SEPARATION AGREEMENT AND RELEASE
This Separation Agreement and Release ("Separation
Agreement"), dated this June 12th, 2003, shall be effective as of
June 30th, 2003 (the "Effective Date"), by and between Comtex
News Network, Inc. (the "Employer") and X. X. Xxxxxxx (the
"Employee").
WHEREAS, Employee is employed by the Employer and holds the
title of Vice Chairman of the Board of Directors, an officer
position with Employer; and
WHEREAS, the Employee has elected to resign as an employee
and Vice Chairman of the Board of Directors, effective as of June
30, 2003;
NOW, THEREFORE, in consideration of the promises herein
stated and other good and valuable consideration, the receipt and
adequacy of which is acknowledged by each of the parties and who
intend to be legally bound by this Separation Agreement, the
parties state and agree as follows:
1. Termination of Employment. The parties hereto mutually
agree that the Employee's employment shall be terminated as of
the effective date hereof. Employee further agrees to resign as
Vice Chairman of the Board of Directors as of the effective date
hereof.
2. Effect of Termination. It is agreed that a severance
payment of $26,777.00 is payable by Employer to Employee, at such
time and in such installments as determined in the sole
discretion of the Employer, but no later than June 30, 2007.
Employee shall also be entitled to elect continuing health care
coverage under Employer's health plan, at Employee's expense,
subject to the requirements of Title X of the Consolidated
Omnibus Budget Reconciliation Act of 1985, Internal Revenue Code
section 4980B, and subsequent legislation ("COBRA"). The parties
hereto hereby waive and release each other from any and all
causes of actions, debts, claims and liabilities, whether known
or unknown, which either party now has or may have in the future
against the other, except as otherwise provided herein.
3. No Effect on Board Position. This Separation Agreement is
not intended and shall not be construed as a termination by
Employee of his position as a member of the Board of Directors of
Employer and Employee shall remain a member of the Board of
Directors of employer for his duly elected term.
4. Counterparts. This Separation Agreement may be executed in
one or more counterparts, each of which shall be deemed to
constitute an original.
5. Governing Law. This Separation Agreement shall be governed
by, and interpreted in accordance with, the laws of the
Commonwealth of Virginia, without regard to the conflict of law
principles thereof.
IN WITNESS WHEREOF, the parties hereto have caused this
instrument to be executed on this 12th day of June 2003, in
counterparts, with an Effective Date as defined hereinabove.
COMTEX NEWS NETWORK, INC.
Date: June 12, 2003 By:/S/ XXXXX XXXXX
----------------------------
Xxxxx Xxxxx, Chairman of the
Board
Acting on Behalf of the Board
of Directors
Date: June 12, 2003 EMPLOYEE
By:/S/ X.X. XXXXXXX
----------------------------
X. X. Xxxxxxx
