Document:

Exhibit 10.24

Exhibit
10.24

March 23, 2010

Mr Michael Hodges

Acting CEO

Genesis Fluid Solutions Holdings, Inc.

6660 Delmonico Drive Suite 242-D

Colorado Springs, CO 80919

Dear Mr Hodges:

Please consider this our notice to amend the Financial Advisory Services contract between Gar
Wood Securities, LLC and Genesis Fluid Solutions Holdings, Inc., entered into on November 10,
2009.

Under the terms of the agreement, entered into by both parties. Genesis Fluid Solutions was to
issue to Gar Wood Securities upon engagement a fee of 100,000 warrants to purchase Genesis Fluid
Solutions common stock, with a $1.00 strike price. The warrants were to have a two-year
expiration date, cashless exercise option, and the shares represented by the warrants were to
have piggyback registration rights. These warrants were to have been
issued to Gar Wood
Securities, LLC, and to be assignable in part or in whole to officers or employees of Gar Wood
Securities, LLC.

Per
your discussion with Connie Schadewitz on March 23, 2010, Gar Wood Securities has agreed to
amend the terms of the contract. Services shall run through February 10, 2011, and engagement
fees will be reduced to 50,000 warrants to purchase Genesis Fluid Solutions common stock, with
a $1.25 strike price. The warrants, per the original agreement, shall
be dated November 10, 2009, shall have a two-year expiration date, cashless exercise option, and the shares represented
by the warrants shall have piggyback registration rights. The
warrants shall be immediately
issued to Gar Wood Securities, LLC and shall be assignable in part or in whole to officers and
employees of Gar Wood Securities, LLC.

440 South LaSalle Street  • 
Suite 2201   •  Chicago Illinois 60605

P: 312 662 1256  •  F: 312 566 0750  •  www.garwoodsecurities.net

[ILLEGIBLE]

 

 

 

In accordance with the original agreement which stated that it may not be amended except by written
instrument signed by both parties, it is signed below that the foregoing is understood and agreed
to Sections 1, 4, 5, 6 and 7 of the original agreement remain in effect.

	 	 	 
	 

	 	Very truly yours,
	 

	 	Gar Wood Securities, LLC
	 

	 	
	 

	 	Dennis Gerecke
	 

	 	EVP and COO

ACCEPTED AND AGREED AS OF

THE DATE FIRST WRITTEN ABOVE:

Genesis Fluid Solutions

	 	 	 	 	 
	By:

	 	/s/ Michael Hodges
 

	 	 
	Mr. Michael Hodges

Acting CEO
	 	 

Date: 3/26/10Exhibit 10.1

Exhibit 10.1

Digital Angel Corporation

490 Villaume Avenue

South St. Paul, MN 55075-2443 U.S.A

651-445-1621 Facsimile: 651-455-0217

www.digitalangel.com

Nasdaq. DIGA

June 30, 2010

Ms. Lorraine Breece

Dear Lorraine:

I deeply regret to inform you that, as part of the Company’s restructuring effort, the decision has
been made to significantly downsize the corporate group. This letter serves as formal notification
that your position will be eliminated and that you will be laid off from the Company effective June
30, 2010 (“Termination Date”).

To assist you in your employment transition, the Company offers you the benefits outlined below
consistent with your agreement:

	 	•	 	Salary Severance: You will receive severance compensation equal to one year’s salary
($189,000) upon termination of your employment. Such severance shall be paid to you during
the 12 months following your Termination Date in bi-weekly payments via the Company’s
regular payroll system, which payments shall commence in the next regular payroll cycle
following the expiration of the rescission periods in your General Release and Waiver
Agreement.
	 
	 	•	 	Bonus Severance: You will receive additional severance compensation equal to 60% of one
year’s salary ($113,400), which may be paid to you in cash or in stock at the Company’s
discretion no later than December 31, 2010.
	 
	 	•	 	Accrued Bonuses: You will receive the accrued and unpaid bonuses from 2008 and 2009, in
the total amount of $92,680, which may be paid to you in cash or in stock at the Company’s
discretion no later than December 31, 2010.

