Document:

Unassociated Document

 

EMPLOYMENT AGREEMENT

 

           THIS AGREEMENT is dated as of March 1, 2011 by and between China Education Alliance, Inc., a North Carolina corporation with its principal office at 58 Heng Shan Road, Kun Lun Shopping Mall, Harbin, People’s Republic of China (the “Company”), and Alice Lee Rogers, residing at 515 Los Altos, Arcadia CA 91007 (“Executive”).

WITNESSETH:

 

           WHEREAS, the Company is desirous of engaging Alice Lee Rogers as its Chief Financial Officer and she is agreeable to being so appointed on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement, the parties agree as follows:

 

1.      Employment and Duties.

 

(a)      Subject to the terms and conditions hereinafter set forth, the Company hereby employs Alice Lee Rogers as its Chief Financial Officer, and she shall have the duties and responsibilities associated with a Chief Financial officer of a public corporation.  During the Term, as hereinafter defined, Executive shall report to the Company’s Chief Executive Officer and the audit committee of the board of directors. Executive  shall also perform such other duties and responsibilities as may be determined by the Company’s board of directors, audit committee and Chief Executive Officer, as long as such duties and responsibilities are consistent with those of the Company’s Chief Financial Officer.

 

(b)      Executive shall also serve in such executive capacity or capacities with respect to any affiliate of the Company to which she may be elected or appointed, provided that such duties are consistent with those of the Company’s Chief Financial Officer.  During the Term, Executive shall receive no additional compensation for services rendered pursuant to this Section 1(b).   For purposes of this Agreement, the term “affiliate” shall mean an entity that is controlled by the Company.

 

(c)      Unless terminated earlier as provided in Section 5 of this Agreement, this Agreement shall have an initial term (the “Initial Term”) commencing as of the date of this Agreement and expiring on February 28, 2014, and continuing on a year-to-year basis thereafter unless terminated by either party on not less than thirty (30) days notice prior to the expiration of the Initial Term or any one-year extension.  The Initial Term and the one-year extensions are collectively referred to as the “Term.”

 

2.      Performance.  Executive hereby accepts the employment contemplated by this Agreement. During the Term, she shall devote substantially all of her business time to the performance of her duties under this Agreement, and shall perform such duties diligently, in good faith and in a manner consistent with the best interests of the Company.

 

3.      Compensation and Other Benefits.

 

	 	
(a)   (i)

	
For her services to the Company during the Term, the Company shall:

 

	
  

	
(v)

	
pay Executive an annual salary (“Salary”) at the rate of One Hundred Thousand Dollars ($100,000);

 

	
  

	
(x)

	
grant to Executive an option to purchase 30,000 shares of common stock of Company annually for the first two years and an option to purchase 40,000 shares of common stock of the Company annually thereafter, at an exercise price equivalent to the closing price per share of common stock on the date of employment, which option shall vest in one-third installments over three years.

 

  

  

  

 

All Salary payments shall be payable in such installments as the Company regularly pays its employees in accordance with normal payroll practices.

 

(ii)    Executive’s Salary as set forth in Paragraph 3(a)(i) above may be increased at the discretion of the compensation committee of the Board of Directors.

 

4.      Reimbursement of Expenses.  The Company shall reimburse Executive, upon presentation of proper expense statements, for all authorized, ordinary and necessary out-of-pocket expenses reasonably incurred by Executive during the Term in connection with the performance of her services pursuant to this Agreement hereunder in accordance with the Company’s expense reimbursement policy.  Without limiting the generality of the foregoing, the Company shall Executive $5,000 per year to cover telephone and internet expenses and the costs of maintaining and running an office space remotely.

 

5.      Termination of Employment.

 

(a)      This Agreement and Executive’s employment hereunder shall terminate immediately upon her death.

 

(b)      This Agreement and Executive’s employment pursuant to this Agreement, may be terminated by her or the Company on not less than thirty (30) days’ written notice in the event of Executive’s Disability. The term “Disability” shall mean any illness, disability or incapacity of Executive which prevents her from substantially performing her regular duties for a period of three (3) consecutive months or four (4) months, even though not consecutive, in any twelve (12) month period.  However, if Executive is covered by long-term disability insurance, the Company may not terminate this Agreement pursuant to this Section 5(b) unless she is eligible for disability payments under her long-term disability insurance.

