SEPARATION AND RELEASE AGREEMENT
Exhibit
10.30
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 Kazakhstan Representative
Office located in the city of Almaty, Republic of Kazakhstan 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. Xxxxx Xxxxx
(the “Employee”) on the other side.
WHEREAS, Employee is employed
by Caspian Services Inc., as President and Chief Executive Officer (CEO) and by
the Subsidiary as director of Representative Office; and
WHEREAS, The Employer’s Board
of Directors has voted to remove Employee from the position of CEO and director
of Representative Office 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 November 15, 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 November 15, 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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Employee
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Xxxxx
Xxxxx
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