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SEPARATION AGREEMENT AND GENERAL RELEASE

Release Agreement

SEPARATION AGREEMENT AND GENERAL RELEASE | Document Parties: Employee Released Parties | Siena Released Parties | Siena Technologies, Inc You are currently viewing:
This Release Agreement involves

Employee Released Parties | Siena Released Parties | Siena Technologies, Inc

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Title: SEPARATION AGREEMENT AND GENERAL RELEASE
Governing Law: Nevada     Date: 6/1/2007
Industry: Communications Services     Sector: Services

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SEPARATION AGREEMENT AND GENERAL RELEASE

 

This Separation Agreement and General Release (this "Agreement") is between Christopher G. Pizzo ("Employee") and Siena Technologies, Inc. ("Siena"), dated as of the 25 th day of May 2007. Employee and Siena are referred to collectively as the “Parties.”

 

WHEREAS, Employee is currently serving as a Director and as the Chief Financial Officer at Siena, and Siena and Employee have mutually determined to conclude and terminate their employment relationship and Employee’s service on the Board of Directors of Siena on the terms provided herein; and

 

WHEREAS, Employee and Siena desire to resolve all claims, disputes and causes of action which Employee, Employee's heirs, executors, administrators and assigns (the “Employee Released Parties”) have or may have against Siena and its officers, directors, agents, employees, agents, successors and assigns (the “Siena Released Parties”) and all claims, disputes and causes of action which the Siena Released Parties may have against the Employee Released Parties;

 

NOW THEREFORE, the Parties hereby agree as follows:

 

1.              Resignation . Employee hereby resigns as a Director at Siena effective immediately. Employee hereby resigns as the Chief Financial Officer of Siena effective upon the earlier to occur of (i) notification from the Board of Directors of Siena that the resignation is effective or (ii) the date of the Company’s submission to the Securities and Exchange Commission of its Form 10-QSB for the period ending June 30, 2007, (the "Separation Date").

 

2.              Payment . In addition to payment of salary through the Separation Date, Siena shall pay Employee the sum of (i) $90,000.00 (ninety thousand dollars) less any applicable withholding taxes, which is equal to Employee’s current monthly salary, for a period of six months, in accordance with Employee’s Employment Agreement effective March 27, 2006, (ii) Employee’s monthly car allowance for a period of six months, (iii) Employee’s monthly life insurance allowance for a period of six months, and (iv) Employee’s accrued and unpaid vacation pay (the “Separation Payment”). Siena will make the Separation Payment as follows: (i) Siena will pay a first installment consisting of $45,000 (forty five thousand dollars) plus Employee’s accrued and unpaid vacation pay through the Separation Date, less any applicable withholding taxes on the Separation Date (ii) Siena will pay Employee’s monthly car allowance within 5 business days of receiving an invoice from Employee, (iii) Siena will pay Employee’s monthly life insurance allowance in the same manner as it is currently being paid, and (iv) Siena will pay a second installment of $45,000 (forty five thousand dollars) less any applicable withholding taxes within 90 days following the Separation Date.

 

3.              Termination of Stock Options and Warrants . Effective as of the Separation Date, all of Employee’s outstanding options and warrants to purchase the common stock of Siena or other securities issued by Siena shall be terminated and cancelled and shall be of no further force and effect.

 


 

4.              Release of Siena . Effective as of the Separation Date, except for the obligations of Siena under this Agreement, Employee, on behalf of Employee and the Employee Released Parties, does hereby release, acquit and forever discharge the Siena Released


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