 

 

 

	 	•	 	Stock Payment: In the event that the Company elects to pay the Bonus Severance and/or
Accrued Bonuses described above in stock, the Company will withhold required taxes and
other withholdings and will pay the net amount to you in the form of unrestricted Company
stock. Any such stock payment shall be in freely tradeable shares of Company common stock.
If the Company’s common stock is not, at the time of issuance, traded on an electronic
exchange, then such payments will be made in cash. The Company will price protect the
issued stock for a period of three months, as follows: on the three-month anniversary of
the issuance of the shares, the value of any such shares that have not been sold and that
are still held by you in your brokerage account will be compared to the value of those
 shares on the issuance date. Any shortfall in the aggregate value of such shares will be
paid to you either in additional registered shares or in cash at the Company’s election.
	 
	 	•	 	Health Benefits: During the 12-month severance period, the Company will reimburse to
you 100% of your medical insurance premiums, less that amount equivalent to employee
contributions for such coverage, for continued coverage under the Consolidated Omnibus
Budget Reconciliation Act (COBRA), provided that you do not have access to coverage from a
new employer. After expiration of the severance period, you may continue COBRA coverage at
your election and at your own cost (less mandated employer contributions).
	 
	 	•	 	Stock Options: Upon termination of employment, all of your stock options that are
vested as of your last date of employment will be exercisable by you for the full term of
the option grant. Any unvested options or restricted stock will be treated in accordance
with the terms of the agreement covering that issuance.

The severance compensation and benefits set forth above are subject to execution of the attached
General Release and Waiver Agreement in accordance with its terms. All severance compensation and
benefits are subject to applicable taxes and withholdings as may be required by law.

Finally, in the next regular payroll following your termination, you will be paid any amounts due
to you for earned but unused PTO. You will also be permitted to keep your computer, monitor, and
laptop (subject to IT clearing any company proprietary data).

We are very sorry that the needs of the business have resulted in the elimination of your position.
We thank you for your service and professionalism and we wish you great success in your employment
transition.

Best regards,

Joseph Grillo
President and CEOExhibit 10.2

Exhibit 10.2

GENERAL RELEASE AND WAIVER AGREEMENT

This General Release and Waiver Agreement (“Agreement”) is entered into by and between the
undersigned employee (“Employee”), and Digital Angel Corporation and its parent, partners,
subsidiaries and affiliated companies (“Company”).

Employee acknowledges that his/her employment with the Company ends officially effective
                    .

In consideration for the agreements made herein, the Employee will receive severance
compensation and benefits as set forth in the Termination Letter provided to Employee dated
                    .

In exchange for such severance compensation and benefits as described in the Termination
Letter, Employee does hereby release and forever discharge COMPANY and its parent, and each of its
and their subsidiaries, affiliates, agents, directors, officers, shareholders, employees,
attorneys, successors, and assigns (“Releasees”) from any and all claims, litigation, demands and
causes of action, known or unknown, fixed or contingent, including but not limited to any actions
brought in tort or for breach of contract, or under any federal or state statute, law or regulation
relating to employment, discrimination, retaliation or whistleblowing activity, which Employee may
have or claim to have against Releasees arising from or connected with Employee’s employment by, or
termination from COMPANY. Employee hereby promises not to file a lawsuit or claim for monetary
damages to assert such claims, including but not limited to, claims under the Age Discrimination in
Employment Act (“ADEA”), as amended by the Older Worker Benefit Protection Act; the Minnesota Human
Rights Act (“MHRA”); the Americans with Disabilities Act; Title VII of the Civil Rights Act of
1964, as amended; or other federal, state, or local civil rights laws; claims for breach of
contract, fraud or misrepresentation, defamation, intentional or negligent infliction of emotional
distress, breach of covenant of good faith and fair dealing, promissory estoppel, negligence,
wrongful termination of employment, and any other claims for unlawful employment practices.
Notwithstanding any language in this Agreement to the contrary, Employee does not waive any claims
which cannot be waived by law, including, without limitation, the right to file a charge with or
participate in any investigation conducted by the Equal Employment Opportunity Commission (“EEOC”)
or any state or local agency. Employee agrees to waive, however, his/her right to any monetary
recovery should the EEOC or any state or local agency pursue any claims on Employee’s behalf.

The Parties agree that except as set forth in this Agreement, the signing of this Agreement
does not affect Employee’s existing right to receive future benefits/payments under the Company’s
welfare or other compensation plans according to the terms of the applicable plan.

In addition, the Parties further agree that this Agreement does not apply to or cover
claims for unemployment or workers’ compensation benefits.

