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

 

Exhibit 10.29
 
 
SEPARATION AND RELEASE
 
 
 AGREEMENT
 
 
        This Separation and Release Agreement (“Agreement”) is made as of August
3, 2010 by and between Caspian Services Inc., a Nevada corporation with its
offices located at 257 E 200 S STE 490, Salt Lake City, UT 84111, its wholly
owned subsidiaries Caspian Services Group Limited with its registered Kazakhstan
Branch located in the city of Aktau, Republic of Kazakhstan (‘Subsidiary”)
jointly and severely acting and referred to in the Agreement as the “Company”
and represented by the Company’s CEO/President Mr. Alexey Kotov and Mr. John
Scott (the “Employee”) on the other side.
 
 
        WHEREAS, Employee is employed by Caspian Services Inc., as Chief
Operating Officer (COO) and by the Subsidiary as Commercial Director; and
 
 
        WHEREAS, The Employer’s Board of Directors has voted to remove Employee
from the position of COO effective on August 2, 2010 (the “Termination date”);
and
 
 
        WHEREAS, The Employee becomes entitled to collect severance benefits for
the Employer due to involuntary termination of employment in accordance with the
Employee’s Employment Agreement dated March 18, 2008;
 
 
        NOW THEREFORE, in consideration of the mutual promises made herein, the
Company, Subsidiary and Employee (jointly referred to as the “Parties”) hereby
agree as follows:
 
 
1.1. In consideration of full and final release by the Employee, the Company
agrees to provide Employee with all severance and benefits in accordance with
the Executive Employment Agreement dated March 18, 2008, subject to section 1.2
below;
 
 
1.2. In consideration of full and final release by the Employee against all
future severance payments in lieu of the twelve months salary equivalent
payments allowed to the Employee under the severance provision of his Employment
Agreement, Employee agrees to accept a one time lump sum payment in the amount
$150,000.00 payable net of Republic of Kazakhstan taxes to the Employee within
ten days following termination;
 
 
1.3. The Employee shall be allowed to collect all other benefits under severance
provisions of the Employee’s Employment Agreement not expressly modified by this
Agreement;
 
 
1.4. The Employee agrees to vacate the Company’s rented accommodation occupied
by the Employee in the City of Almaty, Republic of Kazakhstan before September
30, 2010. Shall Employee decide to continue to reside in the company provided
accommodation, Employee shall made arrangements to transfer the lease agreement
in his name or reimburse the Company expenses related to his accommodation after
September 30, 2010.
 

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

 
 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective
dates set forth below.
 

   
CASPIAN SERVICES, INC.
           
By
 
 
   
 
Dated:
   
Alexey Kotov, President
 
       
Dated:
   
John Scott, Employee
 
             
John Scott

 
 

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