PROXYMED INC /FT LAUDERDALE/
FLEMING AGREEMENT
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<TYPE>EX-10.43
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<FILENAME>pm10q033107-ex1043.htm
<DESCRIPTION>FLEMING AGREEMENT
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<P align=right><B><FONT face=serif>EXHIBIT 10.43</FONT></B></P>
<P align=center><B><U><FONT face=serif size=2>EMPLOYMENT AGREEMENT</FONT></U></B></P>
<P align=left><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS EMPLOYMENT AGREEMENT</FONT></B><FONT face=serif size=2> ("Agreement") is made and entered on March 22, </FONT><FONT face=serif size=2>2007, by and between </FONT><B><FONT face=serif size=2>ProxyMed, Inc., </FONT></B><FONT face=serif size=2>a Florida corporation, </FONT><B><FONT face=serif size=2>d/b/a MedAvant Healthcare Solutions </FONT></B><FONT face=serif size=2>(the "Company"), and </FONT><B><FONT face=serif size=2>Peter E. Fleming, III</FONT></B><FONT face=serif size=2> (&#147;Executive&#148;).</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, upon the terms and subject to the conditions of this Agreement, the Company </FONT><FONT face=serif size=2>desires to employ the Executive, and Executive is willing to accept such employment.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth </FONT><FONT face=serif size=2>hereinafter and other good and valuable considerations, the receipt and sufficiency of which are hereby </FONT><FONT face=serif size=2>acknowledged, the Company and the Executive intending to be legally bound agree as follows:</FONT><BR>
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<FONT face=serif size=2>1.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face=serif size=2>Term</FONT></U><FONT face=serif size=2>. The initial term of the Agreement shall commence on March 26, 2007, (the &#147;Effective </FONT><FONT face=serif size=2>Date&#148;), and shall continue for three (3) years and shall be automatically renewed from year to year </FONT><FONT face=serif size=2>thereafter (hereafter, the initial term and any renewals thereof shall constitute the &#147;Term&#148;), unless either </FONT><FONT face=serif size=2>party provides the other party with notice of its intent not to renew this Agreement not less than ninety </FONT><FONT face=serif size=2>(90) days nor more than 120 days prior to the expiration of the then-current term or unless this </FONT><FONT face=serif size=2>Agreement is earlier terminated in accordance with its terms.</FONT><BR>
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<FONT face=serif size=2>2.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face=serif size=2>Position; Duties; Loyalty</FONT></U><FONT face=serif size=2>.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) </FONT><U><FONT face=serif size=2>Position</FONT></U><FONT face=serif size=2>. Executive will be employed by Company and shall render service to Company </FONT><FONT face=serif size=2>as its </FONT><B><FONT face=serif size=2>GENERAL COUNSEL</FONT></B><FONT face=serif size=2>, reporting to the Chief Executive Officer or their designees, pursuant to </FONT><FONT face=serif size=2>the terms, provisions and conditions hereinafter set forth.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) </FONT><U><FONT face=serif size=2>Location</FONT></U><FONT face=serif size=2>. The location as to where the Executive&#146;s duties are to be performed will be </FONT><FONT face=serif size=2>determined at the reasonable discretion of the Company.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) </FONT><U><FONT face=serif size=2>Duties</FONT></U><FONT face=serif size=2>. Executive shall be employed by Company on a full-time, exclusive basis. </FONT><FONT face=serif size=2>Executive will be required to travel on business, as is customary and usual for Executive&#146;s position. </FONT><FONT face=serif size=2>Executive shall perform such duties and have such authority and responsibilities customarily </FONT><FONT face=serif size=2>accompanying his/her position and as reasonably directed by the Chief Executive Officer of the </FONT><FONT face=serif size=2>Company consistent with the Executive's position. Executive shall perform the duties and have the </FONT><FONT face=serif size=2>authority and responsibilities customarily accompanying those of&nbsp;</FONT><B><FONT face=serif size=2>GENERAL COUNSEL</FONT></B><FONT face=serif size=2> of a public </FONT><FONT face=serif size=2>company, including without limitations, those prescribed by the Company&#146;s By-laws or as may be </FONT><FONT face=serif size=2>assigned to the Executive from time to time by the Company&#146;s Board of Directors.