Document:

Exhibit 4

Exhibit 4.9

 

TERM NOTE

 

	

  $3,000,000

  	

   

  	

  February 19, 2002

  	

   

  

 

FOR VALUE

RECEIVED, AIRNET SYSTEMS, INC., an Ohio Corporation (the "Company"),

hereby unconditionally promises to pay to the order of BANK ONE, NA, a national

banking association (the "Bank"), at the principal banking office of

the Bank in lawful money of the United States of America and in immediately

available funds, the principal sum of Three Million Dollars ($3,000,000),

payable in sixty equal monthly installments in the amount of $50,000 payable on

each Interest Payment Data and on the Maturity Date, unless earlier payment

payable is required, when the entire outstanding principal balance of the Term

Loan evidenced hereby, and all accrued interest thereon, shall be due and

payable; and to pay interest on the unpaid principal balance hereof from time

to time outstanding, in like money and funds, for the period from the date

hereof until such Term Loan shall be paid in full, at the rate per annum and on

the dates provided the Term Loan Agreement referred to below.

 

The Company

and each endorser or guarantor hereof waives demand, presentment, protest,

diligence, notice of dishonor and any other formality in connection with this

Term Note.  Should the indebtedness

evidenced by this Term Note or any part thereof be collected in any proceeding

or be placed in the hands of attorneys for collection, the Company agrees to

pay, in addition to the principal, interest and other sums due and payable

hereon, all costs of collecting this Term Note, including attorneys fees,

expenses.

 

This Term Note

evidences a term Loan made under a Term Loan Agreement, dated as of the date

hereof (as amended or modified from time to time, the "Term Loan

Agreement"), by and between the Company and the Bank to which reference is

hereby made for a statement of the circumstances under which this Term Note is

subject to prepayment and under which its due date may be accelerated.  Capitalized terms used but not defined in

this Term Note shall have the respective meanings assigned to them in the Term

Loan Agreement.

 

This Term Note

is made under, and shall be governed by in accordance with, the laws of the

State of Ohio applicable to contracts made and to be performed entirely within

such State and without giving effect to choice of law principles of such State.

 

	

   

  	

  AIRNET

  SYSTEMS, INC.

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

   

  	

  /s/William R. Sumser

  
	

   

  	

   

  	

  Its:

  	

  CFOExhibit 10.1

 

April 1, 2002

 

Mr. Brian Connolly

55 Hollett Street

Scituate, MA 02066

 

Re:  Separation Agreement and

Release

 

Dear Brian:

 

This letter will confirm our

mutual understanding with respect to the arrangements we have made in

connection with your resignation as an officer of Lightbridge, Inc. (the

“Company”) and the termination of your employment.

 

1.             Resignation as Officer.

 

You hereby

agree to resign as an officer of the Company effective May 10, 2002.  Notwithstanding your resignation as an officer,

your status as an employee will not terminate until your “Termination Date” as

described in paragraph 3 below.

 

2.             Transition Period.

 

You will

continue to perform your current duties and such other transition duties as may

be mutually agreed to between you and the CEO until the earlier of May 10, 2002

or immediately upon written notice from the Company that your services as

Senior Vice President of Sales are no longer required (the “Transition

Date”).  Your current salary and

benefits will continue in effect, subject to required deductions and employee

contributions, until the Transition Date. This Agreement shall not constitute a

contract of employment.

 

3.             Salary Continuation.

 

Your base

salary (less required deductions) and all benefits other than disability (less

usual employee contributions) will continue to be paid on the normal payroll

cycle from the Transition Date through the earlier of December 31, 2002, or the

date on which you commence new employment (the “Termination Date”).  You will promptly notify the Company if you

commence new employment at any time prior to December 31, 2002. You do not need

to report to work after the Transition Date.

 

 

4.             Bonus.

 

At the

Termination Date, you will be paid $32,640 as the final installment of your bonus

pursuant to the 2000 Officer Bonus Plan. 

You will not be paid any other bonuses or commissions.

 

5.             Accrued Paid Vacation and Time

Off.

 

All accrued

but unused vacation time earned through the Termination Date will be paid on

that date.

 

6.             Car Allowance.

 

Your car

allowance will end on May 10, 2002.

 

7.             Voicemail, Computer, and Return

of Company Property.

 

Use of

voicemail will be provided through the Termination Date, and network access

will be provided through the Transition Date. 

