Document:

EXHIBIT
10.1

 

SEPARATION AGREEMENT

 

This Separation Agreement (“Agreement”) dated
as of March 11, 2008 is by and between Force Protection, Inc., a
Nevada corporation (the “Company” or “Force Protection”), and Raymond Pollard
(the “Executive”).

 

IT IS HEREBY AGREED AS FOLLOWS:

 

1.                                       The payments
and benefits under this Agreement are in consideration of the Executive’s
waiver and release in Section 9 hereof and covenants in Section 13
hereof.

 

2.                                       The Executive
and the Company agree that the Executive’s last day of employment with the
Company will be on March 3, 2008 (the “Date of Termination”), whether or
not Executive revokes this Agreement pursuant to paragraph 11 below.

 

3.                                       The Company
will pay the Executive, on a bi-weekly basis, commencing on the first business
day following the Effective Date (after the expiration of the Revocation Period
as defined in Section 11), a severance amount equal to his current annual
basis salary for a period of one year (26 bi-weekly payments), reduced by
applicable tax withholding (“Severance Benefits”).

 

4.                                       The Company
will pay the Executive any accrued and unpaid vacation pay, in the amount of
$7,846.15, reduced by applicable tax withholding, in the next regular payroll
after the Date of Termination. Reference is made to that letter agreement dated
April 5, 2006 specifying certain employment conditions with the Executive
(“Letter Agreement”). Pursuant to the Letter Agreement, the Company will pay
the Executive an amount equal to $40,000, reduced by applicable tax
withholding, representing the remaining two month portion of the initial
employment period. Further, Executive shall receive a grant of shares effective
May 1, 2008 of the Company’s unregistered common stock equal to $40,000 as
provided in the Letter Agreement.

 

5.                                       The Executive
will receive separate written notice of his right to elect continuation
coverage under the Company’s medical, dental and vision insurance plans,
subject to the terms and conditions of COBRA and the applicable plan(s) in
effect for active employees from time to time. If Executive timely elects
continuation coverage under COBRA, then, subject to Executive’s execution and
non-revocation of this Agreement, the Company will pay the employer portion of
the premium cost of such insurance for a one year period following the Date of
Termination. Notwithstanding the foregoing, in the event Executive becomes
reemployed with another employer and becomes eligible to receive welfare
benefits from such employer, then the benefits described above shall be secondary
to such benefits during the period of Executive’s eligibility.

 

6.                                       The Company and
the Executive agree that as of the Date of Termination there are no other
amounts or benefits due to the Executive through such date or thereafter from
or under the Letter Agreement, or any other plan, program (including
gainsharing), policy or agreement of the Company, as well as any other
individual employment agreement with the Executive. Except as otherwise
provided in this Agreement, the Executive acknowledges that he has been paid
all wages or other compensation and benefits due him in connection with his
employment and that he has received any paid or unpaid leave that he has
requested.

 

7.                                       Effective as of
the Date of Termination, the Executive hereby resigns as a member of the board
of directors of all subsidiaries or affiliates of the Company as well as any
other positions held with 

 

 

 

 

such subsidiaries or
affiliates effective as of the Date of Termination and agrees to execute such
other documents as may be requested by the Company to implement such
resignations.

 

8.                                       The Company
shall indemnify the Executive to the extent provided pursuant to the Company’s
First Amended and Restated By-Laws and Articles of Incorporation, as in effect
on the Date of Termination, and the Executive shall not be entitled to any
other rights to indemnification by the Company other than as set forth therein.

 

9.                                       (a)           Executive, for himself and for
Executive’s heirs, dependents, assigns, agents, executors, administrators,
trustees and legal representatives (collectively, the “Releasors”) hereby
forever releases, waives and discharges the Released Parties (as defined below)
from each and every claim, demand, cause of action, fee, liability or right of
any sort (based upon legal or equitable theory, whether contractual,
common-law, statutory, federal, state, local or otherwise), known or unknown,
which Releasors ever had, now have, or hereafter may have against the Released
Parties by reason of any actual or alleged act, omission, transaction,
practice, policy, procedure, conduct, occurrence, or other matter from the
beginning of the world up to and including the Effective Date (as defined
below), including without limitation, those in connection with, or in any way
related to or arising out of, Executive’s employment or termination of
employment or any other agreement, understanding, relationship, arrangement,
act, omission or occurrence, with the Released Parties.