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) </FONT><U><FONT face=serif size=2>Loyalty</FONT></U><FONT face=serif size=2>. Executive shall devote the full working time required for Executive&#146;s position </FONT><FONT face=serif size=2>and shall give Executive&#146;s best efforts to the business of the Company and to the performance of the </FONT><FONT face=serif size=2>duties and obligations described in this Agreement. Except as maybe authorized in writing by the Chief </FONT><FONT face=serif size=2>Executive Officer of the Company, Executive shall not, directly or indirectly, alone, or as a partner, </FONT><FONT face=serif size=2>officer, director or shareholder of any other institution, be engaged in any other commercial activities </FONT><FONT face=serif size=2>whatsoever, or continue or assume any other corporate affiliations except for (i) an Affiliate; (ii) passive </FONT><FONT face=serif size=2>investments; and (iii) minimal time utilized for business activities that do not compete with the business </FONT><FONT face=serif size=2>of the Company or its subsidiaries. As used herein, the term &#147;Affiliate&#148; shall refer to any entity that is </FONT><FONT face=serif size=2>owned or controlled by, under common ownership or control with, or which owns or controls the </FONT><FONT face=serif size=2>Company or any of its subsidiaries, now or in the future.</FONT></P>
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<P align=left><FONT face=serif size=2>3.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face=serif size=2>Compensation and Expenses</FONT></U><FONT face=serif size=2>.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) </FONT><U><FONT face=serif size=2>Salary</FONT></U><FONT face=serif size=2>. In consideration for the services rendered by the Executive under this </FONT><FONT face=serif size=2>Agreement, Company shall pay the Executive a monthly base salary of </FONT><B><FONT face=serif size=2>$18,750.00</FONT></B><FONT face=serif size=2> per month (&#147;Base </FONT><FONT face=serif size=2>Salary&#148;) in accordance with the Company's customary payroll practices. Executive performance reviews </FONT><FONT face=serif size=2>(with or without a wage increase) will be conducted at least annually or as otherwise agreed to by the </FONT><FONT face=serif size=2>parties in writing. The Company shall adjust Executive&#146;s Base Salary for any wage increases approved </FONT><FONT face=serif size=2>in writing by the Board of Directors or its Compensation Committee in its sole discretion. As used </FONT><FONT face=serif size=2>herein, the term &#147;Base Compensation&#148; shall refer collectively to (i) Executive&#146;s Base Salary, adjusted for </FONT><FONT face=serif size=2>any wage increases, (ii) the Options (as defined in Section 3(b)), (iii) future options granted pursuant to </FONT><FONT face=serif size=2>any Stock Option Plans (as defined in Section 3(b)), (iv) any Bonuses, (v) any bonuses to which </FONT><FONT face=serif size=2>Executive may be entitled pursuant to any Bonus Plan, (vi) Vacation; and (vii) Benefits.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) </FONT><U><FONT face=serif size=2>Bonus</FONT></U><FONT face=serif size=2>. The Executive shall be entitled to and may earn such bonuses (&#147;Bonuses&#148;) as </FONT><FONT face=serif size=2>may be awarded from time to time by the Board of Directors of the Company, sitting as a whole or in </FONT><FONT face=serif size=2>committee, in its sole discretion, including pursuant to any bonus plan (&#147;Bonus Plan&#148;) implemented by </FONT><FONT face=serif size=2>the Company, and to participate in any stock option plans (&#147;Stock Option Plans&#148;) or other Bonus Plans </FONT><FONT face=serif size=2>which the Company may now have or in the future develop and for which the Executive qualifies for </FONT><FONT face=serif size=2>eligibility under the terms of such plan.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) </FONT><U><FONT face=serif size=2>Expenses</FONT></U><FONT face=serif size=2>. Company shall promptly pay or reimburse the Executive for all reasonable </FONT><FONT face=serif size=2>business expenses actually incurred or paid by the Executive in the performance of Executive&#146;s services </FONT><FONT face=serif size=2>hereunder in accordance with the policies and procedures of the Company, provided that Executive </FONT><FONT face=serif size=2>properly accounts therefore.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) </FONT><U><FONT face=serif size=2>Tax Withholding</FONT></U><FONT face=serif size=2>. The Company shall have the right to deduct or withhold from all </FONT><FONT face=serif size=2>compensation due Executive hereunder any and all sums required, including without limitation for </FONT><FONT face=serif size=2>Federal income, social security and Medicare taxes and all state and local taxes now applicable or that </FONT><FONT face=serif size=2>may be enacted and become applicable in the future.</FONT><BR>
