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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Imaging Diagnostic Systems Inc.

Date:

2002

Size:

Preview shows 6KB of 33KB total

Price:

$43

ID:

#883570

 

 


► Healthcare ► Medical Equipment & Supplies

 

 

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                              EMPLOYMENT AGREEMENT



THIS EMPLOYMENT AGREEMENT dated December 1, 2001 between Imaging Diagnostic
Systems, Inc., a Florida corporation (the "Company"), and LINDA B. GRABLE (the
"Executive").

WITNESSETH:


WHEREAS, The Company is engaged in the business of developing laser-based
medical optical imaging devices; and

WHEREAS, the Company has the intent to market and sell its products and
services to clients and potential clients throughout the world; and

WHEREAS, the Executive has expertise, in the medical device and imaging
industries; and

WHEREAS, the Company wishes to enter into an Employment Agreement to employ
the Executive as its Chief Executive Officer, charged with all the
responsibilities and duties legally required by the State of Florida and to
oversee various broad and specific aspects of its business; and

WHEREAS, in the course of the Executive's employment, the Executive will
have access to and acquire knowledge of valuable trade secrets, confidential
information and other proprietary information belonging and relating to the
Company and its business, and which the Company has a legitimate interest in
protecting; and

WHEREAS, the Company and Executive are willing to accept such employment
and render such services, all upon and subject to the terms and conditions
contained in this Employment Agreement (the "Agreement");

NOW, THEREFORE, in consideration of the promises and the mutual covenants
set forth in this Agreement, and intending to be legally bound, the Company and
the Executive agree as follows:

1. EMPLOYMENT. The Company hereby employs the Executive and the Executive
hereby accepts employment upon the terms and condition hereinafter set forth.

2. TERM & TERMINATION.

ii. Term. The Company hereby employs the Executive, and the Executive
hereby accepts employment with the Company, for a period
commencing on December 1, 2001 and ending three (3) years from
that date (the "Term").


<PAGE>


iii. Termination without Cause. The Company may terminate the
Executive's employment without Cause. Such termination will
become effective upon the dated specified in such notice,
provided that such date is at least 60 days from the date of
specified in such notice. Upon such termination without cause:

(1) for the remainder of the term of this Agreement or for a
period of 18 months following such termination, which ever
is greater the Company will continue to pay the Executive
annual salary pursuant to Section 3(1).

(2) the Company will continue to maintain for such period, for
the benefit of the Executive, the employee benefit programs,
referred to in Section 2(b) were in effect on the date of
such termination.

(3) All options that were scheduled to vest will vest and will
remain exercisable for a period of ten (10) years from the
date of this agreement.


iv. Termination for Cause. The Company may terminate the Executive
pursuant to the terms of this Agreement at any time for cause by
giving written notice of termination. Such termination shall
become effective upon the giving of such notice, except that
termination based upon cause shall not become effective unless
Executive shall fail to correct such breach within 30 days of
receipt of written notice hereof. Upon such termination the
Executive shall have no right to compensation, commission, bonus,
benefits or reimbursement pursuant to this contract, for any
period subsequent to the termination. Further, the Executive
shall have no right to any non-unvested stock options. For
purposes of this section, "cause" shall mean; (1) the Executive
is convicted of a felony; (2) the Executive, in carrying out his
duties hereunder, has been found in a civil action by the
Company, to have committed willful gross negligence or willful
gross misconduct resulting, in either case, in material harm to
the Company; (3) the Executive misappropriates Company funds or
otherwise defrauds the Company; (4) the Executive materially
breaches any provision of this Agreement; (5) the Executive
materially fails to perform his duties under section four (4)
resulting in harm to the Company.


v. Death or Disability. Upon the death or disability of the
Executive, the Executive shall be entitled to and the company
will pay the remaining amount of compensation from the date of
death or from the date of disability through the termination of
this Agreement. (For purposes of this Section, "disability" shall
mean that for a period of six (6) months in any 12-month period
the Executive is incapable of substantially fulfilling his duties
because of physical, mental or emotional incapacity from injury,

 

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