Document:

Exhibit 10.1

 

SEPARATION AGREEMENT AND GENERAL RELEASE

 

This Separation Agreement and General Release
(the “Agreement”) is by and between INVESTools Inc., a Delaware corporation
(the “Company”), and Don Klabunde (“Employee”).

 

WHEREAS, the Company and Employee entered into an Employment Agreement
dated February 26, 2004 (the “Employment Agreement”), in connection with the
Agreement and Plan of Merger dated the same date between the Company, Employee,
Service Enhancement Systems, Inc. d/b/a 360 Group (“360 Group”), and others
(the “Merger Agreement”); and

 

WHEREAS, the Company and Employee agree that Employee’s separation from
employment with the Company and its affiliates is the result of a voluntary
resignation by Employee; and

 

NOW, THEREFORE, in consideration of the foregoing premises and other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

1.                                       Separation
of Employment.

 

1.1                                 Except
as otherwise provided herein, the Company and Employee each hereby agree that
the Employee’s employment with the Company and its affiliates (including
without limitation SES Acquisition Corp.) shall be terminated and separated,
effective as of April 29, 2005 (the “Termination Date”), and neither shall
thereafter have any liabilities, rights, duties or obligations to the other
party under or in connection with Employee’s employment with the Company or its
affiliates, except as provided in this Agreement.

 

1.2                             The
Company and Employee hereby waive any rights to prior notification of the
termination of Employee’s employment with the Company and its affiliates
(including without limitation SES Acquisition Corp.).

 

2.                                       Resignation
of Offices.  Employee hereby resigns,
effective as of April 29, 2005, from any and all positions as an officer,
director or manager of the Company or any of its affiliates.

 

3.                                       Consideration.

 

3.1                                 Consulting
Agreement.  In consideration for
Employee’s release of claims, as well as his other promises contained herein,
the Company agrees to engage Employee as an independent consultant for a period
of one month, commencing on May 1, 2005 and ending on May 30, 2005 at a rate of
$15,000.00, payable in a lump sum on May 30, 2005.  Employee understands and agrees that the
payment made for the independent consulting engagement constitutes the full
payment from the Company to Employee, and no other severance pay or other
payment is due Employee.  Employee
understands and agrees that the Company would not enter into the Independent
Contractor Agreement or pay the consideration thereunder but for Employee’s
promises contained herein.

 

 

3.2                                 Additional
Consideration.  In further
consideration for Employee’s release of claims, as well as his other promises
contained herein, the Company shall pay to employee $100.00 within three (3)
business days of the Effective Date of this Agreement (as defined herein).

 

4.                                     General
Release by Employee.

 

4.1                             In
consideration for the Company’s entering into the Independent Contractor
Agreement and the consideration paid thereunder, Employee voluntarily and
knowingly waives, releases, and discharges the Company, its parent,
predecessors, successors, subsidiaries, affiliates, employees, officers,
directors, owners, agents and assigns (collectively “Released Parties”) from
all claims, liabilities, demands, and causes of action, known or unknown, fixed
or contingent, which Employee may have or claim to have against any of the
Released Parties as a result of Employee’s employment, the separation of such
employment, the termination of the Employment Agreement, Employee’s investment
in the Company, the Redemption (as defined in the Merger Agreement), the
Liquidation (as defined in the Merger Agreement), and/or as a result of any
other matter arising through the Effective Date of this Agreement.

 

4.2                                 Employee
expressly waives any and all of his rights under Section 1542 of the Civil Code
of the State of California (“Section 1542”) and under any statute, rule, or
principle of common law or equity of any jurisdiction that is similar to
Section 1542 (“similar provision”). 
Thus, Employee acknowledges that he may not invoke the benefits of
Section 1542 or any similar provision in order to prosecute or assert in any
manner any claims released in this Agreement. 
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.”

 

For purposes of this waiver, the terms “creditor,” “his” and “him,” as
used and referred to in the above-quoted language of Section 1542, refer to
Employee, and the term “debtor” refers to the Company and the Released Parties
referred to herein and each of them. 
Employee, being aware of Section 1542, recognizes and understands that
Section 1542 applies to and covers all claims released in this Agreement, known
or unknown, suspected or unsuspected and hereby expressly waives any rights he
may have thereunder, as well as under any statutes or common law principles of
similar effect.

