EXHIBIT 10.1
 
MUTUAL RELEASE AND SEPARATION AGREEMENT
 
THIS MUTUAL RELEASE AND SEPARATION AGREEMENT (this “Agreement”) is made as of
the 7th day of September, 2007, by Peter Khoury, an individual (“Khoury”), and
GLOBETEL COMMUNICATIONS CORP., a Delaware corporation (“GlobeTel”).
 
Preliminary Statements

Khoury has been employed as Chief Executive Officer and has been a director of
GlobeTel Communications Corp. In connection with Khoury’s employment, Khoury was
entitled to certain compensation and benefits.

Khoury and GlobeTel wish to resolve and to settle all issues between them
relating to the employment of Khoury by GlobeTel, including without limitation,
all issues relating to salary and bonus payable to Khoury, as hereinafter set
forth
 
W I T N E S S E T H:

NOW, THEREFORE, in consideration of the foregoing premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties do hereby agree as follows:

1.    Preliminary Statements. The foregoing Preliminary Statements are true and
form a part of this Agreement.

2.    Severance. GlobeTel shall pay, provide and/or issue to Khoury:

a.    An amount equal to $83,333 (4 monthly pay periods, May thru August)
representing the amount due for unpaid salary due to be paid according to
sub-paragraph f below;
b.    1,333,333 options for Shares of GlobeTel common stock valued as set forth
on Appendix A to the Employment Agreement to be provided on execution of this
Agreement;

c.    Accrued but unpaid expenses of $60,017.78 to be paid according to
sub-paragraph f below; ;

d.    801,045 shares of GlobeTel Common stock, or cash equivalent, representing
the amount due for stock component of unpaid salary, as set forth on Appendix A
to the Employment Agreement to be issued on execution of this Agreement;

e.    $125,000 in cash in full settlement of the severance provisions of
Khoury’s Employment Agreement to be paid according to sub-paragraph f below.

 
 

--------------------------------------------------------------------------------

 

f.    The cash payments set forth in sub-paragraphs a, c and e above shall be
paid in 12 equal monthly installments. However, when the Company has received
financing the Company shall also allocate 10% of the first round of funding and
15% of each further round of such financing to provide immediate lump sum
payments to Khoury. Notwithstanding the lump sum payments, monthly payments will
continue to be made by GlobeTel to Khoury until all cash amounts in
sub-paragraphs a, c and e are fully paid up within a maximum period of 6 months
from the date of execution thereof.

g.    GlobeTel will pay for all air freight costs associated with shipping all
of Khoury’s personal belongings from Miami to his home address in London.
 
3.    Treatment of Stock Options.

(a)    Khoury may exercise the following Options,
i.    500,000 options as set forth on Appendix A to the Employment Agreement,
previously granted to him in whole or part from time to time at any time during
the option period set forth in his Option Agreement.

ii.    657,895 of the 1,315,789 options granted on May 22, 2007 in whole or part
from time to time at any time during the option period set forth in his Option
Agreement. The remaining 657,894 options granted on that date shall be canceled.

(b)    If GlobeTel is acquired as a result of a friendly or hostile takeover or
merger or other combination, all the stock and option based compensation that
Khoury would be entitled should this Agreement, or any of his option agreements,
have run for their term shall immediately become vested and due to Khoury.

(c) GlobeTel hereby amends the Option Agreement to delete any reference to the
GlobeTel Stock Option Plan, including but not limited to, any provision
providing that the Option Agreement incorporates any terms of the GlobeTel Stock
Option Plan that requires a holder of Options to exercise such options prior to
the end of the option term in the event of termination of employment, and to
confirm that the Options may be exercised at any time or from time to time.
GlobeTel agrees to take such actions as may be necessary to facilitate the
exercise of the Options and the issuance of Option Shares during the option term
set forth in the Option Agreement.

