Document:

Prepared by MERRILL CORPORATION

Exhibit 10.1

 

Vysis, Inc.

SEVERANCE PROGRAM

 

OVERVIEW

 

The Vysis, Inc. Severance

Program was adopted by Vysis, Inc. ("Vysis") on August17, 2001 (the

"Effective Date") to (i) retain key personnel, (ii) provide an

incentive for key personnel to maintain focus on business operations and

company growth in order to maintain and increase the value of Vysis and its

affiliates in light of the announcement by BP plc to explore alternatives for

divesting its Vysis holdings, (iii) secure smooth business and technology

transfer to a successor, and (iv) provide income protection for key personnel

in applicable circumstances. The Plan will expire as of the date which is one

(1) year following a Change in Control (the "Expiration Date").

Notwithstanding the foregoing, if a Change in Control does not occur by August

17, 2002, the Plan shall automatically terminate as of such date.

The Plan supersedes all prior

severance plans, programs, arrangements or policies of the Company, whether

oral or written except any written employment agreement.

The Plan shall be applicable to

each employee of Vysis and its affiliates (the "Company") who, as of

the Effective Date, meets the following requirements:

 

	

   

  	

  he or she is

  employed by the Company in the United States or the United Kingdom;

  
	

   

  	

   

  
	

   

  	

  he or she is

  employed as a regular full-time employee or a regular part-time employee who

  is normally scheduled to work 20 or more hours per week; and

  
	

   

  	

   

  
	

   

  	

  he or she is

  not a party to an employment agreement with the Company.

  

Employees of the Company who

meet the foregoing requirements are referred to herein as "Covered

Employees". A Covered Employee who receives benefits pursuant to the Plan

on account of a Covered Termination (as defined below) shall not be entitled to

severance benefits under any other plan of the Company.

COVERED TERMINATIONS

For purposes of the Plan, a

Covered Employee's employment shall be considered to have been terminated in a

"Covered Termination" if:

	

  (a) 

  	

  the Covered

  Employee's employment with the Company is terminated by the Company after a

  Change in Control and before the Expiration Date for reasons other than for

  Cause (as defined below); or

  
	

   

  	

   

  
	

  (b) 

  	

  the Covered

  Employee resigns employment with the Company after a Change in Control and

  before the Expiration Date and within 30 days after either of the following:

  

 

	

  (i)

  	

  a reduction

  in a Covered Employee's rate of base salary or benefits (exclusive of options

  and bonuses) as compared to his rate of base salary and benefits (exclusive

  of options and bonuses) immediately prior to the Change in Control (as the

  same may have been increased or improved from time to time);

  
	

   

  	

   

  
	

  (ii)

  	

  the

  diminution of the Covered Employee's title, authorities or responsibilities

  as compared to the Covered Employee's title, authorities or responsibilities immediately

  prior to the Change in Control; or

  
	

   

  	

   

  
	

  (iii)

  	

  the

  relocation of the Covered Employee's principal office or job location that is

  more than 50 miles from his office or job location immediately prior to the

  Change in Control (except for required travel on business to an extent

  substantially consistent with his business travel obligations as in effect

  immediately prior to the Change in Control).

  

For purposes of the Plan, the

term "Cause" means any of the following: (A) the engaging by the

Covered Employee in willful conduct involving misappropriation, dishonesty, or

serious moral turpitude which is demonstrably and materially injurious to the

Company or (B) the Covered Employee's conviction of a felony.

Any Covered Termination under

paragraph (a) above, shall be effected by means of at least 15 days advance

notice from the Company to the Covered Employee. Any Covered Termination under

paragraph (b) above, shall be effected by means of at least 15 days advance

notice from the Covered Employee to Vysis.

