Exhibit 10.1
SEPARATION AGREEMENT AND RELEASE
This Agreement is being entered into on February 6, 2007,
between Elcom International,
Inc. on
behalf of and for the benefit of itself and all related
corporate
entities,
its and their
officers,
directors,
employees, shareholders, agents, successors and assigns
(hereinafter collectively:the“Company”), and Paul C.
Bogonis (hereinafter the “Employee”).
The Company and the Employee
have
mutually
agreed that the Employee
shall end his
employment
relationship
with the Company.
Both the Company and the Employee
desire to enter into this
Agreement to finally
resolve all questions of
compensation,
entitlement
to benefits,
and any and all other
claims,
whether know or
unknown, which the Employee may have relating to employment with
and separation from the Company.
In consideration of the mutual promises contained in this
Separation
Agreement and Release,
and
intending to be legally bound, the parties agree as follows:
1.
Employee’s termination date will be February 6, 2007.
2.
The Company will pay Employee the sum of Forty Thousand Dollars
($40,000.00) as severance pay.
Such
amount
shall be
subject
to normal
withholdings.
It shall be paid in a lump sum by check
payable to Paul
Bogonis delivered to him in hand on the day after the Effective
Date, as that date is defined in Section 14.
3.
The Employee waives, relinquishes, and releases the Company from
any and all rights or claims
that he/she might have arising out of employment
with the Company and the
termination of that
employment for any
and all reasons,
including, but not limited to, claims of age discrimination,
employment
discrimination,
breach
of contract,
attorney’s fees, wrongful
termination or any
other tort,
whether or not the Employee knows of such
claims now.
The Employee
waives,
relinquishes,
and releases any rights or claims
he/she may have under the Age
Discrimination
in Employment Act of 1967, the U.S. Civil Rights Act of 1964, the
Americans with
Disabilities Act,
or any other similar federal or state law or local ordinance.
The Company waives,
relinquishes,
and releases the
Employee
from any and all rights or claims that it might have against the
Employee in
connection
with or arising
out of the Employee’s
employment with the Company,
his termination of employment or the performance of his duties
for the Company at any time.
4.
The Company will not contest a claim by Employee for unemployment
compensation benefits.
5.
The
Employee agrees that he will make no statement and will take no
action
which in any way
disparages,
ridicules,
or defames th