 
 

--------------------------------------------------------------------------------

 
 
4.    Retention and Assignment of Company Property. GlobeTel hereby assigns to
Khoury all right, title and interest that it may have in the Sony Vaio laptop,
Samsung Monitor and HP Printer, in the possession of Khoury. GlobeTel will pay
for Khoury to provide a “clone” copy of the hard drive of the laptop. GlobeTel
will pay for Khoury to ship one (1) HotZone 4010 unit and associated antenna
from London to GlobeTel offices in Miami. Khoury shall delete or cause to be
deleted any and all proprietary information, trade secrets or any other
information or programs in his possession that are the property of GlobeTel.
This shall include any work-product of Khoury that was created on behalf of
GlobeTel or at GlobeTel’s expense.

5.    Mutual Release. In consideration of the agreements and mutual promises
made herein, GlobeTel, on the one hand, and Khoury, on the other hand, hereby
mutually release and forever discharge each other, from all actions, suits,
debts, dues, sums of money, accounts, covenants, contracts, controversies,
agreements, trespasses, damages, judgments, claims, demands and all other
liabilities and obligations whatsoever, in law or in equity, known or unknown,
existing or which may arise in the future, and fixed or contingent (each a
“Claim”), that the parties ever had, now has or hereafter, can, shall or may
have, from any matter, cause or thing whatsoever, from the beginning of the
world through the date hereof, other than the parties’ respective obligations
under this Agreement and the other agreements contemplated hereby. The parties
represent that no portion of any Claim has been assigned or transferred by
subrogation or otherwise to any other person, firm, or entity.

6.    Indemnification. The Company agrees to indemnify Khoury to the fullest
extent permitted by law consistent with the company's bylaws in effect as of the
date hereof with respect to any acts or omissions he may have committed during
the period during which he was an officer, director and/or employee of the
company or any subsidiary thereof, or of any other entity of which he served as
an officer, director or employee at the request of the company. The foregoing
provisions will survive termination of the Employee's employment with the
Company for any reason whatsoever and regardless of fault.
 
7.    Miscellaneous.

(b)    Entire Agreement. This Agreement contains the entire agreement and
understanding of the parties, and supercedes all prior agreements and
understandings, written or oral; is irrevocable and may not be modified or
terminated except to the extent, if any, set forth in a writing signed by the
parties.

(c)    Governing Law; Jurisdiction and Venue. This Agreement shall be governed
by and construed in accordance with Florida law without giving effect to the
choice of law provisions thereof. Any legal proceeding arising out of or
relating to this Agreement shall be brought in any state court having
jurisdiction located in Broward County, Florida, or in the United States
District Court, Southern District of Florida. Each party consents to the
jurisdiction of such courts in any legal proceeding and waives any objection to
the laying of venue of any legal action in any such court.

 
 

--------------------------------------------------------------------------------

 

(d)    Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be and constitute an original and one and the
same instrument. A copy or facsimile copy of this Agreement and any signatures
hereon shall be considered for all purposes as originals.

(e)    Severability. If any term, provision or portion of this Agreement is held
to be unlawful, in conflict with federal, state or other applicable law or
otherwise enforceable, the remainder of this Agreement shall continue in full
force and effect to the same extent as if the illegal or invalid provision was
not included in this Agreement and the remainder of the Agreement shall be
enforced to give effect to the fullest extent legally permissible the intent and
purposes of the parties as evidenced by this Agreement.

(f)    Notices. Any notice or other communication required or permitted
hereunder shall be in writing and delivered at the addresses set forth below, or
mailed by registered or certified mail, return receipt requested, postage
prepaid, or by any courier service of recognized national standing, addressed as
follows, or to such other address or addresses as may be hereafter furnished by
one party to the other party in compliance with the terms hereof:

If to Khoury, to:

 
Peter Khoury
 
If to GlobeTel, to:
 
Globetel Communications Corp.
101 NE 3rd Ave., Suite 1500
Fort Lauderdale, FL 33301
(954) 332-3759
(954) 252-4265 fax
Attn: Jonathan D. Leinwand, Esq., General Counsel
 
8.    Non-Disparagement. GlobeTel shall not do, say, or imply anything
disparaging, negative or false about Khoury. Khoury shall not do, say, or imply
anything disparaging, negative or false about GlobeTel, its officers, directors
and/or employees. This paragraph shall survive closing. The parties agree that
any party violating this paragraph shall be subject to an injunction,
restraining such party from making any such comments in the future.

