Document:

Agreement dated April 23, 2008 with Breeden, Fields, and the Breeden Investors

 Exhibit 10.1 
 AGREEMENT 
 AGREEMENT, dated as of April 23, 2008 (the “Agreement”), by and among
STERIS Corporation, an Ohio corporation (the “Company”), the Breeden Nominees (as hereinafter defined) and the persons and entities listed on Schedule A hereto (each a “Breeden Investor” and collectively, the
“Breeden Investors”). 
 WHEREAS, the Breeden Investors are the beneficial owners of, in the aggregate, 5,067,321 shares of
common stock, without par value, of the Company (the “Common Stock”); 
 WHEREAS, on February 8, 2008 the Breeden
Investors filed a statement on Schedule 13D with the Securities and Exchange Commission (“SEC”) disclosing their interest in the Company; and 
 WHEREAS, the Company and the Board of Directors (the “Board”), on the one hand, and the Breeden Investors, on the other hand, wish to enter into certain agreements relating to the future composition
of the Board, certain Board and Company governance matters and the Company’s 2008 Annual Meeting of Stockholders (the “2008 Annual Meeting”). 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows: 
 I. REPRESENTATIONS 
 1.1 Authority; Binding Agreement. 
 (a) The Company hereby represents and warrants that this Agreement and
the performance by the Company of its obligations hereunder (i) has been duly authorized, executed and delivered by it, and is a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms,
(ii) does not require the approval of the shareholders of the Company and (iii) does not and will not violate any law, any order of any court or other agency of government, the Articles of Incorporation of the Company or the Amended and
Restated Regulations of the Company (the “Regulations”) or any provision of any indenture, agreement or other instrument to which the Company or any of its properties or assets is bound, or conflict with, result in a breach of or
constitute (with due notice or lapse of time or both) a default under any such indenture, agreement or other instrument, or result in the creation or imposition of, or give rise to, any lien, charge, restriction, claim, encumbrance or adverse
penalty of any nature whatsoever pursuant to any such indenture, agreement or other instrument. 
 (b) Each of the Breeden
Investors and the Breeden Nominees represents and warrants, severally and not jointly, that this Agreement and the performance by such Breeden Investor or Breeden Nominee of its or his obligations hereunder (i) has been duly authorized,
executed and delivered by such Breeden Investor or Breeden Nominee, 

 
and is a valid and binding obligation of such Breeden Investor or Breeden Nominee, enforceable against such Breeden Investor or Breeden Nominee in accordance
with its terms, (ii) does not require approval by any owners or holders of any equity interest in such Breeden Investor (except as has already been obtained) and (iii) does not and will not violate any law, any order of any court or other
agency of government, the charter or other organizational documents of such Breeden Investor, as amended, or any provision of any agreement or other instrument to which such Breeden Investor or Breeden Nominee or any of its or his properties or
assets is bound, or conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such agreement or other instrument, or result in the creation or imposition of, or give rise to, any lien, charge,
restriction, claim, encumbrance or adverse penalty of any nature whatsoever pursuant to any such agreement or instrument. 
 1.2 Defined
Terms. 
 For purposes of this Agreement: 
 (a) “Affiliate” has the meaning set forth in Rule 12b-2 promulgated by the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 
 (b) The terms “beneficial owner” and “beneficially own” have the same meanings as set forth in Rule
13d-3 promulgated by the SEC under the Exchange Act. 
 II. COVENANTS 
 2.1 Directors. 
 (a)
Appointment of Breeden Nominees. The Company agrees that concurrent with and as a condition to the execution of this Agreement, the Company and the Board, at a duly convened meeting of directors, shall take all actions necessary, including
increasing the size of the Board if necessary, to appoint with immediate effect Richard C. Breeden and Robert H. Fields (the “Breeden Nominees”) as directors, each with a term expiring at the 2008 Annual Meeting. 
 (b) 2008 Annual Meeting. The Company agrees that the Company and the Board will cause the slate of nominees standing for
election, and recommended by the Board, at the 2008 Annual Meeting to be comprised of no more than twelve (12) directors in the aggregate and to include the Breeden Nominees (such slate, the “Agreed Slate”) and specifically to:

 (1) nominate both of the Breeden Nominees for election at the 2008 Annual Meeting as a director of the Company to hold
office until the Company’s 2009 Annual Meeting of Shareholders or until their successors are duly elected and qualified; 
 (2) recommend both of the Breeden Nominees for election as directors of the Company at the 2008 Annual Meeting, and cause the 

 
Company to use its reasonable efforts to solicit proxies in favor of the election of both of the Breeden Nominees; and 
 (3) cause all proxies received by the Company to be voted in the manner specified by such proxies, or if not specified, in favor of the
Agreed Slate with respect to the election of directors, and as determined by those designated as the Company’s proxies with respect to other matters. 
 (c) Committee Representation. Concurrently with their respective appointments or elections as members of the Board, and until such time as the Breeden Nominees are no longer directors of the Company or until
the 2009 Annual Meeting (whichever occurs first), the Board shall appoint (i) Richard C. Breeden as a member of the Compensation and Corporate Governance Committee and (ii) Robert H. Fields as a member of the Audit and Financial Policy
Committee of the Board. The Company hereby confirms that the only other Committee currently chartered by the Board is the Compliance Committee and that it is not the Company’s intention to create any other committee of the Board, but in the
event that any other committee is created at any time that a Breeden Nominee is serving as a director, the Board shall duly consider at least one Breeden Nominee to serve on such committee. The Company hereby confirms that it is the practice of the
Company that all independent members of the Board are entitled to attend as an observer, all meetings of the three current standing committees of the Board and agrees that it will maintain this practice and extend it to any new committees created,
throughout the Breeden Investor Representation Period. 
 (d) Role of Breeden Nominees. Each of the Breeden Nominees,
upon appointment or election to the Board, will serve as an integral member of the Board and be governed by the same protections and obligations regarding confidentiality, conflicts of interests, fiduciary duties, trading and disclosure policies,
director evaluation process, Director Code of Ethics, Board Governance Guidelines, director share ownership guidelines, Stock Trading and Pre-Approval Policies, and other governance matters, and shall have the same rights, responsibilities and
benefits, including (but not limited to) with respect to insurance, indemnification, compensation and fees, as are applicable to all independent directors of the Company. In determining compliance with the director share ownership guidelines, the
Company agrees that the shares of Common Stock owned directly or beneficially by the Breeden Investors shall be attributed to the Breeden Nominees. 
 (e) Replacement Nominees. If at any time during the Breeden Investor Representation Period either of the Breeden Nominees is or becomes unwilling or unable to serve as a nominee or, following such person’s
appointment or election, as a director of the Company, the Breeden Investors shall be entitled to appoint a replacement nominee or director, as the case may be; provided that no breach of the terms hereof on the part of the Breeden Investors
has occurred and is continuing; provided further that, such replacement nominee or director, as the case may be, shall be subject to the director candidate processes of, and shall be reasonably acceptable to, the Compensation and
Corporate Governance Committee; and provided further that at the time of the 

 
appointment of such replacement nominee, the Breeden Investors are beneficial owners of at least five percent (5%) of the Company’s outstanding
shares of Common Stock. Any such replacement nominee or director, as the case may be, shall be deemed to be a Breeden Nominee for the purposes of this Agreement and shall execute a supplement in the same form and substance as this Agreement.

