of Executive pursuant to this Agreement may be terminated as follows, but in
any
case, the provisions of paragraph 8 hereof shall survive the termination of
this
Agreement and the termination of Executive's employment hereunder:
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6.1 By
Employer
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With
or
without Cause (as defined below), Employer may terminate the employment of
Executive at any time during the term of employment upon giving Executive at
least ninety (90) days' prior written notice thereof. The effective
date of the termination of Executive's employment shall be the date on which
such applicable 90-day period expires; provided, however, that
Employer may, upon notice to Executive and without reducing Executive's annual
base salary during such 90-day period, excuse Executive from any or all of
his
duties during such period and request Executive to immediately resign as an
officer of Employer, whereupon, if requested to so resign, Executive shall
immediately resign.
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6.2 By
Executive
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Executive
may terminate his employment at any time upon giving Employer, in the case
of
termination by Executive (a) other than with Good Reason (as defined below),
at
least 90 days' prior written notice thereof and (b) with Good Reason, at
least 30 days' prior written notice thereof. The effective date of
the termination of Executive's employment shall be the date on which such
applicable 90 or 30-day period expires;provided, however, that
Employer may, upon notice to Executive and without reducing Executive's annual
base salary during such 90 or 30-day period, excuse Executive from any or all
of
his duties during such period and request Executive to immediately resign as
an
officer of Employer, whereupon, if requested to so resign, Executive shall
immediately resign. Any such resignation at Employer's request
following Executive's notice of termination other than with Good Reason shall
not be deemed to represent termination of Executive's employment by Employer
for
purposes of this Agreement or otherwise, but shall be deemed voluntary
termination by Executive of his employment without Good Reason.
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6.3 Automatic
Termination
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This
Agreement and Executive's employment hereunder shall terminate automatically
upon the death or total disability of Executive. The term
"total disability" as used herein shall
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mean
Executive's inability to perform the duties set forth in paragraph 1 hereof,
with or without reasonable accommodation, for a period or periods aggregating
120 calendar days in any 12-month period as a result of physical or mental
illness, loss of legal capacity or any other cause beyond Executive's control,
unless Executive is granted a leave of absence by Employer's Board of
Directors. Executive and Employer hereby acknowledge that Executive's
ability to perform the duties specified in paragraph 1 hereof is of the
essence of this Agreement. Termination hereunder shall be deemed to be effective
immediately upon Executive's death or a determination by Employer's Board of
Directors of Executive's total disability, as defined herein.
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7. TERMINATION
PAYMENTS
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In
the
event of termination of the employment of Executive, all compensation and
benefits set forth in this Agreement shall terminate except as specifically
provided in this paragraph 7:
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7.1 Termination
by
Employer Without Cause or by Executive With Good Reason, or Upon
a Change
in Control of Employer
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If
Employer terminates Executive's employment without Cause, or if Executive
terminates his employment with Good Reason, or if Executive's employment is
terminated upon a Change in Control of Employer (as defined in paragraph 7.5
below), Executive shall be entitled to receive immediately and in a lump sum
payment: (a) a termination payment equal to 100% of Executive’s then
current annual base salary; (b) any unpaid annual base salary and unpaid
fringe benefits under paragraph 5 that have accrued as of the date termination
of Executive's employment becomes effective (or, if applicable, up to the end
of
the 90 or 30 day period referenced in paragraph 6.1 or 6.2); and (c)
performance bonus payments pursuant to paragraph 4.2, except such performance
bonus payments shall be made by Employer in accordance with payment provisions
and terms set forth in paragraph 4.2 (e.g. payment shall be no later than 30
days after completion of Employer's audited financial statements for the
applicable fiscal year, but in no event later than the end of Executive's
taxable year, and shall be calculated based upon prorated calculations, if
applicable, as provided for by paragraph 4.2). Executive shall also
be entitled to receive reimbursement of expenses actually incurred for
continuation coverage under a group health plan of the Employer for a period
of
twelve months following termination of employment.
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7.2 Termination
by
Executive Without Good Reason; Expiration of Term; Termination Because
of
Death or Total Disability
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In
the
case of the termination of Executive's employment (a) by Executive without
Good
Reason or (b) as a result of the expiration of the term (as the same may be
extended pursuant to paragraph 3) of this Agreement or because of
Executive's death or total disability (as defined in paragraph 6.3),
Executive (or his personal representative, as applicable) shall not be entitled
to receive any payments hereunder other than (x) any accrued but unpaid annual
base salary and other benefits set forth in clause (b) of paragraph 7.1
hereof and (y) solely with respect to termination of employment as a result
of
the expiration of the term of this Agreement or because of Executive's death
or
total disability, any annual bonus payments pursuant to clause (c) of paragraph
7.1 hereof.
