Document:

exhibit10-2.htm

Exhibit 10.2 

 

SEPARATION AGREEMENT 

 

     This Separation Agreement (this “Agreement”) is made as of February 28, 2011 (the “Effective Date”), by and between Sandra Marino (“Executive”) and Pall Corporation, a corporation formed under the laws of the State of New York (the “Company”). 

 

     WHEREAS, Executive and the Company are parties to an Employment Agreement dated as of October 1, 2009 (the “Employment Agreement”); 

 

     WHEREAS, Executive resigned, effective January 28, 2011 as Senior Vice President, General Counsel and Corporate Secretary of Pall Corporation and from any and all other positions she may have held at the Company or any of its subsidiaries and affiliates, it being understood that her resignation as an employee of the Company would not be effective until February 28, 2011 for purposes of transitioning her responsibilities; and

 

     WHEREAS, the parties wish to supersede the Employment Agreement in its entirety and set forth certain agreed upon terms in connection with her resignation; 

 

     NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, receipt of which is hereby acknowledged, the Company and Executive agree as follows: 

 

     1. Termination of Employment. The parties hereto hereby agree that Executive’s employment with the Company will terminate effective February 28, 2011 pursuant to her resignation dated January 28, 2011. 

 

     2. Certain Payments. 

 

     (a) Accrued Obligations. Subject to Section 14 below, Executive shall be entitled to (i) any accrued but unpaid base salary at the annual rate of $373,000 as of February 28, 2011, (ii) payment for accrued but unused vacation days and accrued but unused personal days as of February 28, 2011; (iii) any unreimbursed business expenses as of the date of such separation, paid no later than March 30, 2011, upon presentation of supporting documentation in accordance with normal practice and (iv) any vested benefits as of February 28, 2011 under any benefit plans maintained, or contributed to, by the Company, or any disability benefits program sponsored by the Company, in accordance with the terms and conditions of each such plan or program.

 

     (b) Equity Awards. Subject to Sections 3 and 14 below, and subject to Executive’s compliance with Sections 4, 6 and 7 below, Executive will be entitled to the following payments and benefits: 

 

     (i) During the period beginning on February 28, 2011 and ending on February 28, 2014, any of Executive’s stock options that are (A) not yet vested under the 2005 Stock Compensation Plan, as amended (the “Stock Plan”), and (B) outstanding, in each case as of February 28, 2011, will not be cancelled, but will continue to be or become exercisable in the manner and at the times set forth in the applicable grant agreements and the Stock Plan as though Executive had not experienced a Termination of Employment (as defined in the Stock Plan or, if defined therein, in the applicable grant agreement) until February 28, 2014. Any of Executive’s stock options that are exercisable on February 28, 2014, will remain exercisable until May 31, 2014, at which time all unexercised options will expire.

 

 

     (ii) During the period beginning on February 28, 2011 and ending on February 28, 2014, any of Executive’s restricted stock units that are (A) not yet vested under the Stock Plan and (B) outstanding, in each case as of February 28, 2011, will not be cancelled, but will continue to vest and be settled in the manner and at the times set forth in the applicable grant agreements and the Stock Plan as though Executive had not experienced a Termination of Employment (as defined in the Stock Plan or, if defined therein, in the applicable grant agreement) until February 28, 2014.

 

     (iii) During the period beginning on February 28, 2011 and ending on February 28, 2014, any of Executive’s restricted units not yet vested under the Management Stock Purchase Plan, as amended (the “MSPP”), credited to her Matching Restricted Unit Subaccount (including Dividend Equivalent Units) as of February 28, 2011 will not be cancelled, but will continue to vest and be settled in the manner and at the times set forth under the MSPP as though Executive had not experienced a Termination of Employment until February 28, 2014. Executive’s units credited to her Purchased Restricted Unit Subaccount (including Dividend Equivalent Units) will vest on February 28, 2011 and be settled in accordance with Section 7 of the MSPP. All capitalized terms in this Section 2(b)(iii) not otherwise defined in this Agreement will have the meaning set forth in the MSPP. 

 

     (iv) If a Change in Control (as currently defined in the MSPP or the Stock Plan, as applicable) occurs prior to February 28, 2014, then any of Executive’s (i) restricted units not yet vested under the MSPP (if the Change in Control constitutes a Change in Control as currently defined in the MSPP) and/or (ii) restricted stock units and stock options not yet vested under the Stock Plan (if the Change in Control constitutes a Change in Control as currently defined in the Stock Plan), as applicable, that are outstanding on the date of such Change in Control will automatically vest thereupon. 

 

     (c) Legal Expenses. Upon submission of an invoice to the Company, the Company will pay the fees of Loeb & Loeb LLP up to a cap of $43,000 and issue to it a Form 1099 for tax reporting purposes in accordance with its customary vendor payment practices. 

 

     3. Releases.

 

     The payments and benefits under Section 2(b) and 2(c) are subject to the condition that Executive has delivered to the Company an executed copy of a release substantially in the form attached hereto as Exhibit A and such release has become irrevocable prior to March 30, 2011. The Company will deliver to Executive an executed copy of a release substantially in the form attached hereto as Exhibit B on February 28, 2011 (the “Company Release”) which shall become irrevocable simultaneously with the irrevocability of the release executed by Executive.

 

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     4. Restrictive Covenants. 

 

     (a) Non-Competition. During the period commencing on the Effective Date and ending on February 28, 2013 (the “Restrictive Covenant Period”), Executive shall not, without the written permission of the Company, render services to any corporation, individual or other entity engaged in any activity, or herself engage directly or indirectly in any activity, which is competitive to any material extent with the business of the Company or any of its subsidiaries. 

 

     (b) Non-Disparagement. During the Restrictive Covenant Period, Executive shall not make any disparaging or untruthful remarks concerning the Company or any of its subsidiaries, or their officers, directors, employees or agents, whether acting in their individual or representative capacities. Executive shall not be deemed to have breached Executive’s obligations under the foregoing sentence if during Executive’s employment with the Company Executive criticizes the job performance of employees who report to Executive, or makes remarks which Executive believes to be truthful about any Company employee as part of performing her duties hereunder, as part of such employees’ performance reviews and evaluations, provided such remarks are made in the ordinary course of business, not malicious or unfounded, are not publicly made or widely disseminated and are not in violation of Executive’s obligations to comply with laws, regulations and Company policies and procedures. Additionally, in the event that Executive is requested or required (by oral questions, interrogatories, requests for information or documents, subpoena or similar process) to disclose during the Restrictive Covenant Period any information that may be disparaging, Executive shall comply with such requests, provided that Executive shall give the Company prompt notice of any such request so that the Company may seek an appropriate protective order, and provided that Executive shall comply with the terms of any protective order so obtained. Similarly, during the Restrictive Covenant Period, the Company shall not make any disparaging or untruthful remarks concerning Executive, except that the Company shall not be deemed to have breached its obligations hereunder: (a) if during Executive’s employment with the Company, any Company director, employee, agent or representative criticizes Executive’s job performance as part of performance reviews and evaluations or in response to questions from members of management, the board of directors or Company advisors, provided such remarks are made in the ordinary course of business, not malicious or unfounded, are not publicly made or widely disseminated and are not in violation of laws, regulations and Company policies and procedures, or (b) in the event that the Company is requested or required (by oral questions, interrogatories, requests for information or documents, subpoena or similar process) to disclose during the Restrictive Covenant Period any information that may be disparaging, the Company complies with such requests, provided that the Company shall give Executive prompt notice of any such request so that Executive may seek an appropriate protective order, and provided that the Company shall comply with the terms of any protective order so obtained. 

