SEPARATION AND RELEASE AGREEMENTSeparation and Release Agreement • January 29th, 2007 • American Technology Corp /De/ • Household audio & video equipment
I, Charles Peacock (“Employee,” “me” or “I”), understand that my position with American Technology Corporation (the “Company”) was terminated effective November 27, 2006 (the “Separation Date”). The Company has agreed that in exchange for my signature on this Agreement and the promises and covenants herein, the Company will pay me severance in the amount of $37,500.00 (Thirty Seven Thousand Five Hundred Dollars and No Cents) minus the standard withholdings and deductions. This payment will be made within five (5) business days after the expiration of the revocation period described below. I understand that I am not entitled to this severance payment unless I sign and do not revoke this Agreement. I understand and agree that in addition to this severance the Company has paid me all of my accrued salary and vacation, to which I am entitled by law.
