Preview
FILED: NEW YORK COUNTY CLERK 06/01/2024 12:30 AM INDEX NO. 651341/2020
6
NYSCEF DOC. NO. 270 RECEIVED NYSCEF: 06/01/2024
XPI-00044193-XPI-00044193
EXHIBIT
FILED: NEW YORK COUNTY CLERK 06/01/2024 12:30 AM INDEX NO. 651341/2020
NYSCEF DOC. NO. 270 RECEIVED NYSCEF: 06/01/2024
From: Caio Azevedo
Sent: Thursday, February 27, 2020 2:59 PM
To: bruno.bagnoli@xpi.com.br
Subject: FW: Letter of Termination
Attach: NYC-#5129459-v5-Letter to B_Kim_re_Termination for Cause.pdf
From: Dalal Ghosn
Sent: Thursday, February 27, 2020 12:32 PM
To: Caio Azevedo ; fabricio.almeida@xpi.com.br; carlos.ferreira@xpi.com.br
Subject: FW: Letter of Termination
*confidencial*
PSC
From: Dalal Ghosn
Sent: Thursday, February 27, 2020 12:28 PM
To: bruce kim
CC: Solecki Jr, Albert J ; HROffshore ; Legal Offshore
Subject: Letter of Termination
Bruce,
Please see the attached correspondence from XP. A copy has also been mailed to you and Albert Solecki, Jr.
Dalal Abi Ghosn
XP Investments | Legal Department
(646) 578-8975
www.xpi.us [xpi.us]
São Paulo | SP Miami | FL NewYork | NY London | UK
Av. Chedid Jafet, 75 | 30° andar 701 Brickell Ave | 21st Floor 55 W46th Street |30th Floor 30 Crown Place | 12th Floor
Corporate Towers | Torre Sul | 04551-065 Midtown | 10036 City of London | EC2A4ES
Brickell | 33131
XPInvestments US, LLC is a memberof FINRA, SIPC, and NFA. XPInvestimentos CCTVM
S/A is a Brazilian broker dealer registered at Brazil Central Bank and
Comissão de Valores Mobiliários - CVM. XPInvestments US and XPInvestimentos are affiliated companies
This e-mail (including any attachments) is confidential, may contain proprietary or privileged information and is intended for the namedrecipient(s) only. Unintended
recipients are prohibited from taking action on the basis of information in this e-mail and must delete all copies. XPInvestments US will not accept responsibility or
liability for the accuracy or completeness of, or the presence of any virus or disabling code in, this e-mail. If verification is sought please request a hard copy. Any
reference to the terms of executed transactions should be treated as preliminary only and subject to formal written confirmation by XPInvestments US. XP
Investments USreserves the right to monitor e-mail communications through its networks (in accordance with applicable laws). No confidentiality or privilege is
waived or lost by XP Investments USby any mistransmission of this e-mail.
XPI-00044193
CONFIDENTIAL XPl-00044193
FILED: NEW YORK COUNTY CLERK 06/01/2024 12:30 AM INDEX NO. 651341/2020
NYSCEF DOC. NO. 270 RECEIVED NYSCEF: 06/01/2024
XPI-00044194-XPI-00044195
FILED: NEW YORK COUNTY CLERK 06/01/2024 12:30 AM INDEX NO. 651341/2020
NYSCEF DOC. NO. 270 RECEIVED NYSCEF: 06/01/2024
February 27, 2020
VIA FEDEXANDE-MAIL
Mr. Bruce Kim
96 Gardiners Bay Drive. #27
Shelter Island Heights, NY11965
Email: Bruce.kinJ@mac.com
Re: Notice of Termination of Employment for Cause
Dear Bruce:
This letter serves as written notice, effective immediately, that XP Investments US,
LLC
pursuant to Section 11(b)(i) and (v) of your
("XP") has terminated your employment for Cause,
employment agreement, dated June 29, 2017, as amended (the "Employment Agreement"). More
specifically, you have committed willful misconduct and gross serious misconduct in the
performance of your duties and responsibilities, disregarded XP's written rules and policies,
and Management Code of
the People Ethics and Conduct (the "Code"), and engaged in
including
commonlaw disloyalty and insubordination.
