Document:

Employment Letter

 Exhibit 10.55 
 June 29, 2006 
 Charles Peacock 
 Dear Charles,

 American Technology Corporation (“Company”) is very pleased to confirm our offer of employment. 
  

			
	 Title:
	  	Vice President, Government and Military Sales
		
	 Start Date:
	  	June 30, 2006
		
	 Salary:
	  	A semi-monthly salary in the amount of $7,500 ($180,000 annually)
		
	 Sales Commission Plan:
	  	You will be eligible to participate in American Technology Sales Commission Plan. The commission will be based on the Government and Military Group attaining quarterly and annual goals. The
detailed quarterly and annual goals will be created jointly by you and John Zavoli by October 1, 2006 for FY07. During the first three months of your employment (July, August, September 2006) you will receive a 1.5% override on all Government and
Military sales. Commissions are payable on a quarterly basis and will be paid on the second pay period of the month following the end of the commission quarter.
		
	 Stock Options:
	  	Management will recommend to the Compensation Committee at its first meeting following your start date, that you be granted stock options to purchase 100,000 shares of common stock. The
Compensation Committee has the discretion to approve or deny the grant. The recommended options will have an exercise price equal to the fair market value of our common stock (determined in accordance with our 2005 Stock Option Plan) on the date the
Compensation Committee approves the grant, and will be exercisable for five (5) years after grant, subject to earlier termination as set forth in the 2005 Stock Option Plan. The recommended options will vest over four (4) years with 25% vesting
on the first anniversary of grant, and then in equal quarterly installments over the following three years of continuous service with the Company.
		
	 Health Benefits:
	  	The Company offers a comprehensive benefits plan that includes medical, dental, vision, short-term disability, long-term disability and life insurances. The company pays 100% of the premiums for
you and your dependents. The company reserves the right to amend the terms of the benefit programs, including premiums, at any time. Benefits begin the first day of the month following your hire date. Except for the 401(k), this has quarterly
enrollments.

			
	 Paid Time Off & Holidays:
	  	You will receive 15 days of accrued Paid Time Off (PTO) annually, in use for vacation or for personal time off. PTO hours are accrued per pay period.
		
		  	The Company offers 9-paid holidays each calendar year. You must be on active status the day before and the day after the holiday to receive holiday pay.
		
	 Retirement:
	  	A 401k package is available with multiple investment options and the company matches 25% of the employee’s deferral up to 6% of your annual earnings. (Note: Some IRS limitations may
apply.)

 Due to the enactment of the Immigration Reform and Control Act of 1986, this offer is contingent on your ability
to produce acceptable documentation verifying your eligibility to work in the United States. You will be required to present the necessary documents on the day you begin work at American Technology Corp. 
 Additionally, as a condition of this offer and of your employment with American Technology Corp., you will be required to preserve the Company’s proprietary and
confidential information and you must comply with the Company’s policies and procedures. Accordingly, you will be required to execute the Company’s Non-Disclosure Agreement and other policies on your first date of employment. 

If accepted, your employment will be at-will with no specified period or term of employment. This means that either you or the Company may terminate employment at
anytime, with or without reason. The Company may also transfer, promote, demote or otherwise alter your position and/or status at any time and for any reason. An employment agreement for a specified period of time, which contradicts this at-will
agreement, may only be entered into in writing, signed by the President of the Corporation. 
 If there are any questions, please do not hesitate to call me.

  

	
	Sincerely,
	
	/s/ John Zavoli
	President

 I understand and agree to the terms and conditions set forth in this letter. I further understand that any
misrepresentations that I have made on my employment application or resume can result in termination. I acknowledge that no statement contradicting this letter, oral or written, has been made to me, that I am not relying on any statement or term not
contained in this letter, and that no agreements exist which are contrary to the terms and conditions set forth in this letter. 
 Accepted by: /s/
Charles Peacock                    Date: 6/30/06Settlement Letter

 Exhibit 10.56 
 SEPARATION AND RELEASE AGREEMENT 
 I, Charles Peacock (“Employee,” “me” or
“I”), understand that my position with American Technology Corporation (the “Company”) was terminated effective November 27, 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 $37,500.00 (Thirty Seven Thousand Five Hundred 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 to my employment with the Company or the termination of the 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: 
 A general release does not extend to claims which
the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 
 I hereby expressly waive and relinquish all rights and benefits under Section 1542 and any law or legal principle of similar effect in any
jurisdiction with respect to claims released hereby. 
  

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 This release does not release claims that cannot be released as a matter of law, including, but not
limited to, claims under Division 3, Article 2 of the California Labor Code (which includes indemnification rights.) 
 I acknowledge that I
am knowingly and voluntarily waiving and releasing any rights I may have under the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”). I also acknowledge that the consideration given for the waiver in the above
paragraph is in addition to anything of value to which I was already entitled. I have been advised by this writing, as required by the ADEA that: (a) my waiver and release do not apply to any claims that may arise after my signing of this
Agreement; (b) I should consult with an attorney prior to executing this release; (c) I have forty-five (45) days within which to consider this release (although I may choose to voluntarily execute this release earlier); and
(d) as set forth in the following paragraph, I have seven (7) calendar days following the execution of this release to revoke the Agreement. 
 Within three (3) calendar days of signing and this Agreement, I agree to deliver the executed original of this Agreement to Norma Berry, American Technology Corporation, 15378 Avenue of Science Suite 100, San Diego,
CA 92128. However, I and the Company acknowledge and agree that I may revoke this Agreement for up to seven (7) calendar days following my execution of this Agreement and it shall not become effective or enforceable until the revocation period
has expired. I and the Company further acknowledge and agree that such revocation must be in writing addressed to and received by Norma Berry not later than midnight on the 7th day following execution of this Agreement by me. Should I revoke this Agreement under this paragraph, this Agreement shall not be effective or enforceable and
I will not receive the monies and benefits described above. 
 I acknowledge my continuing obligations under my Employee Nondisclosure
Agreement. Pursuant to the Employee Nondisclosure Agreement I understand that among other things, I must not use or disclose any confidential or proprietary information of the Company and I must immediately return all Company property and
documents (including all embodiments of proprietary information) and all copies thereof in my possession or control. I also acknowledge the Mutual Agreement to Arbitrate between myself, and the Company and agree to that Mutual Agreement to
Arbitrate’s validity and application to any disputes arising under this Agreement. I also agree that any arbitration regarding this Agreement shall take place in San Diego County, California. 
 I agree not to make any statement or take any action which would damage the reputation or promotion of the Company or its products. 
 If either I or the Company commences an action against the other party to enforce any of the terms hereof or because of the breach by such other party of
any of the terms hereof, the prevailing party shall be entitled, in addition to any other relief granted, to all actual out-of-pocket costs and expenses incurred by such prevailing party in connection with such action and the enforcement and
collection of any judgment rendered therein, including, without limitation, all reasonable attorneys’ fees, consultant fees and expert witness fees, and a right to such costs and expenses shall be deemed to have accrued upon the commencement of
such action and shall be enforceable whether or not such action is prosecuted to judgment. 
  

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 This Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement between
the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated herein. This Agreement may only be modified by a writing signed by both me and a duly
authorized officer of the Company. 
 I accept and agree to the terms and conditions stated above: 
  

									
	12/5/06	 		 		 	

	Date	 		 		 	[EMPLOYEE]
			
	12/11/06	 		 	For AMERICAN TECHNOLOGY CORPORATION
	Date	 		 	
		 		 	By:	 	/s/ Thomas R. Brown
		 		 		 	Title:  	 	President

  

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