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Document Preview Separation Agreement and Release |
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Title: |
Separation Agreement and Release |
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Entities: |
Hytek Microsystems, Inc.; Charles S. Byrne; Hytek Microsystems Inc |
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Date: |
2003 |
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Size: |
Preview shows 4KB of 25KB total |
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Price: |
$34 |
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ID: |
#170623 |
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SEPARATION AGREEMENT AND RELEASE
RECITALS
This Separation Agreement and Release (Agreement) is made by and between Charles S. Byrne (Employee) and Hytek Microsystems, Inc. (Company) (jointly referred to as the Parties):
WHEREAS, Employee was employed by the Company;
WHEREAS, Employees employment will be terminated effective April 25, 2003 (the Termination Date);
WHEREAS, this Agreement is effective after it has been signed by both parties and eight (8) days after Employee has signed the Agreement as defined below in Paragraph 27 (the Effective Date);
WHEREAS, the Company presented this Agreement to Employee on April 4, 2003, with the understanding that the Agreement is to be signed by Employee no earlier than April 26, 2003;
WHEREAS, the Company and Employee entered into a Confidentiality and Invention Assignment Agreement signed by Employee on July 20, 1989 (the Confidentiality Agreement);
WHEREAS, the Company and Employee have entered into a Stock Option Agreement dated May 15, 1998, granting Employee the option to purchase shares of the Companys common stock subject to the terms and conditions of the Companys 1991 Stock Option Plan and the Stock Option Agreement (the Stock Option Agreements);
WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions and demands that the Employee may have against the Company, including, but not limited to, any and all claims arising or in any way related to Employees employment with or separation from the Company;
NOW THEREFORE, in consideration of the promises made herein, the Parties hereby agree as follows:
COVENANTS
1.
Consideration. The following consideration is conditioned upon Employee signing this Agreement no earlier than the Termination Date:
a.
Cash. The Company agrees to pay Employee, or his heirs and assigns, the equivalent of his base salary, less applicable withholding, in accordance with the Companys regular payroll practices, for twelve (12) months. The first
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