Document:

exhibit102.htm

Exhibit 10.2

 

 

 

GENERAL RELEASE

 

	
1.  

	
GENERAL RELEASE OF ALL CLAIMS

 

The undersigned individual (the “Executive”) hereby irrevocably releases and forever discharges any and all known and unknown liabilities, debts, obligations, causes of action, demands, covenants, contracts, liens, controversies and any other claim of whatsoever kind or nature that the Executive ever had, now has or may have in the future against Blyth, Inc. or PartyLite Worldwide, Inc (collectively the “Company”), its stockholders, subsidiaries, affiliates, successors, assigns, officers, directors, attorneys, fiduciaries, representatives, employees, licensees, agents and assigns (the “Releasees”), to the extent arising out of or related to the performance of any services to or
on behalf of the Company or the termination of those services and excepting however claims for payments, benefits or entitlements preserved by the Retention and Severance Agreement dated as of December 17, 2010, between the Company and the Executive (the “Retention Agreement”) all of which are reserved and excepted from the scope of this General Release, including without limitation: (i) any such claims arising out of or related to any federal, state and/or local labor or civil rights laws including, without limitation, the federal Civil Rights Acts of 1866, 1871, 1964, the Equal Pay Act, the Older Workers Benefit Protection Act, the Rehabilitation Act, the Jury Systems Improvement Act, the Uniformed Services Employment and Reemployment Rights Act, the Vietnam Era Veterans Readjustment Assistance Act, the National Labor Relations Act, the Worker Adjustment and Retraining
Notification Act, the Family and Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974, the Age Discrimination in Employment Act, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act of 1938, the Connecticut Fair Employment Practices Act, the Connecticut Human Rights and Fair Opportunities Act, the Connecticut Equal Pay Law, the Connecticut Family and Medical Leave Law, Connecticut wage and hour laws, the Connecticut Whistleblower Protection Law and any other employee protective law of any jurisdiction that may apply and/or any claim for attorneys’ fees or costs; (ii) any and all other such claims arising out of or related to any contract, any and all other federal, state or local constitutions, statutes, rules, regulations or executive orders; or (iii) any and all such claims arising from any common law right of any kind whatsoever,
including, without limitation, any claims for any kind of tortious conduct, promissory or equitable estoppel, defamation, breach of the Company’s policies, rules, regulations, handbooks or manuals, breach of express or implied contract or covenants of good faith, wrongful discharge or dismissal, and/or failure to pay, in whole or part, any compensation of any kind whatsoever (collectively, “Executive’s Claims”).

 

Execution of this Release by the Executive operates as a complete bar and defense against any and all of the Executive’s Claims against the Company and/or the other Releasees other than any claims under the Retention Agreement.  If the Executive should hereafter assert any Executive’s Claims in any action or proceeding against the Company or any of the Releasees, as applicable, in any forum, this Release may be raised as and shall constitute a complete bar to any such action or proceeding and the Company and/or the Releasees shall be entitled to recover from the Executive all costs incurred, including attorneys’ fees, in defending against any such Executive’s Claims.

 

	
2.  

	
RIGHTS AND CLAIMS PRESERVED

 

Nothing in this General Release prevents the Executive from filing a charge with the United States Equal Employment Opportunity Commission (“EEOC”) or from cooperating with the EEOC; however, that the Executive understands and agrees that she shall not accept, and shall not be entitled to retain, any compensation or other relief recovered by the EEOC on her behalf as a result of such charge with respect to any matter covered by this General Release.  Nothing in this General Release prevents the Executive from filing a lawsuit challenging the validity of her waiver of federal age discrimination claims under the Age Discrimination in Employment Act and the Older Workers Benefit Protection
Act.

 

Executive acknowledges that she is aware that she may later discover facts in addition to or different from those which she now knows or believes to be true with respect to the subject matter of this Release, but it is her intention to fully and finally forever settle and release any and all claims, matters, disputes, and differences, known or unknown, suspected and unsuspected, which now exist, may later exist or may previously have existed between the parties to the extent set forth in the first paragraph hereof, and that in furtherance of this intention this Release shall be and remain in effect as a full and complete general release to the extent set forth in the first paragraph herein, notwithstanding
discovery or existence of any such additional or different facts.

