Document:

Unassociated Document

    Exhibit
      10.1

    

    TRANSITION
      AGREEMENT

    

    This
      Transition Agreement (the “Agreement”) is made and entered into as of the
      29th
      day of
      September 2006 by and between Innodata Isogen, Inc. (“Innodata Isogen”) and
      Stephen Agress (“Agress”).

    

    
      	
              1)

            	
              Recitals.
                This Agreement is made with reference to the following
                facts:

            

    

    
      	 	
              a)

            	
              Agress
                has been employed full-time by Innodata Isogen as its Vice President,
                Finance and Chief Accounting
                Officer.

            

    

    
      	 	
              b)

            	
              Innodata
                Isogen and Agress have agreed that, effective as of September 30,
                2006
                (the “Transition Date”), Agress will resign his position as an Executive
                Officer (which includes his positions as Vice President, Finance
                and Chief
                Accounting Officer), and will transition to a part-time employee
                as more
                fully set forth below.

            

    

    
      	
              2)

            	
              Transition
                Services.

            

    

    
      	 	
              a)

            	
              Effective
                as of the Transition Date Agress shall provide to Innodata Isogen
                transition services (the “Transition Services”) for a period commencing on
                the Transition Date and ending on December 31, 2006 (the “Transition
                Period”). The Transition Period may be extended by Innodata Isogen, in its
                sole option, for an additional period from January 1, 2007 through
                March
                31, 2007 (the “Extended Transition Period”). Innodata Isogen may not
                terminate Agress’ employment during the Transition
                Period.

            

    

    
      	 	
              b)

            	
              Agress
                shall be employed by Innodata Isogen as a part-time employee while
                providing the Transition Services, and shall provide to Innodata
                Isogen
                approximately 40-45 hours per month of Transition Services during
                the
                Transition Period, and approximately 20-25 hours per month of Transition
                Services during the Extended Transition Period, if any. Agress shall
                report to the Chief Executive Officer of Innodata Isogen with respect
                to
                the Transition Services.

            

    

    
      	 	
              c)

            	
              During
                the Transition Period, Innodata Isogen shall pay to Agress $8,471
                per
                month, in bi-monthly payroll installments of $4,235.50, less lawful
                deductions, in consideration of the Transition Services provided
                by Agress
                during such period. During the Extended Transition Period, if any,
                Innodata Isogen shall pay to Agress $4,235.50 per month, in bi-monthly
                payroll installments of $2117.75, less lawful deductions, in consideration
                of the Transition Services provided by Agress during such period.
                

            

    

    
      	 	
              d)

            	
              Except
                to the extent modified by the Stock Option Modification Letter attached
                hereto as Exhibit A, all stock options granted to Agress during his
                employment with Innodata Isogen shall continue in full force and
                effect,
                in accordance with their terms, during the Transition Period and
                Extended
                Transition Period, if any.

            

    

    
      	
              3)

            	
              Payments
                upon Resignation.

            

    

    
      	 	
              a)

            	
              Effective
                as of the Transition Date Innodata Isogen shall pay to Agress a cash
                severance of $101,652 (the “Cash Severance”) payable as
                follows:

            

    

    
      	 	
              i)

            	
              $25,413
                payable during the Transition Period in six bi-monthly payroll
                installments of $4,235.50, less lawful deductions, and
                

            

    

    
      	 	
              ii)

            	
              $76,239
                payable as follows:

            

    

    
    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (1)

            	
              If
                there is an Extended Transition
                Period:

            

    

    
      	 	
              (a)

            	
              $38,119.50
                payable January 1, 2007 through March 31, 2007 in 6 bi-monthly payroll
                installments of $6,353.25, less lawful deductions;
                and

            

    

    
      	 	
              (b)

            	
              $33,884
                payable April 1, 2007 through May 30, 2007 in 4 bi-monthly payroll
                installments of $8,471, less lawful deductions;
                and

            

    

    
      	 	
              (c)

            	
              $4,235.50,
                less lawful deductions, payable on June 15,
                2007.

            

    

    Or

    
      	 	
              (2)

            	
              If
                there is no Extended Transition
                Period:

            

    

    
      	 	
              (a)

            	
              $76,239
                payable January 1, 2007 through May 15, 2007 in 9 bi-monthly payroll
                installments of $8,471, less lawful
                deductions.

            

    

    
      	 	
              b)

            	
              Agress
                shall also receive payment for all accrued, unused vacation effective
                as
                of the Transition Date, in accordance with Innodata Isogen
                policy.

            

    

    
      	 	
              c)

            	
              Payment
                of the Cash Severance is in no way contingent upon Agress’ performance of
                the Transition Services.

            

    

    

    
      	
              4)

            	
              General
                Release. In order to receive the Cash Severance, Agress agrees to
                sign the
                Agreement and General Release attached hereto as Exhibit
                B.