 

(c)      The Company may terminate this Agreement and Executive’s employment pursuant to this Agreement for cause with no notice. The term “cause” shall mean:

 

(i)           Repeated failure to perform material instructions from the Company’s board of directors, Chief Executive Office, Chief Operating Officer or audit committee, provided that such instructions are reasonable and consistent with her duties as set forth in Section 1 of this Agreement or any other failure or refusal by Executive  to perform her duties required by said Section 1; provided, however, that Executive shall have received notice from the Board specifying the nature of such failure in reasonable detail and she shall have failed to cure the failure within ten (10) business days after receipt of such notice:

 

(ii)           a breach of Section 6, 7 or 8 of this Agreement;

 

(iii)           a breach of trust whereby Executive obtains personal gain or benefit at the expense of or to the detriment of the Company;

 

(iv)            her use of illegal substances;

 

  

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(v)             her abuse of alcohol continuing after written notice from the board of directors or the Company’s Chief Executive Officer or ;

 

(vi)           any fraudulent or dishonest conduct by Executive  or any other conduct by her, which damages the Company or any of its affiliates or their property, business or reputation;

 

(vii)           a conviction of or plea of nolo contendere by Executive of (A) any felony or (B) any other crime involving fraud, theft, embezzlement or use or possession of illegal substances; or

 

(viii)          the admission by Executive of any matters set forth in Section 5(c)(vii) of this Agreement.

 

(ix)             failure to ensure that the Company’s filings with the Securities and Exchange Commission are on time;

 

(x)              failure to ensure the accuracy of Company’s filings with the Securities and  Exchange Commission.

 

(d)           Executive’s resignation prior to the expiration of the Term, other than for Good Reason shall be treated in the same manner as a termination for cause. The term “Good Reason” shall mean:

 

	
  

	
(i)

	
Any material breach by the Company of its obligations under this Agreement which are not cured within ten (10) business days after notice from Executive which sets forth in reasonable detail the nature of the breach.

 

	
  

	
(ii)

	
Any change in Executive’s duties such that Executive is no longer the Company’s Chief Financial Officer, unless such change was made with her consent.

 

	 	
(iii) 

	
Any action on the part of the Company which impairs Executive’s ability to exercise her duties as the Company’s Chief Financial Officer.

 

6.      Trade Secrets and Proprietary Information.  Executive  recognizes and acknowledges that the Company, through the expenditure of considerable time and money, has developed and will continue to develop in the future information concerning customers, clients, marketing, products, services, business, research and development activities and operational methods of the Company and its customers or clients, contracts, financial or other data, technical data or any other confidential or proprietary information possessed, owned or used by the Company, the disclosure of which could or does have a material adverse effect on the Company, its business, any business it proposes to engage in, its
operations, financial condition or prospects and that the same are confidential and proprietary and considered “confidential information” of the Company for the purposes of this Agreement. In consideration of her employment and engagement as Chief Financial Officer, Executive agrees that she will not, during or after the Term, without the consent of the Company’s Chief Executive Officer, make any disclosure of confidential information now or hereafter possessed by the Company, to any person, partnership, corporation or entity either during or after the term here of, except that nothing in this Agreement shall be construed to prohibit her from using or disclosing such information (a) if such disclosure is necessary in the normal course of the Company’s business in accordance with Company policies or instructions or authorization from the board of directors or executive committee, (b) such information
shall become public knowledge other than by or as a result of disclosure by a person not having a right to make such disclosure, (c) complying with legal process; provided, that in the event she is required to make disclosure pursuant to legal process, she  shall give the Company prompt notice thereof and the opportunity to object to the disclosure, or (d) subsequent to the Term, if such information shall have either (i) been developed by her independent of any of the Company’s confidential or proprietary information or (ii) been disclosed to her by a person not subject to a confidentiality agreement with or other obligation of confidentiality to the Company.  For the purposes of Sections 6, 7 and 8 of this Agreement, the term “Company” shall include the Company, its parent, its subsidiaries and its affiliates.

 

  

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7.      Covenant Not To Solicit or Compete.