 

     (c) Non-Solicitation of Employees or Customers. During the Restrictive Covenant Period, Executive will not (i) indirectly or directly solicit, encourage, induce, or recruit any person who is then an employee of the Company or any of its subsidiaries to seek or accept employment with any other employer, or (ii) indirectly or directly solicit, encourage, or induce any customer of the Company to become the customer of any business that is competitive to any material extent with the business of the Company or any of its subsidiaries. 

 

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     5. Company’s Right to Injunctive Relief. Executive acknowledges that Executive’s services to the Company are of a unique character, which gives them a peculiar value to the Company, the loss of which cannot be reasonably or adequately compensated in damages in an action at law, and that therefore, in addition to any other remedy which the Company may have at law or in equity, the Company shall be entitled to injunctive relief for a breach of this Agreement by Executive. The parties also acknowledge and agree that, if, in any judicial proceeding, a court shall deem any of the restrictive covenants in Sections 6 or 8, invalid, illegal or unenforceable because its scope is considered excessive, such restrictive covenant shall be modified so that the scope of the restrictive covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable, and if any such restrictive covenant (or portion thereof) is deemed invalid, illegal or unenforceable in any jurisdiction, as to that jurisdiction such restrictive covenant (or portion thereof) shall be ineffective to the extent of such invalidity, illegality or enforceability, without affecting in any way the remaining restrictive covenants (or portion thereof) in such jurisdiction or rendering that or any other restrictive covenant (or portion thereof) invalid, illegal, or unenforceable in any other jurisdiction. The parties hereto intend that the validity and enforceability of any provision of this Agreement shall not affect or render invalid any other provision of this Agreement. 

 

     6. Inventions and Patents. All inventions, ideas, concepts, processes, discoveries, improvements and trademarks (hereinafter collectively referred to as intangible rights), whether patentable or registrable or not, which are conceived, made, invented or suggested either by Executive alone or by Executive in collaboration with others during Executive’s employment with the Company, and whether or not during regular working hours, shall be disclosed to the Company and shall be the sole and exclusive property of the Company. If the Company deems that any of such intangible rights are patentable or otherwise registrable under any federal, state or foreign law, Executive, at the expense of the Company, shall execute all documents and do all things necessary or proper to obtain patents and/or registrations and to vest the Company with full title thereto. 

 

     7. Trade Secrets and Confidential Information. Executive shall not, either directly or indirectly, except as required in the course of employment by the Company, disclose or use at any time, whether during or subsequent to Executive’s employment with the Company, any information of a proprietary nature owned by the Company, including but not limited to, records, data, formulae, documents, specifications, inventions, processes, methods and intangible rights which are acquired by Executive in the performance of Executive’s duties for the Company and which are of a confidential information or trade-secret nature. All records, files, drawings, documents, equipment and the like, relating to the Company’s business, which Executive shall prepare, use, construct or observe, shall be and remain the Company’s sole property. Upon the separation from service of Executive’s employment or at any time prior thereto upon request by the Company, Executive shall return to the possession of the Company any materials or copies thereof involving any confidential information or trade secrets and shall not take any material or copies thereof from the possession of the Company. 

 

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     8. Mergers and Consolidations; Assignability. In the event that the Company, or any entity resulting from any merger or consolidation referred to in this Section 8 or which shall be a purchaser or transferee so referred to, shall at any time be merged or consolidated into or with any other entity or entities, or in the event that substantially all of the assets of the Company or any such entity shall be sold or otherwise transferred to another entity, the provisions of this Agreement shall be binding upon and shall inure to the benefit of the continuing entity in or the entity resulting from such merger or consolidation or the entity to which such assets shall be sold or transferred. Except as provided in the immediately preceding sentence of this Section 8, this Agreement shall not be assignable by the Company or by any entity referred to in such immediately preceding sentence. This Agreement shall not be assignable by Executive, but in the event of Executive’s death it shall be binding upon and inure to the benefit of Executive’s legal representatives to the extent required to effectuate the terms hereof.

 

     9. Captions. The captions in this Agreement are not part of the provisions hereof, are merely for the purpose of reference and shall have no force or effect for any purpose whatsoever, including the construction of the provisions of this Agreement, and if any caption is inconsistent with any provisions of this Agreement, said provisions shall govern.

 

     10. Choice of Law. This Agreement is made in, and shall be governed by and construed in accordance with the laws of, the State of New York, regardless of conflict of law principles.

 

     11. Entire Contract. This instrument contains the entire agreement of the parties on the subject matter hereof except that the rights of the Company hereunder shall be deemed to be in addition to and not in substitution for its rights under the Company’s standard printed form of “Employee’s Secrecy and Invention Agreement” or “Employee Agreement” if heretofore or hereafter entered into between the parties hereto so that the making of this Agreement shall not be construed as depriving the Company of any of its rights or remedies under any such Secrecy and Invention Agreement or Employee Agreement. This Agreement may not be changed orally, but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought. This Agreement and the Company Release is being executed on behalf of the Company by an officer of the Company duly authorized to do so by the Company’s Board of Directors. 

 

     12. Notices. All notices given hereunder shall be in writing and shall be sent by registered or certified mail or overnight courier service such as Federal Express or UPS Air or delivered by hand, and, if intended for the Company, shall be addressed to it (if sent by mail or overnight courier service) or delivered to it (if delivered by hand) at its principal office for the attention of the Corporate Secretary of the Company, or at such other address and for the attention of such other person of which the Company shall have given notice to Executive in the manner herein provided, and, if intended for Executive, shall be delivered to Executive personally or shall be addressed to Executive (if sent by mail or overnight courier service) at Executive’s most recent residence address shown in the Company’s employment records or at such other address or to such designee of which Executive shall have given notice to the Company in the manner herein provided. Each such notice shall be deemed to be given on the date of mailing thereof or delivery to the overnight courier service, or if delivered personally, on the date so delivered. 

 

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     13. Termination of Existing Agreement. The Employment Agreement between the parties hereto which is in effect on the date hereof is hereby terminated and replaced and superseded by this Agreement, effective on the Effective Date. All payments, of Base Salary or otherwise, made by the Company under any such existing agreement with respect to any period commencing on or after the Effective Date shall be credited against the corresponding payment obligations of the Company under this Agreement with respect to such period.

