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Document Preview Agreement and Complete Release |
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Title: |
Agreement and Complete Release |
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Entities: |
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Date: |
2000 |
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Size: |
Preview shows 5KB of 30KB total |
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Price: |
$41 |
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ID: |
#369216 |
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AGREEMENT AND COMPLETE RELEASE
WHEREAS John Osborne (hereinafter "Osborne") and drkoop.com, Incorporated
(hereinafter "drkoop.com") wish to end the employment relationship between them
and to fully and finally resolve all differences between them, the following
constitutes their AGREEMENT:
In exchange for the mutual covenants herein expressed, the parties agree as
follows:
1. Osborne shall resign from his employment effective on July 7, 2000 (the
"Termination Effective Date"). The Employment Agreement of May 24, 1999,
between Osborne and drkoop.com shall terminate as of July 5, 2000. (A copy
of the Employment Agreement is attached hereto as Exhibit A.) Osborne's
resignation shall be deemed a termination without cause for purposes of all
stock option exercise periods. Notwithstanding the termination of the
Employment Agreement, Osborne shall remain bound by his promises regarding
nondisclosure and return of confidential information, assignment of
intellectual property, non-competition, and non-solicitation as set forth in
Article V of the Employment Agreement.
2. In consideration for this Agreement, and following the expiration of the
revocation period described below without Osborne having exercised his
revocation right, drkoop.com will: (a) pursuant to the drkoop.com, Inc.
Severance Plan For Select Employees and as a vested, accrued and irrevocable
benefit thereunder provided that Osborne does not breach this Agreement, pay
Osborne the gross sum of $140,000.00, less all applicable withholdings, in
twelve monthly installments beginning on the first regularly scheduled pay
day following the expiration of the revocation period described below; (b)
allow Osborne to keep his laptop computer and cell phone; and (c) have
amended all Osborne's outstanding stock option agreements such that the
shares subject to the options are fully vested and the options are
immediately exercisable following the expiration of the revocation period
described below (such amendments are attached as Exhibits B, C, D, and E
hereto).
3. In consideration for this Agreement, Osborne will: (a) provide his services
as an independent contractor-consultant as provided in Exhibit F; and (b)
abide by his promises herein.
4. Osborne understands, agrees, and expressly represents that the consideration
recited in the foregoing Paragraph 2 is separate from and additional to any
payments or benefits to which he was already entitled by virtue of his
services to drkoop.com and to which he has no legal right. Osborne
understands, agrees, and expressly represents that, apart from the
consulting arrangement described above in Paragraph 3 and Exhibit F, he will
be entitled to no further compensation or payments of any type from
drkoop.com.
{PAGE}
5. Apart from the consulting arrangement described above in Paragraph 3,
Osborne WAIVES AND DISCLAIMS any claim or right he may have to be engaged or
employed by drkoop.com or any of its affiliate companies at any time in the
future and promises not to seek or demand future engagement or employment
with drkoop.com or any of its affiliate companies, it being agreed, however,
that this provision shall not preclude drkoop.com from requesting on its
initiative and in its sole discretion that Osborne be employed by it, or
subsequently employing Osborne, in the future.
6. Osborne represents and affirms that within two (2) business days of the
Termination Effective Date he will return any and all drkoop.com property he
may have had, including but not limited to confidential information as
defined in the Employment Agreement but excluding the cell phone and laptop
computer conveyed to Osborne as provided in Paragraph 2.
7. Osborne agrees to keep both the existence and the terms of this Agreement
confidential, and not to disclose any information regarding this Agreement
to anyone other than his attorney, tax advisor and spouse (if any) who shall
be informed of and bound by this confidentiality provision.
8. Osborne does, for himself and his heirs, agents, executors, administrators,
and assigns hereby RELEASE and FOREVER DISCHARGE drkoop.com and its
directors, officers, employees, agents, attorneys, successors, predecessors,
assigns, and affiliated companies (collectively "Releasees") from any and
all claims, actions, and causes of action of whatever kind or nature, which
he may now have or ever may have had against the Releasees or any of them,
whether known or unknown to him, such as may have arisen in whole or in part
at any time prior to or on the date of execution of this Agreement. This
includes, but is not limited to, any claims arising out of any contract,
express or implied, any covenant of good faith and fair dealing, express or
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