Termination Agreement between Le@P Technology, Inc. and Robert G. Tancredi, M.D.

Summary

Le@P Technology, Inc. (formerly Seal Holdings Corporation) and Robert G. Tancredi, M.D. have agreed to end Dr. Tancredi's employment agreement effective September 30, 2002. In return for terminating the agreement, Le@P will pay Dr. Tancredi $150,000 over approximately eighteen months, according to a set payment schedule. Both parties mutually release each other from any further claims related to the employment agreement, except for the payment obligation. The agreement is governed by Florida law, and any disputes will be resolved in Broward County, Florida.

EX-10.1 3 d52063_ex10-1.txt TERMINATION AGREEMENT Exhibit 10.1 TERMINATION AGREEMENT This Termination Agreement (the "Termination Agreement") is made and entered into as of the 30th day of September, 2002, by and between Seal Holdings Corporation, now known as Le@P Technology, Inc. ("Le@P") and Robert G. Tancredi, M.D. ("Employee"), an individual, whose principal place of business is 5601 North Dixie Highway, Suite 441, Fort Lauderdale, Florida 33334. WHEREAS, Seal Holdings Corp. and Employee previously entered into that certain Employment Agreement, dated April 1, 1999 (the "Executive Employment Agreement"), which Executive Employment Agreement was assumed by Le@P Technology, Inc. with the change of name from Seal Holdings to Le@P Technology on July 1, 2001; and WHEREAS, Le@P and Employee now wish to terminate the Executive Employment Agreement, effective September 30, 2002. 1. The aforestated recitations are true and correct and incorporated herein by reference. 2. The Employment Agreement shall terminate effective September 30, 2002. Except as provided in paragraph 3 below, neither Le@P (nor its predecessors, successors or affiliates) nor Employee shall have any further obligations to one another, whether pursuant to the Employment Agreement or otherwise. Consistent with same, the restrictive covenants contained in the Employment Agreement shall also terminate effective September 30, 2002. 3. In consideration for employee's agreement to terminate the Executive Employment Agreement, Le@P agrees to pay employee a total of one hundred and fifty thousand dollars dollars $150,000.00 which is the total amount due to be paid through March 31, 2003 following the six month notice of termination with Le@P. The employee agreed that this amount be paid out over approximately eighteen months according to a schedule appended hereto. 4. In consideration for Le@P's agreement to terminate the Employment Agreement and the payment and benefits set forth in paragraph 3 hereof, Employee acknowledges that he has no claims of any kind against Le@P, Seal Holdings Corporation or any and all of their predecessors and any and all of their officers and directors and that Employee hereby releases them (and the corporations) of any and all claims Employee may ever have had or do have, except with regard to the obligations of Le@P as set forth in paragraph 3 herein. Likewise, Le@P, together with its officers and directors, do hereby release Employee of any and all claims which it or they may ever have had or do have. The foregoing releases are intended to be a mutual and general release of and to all parties in all respects. 5. This Termination Agreement shall be interpreted and enforced pursuant to the laws of the State of Florida. Any and all litigation or other proceedings related to this Termination Agreement shall be commenced and held in Broward County, Florida. In the event either party brings litigation to enforce the terms of this Termination Agreement, the prevailing party shall be entitled to all costs incurred, including reasonable attorneys fees and court costs, incurred at both the trial and appellate levels, from the non-prevailing party. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. WITNESSES: LE@P: LE@P TECHNOLOGY, INC., f/k/a SEAL HOLDINGS CORPORATION /s/ Elda Miranda - ---------------------------- By: /s/ M. Lee Pearce, M.D. Print Name: Pearce Its:___________Chairman_______________ Date: September 11, 2002 EMPLOYEE: /s/ Elda Miranda /s/ Robert G. Tancredi, M.D. Robert G. Tancredi, M.D. - ---------------------------- Date: September 11, 2002 Exhibit "A" September 18, 2002 Robert G. Tancredi, M.D. Payment Schedule Paid Le@P 08/16/02 7,500 08/30/02 7,500 09/13/02 7,500 09/27/02 7,500 10/11/02 7,500 10/25/02 7,500 11/08/02 7,500 11/22/02 7,500 12/06/02 7,500 12/20/02 7,500 01/03/03 8,000 01/17/03 8,000 01/31/03 8,000 02/14/03 8,000 02/28/03 8,000 03/14/03 8,000 03/28/03 8,000 04/11/03 3,000 04/25/03 3,000 05/09/03 3,000 05/23/03 3,000 06/06/03 3,000 06/20/03 3,000 07/04/03 3,000 07/18/03 3,000 08/01/03 3,000 08/15/03 3,000 08/29/03 3,000 09/12/03 3,000 09/26/03 3,000 10/10/03 3,000 10/24/03 3,000 11/07/03 3,000 11/21/03 3,000 12/05/03 3,000 12/19/03 3,000 01/02/04 3,000 01/16/04 3,000 01/30/04 3,000 02/13/04 3,000 02/27/04 577 03/12/04 500 03/26/04 500 04/09/04 500 04/23/04 500 53,077 Earned from 7/29-9/30/2002 05/07/04 500 150,000 Per Termination Agreement ------- Total 203,077 203,077 ======= ======= Received and Accepted September 18, 2002 /s/ R. Tancredi, M.D. R. Tancredi, M.D. --------------------- /s/ M. Lee Pearce M. Lee Pearce ---------------------