Entrepreneur Neville Jordan has quit the biotechnology company Protemix with a payout believed to be $100,000.
Acting chief executive Professor Garth Cooper said he and Jordan "parted as friends" after Jordan sued the company.
Jordan, who founded MAS Technology in Hutt Valley and later sold it to Digital Microwave, was an early
shareholder in Protemix, and still holds 19 per cent of the shares. In 2001-02 he was its chairman and chief executive.
But a memorandum prepared for potential investors this year said that at the time of writing Jordan intended to take action "for unpaid salary and/or unjustifiable dismissal".
"At the time Mr Jordan was chief executive, no employment contract existed and no salaries where [sic] being paid to shareholders in executive positions," it said.
"Discussions are continuing with Mr Jordan and it is expected that an amicable settlement will be reached shortly. The maximum amount of any settlement is expected to be $100,000."
Cooper said he would not deny that the settlement was for $100,000.
"There was no problem. All was settled and sorted out and it all ended happily ever after," he said.
He said Jordan and another local director, Perry Knight, would stand down from the board to make room for Birnie Capital Partners' Bill Birnie and David Pool and a British scientist and former director of SmithKline Beecham, Professor Keith Mansford.