 (f) Proxy Solicitation Materials. The Company and the Board agree that the Proxy Statement on Schedule 14A filed by
the Company in connection with the 2008 Annual Meeting (the “Company Proxy”) and all other solicitation materials to be delivered to stockholders in connection with the 2008 Annual Meeting shall be prepared in accordance with the
terms of Section 2.1(b) of this Agreement. The Company will provide the Breeden Investors with copies of any proxy materials or other solicitation materials to be delivered to stockholders in connection with the 2008 Annual Meeting at least two
business days, in the case of proxy statements, and at least one business day, in the case of other solicitation materials, in advance of filing such materials with the SEC or disseminating the same in order to permit the Breeden Investors a
reasonable opportunity to review and comment on such materials. The Breeden Investors will provide, as promptly as reasonably practicable, all information relating to the Breeden Nominees (and other information, if any) to the extent required under
applicable law to be included in the Company Proxy and any other solicitation materials to be delivered to stockholders in connection with the 2008 Annual Meeting. The Company Proxy shall contain the same type of information concerning the
Breeden Nominees as provided for the incumbent director nominees. 
 (g) Other Matters. The Company represents that no
matters are anticipated to be presented by the Board for a vote of shareholders of the Company at the 2008 Annual Meeting other than the election of directors (as specified herein) and the ratification of the Company’s registered public
accounting firm. The Company agrees that it shall inform the Breeden Investors as soon as possible if any other matters will be presented for a vote of shareholders of the Company at the 2008 Annual Meeting. 
 (h) Publicity. Promptly after the execution of this Agreement, the Company will issue a press release in the form attached hereto
as Schedule B and may make appropriate regulatory filings and submissions in connection with the matters contemplated by this Agreement. 
 (i) Future Nominations. The Company agrees that it shall provide notice to the Breeden Investors as to whether or not the Company will nominate either or both of the Breeden Nominees for re-election as a director of the Company on or
before the thirtieth day prior to the deadline for submitting director nominations under the Regulations with respect to each subsequent annual meeting of the stockholders of the Company following the 2008 Annual Meeting. 
 2.2 Breeden Investor Provisions. 
 (a) Breeden Investor Actions. Commencing on the appointment of the Breeden Nominees as directors of the Company and their nomination for election at the 

 
2008 Annual Meeting in accordance with Sections 2.1(a) and (b) of this Agreement and thereafter for so long as at least one Breeden Nominee is serving
as a member of the Board (such period, the “Breeden Investor Representation Period”), the Breeden Investors, their respective Affiliates, and the Breeden Nominees or any former Breeden Nominee, will: (i) with respect to the
Company or its Common Stock, not make, engage or in any way participate in, directly or indirectly, any “solicitation” (as such term is used in the proxy rules of the SEC) of proxies or consents (whether or not relating to the election or
removal of directors), or seek to advise, encourage or influence any person with respect to the voting of any Common Stock (other than Affiliates), or (ii) except as provided for in Section 2.1(b), not seek, alone or in concert with
others, election or appointment to, or representation on, or nominate or propose the nomination of any candidate to, the Board, or (iii) not initiate, propose or otherwise “solicit” (as such term is used in the proxy rules of the SEC)
shareholders of the Company for the approval of shareholder proposals whether made pursuant to Rule 14a-8 or Rule 14a-4 under the Exchange Act or otherwise, or cause or encourage or attempt to cause or encourage any other person to
initiate any such shareholder proposal, regardless of its purpose, or otherwise communicate with the Company’s shareholders or others pursuant to Rule 14a-1(l)(2)(iv)(A) under the Exchange Act, or (iv) cause all shares of Common Stock
directly or beneficially owned by them and their respective Affiliates as to which they are entitled to vote at the 2008 Annual Meeting and any subsequent meeting of shareholders to be voted in favor of the election of each member of the Agreed
Slate and any subsequent slate of Directors recommended by the Board, and in favor of any Company proposals recommended by the Board and required by law or exchange requirement to be submitted to a vote of shareholders, or (v) not make,
publish, or provide, or encourage, influence or advise any other person to make, publish, or provide, any public statement or information disparaging or negative toward the business, products, reputation, competence, operation or governance of the
Company, its Affiliates, Board, officers, directors or employees, without regard to the truth or falsity of the statement. 
 (b) The Breeden Investors and their Affiliates and the Breeden Nominees shall not, directly or indirectly, sell, transfer or otherwise dispose of, or pledge, hypothecate or otherwise encumber, or transfer or convey in any manner any voting
rights with respect to, any shares of Common Stock directly or beneficially owned by any of them at the time of the execution of this Agreement (i) with respect to the Breeden Investors, until after the date of the 2008 Annual Meeting, and
(ii) with respect to the Breeden Nominees, unless the Breeden Nominee is in compliance with the Director Share Ownership Guidelines, and then only in compliance with the Company’s trading and disclosure policies. 
 III. OTHER PROVISIONS 
 3.1 Remedies.