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7.3 Termination
of
Employment With Cause
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Notwithstanding
anything to the contrary, if Employer terminates Executive's employment for
Cause, Executive shall not be entitled to receive any payments hereunder other
than those set forth in clause (b) of paragraph 7.1 hereof.
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7.4 Payment
Schedule
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Notwithstanding
anything to the contrary, to the extent necessary to comply with the deferred
compensation requirements of section 409A of the Internal Revenue Code of 1986,
as amended, all payments under this paragraph 7 shall be deferred during the
six
months immediately following the termination date (other than payments for
accrued but unpaid annual base salary or annual bonus) and paid promptly
following the end of such six-month period.
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7.5 Definition
of
Change in Control
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A
"Change in Control" of Employer shall
mean: (a) any consolidation or merger of Employer in which
Employer is not the continuing or surviving corporation or pursuant to which
shares of Employer's Common Stock would be converted into the right to receive
cash, securities or other property, other than a merger of Employer in which
the
holders of Common Stock immediately prior to the merger have the same
proportionate ownership of common stock of the surviving corporation immediately
after the merger; (b) any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of all or substantially all
the
assets of Employer; (c) the acquisition by any person (as such term is
defined in Section 13(d) of the Securities Exchange Act of 1934, as amended
(the
"Exchange Act"), excluding, for this purpose, Employer) of any
shares of Common Stock (or securities convertible into Common Stock), if after
making such acquisition, such person is the beneficial owner (as such term
is
defined in Rule 13d-3 promulgated under the Exchange Act), directly or
indirectly, of 30% or more of the outstanding Common Stock (calculated as
provided in paragraph (d) of such Rule 13d-3 in the case of rights to
acquire common stock); or (d) the failure, for any reason, of the persons
comprising the Board of Directors as of the date hereof (the "Incumbent
Board") to constitute at least a majority of the Board of Directors;
provided, however, that any person whose election or nomination
for election was approved by a majority of the persons then comprising the
Incumbent Board (other than an election or nomination of a person whose initial
assumption of office is in connection with an actual or threatened election
contest relating to the election of directors) shall be, for purposes of this
Agreement, deemed to be a member of the Incumbent Board.
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7.6 Definition
of
Cause
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Whenever
reference is made in this Agreement to termination being with or without Cause,
"Cause" shall mean cause given by Executive to Employer and
shall include the occurrence of one or more of the following
events:
(a) Willful
failure or refusal to carry out the lawful duties of Executive described in
paragraph 1 hereof or lawful directions of Employer's CEO or President and
Chief Operating Officer, which directions are reasonably consistent with the
duties herein set forth to be performed by Executive;
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(b) Conviction
of or entering a plea of guilty or no contest to a violation by Executive of
a
state or federal criminal law involving the commission of a crime against
Employer or its employees or a felony;
(c) Continuous
misuse of alcohol or controlled substances or illegal substances that materially
interferes with Executive's performance of his duties to Employer; deception,
fraud, misrepresentation or dishonesty by Executive; any incident materially
compromising Executive's reputation or ability to represent Employer with the
public; any act or omission by Executive that materially impairs Employer's
business, good will or reputation; or any other misconduct; or
(d) Any
material violation of any provision of this Agreement that is not cured by
Executive within 30 days after receipt of written notice thereof given by
Employer.
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7.7 Definition
of
Good Reason
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Whenever
reference is made in this Agreement to termination being with Good Reason,
"Good Reason" means the occurrence, without Executive's written
consent, of one or more of the following events:
(a) Action
by Employer which results in a material diminution in the position held by
Executive, or the assignment to Executive of duties materially inconsistent
with
his position with Employer, excluding for this purpose inadvertent action not
taken in bad faith and that is remedied by Employer within 30 days after receipt
of written notice thereof, which written notice must be given by Executive
within 90 days of the breach by Employer;
(b) Failure
by Employer to promptly pay Executive any installment or portion of his
compensation from Employer when earned and due, excluding for this purpose
any
inadvertent action not taken in bad faith and that is remedied by Employer
within 30 days after receipt of written notice thereof, which written notice
must be given by Executive within 90 days of the breach by
Employer;
(c) Employer
requiring Executive generally to perform his duties to Employer at a location
more than 75 miles outside the Albany, Oregon area, excluding for this purpose
travel outside such area reasonably required in connection with fulfilling
his
duties and responsibilities to Employer and excluding for this purpose any
inadvertent action not taken in bad faith and that is remedied by Employer
within 30 days after receipt of written notice thereof, which written notice
must be given by Executive within 90 days of the breach by Employer;
or
(d) Any
other material breach by Employer of this Agreement that is not cured by
Employer within 30 days after receipt of written notice thereof, which written
notice must be given by Executive within 90 days of the breach by
Employer.