 

     14. Section 409A of the Internal Revenue Code. 

 

          (a) Compliance. This Agreement is intended to comply with the requirements of Section 409A, or an exemption and shall in all respects be administered and interpreted in accordance with Section 409A. Notwithstanding anything in the Agreement to the contrary, distributions upon termination of employment may only be made upon a separation from service (as determined under Section 409A). Each installment of any payments and benefits provided to Executive under this Agreement that would be considered to be deferred compensation (within the meaning of Treasury Regulation Section 1.409A-1(b)(1)) will be treated as a separate “payment” for purposes of Section 409A. In no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement if such designation would violate Section 409A. In the event the parties determine that the terms of this Agreement do not comply with Section 409A, they will negotiate reasonably and in good faith to amend the terms of this Agreement such that it complies (in a manner that attempts to minimize the economic impact of such amendment on Executive and the Company) within the time period permitted by Section 409A. In no event shall the Company be required to pay Executive any gross-up or other payment with respect to any taxes or penalties imposed under Section 409A with respect to any benefit paid to Executive hereunder. 

 

          (b) Delay in Payment. If Executive is a “specified employee” (as such term is defined in Section 409A) at the time of Executive’s separation from service, any payments under this Agreement that would be considered to be deferred compensation (within the meaning of Treasury Regulation §1.409A-1(b)(1)) to which Executive would otherwise be entitled during the first six (6) months following Executive’s “separation from service” and payable as a result of such “separation from service” shall be deferred and accumulated for a period of six (6) months and paid in a lump sum on the first day of the seventh (7th) month following such separation from service (or, if earlier, the date of Executive’s death) (the “Delayed Payment Date”). On the Delayed Payment Date, there shall be paid to Executive (or if Executive has died, to Executive’s Successor defined below), in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence, plus interest thereon at the Delayed Payment Interest Rate (as defined below) computed from the date on which each such delayed payment otherwise would have been made to Executive until the Delayed Payment Date. For purposes of the foregoing: (i) “Executive’s Successor” shall mean such payee or payees as Executive shall at any time designate by written notice to the Company or in Executive’s last will and testament or, if no such designation is made, then to the legal representatives of Executive’s estate, and (ii) the “Delayed Payment Interest Rate” shall mean the national average annual rate of interest payable on jumbo six-month bank certificates of deposit, as quoted in the business section of the most recently published Sunday edition of the New York Times preceding the date as of which Executive is treated as having incurred a “separation from service” for purposes of Section 409A.

 

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

 

	PALL CORPORATION	      	 
	 	 	 
	By: /s/ Robert Kuhbach	 	Date: March 4, 2011
	Name: Robert Kuhbach	 	 
	Title: General Counsel and Corporate Secretary	 	 
	 	 	 
	 	 	 
	SANDRA MARINO	 	Date: March 4, 2011
	 	 	 
	/s/ Sandra Marino	 	 

 

Exhibit A 

 

GENERAL RELEASE 

 

     1. Release of Claims and Waiver of Rights.

 

     (a) In consideration of the benefits being provided to me under the Separation Agreement (the “Separation Agreement”) dated as of February 28, 2011, between me and Pall Corporation (the “Company”), those payments and benefits being good and valuable consideration, the adequacy and sufficiency of which are acknowledged by me (the “Payments”), I, Sandra Marino, hereby release, remise and acquit Company, its present and past parents, subsidiaries and affiliates, their successors, assigns, benefit plans and/or committees, and their respective present or past officers, directors, managers, supervisors, employees, shareholders, attorneys, advisors, agents and representatives in their individual and corporate capacity, and their successors and assigns (the “Releasees”), from, and hold them harmless against, any and all claims, obligations, or liabilities (including attorneys, fees and expenses), asserted or unasserted, known or unknown, that I, my heirs, successors or assigns have or might have, which have arisen by reason of any matter, cause or thing whatsoever on or prior to the date on which this General Release is signed.

 

     (b) The terms “claims, obligations, or liabilities” (whether denominated claims, demands, causes of action, obligations, damages or liabilities) include, but are not limited to, any and all claims under any contract with the Company, claims of age, disability, race, religion, national origin, sex, retaliation, and/or other forms of employment discrimination, breach of express or implied contract, breach of employee handbook, practices or procedures, libel, slander, intentional tort or wrongful dismissal, claims for reinstatement or reemployment, arising under any federal, state, or local common or statutory law; claims for unpaid salary, commission or fringe benefits; or any other statutory claim before any state or federal court, tribunal or administrative agency, arising out of or in any way related to my employment relationship with the Company and its affiliates and the termination of that relationship. I will not file or permit to be filed on my behalf any such claim.

 

     (c) This General Release constitutes, among other things, a waiver of all rights and claims I may have under the Age Discrimination in Employment Act of 1967 (29 U.S.C. 621, et seq.) (“ADEA”), the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, Title VII of the United States Civil Rights Act of 1964, all as amended including the amendment set forth in 42 U.S.C. § 1981 concerning damages in cases of intentional discrimination in employment, the New York State Human Rights Law, including N.Y. Exec. Law § 296, the New York City Human Rights Law, including § 8-107 of the Administration Code and Charter of New York City, and the New York Labor Law, and any other comparable national or state laws, all as amended.

 

     (d) Notwithstanding the preceding paragraph (c) or any other provision of this Agreement, this General Release is not intended to interfere with my right to file a charge with the Equal Employment Opportunity Commission (the “EEOC”) in connection with any claim I believe I may have against the Company or its affiliates. However, by executing this General Release, I hereby waive the right to recover in any proceeding I may bring before the EEOC or any state human rights commission or in any proceeding brought by the EEOC or any state human rights commission on my behalf. In addition, this General Release is not intended to interfere with my right to challenge that my waiver of any and all ADEA claims pursuant to this General Release is a knowing and voluntary waiver, notwithstanding my specific representation that I have entered into this General Release knowingly and voluntarily.

 

 

     (e) This General Release is for any relief, no matter how denominated, including, but not limited to, injunctive relief, wages, back pay, front pay, compensatory damages, or punitive damages.

 

     (f) This General Release shall not apply to any rights in the nature of indemnification or payments under applicable directors and officers insurance policies which I may have with respect to claims against me relating to or arising out of my employment with the Company and its affiliates or my service on their respective boards of directors, or any vested benefit to which I am entitled under any tax qualified pension plan of the Company or its affiliates, COBRA continuation coverage benefits, any other similar benefits required to be provided by statute, any accrued but unpaid base salary through and including February 28, 2011, or any right to unreimbursed business expenses incurred through February 28, 2011. Notwithstanding anything to the contrary contained in this Section 1, I do not release any of the Releasees from the Company’s obligation to timely provide me with all payments and benefits to which I am entitled pursuant to the terms of the Separation Agreement, or any other obligations of the Company under the Separation Agreement.

