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EXHIBIT
10.1
SEVERANCE AND RELEASE
AGREEMENT
This Severance and Release
Agreement (“Agreement”) is made by and between Saflink
Corporation (“Saflink”) and Glenn L. Argenbright
(“Argenbright”) as of April 16, 2007
(“Effective Date”), with respect to the following
facts:
A. Argenbright was employed
as Chief Executive Officer of Saflink pursuant to an Employment
Agreement dated June 6, 2001, as amended in 2001 and as
revised by the compensation committee of Saflink’s Board of
Directors (“Board”) in February 2003 (collectively,
“Employment Agreement”).
B. The Employment Agreement
provides Argenbright with severance benefits of a single sum
payment equal to twelve (12) months of base salary if, among
other things, Saflink’s Board approves a new Chief Executive
Officer.
C. In September 2006,
Saflink’s Board appointed a new interim Chief Executive
Officer of Saflink and reassigned Argenbright to serve as President
and General Manager of FLO Corporation, a wholly owned subsidiary
of Saflink.
D. In lieu of the severance
benefits provided for in the Employment Agreement, Argenbright
proposed, and Saflink has agreed, to supersede the severance
provision in the Employment Agreement and proceed in accordance
with the terms of this Agreement, as set forth below.
THEREFORE, in consideration
of the promises and mutual agreements hereinafter set forth, it is
agreed by and between the undersigned as follows:
1. Severance Package .
Saflink agrees to provide, and Argenbright agrees to accept, the
following payments and benefits (“Severance Package”)
in lieu and complete satisfaction of Argenbright’s right to
receive severance pay as set forth in the Employment Agreement.
Argenbright acknowledges and agrees that this Severance Package
constitutes adequate legal consideration for the promises and
representations made by him in this Agreement.
1.1 Severance Payment
. Saflink agrees to provide Argenbright with a severance payment of
$60,000.00, less all appropriate federal and state income and
employment taxes (“Severance Payment”). The Severance
Payment will be made in a lump sum payment within thirty
(30) days following the Effective Date (“Payment
Date”) of this Agreement provided this Agreement has been
signed by Argenbright on or before the Payment Date.
1.2 Additional
Severance . Saflink further agrees to provide Argenbright with
a promissory note to be executed herewith (the “Promissory
Note”) in the a
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