Document:

EX-10.1

SEPARATION AGREEMENT

Odimo Incorporated, a Delaware corporation (“Company”) and Jeff Kornblum (“Executive”) hereby
enter into this Separation Agreement (“Separation Agreement”) agreeing as follows:

1. EMPLOYMENT AGREEMENT TERMINATED; INDEMNIFICATION AGREEMENT

(a) Separation Date. The parties agree that Executive’s last day of employment with
the Company is January 15, 2007 (the “Separation Date”).

(b) Employment Agreement. Executive and the Company acknowledge and agree that the
Employment Agreement dated July 12, 2004 between the Company and the Executive and Amendment No. 1
thereto dated May 11, 2006 (collectively, the “Employment Agreement”) is terminated subject to
those provisions which the parties have agreed shall survive the termination as set forth herein.
Executive further agrees that effective as of the Separation Date, the Executive resigns from all
officer and director positions with the Company and any of its subsidiaries and affiliates and
agrees to take such further actions, including, signing any letters or other documents on or after
such date effecting such resignations.

(c) Indemnification Agreement. Executive and the Company acknowledge and agree that
the Indemnification Agreement dated February 14, 2005 between the Executive and the Company (the
“Indemnification Agreement”) shall continue in force and effect.

2. CONSIDERATION PERIOD. Executive acknowledges that Executive was given this Separation
Agreement to consider on January 15, 2007 and that Executive has twenty-one (21) days to consider
whether to sign this Separation Agreement. Executive is hereby advised to consult an attorney
before signing this Separation Agreement. If Executive signs this Separation Agreement before the
expiration of twenty-one (21) days, he agrees that he will have done so voluntarily.

3. EFFECTIVE DATE. Executive may accept this Separation Agreement only by signing and dating
this Separation Agreement in the spaces provided and delivering the Separation Agreement to the
Company, Attention: Amerisa Kornblum, Chief Financial Officer, 14150 NW 14th Street,
Sunrise, Florida 33323 no later than Company’s normal close of business on the later of (a) the
twenty-second (22nd) day following Executive’s receipt of this Separation Agreement or
(b) if the twenty-second (22nd) day following receipt is a Saturday, Sunday or legal
holiday in the State of Florida, the next day that is not a Saturday, Sunday or legal holiday.
Time is of the essence as it pertains to this Section 3. The “Effective Date” of this Separation
Agreement shall be the eighth (8th) day after the date on which Executive signs and
delivers the Separation Agreement pursuant to this Section, so long as Executive has not revoked
the Separation Agreement pursuant to Section 4 below.

4. REVOCATION. Executive may revoke this Separation Agreement at any time within seven (7)
days after signing and delivering it to the Company by notifying the Company, Attention: Amerisa
Kornblum, Chief Financial Officer, 14150 NW 14th Street, Sunrise, Florida 33323, in
writing of Executive’s decision to revoke.

5. SEPARATION BENEFITS. Provided that Executive satisfies the conditions of this Separation
Agreement and does not revoke this Separation Agreement, the Company shall:

(a) Pay to Executive $ 50,000 on the Effective Date.

(b) Pay to Executive his unpaid salary, including any accrued amounts, through the Separation
Date. Such amount will be paid on the Effective Date.

6. STOCK OPTIONS. Executive and the Company acknowledge and agree that all stock options
granted to Executive shall be cancelled and of no further force or effect.

7. RELEASE.

(a) Subject to Executive’s right to revoke this Separation Agreement as stated above, and
subject to Executive’s rights to enforce the terms of this Separation Agreement, Executive
knowingly and voluntarily releases and forever discharges the Company, its subsidiaries, its
affiliates, subsidiaries, divisions, successors and assigns, and their current and former partners,
affiliates, owners, agents, officers, directors, employees, attorneys, successors and assigns,
individually and in their corporate capacities (“Releasees”), of and from any and all claims that
are employment related known or unknown, that Executive, his heirs, executors, administrators,
successors and assigns, have or may have as of the Separation Date, including, but not limited to,
any alleged violation of: The Age Discrimination in Employment Act of 1967; 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; The Immigration Reform and
Control Act; The Americans with Disabilities Act of 1990; The Occupational Safety and Health Act;
The Fair Credit Reporting Act; The Florida Human Rights Act; 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 Executive retains the right
to file a charge of discrimination, Executive 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. This release includes any
and all employment related claims known to the Executive that might exist at the Separation Date,
These rights and claims do not include any rights or claims outside his capacity as an employee
such as a lender or shareholder or which arise after the Separation Date, or any rights the
Executive has (if any) under any retirement benefit plan sponsored by Company, and do not include
any rights or claims (including, without limitation, any claims for indemnification) existing under
this Separation Agreement or the Indemnification Agreement. The Company shall continue to be bound
by the obligations set forth in Article XIII(J) of the Employment Agreement and such provision
shall remain binding and enforceable during the periods set forth therein.