            

    

    

    
      	
              5)

            	
              Miscellaneous.

            

    

    
      	 	
              a)

            	
              Effective
                as of the Transition Date and subsequent to the conclusion of the
                Transition Period and Extended Transition period, if any, Agress
                shall be
                entitled to the same rights of indemnity for actions taken while
                an
                officer of Innodata Isogen as Agress had as an officer. In the event
                that
                the rights of indemnity of officers of Innodata Isogen are enhanced
                hereafter, Agress shall also be entitled to such enhanced rights
                of
                indemnity as they relate to actions taken while Agress was an officer
                or
                employee of Innodata Isogen. The foregoing rights shall not be exclusive
                of any other rights to which Agress may be entitled under any agreement,
                vote, statute, by-law or otherwise. It is acknowledged and agreed
                that
                Agress’ right to indemnification by the Company is in no way waived or
                altered by virtue of Agress’ signing of the Agreement and General
                Release.

            

    

    
      	 	
              b)

            	
              All
                notices and other communications under this Agreement shall be in
                writing
                and shall be deemed to have been delivered (i) on the date personally
                delivered, or (ii) one day after properly sent by Federal Express,
                DHL or
                other reasonable overnight courier service, addressed to the respective
                parties at the following addresses:

            

    

    

    To
      the
      Company:

    

    Innodata
      Isogen, Inc.

    Three
      University Plaza

    Suite
      506

    Hackensack,
      New Jersey 07601

    Attention:
      Jack Abuhoff, Chairman and CEO

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    To
      Mr.
      Agress:

    

    
      	 	 	
              At
                the last known address provided by Agress to Innodata Isogen’s Human
                Resources Department

            

    

    

    
      	 	
              c)

            	
              If
                any provision contained in this Agreement shall be determined to
                be void,
                illegal or unenforceable, in whole or in part, then the other provisions
                contained herein shall remain in full force and effect as if the
                provision
                which was determined to be void, illegal, or unenforceable had not
                been
                contained herein. 

            

    

    
      	 	
              d)

            	
              This
                Agreement together with the Stock Option Modification Letter constitutes
                the entire agreement between Innodata Isogen and Agress relating
                to the
                subject matter herein, and supersedes any and all other agreements,
                oral
                or written, and all other negotiations and communications between
                Innodata
                Isogen and Agress relating to the subject matter described in this
                Agreement. In the event of any inconsistency between the terms of
                this
                Agreement and the Stock Option Modification letter, the terms of
                the Stock
                Option Modification letter will govern and
                control.

            

    

    
      	 	
              e)

            	
              This
                Agreement shall be governed by and construed in accordance with the
                laws
                of the State of New Jersey, without regard to its conflicts of law
                principles. 

            

    

    
      	 	
              f)

            	
              This
                Agreement may not be modified, altered or amended except by written
                agreement between Innodata Isogen and
                Agress.

            

    

    

    

    
      	Innodata Isogen, Inc. 	 	
            	Stephen Agress
	 	 	 	 	 
	By:
              	/s/
              Jack Abuhoff	 	By:
              	 /s/
              Stephen Agress
	 	
              Jack
                Abuhoff

              Chairman
                and CEO

            	 	 	
            

    

        

    

        

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      A

    

    Stock
      Option Modification Letter

    

    

    See
      Attached

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      B

    

    Agreement
      and General Release

    

    

    In
      consideration for my signing of this Agreement and General Release (the “General
      Release”) and agreement to abide by its terms, Innodata Isogen, Inc. (“Innodata
      Isogen”) agrees to provide me with:

    

      
      (a) The
      Cash Severance set forth in Section 3(a) of the Transition Agreement between
      Innodata Isogen and Agress dated September 30, 2006, less lawful deductions,
      payable as set forth the in the Transition Agreement. 

    

       
      I
      understand and agree that I would not receive such consideration except for
      my
      execution of the General Release and my fulfillment of the promises contained
      in
      this document that apply to me. 

    

    I
      acknowledge this General
      Release
      is
      invalid if signed before the Transition Date set forth in the Transition
      Agreement which is September 30, 2006. 

