Exhibit 10.57
RELEASE AGREEMENT
This
General Release (the "Release"), dated as of November 30, 2006, is
by
and among GreenMan Technologies, Inc., a Delaware corporation and
Robert H.
Davis ("Mr. Davis")
WHEREAS,
GreenMan and Mr. Davis entered into an Employment Agreement,
dated as of April 2,1999 (the "Employment Agreement").
WHEREAS,
On April 12, 2006, Mr. Davis and GreenMan reached an agreement
whereby Mr. Davis tendered his resignation as President, Chief
Executive Officer
and Director of GreenMan with Mr. Davis's severance to commence May
1, 2006.
WHEREAS,
Section 7.4 of the Employment Agreement provides for certain
payments to be made to Mr. Davis pursuant to such resignation of
which there
have been several agreed upon negotiations.
NOW,
THEREFORE, in consideration of the mutual covenants set forth
herein
and of other valuable consideration, the receipt and sufficiency of
which are
hereby acknowledged, the parties hereto agree as follows:
1.
GreenMan agrees to pay Mr. Davis or his estate (with specific
reference
to Mr. Davis's wife, Nancy Karfilis Davis):
a) an
amount equal to one years salary ($230,000), payable in 26
equal
bi-weekly amounts pursuant to GreenMan's normal payment cycle and
commencing May
1, 2006 and ending on the pay date of May 4, 2007.
b) an
amount equal to seven weeks of earned but unused vacation pay
totaling $30,962 payable in three bi-weekly payments of $8,846.15
commencing
with the pay date of May 18, 2007 with a final payment of $4,423.08
paid on the
pay date of June 29, 2007.
c)
GreenMan agrees to either pay for or reimburse Mr. Davis or his
estate,
for his monthly health insurance coverage, not to exceed $1,500 per
month during
the period of May 2006 through June 2007. Reimbursement shall be
made within 3
days of receipt by GreenMan of a copy of the check and invoice made
by Mr. Davis
or his estate for said health coverage.
d)
GreenMan agrees to maintain and pay Mr. Davis's monthly life
insurance
premium (total insured amount is $230,000), as currently being done
under
GreenMan's UNUM life insurance program for the period of May 1,
2006 through
June 30, 2007. Mr. Davis will have 31 days after June 30, 2007 in
which to
notify UNUM of his
