Document:

Unassociated Document

    Exhibit
10.2

    
 

    CONSULTING
AGREEMENT

     

     

    This
consulting agreement ("Agreement") is dated June 1, 2009, and is between John G.
Nikkel ("Nikkel") and Unit Corporation, a Delaware corporation (the
"Corporation").  Nikkel and the Corporation may be referred to
individually as "Party" and collectively as "Parties."

     

     

    WHEREAS,
on December 17, 2004, the Parties entered into a consulting agreement ("Original
Agreement");

     

     

    WHEREAS,
on April 1, 2006, the Original Agreement expired according to its
terms;

     

     

    WHEREAS,
on April 12, 2006, the Parties renewed the Original Agreement for a one year
term effective April 1, 2006;

     

     

    WHEREAS,
on April 9, 2007, the Parties entered into a Consulting Agreement for a one year
term effective April 1, 2007;

     

     

    WHEREAS,
on March 26, 2008, the Parties renewed the Consulting Agreement for a one year
term effective April 1, 2008;

     

     

    WHEREAS,
the Parties desire to again enter into a consulting agreement under the
substantially same terms and conditions as the Original Agreement;

     

     

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained
in this Agreement, the Parties agree as follows:

     

     

    1.   Except as
otherwise provided herein, this Agreement incorporates and adopts the terms and
conditions of the Original Agreement attached hereto as Exhibit A.

     

     

    2.   This
Agreement is for a term of 1 year commencing as of April 1, 2009 unless it is
sooner terminated by mutual written agreement of the Parties. In the event of
Nikkel's death during the term of this Agreement, the obligations of the Parties
under this Agreement shall terminate.

     

     

    3.            In
the event there is a conflict between the terms of this Agreement and that of
the Original Agreement, the terms of this Agreement will govern.

     

     

    IN
WITNESS WHEREOF, each of the Parties has signed this Agreement, in the case of
the Corporation by its duly authorized officer, as of the day and year first set
forth above.

     

    

    UNIT CORPORATION

    

     

    

    /s/ John G.
Nikkel                                                                     
/s/ Mark E. Schell  

    John G.
Nikkel                                                                           Mark
E. Schell, Senior Vice President

    
       

      
        
        

      

       

    

    CONSULTING
AGREEMENT

     

    This
consulting agreement is dated December 17, 2004, and is between John G. Nikkel
("Nikkel") and Unit
Corporation, a Delaware corporation (the "Corporation").

     

    Nikkel
has elected to retire as an employee and Chief Executive Officer of the
Corporation effective April 1, 2005 and will cease to be an officer of the
Corporation as of that date.

     

    The board
of directors of the Corporation wishes to secure the services of Nikkel as a
consultant to the Corporation and Nikkel is willing to act in that capacity
following his retirement.

     

    The
Corporation and Nikkel wish to enter into this agreement to describe their
obligations to each other and the scope of Nikkel's services to the Corporation
as an independent contractor and consultant to the Corporation after his
retirement.

     

    The
parties therefore agree as follows:

     

    1. Term
of Agreement.

     

    This
agreement is for a term of 1 year starting on the date of Nikkel's retirement
unless it is sooner terminated by mutual written agreement of the
parties.  In the event of Nikkel's death during the term of this
agreement, the obligations of the parties under this agreement shall
terminate.

     

    The
parties, by mutual written agreement, may extend the term of this agreement for
successive 1 year periods at any time before the termination of the then
existing term of this agreement.

     

    2. Consulting
Fees.

     

    In
consideration of Nikkel's obligations under this agreement, the Corporation
shall pay Nikkel an annual consulting fee of $70,000, with payments to be made
monthly in accordance with the Corporation's usual procedures.  This
compensation shall be paid beginning as of Nikkel's retirement date and ending
on the termination of this agreement.

     

    During
the term of this agreement the Corporation shall make available to Nikkel
secretarial services and office space.

