EMPLOYMENT AGREEMENT
Exhibit 10.1
THIS EMPLOYMENT AGREEMENT entered into as of this 7th day of August
2007, by and between Patriot Capital Funding, Inc. (the “Company”), a Delaware corporation, and
Xxxxxxx X. Xxxxxxx, Xx., an individual (the “Executive”) (hereinafter collectively referred to as
the “Parties”).
WHEREAS, the Parties previously entered into an employment agreement dated December 16, 2005,
and the Parties now wish to extend the term of, make certain changes to, and restate that
employment agreement.
WHEREAS, the Company and the Executive desire to enter into this agreement (the “Agreement”)
which will supersede the prior employment agreement and will provide for the continued employment
of the Executive by the Company upon the terms and subject to the conditions set forth herein.
(a) During the Term, the Executive shall be employed as the Executive Vice-President and Chief
Financial Officer of the Company or such other position as may be mutually agreed upon in writing
by the Parties. The Executive shall perform the duties, undertake the responsibilities and exercise
the authority customarily performed, undertaken and exercised by persons situated in a similar
executive capacity in a company the size and nature of the Company.
(b) The Executive shall devote his full working time, attention and skill to the performance
of such duties, services and responsibilities, and will use his best efforts to promote the
interests of the Company. The Executive will not, without prior written approval of the Chief
Executive Officer of the Company (the “CEO”), engage in any other activities that would interfere
with the performance of his duties as an employee of the Company, are in violation of written
policies of the Company that the Executive has actually received, are in violation of applicable
law, or would create a conflict of interest with respect to the Executive’s obligations as an
employee of the Company. The Executive may (i) serve on corporate (subject to the prior approval of
the CEO) or charitable or municipal boards or committees, (ii) deliver lectures and teach at
educational institutions, (iii) manage his personal affairs, including financial and legal aspects
thereto, and (iv) invest personally in any business where no conflict of interest exists between
such investment and the business of the Company, as long as the foregoing activities are consistent
with the Executive’s commitments in the preceding sentence and Section 9 hereof and do not interfere with the Executive’s performance of his duties and responsibilities for the
Company or any affiliate.
(a) During the Term, subject to the Company’s right to amend, modify, or terminate any plan or
program, the Executive shall be entitled to participate in all employee benefit plans, practices
and programs maintained by the Company and made available to employees generally including, without
limitation, all pension, retirement, savings, medical, hospitalization, disability, dental, life or
travel accident insurance benefit plans, vacation and sick leave. The Executive’s participation in
such plans, practices and programs shall be on a basis and subject to terms no less favorable than
applicable to employees of the Company generally (subject to applicable tax code and other legal
restrictions), provided, however, that such participation may be on a basis and subject to terms
more favorable than applicable to employees of the Company generally.
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(b) During the Term, subject to the Company’s right to amend, modify or terminate any such
plans or benefits, the Executive shall be entitled to participate in all executive benefit plans,
and fringe benefit and perquisite arrangements now maintained or hereafter established by the
Company for the purpose of providing compensation and/or benefits generally to executive
vice-presidents and “chief” level executives of the Company. Unless otherwise provided herein, the
Executive’s participation in such plans shall be on a basis and subject to terms no less favorable
than applicable to other similarly situated executive vice-presidents and “chief” level executives
of the Company.
(c) During the Term, the Company agrees to pay all reasonable business expenses, subject to
reasonable documentation, incurred by the Executive in furtherance of the Company’s business,
including, without limitation, continuing education, obtaining professional licenses, traveling,
and entertainment expenses, in accordance with the Company’s policies.
(d) During the Term, if the Executive agrees to relocate his residence at the Company’s
request, the Company shall pay all reasonable relocation expenses, subject to reasonable
documentation, including, but not limited to, the costs of moving the Executive’s household goods
and real estate commission costs related to selling the Executive’s home, provided, however, that
such relocation expenses shall not include any loss on the sale of the Executive’s home or any
costs related to the purchase of the Executive’s new home, such as closing costs or mortgage
points. The Company will also make a payment to the Executive in the amount necessary to ensure
that the Executive, after all applicable federal, state, and local taxes, and taking into account
any tax deductions available to the Executive, is in the same economic position as if the Executive
had not been subject to tax on the Company’s payment or reimbursement of relocation expenses.