TRANSFERS

 

A Covered Employee's employment

with the Company shall not be considered terminated, and no benefits shall be

payable to or with respect to any Covered Employee under the Plan, if his

employment with the Company terminates solely:

 

	

  (a)

  	

  as a result

  of a transfer of employment to an affiliate of the Company; or

  
	

   

  	

   

  
	

  (b)

  	

  in

  connection with the sale or other disposition of assets, business division,

  facility or operating unit of the Company and he is offered employment with

  the purchaser or transferee of such assets, business division, facility or

  operating unit in a position which is substantially comparable to his

  position with the Company immediately prior to the applicable transaction.

  
	

   

  	

   

  

Nothing in the foregoing

provisions of this section shall restrict or reduce a Covered Employee's rights

under paragraph (b) of the "Covered Terminations" section above.

BENEFITS

 

If a Covered Employee's

employment is terminated in a Covered Termination, the Covered Employee shall

be entitled to the benefits set forth in Appendix A, B or C as applicable.

 

All payments and benefits with

respect to a Covered Employee under the Plan will be subject to such deductions

and withholdings as may be required to be made pursuant to law, government

regulations or order, or by agreement with or consent of the recipient. All tax

liability of the recipient resulting from the payments under the Plan shall be

the responsibility of the recipient.

 

REIMBURSEMENT FOR CERTAIN

EXPENSES OF ENFORCEMENT

 

If a Covered Employee brings

any legal action for the enforcement of his or her rights under the Plan or

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

provisions of the Plan, and if the Covered Employee is the prevailing party in

such action, Vysis shall reimburse the Covered Employee for his or her

reasonable attorneys' fees and any other costs incurred by the Covered Employee

in connection with such action. Any reimbursements made to a Covered Employee

pursuant to this section shall be in addition to any other relief to which the

Covered Employee may be entitled as a result of the legal action.

 

CONDITIONS ON BENEFITS

 

No benefits will be provided

under the Plan to any Covered Employee unless and until the Covered Employee

has executed and returned to Vysis a copy of a release and confidentiality

agreement in the form attached hereto as Appendix D (the "Release")

and until such Release becomes effective in accordance with its terms.

 

Notwithstanding any other

provision of the Plan to the contrary, benefits under the Plan will be paid

only if the Administrator (as defined below) decides, in its discretion, that

the applicant is entitled to such benefits.

 

NONDUPLICATION OF BENEFITS

 

Benefits will be provided under

the Plan to a Covered Employee for only one event. Therefore, if more than one

event occurs with respect to a Covered Employee which entitles such Covered

Employee to benefits under the Plan, benefits will be provided under the Plan

as if only one such event had occurred and no further benefits will be provided

hereunder.

 

DEFINITION OF CHANGE IN CONTROL

 

For purposes of the Plan, a

"Change in Control" will be deemed to occur as of the date that any

single acquirer, other than Vysis, any entity owned, directly or indirectly, by

the stockholders of Vysis in substantially the same proportions as their

ownership of stock of Vysis, and any trustee or other fiduciary holding

securities under an employee benefit plan of Vysis or its subsidiaries or such

proportionately owned corporation) becomes through acquisitions of securities

of Vysis after the Effective Date of the Plan and prior to the Expiration Date,

the "beneficial owner" (as defined in Rule 13d-3 promulgated under

the Securities Exchange Act of 1934, as amended), directly or indirectly, of

securities of Vysis representing 50% or more of the combined voting power of

Vysis' then outstanding securities having the right to vote for the election of

directors.

 

Once a Change in Control has

occurred for purposes of the Plan, no future events will constitute a Change in

Control for purposes of the Plan.

ADMINISTRATION

 

The authority to control and

manage the operation and administration of the Plan shall be vested in the

General Counsel of Vysis (the "Administrator") The Administrator

shall be the "named fiduciary" as described in section 402 of the

Employee Retirement Income Security Act of 1974, as amended

("ERISA"), with respect to its authority under the Plan. Except as

provided below, Vysis shall be the administrator of the Plan and shall have the

rights, duties, and obligations of an "administrator" as that term is

defined in Section 3(16)(A) of ERISA. The Administrator shall have the

following duties and obligations with respect to the Plan:

 

	

  (a) 

