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Exhibit 10.26.1
SEPARATION AND RELEASE AGREEMENT
I, Bruce Gray ("Employee," "me" or "I"), understand that my
position with American Technology Corporation (the "Company") was
terminated effective September 19, 2006 (the "Separation Date").
The Company has agreed that in exchange for my signature on this
Agreement and the promises and covenants herein, the Company will
pay me severance in the amount of $90,000 (Ninety Thousand Dollars
and No Cents) minus the standard withholdings and deductions. This
payment will be made within five (5) business days after the
expiration of the revocation period described below. I understand
that I am not entitled to this severance payment unless I sign and
do not revoke this Agreement. I understand and agree that in
addition to this severance the Company has paid me all of my
accrued salary and vacation, to which I am entitled by law.
In exchange for the consideration provided to me by this
Agreement that I am not otherwise entitled to receive, I hereby
unconditionally and completely release the Company and its
directors, officers, employees, shareholders, partners, agents,
attorneys, predecessors, successors, parent and subsidiary
entities, insurers, affiliates, and assigns from any and all
claims, liabilities and obligations, both known and unknown, that
arise out of or are in any way related to events, acts, conduct, or
omissions occurring prior to my signing this Agreement. This
general release includes, but is not limited to: (1) all claims
arising out of or in any way related to my employment with the
Company or the termination of that employment; (2) all claims
related to my compensation or benefits from the Company, including
salary, bonuses, commissions, vacation pay, expense reimbursements,
severance pay, fringe benefits, stock, stock options, or any other
ownership interests in the Company; (3) all claims for breach of
contract, wrongful termination, and breach of the implied covenant
of good faith and fair dealing; (4) all tort claims, including
claims for fraud, defamation, emotional distress, and discharge in
violation of public policy; and (5) all federal, state, and local
statutory claims, including claims for discrimination, harassment,
retaliation, attorneys’ fees, or other claims arising under
the federal Civil Rights Act of 1964 (as amended), the federal
Americans with Disabilities Act of 1990, the federal Age
Discrimination in Employment Act of 1967 (as amended) ("ADEA"), and
the California Fair Employment and Housing Act (as amended) and
other analogous state and local laws or regulations.
In giving this release, which includes claims which may be
unknown to me at present, I hereby acknowledge that I have read and
understand Section 1542 of the Civil Code of the State of
California which reads as follows:
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