(b) Subject to the Company’s rights to enforce this Agreement, the Company knowingly and
voluntarily releases and forever discharges the Executive, of and from any and all claims known to
the Company, that the Company or its successors and assigns, have or may have as of the Separation
Date. This release includes any and all claims known to the Company that might exist at the
Separation Date. These rights and claims do not include any rights or claims which arise after the
Separation Date or any rights or claims to enforce this Agreement.

8. INDEMNIFICATION/INSURANCE. To the fullest extent permitted by law and the Company’s
Certificate of Incorporation and by-laws and in addition to any rights of the Executive under the
Indemnification Agreement, the Company shall promptly indemnify the Executive for all amounts
(including without limitation, judgments, fines, settlement payments, losses, damages, costs and
expenses (including reasonable attorneys’ fees and costs) incurred or paid by the Executive in
connection with any action, proceeding, suit or investigation arising out of or relating to the
past performance by Executive of services for the Company or any of its subsidiaries or affiliates,
including as a director, officer or employee of the Company or any such subsidiary or affiliate.
The Company shall continue to cover the Executive under its Director and Officers Insurance
coverage at the same level of coverage as shall be provided, from time to time, to officers and
directors of the Company, in accordance with, and subject to the limitations of such coverage, for
a period of six (6) years beginning on the Separation Date. In the event of a covered claim, the
Company shall pay any deductible that is required under such coverage.

9. COOPERATION. Executive shall, when requested by the Company, fully cooperate with the
Company or any affiliate in effecting a smooth transition of Executive’s responsibilities to
others. Executive will promptly and fully cooperate with the Company or any affiliate and its
representatives in any dispute, litigation, arbitration, administrative or similar proceeding with
respect to claims arising from events occurring or alleged to have occurred during his employment
with the Company, including that certain litigation styled: In Re: Odimo, Inc. Securities
Litigation. If the Executive is contacted as a potential witness to any claim or in any
litigation involving the Company, the Executive will notify the Company of any such contact or
request within two (2) days after learning of it and will permit the Company to take all steps it
deems to be appropriate, if any, to prevent the Executive’s involvement, or to be present during
any such discussions. This section does not prohibit the Executive’s participation as a witness to
the extent otherwise legally required, but does require that the Executive provide the Company with
notice and the opportunity to object and/or participate. Before the Executive discloses any
Company information or engages in any other activity that could possibly violate this Agreement,
Executive shall discuss Executive’s proposed actions with the Company’s legal counsel, Charles J.
Rennert of Berman Rennert Vogel & Mandler, P.A., who will advise the Executive in writing whether
the proposed actions would violate this Agreement.

10. OBLIGATIONS AND RESTRICTED ACTIVITIES. In consideration of the benefits as set forth
herein, and other good and valuable consideration, the adequacy of which the Executive
acknowledges, the Executive, intending to be legally bound, agrees to continue to be bound by the
obligations and restrictions as set forth in Articles IX (D), (E) and (F) and XIII(B) and (J) of
the Employment Agreement and such provisions shall remain binding and enforceable during the
periods set forth therein. Defined terms as used in those Articles IX (D), (E) and (F) and XIII(B)
and (J) shall have the specific meanings as defined in the Employment Agreement.

11. GENERAL

(a) Other than as set forth herein, this Separation Agreement contains the entire agreement of
the Company with the Executive and replaces all prior and contemporaneous agreements,
communications and understandings, whether written or oral, with respect to Executive’s employment
with Company and its termination and all related matters, including the Employment Agreement except
for those provisions which the parties have agreed shall survive. The parties further agree that
no amendment or modification of this Separation Agreement shall be valid or binding upon wither of
them unless made in writing and signed by all parties hereto. Except to the extent expressly set
forth herein, this Separation Agreement does not affect ongoing rights and obligations of the
Company under the Indemnification Agreement.

