Wally O. and Kate A. Oyelola - Page 5

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               b.   The Company will pay to Mr. Oyelola the amount of                 
               Ninety Thousand Dollars ($90,000.00), minus appropriate                
               withholdings and deductions (Payment 2).  Payment 2 is                 
               payable to Mr. Oyelola as compensation for                             
               Mr. Oyelola’s claims of lost wages.                                    
               c.   The Company will pay to Mr. Oyelola the amount of                 
               Sixty Thousand Dollars ($60,000.00) for any and all                    
               attorney’s fees, costs and claims incurred by                          
               Mr. Oyelola (Payment 3).  Payment 3 is payable to                      
               Mr. Oyelola’s counsel of record, Nitor V. Egbarin, Esq.                
               d.   The Company will pay to Mr. Oyelola the sum of                    
               Seven Thousand Eight Hundred Twenty Four Dollars                       
               ($7,824.00), which is an amount equivalent to the cost                 
               of 12 months of continued COBRA benefits, including                    
               both medical and dental coverage (Payment 4).  Payment                 
               4 is payable to Mr. Oyelola.                                           
               e.   The Company will provide Mr. Oyelola with three                   
               (3) months of outplacement services at Lee Hecht                       
               Harrison or an equivalent placement agency of the                      
               Company’s choice.                                                      
               f.   Mr. Oyelola agrees that he has not relied on the                  
               Defendants for information or advice regarding the                     
               taxability of any monies paid to him.  Mr. Oyelola                     
               further agrees that the Company will issue the                         
               appropriate Internal Revenue Service Forms 1099 with                   
               respect to the monies paid to him pursuant to Paragraph                
               4 above. * * * The Defendants represent no position                    
               regarding the question of tax liability in relation to                 
               any settlement payment made to Mr. Oyelola or his                      
               attorney and encourage Mr. Oyelola to rely on his own                  
               Accountant or Tax Attorney for advice.                                 
               g.   In the event of a tax assessment against the                      
               Company by any federal, state or local taxing authority                
               as a result of not making deductions or withholding                    
               from the monies paid to Mr. Oyelola under this                         
               Paragraph 4, Mr. Oyelola shall pay the employee’s share                
               of that assessment.  Mr. Oyelola agrees that if he                     
               declines to pay his portion of any such assessment he                  
               will indemnify and hold the Company harmless for the                   
               amount equal to the employee’s portion of the tax                      
               assessment, as well as for any and all interest or                     
               penalties the Company may be required to pay to the                    






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Last modified: May 25, 2011