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<FONT face=serif size=2>4.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face=serif size=2>Benefits</FONT></U><FONT face=serif size=2>.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) </FONT><U><FONT face=serif size=2>Vacation</FONT></U><FONT face=serif size=2>. The Executive shall be entitled to a yearly vacation of four (4) weeks during </FONT><FONT face=serif size=2>the first year of this Agreement, and thereafter such additional time as may be provided by the Company </FONT><FONT face=serif size=2>in writing in its then-current policies or otherwise, at full pay to be accrued and taken in accordance with </FONT><FONT face=serif size=2>the Company&#146;s policies in effect from time to time (&#147;Vacation&#148;). Vacation shall accrue ratably during </FONT><FONT face=serif size=2>each calendar year in accordance with Company policies. Vacation not taken in one calendar year may </FONT><FONT face=serif size=2>be carried over to the following calendar year subject to any limitations set forth in the Company policies </FONT><FONT face=serif size=2>in effect from time to time. Executive shall not be entitled to receive any additional compensation from </FONT><FONT face=serif size=2>the Company for Executive&#146;s failure to take all of Executive&#146;s granted vacation time. In the event </FONT><FONT face=serif size=2>Executive's employment is terminated pursuant to Section 5(b) below, any vacation time used but not </FONT><FONT face=serif size=2>earned at the time of termination shall be deducted from any monies owed to Executive.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) </FONT><U><FONT face=serif size=2>Participation in Benefit Plans</FONT></U><FONT face=serif size=2>. Executive shall be eligible for and entitled to receive all </FONT><FONT face=serif size=2>other benefits and perquisites (&#147;Benefits&#148;) offered or extended to other senior executives of the </FONT><FONT face=serif size=2>Company.</FONT></P>
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<P align=left><FONT face=serif size=2>5.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face=serif size=2>Termination</FONT></U><FONT face=serif size=2>.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) </FONT><U><FONT face=serif size=2>Involuntary Termination for Death or Disability</FONT></U><FONT face=serif size=2>. This Agreement shall terminate </FONT><FONT face=serif size=2>immediately upon Executive&#146;s death. The Company may terminate Executive&#146;s employment with the </FONT><FONT face=serif size=2>Company for Disability. For purposes of this Agreement, "Disability" is defined to mean the inability of </FONT><FONT face=serif size=2>Executive due to illness or physical or mental infirmity (as determined by a physician selected by </FONT><FONT face=serif size=2>Executive and acceptable to the Company) to perform Executive&#146;s duties hereunder on a full-time basis </FONT><FONT face=serif size=2>for six (6) consecutive months with reasonable accommodation by the Company. Upon termination due </FONT><FONT face=serif size=2>to death or Disability, Executive or Executive&#146;s beneficiary or estate or legal representative shall be </FONT><FONT face=serif size=2>entitled to receive the amounts payable under Section 5(c).</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) </FONT><U><FONT face=serif size=2>Termination by Company For Cause</FONT></U><FONT face=serif size=2>. The Company may terminate Executive's </FONT><FONT face=serif size=2>employment with the Company at any time &#147;For Cause&#148; effective immediately, unless stated otherwise in </FONT><FONT face=serif size=2>writing, upon giving written notice thereof to Executive, which notice shall state with reasonable </FONT><FONT face=serif size=2>specificity the facts supporting the termination &#147;For Cause.&#148; &#147;For Cause&#148; shall include the following: </FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Conviction of, or pleading guilty to, a felony or any crime involving moral </FONT><FONT face=serif size=2>turpitude, fraud, dishonesty or theft or engaging in any act which is a violation of any law or regulation </FONT><FONT face=serif size=2>protecting the rights of employees or;</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Failure by Executive to satisfactorily perform the duties stated herein or to </FONT><FONT face=serif size=2>substantially perform such duties in accordance with any tasks, goals, and objectives as assigned from </FONT><FONT face=serif size=2>time to time by the Company in writing, if Executive has not corrected or remedied, or has not </FONT><FONT face=serif size=2>commenced to correct or remedy, such unsatisfactorily or non-substantial performance of such specified </FONT><FONT face=serif size=2>duties within thirty (30) days (or such other time as may be provided in writing by the Company) of </FONT><FONT face=serif