  	

  to enforce

  the Plan in accordance with its terms and with such applicable rules of

  procedure and regulations as may be adopted by the Administrator;

  
	

   

  	

   

  
	

  (b) 

  	

  to determine

  conclusively all questions arising under the Plan, including the power to

  determine the eligibility of Covered Employees and the rights of Covered

  Employees to benefits under the Plan, to conclusively interpret and construe

  the provisions of the Plan, and to remedy any ambiguities, inconsistencies or

  omissions of whatever kind;

  
	

   

  	

   

  
	

  (c) 

  	

  to employ or

  utilize agents, attorneys, accountants or other persons (who may also be

  employed by or represent the Company) for such purposes as the Administrator

  considers necessary or desirable to discharge its duties; and

  
	

   

  	

   

  
	

  (d) 

  	

  to establish

  a claims procedure in accordance with section 503 of ERISA.

  

 

To the extent permitted by law,

any interpretation of the Plan and any decision on any matter within the

discretion of the Administrator made by it in good faith shall be binding on

all persons. A misstatement or other mistake of fact shall be corrected when it

becomes known and the Administrator shall make such adjustment on account

thereof as it considers equitable and practicable. Notwithstanding any other

provisions of the Plan, the Administrator shall discharge its duties hereunder

solely in the interests of the Covered Employees entitled to benefits under the

Plan and for the exclusive purpose of providing benefits to Covered Employees

according to the terms and conditions of the Plan. In exercising its authority

under the Plan, the Administrator may delegate all or any part of its

responsibilities and powers to any person or persons selected by it.

 

SOURCE OF PAYMENTS

 

The obligations of the Company

under the Plan are purely contractual. Any amount payable under the terms of

the Plan shall be paid from the general assets of the Company and no trust or

other separate fund shall be established for this purpose.

 

PLAN NOT GUARANTEE OF

EMPLOYMENT.

 

The Plan does not constitute a

guarantee of employment by the Company, and participation in the Plan will not

give any individual the right to be retained in the employ of the Company, nor

any right or claim to any benefit under the Plan, unless such right or claim

has specifically arisen under the Plan.

 

AMENDMENT AND TERMINATION

 

The Plan may be modified or

terminated at any time by Vysis; provided, however, that the Plan may not be

amended following a Change in Control in a manner which reduces the amount of

any severance benefits that may be provided pursuant to the Plan, adversely

modifies the types of events that will constitute Covered Terminations for

purposes of the Plan or limits the class of Covered Employees.

 

 

APPENDIX A TO VYSIS, INC.

SEVERANCE PROGRAM

FOR EXECUTIVE OFFICERS

 

                The payments and benefits described in this

Appendix A apply only to Executive Officers of Vysis who incur a Covered

Termination under the Plan. Other than the benefits specifically stated in this

Appendix A to be provided under this Plan, the Covered Employee's compensation

and benefits will terminate as of the date of the Covered Termination and no

additional compensation or benefits shall be provided for periods after that

date, except to the extent specifically provided by the terms of an employee

benefit plan.

 

COVERED EMPLOYEES

 

                Executive Officers of Vysis listed on Exhibit

A.

SALARY CONTINUATION BENEFIT

 

                The "Salary Continuation Benefit"

for a Executive Officer shall be equal to the applicable severance lump sum

reflected in the attached Exhibit A.

 

                A Covered Employee's Salary Continuation

Benefit shall be paid in a lump sum.

 

                The Salary Continuation Benefit shall consist

only of base salary ("Base Salary") and shall not include any bonus

or incentive payments or other types of compensation whatsoever.

 

                The period which is included in the lump sum

Salary Continuation Benefit (indicated in Exhibit A as the "Total  # Weeks Severance") is referred to

referred to herein as the "Salary Continuation Period".