 

     2. Continued Cooperation. In consideration of the Payments, I also agree to fully cooperate with the Company with respect to any reasonable assistance the Company may request from me upon reasonable notice to me, including but not limited to in connection with any legal claims, demands, or causes of action against the Company which relate to or are based on events that arose during the period of my employment with the Company. The Company shall pay me for such cooperation, at an hourly rate, calculated on the basis of my regular salary (not including bonus or any benefits) immediately prior to the termination of my employment with the Company, for each hour of assistance that I provide to the Company at its request, and shall reimburse me for all expenses I reasonably incur in connection with such cooperation, provided I deliver to the Company an invoice(s) in respect of such amounts, which invoice details with reasonable sufficiency the assistance provided and the number of hours spent providing such assistance. Notwithstanding the foregoing, unless otherwise agreed to by me, the Company shall not require me to provide such assistance on more than twenty (20) days in any year, nor shall the Company require me to travel outside the United States to provide such assistance. A condition for me providing any such assistance is that the Company shall agree to indemnify me for any and all liability I may incur in connection with providing such assistance to the same extent as if I was still an executive officer of the Company. 

 

     3. Representations and Covenants. I hereby represent and agree to all of the following: 

 

     (a) I have carefully read this General Release.

 

     (b) I understand it fully.

 

     (c) I am freely, voluntarily and knowingly releasing the Releasees in accordance with the terms contained above.

 

     (d) Before executing this General Release, I had twenty-one (21) days to consider my rights and obligations under this General Release.

 

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     (e) The period of time I had to consider my rights and obligations under this General Release was reasonable.

 

     (f) Before signing this General Release, I was advised to consult with an attorney and given a reasonable period of time to do so and in executing this General Release have not relied on any representation or statement not set forth herein.

 

     (g) Execution of this General Release and the General Release becoming enforceable (in accordance with paragraph (h) below) within thirty (30) days from the date of my “separation from service” (as determined under Section 409A of the Internal Revenue Code of 1986, as amended, and the rules and regulations issued thereunder) is a condition to the Payments, which payments and benefits are in addition to anything of value to which I am already entitled to receive from the Company and its affiliates.

 

     (h) For a period of seven (7) days following the date on which I sign this General Release, I may revoke it. Any such revocation must be made in writing and received by the Chief Executive Officer or Corporate Secretary of the Company, by the seventh day following the date on which I sign this General Release. The Company’s obligation to pay the consideration as set forth in Section 1 above shall not become effective or enforceable until this seven (7) day revocation period has expired without my having exercised my right to revoke.

 

     (i) I have reported to the Company any and all work-related injuries incurred by me during my employment by the Company.

 

     (j) There are no pending lawsuits, charges, employee dispute resolution proceedings, administrative proceedings or other claims of any nature whatsoever, that I have brought (and which are pending) against any Releasee, in any state or federal court, before any agency or other administrative body or in any other forum.

 

     (k) I am not aware of any material violation of any laws or Company policies or procedures by a Company employee or officer that has not been reported to Company officials, including, but not limited to, the Chief Financial Officer, the Chief Compliance Officer, the Head of the Audit Committee or the Director of Internal Audit of the Company.

 

     (l) My obligations under the Separation Agreement (attached hereto) including my obligations under the sections entitled Covenant Not to Compete, Non-Disparagement, Non-Solicitation, Inventions and Patents, Trade Secrets and Confidential Information, are reasonable, are necessary to protect legitimate interests of the Company, and continue beyond the termination of my employment and the execution of this General Release. If I violate my obligations under the Separation Agreement and such violation causes material harm to the Company, I understand that, in addition to other relief to which the Company may be entitled, the Company shall be entitled to cease providing the Payments and benefits provided to me pursuant to Section 1 above unless such violation is cured (if capable of being cured) within 30 days of notification by the Company to me of such violation (and, following such cure, all suspended payments shall be made in a single lump sum), and this General Release will remain in full force and effect.

 

     (m) If I should hereafter make any claim or demand or commence or threaten to commence any action, claim or proceeding against the Releasees with respect to any matter, cause or thing which is the subject of the release under Section 1 of this General Release, this General Release may be raised as a complete bar to any such action, claim or proceeding, and the applicable Releasee may recover from me all costs incurred in connection with such action, claim or proceeding, including attorneys’ fees.

 

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     (n) If any provision of this General Release is declared illegal, invalid, or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, such provisions will immediately become null and void, leaving the remainder of this General Release in full force and effect, provided, however, that if the general release of all claims given by me herein is challenged by me and is, as a result, declared illegal, invalid, or unenforceable, this General Release will become null and void and, to the fullest extent permitted by law, any Payments (which are being provided to me as a result of my execution of this General Release) which have not yet been made by the Company to me shall no longer be required to be made.

 

     (o) Except as necessary to enforce my rights under this General Release or except as required to comply with requirements of applicable law or an order or subpoena of a court of competent jurisdiction (as to which I will notify the Company reasonably in advance of disclosure) or except to the extent such information has become public knowledge, I shall keep confidential and not disclose to any person, other than my spouse or attorneys, accountants and/or tax advisors who shall be obligated to and agree to keep confidential, the existence, nature and terms of this General Release, the amount and fact of any payment to me, any and all discussions, communications, and correspondence leading to this General Release and any and all events, conduct, statements and/or communications giving rise to or relating in any way to any and all claims, obligations or liabilities, I have or may have. This General Release shall not be construed as an admission by the Company or any other Releasee of any liability whatsoever for any damages, injuries or other claims, obligations or liabilities alleged or which may be alleged by me. 

 

     (p) This General Release shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles.

 

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     4. Declaration. I declare under penalty of perjury under the laws of the State of New York that the foregoing is true and correct.

 

	Signature:       	 	 	 	 	 	 	 
	 
	Date:	 	 	 	 	 	 	 
	 
	Name:	 	 	 	 	 	 	 
	 
	Acknowledged before me this  	__________	day of   	_______________,	  	__________	 
	 
	NOTARY PUBLIC
	 

 

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Exhibit B 

 

GENERAL RELEASE 

 

     1. Release of Claims and Waiver of Rights.

 

     (a) Pursuant to the Separation Agreement (the “Separation Agreement”) dated as of February 28, 2011, between Sandra Marino (“Executive”) and Pall Corporation (the “Company”), the Company, on behalf of itself and its affiliates, successors and assigns, hereby releases, remises and acquits Executive and her heirs, successors and assigns (the “Releasees”), from, and holds them harmless against, any and all claims, obligations, or liabilities (including attorneys, fees and expenses), asserted or unasserted, known or unknown, that it, its affiliates, successors or assigns has or might have, which have arisen by reason of any matter, cause or thing whatsoever on or prior to the date on which this General Release is signed.

 

     (b) The terms “claims, obligations, or liabilities” (whether denominated claims, demands, causes of action, obligations, damages or liabilities) include, but are not limited to, any and all claims under any contract with Executive, breach of express or implied contract, breach of employee handbook, practices or procedures, libel, slander or intentional tort, arising under any federal, state, or local common or statutory law or any other statutory claim before any state or federal court, tribunal or administrative agency, arising out of or in any way related to Executive’s employment relationship with the Company and its affiliates and the termination of that relationship. The Company will not file or permit to be filed on its behalf any such claim.