 

The Executive acknowledges and agrees that she will continue to be bound by the provisions of Section 6 of the Retention Agreement and any other agreements between her and the Company.

 

	
3.  

	
OPPORTUNITY FOR REVIEW

 

The Executive acknowledges that she has had a reasonable opportunity to review and consider the terms of this Release for a period of at least 21 days, that she understands and has had the opportunity to receive counsel regarding her respective rights, obligations and liabilities under this Release and that to the extent that the Executive has taken less than 21 days to consider this Release, the Executive acknowledges that she has had sufficient time to consider this Release and to consult with counsel and that she does not desire additional time to consider this Release.  As long as the Executive signs and delivers this Release within such 21 day time period, she will have seven days after such
delivery to revoke her decision by delivering written notice of such revocation to the Company.  If the Executive does not revoke her decision during that seven-day period, then this Release shall become effective on the eighth day after being delivered by the Executive.  The Executive agrees that her revocation of this Release will result in the forfeiture of her right to receive payments under the Retention Agreement but will not relieve her of her obligations under the Retention Agreement.

 

	
4.  

	
BINDING EFFECT

 

This Release is binding on the Executive’s heirs and personal representative.

 

	
5.  

	
GOVERNING LAW; ARBITRATION; MISCELLANEOUS

 

The provisions of Sections 7 and 8 of the Retention Agreement shall be deemed incorporated into this Release as if fully set forth herein.

 

 

	  	
BLYTH, INC.

 

	
Date: December 30, 2011

	
By: /s/ Anne M. Butler

 

	  	
Name: Anne M. Butlerkl01008_ex10-1.htm

 

 

Exhibit 10.1

 

 

TERMINATION AND SETTLEMENT AGREEMENT

 

This Termination and Settlement Agreement (the "Settlement Agreement") made effective this 31st day of December, 2011 ("Effective Date") by and between DIRECT INSITE CORP., a Delaware corporation with its principal office at 13450 West Sunrise Blvd., Suite 510, Sunrise, Florida 33323 (the "Company") and JAMES A. CANNAVINO, an individual residing at #1 Lovango Cay, USVI (mailing address 6501 Red Hook Plaza, Suite 201-PMB, Red Hook, St. Thomas, USVI 00802 (hereinafter referred to as "Cannavino") (collectively the "Parties").

 

WHEREAS, the Company and Cannavino entered into an amended employment agreement effective as of January 1, 2011 (the "Employment Agreement"); and

 

WHEREAS, Cannavino has elected to terminate the Employment Agreement pursuant to its terms and the Company has agreed to such termination; and

 

WHEREAS, the Company is desirous of making the lump sum cash severance payment as provided in the Employment Agreement to Cannavino in lieu of any and all other benefits otherwise accruing to him under the Employment Agreement or any other verbal or written agreement with the Company.

 

NOW, THEREFORE, based upon the mutual covenants contained herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

1.   Except as otherwise set forth herein, in full satisfaction of all prior, current and future obligations to Cannavino, under the Employment Agreement, whether accrued or otherwise, including but not limited to salary, all accrued and vested benefits, and reimbursed business expenses, the Company shall make a lump sum payment to Cannavino in the amount of $620,400 on or before December 31, 2011.

 

2.   (a)    Cannavino covenants and agrees that for a period of two (2) years from May 25, 2011, he will not, without the prior written approval of the Board of Directors of the Company (the "Board"), directly or indirectly, through any other individual or entity, (i) (become an officer, director or employee of, or render any services (including consulting services) to, any competitor of the Company, (ii) solicit, raid, entice or induce any customer of the Company to cease purchasing goods or services from the Company or to become a customer of any competitor of the Company, and Cannavino will not approach any customer for any such purpose or authorize the taking of any such actions by any other individual or entity, or (iii) solicit, raid, entice or induce any employee of the Company, and Cannavino will not approach any such employee for any such purpose or authorize the taking of any such action by any other individual or entity. However, nothing contained in this paragraph 2 shall be construed as preventing Cannavino from investing his assets in such form or manner as will not require him to become an officer or employee of, or render any services (including consulting services) to, any competitor of the Company.