(b) This Separation Agreement shall be binding upon and inure to the benefits of the parties
hereto and their respective heirs, representatives, successors, transferees and assigns forever.
This Separation Agreement shall not be assignable by the Executive but shall be freely assignable
by the Company, provided that any assignment by the Company shall expressly provide that (i) the
assignee affirmatively assumes all the obligations, duties and responsibilities imposed upon the
Company pursuant to this Separation Agreement and (ii) the Company is not in any manner relieved of
any such obligations, duties or responsibilities hereunder.

(c) The Company and the Executive intend for every provision of the Separation Agreement to be
fully enforceable. If a court with jurisdiction of this Separation Agreement determines that all
or part of any provision of this Separation Agreement is unenforceable for any reason, the Company
and the Executive intend for each remaining provision and part to be fully enforceable as though
the unenforceable provision or part had not been included in this Separation Agreement.

(d) This Separation Agreement shall be governed by and construed in accordance with the laws
of the State of Florida, without regard to the conflict of laws principles thereof.

(e) This Separation Agreement may be executed in any number of counterparts, each of which
shall constitute an original and all of which, when taken together, shall constitute one agreement.

12. EXECUTIVE’S FULL REVIEW. Executive acknowledges that he has read this entire Separation
Agreement, that he fully understands its meaning and effect, that his counsel has answered any
questions he may have, that no promises or representations have been made to him by any person to
induce him to enter into this Separation Agreement other than the express terms set forth herein,
and that he has voluntarily signed this Separation Agreement.

IN WITNESS WHEREOF, Executive and a duly authorized representative of the Company have signed
this Separation Agreement to be effective as provided herein.

	 	 	 	 	 
	ODIMO INCORPORATED	 	 
	By: Amerisa Kornblum	 	EXECUTIVE
	—
	 	/s/ Jeff Kornblum
	Name: Amerisa Kornblum
	 	 	—	 
	Title: Chief Financial Officer
	 	Jeff Kornblum

	Date: January 16, 2007
	 	Date: January 16, 2007EX-10.2

SEPARATION AGREEMENT

Odimo Incorporated, a Delaware corporation (“Company”) and George Grous (“Executive”) hereby
enter into this Separation Agreement (“Separation Agreement”) agreeing as follows:

1. EMPLOYMENT AGREEMENT TERMINATED; INDEMNIFICATION AGREEMENT

(a) Separation Date. The parties agree that Executive’s last day of employment with
the Company is January 15, 2007 (the “Separation Date”).

(b) Employment Agreement. Executive and the Company acknowledge and agree that the
Employment Agreement dated July 12, 2004 between the Company and the Executive (the “Employment
Agreement”) is terminated subject to those provisions which the parties have agreed shall survive
the termination as set forth herein. Executive further agrees that effective as of the Separation
Date, the Executive resigns from all officer and director positions with the Company and any of its
subsidiaries and affiliates and agrees to take such further actions, including, signing any letters
or other documents on or after such date effecting such resignations.

(c) Indemnification Agreement. Executive and the Company acknowledge and agree that
the Indemnification Agreement dated February 14, 2005 between the Executive and the Company (the
“Indemnification Agreement”) shall continue in force and effect.

2. CONSIDERATION PERIOD. Executive acknowledges that Executive was given this Separation
Agreement to consider on January 15, 2007 and that Executive has twenty-one (21) days to consider
whether to sign this Separation Agreement. Executive is hereby advised to consult an attorney
before signing this Separation Agreement. If Executive signs this Separation Agreement before the
expiration of twenty-one (21) days, he agrees that he will have done so voluntarily.

3. EFFECTIVE DATE. Executive may accept this Separation Agreement only by signing and dating
this Separation Agreement in the spaces provided and delivering the Separation Agreement to the
Company, Attention: Amerisa Kornblum, Chief Financial Officer, 14150 NW 14th Street,
Sunrise, Florida 33323 no later than Company’s normal close of business on the later of (a) the
twenty-second (22nd) day following Executive’s receipt of this Separation Agreement or
(b) if the twenty-second (22nd) day following receipt is a Saturday, Sunday or legal
holiday in the State of Florida, the next day that is not a Saturday, Sunday or legal holiday.
Time is of the essence as it pertains to this Section 3. The “Effective Date” of this Separation
Agreement shall be the eighth (8th) day after the date on which Executive signs and
delivers the Separation Agreement pursuant to this Section, so long as Executive has not revoked
the Separation Agreement pursuant to Section 4 below.