 

(a)      During the period from the date of this Agreement until one (1) year following the date on which Executive’s employment is terminated, she will not, directly or indirectly:

 

(i)           Persuade or attempt to persuade any person or entity which is or was a customer, client or supplier of the Company to cease doing business with the Company, or to reduce the amount of business it does with the Company (the terms “customer” and “client” as used in this Section 7 to include any potential customer or client to whom the Company submitted bids or proposals, or with whom the Company conducted negotiations, during the term of Executive’s employment hereunder or during the twelve (12) months preceding the termination of her employment);

 

(ii)          solicit for herself or any other person or entity other than the Company the business of any person or entity which is a customer or client of the Company, or was a customer or client of the Company within one (1) year prior to the termination of her employment; or

 

(iii)         persuade or attempt to persuade any employee of the Company, or any individual who was an employee of the Company during the one (1) year period prior to the lawful and proper termination of this Agreement, to leave the Company’s employ, or to become employed by any person or entity other than the Company.

 

(b)           Executive acknowledges that the restrictive covenants (the “Restrictive Covenants”) contained in Sections 6 and 7 of this Agreement are a condition of her employment are reasonable and valid in geographical and temporal scope and in all other respects. If any court determines that any of the Restrictive Covenants, or any part of any of the Restrictive Covenants, is invalid or unenforceable, the remainder of the Restrictive Covenants and parts thereof shall not thereby be affected and shall remain in full force and effect, without regard to the invalid portion. If any court determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision,
such court shall have the power to reduce the geographic or temporal scope of such provision, as the case may be, and, in its reduced form, such provision shall then be enforceable.

 

8.      Inventions and Discoveries. Executive agrees promptly to disclose in writing to the Company any invention or discovery made by her during the period of time that this Agreement remains in full force and effect, whether during or after working hours, in any business in which the Company is then engaged or which otherwise relates to any product or service dealt in by the Company and such inventions and discoveries shall be the Company’s sole property. Executive acknowledges that any such invention or discovery developed by her and any intellectual property rights relating thereto shall be considered as “work performed for hire.”  In the event that any such intellectual property rights
are not, for any reason, deemed work performed for hire, Executive hereby assigns to the Company any and all of her right, title and interest therein to the Company.  Upon the Company’s request, Executive shall execute and assign to the Company all applications for copyrights and letters patent of the United States and such foreign countries as the Company may designate, and Executive shall execute and deliver to the Company such other instruments as the Company deems necessary to confirm the Company’s sole ownership of all rights, title and interest in and to such inventions and discoveries, as well as all copyrights and/or patents. If services in connection with applications for copyrights and/or patents are performed by Executive at the Company’s request after the termination of her employment hereunder, the Company shall pay her reasonable compensation for such services rendered after termination of this Agreement.

 

  

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9.      Injunctive Relief. Executive agrees that her violation or threatened violation of any of the provisions of Sections 6, 7 or 8 of this Agreement shall cause immediate and irreparable harm to the Company. In the event of any breach or threatened breach of any of said provisions, Executive consents to the entry of preliminary and permanent injunctions by a court of competent jurisdiction prohibiting her from any violation or threatened violation of such provisions and compelling her to comply with such provisions. In the event an injunction is issued against any such violation by Executive, the period referred to in Section 7 of this Agreement shall continue until the later of the expiration of the period set
forth therein or one (1) month from the date a final judgment enforcing such provisions is entered and the time for appeal has lapsed.  The provisions of Sections 6, 7, 8 and 9 of this Agreement shall survive any termination of this Agreement and Executive’s employment pursuant to this Agreement.

 

10.      Miscellaneous.

 

(a)      Executive represents, warrants, covenants and agrees that she has a right to enter into this Agreement, that she is not a party to any agreement or understanding, oral or written, which would prohibit performance of her obligations under this Agreement, and that she will not use in the performance of her obligations hereunder any proprietary information of any other party which she is legally prohibited from using.

 

(b)      If requested by the Company, Executive will cooperate with the Company in connection with the Company’s application to obtain key-man life insurance on her life, on which the Company will be the beneficiary. Such cooperation shall include the execution of any applications or other documents requiring her signature and submission of insurance applications and submission to a physical.

 

(c)      Any notice, consent or communication required under the provisions of this Agreement shall be given in writing and sent or delivered by hand, overnight courier or messenger service, against a signed receipt or acknowledgment of receipt, or by registered or certified mail, return receipt requested, or telecopier or similar means of communication if receipt is acknowledged or if transmission is confirmed by mail as provided in this Section 11(c), to the parties at their respective addresses set forth at the beginning of this Agreement or by telecopier to the Company at (86) 451-82335794 or to Executive at (626)-371-9248, with notice to the Company being sent to the attention of the individual who executed this Agreement on behalf of the Company. Either party may, by like notice, change the person, address or telecopier number to which notice is to be sent.  If no telecopier number is provided for Executive, notice to her shall not be sent by telecopier.