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the Company during such period, of the Average Annual Bonus (as defined below). Furthermore,
if the Executive terminates employment with the Company due to death, then the Company shall pay
the Executive’s beneficiary in a lump sum payment an amount equal to one-half of the sum of (i) the
Executive’s annual Base Salary for the year in which he terminates employment and (ii) his Average
Annual Bonus. Other than the payments and benefits described in this Section 7(a), the Company
will be under no obligation to make additional severance or similar payments to the Executive or
his beneficiary, as the case may be.
The Company shall provide continued medical and dental insurance coverage during the 12 months
following the Executive’s termination of employment (or until the Executive becomes eligible for
such coverage under another employer’s program, if sooner), which coverage shall be deemed to
satisfy COBRA health coverage requirements for such period, at a cost to the Executive that does
not exceed the amount the Executive would have paid had the Executive continued in employment
during the period. Should the Executive’s continued participation under the Company’s medical and
dental insurance programs described above become impermissible under the Internal Revenue Code,
ERISA, or other applicable law, or likely to result in adverse tax consequences to the Company or
other participants covered by such programs, the Company may, in its sole discretion, satisfy any
of its obligations to the Executive under this paragraph by providing the Executive with
economically equivalent coverage through alternative arrangements, or the cash value of such
coverage, in a manner that places the Executive in a net economic position that is at least
equivalent to the position in which the Executive would have been had such alternative arrangements
not been used by the Company.
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The Company shall also pay the Executive any earned but unpaid Base Salary for the period
through termination of employment, any Annual Bonus awards with respect to a completed measurement
period that are fully earned and vested at separation but not yet paid, and any amounts to which
the Executive is entitled under the generally applicable terms of pension, savings, disability,
life insurance, or other programs. Other than the payments and benefits described in this Section
7(b), the Company will make no additional severance or similar payments.
“Cause” means (i) the Executive’s willful and continued failure to perform
substantially his or her duties with the Company (other than any such failure resulting from the
Executive’s incapacity due to physical or mental illness or any such failure subsequent to the
Executive being delivered a notice of termination without Cause by the Company or delivering a
notice of termination for Good Reason to the Company that results in the Executive’s termination of
employment) after a written demand for substantial performance is delivered to the Executive by the
Company which specifically identifies the manner in which the Company believes that the Executive
has failed to perform substantially his or her duties; (ii) the Executive’s willfully engaging in
gross misconduct which is injurious to the Company or its affiliates, (iii) the
Executive’s ineligibility to serve as an employee, officer, or director of the Company pursuant to
Section 9 of the Investment Company Act of 1940, as amended, or (iv) the Executive’s
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conviction of a felony or crime involving moral turpitude; provided, however, that a failure on the
part of the Executive to achieve performance objectives set by the Company shall not in and of
itself constitute Cause pursuant to clause (i) hereof. Prior to terminating the Executive’s
employment for Cause, the Company must notify the Executive in writing of any event purporting to
constitute Cause within 45 days of the Board’s knowledge of its existence and, if curable, must
provide the Executive with at least 20 days to cure such event. If such event is not cured by the
Executive in such time period, or is incurable, then the Executive’s employment shall be terminated
for Cause if 2/3 of the independent members of the Board determine in writing to so terminate his
employment.
“Disability” means a physical or mental infirmity which impairs the Executive’s
ability to substantially perform his duties under this Agreement for at least one hundred eighty
(180) days (which need not be consecutive) during any 365-consecutive-day period. The Executive
shall be entitled to the compensation and benefits provided for under this Agreement for any period
during the Term and prior to the establishment of the Executive’s Disability during which the
Executive is unable to work due to a physical or mental infirmity.
“Good Reason” means, without the Executive’s express written consent, the occurrence
of any of the following events:
(i) any material change in the duties or responsibilities (including reporting
responsibilities) of the Executive that is inconsistent in any material and adverse respect with
the Executive’s position, duties, responsibilities or status with the Company (including any
material and adverse diminution of such duties or responsibilities); or
(ii) a material and adverse change in the Executive’s titles or offices (including, if
applicable, membership on the Company’s Board of Directors) with the Company set forth in Section
2(a) hereof;
(iii) a reduction by the Company in the Executive’s rate of annual Base Salary or an adverse
change in the Executive’s Annual Bonus opportunity as a percentage of his Base Salary, provided,
however, that the Executive’s rate of annual Base Salary may be reduced without being considered
Good Reason if such reduction is implemented by the Company as part of an overall general salary
reduction affecting all of its employees and such reduction to the Base Salary on a percentage
basis is equal to or less than the percentage reduction otherwise implemented;
(iv) a failure by the CEO or his delegate to determine performance objectives within 60 days
of the commencement of the applicable measurement period as required by Section 4;
(v) any requirement of the Company that the Executive be based anywhere more than 50 miles
from the office where the Executive is located at the commencement of the Term or, if the Executive
subsequently agrees to a change in such location, 50 miles from such new office location; or
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(vi) the failure of any purchaser of or successor to all or substantially all of the Company’s
assets to assume the obligations of the Company contained in this Agreement, either in writing or
as a matter of law.