     

    3. Consulting
Services.

     

    3.1 Duration and
Scope.  During the term of this agreement, Nikkel shall serve
as a consultant to the Corporation (including its subsidiaries, affiliates and
joint venture partners).  Nikkel will provide the advice and counsel
to the Corporation as reasonably requested by the Chief Executive Officer of the
Corporation.  Unless otherwise requested, Nikkel shall attend the
weekly exploration meetings held by the Corporation's subsidiary Unit Petroleum
Company to assist in the decisions normally made during those
meetings.

     

    3.2 Compliance with
Laws.  Nikkel shall comply at his expense with all applicable
provisions of workers' compensation laws, unemployment compensation laws,
federal social security law, the Fair Labor Standards Act, federal, state and
local income tax laws, and all other applicable federal, state and local laws,
regulations and codes applicable to his status as an independent
contractor.

     

    3.3 Status.  As
a consultant to the Corporation, Nikkel shall act as an independent
contractor.  Nikkel shall not have the status of an employee of the
Corporation.  Nikkel shall be solely responsible for and shall pay all
such amounts of applicable federal and state income and self employment
taxes.  Except as otherwise provided in this agreement, Nikkel shall
not be eligible to participate in any employee benefit, group insurance or
compensation plans or programs maintained by the Corporation; provided, however, that any
rights that Nikkel may have under these plans or programs because of his prior
status as an employee and officer of the Corporation (or his status as a
director of the Corporation) shall not be affected by this 

     

    
       

      
        
          Exhibit
"A" to Consulting Agreement

           Page
1

        

      

       

      agreement.  The
Corporation shall not provide Social Security, unemployment compensation,
disability insurance, workers ' compensation or similar coverage, or any other
statutory employment benefit, to Nikkel.

    

     

    3.4 Reimbursement of Reasonable
Expenses.  On presentment to the Corporation of appropriate
documentation of his expenses, the Corporation shall reimburse Nikkel under
guidelines similar to those applicable to the Corporation's officers for
reasonable expenses incurred by Nikkel during the performance of his consulting
services.

     

     

    4. Protection
of the Corporation's Interests.

     

    4.1 Protection of Trade
Secrets.  For the term of this agreement, Nikkel shall not,
without the prior written consent of the Corporation, disclose or use for any
purpose (except in the course of his consulting services with the Corporation
and in furtherance of the Corporation's business) confidential information or
proprietary data of the Corporation, its subsidiaries, affiliates and joint
venture partners, except as required by applicable law or legal
process.  Nikkel agrees to deliver to the Corporation at the
termination of this agreement, or at such other time as the Corporation may
request, all memoranda, notes, plans, records, reports and other documents (and
copies thereof) relating to the business of the Corporation, its subsidiaries,
affiliates and joint venture partners, that Nikkel may then possess or have
under his control.

     

    4.2 Limitation on Services
Provided to Others.  During the term of this agreement, Nikkel
shall not, directly or indirectly:

     

    (a)           Engage
in any business or activity in which the Corporation or any subsidiary,
affiliate or joint venture partner of the Corporation is engaged (provided,
however, that the purchase, sale and leasing of oil and gas mineral interests or
participating in the drilling of oil and gas wells by Nikkel shall not be deemed
to be a violation of this provision but nothing in this agreement will relieve
Nikkel of any fiduciary duties he may owe to the Corporation); nor

    (b)           Be
employed by, render services of any kind to, advise or receive compensation in
any form from, nor invest or participate in any manner or capacity in, any
entity or person that directly or indirectly engages in such business or
activity.

    This
Subsection will not preclude investments in a corporation whose stock is traded
on a public market and of which Nikkel owns less than a significant
interest.

     

    4.3 Nonsolicitation.  During
the term of this agreement, Nikkel shall not, directly or
indirectly:

     

    (a)           Attempt
to cause any employee of the Corporation or any subsidiary, affiliate or joint
venture partner to leave his or her employment; nor

    (b)           Knowingly
advise or provide information to any person in connection with an attempt by
such person to cause any employee of the Corporation or any subsidiary,
affiliate or joint venture partner to leave his or her employment.