In accordance with the Older Workers Benefit Protection Act of 1990, Employee is aware of the
following with respect to Employee’s release of any claims under the ADEA:

	 	1.	 	Employee has the right to consult with an attorney before
signing this Agreement;

	 
	 	2.	 	Employee has forty-five (45) days to consider this Agreement
and Employee’s release of any ADEA claim; and

	 
	 	3.	 	Employee has seven (7) days after signing this Agreement to
rescind Employee’s release as to any ADEA claim (“ADEA Rescission
Period”).

Employee has fifteen (15) days after signing this Agreement to rescind Employee’s release as
to any claim arising under the Minnesota Human Rights Act (“MHRA Rescission Period”). The ADEA
Rescission Period and the MHRA Rescission Period are collectively referred to as the “Rescission
Periods.” To be effective, rescission must be in writing, delivered to COMPANY at 490 Villaume
Avenue, South St. Paul Minnesota 55075-2443 within the applicable rescission periods, or sent to
COMPANY, at such address, by
certified mail, return receipt requested, postmarked within the applicable rescission period.

 

 

 

This Agreement will not become effective until the expiration of the Rescission Periods.
Benefits and payments conditioned upon the execution of this Agreement shall commence after the
expiration of the Rescission Periods, provided Employee has not exercised his/her rescission rights
as to the release of any ADEA or MHRA claim, as described herein, and continuing benefits and
payments are expressly conditioned on Employee’s continued compliance with his/her obligations as
set forth herein.

Employee agrees that he/she shall not use any confidential information or trade secrets
acquired during Employee’s employment with COMPANY for any other business or employment without the
prior written consent of COMPANY, and to return all COMPANY property and the original and all
copies of COMPANY documents. Employee further agrees that he/she will not now or in the future
disrupt, damage, impair or interfere with the business of COMPANY by disclosing confidential
information or making disparaging public remarks about COMPANY or its employees, officers and
directors. Employee hereby assigns to COMPANY all rights to any invention(s) he/she has developed
or will develop relating at the time of conception or reduction to practice to COMPANY’s business
or resulting from work Employee performed for COMPANY. Employee agrees that he/she will not
disparage Employer so long as Employer does not disparage him/her. Any breach of this Agreement,
including the provisions in this paragraph, by Employee shall result in the immediate termination
of all benefits and payments provided for hereunder and shall give rise to COMPANY’s right to seek
reimbursement of all sums paid hereunder and other remedies and damages provided by law.

The Parties hereby agree to submit any and all disputes regarding any aspect of this Agreement
or any act which allegedly has or would violate any provision of this Agreement, including but not
limited to, COMPANY’s decision not to agree to the cancellation of this Agreement, to final and
binding arbitration.

It is understood and agreed that this is a compromise settlement of an existing or potential
claim and that the furnishing by COMPANY of the consideration for this Agreement shall not be
deemed or construed as an admission of liability or wrongdoing. The liability for any and all
claims is expressly denied by COMPANY.

The provisions of this Agreement are severable, and if any part of it is found to be invalid,
void or unenforceable, the remaining provisions shall nevertheless continue in full force without
being impaired or invalidated in any way.

Employee affirms and represents that he/she is entering into this Agreement freely and
voluntarily, that he/she has received adequate opportunity to read and consider this Agreement,
that he/she has been given the opportunity, whether exercised or not, to consult an attorney, and
that Employee is not acting under any other inducement, or under any coercion, threat or duress.
Employee acknowledges that the contents of this document have been explained to Employee and he/she
understands the meaning and legal effect of this Agreement. Employee further acknowledges that the
promises COMPANY has made in this Agreement constitute fair and adequate consideration for the
promises, releases, and agreements made by Employee in this Agreement.

This Agreement represents the sole and entire agreement between COMPANY and Employee and
supersedes all prior agreements, negotiations and discussions, whether written or oral, between the
parties with respect to the subject matter covered hereby. There shall be no amendments to this
Agreement.

This Agreement shall be construed and enforced in accordance with the laws of the State of
Minnesota.

	 	 	 	 	 
	Digital Angel Corporation 

Employer

	 	 

Employee	 
	 
	 	 	 	 
	By: 	 	 	 	 
	 
	 	 	 	 
	Dated:
                           
                           
         	 	Dated:

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