Over the past several months,XPhas received numerous complaints from employees about
your harassing, denigrating and unprofessional conduct, leading XP to conduct an internal
investigation. XP hasdetermined that your behavior is destructive to its central values and
violative of its critical workplace rules and standards. By way of example: (i) you regularly yell
at employees in a manner that can be heard across XP's trading floor, and often punctuate this
others'
you are dismissive of ideas and
screaming with derisive and harassing name-calling; (ii)
opinions and often are unable to address even routine workplace matters without engaging in rude,
disrespectful and unprofessional behavior towards your colleagues and counterparties; and (iii)
you show contempt and disregard for XP's culture and rules. Such conduct, among other things,
has engendered a dysfunctional work environment, whereby constructive criticism and
collaboration have been stifled, and morale has been depleted. This has frustrated workplace
at XP generally, as well as your ability to achieve your specific objectives,
productivity
notwithstanding substantial time and investment by XP.
Your conduct at XP not
only violates all standards of decency and professionalism,
but
contravenes XP's policies and values. As you know, XP requires that its employees
expressly
abide by its policies and uphold its values, many of which are encapsulated in the Code. Such
obligations include having an open mind, welcoming different points of views, and encouraging
an entrepreneurial spirit. Such obligations further oblige your compliance with XP's zero
a prohibition on
tolerance policy for harassing or demeaning behavior in the workplace, including
and of an individual.
any verbal or written harassment that violates the dignity integrity
. -00044194 -
CONFIDENTIAL XPl-00044194
FILED: NEW YORK COUNTY CLERK 06/01/2024 12:30 AM INDEX NO. 651341/2020
NYSCEF DOC. NO. 270 RECEIVED NYSCEF: 06/01/2024
XP INVESTMENTSUS, LLC
Mr. Bruce Kim
February 27, 2020
Page 2
XP counseled you, both in writing and afforded you many opportunities,
and verbally, to
with
change your improper and harassing behavior, improve your communications, comply the
work environment for your team and your colleagues. You further
Code, and foster a positive
were informed that any violation of the Code could subject you to discipline up to and including
termination. Your misconduct nonetheless persisted and became further insubordinate, thereby
and termination for Cause.
leading XPto place you on suspension on January 27, 2020, to this
Accordingly, XP hereby demands your compliance with the repayment provisions of
Section 3(d) of the Employment Agreement. Within three days, you must repay your percentage
date. Because your
of the Sign On Payment that you have not earned through the termination
employment with XP lasted 752 days of the initial Term, your required repayment amount under
Section 3(d) is $117,634.17. This amount can be paid by check to XPand sent to the
undersigned's
attention at XP.
XP furtherreminds you of your post-employment obligations, and particularly, those
contained in Sections 6, 7 and 8 of your Employment Agreement. These obligations expressly
survive the termination of your employment and XP will insist on and enforce your strict
compliance with them. For the avoidance of doubt, this includes your full compliance with the
non-competition provisions of Section of the Employment Agreement. For the further
8(a)
avoidance of doubt, your confidentiality obligations require you to keep the transaction
contemplated by XP with respect to its FX Asia group strictly confidential; you therefore may not
use your knowledge of the potential transaction, or your knowledge of any of XP's intellectual
property contemplated by the transaction (or otherwise), for any purpose whatsoever. XP notes
that any breach or threatened breach of Sections 6, 7 or 8 of the Employment Agreement shall
XP to both equitable relief, injunctive relief, and monetary damages.
entitle including
Please note that nothing contained in or omitted from this letter is, or should be construed
as, a limitation, restriction or waiver, express or implied, of any of XP's rights and remedies in
connection with any of the matters raised herein, all of which are expressly reserved.