 

(b)   Cannavino further covenants and agrees that at all times hereafter, he shall not disclose to any person, firm or corporation other than the Company any trade secrets, trade information, techniques or other confidential information of the business of the Company, its methods of doing business or information concerning its customers learned or acquired by Cannavino during his relationship with the Company and shall not engage in any unfair trade practices with respect to the Company.

 

 

  

  

  

 

 

(c)   The necessity for protection of the Company and its subsidiaries against Cannavino's competition, as well as the nature and scope of such protection, has been carefully considered by the parties hereto in light of the uniqueness of Cannavino's talent and his prior position with the Company. Accordingly, Cannavino agrees that, in addition to any other relief to which the Company may be entitled, the Company shall be entitled to seek and obtain injunctive relief (without the requirement of any bond) for the purpose of restraining Cannavino from any actual or threatened breach of the covenants contained in paragraph 2 (a) and (b) of this Settlement Agreement.

 

(d)   If for any reason a court determines that the restrictions under paragraph 2 of this Settlement Agreement are not reasonable or that consideration therefore is inadequate, the parties expressly agree and covenant that such restrictions shall be interpreted, modified or rewritten by such court to include as much of the duration and scope identified in paragraph 2 as will render the restrictions valid and enforceable.

 

3.   (a)           Subject only to the payment provision of paragraph 1, Cannavino hereby waives, remits, releases and forever discharges the Company, its past, present and future Board members, officers, directors, stockholders, employees, agents, attorneys, subsidiaries, servants, successors, insurers, affiliates and their successors and assignees, from any and all manner of action, claims, liens, demands, liabilities, causes of action, charges, complaints, suits (judicial, administrative, or otherwise), damages, debts, demands, obligations of any other nature, past or present, known or unknown, whether in  law or in equity, whether founded upon contract (expressed or implied), tort (including, but not limited to, defamation), statute or regulation (State, Federal or local), common law and/or any other theory or basis, from the beginning of the world to the date hereof that Cannavino has asserted, now asserts or could have asserted under the Employment Agreement. This includes, but is not limited to, claims for compensation or benefits, tortious claims arising out of the relationship, claims of an expressed or implied contract of employment, claims under the Family and Medical Leave Act, claims arising under Federal, State or local laws prohibiting employment or other discrimination or claims growing out of any legal restrictions on the Company's rights to terminate its employees, including without limitation any claims arising under Title VII of the United States Code, and the Age Discrimination in Employment Act. It is expressly understood by Cannavino that among the various rights and claims being waived by him in this release are those arising under the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621, et set.). Included in this General Release are any and all claims for future damages under the Employment Agreement or otherwise allegedly arising from the continuation of the effect of any past action, omission or event.

 

(b)           The Company hereby waives, remits, releases and forever discharges Cannavino from any and all manner of action, claims, liens, demands, liabilities, causes of action, charges, complaints, suits (judicial, administrative, or otherwise), damages, debts, demands, obligations of any other nature, past or present, known or unknown, whether in  law or in equity, whether founded upon contract (expressed or implied), tort (including, but not limited to, defamation), statute or regulation (State, Federal or local), common law and/or any other theory or basis, from the beginning of the world to the date hereof that the Company has asserted, now asserts or could have asserted under the Employment Agreement. This includes, but is not limited to, claims for compensation or benefits, tortious claims arising out of the relationship, claims of an expressed or implied contract of employment.

 

4.   Notwithstanding the foregoing, it is the mutual understanding of the parties that

 

 

 

  

  

  

 

 

(a)   nothing herein contained shall restrict the Company, solely with the approval of the Board, from entering into any future agreement with Cannavino wherein Cannavino may be compensated for his services as enumerated therein;

 

(b)   Cannavino shall also be entitled to all directors fees previously earned, accrued and unpaid, or deferred, and he shall continue to receive compensation as a director of the Company consistent with the compensation paid to directors for as long as he is a director of the Company; and

 

(c)   Paragraph 20 of the Employment Agreement with regard to indemnification shall continue in full force and effect.

