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AGREEMENT AND COMPLETE
AND
FULL GENERAL RELEASE
Bernard Walik ("Executive") and Ionatron, Inc.,
(the "Company"), have agreed to conclude their employment
relationship. The parties have agreed that, based upon
Executive’s past service to Company and the parties’
mutual desire to amicably conclude the employment relationship,
that Executive and Company enter into this Agreement and Complete
and Full General Release ("Agreement"). In consideration of the sum
to be paid and other promises set out in this Agreement, the
receipt and sufficiency of which are hereby acknowledged, and
intending to be legally bound, the parties agree to the following
terms:
1. Conclusion of
Employment. Executive’s employment by
Company will terminate on January 19, 2007 ("Separation Date").
Executive hereby terminates his position as Executive Vice
President - Operations and any other positions he holds with the
Company or any subsidiary of the Company.
2. Payment Upon
Separation; Consideration for Executive’s
Agreements. Assuming the Executive does not
revoke this Agreement within the revocation period set forth in
Paragraph 6, below, in consideration for executing this Agreement
and complying with its terms, Executive will receive a severance
payment from the Company in an amount not to exceed $92,579.33,
less appropriate tax withholdings and authorized deductions,
commencing on the first Company pay date subsequent to the
expiration of the revocation period. Company agrees to pay the
severance payment to Executive in accordance with schedule 1,
attached hereto. The Company shall also pay base COBRA payments
(equivalent to medical and dental elections at termination) up and
until the earlier of the following occurs: a) Executive is eligible
to receive benefits from any other source or provider (new
employer, consulting engagement, change of status, etc.) or b) a
period of twelve months from Separation Date. Executive shall
promptly notify Company of any changes in benefit status subject to
point a above. Executive is responsible for any and all taxes,
liabilities or expenses associated with COBRA payments. Executive
shall receive a 1099 at year end for such COBRA payments. Executive
also acknowledges that he received two-weeks of pay in lieu of
notice.
In addition to the consideration set forth above,
Executive shall receive all earned, but unused, vacation pay on the
first Company pay date subsequent to the Separation
Date.
3. Health Insurance
Transitional Support. Company will comply
with its obligations and provide all required notices to Executive
of Executive’s rights under the Consolidated Omnibus Budget
Reconciliation Act ("COBRA").
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Initials: Executive
_________ Company _________
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4.
Confidentiality. Executive agrees
to keep the terms of this Agreement strictly confidential.
Executive may only disclose the information in this Agreement to
Executive’s immediate family, attorney(s) and/or tax
advisor(s) unless ordered to do so by a duly authorized subpoena
issued by an appropriate agency or court of law.
5. Confidential
Information. Executive acknowledges that
the information, observations and data obtained by Executive while
employed by the Company concerning the business or affairs of the
Company ("Confidential Information") are the property of the
Company. Therefore, Executive agrees that Executive shall not
disclose to any unauthorized person or use for Executive’s
own purposes any Confidential Information without the prior written
consent of the Chief Executive Officer of Company, unless and to
the extent such information becomes generally known to and
available for use by the public other than as a result of
Executive’s acts or omissions. Executive further acknowledges
and agrees that the terms of the Confidentiality and Assignment
Acknowledgement and Agreement Executive signed by Executive while
he was employed by Company survive the termination of
Executive’s employment and remain in full force and effect.
Executive shall promptly deliver to the Company all memoranda,
notes, plans, records, reports, computer tapes, printouts and
software and other documents and data (and copies thereof) in any
form or medium relating to the Confidential Information or the
business of the Company that Executive may then possess or have
under Executive’s Control. In addition, Executive shall
promptly return to Company all assets of the Company including, but
not limited to, computer equipment and cellular phones. Executive
shall not disparage the commercial, business or financial
reputation of the Company or any of its officers, directors or
employees.
6. Waiver of
Claims. Executive, individually and on
behalf of Executive’s estate, heirs, personal
representatives, and assigns hereby release, remise and forever
discharge the Company of and from any and all actions, causes of
action, claims, debts, dues, accounts, accountings, losses,
liabilities, contracts, commitments, rights, obligations, damages,
costs and expenses, including without limitation litigation
expenses and attorneys fees, of any nature whatsoever, whether
known or unknown, liquidated or contingent, whether now existing or
hereafter arising, (each individually a "Claim" and all of the
foregoing collectively called "Claims"), which Executive had, now
has, or may in the future have, including without limitation any
Claims: (a) for libel, slander, defamation, or tortious
interference with actual or prospective business or contractual
relations, which are based in whole or in part on any facts,
circumstances or events which are
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