 

(b)                                 Without
limiting the generality of the previous paragraph, this general release is
intended to and shall release the Released Parties from any and all claims,
whether known or unknown, which Releasors ever had, now have, or may hereafter
have against the Released Parties including, but not limited to: (1) any
claim of discrimination or retaliation under the Age Discrimination in
Employment Act of 1967, 29 U.S.C. §§ 621-634, as amended by the Older
Workers’ Benefit Protection Act, P.L. 101-433 (“ADEA”), including, but not
limited to, all claims of age discrimination in employment and all claims of
retaliation in violation of the ADEA and any state statute or local ordinance
barring age discrimination, Title VII of the Civil Rights Act, the Americans
with Disabilities Act, and the Employee Retirement Income Security Act of 1974,
as amended (excluding claims for accrued, vested benefits under any employee
benefit or pension plan of the Released Parties subject to the terms and
conditions of such plan and applicable law); (2) any claim under the South
Carolina Human Affairs Law and the South Carolina Wage Payment Statute; (3) any
other claim (whether based on federal, state or local law or ordinance,
statutory or decisional) relating to or arising out of Executive’s employment,
the terms and conditions of such employment, the termination of such employment
and/or any of the events relating directly or indirectly to or surrounding the
termination of such employment, including, but not limited to, breach of
contract (express or implied), tort, wrongful discharge, detrimental reliance,
defamation, emotional distress or compensatory or punitive damages, any other
claim of employment discrimination, retaliation, infliction of emotional
distress, defamation, invasion of privacy, tortious interference with
contractual relations, wrongful termination, outrage, promissory estoppel, or
other liabilities, suits, debts, claims for back pay, front pay, compensatory
or punitive damages, injunctive relief, severance pay, costs, reinstatement,
business expenses, commissions, bonuses, incentive compensation plans, or
payment or reimbursement under any health insurance or other employee benefit
plan, insurance premiums or other sums of money, grievances, expenses, demands,
controversies of every kind and description, whether liquidated or
unliquidated, contingent or otherwise and whether specifically mentioned or
not, that exist or might be claimed to exist at or prior to the date of this
Agreement; and (4) any claim for attorney’s fees, costs, disbursements and
the like.

 

 

 

(c)                                  The foregoing
general release does not in any way affect: (1) Executive’s rights of
indemnification to which Executive was entitled immediately prior to the Date
of Termination; (2) the right of Executive to take whatever steps may be
necessary to enforce the terms of this Agreement; (3) any claims arising
after the Effective Date; (4) or any claims that may not be released by
law.

 

(d)                                 For purposes of
this general release, the “Released Parties” means the Company, all current and
former parents, subsidiaries, related companies, partnerships, joint ventures
and employee benefit programs (and the trustees, administrators, fiduciaries
and insurers of such programs), and, with respect to each of them, their
predecessors and successors, and, with respect to each such entity, all of its
past, present, and future employees, officers, directors, members,
stockholders, owners, representatives, assigns, attorneys, agents, insurers,
and any other person acting by, through, under or in concert with any of the
persons or entities listed in this paragraph, and their successors (whether
acting as agents for such entities or in their individual capacities).

 

10.                                 Executive
represents and warrants that, as of the Effective Date of this Agreement,
Executive has not filed or commenced any suit, claim, charge, complaint,
action, arbitration, or legal proceeding of any kind against the Company or its
subsidiaries or affiliates. Nothing in this Agreement shall be construed to
affect the Equal Employment Opportunity Commission’s (the “Commission”) or any
state agency’s independent right and responsibility to enforce the law, nor
does this Agreement affect Executive’s right to file a charge or participate in
an investigation or proceeding conducted by either the Commission or any such
state agency, although this Agreement does bar any claim that Executive might
have to receive monetary damages in connection with any Commission or state
agency proceeding concerning matters covered by this Agreement.

 

11.                                 By signing this
Agreement, Executive expressly acknowledges and agrees that: (a) Executive
has carefully read it and fully understands what it means; (b) Executive
has discussed this Agreement with an attorney of Executive’s choosing before
signing it; (c) Executive has been given at least twenty-one (21) calendar
days to consider whether to sign this Agreement; (d) Executive has agreed
to this Agreement knowingly and voluntarily and was not subjected to any undue
influence or duress; (e) the consideration provided Executive under this
Agreement is sufficient to support the releases provided by Executive under
this Agreement; (f) Executive may revoke Executive’s execution of this
Agreement within seven (7) days after Executive signs it by sending
written notice of revocation as set forth below (“Revocation Period”); and (g) on
the eighth day after Executive executes this Agreement (the “Effective Date”),
this Agreement becomes effective and enforceable, provided that Executive does
not revoke this Agreement during the revocation period. Any revocation of
Executive’s execution of this Agreement must be submitted, in writing, to Force
Protection, Inc. 9801 Highway 78, Building No. 1, Ladson, South
Carolina 29456-3802, to the attention of the Co-General Counsel, stating “I
hereby revoke my execution of the Agreement.” The revocation must be personally
delivered to the Co-General Counsel or mailed to the Co-General Counsel and
postmarked within seven (7) days of Executive’s execution of this
Agreement. If the last day of the Revocation Period is a Saturday, Sunday or
legal holiday, then the revocation period will be extended to the following day
which is not a Saturday, Sunday or legal holiday. Executive agrees that if
Executive does not execute this Agreement or, in the event of revocation,
Executive will not be entitled to receive any of the payments or benefits under
the this Agreement (other than as provided for in paragraph 4). Executive must
execute this Agreement on or before 21 days after the Date of Termination.
Notwithstanding the foregoing, if Executive revokes this Agreement pursuant to
this paragraph 11 the provisions of paragraph 2 shall survive such revocation.

