Document:

Prepared by MERRILL CORPORATION

EXHIBIT 10.3

 

September

19, 2001

 

Russel

Enns

0S

640 Morningside

Winfield,

IL  60190

 

Re:                Retention Plan

 

Dear

Russ:

 

                As you may be aware the BP 13D filing

indicates that multiple options for the divestiture of BP’s holdings in Vysis

will be reviewed. Such options may include a merger or sale of the

business.  Therefore, in order to help

encourage your continued focused attention on the on-going success of Vysis,

Inc (“Vysis”) and its affiliates (“the Company”) and to encourage you to remain

employed by the Company during a potential period of transition which may

result in a change in control of Vysis, the Board of Directors of Vysis has

authorized the establishment of a Retention Plan which will include payment to

you of a “Retention Bonus”.  This

Retention Bonus will be payable in the event a Change in Control (as defined

below) occurs and if certain other minimal terms and conditions are met.  The following describes your Retention Bonus

Plan and the terms and conditions relating to the Retention Bonus payment:

 

                1.                If

you satisfy the terms and conditions described below, the Company will pay you

a Retention Bonus in an amount

equal to 6 (six) months of your annual base salary (not including any bonus or

incentive payments or other types of compensation whatsoever) in effect

immediately prior to the closing date of a Change in Control, as defined in the

Vysis, Inc. Severance Program adopted by Vysis, Inc. on August 17, 2001 (the

“Transaction Closing Date”).

 

                2.                In

order to receive payment of the Retention Bonus, you must remain employed by

the Company for ninety (90) days after the Transaction Closing Date (the

“Payment Date”); provided, however, that if your employment is terminated (i)

by the Company for reasons other than Cause or (ii) by death or disability,

after the Transaction Closing Date but before the Payment Date, you will

nonetheless receive payment of the Retention Bonus.  For this purpose, the term “Cause” shall mean any of the

following:  (A) you have engaged in

willful conduct involving misappropriation, dishonesty, or serious moral

turpitude which is demonstrably and materially injurious to the Company or (B)

you are convicted of a felony.

 

                3.                The

Retention Bonus shall be paid to you on the Payment Date, provided that you

remain employed on that date.  If your

employment is terminated by the Company before the Payment Date for reasons of

death or disability or for reasons other than Cause, the Retention Bonus shall

be paid to you on the day your employment is terminated.

 

                4.                The

Retention Bonus will be subject to such deductions as may be required to be

made pursuant to law, government regulations or order or by agreement with you.

                5.                If you find it necessary to

bring any legal action for the enforcement of this agreement, or because of an

alleged dispute, breach or default in connection with any of the provisions of

this agreement, and if you are the prevailing party in such action, Vysis shall

reimburse you for your reasonable attorneys' fees and any other costs that you

incur in connection with such action. 

Any payments pursuant to this paragraph 5 shall be in addition to any

other relief to which you may be entitled as a result of such action.

 

                6.                The

parties hereto agree to maintain the existence of this Agreement and the terms

thereof confidential and shall not disclose them to any third parties (other

than Vysis management officials and administrative personnel necessary to

effectuate the terms of this Agreement and/or counsel for the parties, their

respective tax advisors and accountants and Employee’s immediate family),

except as required by law.

 

                7.                The

Company’s obligations under this Agreement shall be governed by the laws of the

State of Illinois.  If a Change of

Control has not occurred by August 17, 2002, this Agreement shall automatically

terminate as of such date.

 

                If you have any questions regarding the foregoing, please contact Bill

Murray.

