Document:

Unassociated Document

     

    Exhibit
      10.01

     

    RESIGNATION
      AGREEMENT AND 

    GENERAL
      RELEASE AND WAIVER

     

    Mark
      H.
      Stenberg, having office at 115 East 87th
      St. New
      York, NY (the “Executive”), and NUTRITION 21, INC., with its principal office at
      4 Manhattanville Road, New York 10577 (the “Company” or “Nutrition 21”), hereby
      enter into the following Agreement and General Release and Waiver dated
      September 19, 2008 (the “Agreement”).

     

    1.
      The
      Executive confirms that on September 19 2008 he resigned as a director, officer
      and employee of the Company and its subsidiaries and affiliates, the effective
      date of this agreement. Company shall pay Executive all compensation and all
      benefits earned and to which he is entitled to as of the effective date of
      this
      Agreement. 

     

    2.
      The
      Executive consulted with attorneys of his choice concerning this Agreement
      and
      the implications of Executive signing or not signing the Agreement.

     

    3.
      The
      Executive has carefully considered other alternatives to executing this
      Agreement and has entered into this Agreement voluntarily and of the Executive’s
      own free will.

     

    4.
      The
      Executive is entitled to change his mind and revoke this Agreement, by written
      notice to the Company, within seven days after signing it. This Agreement will
      become effective only if Executive has not revoked the Agreement within seven
      days as aforesaid. 

     

    5.
      The
      Company has entered into a Consulting Agreement with Executive that will be
      effective only upon the effectiveness of this Agreement. In addition, upon
      the
      effectiveness of this Agreement, the Company will release the current lock-up
      on
      shares of the Company’s common stock that are owned by Executive. Executive
      acknowledges that restriction on stock transactions that are imposed by
      securities laws will continue to be in effect. The Company will assist Executive
      in filing a Form 4 to reflect Executive's resignation, and, if required, will
      within 30 days file a registration statement to register shares of common stock
      acquired by Executive in connection with the acquisition by the Company of
      Iceland Health.

     

    6.
      The
      Executive acknowledges that he knows that there are various State and Federal
      laws which prohibit employment discrimination on the basis of age, sex, race,
      color, creed, national origin, marital status, religion, disability, veteran
      status, or other protected classifications and that these laws are enforced
      through the Federal Equal Employment Opportunity Commission, and various state,
      city, county and local human rights agencies. In particular, the Executive
      knows
      that he may have rights under the Federal Age Discrimination in Employment
      Act,
      which prohibits companies from discriminating against Employees because of
      their
      age. As additional consideration for the Company entering into the Consulting
      Agreement, the Executive voluntarily gives up any rights he may have under
      these
      or any other laws with respect to his prior employment with the Company or
      the
      termination of his employment, including his rights under the Age Discrimination
      in Employment Act. The Executive agrees that, as of the date of this Agreement,
      the Company has not (a) discriminated against him, (b) breached any express
      or implied contract with him, or (c) otherwise acted unlawfully toward him.

     

    7.
      Executive, his heirs, personal representatives, successors and assigns
      (“Executive Releasing Parties”), hereby generally release and discharge the
      Company, its successors, subsidiaries, and their officers, directors and
      Executives (“Company Released Parties”) from all claims, liabilities, demands or
      causes of action, known or unknown, from the beginning of the world up to and
      including the effective date of this Agreement, except for:

     

    (i)
      the
      Company’s obligations under this Agreement and the Consulting
      Agreement,

     

    (ii)
      any
      indemnification rights of the Executive under the Company’s certificate of
      incorporation and by-laws,

     

    
      
         

      

      
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    (iii)
      the
      Company’s liability to Executive for principal and interest in respect of a note
      to Executive in the principal amount of $1,250,000 and all of the security
      for
      such Note as provided by Section 3(e) of the Amended and Restated Merger
      Agreement dated as of August 25, 2006 (“Merger Agreement”),

     

    (iv)
      all
      rights to consideration pursuant to Section 5 of the Merger Agreement,

     

    (v)
      the
      applicable provisions of Section 14 of the Merger Agreement shall apply to
      the
      two items listed below in Paragraph 8 B. (i) and (ii), and

     

    (vi)
      all
      rights to compensation and benefits to the effective date of this Agreement.
      

     

    The
      matters released include, but are not limited to, claims of entitlement to
      change of control payments or to options, restricted common stock and SAR’s or
      other equity or equity-related instruments not referred to herein, wrongful
      discharge, breach of any implied or express contract, whether oral or written,
      fraud, misrepresentation, or any other tort. This also includes any claims
      based
      on any local, state or federal statute relating to age, sex, race, or any other
      form of discrimination such as, but not limited to, the Age Discrimination
      In
      Employment Act, Title VII of the Civil Rights Act of 1964, and other similar
      state and local anti-discrimination laws.

