Exhibit 10.3
[G256131MOI001.JPG]
JULY 26, 2007
TIMMY MONICO
130 Freedom Ct.
ROCKWALL, TX 75032
RE:
SEPARATION AND RELEASE AGREEMENT
DEAR TIMMY:
THIS LETTER SETS FORTH THE TERMS OF THE SEPARATION AND RELEASE AGREEMENT
("AGREEMENT") BETWEEN YOU AND INFOSONICS CORPORATION ("INFOSONICS" OR THE
"COMPANY").
PLEASE READ IT CAREFULLY.
IT CONTAINS A RELEASE OF CLAIMS AND A
PROMISE NOT TO SUE THE COMPANY:
1.
YOUR RESIGNATION HAS BEEN ACCEPTED EMPLOYMENT WITH THE COMPANY IS
TERMINATED, EFFECTIVE JULY 26, 2007 ("SEPARATION DATE").
AS OF YOUR SEPARATION
DATE, YOU HAVE NO DUTIES, RESPONSIBILITIES OR AUTHORITY WHATSOEVER AS AN
EMPLOYEE, AGENT OR REPRESENTATIVE OF THE COMPANY.
2.
SUBJECT TO THE TERMS OF THIS AGREEMENT AND UPON THE OCCURRENCE OF THE
EFFECTIVE DATE (AS DEFINED HEREIN), THE COMPANY AGREES TO PAY TO YOU SEVERANCE
OF ELEVEN-THOUSAND DOLLARS ($11,000.00) (LESS APPLICABLE TAXES AND WITHHOLDINGS)
("SEVERANCE PAYMENT").
3.
YOU ACKNOWLEDGE THAT THE COMPANY'S OBLIGATION TO MAKE THE SEVERANCE
PAYMENT AS SET FORTH HEREIN ARISES SOLELY FROM THIS AGREEMENT AND THAT, EXCEPT
AS PROVIDED IN THIS AGREEMENT, THE COMPANY IS NOT OBLIGATED TO MAKE ANY
SEVERANCE OR SIMILAR PAYMENT TO YOU.
YOU AGREE AND UNDERSTAND THAT YOUR RECEIPT
OF THE SEVERANCE PAYMENT AND OTHER BENEFITS PURSUANT TO THIS AGREEMENT IS
EXPRESSLY CONTINGENT UPON YOUR CONTINUED COMPLIANCE WITH THE TERMS OF THIS
AGREEMENT.
4.
IN EXCHANGE FOR THE SEVERANCE PAYMENT AND OTHER BENEFITS PROVIDED TO YOU
AS DESCRIBED HEREIN, TO THE EXTENT PERMITTED BY LAW, YOU, FOR YOURSELF, YOUR
HEIRS, EXECUTORS, DISTRIBUTEES, LEGATEES, ADMINISTRATORS, SUCCESSORS AND ASSIGNS
TO THE EXTENT PERMITTED BY LAW, HEREBY RELEASE AND FOREVER DISCHARGE INFOSONICS,
ALL CURRENT AND FORMER PARENTS, SUBSIDIARIES, BENEFIT PLANS, RELATED COMPANIES,
PARTNERSHIPS, JOINT VENTURES, AND OTHER AFFILIATES THEREOF, AND WITH RESPECT TO
ALL OF THEM, THEIR PREDECESSORS AND SUCCESSORS, AND WITH RESPECT TO ALL SUCH
ENTITIES, ALL OF THEIR PAST, PRESENT AND FUTURE EMPLOYEES, OFFICERS, DIRECTORS,
STOCKHOLDERS, OWNERS, REPRESENTATIVES, ASSIGNS, ATTORNEYS, AGENTS, INSURERS, AND
ANY OTHER PERSONS ACTING BY, THROUGH, UNDER OR IN CONCERT WITH ANY OF THE
PERSONS OR ENTITIES LISTED HEREIN, AND THEIR SUCCESSORS (THE "RELEASED PARTIES")
OF AND FROM ANY AND ALL CHARGES, COMPLAINTS, ACTIONS, CAUSES OF ACTION, SUITS,
LIABILITIES, OBLIGATIONS, PROMISES, CONTROVERSIES, DAMAGES, LOSSES, DEBTS AND
EXPENSES (INCLUDING ATTORNEYS' FEES AND COSTS) AND CLAIMS IN LAW OR IN EQUITY OF
ANY NATURE WHATSOEVER, KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, YOU MAY HAVE,
EVER HAD, NOW HAVE OR SHALL HAVE AGAINST EACH OR ANY OF THE RELEASED PARTIES, TO
AND INCLUDING THE DATE OF EXECUTION OF THIS AGREEMENT, INCLUDING, BUT NOT
LIMITED TO,
CLAIMS FOR BREACH OF AN IMPLIED OR EXPRESS EMPLOYMENT CONTRACT, CLAIMS FOR
WRONGFUL DISCHARGE, CLAIMS FOR NEGLIGENT OR INTENTIONAL TORT, CLAIMS ALLEGING A
VIOLATION OF THE CONSOLIDATED OMNIBUS BUDGET RECONCILIATION ACT (COBRA) (29
U.S.C. § 1161 ET. SEQ.); THE OLDER WORKERS BENEFIT PROTECTION ACT (29 U.S.C. §§
626 ET SEQ.); THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED (29
U.S.C. §§ 621 ET SEQ.); TITLE VII OF THE FEDERAL CIVIL RIGHTS ACT OF 1964, AS
AMENDED (INCLUDING AS AMENDED BY THE CIVIL RIGHTS