 

 

 

 

12.                                 The Executive
agrees that in exchange for a portion of the Severance Benefits (which the
Executive agrees constitutes consideration for all commitments made herein in
addition to anything of value to which he is already entitled).

 

13.                                 In
consideration of the Severance Benefits, the Executive agrees to the following
covenants:

 

(a)           Non-Compete.  For a 12 month period after the Date of
Termination, the Executive shall not directly or indirectly (without the prior
written consent of the Company):

 

(i)                                     hold a 5% or
greater equity (including stock options whether or not exercisable), voting or
profit participation interest in a Competitive Enterprise, or

 

(ii)                                  associate
(including as an officer, employee, partner, consultant, agent or advisor) with
a Competitive Enterprise and in connection with the Executive’s
association engage, or directly or indirectly manage or supervise personnel
engaged, in any activity:

 

(A)                              that is
substantially related to any activity that the Executive was engaged in with
the Company or its affiliates during the 12 months prior to the Date of
Termination (excluding as a director),

 

(B)                                that is
substantially related to any activity for which the Executive had direct or
indirect managerial or supervisory responsibility with the Company or its
affiliates during the 12 months prior to the Date of Termination, or

 

(C)                                that calls for
the application of specialized knowledge or skills substantially related to
those used by the Executive in his activities with the Company or its
affiliates during the 12 months prior to the Date of Termination.

 

For
purposes of this Agreement, “Competitive Enterprise”
means any business enterprise anywhere worldwide that either (A) engages
in the manufacture and sale of blast- and ballistic-protected wheeled vehicles
for the US or foreign militaries or (B) holds a 5% or greater equity,
voting or profit participation interest in any enterprise that engages in such
a competitive activity.

 

(b)           Non-Solicit.
For a 12 month period after the Date of Termination, the Executive shall not,
in any manner, directly or indirectly (without the prior written consent of the
Company): (i) Solicit any Client to transact business with a Competitive
Enterprise or to reduce or refrain from doing any business with the Company, (ii) transact
business with any Client that would cause the Executive to be engaged in a
Competitive Enterprise, (iii) interfere with or damage any relationship
between the Company and a Client, or (iv) Solicit anyone who is then an
employee of the Company to resign from the Company or to apply for or accept
employment with any other business or enterprise.

 

(c)           For purposes of this Agreement, a “Client”
means any client or prospective client of the Company or its affiliates to whom
the Executive provided services, or for whom the Executive transacted business,
or whose identity became known to the Executive in connection with his
relationship with or employment by the Company or its affiliates, and “Solicit” means any direct or indirect communication of any
kind, regardless of who initiates it, that in any way invites, advises,
encourages or requests any person to take or refrain from taking any action.

 

 

 

 

(d)           Confidential Information.
The Executive hereby acknowledges that, as an employee of the Company, he had
access to confidential information of a special and unique nature and value
relating to the Company and its strategic plan and financial operations. The
Executive further recognizes and acknowledges that all such confidential
information is the exclusive property of the Company, is material and
confidential, and is critical to the successful conduct of the business of the
Company. Accordingly, the Executive hereby covenants and agrees that he will
shall not at any time, directly or indirectly, divulge, reveal or communicate
any such confidential information to any person, firm, corporation or entity
whatsoever, or use any such confidential information for his own benefit or for
the benefit of others. Notwithstanding the foregoing, the Executive shall be
authorized to disclose confidential information (i) as may be required by
law or legal process after providing the Company with prior written notice and
an opportunity to respond to such disclosure (unless such notice is prohibited
by law), (ii) in any criminal proceeding against him after providing the
Company with prior written notice and an opportunity to seek protection for
such confidential information, and (iii) with the prior written consent of
the Company.