All other property and materials of the Company will be returned by you

to the Company promptly after the Transition Date.  You will have the option to purchase your computer at fair market

value prior to the Transition Date.

 

8.             COBRA Group Insurance Coverage.

 

As of the

Termination Date, you and your family members will be eligible to continue your

group health insurance coverage in accordance with the federal COBRA law.  Information about your rights under this law

and forms for electing continuation coverage will be provided to you by a

separate letter on or about the Termination Date.  If you or any of your family members elect to continue this

coverage, you will be responsible for all of the premium payments.

 

9.             Outplacement Assistance.

 

To assist you in regard to outplacement, the Company will pay up to

$10,000.00 for outplacement services which are provided to you by an agency

prior to the earlier of December 31, 2002, or the date you commence new

employment.  Appropriate invoices for

services should be submitted promptly to the Company.

 

10.           Confidential Information.

 

You understand and agree that the Company’s confidential information

belongs exclusively to the Company, and that the confidential information of

the Company’s customers or of other organizations with which the Company does

business remains their exclusive property. 

You agree that you will not use or disclose any such confidential

information, whether for your benefit or for the benefit of another, and that

you will hold and treat such information as confidential information, unless

you have specific prior written authorization from the Company to disclose

it.  Attached hereto and 

 

2

 

incorporated

herein is a confidentiality and non-competition agreement that was signed by

you on April 30, 1998 and which remains in effect according to its terms.

 

11.           Non-Disparagement.

 

You agree that

you will not make any disparaging statements about the Company or any of its

subsidiaries, affiliates, officers, directors or employees, or its business or

prospects. The Company agrees that it will not make any disparaging statements

about you.

 

12.           Release and Waiver.

 

This letter

and the attached agreement referenced in paragraph 10 contain the entire

agreement between you and the Company (and supersede any prior communications,

written or oral) with respect to your employment by the Company and the

termination of such employment, and with respect to all matters pertaining

thereto.  This letter shall be in

complete and final settlement of any and all causes of action or claims that

you have had, now have or may now have, in any way related to or arising out of

or in connection with such employment and/or its termination or pursuant to any

federal, state or local employment laws, regulations, executive orders or other

requirements, including without limitation Massachusetts General Laws c. 151B

(“Unlawful Discrimination”), Title VII of the Civil Rights Act of 1964, and the

Age Discrimination in Employment Act of 1967. 

In consideration of the pay and benefits that you will receive under

this letter agreement, you hereby release, waive and discharge any and all such

causes of action or claims (including without limitation claims for attorney’s

fees and costs) against the Company, its parent, subsidiary and affiliated

organizations, and their respective past, present and future directors,

officers, agents, employees, successors and assigns, and you hereby agree that,

to the extent permitted by law, neither you nor any of your heirs or personal

representatives will ever assert in any forum any such cause of action or

claim.

 

13.           For a period of seven (7) days

following your execution of this letter agreement, you may revoke your

agreement, and this letter agreement shall not become effective or enforceable

until this seven (7) day revocation period has expired.  No payments provided for by this letter

agreement will be made until after this seven-day period has expired without

your revoking your agreement.  You

understand and acknowledge that the terms of your employment and the Company’s

usual severance policies or practices would have provided you less severance

pay and benefits than those provided to you under this agreement.

 

14.           All payments to be made to you in

accordance with the terms of this letter agreement, and the performance by the

Company of its other obligations hereunder, shall be conditioned on your

compliance with your obligations hereunder.

 

15.           The parties intend this letter

agreement to be governed by the laws of The Commonwealth of Massachusetts.

 

In signing this letter

agreement, you acknowledge that you understand its provisions, that your

agreement is knowing and voluntary, that you have been afforded a full and

reasonable opportunity of at least 21 days to consider its terms and to consult

with or seek 

 

3

 

advice from an attorney or any

other person of your choosing, and that you have been advised by the Company to

consult with an attorney prior to executing this letter agreement.

 

If you agree to the foregoing,

would you kindly sign and return the enclosed copy of this letter, whereupon

this letter and such copy will constitute a binding agreement between you and

the Company on the basis set forth above.

 

Very truly yours,

 

	

  /s/ Pamela

  D. A. Reeve

  	

   

  
	

   

  	

   

  
	

  Pamela D. A.

  Reeve

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

  /s/ Brian

  Connolly

  	

   

  
	

  Brian

  Connolly

  	

   

  
	

   

  	

   

  
	

  April 1,

  2001

  	

   

  
	

  Date

  	

   

  

 

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