 

     (c) Notwithstanding anything to the contrary contained in this Section 1, (i) the Company does not release any of the Releasees from Executive’s obligations under the Separation Agreement and (ii) nothing in this General Release shall affect, or constitute a waiver by the Company of, any of its rights or obligations to recoup any compensation of whatever kind paid by the Company or any of its affiliates at any time to Executive to the fullest extent such recoupment is required by applicable law or listing standards , but only to the minimum extent that such listing standards implement such applicable law, or any Company policy but only to the minimum extent such Company policy is implementing such applicable law and listing standards. 

 

     2. Representations and Covenants. The Company hereby represents and agrees to all of the following:

 

     (a) If the Company should hereafter make any claim or demand or commence or threaten to commence any action, claim or proceeding against the Releasees with respect to any matter, cause or thing which is the subject of the release under Section 1 of this General Release, this General Release may be raised as a complete bar to any such action, claim or proceeding, and the applicable Releasee may recover from the Company all costs incurred in connection with such action, claim or proceeding, including attorneys’ fees.

 

     (b) This General Release shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles.

 

     (c) The Company has consulted its attorneys in connection with entering into this General Release and is freely, voluntarily and knowingly entering into this General Release. 

 

     (d) If any provision of this General Release is declared illegal, invalid, or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, such provisions will immediately become null and void, leaving the remainder of this General Release in full force and effect. 

 

 

     (e) Except as necessary to enforce its rights under this General Release or except as required to comply with requirements of applicable law or an order or subpoena of a court of competent jurisdiction (as to which the Company will notify Executive reasonably in advance of disclosure to the extent legally permissible) or except to the extent such information has become public knowledge, the Company shall keep confidential and not disclose to any person, other than its then current employees, officers or directors with a reason to know such information or its attorneys, accountants, and/or tax advisors, who in each case shall be obligated to and agree to keep confidential, the existence, nature and terms of this General Release, the amount and fact of any payment to Executive, any and all discussions, communications, and correspondence leading to this General Release and any and all events, conduct, statements and/or communications giving rise to or relating in any way to any and all claims, obligations or liabilities, the Company has or may have. This General Release shall not be construed as an admission by Executive or any other Releasee of any liability whatsoever for any damages, injuries or other claims, obligations or liabilities alleged or which may be alleged by the Company. 

 

     3. Declaration. The Company declares under penalty of perjury under the laws of the State of New York that the foregoing is true and correct.

 

PALL CORPORATION 

 

	By:       	 	 	 	 	 	 	 
	 
	Date:	 	 	 	 	 	 	 
	 
	Name:	 	 	 	 	 	 	 
	 
	Title:	 	 	 	 	 	 	 
	 
	Acknowledged before me this  	__________	day of   	_______________,	  	__________	 
	 
	NOTARY PUBLIC
	 

 

 

2ex10_1.htm

Exhibit 10.1

PLAYERS NETWORK

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this "Agreement") is made as of March 1, 2011 (the “Effective Date”) by and between Peter Heumiller ("Employee") and Players Network, a Nevada corporation (the "Company”).

 

WHEREAS, Employee's abilities and services are unique and essential to the prospects of Company.

 

A G R E E M E N T

 

NOW, THEREFORE, in consideration of the mutual covenants set forth below, the parties hereby agree as follows.

 

Section 1.  Employment.

 

1.1           Term.  Company shall employ Employee, and Employee shall serve the Company for two (2) years commencing on the date of this Agreement, subject to the provisions set forth in Section 1.4 below.

 

1.2          Duties.

 

(a)           Capacity.  So long as he is employed by Company, Employee shall be employed as President of the Company and will be an employee of the Company at all times during the term of this Agreement. Employee will report directly to the Company’s CEO and to the Company’s Board of Directors (the “Board”). Employee’s duties shall consist of those customarily incident to Employee’s office including directing and overseeing the Company’s day to day activities including business development, sales, marketing, production, operations, and administration; assisting in the development and implementation of strategic and operational plans; and assisting the CEO in public relations, financing activities, and promoting the Company’s products and services, all directed at increasing shareholder value.  In addition, Employee shall perform such other services as may be reasonably requested by the Company consistent with Employee’s office.

 

Day to day operational duties include, but are not limited to, negotiating contracts, hiring and firing employees and contractors/consultants, and working with the Company’s legal counsel, auditors, and other senior management, consultants and producers. In the exercise of his duties, Employee will comply with all policies and procedures of the Company including as it relates to hiring and discharging employees.  He will also provide input regarding compensation including raises and bonuses for senior management employees to the Board of Directors or its compensation committee as directed and required by compensation policies established by the Board of Directors.

 

(b)           Schedule.  So long as he is employed by Company, Employee shall devote his full working time and attention to faithfully and fully carrying out his duties described herein; provided, however, Employee may (i) serve as a Director of other non-competitive business organizations with the prior written approval of Company, (ii) devote time to and invest in non-competing side activities, provided that such activities do not individually or in the aggregate interfere with his duties so as to adversely affect Company's business.  The determination of whether a business organization or side activity is competitive to the Company shall be in the sole discretion of the Company. Employee shall at all times perform his duties and obligations faithfully, diligently and to the best of Employee's ability.

 

  

  

  

 

(c)           Key Man Insurance.  Company may for its benefit and at its own expense insure Employee's life.  Employee agrees to submit to such physical examination and supply such information as may be reasonably required in connection therewith.

 

1.3           Compensation.  As compensation for the services to be rendered during such period and the other obligations undertaken by Employee hereunder, Employee shall be entitled to the following compensation:

 

(a)           Base Salary.  During the Employment Term, the Company will pay Employee as compensation for his services a base salary at the annualized rate of $90,000 (the “Base Salary”).  The Base Salary will be paid periodically in accordance with the Company's normal payroll practices and be subject to the usual, required withholding.  Employee’s annual base salary will be reviewed on an annual basis beginning in 2012 by the Board or the Compensation Committee of the Board (the “Compensation Committee”) in accordance with the Board’s or such committee’s established procedures for reviewing salaries of the Company’s Employee officers.

 

(b)           Bonus.  Employee shall be eligible to participate in an annual management bonus plan to be established by the Board within three months of signing this Agreement.  The plan will be based upon Company net profits and be applied retroactive to the date of this Agreement.

 

In addition, Employee shall be entitled to receive a quarterly bonus based on the Company’s net revenues during each fiscal quarter during the Term of this Agreement (the “Stretch Bonus”) with any bonus payments becoming payable within 30 days after the end of each fiscal quarter.  Except as permitted under Section 1.4, Employee must be employed by the Company during the entire applicable Stretch Bonus period for the payment of the Stretch Bonus.  The target amount objectives for the Stretch Bonus are set forth below:

 

	 	
Net Revenue for fiscal quarter

	
Bonus

	 
	 	 	 	 
	 	
$0-$300,000

	
None

	 
	 	 	 	 
	 	
$300,001 - $450,000

	
$7,500.00

	 
	 	 	 	 
	 	
$450,001 - $600,000

	
$15,000.00

	 
	 	 	 	 
	 	
Over $600,001

	
$22,500.00

	 

 

 

 

 

 

(c)           Equity Awards.