MEDICAL COVERAGE BENEFIT

 

                A Covered Employee will be eligible to

continue to participate in the Company's group medical plan in which the

Covered Employee participated as of the date of the Covered Termination, as the

same may be amended from time to time, through the Salary Continuation Period

on the same terms and conditions (including applicable premium payments and

level of coverage (such as individual or family)) as similarly situated active

employees of the Company; provided, however, that the Company shall not be

required to permit a Covered Employee to pay any applicable premiums on a

pre-tax basis. The period of coverage provided during the Salary Continuation

Period shall be in addition to, and not in lieu of, coverage required under

section 4980B of the Internal Revenue Code of 1986, as amended. Notwithstanding

the foregoing, if the Company is unable, after using its reasonable best

efforts, to provide the Covered Employee (and, to the extent applicable, his

covered dependents) with group health coverage in accordance with the foregoing

during any portion of the Salary Continuation Period, the Company shall pay to

the Covered Employee the following amounts:

 

                (a) a lump sum payment (the "Make-Whole

Payment") equal to the aggregate amount that the Company estimates, in

good faith, that the Covered Employee will be required to pay as a premium to

obtain similar medical coverage on an individual basis for the portion of the

Salary Continuation Period during which the Company is unable to provide such

coverage; and

 

                (b) a lump sum payment (the "Gross-Up

Amount") such that, after payment by the Covered Employee of all taxes, including,

without limitation, all income and payroll taxes, on the Make-Whole Payment and

the Gross Up Amount, determined assuming the highest applicable marginal rate

of federal, state and local income taxation for the year in which the

Make-Whole Payment and Gross-Up Amounts are to be paid, the Covered Employee

retains an amount equal to the Make-Whole Payment.

 

 

LIFE INSURANCE BENEFIT

 

                A Covered Employee will be entitled to life

insurance coverage for the Salary Continuation Period which provides a benefit

equal to two times the Covered Employee's Base Salary.

 

OUTPLACEMENT SERVICES

 

                A Covered Employee will be provided with

outplacement services suitable for an executive at a comparable level through

the Salary Continuation Period or until the Covered Employee secures

alternative employment, whichever is earlier. The Covered Employee shall be

entitled to select an outplacement provider of his or her choice; provided,

however, that the cost of such services shall not exceed $5,000 per month.

 

 

Exhibit A to Appendix A

 

 

	

  Covered

  Employee

  	

   

  	

  Lump Sum

  Payment Benefit

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  John Bishop

  	

   

  	

  $

  	

  930,000

  	

   

  
	

  Russel Enns

  	

   

  	

  $

  	

  258,000

  	

   

  
	

  Robert Koska

  	

   

  	

  $

  	

  240,000

  	

   

  
	

  William

  Murray

  	

   

  	

  $

  	

  259,500

  	

   

  
	

  Steven

  Seelig

  	

   

  	

  $

  	

  400,000

  	

   

  
	

  John Sluis

  	

   

  	

  $

  	

  420,000

  	

   

  

 

APPENDIX C TO VYSIS, INC.

SEVERANCE PROGRAM

EXEMPT AND NON-EXEMPT EMPLOYEES

OTHER THAN EXECUTIVE OFFICERS AND

SENIOR MANAGEMENT EMPLOYEES

 

 

                The payments and benefits described in this

Appendix C apply only to Covered Employees who are not described in Appendix A

or B and who incur a Covered Termination under the Plan.  Other than the benefits specifically stated

in this Appendix C to be provided under this Plan, the Covered Employee’s

compensation and benefits will terminate as of the date of the Covered

Termination and no additional compensation or benefits shall be provided for

periods after that date, except to the extent specifically provided by the

terms of an employee benefit plan.

 

COVERED

EMPLOYEES

 

                All Covered Employees other than Executive

Officers (described in Appendix A) or Senior Management Employees (described in

Appendix B).

 

SALARY

CONTINUATION BENEFIT

 

The “Salary Continuation

Benefit” shall be determined in accordance with the following:

 

 

 

                A

Covered Employee’s Salary Continuation Benefit shall be paid in a lump sum.

 

                The Salary Continuation Benefit shall consist

only of base salary (“Base Salary”) and shall not include any bonus or

incentive payments or other types of compensation whatsoever.