The Executive must notify the Company of any event purporting to constitute Good Reason within
45 days following the Executive’s knowledge of its existence, and the Company shall have 20 days in
which to correct or remove such Good Reason, or such event shall not constitute Good Reason.
“Average Annual Bonus” means the average of the last two Annual Bonuses paid to the
Executive before his termination of employment.
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prior written consent of the Company, engage in any business or activity, whether as an
employee, consultant, partner, principal, agent, representative, stockholder (other than as the
holder of an interest of two percent or less in the equity of a publicly traded corporation) or
other individual, corporate or representative capacity, or render any services or provide any
advice or assistance to any business, person or entity, if such business, activity, person or
entity competes anywhere in the same geographic area with the Company or any of its affiliates in
respect of (i) any then-current product, service or business of the Company or any of its
affiliates on the date the Executive terminates employment with the Company or (ii) any product,
service or business as to which the Company or any of its affiliates has actively begun preparing
to develop or offer as of the date the Executive terminates employment with the Company.
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9
The provisions of this Section 9 shall survive any termination of this Agreement, and the
existence of any claim or cause of action by the Executive against the Company, whether predicated
on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of
the covenants and agreements of this Section 9; provided, however, that this paragraph shall not,
in and of itself, preclude the Executive from defending himself against the enforceability of the
covenants and agreements of this Section 9.
(a) If any amount, entitlement, or benefit paid or payable to the Executive or provided for
his benefit under this Agreement and under any other agreement, plan or program of the Company or
any of its affiliates (such payments, entitlements and benefits referred to as a “Payment”) is
subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as
amended from time to time (the “Code”), or any similar federal or state law (an “Excise Tax”), then
notwithstanding anything contained in this Agreement to the contrary, to the extent that any or all
Payments would be subject to the imposition of an Excise Tax, the Payments shall be reduced (but
not below zero) if and to the extent that such reduction would result in the Executive retaining a
larger amount, on an after-tax basis (taking into account federal, state and local income taxes and
the imposition of the Excise Tax), than if the Executive received all of the Payments (such reduced
amount is hereinafter referred to as the “Limited Payment Amount”). Unless the Executive shall
have given prior written notice specifying a different order to the Company to effectuate the
limitations described in the preceding sentence, the Company shall reduce or eliminate the
Payments, by first reducing or eliminating those payments or benefits which are not payable in cash
and then by reducing or eliminating cash payments, in each case in reverse order beginning with
payments or benefits which are to be paid the farthest in time from the Determination (as defined below). Any notice given by the
Executive pursuant to the preceding sentence shall take precedence over the provisions of any other
plan, arrangement or agreement, including, but not limited to, the other provisions of this
Agreement, governing the Executive’s rights and entitlements to any compensation, entitlement or
benefit.
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(b) All calculations under this Section 10 shall be made by a nationally recognized accounting
firm designated by the Company and reasonably acceptable to the Executive (other than the
accounting firm that is regularly engaged by any party who has effectuated a change in control)
(the “Accounting Firm”). The Company shall pay all fees and expenses of such Accounting Firm. The
Accounting Firm shall provide its calculations, together with detailed supporting documentation,
both to the Company and the Executive within 45 days after the change in control or the date of
termination, whichever is later (or such earlier time as is requested by the Company) and, with
respect to the Limited Payment Amount, shall deliver its opinion to the Executive that he is not
required to report any Excise Tax on his federal income tax return with respect to the Limited
Payment Amount (collectively, the “Determination”). Within 15 days of the Executive’s receipt of
the Determination, the Executive shall have the right to dispute the Determination (the “Dispute”).
The existence of the Dispute shall not in any way affect the right of the Executive to receive the
Payments in accordance with the Determination. If there is no Dispute, the Determination by the
Accounting Firm shall be final binding and conclusive upon the Company and the Executive (except as
provided in subsection (c) below).