 

(i)           Stock Options.  Subject to the approval of the Board, the Company will grant Employee a non-qualified stock option to purchase 1,200,000 shares of the Company's Common Stock at an exercise price equal to the greater of (i) the fair market value of the underlying shares on the date of grant or (ii) $0.25 per share (the “Option”).  As long as Employee provides continued service to the Company on the relevant vesting dates and subject to the accelerated vesting provisions set forth herein, the Option will vest as to 1/24th of the shares on a monthly basis following the Effective Date, so that the Option will be fully vested and exercisable two years from the Effective Date.  The Option will be subject to the terms, definitions and provisions of the Company's 2004 Non-Qualified Stock Option Plan (the “Option Plan”) and the stock option agreement by and between Employee and the Company (the “Option Agreement”), both of which documents are incorporated herein by reference.

 

(ii)           Restricted Stock Grant.  Subject to the approval of the Board, the Company will grant Employee a restricted stock award of 1,200,000 shares of the Company’s Common Stock (the “Restricted Shares”).  Such shares shall initially be unvested and subject to repurchase by the Company at a price of $0.001 per share.  Employee shall acquire a vested interest in, and the Company’s repurchase right shall accordingly lapse with respect to 1/24th of the Restricted Shares on a monthly basis following the Effective Date, subject to Employee’s continued service to the Company on such date. The restricted stock grant shall be subject to the terms, definitions and provisions of the restricted stock award agreement evidencing the restricted stock grant (the “Restricted Stock Agreement”), which document is incorporated herein by reference.

 

(d)            Vacation.  Employee shall be entitled to an annual paid vacation of four (4) weeks and other benefits in accordance with Company's policies as from time to time established by the Company or the Board.

 

(e)           Reimbursement of Expenses.  Subject to such rules and procedures which from time to time are reasonably specified by the Company, Company shall reimburse Employee for reasonable and necessary business expenses incurred in the performance of Employee's duties under this Agreement, including reasonable travel and  entertainment expenses.

 

(i)           Reimbursement of Relocation Expenses.  You agree to relocate your residence to Las Vegas, Nevada within six (6) months of the Effective Date.  Provided that you commence employment with the Company, the Company will pay or reimburse you for all reasonable expenses associated with your relocation in a total amount not to exceed $5,000, incurred by you no later than August 31, 2011 and during your employment in connection with your relocation to Las Vegas, Nevada.

 

(ii)           409A Considerations.  To the extent that any payments or reimbursements provided to you under this Agreement are deemed to constitute compensation to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, in no event will such payments or reimbursements be made later than December 31 of the year following the year in which the expense was incurred.  The amount of any such payments eligible for reimbursement in one year will not affect the payments or expenses that are eligible for payment or reimbursement in any other taxable year, and your right to such payments or reimbursement will not be subject to liquidation or exchange for any other benefit. Subject to the foregoing, the relocation expenses will be paid within ten (10) business days of your delivery to the Company of receipts evidencing such expenses.

 

  

  

  

 

(f)           Medical, Life and Other Benefits.

 

(i) Employee shall be entitled to participate in all employee benefit programs established by the Company from time to time to the extent that executives or senior management employees of Company generally are eligible to participate in such programs.

 

(ii) Employee shall receive fully paid family health insurance in accordance with the Company’s health insurance group plan.

 

1.4 Termination.

 

(a) At-Will Employment.  Employee and the Company understand and acknowledge that Employee’s employment with the Company constitutes “at-will” employment.  Subject to the Company’s obligation to provide severance benefits as specified herein, Employee and the Company acknowledge that this employment relationship may be terminated at any time, upon written notice to the other party, with or without good cause or for any or no cause, at the option either of the Company or Employee.

 

(b) Severance Compensation for Termination Without Cause.  In the event the Employee is terminated involuntarily by the Company without Cause, as defined below, or as a result of the termination of this Agreement pursuant to Section 1.4(b), and provided the Employee executes and does not revoke a full release of claims with the Company (in a form satisfactory to the Company and effective no later than March 15 of the year following the year in which the termination occurs).  If Company terminates without cause, Employee shall be entitled to receive (i) immediate payment in full in an amount equal to the Employee’s monthly base salary (as in effect immediately prior to the termination) multiplied by the number of months that are remaining under the Term of the Agreement and (ii) an immediate Stretch Bonus payment in full equal to the last Stretch Bonus payment received by the Employee multiplied by the number of quarters that are remaining under the Term of the Agreement.  If termination occurs in the middle of a month and/or quarter, Employee shall also receive a prorated base salary and Stretch Bonus for that period.

 

(c) Death.  This Agreement shall terminate upon Employee's death.  In the event of Employee's death while in the employ of Company, Company shall pay to such person or persons as the Employee may specifically designate (successively or contingently) by filing a written beneficiary designation with Company during Employee's lifetime ("Designated Beneficiaries") 100% of Employee's Base Salary plus a prorated monthly Stretch Bonus based on the latest quarterly Stretch Bonus Employee received as in effect immediately prior to Employee's death, payable to Employee's Designated Beneficiaries at the beginning of each month for a period of six (6) months following Employee's death.

 

  

  

  

 

(d) Cause.  Company shall have the right to terminate this Agreement and Employee's employment hereunder for Cause upon written notice to Employee.  The term "Cause" shall mean Employee must have (i) been willful, gross or persistent in Employee's inattention to Employee's duties or Employee committed acts which constitute willful or gross misconduct and, after written notice of the same has been given to Employee and he has been given an opportunity to cure the same within thirty (30) days after such notice; (ii) violated material terms of this Agreement including, but not limited those outlined in Section 2. Nondisclosure and Noncompetition; or (iii) committed fraud.  If Employee's employment is terminated for Cause, as defined above and Employee does not consent to such termination both parties agree to submit the question to final and binding arbitration by an appointee, approved by both parties, of the American Arbitration Association with the arbitrator deciding which party shall pay the cost of arbitration.

 

(e)           Section 409A.

 

(i) Notwithstanding anything to the contrary in this Agreement, if Employee is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the final regulations and any guidance promulgated thereunder (“Section 409A”) at the time of Employee’s termination (other than due to death) or resignation, then the severance payable to Employee, if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”) that are payable within the first six (6) months following Employee’s termination of employment, will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Employee’s termination of employment. All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Employee dies following his termination but prior to the six (6) month anniversary of his termination, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Employee’s death and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

(ii) Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations shall not constitute Deferred Compensation Separation Benefits for purposes of clause (i) above.

 

(iii) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that do not exceed the Section 409A Limit shall not constitute Deferred Compensation Separation Benefits for purposes of clause (i) above. “Section 409A Limit” will mean the lesser of two (2) times: (i) Employee’s annualized compensation based upon the annual rate of pay paid to Employee during the Employee’s taxable year preceding the Employee’s taxable year of Employee’s termination of employment as determined under, and with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Employee’s employment is terminated.

 

  

  

  

 

(iv) The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Employee agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Employee under Section 409A.

 

Section 2.  Nondisclosure and Noncompetition.