size=2>Executive&#146;s actual receipt of such written notice; or</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) Executive&#146;s gross negligence or willful misconduct relating to the Company that </FONT><FONT face=serif size=2>is materially injurious to the Company; or</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) Executive&#146;s excessive use of alcohol or illegal drugs that (A) interferes with the </FONT><FONT face=serif size=2>performance of Executive&#146;s duties hereunder; and (B) continues even after written warning regarding </FONT><FONT face=serif size=2>such excessive use is actually received by Executive; or</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) Executive&#146;s abandonment of his position or termination of this Agreement for </FONT><FONT face=serif size=2>&#147;No Good Reason;&#148; or </FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) Any material breach by Executive of this Agreement or of any of the Company&#146;s </FONT><FONT face=serif size=2>applicable written policies then in effect, including without limitations, the Company&#146;s Code of Ethics </FONT><FONT face=serif size=2>for Officers and Directors with written notice thereof by the Company, provided such notice is actually </FONT><FONT face=serif size=2>received by Executive and an appropriate period to cure such material breach, if such breach is curable, </FONT><FONT face=serif size=2>is given and has expired. </FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon the Company&#146;s termination of this Agreement and Executive's employment For Cause, the </FONT><FONT face=serif size=2>Executive shall be entitled to, and the Company shall pay the Executive the following &#147;For Cause </FONT><FONT face=serif size=2>Separation Pay&#148;: the Executive&#146;s Base Salary and benefits through the effective date of termination at the </FONT><FONT face=serif size=2>Executive&#146;s then current rate (including any applicable pro rated bonus and accrued vacation pay). </FONT><FONT face=serif size=2>Except as provided for herein or in any other written agreement, the Company shall have no other </FONT><FONT face=serif size=2>liabilities or obligations to Executive upon payment in full of the For Cause Separation Pay.</FONT></P>
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<P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) </FONT><U><FONT face=serif size=2>Termination by Company Without Cause</FONT></U><FONT face=serif size=2>. The Company may terminate &#147;Without Cause&#148; </FONT><FONT face=serif size=2>Executive&#146;s employment with the Company or this Agreement at any time for any or no reason upon </FONT><FONT face=serif size=2>thirty (30) Days written notice. Such termination by Company shall be deemed to be &#147;without cause&#148; by </FONT><FONT face=serif size=2>the Company. In the event of termination by the Company pursuant to this Section, Executive shall </FONT><FONT face=serif size=2>execute a full and complete release of any and all claims against the Company in a form satisfactory to </FONT><FONT face=serif size=2>the Company, in which event, for a period of six (6) months commencing from the effective date of </FONT><FONT face=serif size=2>termination, the Executive shall be entitled to and shall receive, and the Company shall pay the following </FONT><FONT face=serif size=2>&#147;Without Cause Separation Pay&#148;: (i) An amount equal to Executive's Base Salary as of the date of </FONT><FONT face=serif size=2>termination; plus (ii) a pro rata portion of any accrued vacation not already taken and of any bonus that </FONT><FONT face=serif size=2>would have been paid to Executive under any bonus plan which is adopted by the Company's </FONT><FONT face=serif size=2>Compensation Committee or Board of Directors in such year if the Company and Executive had met the </FONT><FONT face=serif size=2>targeted goals to the date of termination; plus (iii) the continuation for three (3) months from the </FONT><FONT face=serif size=2>effective date of termination of all of Executive&#146;s benefits including, without limitation, all insurance </FONT><FONT face=serif size=2>plans, on the same terms and conditions as had been provided to Executive prior to the termination, all of </FONT><FONT face=serif size=2>the foregoing which shall be payable in accordance with the Company's customary payroll practices then </FONT><FONT face=serif size=2>in effect, plus (iv) any unvested options shall be vested as of the date of termination.