 

	

   

  	

  Sincerely,

  
	

   

  	

   

  
	

   

  	

  /s/ John L. Bishop

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  John

  L. Bishop

  President and CEO

  

 

 

JLB/ld

 

 

 

	

  Agreed:

  	

  /s/ Russel

  Enns

  
	

   

  
	

   

  
	

  Employee Name:  Russel Enns

  
	

   

  
	

  Date:  September 21, 2001Prepared by MERRILL CORPORATION

EXHIBIT 10.4

 

September

19, 2001

 

Robert

Koska

1764

Frost Lane

Naperville,

IL  60564

 

Re:          Retention Plan

 

Dear

Rob:

 

                As you may be aware the BP 13D filing

indicates that multiple options for the divestiture of BP’s holdings in Vysis

will be reviewed. Such options may include a merger or sale of the

business.  Therefore, in order to help

encourage your continued focused attention on the on-going success of Vysis,

Inc (“Vysis”) and its affiliates (“the Company”) and to encourage you to remain

employed by the Company during a potential period of transition which may

result in a change in control of Vysis, the Board of Directors of Vysis has

authorized the establishment of a Retention Plan which will include payment to

you of a “Retention Bonus”.  This

Retention Bonus will be payable in the event a Change in Control (as defined

below) occurs and if certain other minimal terms and conditions are met.  The following describes your Retention Bonus

Plan and the terms and conditions relating to the Retention Bonus payment:

 

                1.             If

you satisfy the terms and conditions described below, the Company will pay you

a Retention Bonus in an amount

equal to 9 (nine) months of your annual base salary (not including any bonus or

incentive payments or other types of compensation whatsoever) in effect

immediately prior to the closing date of a Change in Control, as defined in the

Vysis, Inc. Severance Program adopted by Vysis, Inc. on August 17, 2001 (the

“Transaction Closing Date”).

 

                2.             In

order to receive payment of the Retention Bonus, you must remain employed by

the Company for ninety (90) days after the Transaction Closing Date (the

“Payment Date”); provided, however, that if your employment is terminated (i)

by the Company for reasons other than Cause or (ii) by death or disability,

after the Transaction Closing Date but before the Payment Date, you will

nonetheless receive payment of the Retention Bonus.  For this purpose, the term “Cause” shall mean any of the

following:  (A) you have engaged in

willful conduct involving misappropriation, dishonesty, or serious moral

turpitude which is demonstrably and materially injurious to the Company or (B)

you are convicted of a felony.

 

                3.             The

Retention Bonus shall be paid to you on the Payment Date, provided that you

remain employed on that date.  If your

employment is terminated by the Company before the Payment Date for reasons of

death or disability or for reasons other than Cause, the Retention Bonus shall

be paid to you on the day your employment is terminated.

 

                4.             The

Retention Bonus will be subject to such deductions as may be required to be

made pursuant to law, government regulations or order or by agreement with you.

                5.             If

you find it necessary to bring any legal action for the enforcement of this

agreement, or because of an alleged dispute, breach or default in connection

with any of the provisions of this agreement, and if you are the prevailing

party in such action, Vysis shall reimburse you for your reasonable attorneys'

fees and any other costs that you incur in connection with such action.  Any payments pursuant to this paragraph 5

shall be in addition to any other relief to which you may be entitled as a

result of such action.

 

                6.             The

parties hereto agree to maintain the existence of this Agreement and the terms

thereof confidential and shall not disclose them to any third parties (other

than Vysis management officials and administrative personnel necessary to

effectuate the terms of this Agreement and/or counsel for the parties, their

respective tax advisors and accountants and Employee’s immediate family),

except as required by law.

 

                7.             The

Company’s obligations under this Agreement shall be governed by the laws of the

State of Illinois.  If a Change of

Control has not occurred by August 17, 2002, this Agreement shall automatically

terminate as of such date.

 

                If you have any questions regarding the foregoing, please contact Bill

Murray.