 (a) Each party hereto hereby acknowledges and agrees, on behalf of itself and its Affiliates, that irreparable harm would
occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties will be entitled to specific relief 

 
hereunder, including, without limitation, an injunction or injunctions to prevent and enjoin breaches of the provisions of this Agreement and to enforce
specifically the terms and provisions hereof in any state or federal court in the State of Ohio, in addition to any other remedy to which they may be entitled at law or in equity. Any requirements for the securing or posting of any bond with such
remedy are hereby waived. 
 (b) Each party hereto agrees, on behalf of itself and its Affiliates, that any actions, suits or
proceedings arising out of or relating to this Agreement or the transactions contemplated hereby will be brought solely and exclusively in any state or federal court in the State of Ohio (and the parties agree not to commence any action, suit or
proceeding relating thereto except in such courts), and further agrees that service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 3.3 will be effective service of process
for any such action, suit or proceeding brought against any party in any such court. Each party, on behalf of itself and its Affiliates, irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding
arising out of this Agreement or the transactions contemplated hereby, in the state or federal courts in the State of Ohio, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such
action, suit or proceeding brought in any such court has been brought in an improper or inconvenient forum. 
 3.2 Amendment.

 This Agreement may be amended only by an agreement in writing executed by the parties hereto. 
 3.3 Notices. 
 All
notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, if (a) given by telecopy, when such
telecopy is transmitted to the telecopy number set forth below and the appropriate confirmation is received or (b) if given by any other means, when actually received during normal business hours at the address specified in this subsection:

 if to the Company: 
 STERIS Corporation 
 5960 Heisley Road 
 Mentor, Ohio 44060-1834 
 Facsimile: (440) 392-7056 
 Attention: Mark D. McGinley 
 with a copy to: 
 Jones Day 
 901 Lakeside Avenue 

 Cleveland, OH 44114 
 Facsimile No. (216) 579-0212 
 Attn: Lyle Ganske 
           James
Dougherty 
 if to the Breeden Investors: 
 Breeden Partners L.P. 
 100 Northfield Street 
 Greenwich, CT 06830 
 Facsimile: (203) 618-0063 
 Attention: James M. Cotter 
 with a copy to: 
 Cleary Gottlieb Steen & Hamilton LLP 
 1 Liberty Plaza, Suite 4300 
 New York, New York 10006 
 Facsimile: (212) 225-3999 
 Attention: Victor I. Lewkow 
                   Daniel S. Sternberg 
 3.4 Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Ohio,
without regard to any conflict of laws provisions thereof. 
 3.5 Further Assurances. Each party agrees to take or
cause to be taken such further actions, and to execute, deliver and file or cause to be executed, delivered and filed such further documents and instruments, and to obtain such consents, as may be reasonably required or requested by the other party
in order to effectuate fully the purposes, terms and conditions of this Agreement. 
 3.6 Third-Party Beneficiaries.
This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns, and nothing in this Agreement is intended to confer on any person other than the parties hereto or their respective
successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 
 3.7
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement, or caused the same to be executed by its duly authorized representative as of
the date first above written. 

			
	STERIS CORPORATION
		
	By:	 	 /s/ Walter M. Rosebrough, Jr.

	Name:	 	Walter M. Rosebrough, Jr.
	Title:	 	President and Chief Executive Officer

			
	BREEDEN INVESTORS
	
	BREEDEN CAPITAL MANAGEMENT LLC
		
	By:	 	 /s/ Richard C. Breeden

	Name:	 	Richard C. Breeden
	Title:	 	Managing Member
	
	BREEDEN PARTNERS L.P.
	
	By: Breeden Capital Partners LLC, its general partner
		
	By:	 	 /s/ Richard C. Breeden

	Name:	 	Richard C. Breeden
	Title:	 	Managing Member
	
	BREEDEN PARTNERS (CALIFORNIA) L.P.
	
	By: Breeden Capital Partners LLC, its general partner
		
	By:	 	 /s/ Richard C. Breeden

	Name:	 	Richard C. Breeden
	Title:	 	Managing Member
	
	BREEDEN PARTNERS HOLDCO LTD.
		
	By:	 	 /s/ Richard C. Breeden

	Name:	 	Richard C. Breeden
	Title:	 	Director
	
	BREEDEN CAPITAL PARTNERS LLC
		
	By:	 	 /s/ Richard C. Breeden

	Name:	 	Richard C. Breeden
	Title:	 	Managing Member

			
	BREEDEN PARTNERS (CAYMAN) LTD.
		
	By:	 	 /s/ Richard C. Breeden

	Name:	 	Richard C. Breeden
	Title:	 	Director
	
	BREEDEN PARTNERS (CALIFORNIA II) L.P.
	