 

5.   Any action or proceeding brought to enforce any of the provisions of this Settlement Agreement must be instituted in a federal or state court situated in the State of New York, New York County, to the exclusive jurisdiction of which courts, the Parties irrevocably and unconditionally submit. This Settlement Agreement shall be construed and governed by the laws of the State of New York, without regard to its governing conflicts of law principles.

 

6.   Except as required by law, the Company and Cannavino, and their respective affiliates, including Cannavino, agree not to publish, communicate or disseminate any negative or disparaging information regarding the other, or to divulge, directly or indirectly, any information regarding this Settlement Agreement to the media, present or former employees of the Company, suppliers, vendors and other industry participants any other person; provided, however, that the Parties may disclose the contents of this Settlement Agreement to their respective financial advisors, accountants and attorneys. As may be appropriate, the Company shall be permitted additionally to make such disclosure as may be appropriate consistent with the Company's reporting requirements as a public company.

 

7.   This Settlement Agreement sets forth the entire agreement and understanding between the parties and fully supersedes the Employment Agreement and any other verbal or written contract. Except as otherwise set forth herein, the Employment Agreement and any other verbal or written contracts are null and void. The parties represent expressly that in signing this Settlement Agreement, they do not rely upon, nor have they relied upon any representation or statement regarding the subject matter not set forth specifically in this Settlement Agreement.

 

8.   Cannavino acknowledges that:

 

(a)   He has carefully read and fully understands all of the provisions of this Settlement Agreement.

 

(b)   He agrees, knowingly and voluntarily, to all of the terms set forth in this Settlement Agreement and intends to be fully bound by the same.

 

9.   Any notice to be given to the Company or Cannavino hereunder shall be deemed given if delivered personally, telefaxed or mailed by certified or registered mail, postage prepaid, to the other parties hereto at the following addresses:

 

 

 

  

  

  

 

 

	
To the Company:

 

 

 

 

 

Copy to:

 

 

 

 

 

 

To Cannavino:

	
Direct Insite Corp.

13450 West Sunrise Blvd.

Suite 510

Sunrise, Florida 33323

Facsimile: (954) 846-8841

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

Facsimile: 212-715-8000

Attn:  Scott S. Rosenblum, Esq.

 

#1 Lovango Cay, USVI

6501 Red Hook Plaza

Suite 201-PMB

Red Hook, St. Thomas, USVI 00802

Facsimile: (631) 207-8380

 

Either party may change the address to which notice may be given hereunder by giving notice to the other party as provided herein.

 

10.   This Settlement Agreement may not be modified or amended except by a writing signed by all of the Parties. This Agreement shall be binding upon, and inure to the benefit of, Cannavino's successors, heirs, executors, administrators and legal representatives, and the Company's successors and assigns.

 

11.   The failure of either party to insist on strict performance of any provision or to exercise any right shall not be deemed a waiver of any such provision or right thereafter. Any waiver, to be effective, must be in writing and signed by the Party waiving compliance.

 

12.   Should any provisions of this Settlement Agreement be declared or determined to be invalid or illegal, the validity of the remaining, terms and provisions shall not be affected thereby and said illegal or invalid term or provision shall be deemed not to be part of this Settlement Agreement.

 

13.   This Settlement Agreement may be executed in counterparts. Each counterpart shall be deemed an original, and when taken together with the other signed counterpart, shall constitute one fully executed Settlement Agreement.

 

[Signature Page Follows.]

 

 

  

  

  

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above.

 

DIRECT INSITE CORP.

 

 

By: /s/ Matthew E. Oakes                       

   Name: Matthew E. Oakes

   Title: President and CEO

 

 

 

By: /s/ James A. Cannavino                  

   JAMES A. CANNAVINO

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