AGREEMENT AND COMPLETE AND FULL GENERAL RELEASEGeneral Release Agreement • November 9th, 2009 • Applied Energetics, Inc. • Search, detection, navagation, guidance, aeronautical sys
Kenneth M. Wallace (“Executive”) and Applied Energetics, Inc., (the “Company”), have agreed to conclude their employment relationship. The parties have agreed that, based upon Executive’s past service to Company and the parties’ mutual desire to amicably conclude the employment relationship, that Executive and Company enter into this Agreement and Complete and Full General Release (“Agreement”). In consideration of the sum to be paid and other promises set out in this Agreement, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties agree to the following terms (capitalized terms used herein and not otherwise defined herein shall have the same meanings as ascribed to such terms in the Employment Agreement entered into on October 26, 2007 by and between the Company and the Executive, as amended (the “Employment Agreement”)):
