June 2, 1999
Xxxxx Xxxxxxx
0000 Xxxxxxxx Xxxxx
Xxxxxx Xxxxx, XX 00000
Dear Xxxxx:
This letter will constitute the mutual agreement between you and QueryObject
Systems Corporation ("QueryObject Systems") on the terms of your separation from
employment with QueryObject Systems. You and QueryObject Systems agree that we
desire to minimize the commitment of time, expense and resources involved in the
termination of your employment by entering into this Separation Agreement, and
accordingly, have agreed as follows:
1. Your employment terminated effective April 30, 1999.
2. You have been paid your earned salary through the effective date of
your termination.
3. You will continue to receive the previously agreed upon payment for
medical insurance of your own choosing and will receive company-paid
dental insurance through April 30, 2004. If you become covered under
any medical or dental insurance plan(s) provided by a subsequent
employer, then the cost of coverage required to be provided by
QueryObject Systems shall be reduced by the amount of coverage provided
by the subsequent employer's plan(s) for so long as such coverage
continues. You will be responsible for notifying QueryObject Systems of
subsequent insurance coverage.
4. You will return to QueryObject Systems Corporation any information you
have about QueryObject Systems practices, procedures, trade secrets,
customer lists, or product marketing. You may keep the laptop, port
replicator, and Canon Multipass already in your possession, however, we
will need you to return the pager. The cellular telephone number will
be transferred to your personal billing, and all other telephones will
be shut off per your instructions.
5. QueryObject Systems will provide you with the severance payment of
$150,000 payable over the period May 1, 1999 through April 30, 2000 as
well as reimburse you for 106 unused, accrued vacation days payable
over the period of May 1, 1999 through December 31, 1999. (See attached
schedule.) These payments will be made in equal installments over the
period of time indicated in accordance with normal Company payroll
practices less usual payroll deductions.
6. Expenses incurred while traveling or engaged in authorized company
business will be reimbursed upon submission.
7. You agree to abide by all terms and conditions set forth in Sections
1.2, 1.3 and 1.4 of the Proprietary Rights and Separation Agreement
dated as of June 16, 1992 and Section 7 of the Employment Agreement
dated as of May 8, 1996.
8. All currently granted options to purchase Common Stock of the Company
will become fully vested as of April 30, 2000 and will remain
exercisable until December 31, 2000.
9. You waive and release and promise never to assert any and all claims
that you have or might have against QueryObject Systems Corporation and
its predecessors, subsidiaries, related entities, officers, directors,
shareholders, agents, attorneys, employees, successors, or assigns,
arising from or related to your employment with QueryObject Systems
Corporation and/or termination of your employment with QueryObject
Systems Corporation.
These claims include, but are not limited to, claims arising under
federal, state and local statutory or common law, such as the Age
Discrimination in Employment Act, Title VII of the Civil Rights Act of
1964, the New York Human Rights Law, and the law of contract and tort.
10. You will not, unless required or otherwise permitted by law, disclose
to others any information regarding the following:
Any information regarding QueryObject Systems practices,
procedures, trade secrets, customer lists, or product
marketing.
The terms of this Separation Agreement, the benefit being paid
under it or the fact of its payment, except that you may
disclose this information to your attorney, accountant or
other professional advisor to whom you must make the
disclosure in order for them to render professional services
to you. You will instruct them, however, to maintain the
confidentiality of this information just as you must.
To accept the agreement, please date and sign this letter and return it
to me. (An extra copy for your files is enclosed.)
I am pleased that we were able to part ways on these amicable terms.
QueryObject Systems Corporation and I wish you every success in your
future endeavors.
Sincerely,
Xxxxxx Xxxxxxxx
President and
Chief Executive Officer
Attachment
By signing this letter, I acknowledge that I have had the opportunity to review
this Separation Agreement carefully with an attorney of my choice, that I
understand the terms of the agreement, and that I voluntarily agree to them.
------------------------------------- ----------------------
Xxxxx Xxxxxxx Date
QUERYOBJECT SYSTEMS CORPORATION
XXXXX XXXXXXX
SCHEDULE OF SEPARATION
DESCRIPTION AMOUNT
----------- ------
Note Receivable 65,000.00
Accrued Payroll (65,373.00)
Accrued Vacation (576.96 x 106 days) (61,157.76)
Accrued T & E (thru 3/99) (12,949.80)
Officer Life Insurance Premium 5,868.59
Severance (150,000.00)
Total due to A. Szykier (218,611.97)
