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Management Continuity Agreement

 

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Title:

Management Continuity Agreement

Entities:

Adeza Biomedical Corp

Date:

2004

Size:

Preview shows 4KB of 26KB total

Price:

$39

ID:

#1290599

 

 

► Employment ► Continuity ► Management Continuity Agreements

 

 

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                          ADEZA BIOMEDICAL CORPORATION


MANAGEMENT CONTINUITY AGREEMENT

This Management Continuity Agreement (the "Agreement") is dated as of
October 21, 2004 by and between [_______________] ("Employee") and Adeza
Biomedical Corporation., a Delaware corporation (the "Company" or "Adeza"). This
Agreement is intended to provide Employee with certain benefits described herein
upon the occurrence of specific events.

RECITALS

A. It is expected that another company may from time to time consider
the possibility of acquiring the Company or that a change in control may
otherwise occur, with or without the approval of the Company's Board of
Directors. The Board of Directors recognizes that such consideration can be a
distraction to Employee and can cause Employee to consider alternative
employment opportunities. The Board of Directors has determined that it is in
the best interests of the Company and its stockholders to assure that the
Company will have the continued dedication and objectivity of the Employee,
notwithstanding the possibility, threat or occurrence of a Change of Control (as
defined below) of the Company.

B. The Company's Board of Directors believes it is in the best
interests of the Company and its stockholders to retain Employee and provide
incentives to Employee to continue in the service of the Company.

C. The Board of Directors further believes that it is imperative to
provide Employee with certain benefits upon a Change of Control and, under
certain circumstances, upon termination of Employee's employment, which benefits
are intended to provide Employee with financial security and provide sufficient
income and encouragement to Employee to remain with the Company, notwithstanding
the possibility of a Change of Control.

D. To accomplish the foregoing objectives, the Board of Directors has
directed the Company, upon execution of this Agreement by Employee, to agree to
the terms provided in this Agreement.

Now therefore, in consideration of the mutual promises, covenants and
agreements contained herein, and in consideration of the continuing employment
of Employee by the Company, the parties hereto agree as follows:

1. AT-WILL EMPLOYMENT. The Company and Employee acknowledge that
Employee's employment is and shall continue to be at-will, as defined under
applicable law, and that Employee's employment with the Company may be
terminated by either party at any time for any or no reason. If Employee's
employment terminates for any reason, Employee shall not be entitled to any
payments, benefits, award or compensation other than as provided in this
Agreement. The terms of this Agreement shall terminate upon the earlier of (i)
the date on which Employee ceases to be employed as an executive corporate
officer of the Company, other than as a result of an involuntary termination by
the Company without Cause (as defined below) or Employee's resignation for Good
Reason (as defined below); or (ii) the date that all obligations

<PAGE>

of the parties hereunder have been satisfied. A termination of the terms of this
Agreement pursuant to the preceding sentence shall be effective for all
purposes, except that such termination shall not affect the payment or provision
of compensation or benefits on account of a termination of employment occurring
prior to the termination of the terms of this Agreement. The rights and duties
created by this Section 1 may not be modified in any way except by a written
agreement executed by an officer of the Company upon direction from the Board of

 

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