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) </FONT><U><FONT face=serif size=2>Termination by Executive For Good Reason</FONT></U><FONT face=serif size=2>. Executive may terminate this Agreement for </FONT><FONT face=serif size=2>&#147;Good Reason&#148; by giving the Company thirty (30) days prior written notice (the &#147;Notice Period&#148;) to that </FONT><FONT face=serif size=2>effect, specifically stating Executive&#146;s Good Reason for terminating in sufficient detail to allow the </FONT><FONT face=serif size=2>Company to respond effectively to the notice, with the termination becoming effective on the 31</FONT><SUP><FONT face=serif size=2>st</FONT></SUP><FONT face=serif size=2> day </FONT><FONT face=serif size=2>after such notice is actually received by the Company (the &#147;Termination Date&#148;), unless the Company at </FONT><FONT face=serif size=2>its option cures any alleged breach, if curable, on or before the Termination Date, or if the breach is not </FONT><FONT face=serif size=2>capable of being cured within the Notice Period, Company made good faith efforts to cure any alleged </FONT><FONT face=serif size=2>breach prior to the Termination Date. The stated Good Reason must be one or more of any of the reasons </FONT><FONT face=serif size=2>defined as a &#147;Good Reason&#148; herein. As used in this Agreement, a &#147;Good Reason&#148; means termination by </FONT><FONT face=serif size=2>Executive only for any one or more of the following reasons: </FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Any reduction of Executive&#146;s then-current Base Salary without Executive&#146;s prior </FONT><FONT face=serif size=2>written consent; or </FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Any material breach of this Agreement by the Company, not cured or in the </FONT><FONT face=serif size=2>process of being cured by the Company as provided herein after the Company receives not less than 30 </FONT><FONT face=serif size=2>days prior written notice by the Executive.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An Executive&#146;s termination for any of the foregoing Good Reasons shall be treated the </FONT><FONT face=serif size=2>same as a termination &#147;Without Cause&#148; by the Company for purposes of calculating separation pay, </FONT><FONT face=serif size=2>entitling the Executive to the Without Cause Separation Pay set forth in Section 5(c).</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e) </FONT><U><FONT face=serif size=2>Termination by Executive for No Good Reason</FONT></U><FONT face=serif size=2>. Executive may terminate this </FONT><FONT face=serif size=2>Agreement for any reason (other than a Good Reason) or no reason at any time with not less than thirty </FONT><FONT face=serif size=2>(30) days prior written notice to the Company (such termination shall be called a termination for "No </FONT><FONT face=serif size=2>Good Reason"). After the Company receives notice of a termination for No Good Reason, the Company </FONT><FONT face=serif size=2>may by written notice to the Executive cause the effective date of any such termination to be accelerated </FONT><FONT face=serif size=2>without causing such termination to be considered a termination by the Company Without Cause. </FONT><FONT face=serif size=2>Executive&#146;s termination for No Good Reason shall be treated the same as a termination &#147;For Cause&#148; by </FONT><FONT face=serif size=2>the Company for purposes of calculating separation pay, entitling the Executive to the For Cause </FONT><FONT face=serif size=2>Separation Pay set forth in Section 5(b). For avoidance of doubt, a termination by Executive for any </FONT><FONT face=serif size=2>reason that is also a Good Reason shall be treated as a termination by Executive for Good Reason as set </FONT><FONT face=serif size=2>forth in Section 5(d).</FONT></P>
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<P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; f) </FONT><U><FONT face=serif size=2>Return of Company Property</FONT></U><FONT face=serif size=2>. Upon any termination of this Agreement, Executive shall </FONT><FONT face=serif size=2>immediately return to the Company all property of the Company in Executive's possession, including </FONT><FONT face=serif size=2>Confidential Information (as defined below). Executive acknowledges that the Company may withhold </FONT><FONT face=serif size=2>any compensation and benefits owed to Executive hereunder until all such property is returned in good </FONT><FONT face=serif size=2>condition, normal wear and tear excepted.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; g) </FONT><U><FONT face=serif size=2>Change in Control</FONT></U><FONT face=serif size=2>. If, within ninety (90) days prior to a Change of Control, as defined in </FONT><FONT face=serif size=2>Executive's Stock Option Agreement, the Agreement terminates for any reason (other than pursuant to </FONT><FONT face=serif size=2>Section 5(b) or (e) above), then, (i) any unvested options shall vest as of the date of the Change of </FONT><FONT face=serif size=2>Control and shall remain vested and exercisable as specified in Executive's Stock Option Agreement, and </FONT><FONT face=serif size=2>(ii) Executive shall receive, and the Company shall pay the Executive, the &#147;Without Cause Separation </FONT><FONT face=serif size=2>Pay&#148; set forth in Section 5(c) above.</FONT><BR>
