Document:

Exhibit 10.2

 

Lightbridge, Inc.

 

Memorandum Agreement

 

	

  To:

  	

  Harlan

  Plumley

  
	

   

  	

   

  
	

  From:

  	

  Lightbridge,

  Inc

  
	

   

  	

   

  
	

  Date:

  	

  April 23,

  2002

  
	

   

  	

   

  
	

  Re:

  	

  Cancellation

  of Stock Options

  

 

You are

currently the holder of one or more options to purchase 100,000 shares of

Common Stock of Lightbridge, Inc. (the “Company”), par value $.01 per share,

with an exercise price equal to $23.00 per share (the “Old Options”).  Your Options are listed on Exhibit A

by: (i) date of grant, (ii) number of shares originally subject to the option, (iii)

exercise price per share, and (iv) type of option (incentive or non-qualified).

 

Pursuant to

this Memorandum Agreement, the Company is hereby proposing to terminate all of

the unexercised portion of your Old Options effective April 24, 2002 (the “Termination

Date”).  You may elect to terminate all

of the unexercised portion of your Old Options or none of the unexercised

portion of your Old Options, but you may not elect to terminate only a portion

of the unexercised portion of your Old Options.

 

If you elect

to terminate all of the unexercised portion of your Old Options, the Company

will grant to you on or about October 25, 2002 (the date of such grant being

referred to as the “New Grant Date”) one or more stock options (the “New

Options”) for the purchase of an aggregate number of shares of Common Stock

equal to the number of shares of Common Stock remaining unexercised under your

Old Options on the Termination Date, provided that on the New Grant Date you

continue to be an employee or consultant of the Company or one of its

subsidiaries.  The New Options will have

an exercise price per share equal to the fair market value of the Common Stock

on the New Grant Date, as determined by the Board of Directors of the Company

or the Compensation Committee of the Board of Directors of the Company and will

become exercisable and vest as follows: immediately with respect to an amount

of shares equal to the number of shares that would have vested under your Old

Option through the New Grant Date and the remaining amount in equal three-month

installments thereafter, contingent in each case upon your continued service as

an employee or consultant, as the case may be, on such vesting date.  In all other respects, the New Options will

be on substantially the same terms and conditions as the Old Options they

replace, including, where applicable, incentive stock option status to the

extent permitted by Internal Revenue Code requirements.  No other stock options will be granted to you

by the Company during the period from the Termination Date and the New Grant

Date.

 

 

If you agree

to accept the Company’s offer, please countersign one copy of this Memorandum

Agreement in the space indicated below and return it to me on or before the

Termination Date.  If I have not received your countersigned

copy of this Memorandum Agreement on or before the Termination Date, you shall

be deemed to have rejected the Company’s offer.  If you sign this Memorandum Agreement and return it to the

Company, you acknowledge that you have no further rights pursuant to any of

your Old Options.

 

This

Memorandum Agreement constitutes the sole and only agreement between you and

the Company relating to the cancellation of your Old Options and supersedes any

prior understanding or written or oral agreement relating to such subject

matter.  No amendment, modification, or

alteration of the terms hereof shall be binding unless the same shall be in

writing, dated subsequent to the date hereof and duly executed by the you and

the Company. This Memorandum Agreement shall be binding on the Company, its

successors and assigns.

 

Accepted and Agreed

this 24 day of April, 2002:

 

	

  /s/ Harlan

  Plumley

  	

   

  
	

   

  	

   

  
	

  Option

  Holder

  	

   

  
	

   

  	

   

  
	

  Lightbridge,

  Inc.

  	

   

  
	

   

  	

   

  
	

  By:

  	

  /s/ Eugene

  DiDonato

  	

   

  
				

 

2SEVERANCE AGREEMENT AND GENERAL RELEASE

Exhibit

10.19

 

TERMINATION AGREEMENT AND

GENERAL RELEASE

 

This Termination Agreement and General Release

(“Agreement”) is entered into by and between Axsys Technologies, Inc. a

Delaware corporation (“Axsys”), and John Hanley, an individual residing at 34 Joel

Drive, Hebron, CT 06238 (“Employee”), as of January 10, 2002, for the purpose

of amicably concluding their employment relationship.