 

4.3                             Employee
agrees that this waiver, release and discharge includes, but is not limited to:
(1) claims arising under federal, state, or local laws regarding employment or
prohibiting employment discrimination such as, without limitation, Title VII of
the Civil Rights Act of 1964, the Equal Pay Act, the Age Discrimination in
Employment Act, the Older Workers’ Benefit Protection Act, the Civil Rights Act
of 1991, the Americans with Disabilities Act, the Workers Adjustment Retraining
Notification Act, the Fair Labor Standards Act, the Family and Medical Leave
Act, the California Fair Employment and Housing Act, the Sarbanes-Oxley Act;
(2) claims for breach of contract, including the Employment Agreement; (3)
claims for personal 

 

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injury, harm, or other damages (whether intentional or unintentional,
including, without limitation, negligence, defamation, misrepresentation,
fraud, intentional infliction of emotional distress, assault, battery, invasion
of privacy, and other such claims); (4) claims growing out of any legal
restrictions on the Company’s right to terminate its employees; (5) claims for wages or any other
compensation; or (6) claims for benefits including, without limitation, those
arising under the Employee Retirement Income Security Act (excluding a claim
for COBRA continuation coverage).

 

4.4                                 Employee
further agrees not to file a suit of any kind against the Company and/or the
Released Parties relating to his employment at the Company, the separation
thereof, or the Employment Agreement, or to participate voluntarily in any
employment-related claim brought by any other party against the Company or any
of the Released Parties.  Even if a court
rules that Employee may file a lawsuit against the Company or any of the
Released Parties arising from his employment, the separation thereof, or his
Employment Agreement, Employee agrees not to accept any money damages or any other
relief in connection with any such lawsuit.  
Employee understands and agrees that this Agreement and General Release
effectively waives any right he might have to sue the Company or any of the
Released Parties for any claim arising out of his employment, the Employment
Agreement, or the separation of his employment.

 

4.5                                 
This release does not extend to any rights or remedies that Employee may have
against the Company under the terms of this Agreement.

 

5.                                     Restrictive
Covenants.

 

5.1                             Employee
agrees to comply at all times after the Effective Date of this Agreement with
all provisions of Sections 6, 7, 9, 12 and 14 of the Employment Agreement,
regardless of the nature of his separation, which provisions include covenants
concerning the non-disclosure of confidential information (Section 6), a
prohibition on the solicitation of employees of the Company (Section 7), a
prohibition on the solicitation of, or acceptance of business from Company
clients (Sections 9), obligations with respect to work product and intellectual
property (Section 12), and the return of documents (Section 14).  Employee acknowledges and agrees that
Sections 6, 7, 9, 12, and 14 of the Employment Agreement shall survive the
separation of Employee’s employment, regardless of the separation reason and
shall survive the execution of this Agreement.

 

5.2                                 All
written materials, records and other documents that were made by, or came into
the possession of, Employee during the period of his employment by the Company,
which contain or disclose the confidential information or trade secrets of the
Company are and remain the property of the Company.  Employee agrees that, on or before the
Effective Date of this Agreement, he will return to the Company the same, and
all copies, derivatives and extracts thereof.

 

5.3                                 As
a material inducement to the Company to enter into this Agreement, and in order to protect the Company’s
legitimate business interests, Employee also agrees to the covenants contained
in Sections 5.4 and 5.5 below.

 

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5.4                                 Beginning
on the Effective Date of this Agreement and continuing for a period of six (6)
months after the Termination Date (“Restricted Period”), Employee shall not
directly or indirectly enter into or attempt to enter into the Restricted
Business in any geographic area where the Company does business or has done
business.  As used herein the term “Restricted Business” shall mean the
area of the Company’s business dealing with stock market investor
education.  As used herein the term “indirectly,” means acting as a paid or
unpaid director, officer, agent, representative, manager, employee of, or
consultant to any enterprise, or acting as a proprietor of an enterprise, or
holding any direct or indirect participation in any enterprise as an owner,
partner, limited partner, member, manager, joint venturer, shareholder, or
creditor.

 

5.5                                 Employee
further agrees that he will not, at any time, disparage the Company, its
operations, products, employees, officers or directors or interfere with the
Company’s operations, products, employees, officers or directors.  Employee further agrees not to discuss the
Company, its operations, products, employees, officers or directors with any
member of the media.

 

5.6                                 Employee
understands and agrees that the Company shall have the right to and will
terminate the Independent Contractor Agreement and/or sue him for breach of
this Agreement if he violates the provisions of Section 5 of this
Agreement.  Employee further acknowledges
that but for his agreements to comply with his obligations described in this
Section 5 of this Agreement, the Company would not provide him with the
compensation, benefits and consideration set forth in Section 3 of this
Agreement.

