Termination Agreement Between Splinex Inc. and Christian Schormann
Splinex Inc. and Christian Schormann have agreed to end Mr. Schormann’s employment as of October 17. Splinex waives the 90-day notice period required by his employment contract and will pay Mr. Schormann a total of $81,448.05, covering deferred wages, accrued vacation, wages through the termination date, severance for 90 days, and pre-employment consulting fees. Mr. Schormann is also allowed to keep his laptop. The agreement is signed by both parties and finalizes the terms of his departure.
Exhibit 10.2
Termination Agreement
Between
Splinex Inc. and Christian Schormann
Splinex Inc., represented by Jerry Herlihy, President, and Christian Schormann, VP of R&D of Splinex, mutually agree to terminate Mr. Schormann’s employment with Splinex as of Monday, October 17th.
Splinex agrees that Mr. Schormann’s employment ends immediately, waiving the 90 day notice period specified in Mr. Schormann’s employment contract.
Splinex also agrees to pay Mr. Schormann the following promptly as cash funds become available. A regular paycheck will be issued October 28.
| • | Deferred Wages: $9,871.78 |
| • | Accrued Vacation: $5,691.65 |
| • | Wages due through 10/17: $4,384.62 |
| • | Severance, 90 days: $47,500.00 |
| • | Consulting fees due pre-employment: $14,000 | |||
| In total: $81,448.05 | ||||
Furthermore, Splinex agrees that Mr. Schormann keeps his laptop computer
For Splinex: | Christian Schormann | |
/s/ Gerard A. Herlihy | /s/ Christian Schormann | |
Jerry Herlihy, President | Christian Schormann, VP of R&D | |