(c) If, after the Payments have been made to the Executive, it is established that the
Payments made to, or provided for the benefit of, the Executive exceed the limitations provided in
subsection (a) above (an “Excess Payment”) or are less than such limitations (an “Underpayment”),
as the case may be, then the provisions of this subsection (c) shall apply. If it is established
pursuant to a final determination of a court or an Internal Revenue Service (the “IRS”) proceeding
which has been finally and conclusively resolved, that an Excess Payment has been made, the
Executive shall repay the Excess Payment to the Company on demand. In the event that it is
determined by (i) the Accounting Firm, the Company (which shall include the position taken by the
Company, or together with its consolidated group, on its federal income tax return) or the IRS,
(ii) pursuant to a determination by a court, or (iii) upon the resolution to the satisfaction of
the Executive of the Dispute, that an Underpayment has occurred, the Company shall pay an amount
equal to the Underpayment to the Executive within 10 days of such determination or resolution
together with interest on such amount at the applicable federal short-term rate, as defined under
Section 1274(d) of the Code and as in effect on the first date that such amount should have been
paid to the Executive under this Agreement, from such date until the date that such Underpayment is
made to the Executive.
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12. Arbitration. Except as set forth in Section 9(g) hereof, any and all disputes,
claims and controversies between the Company or any of its affiliates and the Executive arising out
of or relating to this Agreement, or the breach thereof, or otherwise arising out of or relating to
the Executive’s employment or the termination thereof shall be resolved by binding arbitration
before a single arbitrator in accordance with the Commercial Arbitration Rules of the American
Arbitration Association. The arbitration shall take place in Westport, Connecticut. The arbitrator
shall have no authority to award punitive damages. The award of the arbitrator shall be final and
judgment thereon may be entered in any court having jurisdiction. The Parties shall share the costs
of the arbitrator equally, but the Parties shall pay their own legal and other expenses.
If to the Company:
President and Chief Executive Officer
Patriot Capital Funding, Inc.
000 Xxxxxxxxx Xxxxxx
Xxxxxxxx, XX 00000
Patriot Capital Funding, Inc.
000 Xxxxxxxxx Xxxxxx
Xxxxxxxx, XX 00000
with a copy to:
Chairman of the Board of Directors
Patriot Capital Funding, Inc.
000 Xxxxxxxxx Xxxxxx
Xxxxxxxx, XX 00000
Patriot Capital Funding, Inc.
000 Xxxxxxxxx Xxxxxx
Xxxxxxxx, XX 00000
and
Xxxxxxx Xxxx, Esq.
Xxxxxxxxxx Xxxxxx & Xxxxxxx LLP
0000 Xxxxxxxxxxxx Xxx., X.X.
Xxxxxxxxxx, X.X. 00000
Xxxxxxxxxx Xxxxxx & Xxxxxxx LLP
0000 Xxxxxxxxxxxx Xxx., X.X.
Xxxxxxxxxx, X.X. 00000
If to the Executive:
Xxxxxxx X. Xxxxxxx, Xx.
00 Xxxxxx Xxxx
Xxxxxxx, XX 00000
00 Xxxxxx Xxxx
Xxxxxxx, XX 00000
or to such other address given by each Party to the other in accordance with the foregoing
procedures.
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16. Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Connecticut without giving effect to the conflict of law
principles thereof.
Patriot Capital Funding, Inc. | ||||||
By: | ||||||
Xxxxxxx X. Xxxxxxxxxxx | Date | |||||
Its President and Chief Executive Officer |
||||||
Xxxxxxx X. Xxxxxxx, Xx. | Date |
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Exhibit A
THIS GENERAL RELEASE (“General Release”) is made as of this day of , 200
by
and between Patriot Capital Funding, Inc. (the “Company”), and Xxxxxxx X. Xxxxxxx, Xx.
(“Executive”).
Pursuant to Section 7(d) of his employment agreement with the Company dated August 7, 2007
(the “Employment Agreement”), Executive agreed to enter into a General Release agreement with the
Company upon his separation from employment with the Company as a condition of receiving the
severance, benefits and entitlements provided in Section 7(a) or Section 7(b) of his Employment
Agreement. In exchange for this General Release agreement, the Company provides the Executive with
the consideration described in his Employment Agreement for the purpose of resolving any claims or
potential claims with respect to each party on the following terms and conditions:
1. Executive’s Complete Release. For good and valuable consideration payable from the
Company to Executive under his Employment Agreement, Executive fully and finally discharges and
releases the Company and all other “Released Parties” (as defined below) from all claims, debts,
obligations, promises, collective bargaining obligations, agreements, contracts, suits, or causes
known or unknown, suspected or unsuspected, of every kind and nature whatsoever, (i) which were or
could have been raised against any of the Released Parties, (ii) which may have existed previously
and which may now exist against any of the Released Parties, or (iii) which may arise against any
of the Released Parties by virtue of Executive’s termination of employment under his Employment
Agreement.
