Document:

Transition Agreement and General Release

 Exhibit 10.58 
  
 TRANSITION AGREEMENT AND GENERAL RELEASE 
  
 This Transition Agreement and General Release (“Agreement”) is made and entered into as of May 3, 2005 (the
“Execution Date”), by and among Aegis Communications Group, Inc., a Delaware Corporation (the “Parent”), Advanced Telemarketing Corporation, a Nevada corporation (“ATC”), IQI, Inc., a New York
corporation (“IQI”) (together, Parent, ATC, and IQI are referred to as the “Company”), and Richard Nelson Ferry (“Ferry” or “Employee”). 
  
 RECITALS 
  
 Whereas, Employee is presently employed by the Company and serves as director, President and Chief Executive Officer of the
Parent and Chief Executive Officer of IQI and ATC and has entered into an Employment Agreement with the Company dated as of September 14, 2004, a copy of which is attached hereto as Exhibit A (the “Employment Agreement”).

  
 Whereas, the Company and Employee mutually desire to terminate
the employment relationship effective as of May 1, 2005, while also providing for continuing director and consulting relationships. 
  
 Whereas, the parties desire to provide for an orderly transition and termination of the employment relationship and to settle fully and finally, in the
manner set forth herein, any and all existing or potential claims and controversies arising out of the relationship between Employee and the Company. 
  
 Now, therefore, in consideration of the mutual acts, payments, and promises described and agreed to be performed herein, Employee and the Company agree as
follows: 
  
 1. Resignation. Employee hereby tenders his
resignation from his positions as President and Chief Executive Officer of the Parent, Chief Executive Officer of IQI and ATC, and all other officer positions he holds with the Company and its subsidiaries and affiliates effective as of midnight on
May 1, 2005 (the “Resignation Date”). 
  
 2.
Severance from Employment. It is understood and agreed that with the full and complete agreement of Employee and the Company, Employee’s employment as President and Chief Executive Officer of the Parent, Chief Executive Officer of IQI
and ATC and any other officer positions Employee holds with the Company and its subsidiaries will cease as of the Resignation Date. Except as otherwise expressly provided for herein, Employee will cease to accrue any rights under any pension or
compensation plan of the Company (including without limitation any stock option plan, grant or agreement). 
  
 3. Director Service. Employee and the Company agree that Employee will continue to serve as a director on the Board of Directors of the Company
(the “Board”) until such time that Employee resigns from the Board or Employee is replaced and his successor is duly elected. 
  
 4. Management Consulting Services. Employee and Company agree that effective May 1, 2005, through October 31, 2005 (such date, the
“Consulting Completion”), Employee will make himself reasonably available from time to time to manage particular projects designated to Employee by the Company, including those projects described on the attached Exhibit B,
and to consult with and advise the management of the Company regarding the business and affairs of the Company (the “Consulting Services”). Employee and the Company 
  

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 agree that the Employee will provide the Consulting Services on a full-time basis through August 1, 2005, and will devote
approximately 20 hours per week to the Consulting Services from August 2, 2005 through October 31, 2005. 
  
 5. Payment of Wages and Earned Benefits. On or promptly following the Resignation Date, the Parent agrees to pay Employee all salary and all
employee benefits to which Employee is entitled under the Employment Agreement, through April 30, 2005. (the “Resignation Payment”). Employee will be paid at his annualized salary level of $250,000 through April 30, 2005, payable in
installments in accordance with the Parent’s standard payroll practices, but not less than bi-weekly, and Employee will be entitled to medical, dental, and vision benefits (including coverage for Employee’s immediate family), disability
insurance, 401-K plans, life insurance, officer and director liability insurance, and paid vacation on the same terms and conditions as provided to Employee immediately prior to the Execution Date. Employee will be paid for all vacation days that he
has accrued but not taken during his employment with the Company through the Resignation Date, if any. Any reimbursable expenses incurred during Employee’s employment with the Company through the Resignation Date, if any, will be paid to
Employee upon submission and approval of those expenses in accordance with the Parent’s customary practices, but not less than monthly. Except for the Resignation Payment, the Company and Employee have determined and agreed that Employee is not
entitled to any other bonus or severance payment in connection with the Resignation. 
  
 6. Consulting Services Payments. In consideration of this Agreement and the Consulting Services, the Company agrees to compensate Employee at the pro rata amount Employee would have earned at his former
annualized salary of $250,000 for the period beginning on May 1, 2005 running through October 31, 2005 (the “Consulting Compensation”). The Consulting Compensation will be payable in installments in accordance with the Parent’s
standard payroll practices, but not less than bi-weekly. Due to Employee’s independent contractor status during the period for which Employee will provide the Consulting Services, Employee will not be entitled to benefits such as medical,
dental, life insurance, short-term and long-term disability benefits; provided, however, that Employee will continue to receive director and officer liability insurance coverage as long as Employee remains a director on the Board. On
the earlier of (i) the Company’s adoption of a new equity incentive plan; or (ii) October 31, 2005, the Employee will receive options to purchase 2,277,000 shares of Common Stock of the Company at a price equal to the closing market price of
the Common Stock of the Company on the date of grant (the “Option Grant”), and which will be exercisable commencing on November 1, 2005, and will expire on November 1, 2010, if not exercised on or before that date. The Option Grant
will be made pursuant to the terms and conditions of the non-qualified option agreement in substantially the form attached as Exhibit C hereto. Notwithstanding anything in this Agreement to the contrary, Employee will be entitled to the
Consulting Compensation and to the Option Grant under this Section 6 as long as Employee remains willing and able to perform the Consulting Services at the time commitments set forth in Section 4. 
  
 7. Amendment and Ratification of Employment Agreement. Employee
acknowledges, confirms, and ratifies his Employment Agreement dated September 14, 2004, which is attached hereto as Exhibit A. Employee specifically confirms that, during the course of his employment, he received special training, unique and
confidential information, and actual contacts and relationships with customers and potential customers, as contemplated in Section 10 of the Employment Agreement. Accordingly, except as modified by this Agreement, Employee 
  

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 and the Company ratify the obligations stated in the Employment Agreement, including specifically Sections
9, 10, 11 and 13 (including arbitration). 
  
 8. Complete Releases. 
  
 (a) In consideration of
the promises made in this Agreement, Employee RELEASES, ACQUITS, and FOREVER DISCHARGES the Company and each of its past and present parents, subsidiaries, affiliates, shareholders, directors, officers, attorneys, accountants, agents, employees, and
representatives, from ANY and ALL causes of action, claims, and damages, including attorney’s fees, Employee may have against the Company which could have arisen out of Employee’s employment or separation from employment with the Company
or his service as an officer or director of the Company or any other matter related to his association with the Company, including the Employment Agreement and any compensation due thereunder, whether known or unknown, existing as of the Execution
Date. Other than the monetary payments and the Option Grant the Company agrees to make to Employee under Sections 5 and 6 to the terms of this Agreement, the Employee agrees that the Company does not owe Employee any other monetary
payments, including compensation for employment by the Company such as salary, bonus, or otherwise. Employee hereby irrevocably, unconditionally, and fully releases, acquits, and forever discharges the Company, and its respective officers,
directors, partners, shareholders, employees, attorneys, and agents, past and present, from any and all charges, complaints, claims, liabilities, obligations, costs, losses, debts, and expenses (including attorney’s fees and costs actually
incurred), of any nature whatsoever (excluding any felonious acts) known or unknown, suspected or unsuspected, including without limitation any rights arising out of alleged violations of any contract, express or implied, written or verbal, any
covenant of good faith and fair dealing, express or implied, any tort, any legal restrictions on the right of the Company to terminate, discipline, or otherwise manage employees or any federal, state, or other governmental statute, regulation, or
ordinance. Notwithstanding the foregoing, nothing herein will constitute a release of the Company from causes of action, claims or damages, including attorney’s fees, which may arise from acts or omissions by the Company after the Execution
Date or in contravention of this Agreement. 
  