 

                The period which is included in the lump sum

Salary Continuation Benefit is referred to herein as the “Salary Continuation

Period.

 

MEDICAL

COVERAGE BENEFIT

 

                Level 2 Covered Employees will be provided

with continued medical coverage pursuant to and in accordance with section

4980B of the Internal Revenue Code of 1986, as amended (“COBRA Coverage”);

provided, however, that for the Salary Continuation Period, the applicable

premium for such COBRA Coverage shall be the same as the premium applicable

with respect to similarly situated active employees of the Company for the same

coverage.

 

LIFE INSURANCE

BENEFIT

 

                As provided by the terms of the Company’s

then current life insurance plan.

 

OUTPLACEMENT

SERVICES

 

                A Covered Employee will be provided with

outplacement services which are suitable for an employee at the Covered Employee’s

salary grade level through the Salary Continuation Period or until the Covered

Employee secures alternative employment, whichever is earlier.

 

 

Exhibit A to Appendix C

 

 

	

  Covered Employee

  	

   

  	

  Lump Sum

  Payment Benefit

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  Al Ellsworth

  	

   

  	

  $

  	

  101,231

  	

   

  
					

 

 

APPENDIX D TO VYSIS, INC.

SEVERANCE PROGRAM

 

Form of Release and Confidentiality Agreement

 

 

                1.    

General Release.   In

consideration of the payments and benefits set forth in the Vysis, Inc.

Severance Program (the “Plan”), the undersigned (the “Employee”) for himself or

herself and for his or her estate, heirs, personal representatives,

administrators and assigns, does hereby release and forever discharge Vysis,

Inc. (“Vysis”) and its respective officers, agents, employees, attorneys,

subsidiaries, related companies, affiliates, successors, and assigns from any

and all rights, actions, claims, demands, debts, dues, sums of money, accounts,

attorneys’ fees, complaints, costs, losses, suits, actions, charges,

grievances, promises, agreements, controversies, judgments, executions,

obligations, damages, liabilities and causes of action of whatsoever nature,

kind or character, cognizable at law or equity, which the Employee may now have

or claims or might hereafter have or claim, whether known or unknown, based

upon or arising out of any matter or thing whatsoever through the date of this

release, including without limitation, any claim, action or cause of action

which was or is related to or arises out of the Employee’s employment with

Vysis or its affiliates and/or his or her 

separation therefrom, or which arises under any local, state or federal

law, statute, rule, ordinance, regulation or the common law, including, but not

limited to, claims or rights arising under the Age Discrimination in Employment

Act, Title VII of the Civil Rights Act of 1964, as amended, and/or the

Americans With Disabilities Act. The Employee further promises that he will not

seek recovery on his or her own behalf in any proceeding nor accept any

recovery from any proceeding brought on his or her behalf for any injury

incurred by the Employee based upon acts or omissions occurring prior to the

Employee’s execution of this Agreement.  

It is agreed and understood that this release and the promise of the

Employee not to sue is not intended to affect the Employee’s right to assert

claims based on events occurring after the Employee’s execution of this

Agreement.

 

                2.             Payment

of Benefits.  The Employee

understands and agrees that any payments which are payable to the Employee

under the Plan will be paid to the Employee upon the expiration of the seven

day revocation period described below provided that the Employee has not

revoked his or her execution of this Agreement prior to that time.  The Employee agrees that the payments and

benefits that Vysis and its affiliates have agreed to provide to the Employee

pursuant to the Plan provide the Employee with greater benefits than the

Employee would otherwise be entitled to receive if the Employee did not sign

this Agreement .

 

                3.             Advice

to Employee.  THE EMPLOYEE IS HEREBY ADVISED IN

WRITING TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS AGREEMENT.  THE EMPLOYEE HAS A PERIOD OF TWENTY-ONE (21)

DAYS WITHIN WHICH TO CONSIDER THIS AGREEMENT. 