 

2.1           Nondisclosure.

 

(a)           Company Information.  Employee agrees at all times during the term of his employment and thereafter, to hold in strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person, firm or corporation without written authorization of the Board of the Company, any Confidential Information of the Company, except under a non-disclosure agreement duly authorized and executed by the Company.  Employee understands that "Confidential Information" means any non-public information that relates to the actual or anticipated business or research and development of the Company, technical data, trade secrets or know-how, including, but not limited to, research, product plans or other information regarding Company's products or services and markets therefor, customer lists and customers (including, but not limited to, customers of the Company on whom Employee called or with whom Employee became acquainted during the term of his employment), software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances or other business information.  Employee further understands that Confidential Information does not include any of the foregoing items which have become publicly known and made generally available through no wrongful act of his or of others who were under confidentiality obligations as to the item or items involved or improvements or new versions thereof.

 

(b)           Former Company Information.  Employee agrees that Employee will not, during his employment with the Company, improperly use or disclose any proprietary information or trade secrets of any former or concurrent employer or other person or entity and that Employee will not bring onto the premises of the Company any unpublished document or proprietary information belonging to any such employer, person or entity unless consented to in writing by such employer, person or entity.

 

(c)           Third Party Information.  Employee recognizes that the Company has received and in the future will receive from third parties their confidential or proprietary information subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes.  Employee agrees to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out his work for the Company consistent with the Company's agreement with such third party.

 

  

  

  

 

2.2           Noncompetition.  Employee covenants and agrees that, except for activities which are expressly permitted by Section 1.2(b):

 

(a)            So long as he is employed by Company, Employee shall not, without the prior written consent of Company, directly or indirectly, as an employee, employer, agent, principal, proprietor, partner, stockholder, consultant, director, or corporate officer, engage in any business that is in competition with the business of Company.

 

(b)            If the scope of any restrictions contained in subparagraph (a) is too broad to permit enforcement of such restrictions to their full extent, then such restrictions shall be enforced to the maximum extent permitted by law, and Employee hereby consents and agrees that such scope may be judicially modified accordingly in any proceeding brought to enforce such restrictions.

 

2.3           Specific Performance.  Employee acknowledges and agrees that Company's remedies at law for a breach or threatened breach of any of the provisions of this Section 2 would be inadequate and, in recognition of this fact, Employee agrees that in the event of such a breach or threatened breach, in addition to any remedies at law, Company, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.

 

3.  Miscellaneous.

 

3.1           Amendment.  This Agreement may be amended only in writing executed by the parties hereto, which has been approved in advance by a majority of the disinterested members of the Board.

 

3.2           Entire Agreement.  This Agreement and the other agreements expressly referred to herein set forth the entire understanding of the parties hereto regarding the subject matter hereof and supersede all prior contracts, agreements, arrangements, communications, discussions, representations and warranties, whether oral or written, between the parties regarding the subject matter hereof.

 

3.3           Notices.  Any notice, request, consent and other communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given upon the earlier of receipt or five (5) days after being sent by registered or certified mail, return receipt requested, postage prepaid, to the parties, and to the persons to whom copies shall be sent, at their respective addresses set forth below.

 

  

  

  

 

	
If to Company:

	
Players Network

	  	
1771 E. Flamingo, Suite 202A

	  	
Las Vegas, Nevada 89119

	  	
Attention:  Board of Directors

	 	 
	
If to Employee:

	
Peter Heumiller

 

Any party by written notice to the other party given in accordance with this Section may change the address or the persons to whom notices or copies thereof shall be directed.

 

3.4           Successors.  This Agreement shall bind and inure to the benefit of the successors, heirs and personal representatives of each of the parties hereto.

 

3.5           Governing Law; Venue.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Nevada.  All parties agree that venue for any and all claims arising from the Agreement shall be located in the state or federal courts located in Clark County, Nevada.

 

3.6           Solicitation of Employees.  I agree that for a period of twelve (12) months immediately following the termination of my relationship with the Company for any reason, whether with or without cause, I shall not either directly or indirectly solicit, induce, recruit or encourage any of the Company's employees to leave their employment, or take away such employees, or attempt to solicit, induce, recruit, encourage or take away employees of the Company, either for myself or for any other person or entity.

 

3.7           Arbitration and Equitable Relief.

 

(a)           Arbitration. IN CONSIDERATION OF EMPLOYEE’S EMPLOYMENT WITH THE COMPANY, ITS PROMISE TO ARBITRATE ALL EMPLOYMENT-RELATED DISPUTES AND EMPLOYEE’S RECEIPT OF THE COMPENSATION, PAY RAISES AND OTHER BENEFITS PAID TO HIM BY THE COMPANY, AT PRESENT AND IN THE FUTURE, EMPLOYEE AGREES THAT ANY AND ALL CONTROVERSIES, CLAIMS, OR DISPUTES WITH ANYONE (INCLUDING THE COMPANY AND ANY EMPLOYEE, OFFICER, DIRECTOR, SHAREHOLDER OR BENEFIT PLAN OF THE COMPANY IN THEIR CAPACITY AS SUCH OR OTHERWISE) ARISING OUT OF, RELATING TO, OR RESULTING FROM EMPLOYEE’S EMPLOYMENT WITH THE COMPANY OR THE TERMINATION OF HIS EMPLOYMENT WITH THE COMPANY, INCLUDING ANY BREACH OF THIS AGREEMENT, SHALL BE SUBJECT TO BINDING ARBITRATION UNDER THE ARBITRATION RULES PURSUANT TO NEVADA LAW.  DISPUTES WHICH EMPLOYEE AGREES TO ARBITRATE, AND THEREBY AGREES TO WAIVE ANY RIGHT TO A TRIAL BY JURY, INCLUDE ANY STATUTORY CLAIMS UNDER STATE OR FEDERAL LAW, INCLUDING, BUT NOT LIMITED TO, CLAIMS UNDER TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE OLDER WORKERS BENEFIT PROTECTION ACT, OR ANY CLAIM UNDER NEVADA LAW, CLAIMS OF HARASSMENT, DISCRIMINATION OR WRONGFUL TERMINATION AND ANY STATUTORY CLAIMS.  EMPLOYEE FURTHER UNDERSTANDS THAT THIS AGREEMENT TO ARBITRATE ALSO APPLIES TO ANY DISPUTES THAT THE COMPANY MAY HAVE WITH THE EMPLOYEE.