     

    4.4 Modification by
Court.  If any of the covenants contained in subsections 4.1,
4.2 and 4.3 above is determined to be unenforceable because of the duration of
the covenant or the area covered by it, then the court or arbitrator making the
determination shall have the power to reduce the duration of the covenant or the
area covered by it, and the covenants, in their reduced form, will be
enforceable.

     

    4.5 Different
Jurisdictions.  If any of the covenants set forth in
Subsections 4.1, 4.2 and 4.3 above is determined to be wholly unenforceable by
the courts or arbitrators of any domestic or foreign jurisdiction, then the
determination shall not bar or in any way affect the Corporation's right to
relief in the courts or in arbitration proceedings of any other jurisdiction
with respect to any breach of such covenants in such other
jurisdiction.  Such covenants, as they relate to each jurisdiction,
shall be severable into independent covenants and shall be governed by the laws
of the jurisdiction where a breach occurs.

     

    4.6 Purpose of
Covenants.  Nikkel and the Corporation agree that the covenants
in Subsections 4.1, 4.2 and 4.3 above are reasonable and necessary to protect
the confidentiality of the trade secrets and other 

     

    
       

      
        
          Exhibit
"A" to Consulting Agreement

           Page
2

        

      

       

      proprietary
information concerning the business of the Corporation and its subsidiaries,
affiliates and joint venture partners that was acquired by Nikkel as an employee
of the Corporation and during the course of his consulting services under this
Agreement.

    

     

    4.7 Repayment of
Gains.  Nikkel and the Corporation agree that the principal
purpose of entering into this agreement was to motivate Nikkel to contribute to
the Corporation's success and to increase the Corporation's
value.  Nikkel and the Corporation also agree that any breach of the
covenants set forth in Subsections 4.1, 4.2 and 4.3 above would be contrary to
the purpose of this agreement.  In the event that Nikkel takes any
action contrary to any of the covenants set forth in Subsections 4.1, 4.2 and
4.3 above, Nikkel shall on demand pay the Corporation an amount equal to the
total amount of all cash compensation paid to Nikkel under this agreement,
whether that cash compensation was paid before or after the time when Nikkel
takes the contrary action.

     

     

    5. Miscellaneous
Provisions.

     

    5.1 Waiver.  No
provisions of this agreement can be modified, waived or discharged unless the
modification, waiver or discharge is agreed to in writing and signed by Nikkel
and the Corporation.  No waiver by either party of any breach of, or
of compliance with, any condition or provision of this agreement by the other
party shall be considered a waiver of any other condition or provision or of the
same condition or provision at another time.

     

    5.2 Assignment and Successors;
The Corporation.  The Corporation shall require any successor
(whether direct or indirect and whether by purchase, lease, merger,
consolidation, liquidation or otherwise) to all or substantially all of the
Corporation's business and/or assets, by an agreement in substance and form
satisfactory to Nikkel, to assume this agreement and to perform this agreement
in the same manner and to the same extent as the Corporation would be required
to perform it in the absence of a succession.  For all purposes under
this agreement, the term "Corporation" shall include any successor to the
Corporation's business and/or assets that executes and delivers the assumption
agreement described in this Subsection 5.2 or that becomes bound by this
agreement by operation of law.  The rights and benefits of Nikkel
under this agreement may not be anticipated, assigned, alienated, or subject to
attachment, garnishment, levy, execution, or other legal or equitable process
except as required by law. Any attempt by Nikkel to anticipate, alienate,
assign, sell, transfer, pledge, encumber, or charge the same shall be
void.

     

    5.3 Arbitration.  Any
dispute or controversy arising under or in connection with this agreement shall
be settled exclusively by arbitration in Tulsa, Oklahoma, in accordance with the
rules of the American Arbitration Association then in
effect.  Judgment may be entered on the arbitrator's award in any
court having jurisdiction.  Within 30 days following the conclusion of
any arbitration proceeding (notwithstanding any appeal), the Corporation shall
pay all reasonable attorneys' fees and related expenses incurred by Nikkel in
connection with any such arbitration; provided, however, that the
Corporation's reimbursement obligation under this sentence shall be limited to
$15,000 in the event that the Corporation is the prevailing party in the action
and $30,000 if Nikkel is the prevailing party in the action.  For
purposes of the preceding sentence, if there is disagreement concerning who is
the prevailing party, then the parties shall request that the arbitrator hearing
the dispute determine the point and the parties agree to be bound by the
arbitrator's determination.

