SEPARATION AND RELEASE AGREEMENT
Exhibit
10.29
SEPARATION
AND RELEASE
AGREEMENT
This
Separation and Release Agreement (“Agreement”) is made as of August 3, 2010 by
and between Caspian Services Inc., a Nevada corporation with its offices located
at 000 X 000 X XXX 000, Xxxx Xxxx Xxxx, XX 00000, its wholly owned subsidiaries
Caspian Services Group Limited with its registered Kazakhstan Branch located in
the city of Aktau, Republic of Kazakhstan (‘Subsidiary”) jointly and severely
acting and referred to in the Agreement as the “Company” and represented by the
Company’s CEO/President Xx. Xxxxxx Xxxxx and Xx. Xxxx Xxxxx (the “Employee”) on
the other side.
WHEREAS, Employee is employed
by Caspian Services Inc., as Chief Operating Officer (COO) and by the Subsidiary
as Commercial Director; and
WHEREAS, The Employer’s Board
of Directors has voted to remove Employee from the position of COO effective on
August 2, 2010 (the “Termination date”); and
WHEREAS, The Employee becomes
entitled to collect severance benefits for the Employer due to involuntary
termination of employment in accordance with the Employee’s Employment Agreement
dated March 18, 2008;
NOW THEREFORE, in
consideration of the mutual promises made herein, the Company, Subsidiary and
Employee (jointly referred to as the “Parties”) hereby agree as
follows:
1.1. In
consideration of full and final release by the Employee, the Company agrees to
provide Employee with all severance and benefits in accordance with the
Executive Employment Agreement dated March 18, 2008, subject to section 1.2
below;
1.2. In
consideration of full and final release by the Employee against all future
severance payments in lieu of the twelve months salary equivalent payments
allowed to the Employee under the severance provision of his Employment
Agreement, Employee agrees to accept a one time lump sum payment in the amount
$150,000.00 payable net of Republic of Kazakhstan taxes to the Employee within
ten days following termination;
1.3. The
Employee shall be allowed to collect all other benefits under severance
provisions of the Employee’s Employment Agreement not expressly modified by this
Agreement;
1.4. The
Employee agrees to vacate the Company’s rented accommodation occupied by the
Employee in the City of Almaty, Republic of Kazakhstan before September 30,
2010. Shall Employee decide to continue to reside in the company provided
accommodation, Employee shall made arrangements to transfer the lease agreement
in his name or reimburse the Company expenses related to his accommodation after
September 30, 2010.
IN
WITNESS WHEREOF, the Parties have executed this Agreement on the respective
dates set forth below.
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CASPIAN
SERVICES, INC.
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By
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Dated:
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Xxxxxx
Xxxxx, President
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Dated:
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Xxxx Xxxxx,
Employee
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Xxxx
Xxxxx
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