S er ,
D osn
cc: Albert J. Solecki, Esq. (via FedEx and e-mail)
- ----- XPI-00044195
CONFIDENTIAL XPl-00044195
Preview
FILED: NEW YORK COUNTY CLERK 06/01/2024 12:30 AM INDEX NO. 651341/2020 6 NYSCEF DOC. NO. 270 RECEIVED NYSCEF: 06/01/2024 XPI-00044193-XPI-00044193 EXHIBIT FILED: NEW YORK COUNTY CLERK 06/01/2024 12:30 AM INDEX NO. 651341/2020 NYSCEF DOC. NO. 270 RECEIVED NYSCEF: 06/01/2024 From: Caio Azevedo Sent: Thursday, February 27, 2020 2:59 PM To: bruno.bagnoli@xpi.com.br Subject: FW: Letter of Termination Attach: NYC-#5129459-v5-Letter to B_Kim_re_Termination for Cause.pdf From: Dalal Ghosn Sent: Thursday, February 27, 2020 12:32 PM To: Caio Azevedo ; fabricio.almeida@xpi.com.br; carlos.ferreira@xpi.com.br Subject: FW: Letter of Termination *confidencial* PSC From: Dalal Ghosn Sent: Thursday, February 27, 2020 12:28 PM To: bruce kim CC: Solecki Jr, Albert J ; HROffshore ; Legal Offshore Subject: Letter of Termination Bruce, Please see the attached correspondence from XP. A copy has also been mailed to you and Albert Solecki, Jr. Dalal Abi Ghosn XP Investments | Legal Department (646) 578-8975 www.xpi.us [xpi.us] São Paulo | SP Miami | FL NewYork | NY London | UK Av. Chedid Jafet, 75 | 30° andar 701 Brickell Ave | 21st Floor 55 W46th Street |30th Floor 30 Crown Place | 12th Floor Corporate Towers | Torre Sul | 04551-065 Midtown | 10036 City of London | EC2A4ES Brickell | 33131 XPInvestments US, LLC is a memberof FINRA, SIPC, and NFA. XPInvestimentos CCTVM S/A is a Brazilian broker dealer registered at Brazil Central Bank and Comissão de Valores Mobiliários - CVM. XPInvestments US and XPInvestimentos are affiliated companies This e-mail (including any attachments) is confidential, may contain proprietary or privileged information and is intended for the namedrecipient(s) only. Unintended recipients are prohibited from taking action on the basis of information in this e-mail and must delete all copies. XPInvestments US will not accept responsibility or liability for the accuracy or completeness of, or the presence of any virus or disabling code in, this e-mail. If verification is sought please request a hard copy. Any reference to the terms of executed transactions should be treated as preliminary only and subject to formal written confirmation by XPInvestments US. XP Investments USreserves the right to monitor e-mail communications through its networks (in accordance with applicable laws). No confidentiality or privilege is waived or lost by XP Investments USby any mistransmission of this e-mail. XPI-00044193 CONFIDENTIAL XPl-00044193 FILED: NEW YORK COUNTY CLERK 06/01/2024 12:30 AM INDEX NO. 651341/2020 NYSCEF DOC. NO. 270 RECEIVED NYSCEF: 06/01/2024 XPI-00044194-XPI-00044195 FILED: NEW YORK COUNTY CLERK 06/01/2024 12:30 AM INDEX NO. 651341/2020 NYSCEF DOC. NO. 270 RECEIVED NYSCEF: 06/01/2024 February 27, 2020 VIA FEDEXANDE-MAIL Mr. Bruce Kim 96 Gardiners Bay Drive. #27 Shelter Island Heights, NY11965 Email: Bruce.kinJ@mac.com Re: Notice of Termination of Employment for Cause Dear Bruce: This letter serves as written notice, effective immediately, that XP Investments US, LLC pursuant to Section 11(b)(i) and (v) of your ("XP") has terminated your employment for Cause, employment agreement, dated June 29, 2017, as amended (the "Employment Agreement"). More specifically, you have committed willful misconduct and gross serious misconduct in the performance of your duties and responsibilities, disregarded XP's written rules and policies, and Management Code of the People Ethics and Conduct (the "Code"), and engaged in including commonlaw disloyalty and insubordination. Over the past several months,XPhas received numerous complaints from employees about your harassing, denigrating and unprofessional conduct, leading XP to conduct an internal investigation. XP hasdetermined that your behavior is destructive to its central values and violative of its critical workplace rules and standards. By way of example: (i) you regularly yell at employees in a manner that can be