 

(d)      This Agreement shall in all respects be construed and interpreted in accordance with, and the rights of the parties shall be governed by, the laws of the State of New York applicable to contracts executed and to be performed wholly within such State, without regard to principles of conflicts of laws.  The parties hereto agree to submit to the exclusive jurisdiction of the state and federal courts of New York, New York.

 

(e)      If any term, covenant or condition of this Agreement or the application thereof to any party or circumstance shall, to any extent, be determined to be invalid or unenforceable, the remainder of this Agreement, or the application of such term, covenant or condition to parties or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant or condition of this Agreement shall be valid and be enforced to the fullest extent permitted by law, and any court having jurisdiction may reduce the scope of any provision of this Agreement, including the geographic and temporal restrictions set forth in Section 7(a) of this Agreement, so that it complies with applicable law.

 

  

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(f)      This Agreement constitutes the entire agreement of the Company and Executive as to the subject matter hereof, superseding all prior or contemporaneous written or oral understandings or agreements, including any and all previous employment agreements or understandings, all of which are hereby terminated, with respect to the subject matter covered in this Agreement. This Agreement may not be modified or amended, nor may any right be waived, except by a writing which expressly refers to this Agreement, states that it is intended to be a modification, amendment or waiver and is signed by both parties in the case of a modification or amendment or by the party granting the waiver. No course of conduct or dealing between the parties and no custom or trade usage shall be relied
upon to vary the terms of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

(g)      Neither party hereto shall have the right to assign or transfer any of its or her rights hereunder except in connection with a merger of consolidation of the Company or a sale by the Company of all or substantially all of its business and assets.

 

(h)      This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, executors, administrators and permitted assigns.

 

(i)      The headings in this Agreement are for convenience of reference only and shall not affect in any way the construction or interpretation of this Agreement.

 

(j)      No delay or omission to exercise any right, power or remedy accruing to either party hereto shall impair any such right, power or remedy or shall be construed to be a waiver of or an acquiescence to any breach hereof. No waiver of any breach hereof shall be deemed to be a waiver of any other breach hereof theretofore or thereafter occurring. Any waiver of any provision hereof shall be effective only to the extent specifically set forth in an applicable writing. All remedies afforded to either party under this Agreement, by law or otherwise, shall be cumulative and not alternative and shall not preclude assertion by such party of any other rights or the seeking of any other rights or remedies against any other party.

 

  

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

	  	CHINA EDUCATION ALLIANCE, INC.	  
	  	 	  	  
	  	By:	
/s/ Xiqun Yu

	  
	  	 	
Xiqun Yu

	  
	  	 	
Chairman, and Chief Executive Officer

	  
	  	 	  	  
	  	 	  	  
	  	Executive:	  
	  	 	  	  
	  	/s/ Alice Lee Rogers	  
	  	Alice Lee Rogers	  

  

- 7 -Exhibit
10.11

    

Katonah Debt Advisors, L.L.C.

295 Madison Avenue, 6th Floor

New York, NY 10017

 

	
December 10, 2010

 

Mr. John M. Stack

167 West Trail

Stamford, CT 06903

 

Dear Jack:

 

As we discussed, effective as of 12:01 a.m. on December 30, 2010 (the “Separation Date”), you have determined to voluntarily terminate your employment with Katonah Debt Advisors, L.L.C. (“Katonah”) and as Vice President of Kohlberg Capital Corporation (“KCAP” and together with Katonah, the “Company”).  The purpose of this Separation Agreement (the “Agreement”) is to confirm the agreement between you and the Company concerning your separation from the Company, as follows:

1.           Termination; Duties Until Separation Date.  Effective as of the Separation Date, your employment with the Company will terminate, and you will resign from all other positions and offices that you hold with the Company or any of its affiliates or subsidiaries.  From the date first written above until the Separation Date, you shall continue to provide services to the Company on the terms contained in the Employment Agreement between you and Katonah dated December 14, 2009 (the “Employment
Agreement”).  Your right to receive the benefits under this Agreement is conditioned on your continued compliance with the covenants contained in the Employment Agreement and the fulfillment of your duties thereunder.  As of the Separation Date, the Employment Agreement will terminate, except as expressly provided in this Agreement.  Contemporaneously with your termination of employment, you shall begin to serve as a consultant to the Company pursuant to the terms of a consulting agreement to be entered into by you and the Company on or about the Separation Date (the “Consulting Agreement”).

