AGREEMENT AND RELEASE THIS AGREEMENT AND RELEASE, made this 29 day of May, 1997, by and between Derma Sciences, Inc. ("DSI") and Gary L. Borthwick ("Borthwick"). WHEREAS, Borthwick is presently employed as Vice President for Finance and Operations and...Agreement and Release • July 1st, 1997 • Derma Sciences Inc • Pharmaceutical preparations • Pennsylvania
THIS AGREEMENT AND RELEASE, made this 29 day of May, 1997, by and between Derma Sciences, Inc. ("DSI") and Gary L. Borthwick ("Borthwick"). WHEREAS, Borthwick is presently employed as Vice President for Finance and Operations and Chief Financial Officer for DSI, WHEREAS, Borthwick has indicated his intent to tender his resignation as Vice President for Finance and Operations and Chief Financial Officer for DSI, and DSI has indicated its intention to accept the same with regret, NOW, THEREFORE, the parties hereto, in consideration of the promises and covenants herein contained, and intending to be legally bound, hereby agree as follows: 1. Resignation Effective Date. Borthwick hereby tenders his resignation and DSI accepts the same effective July 1, 1997, under and subject to the conditions set forth in this Agreement. 2. Severance Payment. DSI shall pay to Borthwick a cash severance payment in the total amount of One Hundred Thirty-Five Thousand Dollars ($135,000), to be paid in twenty