 (1) These releases and waivers include, but are not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, The Age Discrimination in Employment Act, the Employee Retirement Income Security Act of 1974, the
Americans with Disabilities Act, the Rehabilitation Act of 1973, the Equal Pay Act, the False Claims Act, the Civil Rights Act of 1866, the Fair Labor Standards Act, the Occupational Safety and Health Act, the Family and Medical Leave Act, the Texas
Commission on Human Rights Act, the Texas Payday Law, the Texas Workers’ Compensation Act, any causes of action or claims arising under analogous state laws or local ordinances or regulations, any common law principle or public policy,
including all suits in tort or contract, or under the Company’s personnel policies or any contract of employment that may exist between Employee and the Company. 
  
 (2) Employee knowingly and voluntarily waives any existing rights he may have pursuant to the Age
Discrimination in Employment Act of 1967 and the Older Workers Benefit Protection Act. Further, Employee acknowledges the receipt of good and valuable consideration set forth in this Agreement in exchange for this waiver of potential 
  

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 claims in addition to anything of value to which Employee is already entitled, including specifically mutual releases.
Employee does not waive any claims that arise after the date of execution of this Agreement. Employee is advised to consult with an attorney prior to executing this Agreement. 
  
 (b) In consideration of the promises made in this Agreement, the Company RELEASES, ACQUITS, and FOREVER DISCHARGES Employee
from ANY and ALL causes of action, claims and damages, including attorney’s fees, the Company may have against Employee which could have arisen out of Employee’s employment or separation from employment with the Company or his service as
an officer or director of the Company or any other matter related to his association with the Company, including the Employment Agreement and any compensation due thereunder, whether known or unknown, existing as of the Execution Date. The Company
hereby irrevocably, unconditionally, and fully releases, acquits, and forever discharges Employee from any and all charges, complaints, claims, liabilities, obligations, costs, losses, debts and expenses (including attorney’s fees and costs
actually incurred), of any nature whatsoever (excluding any felonious acts) known or unknown, suspected or unsuspected, including without limitation any rights arising out of alleged violations of any contract, express or implied, written or verbal,
any covenant of good faith and fair dealing, express or implied, any tort, or any federal, state or other governmental statute, regulation, or ordinance. Notwithstanding the foregoing, nothing herein will constitute a release of Employee from causes
of action, claims, or damages, including attorney’s fees, which may arise from acts or omissions of Employee after the Execution Date or in contravention of this Agreement. 
  
 (c) Employee and the Company (as defined above in this Section 8), in consideration for the promises made in this
Agreement, will once again reaffirm, execute, and deliver mutual releases in the form attached as Exhibit D upon satisfaction of all applicable obligations by the Company under Sections 4, 5 and 6 (through the date on which the
mutual release is executed). 
  
 (d) It is expressly agreed and
understood by Employee and the Company that this Agreement Section 8(a)-(e) constitutes a general release. 
  
 (e) The Company will indemnify and hold harmless the Employee in respect of acts or omissions as a director, officer, employee, or consultant occurring up
to and including the Execution Date to the same extent and with the same limitations as if he was an officer of the Company to the fullest extent permitted by the Texas Business Corporation Act, as amended, and the Company’s articles of
incorporation and bylaws in effect on the date of this Agreement, and will indemnify and hold harmless the Employee in respect of any claims, liabilities, obligations, or expenses in respect of or relating to this Agreement and the transactions
contemplated hereby. 
  
 9. Nature of the Agreement. This
Agreement and all its provisions are contractual, not mere recitals, and will continue in permanent force and effect, unless revoked as provided herein. In the event that any portion of this Agreement is found to be unenforceable for any reason
whatsoever, the unenforceable provision will be severed and the remainder of the Agreement will continue in full force and effect. 
  
 10. Non-Competition Agreement. Employee agrees and covenants that for a period continuing through October 31, 2006, Employee will not, in
connection with any business that is 
  

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 engaged in, or is about to be engaged in as of the date the resignation or termination, by the Company or the Parent,
which includes, but is not limited to, inbound and outbound telemarketing and customer care services, whether conducted by telephone or the internet, and the provision of market research services as currently provided by the Company or the Parent,
the consulting, design and implementation of any of these services, including organization and investment in related industries or professions (the “Business”), directly or indirectly, either as an individual or as an employee,
partner, officer, director, shareholder, advisor, or consultant or in any other capacity whatsoever, of any person (other than ownership of less than 1% of the issued and outstanding voting securities of a publicly held corporations): (a) recruit,
hire, assist others in recruiting or hiring, discuss employment with, or refer to others for employment any person who is, or within the 12 month period immediately preceding the date of any such activity was, an employee of the Company or the
Parent or their affiliates; or (b) conduct or assist others in conducting any business or activity that competes with the Business in the United States, its territories or possessions, provided, however, that nothing in this Section 10 shall
preclude Employee from becoming (or continuing as) a partner in EMF Partners, a Florida limited liability partnership. 
  
 It is understood and agreed that the scope of the foregoing covenant is reasonable as to time, area and persons and is necessary to protect the legitimate
business interests of the Company, the Parent and their affiliates. It is further agreed that such covenant will be regarded as divisible and will be operative as to time, area and persons to the extent that it may be so operative, and if any part
of such covenant is declared invalid, unenforceable, or void as to time, area or persons, the validity and enforceability of the remainder will not be affected. 
  

If Employee violates the restrictive covenants of this Section 10 and the Company or the Parent brings legal action for injunctive or other
relief, neither the Company nor the Parent will be deprived of the benefit of the full period of the restrictive covenant, as a result of the time involved in obtaining the relief. Accordingly, Employee agrees that the restricted period following
the Consulting Completion will have a duration of one year, and the regularly scheduled expiration date of such covenant will be extended by the same amount of time that Employee is determined to have violated such covenant.

  
 11. Miscellaneous. (a) Any notice, demand, or request
required or permitted to be given or made under this Agreement will be in writing and will be deemed given or made when delivered in person, when sent by United States registered or certified mail, or postage prepaid, or when telecopied to a party
at its address or telecopy number specified below: 
  
 If to the
Company: 
  
 Aegis Communications Group, Inc.

 8001 Bent Branch Drive 
 Irving, Texas 75063 
 Attn: President or Chief Executive Officer 
 Telecopy number: (972) 868-0267 
  

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 With a copy to: 
  

Hughes & Luce, L.L.P. 
 1717 Main Street 
 Suite 2800 
 Dallas, Texas 75201 
 Attn: David G. Luther 
 Telecopy number: (214) 939-5849 
  
 If to Employee: 
  
 Richard Nelson Ferry 
 10887 Blue Palm Street 
 Plantation, Florida 33324 
 Telecopy number: (954) 476-2551  
  
 The parties to this Agreement may change their addresses for notice in the
manner provided above. 
  
 (b) All section titles and captions in
this Agreement are for convenience only, will not be deemed part of this Agreement, and in no way will define, limit, extend, or describe the scope or intent of any provisions hereof. 
  
 (c) Whenever the context may require, any pronoun used in this Agreement will include the corresponding masculine or neuter
forms, and the singular form of nouns, pronouns, and verbs will include the plural and vice versa. 
  
 (d) The parties will execute all documents, provide all information, and take or refrain from taking all actions as may be reasonably necessary or
appropriate to achieve the purposes of this Agreement. 
  
 (e)
This Agreement will be binding upon and inure to the benefit of the parties hereto, their representatives and permitted successors and assigns. Except for the provisions of Section 10 of this Agreement, which are intended to benefit the
Company’s affiliates as third party beneficiaries, or as otherwise expressly provided in this Agreement, nothing in this Agreement, express or implied, is intended to confer upon any person other than the parties to this Agreement, their
respective representatives and permitted successors and assigns, any rights, remedies or obligations under or by reason of this Agreement. 
  
 (f) This Agreement, and the Employment Agreement which is partially modified and ratified herein, constitute the entire agreement among the parties hereto
pertaining to the specific subject matter hereof. 
  
 (g) None of
the provisions of this Agreement will be for the benefit of or enforceable by any creditors of the parties, except as otherwise expressly provided herein. 
  