 

	

   

  	

  Sincerely,

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  /s/ John L. Bishop

  
	

   

  	

   

  
	

   

  	

  John

  L. Bishop

  President and CEO

  

 

 

JLB/ld

 

 

 

	

  Agreed:

  	

  /s/ Robert

  Koska

  
	

   

  
	

   

  
	

  Employee Name:  Robert Koska

  
	

   

  
	

  Date:  September 20, 2001Prepared by MERRILL CORPORATION

EXHIBIT 10.5

 

September

19, 2001

 

William

Murray

1120

N. Elmwood Avenue

Oak

Park, IL  60302

 

Re:          Retention Plan

 

Dear

Bill:

 

                As you may be aware the BP 13D filing

indicates that multiple options for the divestiture of BP’s holdings in Vysis

will be reviewed. Such options may include a merger or sale of the

business.  Therefore, in order to help

encourage your continued focused attention on the on-going success of Vysis,

Inc (“Vysis”) and its affiliates (“the Company”) and to encourage you to remain

employed by the Company during a potential period of transition which may

result in a change in control of Vysis, the Board of Directors of Vysis has

authorized the establishment of a Retention Plan which will include payment to

you of a “Retention Bonus”.  This Retention

Bonus will be payable in the event a Change in Control (as defined below)

occurs and if certain other minimal terms and conditions are met.  The following describes your Retention Bonus

Plan and the terms and conditions relating to the Retention Bonus payment:

 

                1.             If

you satisfy the terms and conditions described below, the Company will pay you

a Retention Bonus in an amount

equal to 6 (six) months of your annual base salary (not including any bonus or

incentive payments or other types of compensation whatsoever) in effect

immediately prior to the closing date of a Change in Control, as defined in the

Vysis, Inc. Severance Program adopted by Vysis, Inc. on August 17, 2001 (the

“Transaction Closing Date”).

 

                2.             In

order to receive payment of the Retention Bonus, you must remain employed by

the Company for ninety (90) days after the Transaction Closing Date (the

“Payment Date”); provided, however, that if your employment is terminated (i)

by the Company for reasons other than Cause or (ii) by death or disability,

after the Transaction Closing Date but before the Payment Date, you will

nonetheless receive payment of the Retention Bonus.  For this purpose, the term “Cause” shall mean any of the

following:  (A) you have engaged in

willful conduct involving misappropriation, dishonesty, or serious moral

turpitude which is demonstrably and materially injurious to the Company or (B)

you are convicted of a felony.

 

                3.             The

Retention Bonus shall be paid to you on the Payment Date, provided that you

remain employed on that date.  If your

employment is terminated by the Company before the Payment Date for reasons of

death or disability or for reasons other than Cause, the Retention Bonus shall

be paid to you on the day your employment is terminated.

 

                4.             The

Retention Bonus will be subject to such deductions as may be required to be

made pursuant to law, government regulations or order or by agreement with you.

                5.             If you find it necessary to bring

any legal action for the enforcement of this agreement, or because of an

alleged dispute, breach or default in connection with any of the provisions of

this agreement, and if you are the prevailing party in such action, Vysis shall

reimburse you for your reasonable attorneys' fees and any other costs that you

incur in connection with such action. 

Any payments pursuant to this paragraph 5 shall be in addition to any

other relief to which you may be entitled as a result of such action.

 

                6.             The

parties hereto agree to maintain the existence of this Agreement and the terms

thereof confidential and shall not disclose them to any third parties (other

than Vysis management officials and administrative personnel necessary to

effectuate the terms of this Agreement and/or counsel for the parties, their

respective tax advisors and accountants and Employee’s immediate family),

except as required by law.

 

                7.             The

Company’s obligations under this Agreement shall be governed by the laws of the

State of Illinois.  If a Change of

Control has not occurred by August 17, 2002, this Agreement shall automatically

terminate as of such date.

 

                If you have any questions regarding the foregoing, please contact Bill

Murray.

 

	

   

  	

  Sincerely,

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  /s/ John L. Bishop

  
	

   

  	

   

  
	

   

  	

  John

  L. Bishop

  President and CEO

  

 

JLB/ld

 

 

 

	

  Agreed:

  	

  /s/ William

  Murray

  
	

   

  
	

   

  
	

  Employee

  Name:  William Murray

  
	

   

  
	

  Date:  September 20, 2001

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