Prime Sun Power
Inc.
Separation and Mutual Release
Agreement
This
Confidential Separation and Mutual Release Agreement (“
Agreement ”) is entered into this 19th day of June,
2009 by and among Prime Sun Power Inc. (the
“ Company ”), on the one hand, and Frank
Jürgens (“ Executive ”) on the other
hand.
I. RECITALS
A. WHEREAS,
Executive previously entered into an employment agreement with the
Company dated January 7, 2009 (the “ Employment
Agreement ”) with respect to rendering services as Chief
Operating Officer and Interim Chief Executive Officer of the
Company);
B. WHEREAS,
Executive previously gave notice of intention to resign and the
Company has accepted such resignation; and
C. WHEREAS,
each of the parties desires to arrange for mutually acceptable
terms for repayment of outstanding obligations to the Executive and
to provide for release of any and all claims of any nature or kind
whatsoever that either party has, ever has had, or may ever have in
the future, against the other.
II. AGREEMENT
NOW, THEREFORE,
in consideration of the mutual promises herein, which the parties
expressly agree is valuable, adequate and sufficient in all
respects, the parties mutually agree as follows:
A. The Company
and its respective officers, directors, partners, principals,
employees, attorneys, insurers, agents, servants, consultants,
representatives, successors, heirs, assigns, control persons and
affiliates, (collectively “ Company Releasors ”)
release and forever discharge Executive and his agents, attorneys,
accountants, insurers, consultants, representatives, future
employers, successors and assigns (collectively, “
Executive Releasees ”), from any and all claims,
demands, obligations, losses, causes of action, costs, expenses,
attorneys' fees and liabilities of any nature whatsoever, whether
based on contract, tort, statutory or other legal or equitable
theory of recovery, whether known or unknown, which the Company
and/or the Company Releasors have, or had, claims or could claim to
have against Executive, or Executive Releasees, including but not
limited to any and all claims which relate to, arise from, or are
in any manner pertaining to the Employment Agreement or other
reason or basis whatsoever.
B. Upon
completion of the Settlement Payments, as defined below, Executive,
hereby releases and forever discharges the Company and past and
present affiliates, subsidiaries, officers, directors,
shareholders, partners, principals, employees, attorneys, insurers,
agents, servants, consultants, representatives, successors, heirs,
assigns, control persons and affiliates of the Company and each of
the Public Companies (collectively, the “ Released
Parties ”), from any and all claims, demands,
obligations, losses, causes of action, costs, expenses, attorneys'
fees and liabilities of any nature whatsoever, whether based on
contract, tort, statutory or other legal or equitable theory of
recovery, whether known or unknown, which Executive has, had or
claims to have against any or all of the Released Parties,
including but not limited to any and all claims which relate to,
arise from, or are in any manner connected to the Employment
Agreement and/or any other monetary consideration of any nature or
kind, whether accrued or not or other reason or basis
whatsoever.
C. The “
Settlement Payments ” means the total aggregate sum of
CHF 87,633.13 (Eighty Seven Thousand Six Hundred Thirty Three
and 13/100 Swiss Francs) which shall be paid in two
equal incremental payments on Friday, June 26, 2009 and
Monday, July 27, 2009 . All Settlement Payments
shall be made by wire transfer to the account provided
to the Company by Executive.
D. The
Executive shall promptly deliver to the Company all books and
records pertaining to the Company, including without limitation,
any and all contracts, information, reports, specifications, data,
in any and all media or format of any nature or kind (together with
sufficient information regarding the respective application
required for reading such digital data), physical notes, files,
documentation, correspondence, charts and any and all other
tangible or intangible materials of any type whatsoever, all
information relating to the Company tax records, regulatory and
legal compliance, customers, vendors, service providers,
consultants, employees, partners, alliances, and any and all other
information which relating to the Company, its respective officers,
directors, shareholders, employees, consultants, advisers and the
business or anticipated business of the Company.
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Termination of
Agreements. The parties hereto agree and confirm that, except for
this Agreement, any and all agreements, written or oral, including
but not limited to the Employment Agreement, are hereby terminated
and are of no further force and effect. All parties hereto agree
that none of the terms, conditions or obligations, if any, have
survived termination. The parties agree that this
Agreement otherwise supersedes any and all of the terms of the
Employment Agreement and all parties expressly release each other
from any continuing rights, duties and/or obligations under any
agreements, and Executive shall make no further claim for any
matters, including, without limitation, any compensation and any
options even if such matters falls within the terms of the
Employment Agreement.
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Each party
agrees that this Agreement is intended to cover any and all claims
or possible or continge
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