 

  

  

  

 

(b) Procedure. EMPLOYEE AGREES THAT ANY ARBITRATION WILL BE ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION ("AAA") AND THAT THE NEUTRAL ARBITRATOR WILL BE SELECTED IN A MANNER CONSISTENT WITH ITS NATIONAL RULES FOR THE RESOLUTION OF EMPLOYMENT DISPUTES. EMPLOYEE AGREES THAT THE ARBITRATOR SHALL HAVE THE POWER TO DECIDE ANY MOTIONS BROUGHT BY ANY PARTY TO THE ARBITRATION, INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR ADJUDICATION AND MOTIONS TO DISMISS AND DEMURRERS, PRIOR TO ANY ARBITRATION HEARING. EMPLOYEE ALSO AGREES THAT THE ARBITRATOR SHALL HAVE THE POWER TO AWARD ANY REMEDIES, INCLUDING ATTORNEYS' FEES AND COSTS, AVAILABLE UNDER APPLICABLE LAW. EMPLOYEE UNDERSTANDS THE COMPANY WILL PAY FOR ANY ADMINISTRATIVE OR HEARING FEES CHARGED BY THE ARBITRATOR OR AAA EXCEPT THAT EMPLOYEE SHALL PAY THE FIRST $125.00 OF ANY FILING FEES ASSOCIATED WITH ANY ARBITRATION HE INITIATES. EMPLOYEE AGREES THAT THE ARBITRATOR SHALL ADMINISTER AND CONDUCT ANY ARBITRATION IN A MANNER CONSISTENT WITH THE RULES AND THAT TO THE EXTENT THAT THE AAA'S NATIONAL RULES FOR THE RESOLUTION OF EMPLOYMENT DISPUTES CONFLICT WITH THE RULES, THE RULES SHALL TAKE PRECEDENCE. EMPLOYEE AGREES THAT THE DECISION OF THE ARBITRATOR SHALL BE IN WRITING.

(c) Remedy. EXCEPT AS PROVIDED BY THE RULES AND THIS AGREEMENT, ARBITRATION SHALL BE THE SOLE, EXCLUSIVE AND FINAL REMEDY FOR ANY DISPUTE BETWEEN EMPLOYEE AND THE COMPANY. ACCORDINGLY, EXCEPT AS PROVIDED FOR BY THE RULES AND THIS AGREEMENT, NEITHER EMPLOYEE NOR THE COMPANY WILL BE PERMITTED TO PURSUE COURT ACTION REGARDING CLAIMS THAT ARE SUBJECT TO ARBITRATION. NOTWITHSTANDING, THE ARBITRATOR WILL NOT HAVE THE AUTHORITY TO DISREGARD OR REFUSE TO ENFORCE ANY LAWFUL COMPANY POLICY, AND THE ARBITRATOR SHALL NOT ORDER OR REQUIRE THE COMPANY TO ADOPT A POLICY NOT OTHERWISE REQUIRED BY LAW WHICH THE COMPANY HAS NOT ADOPTED.

 

  

  

  

 

(d)           Availability of Injunctive Relief.  IN ADDITION TO THE RIGHT UNDER THE RULES TO PETITION THE COURT FOR PROVISIONAL RELIEF, EMPLOYEE AGREES THAT ANY PARTY MAY ALSO PETITION THE COURT FOR INJUNCTIVE RELIEF WHERE EITHER PARTY ALLEGES OR CLAIMS A VIOLATION OF THE AGREEMENT BETWEEN EMPLOYEE AND THE COMPANY OR ANY OTHER AGREEMENT REGARDING TRADE SECRETS, CONFIDENTIAL INFORMATION, OR NONSOLICITATION.  EMPLOYEE UNDERSTANDS THAT ANY BREACH OR THREATENED BREACH OF SUCH AN AGREEMENT WILL CAUSE IRREPARABLE INJURY AND THAT MONEY DAMAGES WILL NOT PROVIDE AN ADEQUATE REMEDY THEREFOR AND BOTH PARTIES HEREBY CONSENT TO THE ISSUANCE OF AN INJUNCTION.  IN THE EVENT EITHER PARTY SEEKS INJUNCTIVE RELIEF, THE PREVAILING PARTY SHALL BE ENTITLED TO RECOVER REASONABLE COSTS AND ATTORNEYS FEES.

 

(e)           Administrative Relief.  EMPLOYEE UNDERSTANDS THAT THIS AGREEMENT DOES NOT PROHIBIT HIM FROM PURSUING AN ADMINISTRATIVE CLAIM WITH A LOCAL, STATE OR FEDERAL ADMINISTRATIVE BODY SUCH AS THE DEPARTMENT OF FAIR EMPLOYMENT AND HOUSING, THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR THE WORKERS' COMPENSATION BOARD.  THIS AGREEMENT DOES, HOWEVER, PRECLUDE EMPLOYEE FROM PURSUING COURT ACTION REGARDING ANY SUCH CLAIM.

 

(f)           Voluntary Nature of Agreement.  EMPLOYEE ACKNOWLEDGES AND AGREES THAT HE IS EXECUTING THIS AGREEMENT VOLUNTARILY AND WITHOUT ANY DURESS OR UNDUE INFLUENCE BY THE COMPANY OR ANYONE ELSE.  EMPLOYEE FURTHER ACKNOWLEDGES AND AGREES THAT HE HAS CAREFULLY READ THIS AGREEMENT AND ASKED ANY QUESTIONS NEEDED FOR HIM TO UNDERSTAND THE TERMS, CONSEQUENCES AND BINDING EFFECT OF THIS AGREEMENT AND FULLY UNDERSTAND IT, INCLUDING THAT HE IS WAIVING HIS RIGHT TO A JURY TRIAL.  FINALLY, EMPLOYEE AGREES THAT HE HAS BEEN PROVIDED AN OPPORTUNITY TO SEEK THE ADVICE OF AN ATTORNEY OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT.

 

3.6           Severability.  If any provision of this Agreement shall be adjudicated to be, in whole or in part, invalid, ineffective or unenforceable, the remaining provisions of this Agreement shall not be affected thereby.  The invalid, ineffective and unenforceable provision shall, without further action by the parties, be automatically amended to effect so much of the original purpose and intent of the invalid, ineffective or unenforceable provision; provided, however, that such amendment shall apply only with respect to the operation of such provision in the particular jurisdiction with respect to which such adjudication is made.

 

3.7           Waivers.  Any waiver by any party of any violation, breach, or default under any provision of this Agreement, by the other party shall not be construed as, or constitute, a continuing waiver of such provisions, or waiver of any other violation, breach or default under any other provision of this Agreement.

 

  

  

  

 

3.8           Headings.  The headings in this Agreement are solely for convenience of reference and shall not be given any effect in the construction or interpretation of this Agreement.

 

3.9           Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together will constitute one and the same Agreement.

 

3.10         Enforcement.  In the event that either party resorts to legal action to enforce the terms and provisions of this Agreement, the prevailing party shall be entitled to recover from the nonprevailing party the costs of such action so incurred, including, without limitation, reasonable attorneys' fees.

 

3.11         Legal Representation. Employee acknowledges and agrees that he has read and understands the terms set forth in this Agreement and has been given a reasonable opportunity to consult with an attorney prior to execution of this Agreement.

 

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

 

	
PLAYERS NETWORK

	  	  	  
	  	  	  	  	  
	
By

	/s/ Mark Bradley	  	3/2/2011	  
	  	
Chairman, Board of Directors

	  	
Approved At Board Meeting Held on 2-8-11

	  
	  	  	  	Approved corporate resolution on 3-2-11	  
	  	  	  	  	  
	
Accepted:

	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	
By:

	/s/ Peter Heumiller	  	3/2/2011	  
	  	
Peter Heumiller

	  	
Date

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