Discharge and Termination Agreement between CABG Medical, Inc. and John L. Babitt

Summary

CABG Medical, Inc. and John L. Babitt have agreed to terminate a previous letter agreement that provided severance benefits to Babitt in the event of employment termination after a change in control. In exchange for a lump sum payment of $211,750 (less applicable taxes), Babitt releases the company from all obligations and claims under the prior agreement. This agreement is effective as of February 8, 2006, and fully ends the earlier severance arrangement between the parties.

EX-10.4 5 c02445exv10w4.htm DISCHARGE AND TERMINATION AGREEMENT - JOHN BABITT exv10w4

EXHIBIT 10.4

DISCHARGE AND TERMINATION AGREEMENT REGARDING
“CHANGING IN CONTROL” LETTER AGREEMENT

EFFECTIVE DATE: February 8, 2006


PARTIES:	CABG Medical, Inc.	(“Company”)

	John L. Babitt	(“Employee”)

WHEREAS, Company and Employee are parties to that certain letter agreement dated July 31, 2003 regarding severance benefits due Employee in the event Employee’s employment with Company terminates under certain circumstances subsequent to a “Change in Control” (hereinafter referred to as “Letter Agreement”); and

WHEREAS, in exchange for the payment described below, Company and Employee desire to discharge Company’s obligations under the Letter Agreement and terminate the Letter Agreement in its entirety.

NOW, THEREFORE, Company and Employee agree as follows:

1. Payment to Employee. Company shall pay Employee Two Hundred Eleven Thousand Seven Hundred Fifty and 00/100 Dollars ($211,750.00), less applicable withholding, in a lump sum within ten (10) business days after Company’s receipt of this fully-executed Discharge and Termination Agreement.

2. Discharge and Termination of Agreement. Specifically in consideration of the payment described in Section 1, Employee, for him/herself and anyone who has or obtains legal rights or claims through Employee, hereby releases, agrees not to sue, and forever discharges Company of and from any and all manner of obligations, claims, demands, actions, and/or liability arising under or in connection with the Letter Agreement. By signing below, the parties acknowledge and agree that the Letter Agreement is hereby terminated in its entirety.

In consideration of the mutual covenants contained herein, the parties have voluntarily and knowingly executed this Discharge and Termination Agreement effective as of the date and year above written.


		CABG MEDICAL, INC.

		/s/ Manuel A. Villafana
		By: Manuel A. Villafana
		Its: CEO & Chairman of the Board

		EMPLOYEE

		/s/ John L. Babitt
		John L. Babitt