 (h) No failure by any party to insist upon the strict performance of any covenant, duty, agreement, or condition of this Agreement or to exercise any
right or remedy consequent upon a breach thereof will constitute waiver of any such breach or any other covenant, duty, agreement, or condition. 
  
 (i) This Agreement may be executed in telecopy format and/or in counterparts, all of which together will constitute one agreement binding on all the
parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. 
  

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 (j) THIS AGREEMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF TEXAS,
WITHOUT REGARD TO TEXAS PRINCIPLES OF CONFLICTS OF LAW. 
  
 (k)
All claims, disputes, and controversies arising out of or relating to this Agreement or the performance, breach, validity, interpretation, application, or enforcement hereof, including any claims for equitable relief or claims based on contract,
tort, statute, or any alleged breach, default, or misrepresentation in connection with any of the provisions hereof, will be resolved by binding arbitration. Provided, however, an aggrieved party may petition a federal or state court of competent
jurisdiction in Dallas County, Texas for interim injunctive or other equitable relief to preserve the status quo until arbitration can be completed in the event of an alleged breach of Section 10 of this Agreement. A party may
initiate arbitration by sending written notice of its intention to arbitrate to the other party and to the American Arbitration Association (“AAA”) office located in Dallas, Texas (the “Arbitration Notice”). The
Arbitration Notice will contain a description of the dispute and the remedy sought. The arbitration will be conducted at the offices of the AAA in Dallas, Texas before an independent and impartial arbitrator who is selected by mutual agreement, or,
in the absence of such agreement, before three independent and impartial arbitrators, of whom each party will appoint one, with the third being chosen by the two appointed by the parties. In no event may the demand for arbitration be made after the
date when the institution of a legal or equitable proceeding based on such claim, dispute, or other matter in question would be barred by the applicable statute of limitations. The arbitration and any discovery conducted in connection therewith will
be conducted in accordance with the Commercial Rules of arbitration and procedures established by AAA in effect at the time of the arbitration (the “AAA Rules”); provided, however, that the parties will have the right to exchange at
least one set of written discovery requests in accordance with the Federal Rules of Civil Procedure, and each party will have the right to take at least two depositions. The decision of the arbitrator(s) will be final and binding on all parties and
their successors and permitted assignees. The judgment upon the award rendered by the arbitrator(s) may be entered by any court having jurisdiction thereof. The arbitrator(s) will be selected no later than 30 days after the date of the Arbitration
Notice. The arbitrator(s) will render a decision no later than 30 days after the close of the hearing, in accordance with AAA Rules, and the arbitrator’s decision will include an award of costs (including attorneys’ fees to the prevailing
party). 
  
 (l) If any provision of this Agreement is declared or
found to be illegal, unenforceable, or void, in whole or in part, then the parties will be relieved of all obligations arising under such provision, but only to the extent that it is illegal, unenforceable, or void, it being the intent and agreement
of the parties that this Agreement will be deemed amended by modifying such provision to the extent necessary to make it legal and enforceable while preserving its intent or, if that is not possible, by substituting therefore another provision that
is legal and enforceable and achieves the same objectives. 
  
 (m)
No supplement, modification, or amendment of this agreement or waiver of any provision of this Agreement will be binding unless executed in writing by all parties to this Agreement. No waiver of any of the provisions of this Agreement will be deemed
or will constitute a waiver of any other provision of this Agreement (regardless of whether similar), nor will any such waiver constitute a continuing waiver unless otherwise expressly provided. 
  

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 (n) Employee acknowledges and agrees that the Company and the Parent would be irreparably harmed by any
violation of Employee’s obligations under Section 10 hereof and that, in addition to all other rights or remedies available at law or in equity, the Company and the Parent will be entitled to injunctive and other equitable relief to
prevent or enjoin any such violation. The provisions of Section 10 hereof will survive any termination of this Agreement, in accordance with their terms. 
  

(o) No party may assign this Agreement or any rights or benefits thereunder without the written consent of the other parties to this Agreement.

  
 (p) Death of Employee: In the event Employee should die before
all of the payments referred to in Sections 5 and 6 hereof are paid, the Company shall continue to make payments to the Employee’s spouse, or if the Employee’s spouse predeceases Employee, to the Employee’s estate.

  

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 EXECUTED as of the date first above written. 
  

			
	 AEGIS COMMUNICATIONS GROUP, INC.
  

		
	 By:
	 	 /s/ Pramod Saxena

	 Name:
	 	 Pramod Saxena

	 Title:
	 	 Authorized Signatory

  

			
	 ADVANCED TELEMARKETING CORPORATION
  

		
	 By:
	 	 /s/ Pramod Saxena

	 Name:
	 	 Pramod Saxena

	 Title:
	 	 Authorized Signatory

  

			
	 IQI, INC.
  

		
	 By:
	 	 /s/ Pramod Saxena

	 Name:
	 	 Pramod Saxena

	 Title:
	 	 Authorized Signatory

  

	
	  
 /s/ Richard Nelson
Ferry

	 Richard Nelson Ferry

  

 9 

 EXHIBIT A 
  

EMPLOYMENT AGREEMENT 
  
 See attached. 

 EXHIBIT B 
  

CONSULTING PROJECTS 
  

			
		
	1.	  	Manage the transition of current and prospective customer relationships to the Company’s continuing executive management, including visits to current and prospective
customers.
		
	2.	  	Provide counsel, support and help on business development and sales strategy implementation and help leverage the Company’s investment in its new sales force.
		
	3.	  	Manage the Company’s efforts to investigate the possibilities of, and potentially obtain new equity financing.
		
	4.	  	Review and assist with the Company’s management of pending litigation and regulatory compliance matters (primarily regarding federal securities laws disclosures and possible securities
registrations) and recommend action, as appropriate, that the Company should take to achieve expedient closure.
		
	5.	  	Any other project designated by the Board to the Employee from time to time within the time period contemplated for the Consulting Services.

  

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 EXHIBIT C 
  

OPTION AGREEMENT 
  
 See attached. 
  

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 Ferry
	    	
 Company
	  	 

 EXHIBIT D 
  

RECONFIRMATION AND ACKNOWLEDGEMENT OF MUTUAL RELEASES 
  
 This Reconfirmation and Acknowledgement of Mutual Releases (“Agreement”) is made and entered into as of
                         , 20         (the “Execution
Date”), by and among Aegis Communications Group, Inc., a Delaware Corporation (the “Parent”), Advanced Telemarketing Corporation, a Nevada corporation (“ATC”), IQI, Inc., a New York corporation
(“IQI”) (together, Parent, ATC, and IQI are referred to as the “Company”), and Richard Nelson Ferry (“Ferry” or “Employee”). 
  
 RECITALS 
  
 Whereas, Employee was formerly employed by the Company and had entered into an Employment Agreement with the Company dated
as of September 14, 2004 (the “Employment Agreement”). 
  
 Whereas, Employee has tendered his resignation, and the Company has accepted such resignation, for all positions in which Employee was employed by the Company, including as President and Chief Executive Officer of the
Parent, Chief Executive Officer of IQI and ATC, and all other officer positions held with the Company or its subsidiaries, pursuant to a Transition Agreement and General Release with the Company dated as of April 20, 2005 (the “Transition
Agreement”); 
  
 Whereas, Employee agreed to execute this
Agreement pursuant to the Transition Agreement; and 
  
 Whereas,
the parties desire to provide for an orderly transition and termination of the employment relationship and to settle fully and finally, in the manner set forth herein, any and all existing or potential claims and controversies arising out of the
relationship between Employee and the Company. 
  