     

    5.4 Taxes.  All
payments made under this agreement shall be subject to any required withholding
of applicable taxes.

     

    5.5 Whole
Agreement.  No agreements, representations or understandings
(whether oral or written and whether express or implied) which are not expressly
set forth in this agreement have been made or entered into by either party with
respect to the subject matter hereof.

     

    5.6 Choice of
Law.  The validity, interpretation, construction and
performance of this agreement shall be governed by the laws of the State of
Oklahoma.

     

    
       

      
        
          Exhibit
"A" to Consulting Agreement

           Page
3

        

      

       

    

    5.7 Severability.  The
invalidity or unenforceability of any provision or provisions of this agreement
shall not affect the validity or enforceability of any other provision, which
shall remain in full force and effect.

     

    5.8 Delivery of
Notice.  Notices and all other communications contemplated by
this agreement shall be in writing and shall be deemed to have been duly given
when personally delivered or when mailed by certified mail, return receipt
requested and postage prepaid.  In the case of the Nikkel, mailed
notices shall be addressed to him at the home address which he most recently
communicated to the Corporation in writing.  In the case of the
Corporation, mailed notices shall be addressed to its corporate headquarters,
and all notices shall be directed to the attention of its
Secretary.

     

    IN WITNESS WHEREOF, each of
the parties has signed this agreement, in the case of the Corporation by its
duly authorized officer, as of the day and year first above
written.

    

    

    

    /s/
John G. Nikkel

    John
G. Nikkel

    

    Unit
Corporation

    

    

    

    /s/
Larry D. Pinkston

    By:  Larry
D. Pinkston

    Its:  President

    

    
      Exhibit
"A" to Consulting Agreement

       Page
4separationagreementnadeau.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.1

SEPARATION AGREEMENT

This Separation Agreement (this “Agreement”) by and among Sunrise Senior Living, Inc., a Delaware corporation (the "Company"), and Richard J. Nadeau (the “Executive”) is dated as of the 29th day of May, 2009.

WHEREAS, the Executive has served the Company and its affiliates for many years, including as Chief Financial Officer of the Company, and has considerable knowledge and experience with respect to the Company’s operations; and

WHEREAS, the Executive and the Company have agreed that the Executive’s employment with the Company and its affiliates will terminate on May 29, 2009 (the “Date of Termination”); and

WHEREAS, the Company has determined that it is in its best interests for the Executive to make available his continued services and expertise to the Company following the Date of Termination, for the consideration and on the terms and conditions set forth below;

NOW, THEREFORE, it is hereby agreed as follows:

1.     Termination from Employment; Prior Agreement; Release.

(a)    The Executive and the Company hereby agree that the Executive’s employment with the Company shall terminate effective as of the close of business on the Date of Termination, and the Executive shall concurrently resign from all offices and directorships he holds with the Company or any of its affiliates. In the event that the Executive’s employment is terminated prior to the Date of Termination (i) by the Executive other than for Good Reason (as defined in the Employment Agreement, dated as of February 25, 2009, by and between the Company and the Executive (the “Prior Agreement”)) or (ii) by the Company for Cause (as defined in the Prior Agreement), this Agreement shall be deemed null and void ab initio and of no force and effect.