     

    Nothing
      contained herein shall restrict Executive from any rights he may have as a
      Shareholder.

     

    8.
      A. The
      Company hereby generally releases and discharges the Executive Releasing Parties
      from all claims, liabilities, demands or causes of action, known or unknown,
      from the beginning of the world up to and including the effective date of this
      Agreement, except for:

     

    (i)
      covenants and liabilities of Executive under (1) this Agreement, (2) the
      Consulting Agreement, (3) the Executive’s liability to the Company for principal
      and interest in respect of a note to the Company in the principal amount of
      $85,000, and (4) except as provided in Section B, any agreement, instrument
      or
      document i.e. the Merger Agreements executed by Executive in connection with
      the
      Company’s acquisition of Iceland Health in 2006, and

     

    (ii)
      expenses incurred by Executive under the Company’s American Express card from
      and after September 19, 2008. 

     

    B.
      The
      Company confirms that Executive’s liability in respect of representations and
      warranties under the Merger Agreements has expired except in relation to (i)
      currently ongoing proceedings with the US Customs and Border Protection
      regarding fish oils imported from Iceland and (ii) claims by Dr. Gordon for
      compensation earned prior to August 25, 2006. Executive’s liability in respect
      of claims by Dr. Gordon shall terminate if Dr. Gordon releases his claims
      against the Company for payments by the Company that do not exceed $30,000.
      In
      the event Dr. Gordon asserts any claims for compensation for any period prior
      to
      August 25, 2006, Executive shall be given written notice of such claim and
      shall
      have the right to participate in the resolution of such claims. 

     

    9.
      Cooperation.

     

    (a) In
      addition to his obligations under the Consulting Agreement, Executive agrees
      to
      provide from time to time telephone consultation. The consultation contemplated
      may include such matters as, for example, interpreting handwritten notes that
      may be illegible, locating hard copy or computer files, etc. 

     

    (c) 
      Executive will for no additional compensation cooperate fully and at reasonable
      times with the Company and its subsidiaries in all litigations and regulatory
      proceedings on which the Company or any subsidiary seeks Executive’s assistance
      and as to which Executive had any knowledge or involvement. Without limiting
      the
      generality of the foregoing, Executive will be available to testify at such
      litigations and other proceedings, and will cooperate with counsel to the
      Company in preparing materials and offering advice in such litigations and
      other
      proceedings. Except as required by law and then only upon reasonable prior
      written notice to the Company, Executive will not in any way cooperate or assist
      any person or entity in any matter which is adverse to the Company or which
      is
      adverse to any person who at any time is or was an officer or director of the
      Company. Notwithstanding the foregoing, the Company will reimburse Executive
      for
      out of pocket expenses incurred in connection with attendance at litigation
      matters that require travel. 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    10.
      Executive will promptly at the Company’s request return to the Company all
      Company property, proprietary documents and materials in the Executive’s
      possession. Such property, documents, and materials include, but are not limited
      to, all domain names, web-hosting sites, e-mail accounts and archives,
      documentation used in connection with the Iceland Health business, an
      automobile, computer hardware, telephones, keys, correspondence, notes and
      notebooks, drawings, prints, photographs, tape recordings, marketing
      information, sales information, customer information, customer lists, computer
      software disks and other written, typed, printed or recorded materials to which
      the Executive had access or which the Executive developed during the course
      of
      his employment with the Company and all copies thereof. The Executive will
      also
      at the Company’s request provide the Company with an inventory of the Company’s
      property in his possession. 

     

    11. 
      The
      Letter Agreement dated August 25, 2006 between the Company and Executive setting
      forth the terms of Executive’s employment is terminated but the confidentiality
      and non-compete provisions of such agreement shall survive, provided there
      shall
      be no confidentiality requirement for vendor information.

     

    12.
      The
      Executive affirms that no promise, inducement or agreement not expressed in
      this
      Agreement has been made, and this Agreement contains the entire agreement of
      the
      parties.

     

    13.
      This
      Agreement does not constitute an admission by the Company of any wrongful action
      or violation of any federal or state statute or common law rights, including
      those relating to the provisions of any law or statute concerning employment
      actions, or any other possible or claimed violation of law or rights. The
      federal and state courts sitting in the State of New York shall have exclusive
      jurisdiction with respect to this Agreement. Trial by jury is
      waived.

     

    14.
      If a
      court of competent jurisdiction finds any provisions of this Agreement
      unenforceable under applicable law, the enforceability of all other provisions
      shall not be affected by such partial unenforceability, and the remainder shall
      continue to be binding and in full force and effect.

     

    15.
      The
      Executive hereby agrees and acknowledges that since September 19, 2008 he has
      no
      longer been employed by the Company and further agrees and acknowledges that
      he
      will make no further attempt, at any time, to seek employment with the Company
      and/or any affiliated company, subsidiary, or division.