 Now, therefore,
in consideration of the mutual acts and promises described and agreed to be performed herein, Employee and the Company agree as follows: 
  
 1. Complete Releases. 
  
 (a) In consideration of the promises made in this Agreement, Employee RELEASES, ACQUITS, and FOREVER DISCHARGES the Company and each of its past and
present parents, subsidiaries, affiliates, shareholders, directors, officers, attorneys, accountants, agents, employees, and representatives, from ANY and ALL causes of action, claims, and damages, including attorney’s fees, Employee may have
against the Company which could have arisen out of Employee’s employment or separation from employment with the Company or his service as an officer or director of the Company or any other matter related to his association with the Company,
including the Employment Agreement and any compensation due thereunder, whether known or unknown, existing as of the Execution Date. Other than the monetary payments and the grant of options to purchase 2,277,000 shares of Common Stock of the
Company, the Company agrees to make to Employee pursuant to the terms of the Transition 
  

 2 

					
	
 Ferry
	    	
 Company
	  	 

 Agreement, the Employee agrees that the Company does not owe Employee any other monetary payments, including compensation
for employment by the Company such as salary, bonus, or otherwise. Employee hereby irrevocably, unconditionally, and fully releases, acquits, and forever discharges the Company, and its respective officers, directors, partners, shareholders,
employees, attorneys, and agents, past and present, from any and all charges, complaints, claims, liabilities, obligations, costs, losses, debts, and expenses (including attorney’s fees and costs actually incurred), of any nature whatsoever
(excluding any felonious acts) known or unknown, suspected or unsuspected, including without limitation any rights arising out of alleged violations of any contract, express or implied, written or verbal, any covenant of good faith and fair dealing,
express or implied, any tort, any legal restrictions on the right of the Company to terminate, discipline, or otherwise manage employees or any federal, state, or other governmental statute, regulation, or ordinance. Notwithstanding the foregoing,
nothing herein will constitute a release of the Company from causes of action, claims or damages, including attorney’s fees, which may arise from acts or omissions by the Company after the Execution Date or in contravention of the Transition
Agreement. 
  
 (1) These releases and waivers
include, but are not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, The Age Discrimination in Employment Act, the Employee Retirement Income Security Act of 1974, the Americans with Disabilities Act, the
Rehabilitation Act of 1973, the Equal Pay Act, the False Claims Act, the Civil Rights Act of 1866, the Fair Labor Standards Act, the Occupational Safety and Health Act, the Family and Medical Leave Act, the Texas Commission on Human Rights Act, the
Texas Payday Law, the Texas Workers’ Compensation Act, any causes of action or claims arising under analogous state laws or local ordinances or regulations, any common law principle or public policy, including all suits in tort or contract, or
under the Company’s personnel policies or any contract of employment that may exist between Employee and the Company. 
  
 (2) Employee knowingly and voluntarily waives any existing rights he may have pursuant to the Age Discrimination in Employment Act of 1967
and the Older Workers Benefit Protection Act. Further, Employee acknowledges the receipt of good and valuable consideration set forth in this Agreement in exchange for this waiver of potential claims in addition to anything of value to which
Employee is already entitled, including specifically mutual releases. Employee does not waive any claims that arise after the date of execution of this Agreement. Employee is advised to consult with an attorney prior to executing this Agreement.

  
 (b) In consideration of the promises made in this Agreement,
the Company RELEASES, ACQUITS, and FOREVER DISCHARGES Employee from ANY and ALL causes of action, claims and damages, including attorney’s fees, the Company may have against Employee which could have arisen out of Employee’s employment or
separation from employment with the Company or his service as an officer or director of the Company or any other matter related to his association with the Company, including the Employment Agreement and any compensation due thereunder, whether
known or unknown, existing as of the Execution Date. The Company hereby irrevocably, unconditionally, and fully releases, acquits, and forever discharges Employee from any and all charges, complaints, claims, liabilities, obligations, costs, losses,
debts and expenses (including attorney’s fees and costs actually incurred), of any nature whatsoever (excluding any felonious acts) known or unknown, suspected or unsuspected, including without 
  

 3 

					
	
 Ferry
	    	
 Company
	  	 

 limitation any rights arising out of alleged violations of any contract, express or implied, written or verbal, any
covenant of good faith and fair dealing, express or implied, any tort, or any federal, state or other governmental statute, regulation, or ordinance. Notwithstanding the foregoing, nothing herein will constitute a release of Employee from causes of
action, claims, or damages, including attorney’s fees, which may arise from acts or omissions of Employee after the Execution Date or in contravention of the Transition Agreement. 
  
 (c) It is expressly agreed and understood by Employee and the Company that this Agreement Section 1(a)-(d)
constitutes a general release. 
  
 (d) The Company will indemnify
and hold harmless the Employee in respect of acts or omissions as a director, officer, employee, or consultant occurring up to and including the Execution Date to the same extent and with the same limitations as if he was an officer of the Company
to the fullest extent permitted by the Texas Business Corporation Act, as amended, and the Company’s articles of incorporation and bylaws in effect on the date of this Agreement, and will indemnify and hold harmless the Employee in respect of
any claims, liabilities, obligations, or expenses in respect of or relating to this Agreement and the transactions contemplated hereby. 
  
 2. Miscellaneous. 
  
 (a) All capitalized terms not otherwise defined herein have the meanings assigned to them in the Transition Agreement. 
  
 (b) All section titles and captions in this Agreement are for convenience
only, will not be deemed part of this Agreement, and in no way will define, limit, extend, or describe the scope or intent of any provisions hereof. 
  
 (c) Whenever the context may require, any pronoun used in this Agreement will include the corresponding masculine or neuter forms, and the singular form
of nouns, pronouns, and verbs will include the plural and vice versa. 
  
 (d) The parties will execute all documents, provide all information, and take or refrain from taking all actions as may be reasonably necessary or appropriate to achieve the purposes of this Agreement. 
  
 (e) This Agreement will be binding upon and inure to the benefit of the
parties hereto, their representatives and permitted successors and assigns. 
  
 (f) None of the provisions of this Agreement will be for the benefit of or enforceable by any creditors of the parties, except as otherwise expressly provided herein. 
  
 (g) No failure by any party to insist upon the strict performance of any
covenant, duty, agreement, or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof will constitute waiver of any such breach or any other covenant, duty, agreement, or condition. 
  
 (h) This Agreement may be executed in telecopy format and/or in counterparts,
all of which together will constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. 
  

 4 

					
	
 Ferry
	    	
 Company
	  	 

 (i) THIS AGREEMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF TEXAS,
WITHOUT REGARD TO THE TEXAS PRINCIPLES OF CONFLICTS OF LAW. 
  
 (j) All claims, disputes, and controversies arising out of or relating to this Agreement or the performance, breach, validity, interpretation, application, or enforcement hereof, including any claims for equitable relief or claims based on
contract, tort, statute, or any alleged breach, default, or misrepresentation in connection with any of the provisions hereof, will be resolved by binding arbitration. Provided, however, an aggrieved party may petition a federal or state court of
competent jurisdiction in Dallas County, Texas for interim injunctive or other equitable relief to preserve the status quo until arbitration can be completed in the event of an alleged breach of Section 1 of this Agreement. A
party may initiate arbitration by sending written notice of its intention to arbitrate to the other party and to the American Arbitration Association (“AAA”) office located in Dallas, Texas (the “Arbitration
Notice”). The Arbitration Notice will contain a description of the dispute and the remedy sought. The arbitration will be conducted at the offices of the AAA in Dallas, Texas before an independent and impartial arbitrator who is selected by
mutual agreement, or, in the absence of such agreement, before three independent and impartial arbitrators, of whom each party will appoint one, with the third being chosen by the two appointed by the parties. In no event may the demand for
arbitration be made after the date when the institution of a legal or equitable proceeding based on such claim, dispute, or other matter in question would be barred by the applicable statute of limitations. The arbitration and any discovery
conducted in connection therewith will be conducted in accordance with the Commercial Rules of arbitration and procedures established by AAA in effect at the time of the arbitration (the “AAA Rules”); provided, however, that the
parties will have the right to exchange at least one set of written discovery requests in accordance with the Federal Rules of Civil Procedure, and each party will have the right to take at least two depositions. The decision of the arbitrator(s)
will be final and binding on all parties and their successors and permitted assignees. The judgment upon the award rendered by the arbitrator(s) may be entered by any court having jurisdiction thereof. The arbitrator(s) will be selected no later
than 30 days after the date of the Arbitration Notice. The arbitrator(s) will render a decision no later than 30 days after the close of the hearing, in accordance with AAA Rules, and the arbitrator’s decision will include an award of costs
(including attorney’s fees) to the prevailing party. 
  