(b)    Subject to the Executive’s compliance with the terms of this Agreement, the Company agrees to provide the Executive with the payments and benefits pursuant to Section 4(a) of the Prior Agreement (subject to the final sentence of this Section 1(b)) and such other benefits as are provided in this Agreement, provided, that, not earlier than the Date of Termination and not later than 22 days after the Date of Termination, the Executive executes and, prior to the Revocation Deadline does not revoke, a release substantially in the form attached as Attachment A hereto (the “Release”). The “Revocation Deadline” shall be the date that is eight (8) days after the date on which the Executive executes the Release. Notwithstanding anything in this Agreement to the contrary, the Executive acknowledges and agrees that, unless and until the Executive executes and, prior to the Revocation Deadline does not revoke, the Release, he shall have no right to any payments or benefits under the Prior Agreement in respect of the termination of his employment or under this Agreement. Notwithstanding anything in the Prior Agreement or in this Agreement to the contrary, the Executive hereby expressly waives any rights to receive payment from the Company pursuant to 

Section 4(a)(ii) of the Prior Agreement in respect of COBRA coverage under Section 4980B of the Internal Revenue Code of 1986, as amended.

2.     Consulting Services.

(a)    During the period from the Date of Termination through the date nine (9) months following the Date of Termination, or such earlier date as may be provided pursuant to Section 2(c) below (the “Consulting Term”), in consideration for the compensation provided for below, the Executive shall make himself available to the Company, at mutually convenient times and places, for such consulting services as may be requested by the Chief Executive Officer or Chief Financial Officer of the Company. The Executive expressly agrees to render up to ten (10) hours of such services per calendar month during the Consulting Term, if so requested by such persons. The Executive shall be entitled to reimbursement for all reasonable expenses incurred by him in the performance of services hereunder, in accordance with the expense reimbursement policies of the Company or its affiliates.

(b)    In consideration for the services to be provided to the Company during the Consulting Term:

        (i)     all stock options, restricted stock and other long-term equity compensation awards previously granted by the Company to the Executive under the Company’s 2008 Omnibus Incentive Plan or any other equity compensation plan of the Company which are unvested as of the Date of Termination (collectively, the “Applicable Equity”) shall fully vest and, in the case of stock options, become exercisable as of the Revocation Deadline, and the Executive shall have one year following the termination of the Consulting Term to exercise any such stock options (provided that such options shall in no event be exercisable beyond their original scheduled term); and

        (ii)    the Company shall pay to the Executive a lump sum cash payment equal to twenty thousand dollars ($20,000.00), payable within 30 days after the Date of Termination.

(c)    Either the Company or the Executive may terminate this Agreement prior to the expiration of the Consulting Term at any time for any reason. If this Agreement is terminated by either the Company or the Executive prior to the expiration of the Consulting Term, the Executive shall not be required to render any further services; provided, however, that if this Agreement is terminated prior to the expiration of the Consulting Term (i) by the Company for “Cause” (as defined below) or (ii) the Executive, any Applicable Equity not theretofore exercised or settled shall be immediately forfeited back to the Company without consideration, and the proceeds of any sale of Applicable Equity (or the Company common stock related thereto) prior to such termination shall be turned over to the Company by the Executive. For purposes of this Section 2(c) of this Agreement, “Cause” shall mean: (i) the failure of the Executive to perform substantially the Executive’s duties under this Agreement (other than any such failure resulting from incapacity due to physical or mental illness), (ii) the willful engagement by the Executive in illegal conduct or gross misconduct which is materially

-2- 

injurious to the Company, or (iii) any violation by the Executive of the terms of Section 8 (Restrictive Covenants) of the Prior Agreement.

(d)    The Executive’s status during the Consulting Term shall be that of an independent contractor and not, for any purpose, that of an employee or agent with authority to bind the Company in any respect. Except as provided in this Agreement, the Executive shall not be eligible for any additional compensation or benefits from the Company or its affiliates in connection with the termination of Executive’s employment or in connection with the consulting services contemplated by this Agreement. Any payments made or benefits provided to the Executive hereunder shall not be taken into account in computing the Executive’s salary or compensation for the purposes of determining any benefits or compensation under (a) any pension, retirement, life insurance or other benefit plan of the Company or any of its affiliates or (b) any other agreement between the Company or any of its affiliates and the Executive.

(e)    All payments and other consideration made or provided to the Executive under Section 2 of this Agreement shall be made or provided without withholding or deduction of any kind, and the Executive shall assume sole responsibility for discharging all tax or other obligations associated therewith.

