Exhibit 10.1.16
ADDENDUM TO RELEASE AND SETTLEMENT AGREEMENT
This Addendum to the Release and Settlement Agreement entered into by
and between Advanced Lighting Technologies ("Advanced Lighting") and Xxxxxx X.
Xxxxx ("Xxxxx") is made as of this 6th day of September, 2002, and is intended
to amend and supplement the original Release and Settlement Agreement.
WITNESSETH:
WHEREAS, the parties mutually desire to change and extend the
"Effective Date" for termination of Xxxxx employment with Advanced Lighting;
NOW THEREFORE, in consideration of the promises and agreement contained
herein and other good and valuable consideration, including the terms of the
original Release and Settlement Agreement, the sufficiency and receipt of which
are hereby acknowledged, and intending to be legally bound, Advanced Lighting
and Xxxxx agree to this Addendum as follows:
1. Advanced Lighting and Xxxxx have determined that Xxxxx shall
terminate his employment effective January 14, 2003.
2. For purposes of the original Release and Settlement Agreement, the
new Effective Date shall be January 14, 2003.
3. Paragraph 2 of the original Release and Settlement Agreement shall
be and is hereby amended to read as follows:
2. PAYMENTS.
(a) In consideration of the promises of Xxxxx in this Agreement and
subject to the conditions hereof, including without limitation Paragraph 4 of
this Agreement, Advanced Lighting shall:
(i) Pay Xxxxx his current salary and fringe
benefits through the Effective Date UNLESS Xxxxx accepts other
employment prior to the Effective Date, in which case his
current salary and benefits shall be effective through the
commencement of his new employment;
(ii) Pay Xxxxx an additional six months of salary starting
JANUARY 15, 2003, payable in bi-weekly installments; PROVIDED
that Xxxxx has not accepted other employment and that no such
payment shall be made unless and until the conditions in
Paragraph 4 below have been satisfied;
(iii) Provide Xxxxx executive career services through Right
Management Consultants, up to a maximum of $25,000.
(iv) Provide Xxxxx with payment for his unused vacation on
the Effective Date.
(v) Provide Xxxxx reimbursement of reasonable expenses
related to employment searches provided amounts in excess of
$250 are approved in advance.
(b) Xxxxx shall exercise any vested stock options within sixty (60)
days of the Effective Date.
(c) Xxxxx shall tender his resignation as a Director at the execution
of this Agreement.
(d) Xxxxx acknowledges and agrees that he has an obligation under this
Agreement to provide notice Advanced Lighting at the time he accepts other
employment if he accepts such other employment prior to the Effective Date or
within the six-month period commencing JANUARY 15, 2003, pursuant to the
provisions in Paragraph 2(a)(i) and 2(a)(ii).
(e) Advanced Lighting will provide Xxxxx with the option of continuing
coverage under Advanced Lighting's current medical program for the period
provided in Paragraph 2(a)(ii) above. If Xxxxx elects this option, he will make
a contribution in the same amount as his current employee contribution for such
coverage.
(f) Xxxxx acknowledges and agrees that the consideration provided by
Advanced Lighting to Xxxxx under this Agreement, including, without limitation,
the payments to be made by Advanced Lighting to Xxxxx pursuant to this
Agreement, is greater than and in addition to anything of value to which he
otherwise would be entitled from Advanced Lighting as a result of his
termination and that the release by Xxxxx set forth in Paragraph 5 of this
Agreement and the obligations of and actions taken by Xxxxx under this Agreement
are given and undertaken in consideration of, and adequately supported by, the
payments and benefits to be made or provided to Xxxxx by Advanced Lighting under
and pursuant to this Agreement.
IN WITNESS WHEREOF, the parties hereto have had an opportunity to
review the foregoing and have executed this Addendum voluntarily and without
duress as of the date below.
/s/ Xxxxxxx Xxxxxx /s/ Xxxxxx X. Xxxxx
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Agent of Advanced Lighting Technologies Employee - Xxxxxx X. Xxxxx
Date: 9/6/02 Date: 9/6/02
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