 

6.                                     Confidentiality.   Employee and the Company each understand and
agree not to discuss any of the terms of this Agreement with any person or
entity except for Employee’s spouse, or the attorneys or tax advisors of each
party or except as required by law or the rules of the applicable stock exchange.

 

7.                                     Remedies.  Employee and the Company acknowledge that
damages are an inadequate remedy of law for the breach of certain terms of this
Agreement.  Accordingly, the Company and
Employee are hereby granted and shall have the right of injunction (any
requirements for posting of bonds for injunction being hereby expressly waived)
and such other and further remedy both in law and in equity, that the Company
or Employee may be entitled to receive under the laws of the State of New York,
in the event Employee or the Company breaches or threatens to breach any of the
covenants or agreements contained herein.

 

8.                                     Acknowledgement.

 

8.1                                 Employee
acknowledges that this Agreement is written in a manner calculated to be
understood by Employee and that Employee, in fact, understands the terms,
conditions and effects of this Agreement. 
Employee does not waive rights or claims that may arise after the date
this Agreement is executed.

 

8.2                                This Agreement does not constitute an
admission of any kind by the Company of any wrongdoing of any kind or of any
breach of any contract obligation, policy, or procedure of any kind or nature,
but is simply an accommodation that offers certain extra benefits to which the
Employee would not otherwise be entitled in return for his agreeing to and
signing this document.

 

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9.                                       Entire
Agreement and Modification.  Except
as provided herein, this Agreement, including the recitals and introductions,
embodies the entire agreement and understanding of the parties hereto in
respect of the subject matter contained herein and supersedes all prior
conflicting or inconsistent agreements, consents and understandings relating to
such subject matter.  Employee acknowledges
and agrees that there is no oral or other agreement between the Company and
Employee which has not been incorporated in this Agreement.  However, nothing herein shall supercede
Employee’s obligations under Sections 6, 7, 8, 9, 12 and 14 of the Employment
Agreement.  This Agreement may be
modified only by a written agreement signed by both parties.  Any such written modification may only be
signed by the Chief Executive Officer of the Company.

 

10.                               Severability
and Reformation.  If any provision of
this Agreement is held to be illegal, invalid or unenforceable under any
present or future law, and if the rights or obligations of Employee or the
Company under this Agreement would not be materially and adversely affected
thereby, such provision shall be fully severable, and this Agreement shall be
construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part thereof, 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 herefrom, and in lieu of
such illegal, invalid or unenforceable provision, there shall be added
automatically as a part of this Agreement a legal, valid and enforceable
provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible, and the Company and Employee hereby request the
court or arbitrator to whom disputes relating to this Agreement are submitted
to reform the otherwise unenforceable provision in accordance with this Section
10.

 

11.                               Assignment.  No approval shall be required for the Company
to assign this Agreement to any affiliate or successor in interest to the
Company’s business.  Employee shall not
assign his obligations under this Agreement. 
Any assignment made by either party in contravention of this Section 11
shall be null and void for all purposes.

 

12.                               Applicable
Law, Jurisdiction and Venue. This Agreement is entered into under, and
shall be governed for all purposes by, the laws of the State of New York. Any
suit by the Company to enforce any right hereunder or to obtain a declaration
of any right or obligation hereunder may, at the sole option of the Company, be
brought in any court of competent jurisdiction in the State of Utah. The
parties hereby expressly consent to the jurisdiction of the foregoing courts
for such purposes.  If either party files
a lawsuit in state court arising out of this Agreement, the other party may
remove the lawsuit to federal court to the extent jurisdiction exists.

 

13.                                 Knowledge
and Agreement.  Employee acknowledges
and agrees that he is entering into this Agreement freely and voluntarily.  He has carefully read and understands all of
the provisions of this Agreement. Employee acknowledges that he has been
advised to consult legal counsel concerning this Agreement prior to signing the
Agreement, and that he has had sufficient opportunity to do so. Employee
understands that he has up to 21 days from the date of this Agreement to
consider this Agreement.  Employee
understands that if he signs this Agreement, he will then have seven (7) days
to cancel it if he so chooses.  Employee
may cancel this Agreement by delivering a written notice of cancellation to
Nobumichi Hara, Vice President, Human Resources at 585 East 1860 South, Provo,
UT, 84606.  However, if Employee elects
to 

 

5

 

cancel this Agreement, he understands that he
will not be entitled to any of the benefits, compensation, or other
consideration referenced in this Agreement. 
Employee understands that this Agreement will not become effective until
the eighth day after he signs the Agreement without revocation (the “Effective
Date”).  Employee understands and agrees
that the Company will have no duty to pay him or provide him with the
compensation listed in Section 3 until the Effective Date of this Agreement.

