EXHIBIT 10.31
GENERAL RELEASE
This General Release Agreement (Agreement) dated April 20, 2003, is
between ESCO Technologies Inc., a Delaware corporation (ESCO) and Xxxxxx X.
Xxxxx (Xxxxx), an individual.
WHEREAS, Xxxxx is a former employee of ESCO.
WHEREAS, upon Xxxxx'x decision to retire at age 65, ESCO & Xxxxx
entered into a Transition Agreement.
WHEREAS, pursuant to such Agreement, ESCO agreed to continue to make
payments on a certain lease (Lease) for a 2001 Cadillac Deville automobile, VIN
1G6KF5790IU143519 (the Automobile) that ESCO was leasing for Xxxxx'x benefit
prior to his retirement.
WHEREAS, ESCO has entered or will enter into a purchase agreement with
Enterprise to purchase the Automobile.
WHEREAS, Xxxxx desires to release ESCO from all future obligations
arising from or related to the Automobile.
THEREFORE, in consideration of the agreements made herein and other
valuable consideration, the sufficiency of which is expressly acknowledged,
Xxxxx and XXXX agree as follows:
1. Concurrently with the execution of this Agreement, ESCO shall pay the
sum of $29,102.04 to Enterprise in consideration of the Automobile.
2. The Automobile will be titled as directed by Xxxxx. XXXX shall
relinquish all right and interest in the Automobile.
3. Xxxxx hereby accepts ownership of the Automobile and knowingly,
voluntarily and irrevocably agrees to fully and completely release
ESCO from any and all rights and claims, including without limitation,
demands, causes of action, charges, complaints, promises, grievances,
losses, damages, liabilities, debts, or injuries, whether known or
unknown, contingent or matured, at law or in equity or in arbitration,
which Xxxxx holds or has ever held against ESCO resulting from or
related to the Automobile. It is expressly agreed and understood that
this is a General Release. Xxxxx shall hereinafter assume all
responsibility for ownership of the automobile including taxes,
maintenance, insurance, etc.
4. This Agreement shall be binding upon and inure to the benefit of each
of the parties, his respective assigns, successors in interest, and
legal representatives.
5. This Agreement is made in the State of Missouri and shall in all
respects be interpreted and enforced and governed by and under the
laws of said State.
Xxxxxx X. Xxxxx
By: /s/ X.X. Xxxxx
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Date: 4/9/03
ESCO Technologies Inc.
By: /s/ X.X. Xxxxxx, Xx.
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Date: 4/10/03
