NUTRITION 21 INC
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v111052_ex10-1.htm
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      10.1</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>AGREEMENT
      AND GENERAL RELEASE AND WAIVER</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paul
      Intlekofer (the &#8220;Executive&#8221;) and NUTRITION 21, INC. with its principal office at
      4 Manhattanville Road, New York 10577 (the &#8220;Company&#8221; or &#8220;Nutrition 21&#8221;), on
      behalf of itself and its officers, directors, shareholders, Executives, agents
      and parent, affiliates, predecessor, successor, subsidiary, and other related
      companies, and each of them jointly and severally (hereinafter singularly and
      collectively referred to as the &#8220;Company&#8221;), hereby enter into the following
      Agreement and General Release and Waiver (the &#8220;Agreement&#8221;), concerning the
      Executive&#8217;s resignation from the Company.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The
      Executive
      confirms that on March 20, 2008 he resigned as a director, officer and Executive
      of the Company and its subsidiaries and affiliates, and that he was thereafter
      given at least 21 days to consider this Agreement and decide for himself whether
      or not he wants to sign this Agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The
      Executive
      consulted with Kollman &amp; Saucier, P.A. attorneys of his choice, concerning
      this Agreement and the implications of Executive signing or not signing the
      Agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The
      Executive
      has carefully considered other alternatives to executing this Agreement and
      has
      entered into this Agreement voluntarily and of the Executive&#8217;s own free
      will.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The
      Executive
      is entitled to change his mind and revoke this Agreement within seven days
      after
      signing it. This Agreement will become effective only if Executive has not
      exercised his option to revoke the Agreement within seven days after its
      execution and Executive complies with paragraph eleven (11) of this Agreement.
      </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;If
      this
      Agreement becomes effective:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company will pay Executive the sum of $223,048. The payment will be made in
      18
      equal semi-monthly installments on the first and fifteenth of each month from
      April 2008 through December 2008 (the &#8220;Severance Period&#8221;). Any payments that are
      withheld because this Agreement is not yet effective shall be paid to Executive
      immediately on the date this Agreement becomes effective. Additionally, if
      Executive elects to continue his group health insurance coverage, the Company
      will pay Executive&#8217;s COBRA costs through the Severance Period.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
      acknowledges that he will be entitled to only such compensation and benefits
      as
      are provided to him under and subject to the terms of this Agreement,.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
      may exercise his 1,116,667 vested stock options only so long as this Agreement
      is in effect and such options shall expire on December 31, 2008 or, if earlier,
      on his breach of this Agreement. Executive is also vested in 66,000 shares
      of
      restricted stock. Executive acknowledges that he has no other options or
      restricted stock or other equity interests granted by the Company, and that
      he
      will not after the date hereof vest in any options or restricted stock or other
      equity interests granted by the Company, whether or not he provides consulting
      or other services to the Company. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The
      Executive
      acknowledges that he knows that there are various State and Federal laws which
      prohibit employment discrimination on the basis of age, sex, race, color, creed,
      national origin, marital status, religion, disability, veteran status, or other
      protected classifications and that these laws are enforced through the Federal
      Equal Employment Opportunity Commission, and various state, city, county and
      local human rights agencies. In particular, the Executive knows that he may
      have
      rights under the Federal Age Discrimination in Employment Act, which prohibits
      companies from discriminating against Employees because of their age. In
      consideration for the Company making the payment described in paragraph five
      (5)
      of this Agreement, which the Executive is </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>not</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      otherwise entitled to receive, the Executive intends to voluntarily give up
      any
      rights he may have under these or any other laws with respect to his prior
      employment with the Company or termination of his employment, including his
      rights under the Age Discrimination in Employment Act. The Executive agrees
      that, as of the date of this Agreement, the Company has not
      (a)&#160;discriminated against him, (b) breached any express or implied contract
      with him, or (c)&#160;otherwise acted unlawfully toward him. In this regard, the
      Executive acknowledges he has received all compensation and benefits due him.
      </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;In
      exchange
      for the money and option exercise rights set forth in this Agreement, the
      Executive, his heirs, personal representatives, successors and assigns, hereby
      releases and discharges the Company, its successors, subsidiaries, and their
      officers, directors and Executives (&#8220;Releasees&#8221;) from all claims, liabilities,
      demands or causes of action, known or unknown, arising out of or in any way
      connected with or related to the Executive&#8217;s employment and the termination
      thereof with the Company from the beginning of the world up to and including
      the
      effective date of this Agreement, except for rights granted under this Agreement
      and except for any indemnification rights under the Company&#8217;s certificate of
      incorporation and by-laws. This includes, but is not limited to, claims of
      entitlement to change of control payments or to options, restricted common
      stock
      and SAR&#8217;s or other equity or equity-related instruments not referred to herein,
      wrongful discharge, breach of any implied or express contract, whether oral
      or
      written, fraud, misrepresentation, or any other tort. This also includes any
      claims based on any local, state or federal statute relating to age, sex, race,
      or any other form of discrimination such as, but not limited to, the Age
      Discrimination In Employment Act, Title VII of the Civil Rights Act of 1964,
      and
      other similar state and local anti-discrimination laws.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Cooperation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      the Severance Period, Executive agrees to serve as a consultant to the Company
      from time to time as reasonably requested by Michael Fink or Gerard Butler,
      or
      their designees. Executive agrees to make every reasonable effort to accommodate
      the Company&#8217;s scheduling needs; provided that such consultations shall not
      unreasonably interfere with Executive&#8217;s ability to seek and/or maintain
      full-time employment elsewhere and nothing in this Agreement prohibits Executive
      from providing consulting or other services to third parties. If the Company