4. REVOCATION. Executive may revoke this Separation Agreement at any time within seven (7)
days after signing and delivering it to the Company by notifying the Company, Attention: Amerisa
Kornblum, Chief Financial Officer, 14150 NW 14th Street, Sunrise, Florida 33323, in
writing of Executive’s decision to revoke.

5. SEPARATION BENEFITS. Provided that Executive satisfies the conditions of this Separation
Agreement and does not revoke this Separation Agreement, the Company shall:

(a) Pay to Executive $ 50,000 on the Effective Date.

(b) Pay to Executive his unpaid salary, including any accrued amounts, through the Separation
Date. Such amount will be paid on the Effective Date.

6. STOCK OPTIONS. Executive and the Company acknowledge and agree that all stock options
granted to Executive shall be cancelled and of no further force or effect.

7. RELEASE.

(a) Subject to Executive’s right to revoke this Separation Agreement as stated above, and
subject to Executive’s rights to enforce the terms of this Separation Agreement, Executive
knowingly and voluntarily releases and forever discharges the Company, its subsidiaries, its
affiliates, subsidiaries, divisions, successors and assigns, and their current and former partners,
affiliates, owners, agents, officers, directors, employees, attorneys, successors and assigns,
individually and in their corporate capacities (“Releasees”), of and from any and all claims that
are employment related known or unknown, that Executive, his heirs, executors, administrators,
successors and assigns, have or may have as of the Separation Date, including, but not limited to,
any alleged violation of: The Age Discrimination in Employment Act of 1967; 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; The Immigration Reform and
Control Act; The Americans with Disabilities Act of 1990; The Occupational Safety and Health Act;
The Fair Credit Reporting Act; The Florida Human Rights Act; 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 Executive retains the right
to file a charge of discrimination, Executive 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. This release includes any
and all employment related claims known to the Executive that might exist at the Separation Date,
These rights and claims do not include any rights or claims outside his capacity as an employee
such as a lender or shareholder or which arise after the Separation Date, or any rights the
Executive has (if any) under any retirement benefit plan sponsored by Company, and do not include
any rights or claims (including, without limitation, any claims for indemnification) existing under
this Separation Agreement or the Indemnification Agreement. The Company shall continue to be bound
by the obligations set forth in Article XIII(J) of the Employment Agreement and such provision
shall remain binding and enforceable during the periods set forth therein.

(b) Subject to the Company’s rights to enforce this Agreement, the Company knowingly and
voluntarily releases and forever discharges the Executive, of and from any and all claims known to
the Company, that the Company or its successors and assigns, have or may have as of the Separation
Date. This release includes any and all claims known to the Company that might exist at the
Separation Date. These rights and claims do not include any rights or claims which arise after the
Separation Date or any rights or claims to enforce this Agreement.

8. INDEMNIFICATION/INSURANCE. To the fullest extent permitted by law and the Company’s
Certificate of Incorporation and by-laws and in addition to any rights of the Executive under the
Indemnification Agreement, the Company shall promptly indemnify the Executive for all amounts
(including without limitation, judgments, fines, settlement payments, losses, damages, costs and
expenses (including reasonable attorneys’ fees and costs) incurred or paid by the Executive in
connection with any action, proceeding, suit or investigation arising out of or relating to the
past performance by Executive of services for the Company or any of its subsidiaries or affiliates,
including as a director, officer or employee of the Company or any such subsidiary or affiliate.
The Company shall continue to cover the Executive under its Director and Officers Insurance
coverage at the same level of coverage as shall be provided, from time to time, to officers and
directors of the Company, in accordance with, and subject to the limitations of such coverage, for
a period of six (6) years beginning on the Separation Date. In the event of a covered claim, the
Company shall pay any deductible that is required under such coverage.