	By: Breeden Capital Partners LLC, its general partner
		
	By:	 	 /s/ Richard C. Breeden

	Name:	 	Richard C. Breeden
	Title:	 	Managing Member
	
	 /s/ Richard C. Breeden

	Richard C. Breeden

 [Breeden Investor Signature Page] 

	
	BREEDEN NOMINEES
	
	 /s/ Richard C. Breeden

	RICHARD C. BREEDEN
	
	 /s/ Robert H. Fields

	ROBERT H. FIELDS

 [Breeden Nominee Signature Page] 

 Schedule A 
 Breeden Investors 
 Breeden Capital Management LLC 
 Breeden Partners L.P. 
 Breeden Partners (California) L.P. 
 Breeden Partners (California) II L.P. 
 Breeden Partners Holdco Ltd. 
 Breeden Partners (Cayman) Ltd. 
 Breeden Capital Partners LLC 
 Richard C. Breeden 

 Schedule B 
 FORM OF PRESS RELEASEfs1ex10_formulawon.htm

    FORMULAWON,
INC.

    

    EMPLOYMENT
AGREEMENT

    

    EMPLOYMENT AGREEMENT made as
of the 11th day of
March 2008 by and between Formulawon, Inc. a Delaware corporation, having an
office at 2800 Neilson Way #910, Santa Monica, CA 90405 (hereinafter referred to
as "Employer") and Fitra Iriani, an individual residing at 2800 Neilson Way
#910, Santa Monica, CA
90405                         (hereinafter
referred to as "Employee").

    

    W
I T N E S E T H:

    

    WHEREAS, Employer desires to
employ Employee as the President and CEO; and

    

    WHEREAS, Employee is willing
to be employed as the President and CEO in the manner provided for herein, and
to perform the duties of the President and CEO upon the terms and conditions
herein set forth;

    

    NOW, THEREFORE, in
consideration of the promises and mutual covenants herein set forth it is agreed
as follows:

    

    1.           Employment
of the President and CEO. Employer hereby employs
Employee as President and CEO

    

    2.           Term.

    

    a.           Subject
to Section 9 below and further to Section 2(b) below, the term of this Agreement
shall commence upon the execution hereof (the “Commencement Date”) and expire
three years from such date (“Initial Term”).  Each 12-month period
after the end of the initial term forward during the term hereof shall be
referred to as an “Annual Period.”

    

    b.           Subject
to Section 10 below, unless the Board of Directors of the Company (the "Board")
of Employer shall determine to the contrary and shall so notify Employee in
writing on or before the end of the Initial Term or any Annual Period or unless
the Employee notifies Employer in writing thirty (30) days before the end of the
Initial Term or any Annual Period of his desire not to renew this Agreement,
then at the end of either the Initial Term or the Annual Period, as the case
maybe, the term of this Agreement shall be automatically extended for one (1)
additional Annual Period to be added at the end of the then current term of this
Agreement.

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
 

    3.           Duties.  The Employee
shall perform those functions generally performed by persons of such title and
position, shall attend all meetings of the stockholders and the Board when
possible and shall perform any and all related duties and shall have any and all
powers as may be prescribed by resolution of the Board, and shall be available
to confer and consult with and advise the officers and directors of Employer at
such times that may be required by Employer.  Employee shall report
directly and solely to the Board.

    

    4.           Compensation.

     

    
      
        
          	
                  (i)  

                	
                  
                    Employee
      shall be paid a minimum of $500 per month.  Employee shall be
      paid periodically in accordance with the policies of the Employer during
      the term of this Agreement, but not less than
    monthly.

                  

                

        

         

      

    

    
      	
              (ii)  

            	
              Employee
      is eligible for an annual bonus, if any, which will be determined and paid
      in accordance with policies set from time to time by the Board, in its
      sole discretion.

            

    

     

    5.           Expenses.  Employee shall
submit to Employer reasonably detailed receipts or credit card statements with
respect thereto which substantiate the Employee’s expenses.  Employee
shall use his own credit cards and be reimbursed each month for his business
expenses.