Executive enters into this General Release on his own behalf and on behalf of his
representatives, heirs, executors, administrators, agents, successors and assigns. The “Released
Parties” are the Company, its affiliates, and their respective divisions, affiliates, subsidiaries,
branches, parents, predecessors, successors, assigns, officers, directors, trustees, employees,
agents, stockholders, administrators, representatives, attorneys, insurers, fiduciaries, and
employee benefit plans and programs and the administrators and fiduciaries thereof, past, present,
or future of each of them.
The released claims include, but are not limited to, any express or implied contract of
employment claims, claims arising out of legal restrictions on an employer’s right to terminate the
employment of its employees, any tort claims, any contract claims, any claim to any benefits from
employment with the Company or any other Released Party (other than the payments and benefits
provided under the Employment Agreement and other benefits payable under employee benefit plans in
the ordinary course), any federal, state, or local laws (including common law, statutes, and
executive orders) regarding employment discrimination and/or federal, state, or local laws of any
type or description regarding the employment of labor. For example, the types of claims released
include, but are not limited to, claims arising under:
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a. | the Age Discrimination in Employment Act of 1967, as amended, which prohibits discrimination in employment based on age against persons 40 years of age or older; | ||
b. | Title VII of the Civil Rights Act of 1964, as amended, which prohibits discrimination in employment based on race, color, religion, sex (including pregnancy) and national origin; | ||
c. | Section 1981 of the Civil Rights Act of 1866, as amended, which prohibits racial discrimination in contracts; | ||
d. | the Equal Pay Act of 1963, as amended, which prohibits paying men and women unequal pay for equal work; | ||
e. | the Americans with Disabilities Act of 1990, as amended, which prohibits discrimination based on disability; | ||
f. | the Employee Retirement Income Security Act of 1974, as amended, which, among other things, protects employee benefits; | ||
g. | the Fair Labor Standards Act of 1938, as amended, which regulates wage and hour matters; | ||
h. | the labor laws of any state(s) in which Executive was employed by the Company or any affiliated company; | ||
i. | the Family and Medical Leave Act of 1993, as amended, which requires employers to provide leaves of absence under certain circumstances; | ||
j. | the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended, which generally prohibits discrimination because of a person’s military service, and which protects the right of certain members of the uniformed services to reclaim civilian employment after being absent due to military service or training; or | ||
k. | the Worker Adjustment and Retraining Notification Act of 1988, which requires that advance notice be given of certain workforce reductions. |
The types of claims released include, but are not limited to, damages, compensation,
attorneys’ fees, costs, benefits, back pay, front pay, declaratory or injunctive relief,
reinstatement, employment or re-employment, all rights under the applicable workers’ compensation
law to the extent permitted by law, additional retirement contributions, additional severance
payments, compensatory or punitive damages, damages for personal injuries, monetary or other relief
of any nature, legal or equitable, arising or derivative from Executive’s employment with or
separation from the Company or the actions of any of the Released Parties towards Executive, except
for a claim that the Company has failed to comply with the terms of this General Release or the
Employment Agreement.
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Executive intends that this General Release shall discharge each of the Released Parties to
the maximum extent permitted by law.
2. Company’s Complete Release. The Company releases and forever discharges, and by this
instrument releases and forever discharges, the Executive from all debts, obligations, promises,
covenants, agreements, endorsements, bonds, controversies, suits, actions, causes of action,
judgments, damages, expenses, claims or demands of any kind whatsoever (whether known or unknown),
in law or in equity, which it ever had, now has, or which may arise in the future regarding any
matter arising on or before the execution of this General Release regarding the Executive’s
employment with or the Executive’s leaving the employment of the Company.
