GVHR » Topics » Severance Agreement with Erik Vonk

This excerpt taken from the GVHR DEF 14A filed Apr 17, 2008.

Severance Agreement with Erik Vonk

        In connection with Mr. Vonk's resignation as our Company's chief executive officer and chairman of our board effective October 18, 2007 (the "Severance Date"), Mr. Vonk and the Company entered into a Separation Agreement and Full and Final Release of Claims, dated November 2, 2007. Pursuant to Mr. Vonk's March 21, 2002 employment agreement with the Company, Mr. Vonk is entitled to certain severance and other post-termination benefits and payments that are detailed in the Separation Agreement. Mr. Vonk will be paid a total of $1,500,000 through October 18, 2009, together with health and welfare benefits through that period of time. The Separation Agreement also provides an extension of Mr. Vonk's 90 day option exercise period (i) to the period ending on the first anniversary of the Severance Date to exercise (a) the option granted to him on March 21, 2002 to purchase 100,000 shares of Company stock at a per share price of $3.02 and (b) the option granted to him on May 30, 2002 to purchase 900,000 shares of Company stock at a per share price of $3.90 and (ii) to the period ending on the second anniversary of the Severance Date to exercise (a) the option granted to him on December 15, 2003 (but only to the extent vested as of the Severance Date) with respect to the right to purchase 68,181 of Company stock at a per share price of $21.85, (b) the option granted to him on February 15, 2005 (but only to the extent vested as of the Severance Date) with respect to the right to purchase 57,937 shares of Company stock at a per share price of $21.14, and (c) the option granted to him on February 22, 2006 (but only to the extent vested as of the Severance Date) with respect to the right to purchase 34,762 shares of Company stock at a per share price of $29.22.

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