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SEPARATION AGREEMENT AND GENERAL
RELEASE
This Separation Agreement
and General Release (“Agreement”) by and among
DR. QUN YI ZHENG, an individual residing at 6
Foxhill Drive, Wayne, New Jersey 07470 (hereinafter referred
to as the “Employee”), KENT FINANCIAL SERVICES,
INC. and KENT INTERNATIONAL HOLDINGS, INC. (formerly known as
Cortech, Inc.), their affiliates, parent company,
predecessors, successors or assigns, and their respective
officers, including but not limited to Paul O. Koether,
directors, trustees, representatives, agents and Employees,
and any of their subsidiaries, and all entities associated or
affiliated with Paul Koether, including their respective
officers, directors, trustees, representatives and Employees
(hereinafter referred to as the “Company”), and
PAUL KOETHER, individually.
RECITALS
The Employee desires to
resign and the Company is prepared to offer severance to the
Employee,
NOW, THEREFORE, the
parties agree as follows:
1. As
of August 31, 2007, the Company agrees to release the
Employee from his obligations under a certain Employment
Agreement dated November 1, 2005, attached as Exhibit 1,
including but not limited to, the covenant not to compete
contained in Paragraph 8 of the Employment
Agreement.
2. The
Employee will continue to have the use of a certain Mercedes
Benz automobile, leased for him by the Company under
Paragraph 3.5 of the Employment Agreement including all auto
insurance payments, until February 23, 2008. The
Employee shall also be permitted to keep his laptop computer
and printer.
3. In
full satisfaction of all other financial obligations or
emoluments which may be or are owed to the Employee under
Paragraphs 3, 4, 5 and 6 in the Employment Agreement, the
Employee agrees to accept the sum of One Hundred Thirty
Thousand Dollars ($130,000.00), less appropriate state and
federal payroll withholdings and taxes, in a lump sum, to be
paid to the Employee on or before August 31,
2007. The Company further agrees to assign to
Employee all present contracts with Shering Plough
totaling approximately $6,000.00.
4. In
return for release from Paragraph 8 of the Employment
Agreement, retention of the automobile until February 23,
2008, and the payment recited in Paragraph 3, the Employee
agrees that he will resign, effective August 31, 2007, from
all officer positions and all directorship positions in the
Company.
5. The
Employee hereby releases, gives up, waive, and forever
discharges the Company from any and all claims or liabilities
of whatever kind or nature, that he has ever had or which he
now has, known or unknown, including, but not limited to, any
claim for attorneys’ fees and any claim which could be
asserted now or in the future under (a) the common law,
including, but not limited to theories of tort or contract
(express or implied), defamation, or violation of public
policy; (b) any policies, pra
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