 

1.                                       Termination Arrangements.

(a)

(i)                  Effective the close of business on January 31, 2002,

Employee’s employment with Axsys will terminate.  Employee acknowledges and agrees that during his employment by

Axsys, he was employed as an “at will” employee.

(ii)               Axsys will provide the Employee with severance pay and

certain other benefits for a period of six (6) months beginning on February 1,

2002 through July 31, 2002. Specifically, Axsys will continue to pay the

Employee once every two weeks during the 26-week period (February 1, 2002

through July 31, 2002) an amount determined by dividing his annual base salary

immediately prior to his termination by twenty-six (26). During the period

February 1, 2002 through July 31, 2002, Axsys will continue at its expense, the

medical and dental, and 401 (k) benefits that were being provided on the

Employee’s behalf at the time of the termination of his employment. Axsys may

withhold from the Severance Payments and all other payments hereunder such

amounts as may be required to be withheld under applicable law and any benefits

plans in which employee is a participant.

(iii)            Axsys agrees to pay the Employee a prorated amount of

his earned Management Incentive Plan bonus equal to $35,035.00 immediately

following the Board of Directors Compensation Committee approval of the 2001

bonus payments.

(iv)           The Employee may exercise outstanding vested options

(as of January 31, 2002) issued pursuant to Axsys Technologies, Inc. Long-Term

Incentive Stock Plan through the period ending ninety (90) days from the end of

the severance period (through October 31, 2002).

(v)              The Company will provide the Employee with

outplacement services through Drake, Beam & Morin’s standard executive

3-month package at a total cost to the Company of  $5500.00.

(b)                                 Employee agrees that this Agreement has

been executed knowingly and of Employee’s own free will.  Further, Employee acknowledges that he has

the right to review this document at least 21 days before executing it.  Either Employee or Axsys may revoke and

cancel this Agreement at any time within seven (7) days after Employee’s execution

of this Agreement by providing written notice to the other party to this

Agreement.  If either party does so

revoke, this Agreement will be void and Axsys will not have any obligations to

provide the payments specified in section 1(a) above.  If no party revokes this Agreement, then Axsys will commence

paying Employee the payments provided above in accordance with Axsys’ payroll

practices when and as required.

 

2.             Release.  In consideration for the severance

arrangements to be made hereunder to Employee and other good and valuable

consideration, Employee does hereby unconditionally, irrevocably and absolutely

release and discharge Axsys and their respective directors, officers,

employees, agents, successors and assigns, as well as each of their affiliates

and each affiliate’s officers, employees, directors, partners, agents,

shareholders, successors and assigns (collectively the “Released Parties”),

from any and all loss (including, without limitation, attorneys’ fees),

liability, claim, demand, cause action, or suit of any type, whether known or

unknown, related directly or indirectly or in any way connected with any

transactions, affairs, occurrences between them to date (collectively

“Claims”), including, but not limited to, (i) all Claims whether arising

directly or indirectly out of or in any way connected with Employee’s

employment at or termination of employment from Axsys, (ii) all Claims arising

under the Age Discrimination in Employment Act, 29 U.S.C.

 

1

 

626 et.  seq., Title VII of the Civil Rights Act of 1964,

42 U.S.C. 2000(a) et.  seq., Executive Order 11246 et.  seq.,

and the civil rights, human rights, employment and labor laws of the United

States, Connecticut and any other jurisdiction and (iii) all Claims whatsoever

arising under the statutory or decisional law contract, tort or otherwise, of

the United States, Connecticut or any other jurisdiction.

 

In further consideration thereof, Employee hereby

irrevocably and absolutely agrees that he will not prosecute nor allow to be

prosecuted on her behalf, in any administrative agency, whether federal or

state, or in any court, whether federal or state, or before any arbitrator, any

claim, demand, complaint, petition, or grievance of any type related to the

matters released and discharged above, it being the intention of the parties

that with the execution by Employee of this Agreement, each of the Released

Parties will be absolutely, unconditionally and forever discharged of and from

all obligations to or on behalf of Employee.

