Termination Agreement
Exhibit 10.1
This TERMINATION AGREEMENT (hereinafter referred to as the “Agreement”) is entered into on June 6 , 2011 by and between:
Tibet Pharmaceuticals, Inc., a company legally incorporated under the laws of British Virgin Islands and listed in NASDAQ, having a principal executive office at Xxxx 0000, 00/X 00 Xxxxx Xx. Xxxxxxx, Xxxx Xxxx (hereinafter referred to as “TBET”)
AND:
Xxxxxx X. Xxx, a citizen of PRC with Passport number X00000000 (hereinafter referred to as the “Xxxxxx”)
(TBET and Xxxxxx hereinafter collectively referred to as “Parties”)
1. PREAMBLE
WHEREAS, prior to the Termination Date provided in this Agreement, Xxxxxx served as CEO for TBET;
WHEREAS, Xxxxxx wishes to resign as CEO of TBET, and TBET agrees to discharge Xxxxxx from his current position as CEO of TBET;
THEREFORE, THE PARTIES AGREE AS FOLLOWS:
2. TERMINATION OF EMPLOYMENT
2.1 Termination Date
The parties agree that Xxxxxx’x employment with the TBET will terminate on June, 6 , 2011 (hereinafter referred to as the “Termination Date”).
2.2 Severance Pay
The Parties agree that there is no severance pay to be paid to Xxxxxx by TBET.
3. SETTLEMENT AND RELEASE
Xxxxxx hereby irrevocably and unconditionally releases and discharges TBET from any and all claims, known or unknown, which he, his heirs, successors or assigns have or may have against releases and any and all liability which releases may have to him whether denominated as claims, demands, causes or action, obligations, damages, or liabilities arising from any and all bases.
This release is for any relief, no matter how denominated, including, but not limited to, back pay, front pay, compensatory damages, punitive damages, or damages for pain and suffering.
4. PENDING FUTURE LITIGATION
Xxxxxx agrees to participate in any future litigation arising out of the period of his employment with TBET by giving advice, participating in discovery, and giving deposition and trial testimony as may be necessary, as well as participation in other activities related to such litigation.
If Xxxxxx is required to participate in either pending or future litigation, TBET agrees to reimburse Xxxxxx for all out-of-pocket expenses reasonably incurred in connection therewith.
5. COMMITMENT TO CONFIDENTIALITY AND NONDISCLOSURE
For a period of 36 months from the Termination Date, Xxxxxx is committed to TBET to:
a) keep confidential and not disclose the information;
b) take and implement all appropriate measures to protect the confidentiality of the information;
c) not disclose, transmit, exploit or otherwise use for its own account or others.
6. NON-COMPETITION
For a period of 12 months from the Termination Date, Xxxxxx makes a commitment to TBET that it shall not render services to or for direct or indirect competitors of TBET.
7. NON-SOLICITATION
Xxxxxx covenants and agrees that during the period ending 24 months after the Termination Date, he will not, directly or indirectly, hire, solicit, or encourage then-current TBET employees to apply for employment with any person or entity: (a) with which Xxxxxx is (or intends to be) employed; (b) in which Xxxxxx or a firm in which he is employed, has a financial interest or is engaged as a consultant, recruiter, independent contractor or otherwise; or (c) in which Xxxxxx is otherwise substantially financially interested.
Xxxxxx further covenants and agrees that he will not provide to any other person or entity the names of or references (other than a reference requested by TBET) on any person who is then employed by TBET.
The Parties agree that if in any proceeding, the tribunal shall refuse to enforce fully any covenants contained herein because such covenants cover too extensive a geographic area or too long a period of time or for any other reason whatsoever, any such covenant shall be deemed amended to the extent (but only to the extent) required by law.
8. EFFECTIVE DATE OF AGREEMENT
This Agreement shall enter into force on the Termination Date provided in clause 2.1.
By: | /s/ Hong Yu | (Signature) | ||
Hong Yu |
Title: | Chairman |
By: | /s/ Xxxxxx X. Xxx | (Signature) | ||
Xxxxxx X. Xxx |