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Document Preview Agreement and General Release |
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Title: |
Agreement and General Release |
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Date: |
2006 |
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Preview shows 4KB of 17KB total |
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Price: |
$38 |
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ID: |
#1563242 |
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AGREEMENT AND GENERAL RELEASE
This Agreement entered in as of this 14th day of March, 2006 between the
following "Parties:" Donald Sproat, an individual residing within the State of
Florida ("Sproat"), Telzuit Medical Technologies, Inc., a Florida Corporation
("Corporation") and Telzuit Technologies, L.L.C., a limited liability Company
organized in the State of Florida ("Company");
Telzuit Medical Technologies, Inc., and Telzuit Technologies, L.L.C. are herein
referred to jointly as the "Entities".
1. RECITALS.
a. RELATIONSHIP. The Parties have established a past business
relationship with each other in regard to the operation of Telzuit
Medical Technologies, Inc. and Telzuit Technologies, L.L.C.'s business
(hereinafter referred to as the "Relationship") as follows:
Telzuit Medical Technologies, Inc.: Sproat held the
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positions of Chairman, President, Chief Executive Officer, Chief
Financial Officer, and Director
Telzuit Technologies, L.L.C.: Sproat held the positions of
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Officer, Manager and Director
b. TERMINATION OF RELATIONSHIP. Each of the parties desires to
terminate the Relationship between Sproat and the Corporation and the
Company, canceling all written and oral contracts and arrangements
between them except for this Agreement and the Resignations and other
documents herein described that have been agreed to on this date
between the Parties. Sproat agrees to return all company property and
documents in his possession or control.
c. CANCELLATION OF EMPLOYMENT AGREEMENT. The parties hereto agree to
terminate and cancel as of this date that certain Employment agreement
entered into of on or about January 3, 2005 between the Corporation
and Sproat.
d. RELEASED CLAIMS. The purpose, desire and intention of this
Agreement is to fully settle and forever resolve any and all: past,
present and future claims Sproat may have or has against the
Corporation, the Company and any and all of its or their officers,
directors or agents; past, present and future claims that the
Corporation, the Company, and any and all of its or their officers,
directors and agents may have or has against Sproat in regards to, but
not limited to: the Relationship, negligence, money damages (whether
in contract or tort) or past debt (hereinafter collectively referred
to as "Claims") arising from and/or relating directly or indirectly to
the Relationship.
2. PAYMENT. In consideration for entering into this Agreement and conditioned
upon its compliance, the Corporation agrees to pay to Sproat as follows:
i. That amount which shall equal to the amount of salary, life
insurance premiums and automobile allowance having been being
paid to or for the benefit of Sproat with respect to the month of
February, 2006 pursuant to that certain Employment Agreement
between the Corporation and Sproat (which Employment Agreement is
being cancelled as of this date) until the date that it would
have expired on January 3, 2007. Such payments shall be paid
monthly in advance or in such other similar manner as the
Corporation and Sproat shall agree.
ii. Continued health insurance benefits (premiums) as per
Sproat's existing employment contract until the expressed
termination date of the contract on January 3, 2007.
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