 (k)
If any provision of this Agreement is declared or found to be illegal, unenforceable, or void, in whole or in part, then the parties will be relieved of all obligations arising under such provision, but only to the extent that it is illegal,
unenforceable or void, it being the intent and agreement of the parties that this Agreement will be deemed amended by modifying such provision to the extent necessary to make it legal and enforceable while preserving its intent or, if that is not
possible, by substituting therefore another provision that is legal and enforceable and achieves the same objectives. 
  
 (l) No supplement, modification or amendment of this agreement or waiver of any provision of this Agreement will be binding unless executed in writing by
all parties to this Agreement. No waiver of any of the provisions of this 
  

 5 

					
	
 Ferry
	    	
 Company
	  	 

 Agreement will be deemed or will constitute a waiver of any other provision of this Agreement (regardless of whether
similar), nor will any such waiver constitute a continuing waiver unless otherwise expressly provided. 
  
 (m) No party may assign this Agreement or any rights or benefits thereunder without the written consent of the other parties to this Agreement.

  
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 6 

					
	
 Ferry
	    	
 Company
	  	 

 EXECUTED as of the date first above written. 
  

			
	 AEGIS COMMUNICATIONS GROUP, INC.
  

		
	 By:
	 	

	 Name:
	 	

	 Title:
	 	

  

			
	 ADVANCED TELEMARKETING CORPORATION
  

		
	 By:
	 	

	 Name:
	 	

	 Title:
	 	

  

			
	 IQI, INC.
  

		
	 By:
	 	

	 Name:
	 	

	 Title:
	 	

  

	
	  

	 Richard Nelson FerrySettlement Agreement between IMPCO Technologies and Nickolai A. Gerde

 EXHIBIT 10.1 
  
 CONFIDENTIAL SETTLEMENT AGREEMENT, GENERAL RELEASE 
 AND 
 COVENANT NOT TO SUE 
  
 This Settlement Agreement, General Release, and Covenant Not to Sue (“Agreement”)
is made and entered into as of the 28 March 2005 by and between Nikolai A. Gerde (“Employee”) and IMPCO Technologies, Inc. (“Company” or “IMPCO”), a Delaware corporation
(“Company”), hereinafter collectively referred to as the “Parties”. 
  
 RECITALS 
  
 WHEREAS, Employee has been
employed by Company as Vice President and Chief Financial Officer; and 
  
 WHEREAS, due to Employee’s voluntary resignation, the Parties have mutually agreed that Employee’s employment with Company shall terminate, effective April 7, 2005 (the “Separation Date”); 
  
 WHEREAS, the Company represents and warrants that it knows of no facts, events or claims that
would, in any way, make Employee’s execution of Section 302 and 906 Certifications (Sarbanes-Oxley) and 404 Internal Controls Report (Sarbanes-Oxley) improper and that it is unaware of any material misstatements in any of its filings or public
releases made by the Company since the commencement of the last fiscal year (“Representations and Warranties”) and, based upon such Representations and Warranties, Employee has entered into this Agreement; and 
  
 WHEREAS, the Parties desire to settle fully and finally, in the manner set forth herein, all
differences between them which have arisen, or which may arise, prior to, or at the time of, the execution of this Agreement, including, but in no way limited to, any and all claims and controversies arising out of the employment relationship
between Employee and Company and the termination thereof except that this Agreement is not meant to and shall not include, encompass, release or otherwise affect any claims Employee may have against the Company, its current and former parent,
subsidiary, affiliated, and related corporations, firms, associations, partnerships, and entities, their successors and assigns, and the current and former owners, shareholders, directors, officers, employees, agents, attorneys, representatives, and
insurers of said corporations, firms, associations, partnerships, and entities, and their guardians, successors, assigns, heirs, executors and administrators: (i) under any applicable law or statute, for contribution, indemnification or any other
claim against the Company Releasees in connection with any action, claim, proceeding, suit or cause of action brought by any person against Company and/or Employee in connection with the performance of his duties as an employee, officer or director
of Company; (ii) any claims Employee may have against the Company, its current and former parent, subsidiary, affiliated, and related corporations, firms, associations, partnerships, and entities, their successors and assigns, and the current and
former owners, shareholders, directors, officers, employees, agents, attorneys, representatives, and insurers of said corporations, firms, associations, partnerships, and entities, and their guardians, successors, assigns, heirs, executors and
administrators, arising from and/or based on the terms and conditions of this Agreement; or (iii) for breach of or any other claim arising from the Representations and Warranties set forth above. The Representations and Warranties set forth above
and the claims described in this paragraph shall be referred to in this Agreement as “Excluded Employee Claims.” The Company acknowledges and agrees that it has obligations under Company by-laws, statues and other authority to indemnify
and hold Employee harmless under certain circumstances. Nor does this Agreement include, encompass, release or otherwise affect any claims Company may have against Employee based wholly or in part on facts or circumstances that constitute a material
violation of law, a material breach of fiduciary duty or one or more instances of gross negligence or intentional misconduct (collectively, hereafter, “Excluded Company Claims”). 
  
 NOW, THEREFORE, in consideration of the Recitals and the mutual promises, covenants, and
agreements set forth herein, the Parties covenant and agree as follows: 
  

 1 

 1. General Release by Employee: Employee, for himself and on behalf of his attorneys, heirs,
assigns, successors, executors and administrators, and except for Excluded Employee Claims, IRREVOCABLY and UNCONDITIONALLY RELEASES, ACQUITS, AND FOREVER DISCHARGES Company, its current and former parent, subsidiary, affiliated, and related
corporations, firms, associations, partnerships, and entities, their successors and assigns, and the current and former owners, shareholders, directors, officers, employees, agents, attorneys, representatives, and insurers of said corporations,
firms, associations, partnerships, and entities, and their guardians, successors, assigns, heirs, executors and administrators (hereinafter collectively referred to as “Company Releasees”), from any and all claims, complaints, grievances,
liabilities, obligations, promises, agreements, damages, causes of action, rights, debts, demands, controversies, costs, losses, damages, and expenses (including attorney’s fees and expenses) whatsoever, other than any arising under this
Agreement, under any municipal, local, state, or federal law, common law or statute, whether arising in contract or tort including, but in no way limited to, claims arising under the Age Discrimination in Employment Act of 1967, 29 U.S.C.
§§ 621, et seq. and Title VII of the Civil Rights Act of 1964, as amended, for any actions or omissions whatsoever, whether known or unknown and whether connected with the employment of Employee by Company, or the termination
thereof, or not, which existed or may have existed prior to, or contemporaneously with, the execution of this Agreement except that this Agreement is not meant to and shall not include, encompass, release or otherwise affect Excluded Employee
Claims. 
  
 2. Waiver by Employee: Except with respect to
Excluded Employee Claims, employee expressly waives any and all rights which employee may have under the provisions of Section 1542 of the California Civil Code or any similar statute of the United States of America or any state or territory of the
United States pertaining to the matters encompassed by this Agreement. Said Section 1542 provides as follows: 
  
 “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the
release, which if known by him must have materially affected his settlement with the debtor.” 
  
 3. General Release by Employer: Provided that Employee has first signed the certifications and reports referenced in paragraph 8, below, Company,
for itself, its current and former parent, subsidiary, affiliated, and related corporations, firms, associations, partnerships, and entities, their successors and assigns, and the current and former owners, shareholders, directors, officers,
employees, agents, attorneys, representatives, and insurers of said corporations, firms, associations, partnerships, and entities, and their guardians, successors, assigns, heirs, executors, administrators and insurers IRREVOCABLY and
UNCONDITIONALLY RELEASES, ACQUITS, AND FOREVER DISCHARGES Employee, his attorneys, heirs, assigns, successors, executors and administrators (hereinafter collectively referred to as “Employee Releasees”), from any and all claims,
complaints, grievances, liabilities, obligations, promises, agreements, damages, causes of action, rights, debts, demands, controversies, costs, losses, damages, and expenses (including attorney’s fees and expenses) whatsoever, other than any
arising under this Agreement, under any municipal, local, state, or federal law, common law or statute, whether arising in contract or tort whether known or unknown and whether connected with the employment of Employee by Company, or the termination
thereof, or not, which existed or may have existed prior to, or contemporaneously with, the execution of this Agreement, except that this Agreement is not meant to and shall not include, encompass, release or otherwise affect Excluded Company
Claims. 
  
