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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