    

    I
      knowingly and voluntarily release and forever discharge Innodata Isogen, its
      affiliates, subsidiaries, divisions, successors and assigns, and their current
      and former partners, affiliates, owners, agents, officers, directors, employees,
      successors and assigns, individually and in their corporate capacities and
      Innodata Isogen’s insurers, employee benefit plans, programs and arrangements
      and their administrators, functionaries and fiduciaries (“Releasees”), of and
      from any and all claims, known or unknown, asserted and unasserted, that I,
      my
      heirs, executors, administrators, successors and assigns, have or may have
      against Releasees as of the date of my execution of this General
      Release, other than my rights of indemnity for actions taken while an officer
      of
      Innodata Isogen,
      arising
      out of or related to my employment with Innodata Isogen or my resignation as
      an
      Executive Officer (which includes my positions as Vice President, Finance and
      Chief Accounting Officer), and full time employee of Innodata Isogen, including,
      but not limited to, any alleged violation of: Title VII of the Civil Rights
      Act
      of 1964; The Civil Rights Act of 1991; Sections 1981 through 1988 of Title
      42 of
      the United States Code; The Employee Retirement Income Security Act of 1974
      (“ERISA”) (except for any vested benefits under any tax qualified benefit plan);
      The Immigration Reform and Control Act; The Americans with Disabilities Act
      of
      1990; The Age Discrimination in Employment Act of 1967 (“ADEA”); The Workers
      Adjustment and Retraining Notification Act; The Occupational Safety and Health
      Act; The Fair Credit Reporting Act; Sarbanes-Oxley Act of 2002; New Jersey
      Law
      Against Discrimination; New Jersey Statutory Provision Regarding
      Retaliation/Discrimination for Filing a Workers’ Compensation Claim; New Jersey
      Family Leave Act; New Jersey Smokers Rights Law; New Jersey Equal Pay Act;
       
      New
      Jersey Genetic Privacy Act; New Jersey Conscientious Employee Protection Act
      (Whistleblower Protection); The New Jersey Wage Payment and Work Hour Laws;
      The
      New Jersey Public Employees’ Occupational Safety and Health Act; New Jersey Fair
      Credit Reporting Act; New Jersey laws regarding Political Activities of
      Employees, Lie Detector Tests, Jury Duty, Employment Protection, and
      Discrimination; any claim for costs, fees, or other expenses including
      attorneys’ fees incurred in these matters; any other federal, state, local or
      other civil or human rights law; or any other local, state or federal law,
      regulation or ordinance, and/or public policy, contract, tort or common law.
      Moreover, although I retain the right to file a charge of discrimination, I
      will
      not be entitled to receive any relief, recovery or monies in connection with
      any
      complaint, charge or legal proceeding brought against Releasees, including
      attorneys’ fees, without regard to the party or parties who have instituted any
      such complaint, charge or legal proceeding, to the extent permitted by law.
      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    I
      agree
      to return all confidential information to Innodata Isogen at the conclusion
      of
      the Transition Period or Extended Transition Period, if any. Innodata Isogen
      will have no obligation to provide any consideration hereunder unless I return
      all confidential information to Innodata Isogen as set forth herein. 

    

    I
      agree
      not to defame, disparage, or demean Innodata Isogen, its affiliates,
      subsidiaries and their respective current and former officers and directors,
      in
      any manner whatsoever, provided
      that
      nothing contained herein shall prevent me from providing truthful information
      about Innodata Isogen in connection with any legal proceeding or to the
      extent compelled to do so by law.

    

    I
      have
      not filed or caused to be filed, and I am not a party to, any claim, charge,
      complaint, action or other legal proceeding against Releasees
      in
      any
      forum or form as of the date of execution of this General
      Release.
      I have
      been paid and/or have received all compensation, wages, bonuses, commissions
      and/or benefits to which I may be entitled for all reported hours worked, and
      acknowledge that no other compensation, wages, bonuses, commissions and/or
      benefits are due to me except as provided in this General
      Release
      and in
      the Transition Agreement.  I
      affirm
      that I have no known workplace injuries or occupational diseases, and that
      I
      have been provided and/or have not been denied any leave under any federal,
      state or local family/medical or disability leave law. 

    

    I
      agree
      not to disclose any information regarding the existence or substance of this
      General Release to any third party other than my immediate family and/or tax
      or
      legal advisors, or as required by law. I further acknowledge that neither this
      General Release nor the furnishing of the consideration for this General Release
      is an admission by Innodata Isogen of any liability or unlawful conduct of
      any
      kind.

    

    I
      understand that: (i) this General
      Release
      shall be
      governed and conformed in accordance with the laws of the state in which I
      last
      worked without regard to the state’s conflict of laws provisions; (ii) should
      any provision of this General
      Release
      be
      declared illegal or unenforceable by any court of competent jurisdiction and
      cannot be modified to be enforceable, excluding the general release language,
      such provision shall immediately become null and void, leaving the remainder
      of
      this General
      Release
      in full
      force and effect; and (iii) this General
      Release
      may not
      be modified, altered or changed except upon express written consent of both
      parties in which specific reference is made to this General
      Release.
      I
      further understand that after I enter into this Separation Agreement, both
      Innodata
      Isogen and
      I
      will have the right to enforce its terms. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    I
      understand that I have up to twenty-one (21) days to consider this General
      Release
      and I
      have been advised of my right to consult with an attorney prior to executing
      this General
      Release.
      I
      further agree that any modifications, material or otherwise, made to this
General
      Release,
      do not
      restart or affect in any manner my original twenty-one (21) day consideration
      period. 