     

    16.
      This
      Agreement shall not be interpreted in favor of or against either party on
      account of such party having drafted this Agreement.

     

    17.
      If
      any party to this Agreement breaches any of the terms of this Agreement, then
      that party shall pay to the non-defaulting party all of the non-defaulting
      party’s costs and expenses, including attorney’s fees, incurred by that party in
      enforcing the terms of this Agreement.

     

    18.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed an original and all of which shall together constitute one and the same
      Agreement.

     

    19.
      The
      parties shall execute any other instruments and/or documents that are reasonable
      or necessary to implement this Agreement.

     

    20.
      The
      Executive agrees to keep this Agreement confidential and not to reveal its
      contents to anyone except his attorney or his financial consultant. Any press
      release or public statement or filing relating to Executive’s resignation or
      retention as a consultant shall be approved by Executive prior to release,
      such
      approval not to be unreasonably withheld or delayed. 

     

    
      
         

      

      
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    21.
      This
      Agreement constitutes the entire agreement between the Executive and the Company
      and it may only be modified, altered or changed in writing, signed by both
      the
      Company and the Executive. It may be signed in counterparts and by
      facsimile.

     

    22.
      This
      Agreement shall be subject to and governed by the laws of the State of New
      York.

     

    BY
      SIGNING THIS AGREEMENT AND GENERAL RELEASE AND WAIVER, THE EXECUTIVE STATES
      THAT: HE HAS READ IT; He UNDERSTANDS IT AND KNOWS THAT HE IS GIVING UP IMPORTANT
      RIGHTS; HE AGREES WITH EVERYTHING IN IT; HE WAS TOLD, IN WRITING, TO CONSULT
      AN
      ATTORNEY BEFORE SIGNING IT; HE HAS BEEN GIVEN THE OPPORTUNITY TO REVIEW THE
      AGREEMENT FOR 21 DAYS AND THINK ABOUT WHETHER OR NOT HE WANTED TO SIGN IT;
      AND
      HE HAS SIGNED IT KNOWINGLY AND VOLUNTARILY.

     

    THEREFORE,
      the Executive and the Company now voluntarily and knowingly execute the
      Agreement and General Release and Waiver.

    
      	 	 	 
	 	 
	 
 	 
 	
              /s/
                Mark H. Stenberg

              Mark
                H. Stenberg 

               

              NUTRITION
                21, INC. 

            
	 	  	
               

               

              By: /s/
                Michael A. Zeher

            
	 	Michael A. Zeher
	 	 

    

    

    
      
         

      

      
        4Unassociated Document

    Exhibit
      10.02

    

    Consulting
      Agreement

    

    Parties:

    

    This
      Consulting Agreement dated September 19, 2008 by and between Nutrition 21,
      Inc.,
      having an office at 4 Manhattanville Road, Purchase, NY 10577 (“N21”), and Mark
      H. Stenberg, residing at 115 East 87th
      Street,
      New York, NY 10128 (“Consultant”). 

    

    Effectiveness:

    

    Concurrently
      herewith, N21 and the Executive are entering into a Resignation Agreement and
      General Release and Waiver (the “Other Agreement”). This Consulting Agreement
      shall be effective only from the first date (the Effective Date”), if any, on
      which the Other Agreement shall be effective and not subject to revocation
      by
      Consultant.

    

    Description:

    

    Consultant
      agrees to provide business consulting services for N21 as requested from time
      to
      time by Michael Zeher or his designee, who will provide business priorities
      for
      you to focus your time on.

    

    Personal
      Performance 

    

    The
      consulting services described herein will be performed exclusively by Consultant
      personally and cannot be assigned to others, except with the consent of Mr.
      Zeher. Consultant agrees to make every reasonable effort to accommodate N21’s
      scheduling needs. All services to be rendered hereunder may be provided via
      telecommuting. 

    

    Consulting
      Period

    

    The
      consulting services will be provided from the Effective Date through December
      31, 2008. 

    

    Fee
      Structure and Billing:

    

    N21
      will
      compensate Consultant at a rate equal to his current salary. In addition, N21
      will provide to Consultant family health care for 12 months from the Effective
      Date at a cost to Consultant equal to the cost paid by employees for family
      health care. Consultant will submit invoices for services rendered bi-weekly.
      All
      legitimate expenses incurred by Consultant while doing the business of N21
      shall
      be reimbursed within 30 days of invoice, including all legitimate business
      expenses associated with the Electronic Retailing Association convention
      September 21-24, 2008.