 

(e)           Survival. Any
termination of this Agreement (or breach of this Agreement by the Executive or
the Company) shall have no effect on the continuing operation of this Section 13.

 

(f)            Validity. The
terms and provisions of this Section 13 are intended to be separate and
divisible provisions and if, for any reason, any one or more of them is held to
be invalid or unenforceable, neither the validity nor the enforceability of any
other provision of this Agreement shall thereby be affected. The parties hereto
acknowledge that the potential restrictions on the Executive’s future
employment imposed by this Section 13 are reasonable in both duration and
geographic scope and in all other respects. If for any reason any court of
competent jurisdiction shall find any provisions of this Section 13
unreasonable in duration or geographic scope or otherwise, the Executive and
the Company agree that the restrictions and prohibitions contained herein shall
be effective to the fullest extent allowed under applicable law in such
jurisdiction.

 

(g)           Consideration.
The parties acknowledge that this Agreement would not have been entered into
and the benefits described in Section 3 would not have been promised in
the absence of the Executive’s promises under this Section 13.

 

14.                                 This Agreement
constitutes the entire agreement between the parties and supersedes any and all
prior contemporaneous, oral or written agreements or understandings between the
parties. No representation, promise, inducement or statement of intention has
been made by the Released Parties that is not embodied in this Agreement. No
party shall be bound by or liable for any alleged representation, promise,
inducement, or statement of intention not contained in this Agreement. This
Agreement cannot be amended, modified, or supplemented in any respect except by
subsequent written agreement signed by all parties hereto.

 

15.                                 Executive
agrees to indemnify and hold the Released Parties harmless from and against any
and all loss, cost, damage, or expense, including, but not limited to,
reasonable attorneys’ fees, incurred by the Released Parties arising out of any
action at law or equity, or any other proceeding, they find necessary to
enforce any of the terms, covenants or conditions of the Agreement or due to a
breach of this Agreement by Executive. In the event a court determines that
Executive has breached this Agreement, specifically including (but not limited
to) reinstating or instituting any legal or administrative proceeding against
the Released Parties in violation of any provision of this Agreement (other
than proceedings brought pursuant to the ADEA), Executive specifically
acknowledges that he will return to the Company: (i) the Severance
Benefit, less $500, and (ii) any recovery Executive obtains as a result of
legal or administrative proceedings brought against the Released Parties in
violation of this Agreement.

 

 

 

 

16.                                 The Released
Parties will have all of the rights and remedies available at law and equity to
enforce their rights under this Agreement. Should it be held at any time by a
court of competent jurisdiction that any of the obligations, covenants or
agreements set forth in this Agreement are illegal, invalid or unenforceable,
the validity of the remaining parts, terms, or provisions shall not be affected
thereby and any illegal, invalid or unenforceable parts, terms or provisions
shall be deemed not to be a part of this Agreement.

 

17.                                 This Agreement
shall be interpreted and enforced in accordance with the laws of the State of
South Carolina. Executive consents to the exclusive jurisdiction of courts
located in Charleston, South Carolina, agreeing to waive any argument of lack
of personal jurisdiction or forum non-conveniens with respect to any claim or
controversy arising out of or relating to this Agreement, Executive’s
employment with the Company, Executive’s separation from that employment, and
any other contact or communication involving Executive and the Company.

 

18.                                 Unless the context
otherwise requires, when used in this Agreement, the singular shall include the
plural, the plural shall include the singular, and all nouns, pronouns and any
variations thereof shall be deemed to refer to the masculine, feminine or
neuter, as the identity of the person or persons may require.

 

PLEASE
READ CAREFULLY

 

I,
RAYMOND POLLARD, EXPRESSLY ACKNOWLEDGE, REPRESENT AND WARRANT THAT I HAVE
CAREFULLY REVIEWED THIS AGREEMENT; THAT I FULLY UNDERSTAND THE TERMS,
CONDITIONS AND SIGNIFICANCE OF THIS AGREEMENT; THAT I HAVE HAD AMPLE TIME TO
CONSIDER THIS AGREEMENT; THAT THE COMPANY HAS ADVISED ME IN WRITING TO CONSULT
WITH AN ATTORNEY CONCERNING THIS AGREEMENT; THAT I HAVE HAD A FULL OPPORTUNITY
TO REVIEW THIS AGREEMENT WITH AN ATTORNEY AND HAVE DONE SO OR HAVE DECLINED TO
DO SO; AND THAT I HAVE EXECUTED THIS AGREEMENT KNOWINGLY, VOLUNTARILY, AND WITH
SUCH ADVICE FROM AN ATTORNEY AS I DEEMED APPROPRIATE.