    

    6.           Vacation.  Employee shall be
entitled to one week paid vacation time during each year of employment upon
dates agreed upon by Employer.  Upon separation of employment, for any
reason, vacation time accrued and not used shall be paid at the salary rate of
Employee in effect at the time of employment separation.

    

                   
7.           Secrecy.  At no time shall
Employee disclose to anyone any confidential or secret information (not already
constituting information available to the public) concerning (a) internal
affairs or proprietary business operations of Employer or its affiliates or (b)
any trade secrets, new product developments, patents, programs or programming,
especially unique processes or methods (c) research done on behalf of company
(d) contracts and meetings on behalf of company (e) financial information of the
company.

    

                   
8.         
Covenant
Not to Compete.  Employee will
not, at any time, anywhere in the areas where Employer does business during the
term of this Agreement, and for one (1) year thereafter, either directly or
indirectly, engage in, with or for any enterprise, institution, whether or not
for profit, business, or company, competitive with the business of Employer as
such business may be conducted on the date thereof, as a creditor, guarantor, or
financial backer, stockholder, director, officer, consultant, advisor, employee,
member, inventor, producer, director, or otherwise of or through any
corporation, partnership, association, sole proprietorship or other entity;
provided, that an investment by Employee, his spouse or his children is
permitted if such investment is not more than five percent (5%) of the total
debt or equity capital of any such competitive enterprise or business and
further provided that said competitive enterprise or business is a publicly held
entity whose stock is listed and traded on an international or national stock
exchange.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

                    9.      Termination.

    

    a.      Termination by
Employer

    

    (i) Employer may terminate this
Agreement immediately for Cause.  For purposes hereof, "Cause" shall
mean (A) engaging by the Employee in conduct that constitutes activity in
competition with Employer; (B) the conviction of Employee for the commission of
a felony against the Employer; and/or (C) the habitual abuse of alcohol or
controlled substances.   In no event shall alleged incompetence
of Employee in the performance of Employee's duties be deemed grounds for
termination for Cause.

    

    (ii)           This
agreement automatically shall terminate upon the death of Employee, except that
Employee's estate shall be entitled to receive any amount accrued under Section
4 for the period prior to Employee's death and any other amount to which
Employee was entitled of the time at his death.

    

    b.           Termination by Employee or Employer
without Cause

    

    (i) Employee or Employer shall have
the right to terminate Employee’s employment under this Agreement upon thirty
(30) days' notice to either party.

     

                     10.      Consequences
of Breach by Employer;

                            Employment
Termination

    

    a.  If this Agreement is
terminated pursuant to Section 9(b)(i) hereof, or if Employer shall terminate
Employee's employment under this Agreement in any way that is a breach of this
Agreement by Employer, the following shall apply:

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
 

    (i)           Employee
shall be entitled to payment of any previously declared bonus and additional
compensation as provided in Section 4 above.

    

    b.           In
the event that Employee’s employment is terminated for any of the following (i)
for cause as set forth in Section 9(a)(i) of this Agreement, (ii) the expiration
of the term of this Agreement, or (iii) resignation by the Employee in
accordance with Section 9(b)(i), then the provisions of Section 8 shall apply to
Employee.

    

      11.           Remedies.     Employer
recognizes that because of Employee's special talents, stature and opportunities
in the Research and Investment market, in the event of termination by Employer
hereunder (except under Section 9(a)(i) or (ii), or in the event of termination
by Employee under Section 9(b)(i) before the end of the agreed term), the
Employer acknowledges and agrees that the provisions of this Agreement regarding
further payments of base salary, bonuses and the exercisability of rights
constitute fair and reasonable provisions for the consequences of such
termination, do not constitute a penalty, and such payments and benefits shall
not be limited or reduced by amounts' Employee might earn or be able to earn
from any other employment or ventures during the remainder of the agreed term of
this Agreement.

    

       
12.           Excise
Tax.  In the event that any payment or benefit received or to
be received by Employee in connection with a termination of his employment with
Employer would constitute a "parachute payment" within the meaning of Internal
Revenue Code Section 280G or any similar or successor provision to 280G and/or
would be subject to any excise tax imposed by Internal Revenue Code Section 4999
or any similar or successor provision then Employer shall assume all liability
for the payment of any such tax and Employer shall immediately reimburse
Employee on a "grossed-up" basis for any income taxes attributable to Employee
by reason of such Employer payment and reimbursements.

