Sample Business Contracts

Severance Agreement - Bio-Rad Laboratories Inc. and Jim Bennett

Sponsored Links

DATE:              January 15, 1997
TO:                Jim Bennett
FROM:              David Schwartz


This letter will confirm our discussions concerning the most
appropriate utilization of your expertise and experience after you
decide to leave your present position as Executive Vice
President/Chief Operating Officer of Bio-Rad ("Present Position"), in
return for your signing this "non-compete" agreement.

1.  You will give Bio-Rad at least six months' notice if you decide to
   leave your Present Position.  Additionally, you will provide such
   notice so that, including the hours worked under Paragraph 3 below,
   your total hours worked in any year in which the end of the six-month
   notice period occurs will not exceed 999 hours.

2.  You will be nominated by the management of Bio-Rad to continue as a
   member of the Board of Directors; and if this nomination is ratified
   by the shareholders, you will remain a director for a minimum of three

3.  After you leave your present Position, you will continue as an
   employee taking on a variety of assignments as mutually agreed to with
   the CEO for a total of six weeks of cumulative work during each twelve-
   month period, for up to five consecutive 12-month periods following
   your leaving your Present Position.

   You will be paid for the six weeks of cumulative work per twelve-month
   period at the weekly rate of $2,500/week, plus the same weekly pay
   rate as is in effect for your Present Position when your notice period
   ends.  If you cease being a Director, the cumulative weekly payments
   shall be reduced by $2,500.  This salary will be paid in 24 equal
   installments during each 12-month period.  Mutually agreed assignments
   extending beyond the six weeks of cumulative work will be compensated
   at the same weekly pay rate as is in effect when your notice period

   Medical, dental, vacation, sick leave, profit sharing, bonus, further
   grants of stock options, and any other benefits or payments not
   excepted in this letter will cease when you leave your Present


4.  You will be permitted to exercise all vested stock options granted to
   you prior to leaving your Present Position.  If you become unable to
   carry out your assigned duties under this letter, or if you retire,
   the Stock Option Committee has granted you the right to exercise your
   stock options for up to two years after you cease employment.

5.  If you compete in any way with Bio-Rad during the term of your
   employment, or two years thereafter, you will forfeit your right to
   exercise your stock options and to receive the payments provided for
   in this letter.

If this letter correctly confirms our agreement, please sign in the
space provided for below and return one original to me.  The other
original is for your files.


/s/ David Schwartz
   David Schwartz

I hereby confirm and agree to the conditions
of the agreement as stated above.

/s/ James J. Bennett
   James J. Bennett