Notwithstanding anything contained herein to the contrary, neither party to this General
Release is releasing the other party from its obligations under the Employment Agreement.
a. Executive acknowledges that he
i. has been advised in writing to consult with an attorney prior to signing this
General Release;
ii. has had an opportunity to consult with an attorney of his choice prior to signing
this General Release; and
iii. has entered into and signed the General Release knowingly, voluntarily, and
freely, and after consulting with such counsel as he deemed appropriate.
b. Executive further acknowledges that he
i. is waiving the rights, and discharging and releasing the claims, set forth in this
General Release for consideration described above other than that to which he would
otherwise be entitled;
ii. is not waiving any rights or claims that may arise after the date of execution of
this General Release other than claims that may arise by virtue of Executive’s
termination of employment under the Employment Agreement;
iii. has been provided with a period of twenty-one (21) days in which to consider this
General Release;
iv. has been informed that he has a period of seven (7) days following execution of this
General Release during which he may revoke this General Release by delivering a
written notice of revocation to the Company’s President and Chief Executive Officer at
000 Xxxxxxxxx Xxxxxx, Xxxxxxxx, XX 00000; and
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v. understands that this General Release shall not become effective and enforceable
until the revocation period has expired.
c. If Executive executes this General Release prior to the expiration of the twenty-one (21)
day period specified above, he acknowledges and agrees that he was afforded the opportunity to have
a period of at least twenty-one (21) days to consider the General Release before executing it, and
that his execution of this General Release prior to the expiration of said period was his free and
voluntary act.
d. Executive acknowledges that this General Release was written in a manner calculated to be
understood by him, that he has been told to direct any questions to , and that he
understands the content of this General Release.
5. Nonadmission. Executive agrees that neither the execution of this General Release nor the
General Release itself is an admission (a) of any liability or wrongdoing by the Company or any
Released Party, or (b) that the Company or any Released Party has breached any contract, committed
any tort, violated any federal, state, or local statute, law, rule, regulation, or ordinance of any
nature whatsoever, including, but not limited to, any federal, state, or local law against
employment discrimination, and the Company expressly denies any such liability or wrongdoing.
Executive further agrees that this General Release is being entered into solely for the purposes of
amicably resolving any matters in controversy and all disputes or potential disputes between
Executive and the Released Parties.
a. Executive agrees that he will not in any way assist and/or participate in the pursuit of
any claims or actions brought against any of the Released Parties except as set forth in paragraph
4.b of this General Release.
b. Nothing in this General Release shall be construed to preclude Executive from responding
to a lawfully issued subpoena, court order, or other lawful request by any regulatory agency or
governmental authority regarding his employment and/or separation from the Company. In the event
Executive is lawfully issued a subpoena or court order or receives such other lawful request
regarding his employment and/or separation from the Company or any other matter regarding the
Company or any other Released Party, he shall deliver to the Company copies of the relevant
subpoena, court order, or other request as soon as practicable after receipt, but in any event
within three business days.
7. Agreement Not to Bring Suit. For and in consideration of the payment(s) set forth herein,
Executive specifically represents that he has not filed, and does not have pending, or if he has
filed, will withdraw with prejudice, any litigation, charges, complaints, or other challenges of
any kind against the Released Parties in any forum, and hereby covenants and agrees that he will
not bring or cause to be brought any charges, claims, demands, suits, mediations, arbitrations or
other actions in any forum against any of the Released Parties in any court of law or equity, or
before any administrative agency, or any other forum with respect to any matter arising or
derivative from or related in any way to his employment with, separation from, or dealings with
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the Company or any of the Released Parties which occurred prior to the effective date of this
General Release, or which might arise from Executive’s termination of employment as contemplated by
the Employment Agreement.
8. Voluntary Agreement. In order to induce the Company to provide him the consideration
recited in his Employment Agreement, Executive voluntarily executes this General Release,
acknowledges that the only consideration for executing the General Release is the consideration
described in his Employment Agreement, and that no other promise, inducement, threat, agreement, or
understanding of any kind has been made by anyone to cause him to execute this General Release.
Executive fully understands the meaning and intent of this General Release and its final and
binding effect on him.
IN WITNESS WHEREOF, XXXXXXX X. XXXXXXX, XX. AND PATRIOT CAPITAL FUNDING, INC., in person or by
their duly authorized agents, have hereunder executed this General Release.
Xxxxxxx X. Xxxxxxx, Xx. | ||||||||
STATE OF
|
) | |||||||
) | To-wit: | |||||||
COUNTY/CITY OF
|
) |
I, , a Notary Public in and for the aforesaid
jurisdiction, hereby certify that Xxxxxxx X. Xxxxxxx, Xx. appeared before me this day of , 200 , and executed the foregoing General
Release.
Notary Public | ||||
My Commission Expires: |
||||
PATRIOT CAPITAL FUNDING, INC. | ||||
By: | ||||
Xxxxxxx X. Xxxxxxxxxxx |
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