EXHIBIT 10.138
TERMINATION OF EMPLOYMENT AGREEMENT
THIS TERMINATION OF EMPLOYMENT AGREEMENT, made this 7th day of October,
1999, by and between PPD Development, Inc. ("PPD"), and Xxxxxx X. Xxxxx
("Employee").
WHEREAS, PPD and Employee entered into that certain employment agreement
dated October 1, 1997 (the "Employment Agreement"); and
WHEREAS, the parties desire to terminate the Employment Agreement pursuant
to the terms and conditions more specifically set forth herein.
NOW, THEREFORE, in consideration of the mutual promises, covenants and
considerations contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:
1. Termination of Employment Agreement. The Employment Agreement shall be
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deemed terminated as of the close of business on October 7, 1999 (the
"Termination Date").
2. Rights and Obligations.
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a. Neither party hereto shall have any further rights or obligations
under the Employment Agreement, except (a) such rights and obligations as shall
have accrued prior to the Termination Date, and (b) such rights and obligations
which by the terms of the Employment Agreement survive the Termination date.
b. Notwithstanding anything in Section 2.a. or in the 1999 PPD
Employee Bonus Plan (the "Plan") to the contrary, Employee shall be paid such
bonus under the Plan for fiscal year 1999 as he would have been entitled to
receive as if he were employed by PPD on the date all other bonuses are paid
under the Plan, except that the amount of Employee's bonus paid to him shall be
prorated based on the Termination Date.
3. Miscellaneous.
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a. This agreement constitutes the entire agreement between the
parties with respect to the subject matter hereof and may not be altered or
amended except by writing signed by the parties.
b. This agreement shall be governed by the laws of State of North
Carolina.
c. This agreement shall inure to the benefit of and be binding upon
PPD, its successors and assigns, and Employee, his heirs, successors, assigns
and personal representatives.
IN WITNESS WHEREOF, the parties have caused this agreement to be executed
as of the date first hereinabove set forth.
PPD DEVELOPMENT, INC.
By: /s/ Xxxxxxx X. Xxxxxxxx
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Name: Xxxxxxx X. Xxxxxxxx
Title: Chief Executive Officer
/s/ Xxxxxx X. Xxxxx (SEAL)
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Xxxxxx X. Xxxxx
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