3.     Survival.  Notwithstanding anything herein to the contrary, Section 8 (Restrictive Covenants) and Section 12 (Recoupment) of the Prior Agreement shall remain in full force and effect in accordance with the terms thereof.

4.     Successors.  This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. The Company shall each require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of its business and/or assets to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, the “Company” shall mean the Company as hereinbefore defined and any successor to its businesses and/or assets which assumes and agrees to perform this Agreement by operation of law, or otherwise.

5.     Miscellaneous.

(a)    This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

(b)    All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

-3- 

If to the Executive:

To the most recent address on file with the Company

If to the Company:

Sunrise Senior Living, Inc.

7902 Westpark Drive 

McLean, Virginia 22102 

Attention: General Counsel

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.

(c)    The invalidity or unenforceability of any provision (or portion thereof) of this Agreement shall not affect the validity or enforceability of any other provision (or portion thereof) of this Agreement.

(d)    This Agreement may be executed in several counterparts, each of which shall be deemed an original, and said counterparts shall constitute but one and the same instrument.

IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the authorization from its Board of Directors, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written.

	RICHARD J. NADEAU  
	
	  
	/s/ Richard J. Nadeau  
	  
	  
	SUNRISE SENIOR LIVING, INC.  
	  
	By:    /s/ Julie A. Pangelinan  
	         Name: Julie A. Pangelinan
	         Title: Chief Accounting Officer & Treasurer  

-4- 

ATTACHMENT A

GENERAL RELEASE

 

 

 

 

 

 

 

 

 

 

 

 

 

 -5- 

GENERAL RELEASE

This General Release of all Claims (this "Agreement") is entered into on the date set forth below by Richard J. Nadeau (the "Executive") in favor of Sunrise Senior Living, Inc., a Delaware corporation (the "Company") and the Releasees (as defined below).

In consideration of the promises set forth in the Employment Agreement between the Executive and the Company, effective as of February 25, 2009 (the "Employment Agreement"), and as a condition to Executive’s right to receive benefits under the Separation Agreement between the Executive and the Company, dated as of May 29, 2009 (the “Separation Agreement”), the Executive agrees as follows:

1.     General Release and Waiver of Claims.

(a)     Release. In consideration of the payments and benefits provided to the Executive under the Employment Agreement and after consultation with counsel, the Executive and each of the Executive's respective heirs, executors, administrators, representatives, agents, successors and assigns (collectively, the "Releasors") hereby irrevocably and unconditionally release and forever discharge the Company and its subsidiaries and affiliates and each of their respective officers, employees, directors, shareholders and agents ("Releasees") from any and all claims, actions, causes of action, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever kind or character (collectively, "Claims"), including, without limitation, any Claims under any federal, state, local or foreign law, that the Releasors may have, or in the future may possess, arising out (i) of the Executive's employment relationship with and service as an employee, officer or director of the Company, and the termination of such relationship or service and (ii) any event, condition, circumstance or obligation that occurred, existed or arose on or prior to the date hereof; provided, however, that notwithstanding anything else herein to the contrary, this Agreement shall not affect: the obligations of the Company or the Executive set forth in the Employment Agreement or the Separation Agreement or other obligations that, in each case, by their terms, are to be performed after the date hereof by the Company or the Executive (including, without limitation, obligations to the Executive under the Employment Agreement for any severance or similar payments or benefits, under the Separation Agreement, under any stock option, stock or equity-based award, plan or agreements, or payments or obligations under any pension plan or other benefit or deferred compensation plan, all of which shall remain in effect in accordance with their terms); any indemnification or similar rights the Executive has as a current or former officer or director of the Company, including, without limitation, any and all rights thereto referenced in the Employment Agreement, the Company’s bylaws, other governance documents, or any rights with respect to directors’ and officers’ insurance policies; the Executive’s right to reimbursement of business expenses; and any Claims the Releasors may have against the Releasees in the event that the Company or any member of the Releasees brings any Claims against the Executive or any member of the Releasors.