      requests that Executive attend a meeting outside of the Baltimore, Maryland
      area, the Company will pay for economy travel costs and lodging.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition to his obligations during the Severance Period, Executive agrees to
      provide Nutrition 21 from time to time telephone consultation, and if reasonably
      deemed necessary by Nutrition 21, consultation in person at mutually agreeable
      times, which agreement on the part of Executive will not be unreasonably
      withheld, concerning his work for Nutrition 21. For the avoidance of doubt,
      Nutrition 21 is not requiring any substantive work from Executive. The
      consultation contemplated by this Paragraph 8(b) relates exclusively to such
      matters as, for example, interpreting handwritten notes that may be illegible,
      locating hard copy or computer files, etc. Executive also agrees to promptly
      sign and return documents that require Executive's signature, and have such
      documents notarized and/or witnessed if required, e.g. patent assignment
      documents. If Nutrition 21 deems it necessary to consult with Executive in
      person and requests that Executive attend a meeting outside of the Baltimore,
      Maryland area, the Company will pay for economy travel costs and
      lodging.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
      will for no additional compensation cooperate fully and at reasonable times
      with
      the Company and its subsidiaries in all litigations and regulatory proceedings
      on which the Company or any subsidiary seeks Executive&#8217;s assistance and as to
      which Executive had any knowledge or involvement. Without limiting the
      generality of the foregoing, Executive will be available to testify at such
      litigations and other proceedings, and will cooperate with counsel to the
      Company in preparing materials and offering advice in such litigations and
      other
      proceedings. Except as required by law and then only upon reasonable prior
      written notice to the Company, Executive will not in any way cooperate or assist
      any person or entity in any matter which is adverse to the Company or which
      is
      adverse to any person who at any time is or was an officer or director of the
      Company. Notwithstanding the foregoing, the Company will reimburse Executive
      for
      out of pocket expenses incurred in connection with attendance at litigation
      matters that require travel.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Executive
      confirms that any inventions, whether or not patentable, made while a consultant
      to or employee of the Company prior March 20, 2008, or that relate to the
      business of the Company and are made prior to December 31, 2009, are the sole
      and exclusive property of the Company. Executive agrees that at no time will
      he
      disclose or use any confidential information received or acquired during the
      Executive&#8217;s employment, including but not limited to trade secrets and any
      proprietary information. Executive agrees that until December 31, 2009, he
      will
      not directly or indirectly compete with Nutrition 21 or engage in or participate
      in any business (in whatever capacity, whether as owner, consultant, adviser,
      Executive or otherwise), which competes with the business of Nutrition 21.
      The
      preceding sentence does not prohibit Executive from passively owning up to
      2% of
      the voting securities of any entity that files public reports under the
      Securities Exchange Act of 1934; nor does it prohibit him from being employed
      by
      an entity that has a division that competes with the Company, so long as he
      is
      employed by a division of the entity that does not compete with the Company
      and
      he has no contact with divisions of the entity that do compete with the Company.
      Executive further agrees that until December 31, 2009, he will not directly
      or
      indirectly employ or retain any person who was an employee or consultant to
      the
      Company at any time from and after January 1, 2007 (an &#8220;Employed Person&#8221;), or
      solicit or induce an Employed Person to leave the employee or stop being a
      consultant to the Company, whether or not such employment or retention or such
      proposed employment or retention is by Executive or by any entity by which
      he is
      employed or retained. This Section 9 may be enforced by injunction (without
      posting bond or other security), as well as by other remedies.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Executive
      will promptly advise the Company in writing should he at any time be contacted
      by any person or entity (including, without limitation, any private
      investigator) who seeks any information whatsoever with respect to the Company,
      or any of its Executives, directors or officers, or any of its products,
      services or procedures, and he will shall forthwith furnish to the Company
      a
      complete and accurate report of all communications by or with any such person
      or
      entity. Except as otherwise required by law (and then only upon 10 days&#8217; prior
      written notice to the Company), neither party will from and after the date
      hereof in any way or to any person, denigrate or derogate the Company or any
      of
      its subsidiaries, or any person who was at any time an Executive, officer or
      director of the Company, or any products, services or procedures, whether or
      not
      such denigrating or derogatory statements shall be true and are based on acts
      or
      omissions which were learned or are learned by heretofore or from and after
      the
      date hereof or on acts or omissions which occurred at any time heretofore or
      which occur at any time from and after the date hereof, or
      otherwise.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;If
      he has not
      already done so, the Executive will forthwith return to the Company all Company
      property, proprietary documents and materials in the Executive&#8217;s possession.
      Such property, documents, and materials include, but are not limited to, an
      automobile, computer hardware, telephones, keys, correspondence, notes and
      notebooks, drawings, prints, photographs, tape recordings, marketing
      information, sales information, customer information, customer lists, computer
      software disks and other written, typed, printed or recorded materials to which
      the Executive had access or which the Executive developed during the course
      of
      his employment with the Company and all copies thereof. The Executive will
      forthwith provide the Company with an inventory of the Company&#8217;s property in his
      possession. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The
      Executive
      affirms that no promise, inducement or agreement not expressed in this Agreement
      has been made, and this Agreement contains the entire agreement of the
      parties.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;This
      Agreement does not constitute an admission by the Company of any wrongful action
      or violation of any federal or state statute or common law rights, including
      those relating to the provisions of any law or statute concerning employment
      actions, or any other possible or claimed violation of law or rights. The
      federal and state courts sitting in the State of New York shall have exclusive
      jurisdiction with respect to this Agreement. Trial by jury is
      waived.</font></div>
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      RIGHTS; he AGREES WITH EVERYTHING IN IT; HE WAS TOLD, IN WRITING, TO CONSULT
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