 

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AGREED AND ACCEPTED on this          
day of              ,
2005.

 

 

	
   

  	
   

  
	
  Donald K. Klabunde

  

 

 

AGREED AND ACCEPTED on this          
day of              ,
2005.

 

INVESTools Inc.

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Lee Barba

  
	
   

  	
  CEO

  

 

7Exhibit 10.1

 

November 30, 2004

 

 

Mr. Wadjaja Jiemy

Jl. K.L. Yos Sudarso

Taman Putri Hijau

Blok B # 26

Medan 20114

Sumut, Indonesia

 

Dear Widjaja,

 

On behalf of Schweitzer-Mauduit International, Inc. (SWM), Wayne
Deitrich, Chairman and CEO, and Jean-Pierre Le Hetet, C.O.O., I am pleased to
make you the following offer to be the President-S.E. Asia, reporting to
Jean-Pierre.

 

The following will be your compensation and benefits:

 

1)                                      Salary:  $150,000 net of taxes paid in 12 monthly
payments. Your salary and job performance will be reviewed within one year of
your employment date.

 

2)                                      Employment
Bonus:  $30,000 to be paid the day that
you report to work.

 

3)                                      Annual Incentive
Plan:  You will participate in the Plan
for key SWM managers with a Target payout of 35% of your net annual pay
($150,000 initially) and a maximum of 66.5% with weightings of 30% PT-PDM
Indonesia operating profit, 30% PDM-Philippines Industries, Inc. operating
profit, 20% SWM earnings per share and 20% individual performance objectives as
agreed to between Jean-Pierre and you.

 

4)                                      Fixed Bonus:  If any are required in Indonesia and the
Philippines, they will be provided on a pro-rata basis.

 

5)                                      Car
Allowance:  A monthly allowance of
$2,000/month will be provided “in-kind” which would result in no taxes to be
paid by you.

 

6)                                      Housing
Allowance:  A monthly benefit of $3,000
will be provided on an “in-kind” basis.

 

7)                                      Education
Benefits For Your Children:  You will be
provided a total annual benefit of $12,000 also on an “in-kind” basis.

 

 

8)                                      Medical
Benefits:  Insurance coverage for
hospitalization and medical emergencies will be provided for you and your
family.

 

9)                                      Vacation:  21 days per year.

 

10)                                Tax Equalization:  SWM will equalize any applicable country
taxes to prevent double taxation.

 

11)                                Stock Options:  Upon approval by the SWM Compensation
Committee, you will be awarded 10,000 share options based on the fair market
value as of the date of your employment. 
A copy of the Plan will be provided to you at that time.

 

12)                                Retirement Benefits:  Effective 1/1/2006, SWM will contribute
$5,000/year into a Retirement Account for your benefit with interest credited
annually.  If you leave the employment of
SWM or any of its subsidiaries prior to age 60, all accumulated benefits in
your Retirement Account will be forfeited.

 

13)                                Relocation:  SWM will pay for reasonable expenses related
to the movement of your household goods from China to Singapore and one month’s
temporary living expenses for you and your family.  To assist with any incidental expenses. You
will receive one month’s net salary at the end of the month in which you
relocate your family to Singapore.

 

14)                                Long-Term
Incentive:  As a key SWM executive, you
will be eligible to participate in the SWM Long-Term Incentive Plan (LTIP).
Effective 1/1/2006, the Plan will provide you with an annual Target award
opportunity of sixty percent (60%) of your net salary, i.e. $90,000.  The Target award will be delivered by 50%
participation in a Cash Performance Plan and 50% in Restricted Shares of SWM
stock.  Both plans have reasonable
performance measurements, e.g. sales growth, earnings and shareholder
appreciation.  The earned awards are
provided at the end of the LTIP cycle, which generally will be two to three
years in length, but earned and accrued annually.  A copy of the Plan and more details can be
provided at time of employment.

 

As with all offers of employment for management, the offer is subject
to a satisfactory background check and a company physical, including a drug
screen.

 

Please indicate acceptance of this offer of employment by signing in
the space below.  On behalf of SWM, I
want to welcome you to the company and we look forward to a mutually successful
working relationship.

 

Sincerely,

 

William R. Foust

Vice President-Administration

 

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