(b)     Specific Release of ADEA Claims. In further consideration of the payments and benefits provided to the Executive under the Employment Agreement, the

Releasors hereby unconditionally release and forever discharge the Releasees from any and all Claims that the Releasors may have as of the date the Executive signs this Agreement arising under the Federal Age Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder ("ADEA"). By signing this Agreement, the Executive hereby acknowledges and confirms the following: (i) the Executive was advised by the Company in connection with his termination to consult with an attorney of his choice prior to signing this Agreement and to have such attorney explain to the Executive the terms of this Agreement, including, without limitation, the terms relating to the Executive's release of claims arising under ADEA, and the Executive has in fact consulted with an attorney; (ii) the Executive was given a period of not fewer than 21 days to consider the terms of this Agreement and to consult with an attorney of his choosing with respect thereto; and (iii) the Executive knowingly and voluntarily accepts the terms of this Agreement. The Executive also understands that he has seven (7) days following the date on which he signs this Agreement within which to revoke the release contained in this paragraph, by providing the Company a written notice of his revocation of the release and waiver contained in this paragraph.

(c)     No Assignment. The Executive represents and warrants that he has not assigned any of the Claims being released under this Agreement.

2.     Proceedings. The Executive has not filed, and agrees not to initiate or cause to be initiated on his behalf, any complaint, charge, claim or proceeding against the Releasees before any local, state or federal agency, court or other body, other than with respect to the obligations of the Company to the Executive under the Employment Agreement or in respect of any other matter described in the proviso to Section 1(a) (each, individually, a "Proceeding"), and agrees not to participate voluntarily in any Proceeding. The Executive waives any right he may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding.

3.     Remedies.

(a)     In the event the Executive initiates or voluntarily participates in any Proceeding following his receipt of written notice from the Company and a failure to cease such participation within 30 days following receipt of such notice, or if he revokes the ADEA release contained in Paragraph 1(b) of this Agreement within the seven-day period provided under Paragraph 1(b), the Company may, in addition to any other remedies it may have, reclaim any amounts paid to him under the termination provisions of the Employment Agreement (including for this purpose stock or proceeds from the sale of stock purchased upon the exercise of stock options or delivered upon the vesting of another equity-based compensation award, to the extent the vesting of such stock option or other award accelerated on account of the Executive’s termination of employment) or terminate any benefits or payments that are subsequently due under the Employment Agreement, without waiving the release granted herein.

2

(b)     The Executive understands that by entering into this Agreement he will be limiting the availability of certain remedies that he may have against the Company and limiting also his ability to pursue certain claims against the Company.

4.     Severability Clause. In the event any provision or part of this Agreement is found to be invalid or unenforceable, only that particular provision or part so found, and not the entire Agreement, will be inoperative.

5.     Nonadmission. Nothing contained in this Agreement will be deemed or construed as an admission of wrongdoing or liability on the part of the Company.

6.     Governing Law. All matters affecting this Agreement, including the validity thereof, are to be governed by, and interpreted and construed in accordance with, the laws of the Commonwealth of Virginia applicable to contracts executed in and to be performed in that State.

7.     Notices. All notices or communications hereunder shall be in writing, addressed as provided in Section 11(b) of the Employment Agreement.

8.     Separation Agreement. The Executive acknowledges that the execution and non-revocation of this Agreement is a condition to Executive’s right to receive benefits under the Separation Agreement.

THE EXECUTIVE ACKNOWLEDGES THAT HE HAS READ THIS AGREEMENT AND THAT HE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT HE HEREBY EXECUTES THE SAME AND MAKES THIS AGREEMENT AND THE RELEASE AND AGREEMENTS PROVIDED FOR HEREIN VOLUNTARILY AND OF HIS OWN FREE WILL.

IN WITNESS WHEREOF, the Executive has executed this Agreement on the date set forth below.

                                                               RICHARD J. NADEAU

                                                               /s/ Richard J. Nadeau

                                                               Date of Execution: May 29, 2009

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]