2.           Final Wages and Business Expenses.  In accordance with Section 5(b) of the Employment Agreement, you will receive base salary earned but not paid through the date of termination and pay for any vacation time accrued but not used to that date on December 30, 2010 whether or not you accept this Agreement, provided that any reimbursement for business expenses shall be paid in accordance with the Company’s reimbursement policies in effect on the Separation Date.  Subsequent to the
Separation Date, the Company will not provide you with any additional benefits described in the Employment Agreement, provided that you will be eligible to elect COBRA health care continuation coverage as permitted by law.

  

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3.           Bonus.  The Company will pay you any bonus compensation you have earned for actual performance during all of 2010 in accordance with the terms of the Employment Agreement.  The payment of this amount will be made during 2011 (but not later than March 31, 2011).

4.           Restricted Stock.  In accordance with the terms of your Restricted Stock Agreement with KCAP, dated July 1, 2008 (the “Restricted Stock Agreement”), your unvested shares of restricted stock in KCAP will terminate on the Separation Date.

5.           Tax Withholding Prior to Termination.  All payments by the Company under this Agreement on or prior to the Separation Date will be reduced by all taxes and other amounts that the Company is required to withhold under applicable law and all other deductions authorized by you.

6.           Acknowledgement of Full Payment and Status of Benefits.   You agree that the payments provided under Sections 2 and 3 of this Agreement are in complete satisfaction of any and all compensation due to you from the Company or any of its affiliates, whether arising under the Employment Agreement or otherwise, in connection with your employment or the termination thereof, and that, except as expressly provided in this Agreement, nothing further is owed to you by the Company or any of its affiliates as
a result of your termination from employment.  You will not continue to earn vacation or other paid time off after the Separation Date.

7.           Directors and Officers Coverage; Indemnification.  The Company agrees that it will continue to provide you with director’s and officer’s liability insurance coverage, on the same basis as is provided to other directors and officers of the Company, with respect to your service as an employee of the Company and relating to claims incurred prior to your Separation Date

8.           Confidentiality.  You agree that you will not disclose this Agreement or any of its terms or provisions, directly or by implication, except to members of your immediate family and to your legal, financial and tax advisors, and then only on condition that they agree not to further disclose this Agreement or any of its terms or provisions to others, except as required by law.

9.           Release of Claims.

(a)           In exchange for the parties’ agreement to enter into the Consulting Agreement, you agree to execute the Release.  Any obligation of the Company or its affiliates under this Agreement is conditioned upon (i) your executing this Agreement (which includes the Release) and (ii) your executing the Release and delivering it to the Company within twenty-one (21) calendar days of the Separation Date.

  

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(b)           You also acknowledge that you have been advised by the Company and its subsidiaries and other affiliates to seek the advice of an attorney prior to executing this Agreement, and that you have had sufficient time to consider this Agreement and to consult with an attorney, if you wished to do so, or, subject to Section 8 of this Agreement, to consult with any other person of your choosing before signing, and you are signing this Agreement voluntarily and with a full understanding of its terms.  You further acknowledge that, in signing this Agreement, you have not relied on any promises or representations, express or implied, that are not
set forth expressly in this Agreement.

10.         Entire Agreement.  This Agreement constitutes the entire agreement between you and the Company and supersedes all prior and contemporaneous communications, agreements and understandings, whether written or oral, with respect to your employment, its termination and all related matters, excluding only your rights and obligations under or with respect to the Consulting Agreement, Restricted Stock Agreement and your post-employment obligations under Section 3 of the Employment Agreement and the Company’s and
your rights and remedies under the Employment Agreement, including those other provisions of the Employment Agreement that are necessary or desirable for the enforcement of the aforementioned surviving provisions, all of which shall remain in full force and effect in accordance with their terms.

11.         Miscellaneous.  This Agreement may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to in writing by you and the Company.  The captions and headings in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement.  This Agreement may be executed in one or more counterparts, each of which shall be an original and all of which together shall constitute one and the same
instrument.  This Agreement shall be governed by the laws of the State of Delaware, without giving effect to the principles of comity or conflicts of laws thereof.

 

[The remainder of this page is left intentionally blank.]

  

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If the terms of this Agreement are acceptable to you, please sign, date and return it to the Company.  The enclosed copy of this Agreement, which you should also sign and date, is for your records.

	
Sincerely,

	  
	
KATONAH DEBT ADVISORS, L.L.C.