9. COOPERATION. Executive shall, when requested by the Company, fully cooperate with the
Company or any affiliate in effecting a smooth transition of Executive’s responsibilities to
others. Executive will promptly and fully cooperate with the Company or any affiliate and its
representatives in any dispute, litigation, arbitration, administrative or similar proceeding with
respect to claims arising from events occurring or alleged to have occurred during his employment
with the Company, including that certain litigation styled: In Re: Odimo, Inc. Securities
Litigation. If the Executive is contacted as a potential witness to any claim or in any
litigation involving the Company, the Executive will notify the Company of any such contact or
request within two (2) days after learning of it and will permit the Company to take all steps it
deems to be appropriate, if any, to prevent the Executive’s involvement, or to be present during
any such discussions. This section does not prohibit the Executive’s participation as a witness to
the extent otherwise legally required, but does require that the Executive provide the Company with
notice and the opportunity to object and/or participate. Before the Executive discloses any
Company information or engages in any other activity that could possibly violate this Agreement,
Executive shall discuss Executive’s proposed actions with the Company’s legal counsel, Charles J.
Rennert of Berman Rennert Vogel & Mandler, P.A., who will advise the Executive in writing whether
the proposed actions would violate this Agreement.

10. OBLIGATIONS AND RESTRICTED ACTIVITIES. In consideration of the benefits as set forth
herein, and other good and valuable consideration, the adequacy of which the Executive
acknowledges, the Executive, intending to be legally bound, agrees to continue to be bound by the
obligations and restrictions as set forth in Articles IX (D), (E) and (F) and XIII(B) and (J) of
the Employment Agreement and such provisions shall remain binding and enforceable during the
periods set forth therein. Defined terms as used in those Articles IX (D), (E) and (F) and XIII(B)
and (J) shall have the specific meanings as defined in the Employment Agreement.

11. GENERAL

(a) Other than as set forth herein, this Separation Agreement contains the entire agreement of
the Company with the Executive and replaces all prior and contemporaneous agreements,
communications and understandings, whether written or oral, with respect to Executive’s employment
with Company and its termination and all related matters, including the Employment Agreement except
for those provisions which the parties have agreed shall survive. The parties further agree that
no amendment or modification of this Separation Agreement shall be valid or binding upon wither of
them unless made in writing and signed by all parties hereto. Except to the extent expressly set
forth herein, this Separation Agreement does not affect ongoing rights and obligations of the
Company under the Indemnification Agreement.

(b) This Separation Agreement shall be binding upon and inure to the benefits of the parties
hereto and their respective heirs, representatives, successors, transferees and assigns forever.
This Separation Agreement shall not be assignable by the Executive but shall be freely assignable
by the Company, provided that any assignment by the Company shall expressly provide that (i) the
assignee affirmatively assumes all the obligations, duties and responsibilities imposed upon the
Company pursuant to this Separation Agreement and (ii) the Company is not in any manner relieved of
any such obligations, duties or responsibilities hereunder.

(c) The Company and the Executive intend for every provision of the Separation Agreement to be
fully enforceable. If a court with jurisdiction of this Separation Agreement determines that all
or part of any provision of this Separation Agreement is unenforceable for any reason, the Company
and the Executive intend for each remaining provision and part to be fully enforceable as though
the unenforceable provision or part had not been included in this Separation Agreement.

(d) This Separation Agreement shall be governed by and construed in accordance with the laws
of the State of Florida, without regard to the conflict of laws principles thereof.

(e) This Separation Agreement may be executed in any number of counterparts, each of which
shall constitute an original and all of which, when taken together, shall constitute one agreement.

12. EXECUTIVE’S FULL REVIEW. Executive acknowledges that he has read this entire Separation
Agreement, that he fully understands its meaning and effect, that his counsel has answered any
questions he may have, that no promises or representations have been made to him by any person to
induce him to enter into this Separation Agreement other than the express terms set forth herein,
and that he has voluntarily signed this Separation Agreement.

IN WITNESS WHEREOF, Executive and a duly authorized representative of the Company have signed
this Separation Agreement to be effective as provided herein.

	 	 	 	 	 
	ODIMO INCORPORATED	 	 
	By: /s/ Amerisa Kornblum	 	EXECUTIVE
	—
	 	/s/ George Grous
	Name: Amerisa Kornblum
	 	 	—	 
	Title: Chief Financial Officer
	 	George Grous

	Date: January 16, 2007
	 	Date: January 16, 2007

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