    

       
13.           Arbitration.  Any
controversies between Employer and Employee involving the construction or
application of any of the terms, provisions or conditions of this Agreement,
save and except for any breaches arising out of Sections 7 and 8 hereof, shall
on the written request of either party served on the other be submitted to
arbitration.  Such arbitration shall comply with and be governed by
the rules of the American Arbitration Association.  An arbitration
demand must be made within one (1) year of the date on which the party demanding
arbitration first had notice of the existence of the claim to be arbitrated, or
the right to arbitration along with such claim shall be considered to have been
waived.  An arbitrator shall be selected according to the procedures
of the American Arbitration Association.  The cost of arbitration
shall be borne by the losing party unless the arbitrator shall determine
otherwise.  The arbitrator shall have no authority to add to, subtract
from or otherwise modify the provisions of this Agreement, or to award punitive
damages to either party.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
 

      
14.           Attorneys'
Fees and Costs.  If any action at law or in equity is necessary
to enforce or interpret the terms of this Agreement, the prevailing party shall
be entitled to reasonable attorney's fees, costs and necessary disbursements in
addition to any other relief to which he may be entitled.

    

      
15.           Entire
Agreement; Survival.  This Agreement contains the entire
agreement between the parties with respect to the transactions contemplated
herein and supersedes, effective as of the date hereof any prior agreement or
understanding between Employer and Employee with respect to Employee's
employment by Employer. The unenforceability of any provision of this Agreement
shall not effect the enforceability of any other provision.  This
Agreement may not be amended except by an agreement in writing signed by the
Employee and the Employer, or any waiver, change, discharge or modification as
sought.  Waiver of or failure to exercise any rights provided by this
Agreement and in any respect shall not be deemed a waiver of any further or
future rights.  The provisions of Sections 4, 7, 8, 9(a)(ii), 10, 11,
12, 13, 14, 16, 17, 18 and 19 shall survive the termination of this
Agreement.

     

      
16.           Assignment.  This Agreement
shall not be assigned to other parties.

    

      
17.       Governing
Law.  This Agreement
and all the amendments hereof, and waivers and consents with respect thereto
shall be governed by the internal laws of the State of Florida, without regard
to the conflicts of laws principles thereof.

    

      
18.           Notices.  All
notices, responses, demands or other communications under this Agreement shall
be in writing and shall be deemed to have been given when

    

    a.           delivered
by hand;

                
b.           sent be
telex or telefax, (with receipt confirmed), provided that a copy is mailed by
registered or certified mail, return receipt requested; or

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

     

     c.  received by the
addressee as sent by express delivery service (receipt requested) in each case
to the appropriate addresses, telex numbers and telefax numbers as the party may
designate to itself by notice to the other parties:

    

    
      	
              (i)  

            	
              if
      to the Employer:

            

    

    2800 Neilson Way #910

    Santa Monica, CA 90405

    Telefax
:  310.571.2323

    Telephone:  ___________

     

    
      
        

        
          	
                  
                    Copy
      to: 

                  

                	
                  
                           Anslow and
      Jaclin, LLP

                  

                

        

      

    

    
    

    4400 Route 9, 2nd
Floor

    Freehold, New Jersey
07728

    Attention:Gregg Jaclin,
Esq.

    Telefax: (732) 577-1188

    Telephone: (732) 409-1212

    
      

      
        	
                (ii)  

              	
                if
      to the Employee:

              

      

    

     

    Fitra Iriani

    2800 Neilson Way #910

    Santa Monica, CA 90405

    Telefax
:  310.571.2323

    Telephone:  ___________

     

    19.           Severability
of Agreement.  Should any part of this Agreement for any reason
be declared invalid by a court of competent jurisdiction, such decision shall
not affect the validity of any remaining portion, which remaining provisions
shall remain in full force and effect as if this Agreement had been executed
with the invalid portion thereof eliminated, and it is hereby declared the
intention of the parties that they would have executed the remaining portions of
this Agreement without including any such part, parts or portions which may, for
any reason, be hereafter declared invalid.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    IN WITNESS WHEREOF, the undersigned
have executed this agreement as of the day and year first above
written.

    

    
 

    
 

    Employee

    

    By: /s/
Fitra Iriani  

    Fitra
Iriani   

     

    7

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