9.    Press Release and 8K. GlobeTel and Khoury will formulate and agree to
issue a mutually acceptable Press Release and 8K in regards to Khoury’s
departure from GlobeTel.

 
 

--------------------------------------------------------------------------------

 
 
10.    Effectiveness. This Agreement shall bind and benefit Khoury and GlobeTel
but shall not become effective or enforceable in any respect until the date
executed and delivered by the each of the parties (the “Effective Date”).
 
 
 
THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK

 
 

--------------------------------------------------------------------------------

 

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the
parties as of the dates set forth below.
 
Signed, sealed and delivered
   
in the presence of:
                  
/s/ Peter Khoury
Witness
 
Peter Khoury
         
Date:  September 7, 2007
     

 
STATE OF _______________
)
 
) ss:
COUNTY OF _____________
)

 
On this ____ day of __________, 2007, before me a Notary Public, personally
appeared Peter Khoury who executed the above Mutual Release and Separation
Agreement, and acknowledged the same to be his free act and deed.

Personally Known: __________ or Produced Identification: __________.
Type of Identification Produced: ______________________________________.

NOTARY PUBLIC
 
 
Sign _________________________________
State of __________ at Large
My Commission Expires: __________________
Serial Number, if any: _____________________

 
 

--------------------------------------------------------------------------------

 
 

    GLOBETEL COMMUNICATIONS CORP., a     Delaware Corporation        
Karen Verna
  By:
/s/ Jonathan Leinwand
Witness
   
Name: Jonathan Leinwand
     
Title: General Counsel, Director
             
Date: August 31, 2007
                By:
/s/ Przemyslaw Kostro
Witness
   
Name: Przemyslaw Kostro
     
Title: Director
             
Date: September 7, 2007

 
 

--------------------------------------------------------------------------------

 
 
STATE OF Florida
)
 
) ss:
COUNTY OF Broward
)
   

On this 31 day of August 2007, before me a Notary Public, personally appeared
Jonathan Leinwand who executed the above Mutual Release and Separation
Agreement, and acknowledged the same to be his free act and deed.

Personally Known: _________ or Produced Identification:  x.
Type of Identification Produced: FL Drivers License.
 
NOTARY PUBLIC
 
Sign:  /s/ Nancy Mazzer
State of Florida at Large
My Commission Expires:  3/25/2010
Serial Number, if any: ______________________

 
 

--------------------------------------------------------------------------------

 

Schedule of Shares due for Salary

Date
 
Amount Due
 
Closing price
 
Shares
 
10/13/2006-11/12/2006
   
20,833.00
   
0.27
   
77,159.26
 
11/13/2006-12/12/2006
   
20,833.00
   
0.28
   
74,403.57
 
12/13/2006-1/12/2007
   
20,833.00
   
0.51
   
40,849.02
 
1/13/2007-2/12/2007
   
20,833.00
   
0.47
   
44,325.53
 
2/13/2007-3/12/2007
   
20,833.00
   
0.38
   
54,823.68
 
3/13/2007-4/12/2007
   
20,833.00
   
0.39
   
53,417.95
 
4/13/2007-5/12/2007
   
20,833.00
   
0.27
   
77,159.26
 
5/13/2007-6/12/2007
   
20,833.00
   
0.24
   
86,804.17
 
6/13/2007-7/12/2007
   
20,833.00
   
0.27
   
77,159.26
 
7/13/2007-8/12/2007
   
20,833.00
   
0.21
   
99,204.76
 
08/132007-09/13/2007
   
20,833.00
   
0.18
   
115,738.89
 
Total Accrued Salary
   
229,163.00
                               
801,045.35
 

 
 

--------------------------------------------------------------------------------