heard across XP's trading floor, and often punctuate this others' you are dismissive of ideas and screaming with derisive and harassing name-calling; (ii) opinions and often are unable to address even routine workplace matters without engaging in rude, disrespectful and unprofessional behavior towards your colleagues and counterparties; and (iii) you show contempt and disregard for XP's culture and rules. Such conduct, among other things, has engendered a dysfunctional work environment, whereby constructive criticism and collaboration have been stifled, and morale has been depleted. This has frustrated workplace at XP generally, as well as your ability to achieve your specific objectives, productivity notwithstanding substantial time and investment by XP. Your conduct at XP not only violates all standards of decency and professionalism, but contravenes XP's policies and values. As you know, XP requires that its employees expressly abide by its policies and uphold its values, many of which are encapsulated in the Code. Such obligations include having an open mind, welcoming different points of views, and encouraging an entrepreneurial spirit. Such obligations further oblige your compliance with XP's zero a prohibition on tolerance policy for harassing or demeaning behavior in the workplace, including and of an individual. any verbal or written harassment that violates the dignity integrity . -00044194 - CONFIDENTIAL XPl-00044194 FILED: NEW YORK COUNTY CLERK 06/01/2024 12:30 AM INDEX NO. 651341/2020 NYSCEF DOC. NO. 270 RECEIVED NYSCEF: 06/01/2024 XP INVESTMENTSUS, LLC Mr. Bruce Kim February 27, 2020 Page 2 XP counseled you, both in writing and afforded you many opportunities, and verbally, to with change your improper and harassing behavior, improve your communications, comply the work environment for your team and your colleagues. You further Code, and foster a positive were informed that any violation of the Code could subject you to discipline up to and including termination. Your misconduct nonetheless persisted and became further insubordinate, thereby and termination for Cause. leading XPto place you on suspension on January 27, 2020, to this Accordingly, XP hereby demands your compliance with the repayment provisions of Section 3(d) of the Employment Agreement. Within three days, you must repay your percentage date. Because your of the Sign On Payment that you have not earned through the termination employment with XP lasted 752 days of the initial Term, your required repayment amount under Section 3(d) is $117,634.17. This amount can be paid by check to XPand sent to the undersigned's attention at XP. XP furtherreminds you of your post-employment obligations, and particularly, those contained in Sections 6, 7 and 8 of your Employment Agreement. These obligations expressly survive the termination of your employment and XP will insist on and enforce your strict compliance with them. For the avoidance of doubt, this includes your full compliance with the non-competition provisions of Section of the Employment Agreement. For the further 8(a) avoidance of doubt, your confidentiality obligations require you to keep the transaction contemplated by XP with respect to its FX Asia group strictly confidential; you therefore may not use your knowledge of the potential transaction, or your knowledge of any of XP's intellectual property contemplated by the transaction (or otherwise), for any purpose whatsoever. XP notes that any breach or threatened breach of Sections 6, 7 or 8 of the Employment Agreement shall XP to both equitable relief, injunctive relief, and monetary damages. entitle including Please note that nothing contained in or omitted from this letter is, or should be construed as, a limitation, restriction or waiver, express or implied, of any of XP's rights and remedies in connection with any of the matters raised herein, all of which are expressly reserved. S er , D osn cc: Albert J. Solecki, Esq. (via FedEx and e-mail) - ----- XPI-00044195 CONFIDENTIAL XPl-00044195