 4. Waiver by Employer: Except with respect to
Excluded Company Claims, Company expressly waives any and all rights which Company may have under the provisions of Section 1542 of the California Civil Code or any similar statute of the United States of America or any state or territory of the
United States pertaining to the matters encompassed by this Agreement. Said Section 1542 provides as follows: 
  
 “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the
release, which if known by him must have materially affected his settlement with the debtor.” 
  

 2 

 5. Covenant Not to Sue: Employee, for himself and on behalf of his attorneys, heirs, assigns,
successors, executors, and administrators, COVENANTS NOT TO SUE, OR OTHERWISE CONSENT TO PARTICIPATE IN ANY ACTION AGAINST, ANY OF THE COMPANY RELEASEES BASED UPON ANY OF THE CLAIMS RELEASED IN PARAGRAPH 1 OF THIS AGREEMENT EXCEPT IN CONNECTION WITH
EXCLUDED EMPLOYEE CLAIMS. Company COVENANTS NOT TO SUE, OR OTHERWISE CONSENT TO PARTICIPATE IN ANY ACTION AGAINST, ANY OF THE EMPLOYEE RELEASEES BASED UPON ANY OF THE CLAIMS RELEASED IN PARAGRAPH 1 OF THIS AGREEMENT, EXCEPT IN CONNECTION WITH
EXCLUDED COMPANY CLAIMS. 
  
 6. Confidentiality: Employee
agrees that he will hereafter keep the terms, amount, and fact of this Agreement STRICTLY AND COMPLETELY CONFIDENTIAL, and that he will not communicate or otherwise disclose to any employee of Company (past, present, or future), or to be member of
the general public, the terms, amount, or fact of this Agreement, except as may be required by law or compulsory process and except that Employee may disclose the terms, amount and fact of this Agreement to his attorneys, accountants and family
members (who shall be specifically instructed by Employee to retain the information as confidential to him/her and not to share it with other persons unless absolutely required to do so by law) on a “need to know” basis. Company agrees, on
behalf of, its current and former parent, subsidiary, affiliated, and related corporations, firms, associations, partnerships, and entities, their successors and assigns, and the current and former owners, shareholders, directors, officers,
employees, agents, attorneys, representatives, and insurers of said corporations, firms, associations, partnerships, and entities, and their guardians, successors, assigns, heirs, executors and administrations, that it will hereafter keep the terms,
amount, and fact of this Agreement STRICTLY AND COMPLETELY CONFIDENTIAL, and it will not communicate or otherwise disclose to any employee of Company (past, present, or future), or to a member of the general public, the terms, amount, or fact of
this Agreement, except to its Board of Directors, officers, attorneys or accountants (who shall be specifically instructed to retain the information as confidential to him/her and not to share it with other persons unless absolutely required to do
so by law), or as may be required by law, regulation or compulsory process. 
  
 7. Waiver of Reinstatement: Employee waives and releases forever any right or rights he might have to employment, reemployment, or reinstatement with Company or its subsidiaries unless authorized by the
Company. Employee further agrees that he will not knowingly apply for employment with Company or its subsidiaries. 
  
 8. Terms of Settlement: Company agrees to provide the following to Employee, in consideration and in exchange for Employee’s promises and
obligations herein so long as he submits this properly executed Agreement on or before April 21, 2005, contingent upon the following actions: 1) Employee shall remain as VP & CFO through the Separation Date and shall behave and act competently
and in good faith; 2) Employee shall take all reasonable measures necessary and appropriate to permit the completion of the audit of IMPCO’s financial statements as of and for the fiscal year ended December 31, 2004, and to permit the filing,
on or before March 31, 2005, of an accurate and complete Annual Report on Form 10-K for IMPCO’s fiscal year ended December 31, 2004 which shall include Employee signing as VP and Chief Financial Officer, IMPCO’s Section 302 and Section 906
Sarbanes-Oxley certifications and its Section 404 internal controls report; 3) Employee will participate in the preparation of, and fully support, the timely release of a press release, by March 31, 2005, containing summary financial data for the
fourth quarter of IMPCO’s fiscal year 2004 and for all of fiscal year 2004, and which data will have been approved by IMPCO’s outside auditors, and Employee will participate in a conference call with investors relating thereto at a time
that is reasonably acceptable to the Company so long as the conference call is held before the Separation Date, during which conference call Employee will provide accurate and relevant information about the Company’s financial condition and
results of operation, such participation by Employee to be consistent with his prior participation in calls of a similar nature; and 4) Employee shall return to Company, on or before the Separation Date, all IMPCO property in his possession, custody
or control including computerized data, documents and equipment. 
  

 3 

 After the expiration of seven (7) days following Employee’s execution of this Agreement, provided
that Employee has previously signed the certifications and reports referenced above, and provided that Employee has not revoked this Agreement in the manner described in the Notice of Rights which is Exhibit A hereto, Company agrees to do the
following: 
  

	 	(a)	Pay to Employee his severance pay for total of six (6) months in a lump sum of $90,000.00 less legally required deductions. The parties agree that the amount specified in Paragraph
8(a) above is in addition to all salary, benefits and vacation that Employee has earned through Separation Date. Accrued vacation is approximately 106 hours but will be precisely calculated through the April 7, 2005 Separation Date.

  

	 	(b)	Company will not contest an unemployment compensation claim by Employee. 

  

	 	(c)	Nothing in this Agreement will in any way affect or impair Employee’s rights to his 401K account, which rights are preserved by federal law. 

  

	 	(d)	If Employee elects COBRA benefits, Company will pay Employee’s COBRA premium for the first three (3) months. The Employee will be responsible for completing the appropriate
COBRA enrollment forms. 

  

	 	(e)	If any person seeks to verify Employee’s former employment by Company, Employee shall direct the inquiring party to Kelly Nila, or her successor, who shall provide the
inquiring party only with Employee’s inclusive dates of employment by Company and his former job title, and who shall further state that it is Company’s policy to provide only that type of information about its former employees.

  

	 	(f)	Exercise Period for Stock Options. Immediately upon the termination of Employee’s relationship with the Company, the stock options issued to Employee shall be deemed to
have remained effective and exercisable, and the exercise period therefore shall expire ninety (90) days after the one hundred twenty (120) day lock up period that began on February 4, 2005. 

  

	 	(g)	Moving Expenses. The Company shall pay $3,000 to reimburse moving expenses of Employee for relocation of personal goods from Cerritos, California to Wenatchee, Washington.

  

	 	(h)	If the Company requires any type of support or services from the employee after the Separation Date then Company will pay for his time and reasonable expenses related to such
service. If such services are required the compensation rate would be $86.54/hour plus related reasonable expenses. The support and services that Employee is entitled to be compensated for include, but are not limited to, services rendered in
connection with Employee’s performance of the services described in paragraph 8, above, services rendered in connection with Employee’s transition from the Company’s employ, services rendered in connection with any action, claim or
proceeding in which the Company becomes involved as either a party or a witness, excluding any expert witness services which shall be reimbursed at the ordinary and customary rate for experts in the area about which Employee is preparing to give or
giving an opinion and/or testifying, services rendered in connection with any filings with the Securities and Exchange Commission (“SEC”) or other SEC matters or any other services supplied by Employee to Company. 

 
  

 4 

 9. Non-Admissions: The Parties hereto recognize that, by entering into this Agreement, Company
does not admit any violation of any local, state, or federal law, common or statutory and Employee does not admit any violation of any local, state, or federal law, common or statutory. The Parties further recognize that this Agreement has been
entered into in release and compromise of any claims that might be asserted by Employee and/or the Company in connection with Employee’s employment by Company or the termination thereof, except for Excluded Employee Claims and Excluded Company
Claims, and to avoid the expense and burden of any litigation related thereto. 
  
