1. |
Base
compensation through termination date (e.g, December 31, 2005) calculated
to be in the gross amount of approximately $82,223.45 (for the period
of
September 16, 2005 through December 31, 2005), less withholding for
applicable federal, state and local income and employment related taxes,
payable in equal installments pursuant to PDIs customary payroll
procedures in effect.
|
2. |
Employee
will be entitled to continued participation in the employee benefits,
vacation (i.e., the current “bank of days” policy of PDI), automobile
expense and expense reimbursement programs as described in Section
4.6 of
the Employment Agreement through December 31, 2005 except as may be
limited or required by a benefit Plan.
|
3. |
A
pro rata share of any incentive compensation as described in Section
3(b)
of the Employment Agreement, if any is awarded, for 2005. My Boyle
has
been advised by PDI that it expects that there will be no incentive
compensation for 2005.
|
4. |
A
lump sum payment equivalent to 36 times the monthly salary amount defined
by the Employment Agreement; that is, $ 1,
435,230.00.
|
5. |
Vested,
deferred compensation, which is presently (as of August 31, 2005)
calculated to be $796,106.74, less any withholdings as required by
federal, state or local income tax laws or
regulations.
|
6. |
Accrued
but unused paid bank of days, if any, which will be reconciled as of
December 31, 2005. Such payment shall be subject to withholdings pursuant
to Employer’s regular payroll practices and applicable law or
regulation.
|
7. |
Company
paid COBRA benefits commencing the day following the effective date
of
termination (e.g., January 1, 2006 or as otherwise determined or limited
by the Plan documents) and extending through 12 months after the effective
date of termination(e.g., December 31, 2006), or the economic equivalent
thereof—approximately $13,700.88—unless Executive obtains the same or
greater benefits through subsequent employment, at which time this
obligation is extinguished.
|
8. |
Outstanding
equity/option grants, including the March 29, 2005 SARS equity option
grant, shall immediately vest upon termination of employment; provided,
however, all stock options then held by Executive will expire and/or
terminate 90 days after Executive’s effective date of termination (e.g.,
December 31, 2005), consistent with the Plan or controlling grant
agreement.
|
9. |
To
continue to maintain directors and officers liability insurance covering
the Executive in a reasonable and adequate amount determined by the
Company through December 31, 2005 on the same terms as all other directors
and officers of PDI.
|
10. |
To
reimburse Executive an amount equivalent to one-half of the reasonable
attorney’s fees incurred with respect to this memorandum of understanding
up to a maximum payment by PDI of $5,000.00 within 30 days following
presentment, review and approval of a statement of
services.
|
· |
The
National Labor Relations Act;
|
· |
Title
VII of the Civil Rights Act;
|
· |
Civil
Rights Act of 1991;
|
· |
Sections
1981 through 1988 of Title 42 of the United States
Code;
|
· |
The
Employee Retirement Income Security Act;
|
· |
The
Fair Credit Reporting Act;
|
· |
The
Immigration Reform Control Act;
|
· |
The
Americans with Disabilities Act;
|
· |
The
Rehabilitation Act;
|
· |
The
Age Discrimination in Employment Act;
|
· |
The
Occupational Safely and Health Act;
|
· |
The
Family and Medical Leave Act;
|
· |
The
Equal Pay Act;
|
· |
The
Fair Labor Standards Act;
|
· |
The
Uniformed Services Employment and Reemployment Rights
Act;
|
· |
Worker
Adjustment and Retraining Notification
Act;
|
· |
Employee
Polygraph Protection Act;
|
· |
The
New Jersey Law Against Discrimination;
|
· |
The
New Jersey Family Leave Act;
|
· |
The
New Jersey State Wage and Hour Law;
|
· |
The
New Jersey Conscientious Employee Protection
Act;
|
· |
The
New Jersey Equal Pay Law;
|
· |
The
New Jersey Occupational Safely and Health
Law;
|
· |
The
New Jersey Smokers’ Rights Law;
|
· |
The
New Jersey Genetic Privacy Act;
|
· |
The
New Jersey Fair Credit Reporting Act;
|
· |
The
New Jersey Statutory Provision Regarding Retaliation/Discrimination
for
Filing A Workers’ Compensation Claim;
|
· |
The
New Jersey Public Employees’ Occupational Safely and Health
Act;
|
· |
New
Jersey laws regarding Political Activities of Employees, Lie Detector
Tests, Jury Duty, Employment Protection, and
Discrimination;
|
· |
any
other federal, state or local civil rights laws, whistle-blower or
any
other local, state or federal law, regulation or
ordinance;
|
· |
any
public policy, contract (oral, written or implied), tort, constitution
or
common law;
|
· |
any
claims for vacation, sick or personal leave or payment pursuant to
any
practice, policy, handbook or manual;
|
· |
any
claims related to the Employment Agreement;
or
|
· |
any
allegation for costs, fees, or other expenses including attorney’s
fees.
|
Executive
|
ON
BEHALF OF EMPLOYER AS DEFINED HEREIN
|
|||
By:
|
||||
Brian
Boyle
|
Charles
T. Saldarini
Chief
Executive Officer
|
|||
Date:
September ____, 2005
|
Date:
September _____, 2005
|