EXHIBIT 10.1
RELEASE
AGREEMENT
This Release Agreement (the
“Agreement”), made and entered into this 4th day of
May, 2007 by and between Cyberonics, Inc. , a Delaware
corporation, having its principle place of business at 100
Cyberonics Blvd., Houston TX 77058 (the “Company”) and
John Riccardi , an individual residing in League City, Texas
(the “Individual”).
WHEREAS, Individual was previously
employed by Company; and
WHEREAS, such employment was
terminated as of May 11, 2007; and
WHEREAS, Company is willing to
provide Individual with certain consideration to which Individual
is not otherwise entitled in exchange for a release from
Individual;
NOW, THEREFORE, in consideration of a
payment to Individual of an amount determined by Company to be
equal to that which would have been earned by Individual under the
Fourth Quarter 2007 Bonus Program had Individual been employed as
of the date that Program payments are made, less applicable
deductions, as well as forgiveness of any obligation for Individual
to repay monies paid by Company to or on behalf of Individual under
the previously signed Relocation Agreement (the “Relocation
Agreement”), the parties agree as follows:
1. Termination of
Employment . Individual and Company acknowledge that
Individual’s employment by Company was terminated as of
May 11, 2007.
2. Release . Individual,
individually and on behalf of Individual’s heirs, executors,
administrators, successors and assigns, hereby fully and finally
RELEASES, ACQUITS and FOREVER DISCHARGES the Company and its
officers, directors, shareholders, subsidiaries and other
affiliates, predecessors and successors in interest, agents and
representatives, employees and insurers from all claims, demands,
liability and causes of action of whatsoever nature, whether in
contract or tort, whether pursuant to statute or common law
including, but not limited to, the Title VII Discrimination in
Employment Act and the Americans With Disabilities Act, all as
amended, and any other applicable federal or state statutes arising
out of or pertaining to Individual’s employment with the
Company and any of its predecessors or affiliates.
Company hereby fully and finally
RELEASES, ACQUITS and FOREVER DISCHARGES Individual from all
claims, demands, liability and causes of action of whatsoever
nature, whether in contract or tort, arising out of or pertaining
to the repayment of monies paid by Company to or on behalf of
Individual under th