FOR A PERIOD OF SEVEN (7) DAYS AFTER THE EXECUTION OF THIS AGREEMENT,

THE EMPLOYEE MAY REVOKE THIS AGREEMENT, AND THIS AGREEMENT SHALL NOT BECOME

EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED.  THE EMPLOYEE UNDERSTANDS THAT AFTER HE

EXECUTES THIS AGREEMENT HE MAY REVOKE THIS AGREEMENT BY PROVIDING WRITTEN

NOTICE OF REVOCATION TO THE COMPANY WITHIN SEVEN (7) DAYS.  THE EMPLOYEE UNDERSTANDS THAT IF HE DOES NOT

EXERCISE HIS OR HER RIGHT OF REVOCATION, THIS AGREEMENT WILL BECOME EFFECTIVE

UPON THE EIGHTH DAY FOLLOWING THE EMPLOYEE’S EXECUTION.

 

                4.             Confidentiality.  The Employee hereby reaffirms his agreement

to abide by any and all agreements pertaining to confidential information,

trade secrets, and intellectual property of the Company even after the

termination of his employment.  Further,

the Employee agrees that, except as may be required by the lawful order of a

court or agency of competent jurisdiction, or except to the extent that

Employee has express authorization from Vysis or its affiliates, the Employee

agrees to keep secret and confidential indefinitely all non-public information

(including, without limitation, information regarding litigation and pending

litigation) concerning Vysis and its affiliates (collectively, “Confidential

Information”) which was acquired by or disclosed to the Employee during the

course of Employee’s employment with Vysis and its affiliates and not to

disclose the same, either directly or indirectly, to any other person, firm, or

business entity, or to use it in any way.

 

Confidential Information does

not include (a) information which, at the time of disclosure is published,

known publicly or is otherwise in the public domain, through no fault of the

Employee; (b) information which, after disclosure is published or becomes known

publicly or otherwise becomes part of the public domain, through no fault of

the Employee; and (c) information which is required to be disclosed in

compliance with applicable laws or regulations or by order of a court or other

regulatory body of competent jurisdiction. 

To the extent that any court or agency seeks to have the Employee

disclose Confidential Information,the Employeeshall promptly inform Vysis, andthe Employeeshall take such reasonable steps to prevent

disclosure of Confidential Information until Vysis has been informed of such

requested disclosure, and Vysis has an opportunity to respond to such court or

agency.   The Employee acknowledges that

Vysis and its affiliates would be irreparably injured by a violation of this paragraph

4 andthe Employee agrees

that Vysis in addition to any other remedies available to it for such breach or

threatened breach, shall be entitled to a preliminary injunction, temporary

restraining order, or other equivalent relief, restraining the Employee from

any actual or threatened breach of this paragraph 4. If a bond is required to

be posted in order for Vysis to secure an injunction or other equitable remedy,

the parties agree that said bond need not be more than a nominal sum.

 

                IN WITNESS THEREOF, the Employee has hereunto

setthe

Employee’s hand, and Vysis has caused these presents to be executed in its name

and on its behalf, all as of the day and year indicated below.

 

	

   

  	

   

  	

  VYSIS, INC.

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

   

  	

  Its:

  	

   

  	

   

  
	

   

  	

   

  	

  Date:

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  EMPLOYEE

  
	

   

  	

   

  	

   

  	

   

  
	

  Date:Prepared by MERRILL CORPORATION

EXHIBIT 10.2

 

September

19, 2001

 

John

Bishop

40W785

Campton Meadow Drive

Elburn,

IL  60119

 

Re:                Retention Plan

 

Dear

John:

 

                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 12 (twelve) 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 R. Sluis

  
	

   

  	

   

  
	

   

  	

  John R.

  Sluis

  Senior Vice

  President and CFO

  

 

 

JRS/ld

 

 

 

	

  Agreed:

  	

  /s/ J. Bishop

  
	

   

  
	

   

  
	

  Employee

  Name:  John Bishop

  
	

   

  
	

  Date:  September 26, 2001

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