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Title: |
Employment Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 6KB of 30KB total |
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Price: |
$40 |
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ID: |
#883572 |
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<SEQUENCE>2
<FILENAME>exhibit10-44.txt
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT dated August 15, 2001 between Imaging
Diagnostic Systems, Inc., a Florida corporation (the "Company"), and Ed Horton
(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 field of Operations,
WHEREAS, the Company wishes to enter into an Employment Agreement to employ
the Executive as its Chief Operating Officer and Executive Officer, charged with
all the responsibilities and duties legally required by the State of Florida;
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.
i. Term. The Company hereby employs the Executive, and the Executive
hereby accepts employment with the Company, for a period
commencing on August 15, 2001 and ending three years from that
date (the "Term").
ii. 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 30 days from the date of
specified in such notice. Upon such notice the Executive shall
not be entitled to any additional compensation or benefits after
his termination date.
iii. 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. Upon such
termination the Executive shall have no right to compensation,
commission, bonus, benefits or reimbursement pursuant to this
<PAGE>
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.
iv. Death or Disability. This Agreement will terminate upon the death
or disability of the Executive. 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, sickness or disease. The Executive is not
entitled to any compensation or benefits after said date of death
or disability.
v. Special Termination. The executive, with or without a change in
title or formal corporate action, shall no longer exercise all of
his duties and responsibilities then the Executive, by written
notice to the Company, or the Company materially breaches this
Agreement.
vi. Voluntary Termination. The Executive, on 30 days prior written
notice to the Company, may terminate his employment voluntarily.
Upon such termination, the Company will pay the Executive's
compensation through the date of such termination. After such
date, the Executive shall no longer be entitled to receive
compensation, reimbursement, non-vested stock options or
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