LAWSUITS NEWS & LEGAL INFORMATION
Termination Agreement
Carencro, LA: (Apr-29-08) Darcy Klug brought a lawsuit against Omni Energy Services Corp. and certain of its directors, over a dispute regarding his employment contract. Sources familiar with the negotiations stated that the two sides had reached a settlement, in which the company and Klug mutually agreed to terminate his employment agreement. Pertaining to the termination, OMNI ENERGY and Klug agreed to a Restricted Stock and Stock-Based Award Incentive Agreement that was dated Jan. 5, 2007, through which both the Company and Klug waived, released and discharged each other from all claims, liabilities, demands, and causes of action to which each party may have or claim to have against the other party.
Under the terms of the settlement agreement, the company will pay Klug $125,000 immediately and an aggregate additional amount of $1.13 million, which amount has been placed in trust for payout at future dates. Additionally, the two parties have entered into a Non-competition Agreement, which contains a non-compete provision for a period of two years and a non-solicitation provision for a period of one year. [YAHOO FINANCE: OMNI ANNOUNCES SETTLEMENT OF LAWSUIT]
Published on Apr-30-08
Under the terms of the settlement agreement, the company will pay Klug $125,000 immediately and an aggregate additional amount of $1.13 million, which amount has been placed in trust for payout at future dates. Additionally, the two parties have entered into a Non-competition Agreement, which contains a non-compete provision for a period of two years and a non-solicitation provision for a period of one year. [
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