 10. Trade Secrets: Employee acknowledges that during his employment by Company, Company disclosed to him and/or he learned or developed trade secrets and proprietary and confidential business information of and
for Company, including its unique business methods, unique processes, unique operating techniques and practices, operating and production costs, personnel information, corporate financial information, customer requirements, and customer and supplier
information (all of which are referred to collectively herein as the “Confidential Matters”). 
  

	 	(a)	The Confidential Matters prepared or compiled by Employee and/or Company or furnished to him during his term as an employee with Company shall be the sole end exclusive property of
Company. All documents and materials relating to Confidential Matters in Employee’s possession or control shall be returned to Company as soon as practicable and none of such Confidential Matters or copies in Employee’s possession or
control shall be retained by Employee at the conclusion of his engagement as an employee. 

  

	 	(b)	Employee shall not, without the prior written consent of the Chief Executive Officer or President of Company, directly or indirectly, make known, divulge, furnish, or reveal to any
person, firm, company, corporation, or anyone else at any time, any of the Confidential Matters, or any knowledge or information with respect thereto, or otherwise use such information for any purpose whatsoever. Employee agrees that he will
continue to take all steps necessary to safeguard all Confidential Matters and to prevent their use, disclosure, or dissemination to any other person or entity except as compelled to do so by any law enforcement agency, the law or other process.

  

	 	(c)	Except with respect to Excluded Company Claims, Employee agrees that in the event he is subpoenaed, served with any legal process or notice, or otherwise requested to produce or
divulge, directly or indirectly, any Confidential Matters by any entity, agency, or person in any formal or informal proceeding including, but not limited to, any interview, deposition, administrative or judicial hearing, and/or trial, Employee
shall upon his receipt of such subpoena, process, notice or other request, immediately notify and deliver a copy of subpoena, process, notice, or other request to the Chief Executive Officer or President of Company. Employee shall be
compensated by the Company as provided for in paragraph 8(i) above for any services rendered pursuant to this paragraph, except in connection with an action or proceeding in which Employee and Company are adverse. 

  
 11. No Disparagement: Employee agrees that he will not disparage
Company or its directors, officers, agents or employees, in any way, including, but not limited to, in any manner harmful or potentially harmful to the Company’s business or business reputation, or to the reputation of any of its directors,
officers, agents or employees. Employee further agrees that as of the Separation Date, Employee shall not represent himself or hold himself out as a current employee, Consultant, or Officer of Company, or as holding any other current position with
Company unless otherwise authorized by the Company. However, nothing herein shall preclude Employee from honestly representing himself as a shareholder in Company, provided that Employee does not make such representations in such a manner that they
would cause a reasonable person to believe that Employee is authorized to speak for or act on behalf of Company or that employee retains any active operational role with Company. Company agrees that its directors, 
  

 5 

 officers and attorneys will not disparage Employee in any way including, but not limited to, in any manner harmful or
potentially harmful to the Employee or his reputation. This Section 11 shall not be construed to limit the Company’s statements made in good faith compliance with the disclosure requirements associated with the need to provide timely and
accurate information to investors by nature of the fact that the Company’s common stock is listed for trading on the Nasdaq Stock Market, including without limitation statements required to be filed with or furnished to the Securities and
Exchange Commission pursuant to the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or the regulations promulgated under those statutes. 
  
 12. No Unfair Competition: Employee hereby acknowledges that the sale or unauthorized use or disclosure of
IMPCO’s Confidential Matters obtained by Employee by any means whatsoever shall constitute unfair competition. 
  
 13. No Solicitation: For a period of one (1) year following the termination of Employee’s employment, Employee shall not solicit any employee
of IMPCO or encourage any such employee to leave the employment of IMPCO. Employee shall not use any customer or similar lists of IMPCO to encourage any such customers to use facilities or services of any competitor of IMPCO. 
  
 14. Injunctive Relief: The parties acknowledge that damages would not
adequately compensate the Company for any breach by Employee of any of the provisions of Paragraphs 10, 11, 12 or 13 of this Agreement and that any such breach would irreparably harm the Company. 
  
 15. Return of Laptop Computer To Company: Employee will return his
Company-owned laptop computer to the Company, with all of its Company-related files and data intact, by the Separation Date. Employee agrees that he will return to Company all copies of all files and data kept on that laptop by the Separation Date.

  
 16. Cooperation: Employee agrees to cooperate fully
with Company, specifically including any attorney retained by Company, in connection with any pending or future litigation or investigatory matter excluding litigation, investigatory or other matters involving Excluded Employee Claims. The Parties
acknowledge and agree that such cooperation may include, but shall in no way be limited to, Employee making himself available for interview by Company, or any attorney retained by Company, and providing to Company any documents in his possession or
under his control relating to the litigation or investigatory matter. Company shall pay Employee in accordance with paragraph 8(g), above, for the value of services rendered by him in connection with any such cooperation. Company agrees to cooperate
fully with Employee, specifically including any attorney retained by Employee, in connection with any pending or future litigation or investigatory matter, excluding litigation, investigatory or other matters involving Excluded Company Claims. The
Parties acknowledge and agree that such cooperation may include, but shall in no way be limited to, Employee, Company, its directors, officers, employees, and agents making himself/herself available for interview by Employee, or any attorney
retained by Employee. If there is a dispute about whether or not cooperation is requested in connection with an Excluded Employee Claim or an Excluded Company Claim, the parties agree to submit the dispute to arbitration pursuant to the Expedited
Arbitration process described in paragraph 25 below. 
  
 17.
Rights After Breach: The parties acknowledge and agree that in the event Employee materially breaches any provision of this Agreement: (a) Employee will indemnify and hold Company harmless from and against any and all resulting damages or
loss incurred by Company (including reasonable attorneys’ fees and expenses); (b) Employee will immediately repay to Company in full any payment made to time under the provisions of this Agreement, which repayment will not negate the General
Release by Employee in paragraph 1 herein; and (c) If Employee files suit in violation of Employee’s general release herein, Company will be entitled to file counterclaims against Employee for breach of the covenant not to sue and may recover
from him any payment not repaid to Company, as required by subpart (b) of this paragraph, as well as any and all other resulting actual or consequential damages. The parties acknowledge and agree that in the event Company materially breaches any
provision of this Agreement: (a) Company will indemnify and hold Employee harmless from and against any and all resulting damages or loss incurred by Employee (including reasonable attorneys’ fees and expenses); and (b) If Company files

  

 6 

 suit in violation of Company’s general release herein, Employee will be entitled to file counterclaims against
Company for breach of the covenant not to sue, as well as for any and all other resulting actual or consequential damages. 
  
 18. Waiver of Breach: One or more waivers of a breach of any covenant, term, or provision of this Agreement by any party shall not be construed as
a waiver of a subsequent breach of the same covenant, term, or provision, nor shall it be considered a waiver of any other then existing or subsequent breach of a different covenant, term, or provision. 
  
 19. Severability: If any provision or term of this Agreement is held
by a court of competent jurisdiction to be illegal, invalid, or unenforceable, such provision or term shall be fully severable. This Agreement shall thereafter be construed and enforced as if such illegal, invalid, or unenforceable provision had
never comprised part of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement.

  
 20. Attorney’s Fees: The Parties agree that should
one party file for arbitration for a breach of any provision of this Agreement, the prevailing party as determined by the arbitrator shall be entitled to recover its reasonable attorneys’ fees and costs of arbitration. The Parties hereby agree
that each party shall have the right to sue for injunctive and equitable relief, as provided for by law. 
  
 21. Revocation and Reaffirmation: The Parties acknowledge and agree that, for a period of seven (7) days following the execution of this Agreement,
beginning on the next calendar day following its execution (the “Revocation Period”), Employee may revoke this Agreement, and it will not become effective until the Revocation Period has expired. Employee understands that he has no rights
to receive the payments (except for accrued vacation pay) and benefits described in this Agreement if he revokes this Agreement. Employee further understands that if he does not notify Company in writing of his revocation of this Agreement prior to
the expiration of the Revocation Period, this Agreement will become effective, and Employee will have forever waived his right and ability to revoke it, and he and Company will be fully bound by all of its terms and conditions. 
  