    

    Confidentiality 

    

    (a)
      During the period of Consultant providing consulting services to N21, Consultant
      will acquire from N21 technical and commercial information which N21 considers
      to be proprietary and confidential, though specifically excluded from this
      definition is vendor information (“Information”). Consultant agrees to keep
      confidential and not to use or divulge, except with the consent of N21, any
      such
      Information as well as all information developed by Consultant as a result
      of
      services provided for N21 under this Agreement (“Developed Information”). Upon
      termination of this Agreement or at any other time N21 requests, Consultant
      will
      transmit to N21 any written, printed, or other materials embodying such
      Information or Developed Information, including all copies and excerpts thereof.
      These obligations on Consultant’s part with respect to N21’s Information and
      Developed Information shall continue at all times during and beyond the
      Consulting Period.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b)
      Notwithstanding the above, this Agreement shall not restrict Consultant’s use or
      disclosure of any Information which: 

    

    
      	
            	i.	
              is
                or later becomes publicly known through no fault of
                Consultant;

            

    

    

    
      	
            	ii.	
              was
                already known to Consultant at the time of its receipt from N21,
                as
                evidenced by Consultant's written records;
                or

            

    

    

    
      	
            	iii.	
              is
                lawfully and in good faith made available to Consultant by a third
                party
                without restriction and disclosure or
                use.

            

    

    

    (c)
      Specific information disclosed to Consultant by N21 or developed by Consultant
      in Consultant's consulting capacity to N21 shall not be deemed to be available
      to the public or in Consultant's prior possession merely because it is embraced
      by more general information available to the public or in Consultant's prior
      possession. 

    

    Inventions
      and Work Product 

    

    Any
      and
      all inventions, discoveries, designs, or other work product (including Developed
      Information), whether or not patentable or registrable as copyrighted material
      or trademarks, which Consultant develops, conceives and/or makes within the
      Consulting Period, and for a period of one year following termination of the
      Consulting Period, related to Consultant's work for N21 hereunder or based
      on
      Information received from N21 (“Intellectual Property”), shall be promptly and
      fully disclosed to N21 and shall be the sole and exclusive property of N21.
      Consultant will, at the request of N21, promptly execute any and all
      applications, assignments or other instruments which N21 shall deem necessary
      or
      useful in order to convey to N21 the sole and exclusive right, title and
      interest in and to said Intellectual Property and in order to procure, maintain
      and enforce patent protection, copyright protection or other forms of protection
      world-wide for said Intellectual Property. N21 shall bear the costs of preparing
      and filing all said instruments.

    

    Relationship
      of the Parties 

    

    While
      providing services for N21 in a consulting capacity, Consultant will be acting
      as an independent contractor and not as an employee of N21 and Consultant will
      not be entitled to any of the benefits, direct or indirect, of an employee
      of
      N21. From time to time Consultant may be granted authority to act as an agent
      of
      N21 insofar as required to fulfill Consultant's consulting responsibilities
      described herein.

     

    
      
         

      

      
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    Survival

    

    All
      obligations which by their nature would continue beyond the termination of
      this
      Agreement, shall survive termination of this Agreement, including, but not
      limited to, confidentiality and assignment of inventions.

    

    Notices

    

    All
      notices or other communications required or permitted to be given hereunder
      shall be in writing. All such notices and other communications pursuant to
      the
      terms of this Agreement shall be deemed to have been duly given or delivered
      when delivered personally, or sent by telegram, facsimile with confirmation
      of
      receipt, courier service or by Certified Mail-return receipt requested, to
      the
      address first set forth above.

    

    Law
      Governing 

    

    The
      validity, interpretation and performance of this Agreement shall be governed
      and
      construed in accordance with the laws of the state of New York. 

    

    Arbitration 

    

    All
      claims or controversies arising out of or relating to this Agreement shall
      be
      settled by arbitration. Either party may demand arbitration. Within thirty
      (30)
      days of a demand for arbitration, each party shall select one arbitrator and
      the
      arbitrators shall select a third arbitrator. The arbitration shall be in
      accordance with the rules of the American Arbitration Association and be held
      in
      New York, New York. The arbitration award may be entered in any court of
      competent jurisdiction and enforced as any other judgment, decree or order
      of
      such court. 

    

    This
      Agreement contains all the understandings and representations between us
      relating to the matters referred to herein, supersedes any arrangements
      previously entered into with respect thereto, and can be amended only in a
      writing duly executed on behalf of each party. 

    

      
        	
                Nutrition
                  21, Inc.

              	 	
                Consultant

              
	 	 	 
	
                By:
                  /s/
                  Michael A. Zeher         
                   

              	 	
                /s/
                  Mark H.
                  Stenberg           
                  

              
	 	 	 
	
                Name:
                  Michael A. Zeher

              	 	 
	 	 	 
	
                Title:
                  President and Chief Executive Officer

              	 	 

      

    

     

    
      
         

      

      
        3

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