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8. NONSOLICITATION
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8.1 Applicability
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This
paragraph 8 shall survive the termination of Executive's employment with
Employer or the expiration of the term of this Agreement.
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8.2 Scope
of Nonsolicitation
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Executive
shall not, during his employment and for a period of two years from the later
of
(a) the date on which his employment with Employer terminates for any reason;
and (b) the date this Agreement expires, directly or indirectly, solicit,
influence or entice, or attempt to solicit, influence or entice, any employee
or
consultant of Employer to cease his relationship with Employer or solicit,
influence, entice or in any way divert any customer, distributor, partner,
joint
venturer or supplier of Employer to do business or in any way become associated
with any Competitor. A "Competitor" shall include
any entity which, directly or indirectly, competes with Employer or produces,
markets, distributes or otherwise derives benefit from the production, marketing
or distribution of products that compete with products then produced by Employer
or the feasibility for production of which Employer is then actually studying,
or which is preparing to market or is developing products that will be in
competition with the products then produced or being studied or developed by
Employer, in each case anywhere within such geographic areas as Employer markets
or sells its products at the time of termination of Executive's employment
with
Employer.
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8.3 Assignment
of
Intellectual Property
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All
concepts, designs, machines, devices, uses, processes, technology, trade
secrets, works of authorship, customer lists, plans, embodiments, inventions,
improvements or related work product (collectively "Intellectual
Property") which Executive develops, conceives or first reduces to
practice during the term of his employment hereunder or within one year after
the termination of his employment hereunder or the expiration of this Agreement,
whether working alone or with others, shall be the sole and exclusive property
of Employer, together with any and all Intellectual Property rights, including,
without limitation, patent or copyright rights, related thereto, and Executive
hereby assigns to Employer all of such Intellectual
Property. "Intellectual Property" shall include only
such concepts, designs, machines, devices, uses, processes, technology, trade
secrets, customer lists, plans, embodiments, inventions, improvements and work
product which (a) relate to Executive's performance of services under this
Agreement, to Employer's field of business or to Employer's actual or
demonstrably anticipated research or development, whether or not developed,
conceived or first reduced to practice during normal business hours or with
the
use of any equipment, supplies, facilities or trade secret information or other
resource of Employer or (b) are developed, in whole or in part, on
Employer's time or developed using Employer's equipment, supplies, facilities
or
trade secret information, or other resources of Employer, whether or not the
work product relates to Employer's field of business or Employer's actual or
demonstrably anticipated research.
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8.4 Disclosure
and
Protection of Inventions
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Executive
shall disclose in writing all concepts, designs, processes, technology, plans,
embodiments, inventions or improvements constituting Intellectual Property
to
Employer promptly after the development thereof. At Employer's
request and at Employer's expense, Executive will assist Employer or its
designee in efforts to protect all rights relating to such Intellectual
Property. Such assistance may include, without limitation, the
following: (a) making application in the United States and in
foreign countries for a patent or copyright on any work products specified
by
Employer; (b) executing documents of assignment to Employer or its designee
of all of Executive's right, title and interest in and to any work
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product
and related intellectual property rights; and (c) taking such additional
action (including, without limitation, the execution and delivery of documents)
to perfect, evidence or vest in Employer or its designee all right, title and
interest in and to any Intellectual Property and any rights related
thereto.
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8.5 Nondisclosure;
Return of Materials
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During
the term of his employment by Employer and following termination of such
employment, he will not disclose (except as required by his duties to Employer),
any concept, design, process, technology, trade secret, customer list, plan,
embodiment, or invention, any other Intellectual Property or any other
confidential information (including, without limitation, customer information),
whether patentable or not, of Employer of which Executive becomes informed
or
aware during his employment, whether or not developed by
Executive. In the event of the termination of his employment with
Employer or the expiration of this Agreement, Executive will return all
documents, data and other materials of whatever nature, including, without
limitation, drawings, specifications, research, reports, embodiments, software
and manuals to Employer which pertain to his employment with Employer or to
any
Intellectual Property and shall not retain or cause or allow any third party
to
retain photocopies or other reproductions of the foregoing.