 

Employee acknowledges and agrees that all wages and

accrued vacation and other compensation due him from Axsys for all hours of

work he has performed have been paid timely and unconditionally and in full,

and have not been paid on the condition that Employee sign this Agreement or do

or not do anything else.  The execution

of the Agreement shall not in any way be considered an admission of any

liability on the part of Axsys.

 

Employee hereby expressly waives all of the benefits

and rights granted to him pursuant to Civil Code Section 1542, which provides

as follows:

 

“A general release does not extend to claims which the

creditor does not know or suspect to exist in his favor at the time of

executing the Agreement, which if known by him must have materially affected his

settlement with the debtor.”

 

Employee certifies

that he has read all of this Agreement, including, but not limited to, the

above quoted Civil Code Section, and that he fully understands all of the

same.  Employee understands that he may

consult an attorney prior to executing this Agreement and that he has hereby

been advised to review the terms of this Agreement with an attorney.

 

3.             No

Employment Relationship.  On and

after the close of business on January 31, 2002, Employee shall have no duties

as an employee of Axsys, and nothing in this Agreement (including any required

payment pursuant to Section 1 hereof) or otherwise shall establish an agency,

partnership, joint venture or employee relationship between the Employee and

Axsys.

 

4.             Entire

Agreement.  Employee expressly

declares and represents that no promise, inducement or agreement not herein

expressed in writing has been made to him, that this Agreement contains the

entire agreement between the parties, and that the terms of this Agreement are

contractual and not a mere recital. This Agreement supersedes and replaces any and all agreements,

arrangements, understandings and promises between Employee and Axsys of any

kind whatsoever, whether written or oral, express or implied.

 

The parties agree that this Agreement cannot be

changed or modified in any manner except by writing, and signed by both

Employee and Axsys.

 

5.             Successors;

Binding Effects.  This Agreement

shall be binding upon and shall inure to the benefit Axsys and its Successors

and Assigns. Axsys shall require its Successors and Assigns to expressly assume

and agree to perform the Agreement in the same manner and to the same extent

that Axsys would be required to perform it if no such succession or assignment

had taken place.

 

6.             Confidentiality and Professionalism.  Employee represents and agrees that Employee

will keep the terms, amount, value and nature of consideration paid to Employee

completely confidential, and that Employee will not hereafter disclose any

information concerning this Agreement to anyone other than Employee’s immediate

family and professional representative who will be informed of and bound by

this confidentiality clause.  The

obligation of professionalism includes, without limitations, any discussion by

Employee about Axsys or any of Axsys’ employees, which shall be limited to

respectful, non-derogatory and non-damaging references by Employee.

 

2

 

7.             Return

of Axsys Materials and Property. 

Employee understands and agrees that Employee has turned over to Axsys

all files, memoranda, records, and other documents, physical or personal

property (except the Dell Laptop used by the Employee while employed) which

Employee received from the Axsys and/or which Employee used in the course of

Employee’s employment with Axsys and which are the property of the Axsys.  Employee acknowledges, warrants and agrees

the Employee has returned all such items and any copies or extras thereof and

any other property, files or documents obtained as a result of Employee’s

employment with the Axsys and Employee has held such information in trust and

in strict confidence and will continue to do so.

 

This Agreement shall be governed by and construed and

enforced in accordance with the laws of Connecticut without giving effect to

the conflicts of laws principles thereof.

 

 

IN WITNESS WHEREOF, the undersigned have executed this

Agreement on the date shown below.

 

	

   

  	

  /s/:  John E.

  Hanley

  	

   

  
	

   

  	

  John E. Hanley

  
	

   

  	

  January 31, 2002

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  AXSYS TECHNOLOGIES, INC.

  
	

   

  	

  /s/:  Mark J.

  Bonney

  	

   

  
	

   

  	

  Mark J. Bonney, President & COO

  
	

   

  	

  January 31, 2002

  

 

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