 

IN
WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and the
Company has caused this Agreement to be executed in its name and on its behalf,
all as of the date first written above.

 

	
   

  	
  EXECUTIVE

  
	
   

  	
  /s/
  Raymond Pollard

  
	
   

  	
  Raymond
  Pollard

  
	
   

  	
   

  
	
   

  	
  Force
  Protection, Inc.

  
	
   

  	
  By:

  	
  /s/
  Michael Moody

  
	
   

  	
  Name:
  Michael Moody

  
	
   

  	
  Title:
  Interim CEO & PresidentExhibit 10.1

 

PROMISSORY
NOTE

 

	
  $50,000.00

  	
   

  	
  Norwood, Massachusetts

  
	
   

  	
   

  	
  March 20,
  2008

  

 

FOR
VALUE RECEIVED, Apogee Technology, Inc., a Delaware corporation (the “Borrower”‘),
hereby promises to pay to Herbert M. Stein (“Lender”), at such place as the
holder of this Note may from time to time designate in writing, the principal
sum of:

 

Fifty Thousand AND 00/100 DOLLARS ($50,000.00)

 

with
interest on the outstanding balance thereof from the date hereof at an annual
rate which is equal to eight percent (8%) per annum, (such interest to be paid
monthly in arrears).

 

The outstanding principal balance and any accrued and
unpaid interest thereon shall be due and payable on September 16,
2008.

 

Interest
shall be calculated on the basis of a three hundred sixty (360) day year, but
interest shall accrue and be payable on the actual number of days in each
month. Interest after maturity shall be payable on demand at an annual rate
(the “Default Rate”) which shall be equal to four (4) percentage points
above the rate of interest payable during the term of this Note, compounded
monthly and otherwise payable in the manner hereinabove set forth.

 

This Note may be prepaid in whole or in part without
premium or penalty.

 

The
Borrower agrees to pay all costs of suit and other expenses of collection,
including reasonable fees and expenses of attorneys, in the event that this
Note is placed in the hands of any attorney for collection or suit is brought
thereon.

 

The
Borrower hereby waives presentment, protest and demand, notice of protest,
demand and dishonor and non-payment of this Note, and to the extent permitted
by law, waives and releases all rights of redemption, valuation, appraisement,
notice of election to mature or to declare due the whole of the indebtedness
evidenced hereby, and to the extent permitted by law, errors, defects and
imperfections in any proceedings instituted by the holder under the terms of
this Note, or providing for any stay of execution, exemption from civil
process, or extension of time for payment. Further, Borrower agrees that its
liability hereunder shall remain unimpaired, notwithstanding any extension of
the time of payment or other indulgence granted by the holder, or the release
of all or any part of such security for the liability of any party which may
assume the obligation to make payment of the indebtedness evidenced hereby, or
the performance and the obligations of the Borrower hereof under this Note. In
no event shall the holder, by any act of omission or commission, be deemed to
waive any of its rights or remedies hereunder unless such waiver shall be in
writing and signed by the holder, and then only to the extent specifically set
forth therein; and a waiver of anyone event shall not be construed as
continuing or as a bar to or waiver of such right or remedy on a subsequent
event. The Borrower further acknowledges that this Note represents an
independent obligation and shall not be subject to setoff, reduction or
deduction on account of any claims, liabilities, obligations or debts of the holder
to the Borrower.

 

 

 

 

If any provisions hereof or the application thereof to
any person or circumstances shall to any extent be invalid or unenforceable,
the remainder hereof, or the application of such provision to persons, or
circumstances other than those as to which it is held invalid or unenforceable,
shall not be affected thereby, and each provision hereof shall be valid and
enforced to the fullest extent permitted by law. If at any time during the term
of this Note or after maturity the effective interest rate hereunder is greater
than the maximum interest rate permitted by applicable law, the interest rate
hereunder shall automatically be such maximum interest rate permitted by
applicable law. This Note is unsecured.

 

As
used herein, the word “holder” shall mean Lender as payee of the Note, or any
endorsee of this Note in possession hereof, or the bearer hereof if this Note
is at the time payable to the bearer.

 

This
Note, being executed and delivered in Norwood, Massachusetts, is to be
construed according to and governed by the law of The Commonwealth of
Massachusetts.

 

Borrower
represents that this note as well as the execution and delivery thereof has
been authorized by all necessary actions of the borrower.

 

EXECUTED as a sealed
instrument, as of the day and year first above written.

 

	
   

  	
   

  	
  APOGEE TECHNOLOGY, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Paul J. Murphy

  
	
   

  	
   

  	
   

  	
  Paul J. Murphy

  
	
   

  	
   

  	
   

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
  and Vice President
  Finance

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