EX-10
from 8-K
4 pages
1. Payment and Termination of Agreements. Znomics Agrees to Pay You the Amount of $500, Less Applicable Withholding, in a Lump Sum Promptly Following the Completion of the Proposed Issuance of Znomics Common Stock to Cherry Tree Companies, LLC or Related Individuals or Entities (“Cherry Tree”), or January 16, 2010, Whichever Is Earlier. by Signing This Release Letter, You Acknowledge and Agree That Upon Receipt of the $500 Payment, Less Applicable Withholding, You Will Have Received All Compensation and Other Benefits Owed to You Under the Employment Agreement Between You and Znomics Dated August 14, 2008, the Letter Agreement Between You and Znomics Dated December 4, 2008 and Any Other Formal or Informal Agreements, Whether Written or Oral, That You Have Entered Into With Znomics, and That All Such Agreements Are Hereby Terminated and Are No Longer in Effect; Provided, However, That This Release Letter Does Not Apply to Your Consulting Agreement With Znomics Dated October 20, 2009, Which Shall Continue in Effect in Accordance With Its Terms, and Provided Further, That Znomics Acknowledges That Your 2009 Warrant Shall Remain Exercisable in Accordance With Its Terms (As Amended by the Letter Amendment Referenced in the Introduction to This Release Letter), And, Unless Otherwise Agreed in Accordance With Section 4(l) of the Warrant, the Terms of the Warrant Shall Remain in Effect After Completion of the Proposed Issuance of Znomics Common Stock to Cherry Tree and After Any Subsequent Merger of Znomics With an Operating Company
12/34/56