	  
	
By:

	/s/ E.A. Kratzman
	  
	
Name:

	E.A. Kratzman
	  
	
Title:

	President

 

Accepted and agreed:

 

	
Signature:

	
/s/ John M. Stack

	  
	
Date:

	
December 10, 2010

 

  

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EXHIBIT A

RELEASE

We advise you to consult an attorney before you sign this Release. You have until the date which is seven (7) days after the Release is signed and returned to Katonah Debt Advisors, L.L.C. to change your mind and revoke your Release.  Your Release shall not become effective or enforceable until after that date.

In consideration for the benefits provided under the Separation Agreement between you and the Company dated December 10, 2010 (the “Agreement”) (other than those provided in Sections 2 and 3 of the Agreement)), to which this Release is attached, the benefits to be provided to you in connection with your termination of employment as set forth in the Agreement, and the release provided by the Company in the next paragraph hereof, by your signature below, you, for yourself and on behalf of your heirs, executors, agents, representatives, successors and assigns, hereby release and forever discharge Katonah Debt Advisors, L.L.C., its past and present
parent corporations (including, without limitation, Kohlberg Capital Corporation), subsidiaries, divisions, subdivisions, affiliates and related companies (collectively, the “Company”) and the Company’s past, present and future agents, directors, officers, employees, representatives, successors and assigns (hereinafter “those associated with the Company”) with respect to any and all claims, demands, actions and liabilities, whether in law or equity, which you may have against the Company or those associated with the Company of whatever kind arising out of or in connection with your employment with the Company or the termination of that employment.  You agree that this release covers, but is not limited to, claims arising under the Age Discrimination in Employment Act of 1967, 29 U.S.C. § 621 et seq., Title VII of the Civil Rights Act of 1964,
42 U.S.C. § 2000e et seq., the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Fair Labor Standards Act, 29 U.S.C. § 201 et seq., the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq., and any other local, state or federal law, regulation or order dealing with discrimination in employment on the basis of sex, race, color, national origin, veteran status, marital status, religion, disability, handicap, or age.  You also agree that this release includes claims based on wrongful termination of employment, breach of contract (express or implied), tort, or claims otherwise related to your employment or termination of employment with the Company and any claim for attorneys’ fees, expenses or costs of litigation.

In consideration for the release provided by you in the preceding paragraph, the Company (as defined herein), by the signature of a duly authorized officer below, hereby releases and forever discharges you with respect to any and all claims, demands, actions and liabilities, whether in law or equity, which the Company may have against you of whatever kind arising out of, and within the scope of your employment with the Company or the termination of that employment.  The Company agrees that this release covers, but is not limited to, claims arising under any local, state or federal law or regulation but does not apply to any fraudulent or criminal acts or breaches of fiduciary
duty or other acts that were not within the scope of your employment.

  

 

  

This Release covers all claims based on any facts or events, whether known or unknown by you or the Company, that occurred on or before the date of this Release. Except to enforce this Release, you and the Company agree that neither party will ever commence, prosecute, or cause to be commenced or prosecuted any lawsuit or proceeding of any kind against the other party to the extent released hereunder in any forum and agree to withdraw with prejudice all complaints or charges, if any, that you or the Company have filed against the other.

Anything in this Release to the contrary notwithstanding, this Release does not include a release of (i) any rights you may have to indemnification or insurance under any agreement, law, Company organizational document or policy, or otherwise; (ii) any rights you may have to compensation or benefits under the Company’s compensation or benefit plans that were accrued and unpaid prior to the date hereof and payable hereafter; (iii) either party’s right to enforce this Release; or (iv) the Company’s and your rights and remedies under the Employment Agreement that survive.

By signing this Release, you further agree as follows:

You have read this Release carefully and fully understand its terms;

You have had at least twenty-one (21) days to consider the terms of the Release;

You have seven (7) days from the date you sign this Release to revoke it by written notification to the Company.  After this seven (7) day period, this Release is final and binding and may not be revoked;

You have been advised to seek legal counsel and have had an opportunity to do so;

You would not otherwise be entitled to the benefits provided under your Employment Agreement (as defined in the Agreement) or the Agreement had you not agreed to execute this Release; and

Your agreement to the terms set forth above is voluntary.

	
Name:

	
   

	  	  
	 	 	 	 	 
	
Signature:

	
   

	  	
Date:

	
   

	 	 	 	 	 
	
Received by:

	
   

	  	
Date:

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