    

    I
      further
      understand that I may revoke this General
      Release
      for a
      period of seven (7) days following the day I execute it. Any revocation within
      this period must be submitted, in writing, to Virginia Galdieri, Director of
      Human Resources at Innodata Isogen, Three University Plaza, Hackensack, New
      Jersey 07601, and must state, "I hereby revoke my acceptance of the General
      Release." The revocation must be personally delivered to Virginia Galdieri,
      or
      to her designee, or be mailed to Innodata Isogen, Inc., Three University Plaza,
      Hackensack, New Jersey 07601, and postmarked within seven (7) days of my
      execution of this General
      Release.
      This
General
      Release
      shall
      not become effective or enforceable until the revocation period has expired.
      If
      the last day of the revocation period is a Saturday, Sunday or legal holiday
      recognized in the state in which I last worked, then the revocation period
      shall
      not expire until the next following day which is not a Saturday, Sunday or
      legal
      holiday. 

    

    This
      General
      Release
      reflects
      the entire agreement between the parties and supersedes all prior agreements
      and
      understandings regarding the same subject matter except for the Transition
      Agreement and the Agreement Concerning Confidentiality and Non-Disclosure I
      previously executed. By signing this General
      Release
      I
      re-affirm my continuing obligations under the Agreement Concerning
      Confidentiality and Non-Disclosure, including, without limitation, my
      obligations of non-solicitation of Innodata Isogen customers and employees,
      and
      my obligations of confidentiality and non-disclosure. Having elected to execute
      this General
      Release,
      to
      fulfill the promises set forth in these documents that apply to me and to
      receive the consideration set forth herein, I freely and knowingly, and after
      due consideration, enter into this General Release intending to waive, settle
      and release all claims I have or might have against Releasees.
      I
      acknowledge that I have not relied on any representations, promises or
      agreements of any kind made to me in connection with my decision to execute
      this
      General Release, except for those set forth in this General
      Release and in the Transition Agreement.

     

    Signed:     /s/
      Stephen Agress

    

    Print
      Name:   Stephen
      Agress

     

    Date:    September
      29, 2006Unassociated Document

    Exhibit
      10.2

    

     

    September
      29, 2006

    

    Via
      Hand Delivery

    Mr.
      Stephen. Agress

    36-14
      High Street

    Fair
      Lawn, New Jersey 07410

    

    
      	
              Re:

            	
              Stock
                options granted under the Company’s 1996 Stock Option Plan on June 1,
                2000, as modified pursuant to letter agreement dated May 16, 2005,
                to
                purchase an aggregate of 100,000 shares of common stock with an exercise
                price of $2.59 and expiration dates as follows: 20,000 on May 31,
                2009,
                20,000 on May 31, 2010, 20,000 on May 31, 2011, 20,000 on May 31,
                2012 and
                20,000 on May 31, 2013 (collectively, the “Stock Option
                Grant”).

            

    

     

     

    Dear
      Mr.
      Agress:

     

    This
      is
      to confirm that the Stock Option Grant is modified as follows:

     

    
      	
              1.

            	
              All
                stock option agreements related to the Stock Option Grant are hereby
                amended to provide that the Stock Option Grant survives any termination
                of
                your employment (whether voluntary, involuntary or otherwise) and
                remains
                fully exercisable by you until such time as the Stock Option Grant
                expires
                in accordance with the expiration dates as modified by this letter
                and set
                forth below.

            

    

     

    
      	
              2.

            	
              The
                expiration dates set forth in the Stock Option Grant are modified
                as
                follows: 20,000 shall continue to expire on May 31, 2009; 20,000
                shall continue to expire on May 31, 2010; the remaining 60,000 shall
                also
                expire on May 31, 2010.

            

    

     

    
      	
              3.

            	
              The
                foregoing modifications were approved by the Compensation Committee
                of the
                Board of Directors of the Company on
                September 20, 2006.

            

    

     

    
      	
              4.

            	
              All
                other terms and conditions of the Stock Option Grant remain in full
                force
                and effect. The Stock Option Grant referenced above reflects the
                revised
                strike price and expiration dates as set forth in the letter agreement
                dated May 16, 2005, as well as any “stock splits” to date.
                

            

    

     

    
      	
              5.

            	
              This
                Agreement may not be changed or terminated without the express written
                consent of you and the Company.

            

    

     

    Please
      sign the extra copy of this letter in the space below and return it to the
      Company to confirm your understanding and acceptance of the terms of this
      letter.

     

    Sincerely,

     

    Innodata
      Isogen, Inc.

    
 

    By:
       Jack
      Abuhoff
Chief
      Executive Officer 

     

     

     

    Acknowledged
      and Agreed:

    

    ________________________

    Stephen
      Agress

    

    Date:
      _______________________

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