 22. Entire Agreement: This Agreement constitutes the entire Agreement
of the Parties, and supersedes all prior and contemporaneous negotiations and agreements, oral or written. All prior and contemporaneous negotiations and agreements are deemed incorporated and merged into this Agreement and are deemed to have been
abandoned if not so incorporated. No representations, oral or written, are being relied upon by either party in executing this Agreement other than the express representations of this Agreement. This Agreement cannot be changed or terminated without
the express written consent of the Parties. 
  
 23. Statement
of Understanding: By executing this Agreement, Employee acknowledges that (a) this Agreement has been reviewed with him by a representative of Company (see Exhibit “A”, which is attached hereto and incorporated herein by reference);
(b) he has had at least twenty-one (21) days to consider the terms of this Agreement (see Exhibit “A”), and has either considered it for that period of time or has knowingly and voluntarily waived his right to do so; (c) Employee has been
advised by Company in writing to consult with an attorney regarding the terms of this Agreement (See Exhibit “A”); (d) he has consulted with, or has had sufficient opportunity to consult with, an attorney of his own choosing regarding the
terms of this Agreement; (e) any and all questions regarding the terms of this Agreement have been asked and answered to him complete satisfaction; (f) he has read this Agreement and fully understands its terms and their import; (g) the
consideration provided for herein is good and valuable; and (h) Employee is entering into this Agreement voluntarily, of his own free will, and without any coercion, undue influence, threat, or intimidation of any kind or type whatsoever.

  
 24. Return of Company Property: Employee agrees to
surrender all Company credit cards, parking cards, expense accounts, and club memberships, if any and the like, on or before the Separation Date; and agrees to effect a final reconciliation of all outstanding travel vouchers, and business expenses.
Company shall have the right to offset against the payments provided for in this Agreement any personal or 
  

 7 

 undocumented expenses incurred by Employee and charged to Company for which reconciliation is not made in accordance
herewith. Employee further agrees to return to and leave in the custody of the Company all Company documents and Company property, including but not limited to papers, files, records, books or other materials, whether in writing, or recorded by
manual or electronic means, which may be in the possession, custody and/or control of Employee, and by executing this Agreement represents that Employee has done so (or will do so on or before the Separation Date). 
  
 25. Arbitration: Except in connection with an action by the Company or
Employee for injunctive or other equitable relief, any controversy, dispute, or claims between the parties to this Agreement or any party released pursuant to it, including any claim arising out of, in connection with, or in relation to the
interpretation, performance or breach of this Agreement shall be resolved by final and binding arbitration conducted in Orange County, California before a mutually agreeable arbitrator associated with the Judicial Arbitration and Mediation Services
(JAMS), in accordance with the California Arbitration Act, Cal. Civ. Proc. Code sections 1280 et seq. and the then existing rules for the arbitration of employment disputes of JAMS, and the parties shall have all rights provided to them by
statute in connection with any award rendered by the arbitrator. Such arbitration shall be the exclusive remedy for resolving any such dispute, regardless of its nature. In the event of any such arbitration, the prevailing party as determined by the
arbitrator shall be awarded reasonable attorneys’ fees and costs (including cost of arbitration) as part of the arbitration award. 
  
 The above provisions shall also apply to any dispute between Employee and Company related to whether or not a particular claim constitutes an Excluded
Company Claim or Excluded Employee Claim for the purposes of this Agreement, including, but not limited to, whether or not Company has an obligation to indemnify and hold Employee harmless with respect to any claim, action or proceeding filed
against him, disputes between Employee and Company as to whether the Company should pay Employee’s reasonably incurred attorney’s fees and costs upon Employee’s request, and disputes about the reasonableness of costs and
attorney’s fees incurred by Employee and submitted by him to Company for payment or reimbursement (“Excluded Claims Disputes”). 
  
 The parties agree that any disputes about whether a claim is an Excluded Claim shall be submitted to the arbitrator immediately and that the arbitrator
shall make his or her final decision within seven (7) days of the referral of the dispute to the arbitrator. This procedure shall be referred to and has been referred to in this Agreement as “Expedited Arbitration.” 
  
 26. General Provisions: 
  
 26.1 Legal Advice. Each party has received independent legal advice from his
or its attorneys with respect to the advisability of making the settlement provided for herein, and with respect to the advisability of executing this Agreement and with respect to the meaning of California Civil Code Section 1542. 
  
 26.2 Actual Investigation. Each party to this Agreement has made such
investigation of the facts pertaining to the matters resolved by this Agreement and of all the matters pertaining thereto as he or it deems necessary. 
  
 26.3 Later Discovered Facts. Each party hereto is aware that he or it may hereafter discover claims or facts in addition to or different from those he or
it now knows or believes to be true with respect to the matters resolved herein. Nevertheless, it is the intention of each party to fully, finally and forever settle and release all such matters that heretofore have existed between them. 

 
 26.4 Assignment. Each of the parties represents and warrants that he or it
has not heretofore assigned, transferred or granted or purported to assign, transfer or grant claims, matters, demands or causes of action herein released, disclaimed, discharged or terminated, and agrees to indemnify and hold harmless any other
party from and against any and all costs, expenses, loss or liability incurred as a consequence of any such assignment. 
  

 8 

 26.5 Paragraph Headings. Captions and paragraph headings are used herein for convenience only, are not
part of this Agreement and shall not be used in interpreting or construing it. 
  
 26.6 Additional Documents. The parties will execute all such further and additional documents and undertake all such other actions as shall be reasonable, convenient, necessary or desirable to carry out the provisions
of this Agreement. 
  
 26.7 No Admission. This Agreement effects
the settlement of claims which are denied, disputed and/or contested and nothing contained herein shall be construed as an admission by any party hereto of any liability of any kind to any other party. Each of the parties hereto denies any liability
in connection with any claim and intends merely to avoid the uncertainties and costs of litigation and buy his or its peace. 
  
 26.8 California Law. This Agreement was negotiated, executed and delivered within the State of California, and the rights and obligations of the parties
hereto shall be construed and enforced in accordance with and governed by the laws of the State of California. Should any litigation arise concerning this Agreement, it will be filed only in a court in the County of Orange, State of California and
then only if consistent with the parties’ obligations under paragraph 25 hereto with regard to arbitration. 
  
 26.9 Binding Effect. This Agreement is binding upon and shall inure to the benefit of the parties hereto, their heirs, assignees and successors in
interest (including successors in any reorganization or merger with any other entity). 
  
 26.10 Construction of Agreement. Each party has cooperated in the drafting and preparation of this Agreement, and accordingly, in any construction or interpretation of this Agreement, the same shall not be construed
against any party by reason of the source of drafting. 
  
 26.11
Counterparts. This Agreement may be executed in counterparts. When each party has signed and delivered at least one such counterpart, each counterpart shall be deemed and original, and when taken together with other signed counterparts, shall
constitute one Agreement which shall be binding upon and effective as to all parties. No counterpart shall be effective until all parties hereto have executed and exchanged an executed counterpart hereof. 
  
 26.12 No Waiver. The failure to enforce at any time any of the provisions of
this Agreement, or to require at any time performance by the other party of any of the provisions hereof, shall in no way be construed to be a waiver of such provisions or to affect either the validity of this Agreement or any part thereof or the
right of either party thereafter to enforce each and every provision in accordance with the terms of this Agreement. 
  
 26.13 By signing this Agreement Employee has waived rights or claims under Age Discrimination Employment Act (ADEA) and waiver is knowing and
voluntary. 
  
 EXECUTED in Cerritos, California, this 7th day of April, 2005.

  

			
		
	/s/    NICKOLAS A. GERDE        	 	 
	 Nickolas A. Gerde
	 	 

  
 EXECUTED in Cerritos, this 7th
day of April, 2005. 
  
  

							
	IMPCO Technologies, Inc.	  	 	 	 
				
	For:	 	 	  	 	 	/s/    BRAD GARNER        
	 	 	 By: Mariano Costamagna
	  	 	 	 Brad Garner,

	 	 	 Its: President and CEO
	  	 	 	 COO

  

 9

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