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8.6 Equitable
Relief
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Executive
acknowledges that the provisions of this paragraph 8 are essential to Employer,
that Employer would not enter into this Agreement if it did not include this
paragraph 8 and that damages sustained by Employer as a result of a breach
of this paragraph 8 cannot be adequately remedied by damages, and Executive
agrees that Employer, notwithstanding any other provision of this Agreement,
including paragraph 13 hereof, and in addition to any other remedy it may have
under this Agreement or at law, shall be entitled to injunctive and other
equitable relief to prevent or curtail any breach of any provision of this
Agreement, including this paragraph 8.
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8.7 Effect
of Violation
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Executive
and Employer acknowledge and agree that additional consideration has been given
for Executive entering into this paragraph 8, such additional consideration,
including, certain provisions for termination payments pursuant to paragraph
7
of this Agreement. Violation by Executive of this paragraph 8 shall
relieve Employer of any obligation it may have to make such termination
payments, but shall not relieve Executive of his obligations under this
paragraph 8.
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8.8 Definition
of
Employer
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For
purposes of subparagraph 8.2 hereof, "Employer" shall include
Employer and any of its subsidiaries or parent corporation and any business
ventures in which Employer or any of its subsidiaries or parent corporation
may
participate.
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9. REPRESENTATIONS
AND WARRANTIES
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To
induce
Employer to enter into this Agreement, Executive represents and warrants to
Employer as follows:
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9.1 No
Violation of Other
Agreements
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Neither
the execution nor the performance of this Agreement by Executive will violate
or
conflict in any way with any other agreement by which Executive may be bound,
or
with any other duties imposed upon Executive by corporate or other statutory
or
common law.
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9.2 Patents,
Etc.
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Executive
has prepared and attached hereto as Schedule A a list of all
inventions, patent applications and patents made or conceived by Executive
prior
to the date hereof, which are subject to prior agreement or which Executive
desires to exclude from this Agreement, or, if no such list is attached,
Executive hereby represents and warrants to Employer that there are no such
inventions, patent applications or patents.
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10. FORM
OF NOTICE
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All
notices given hereunder shall be given in writing, shall specifically refer
to
this Agreement and shall be personally delivered or sent by telecopy or other
electronic facsimile transmission, by overnight delivery by a nationally
recognized carrier service or by registered or certified mail, return receipt
requested, at the address set forth below or at such other address as may
hereafter be designated by notice given in compliance with the terms
hereof:
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If
to Executive:
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Xxxx
X. Xxxxx
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If
to Employer:
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Synthetech,
Inc
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0000
Xxxxxxxxxx Xxx
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Xxxxxx,
XX 00000-0000
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Attention:
Chief Executive Officer
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Facsimile
No.: 000-000-0000
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Copy
to:
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Xxxxxxx
Coie LLP
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0000
XX Xxxxx Xxxxxx, Xxxxx Xxxxx
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Xxxxxxxx,
XX 00000-0000
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Attention: Xxxxx
Xxxxxxxx
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Facsimile
No.: 000-000-0000
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If
notice
is mailed, such notice shall be effective upon mailing, if such notice is sent
by overnight delivery, such notice shall be effective upon the next business
day
following delivery to the courier service, or if notice is personally delivered
or sent by telecopy or other electronic facsimile transmission, it shall be
effective upon receipt.
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11. ASSIGNMENT
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This
Agreement is personal to Executive and shall not be assignable by
Executive. Employer may assign its rights hereunder to (a) any
corporation resulting from any merger, consolidation or other reorganization
to
which Employer is a party or (b) any corporation, partnership, association
or other person to which Employer may transfer all or substantially all of
the
assets and business of Employer existing at such time. All of the
terms and provisions of this Agreement shall be binding upon and shall inure
to
the benefit of and be enforceable by the parties hereto and their respective
successors, heirs, legal representatives and permitted assigns.
