SETTLEMENT AGREEMENT AND GENERAL RELEASESettlement Agreement and General Release • July 20th, 2004 • Diasys Corp • Laboratory analytical instruments • Connecticut
WHEREAS, Todd M. DeMatteo ("DeMatteo") has filed a claim with the American Arbitration Association ("AAA") (No.121160063703) against DiaSys Corporation, a Delaware corporation ("Employer" or "DiaSys") alleging breach of employment contract; and WHEREAS, the Employer and DeMatteo agree that a settlement and resolution of their differences on the terms described below would best serve their individual interests, NOW, THEREFORE, the Employer and DeMatteo agree to the following as of July 14, 2004, the Effective Date hereof ("Effective Date"): 1. The Employer agrees to pay DeMatteo the gross sum of Two Hundred Thousand Dollars ($200,000.00), less the employee's share of customary employment related taxes and withholding for the severance compensation portion and the sum of Seventy Eight Thousand Dollars ($78,000.00) as reimbursement for payment of attorney's fees and AAA fees, on or before August 16, 2004, and a further sum of Two Hundred Thousand Dollars ($200,000.00) less t
