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EX 10.1
RESIGNATION AGREEMENT AND RELEASE
This Resignation Agreement
and Release (“Agreement”) is entered into between
Z Trim Holdings, Inc. (“Employer”) and Gregory J.
Halpern (“Employee”). In consideration
for the mutual promises set forth below, Employer and
Employee agree as follows.
1. Employee has resigned
his employment and his position as
director, effective August 20, 2007.
2. Employer agrees
to:
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a.
Pay Employee three months of severance pay in the amount of 3
month’s worth of current salary, less regular
withholding;
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b.
Pay Employee any amounts due and owing for 15 days of earned but
unused vacation pay, less regular withholding, as determined by the
Company pursuant to the Company’s current policies and
procedures.
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c. Provided
that Employee exercises his right to continue coverage under
thegroup medical plan, Employer will pay the full cost of
coverage for up to sixmonths or until Employee no longer
qualifies for COBRA continuation coverage, whichever occurs
first for the Employee and for Employee’s
family.
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The
payment set forth in paragraph 2(a) will be made in lump sum on or
before August 31, 2007, less regular withholding.
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3. Employee acknowledges
that he has no further right to any benefits or compensation
not provided for in this Agreement, including wages, salary,
severance pay, bonuses or stock options.
4. On behalf of himself,
his heirs, executors, administrators and assigns, Employee
fully releases Employer and all of its affiliated or related
entities, their successors, assigns, officers, directors,
agents, employees and attorneys from all claims, known or
unknown, of any kind of nature whatsoever which Employee has,
claims or may have or claim in the future relating to
Employer and the other released parties referred to
above. This release includes but is not limited to
all liabilities for the payment of any sums for accrued
earnings, bonuses, severance pay, salary, accruals under any
vacation, sick leave or holiday plans, any employee benefits,
any charge, claim or lawsuit under any federal, state or
local law, including but not limited to claims under Title
VII of the Civil Rights Act of 1964, the Civil Rights Act of
1991, the Civil Rights Act of 1866, the Age Discrimination in
Employment Act, as amended by the Older Workers’
Benefit Protection Act, the Americans with Disabilities Act,
the Worker Adjustment Retraining and Notification Act, the
Family and Medical Leave Act, and any tort, contract, quasi
contact and other common laws claims, and for
attorney’s fees.
5. Employee represents
that he has not filed any charges, suits, claims or
complaints against Employer or the other released parties
referred to above, and to the maximum extent permitted by
law, Employee agrees that he will not do so at any time in
the future with respect to any claim which arose prior to the
date of this Agreement. This release forever bars
all suits which arose or
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