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12. WAIVERS
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No
delay
or failure by any party hereto in exercising, protecting or enforcing any of
its
rights, titles, interests or remedies hereunder, and no course of dealing or
performance with respect thereto, shall constitute a waiver
thereof. The express waiver by a party hereto of any right, title,
interest or remedy in a particular instance or circumstance shall not constitute
a waiver thereof in any other instance or circumstance. All rights
and remedies shall be cumulative and not exclusive of any other rights or
remedies.
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13. ARBITRATION
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Subject
to the provisions of subparagraph 8.6 hereof, any controversies or claims
arising out of or relating to this Agreement shall be fully and finally settled
by arbitration in Portland, Oregon, in accordance with the Commercial
Arbitration Rules of the American Arbitration Association then in effect (the
"AAA Rules"), conducted by one arbitrator either mutually
agreed upon by Employer and Executive or chosen in accordance with the AAA
Rules, except that (a) the parties thereto shall have any right to discovery
as
would be permitted by the Federal Rules of Civil Procedure for a period of
90
days following the commencement of such arbitration and the arbitrator thereof
shall resolve any dispute which arises in connection with such discovery and
(b)
the arbitration may be conducted by AAA or by such other arbitration service
as
the parties agree. The prevailing party shall be entitled to costs,
expenses and reasonable attorneys' fees, and judgment upon the award rendered
by
the arbitrator may be entered in any court having jurisdiction
thereof.
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14. AMENDMENTS
IN WRITING
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No
amendment, modification, waiver, termination or discharge of any provision
of
this Agreement, nor consent to any departure therefrom by either party hereto,
shall in any event be effective unless the same shall be in writing,
specifically identifying this Agreement and the provision intended to be
amended, modified, waived, terminated or discharged and signed by Employer
and
Executive, and each such amendment, modification, waiver, termination or
discharge shall be effective only in the specific instance and for the specific
purpose for which given. No provision of this Agreement shall be
varied, contradicted or explained by any oral agreement, course of dealing
or
performance or any other matter not set forth in an agreement in writing and
signed by Employer and Executive.
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15. APPLICABLE
LAW; VENUE
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This
Agreement shall in all respects, including all matters of construction, validity
and performance, be governed by, and construed and enforced in accordance with,
the laws of the State of Oregon, without regard to any rules governing conflicts
of laws. Subject to paragraph 13, the parties irrevocably consent to
the exclusive jurisdiction and venue of the state and federal courts located
in
Multnomah County, Oregon in connection with any action relating to this
Agreement.
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16. SEVERABILITY
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If
any
provision of this Agreement shall be held invalid, illegal or unenforceable
in
any jurisdiction, for any reason, including, without limitation, the duration
of
such provision, its geographical scope or the extent of the activities
prohibited or required by it, then, to the full extent permitted by law
(a) all other provisions hereof shall remain in full force and effect in
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such
jurisdiction and shall be liberally construed in order to carry out the intent
of the parties hereto as nearly as may be possible, (b) such invalidity,
illegality or unenforceability shall not affect the validity, legality or
enforceability of any other provision hereof, and (c) any court or
arbitrator having jurisdiction thereover shall have the power to reform such
provision to the extent necessary for such provision to be enforceable under
applicable law.
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17. HEADINGS
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All
headings used herein are for convenience only and shall not in any way affect
the construction of, or be taken into consideration in interpreting, this
Agreement.
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18. COUNTERPARTS
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This
Agreement, and any amendment or modification entered into pursuant to paragraph
14 hereof, may be executed in any number of counterparts, each of which
counterparts, when so executed and delivered, shall be deemed to be an original
and all of which counterparts, taken together, shall constitute one and the
same
instrument.
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19. ENTIRE
AGREEMENT
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This
Agreement on and as of the date hereof constitutes the entire agreement between
Employer and Executive with respect to the subject matter hereof and all prior
or contemporaneous oral or written communications, understandings or agreements
between Employer and Executive with respect to such subject matter are hereby
superseded and nullified in their entireties, including, without limitation,
the
Employment Agreement dated as of
January 13,
2006.
-11-
IN
WITNESS WHEREOF, the parties have executed and entered into this Employment
Agreement on the date set forth above.
| EXECUTIVE: | |||
|
|
By:
|
/s/ Xxxx X. Xxxxx | |
| Name: Xxxx X. Xxxxx | |||
| EMPLOYER: | |||
| SYNTHETECH, INC. | |||
|
|
By:
|
/s/ Xxxxxx X. Xxxxx | |
| Title: Chairman and CEO | |||
|
SCHEDULE
A
|
|
Patents,
etc.
|
None