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<FONT face=serif size=2>6.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face=serif size=2>Covenants of Executive</FONT></U><FONT face=serif size=2>.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) Executive agrees that during the Term of this Agreement and for one (1) year following </FONT><FONT face=serif size=2>its expiration or termination for any or no reason, including without limitation, &#147;For Cause&#148;, &#147;Without </FONT><FONT face=serif size=2>Cause&#148;, &#147;For Good Reason&#148;, or &#147;No Good Reason&#148;, Executive will not, directly or indirectly, without the </FONT><FONT face=serif size=2>prior written consent of the Company, induce or solicit any person employed or hereafter employed by </FONT><FONT face=serif size=2>the Company to leave the employ of the Company, or solicit, recruit, hire or attempt to solicit, recruit or </FONT><FONT face=serif size=2>hire any person employed by the Company.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) Executive agrees that for a period of two (2) years after the expiration or termination of </FONT><FONT face=serif size=2>this Agreement for any or no reason, including without limitation, &#147;For Cause&#148;, &#147;Without Cause&#148;, &#147;For </FONT><FONT face=serif size=2>Good Reason&#148;, or &#147;No Good Reason&#148;, Executive will not, directly or indirectly, without the prior written </FONT><FONT face=serif size=2>consent of the Company, solicit or attempt to solicit, divert or take away, or attempt to divert or take </FONT><FONT face=serif size=2>away, Customers or their laboratory business from the Company and/or the Company&#146;s then-current </FONT><FONT face=serif size=2>Affiliates. As used in the preceding sentence, the term &#147;Customer&#148; shall include, however known to </FONT><FONT face=serif size=2>Executive as of the date of such termination or expiration, (i) any current end-user of the Company&#146;s or </FONT><FONT face=serif size=2>its then-current Affiliates&#146; products or services, or any potential end-user thereof with whom the </FONT><FONT face=serif size=2>Company or its then-current Affiliates have had contact with within the preceding six (6) months; (ii) any </FONT><FONT face=serif size=2>current suppliers of the Company&#146;s or its then-current Affiliates; and/or (iii) vendor of the Company or </FONT><FONT face=serif size=2>its then-current Affiliates or reseller of the Company or its then-current Affiliates; and/or (iv) their </FONT><FONT face=serif size=2>Affiliates, successors or assigns.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) Executive agrees and acknowledges that Executive will disclose promptly to the </FONT><FONT face=serif size=2>Company every discovery, improvement and invention made, conceived or developed by Executive </FONT><FONT face=serif size=2>during the entire period of employment (whether or not during working hours) which discoveries, </FONT><FONT face=serif size=2>improvements or inventions are capable of use in any way in connection with the business of the </FONT><FONT face=serif size=2>Company. To the fullest extent permitted by law, all such discoveries, inventions and improvements will </FONT><FONT face=serif size=2>be deemed works made-for-hire. Executive grants and agrees to convey to Company or its nominee the </FONT><FONT face=serif size=2>entire right, title and interest, domestic and foreign, which Executive may have in such discoveries, </FONT><FONT face=serif size=2>improvements or inventions, or a lesser interest therein, at the option of Company. Executive further </FONT><FONT face=serif size=2>agrees to promptly, upon request, sign all applications for patents, copyrights, assignments and other </FONT><FONT face=serif size=2>appropriate documents, and to perform all acts and to do all things necessary and appropriate to carry out </FONT><FONT face=serif size=2>the intent of this section, whether or not Executive is still an employee of the Company at the time of </FONT><FONT face=serif size=2>such requests.</FONT></P>
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<P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) Executive agrees and acknowledges that the Confidential Information of the Company is </FONT><FONT face=serif size=2>valuable, special and unique to its business, that such business depends on such Confidential </FONT><FONT face=serif size=2>Information, and that the Company wishes to protect such Confidential Information by keeping it </FONT><FONT face=serif size=2>confidential for the exclusive use and benefit of the Company. Based on the foregoing, Executive agrees </FONT><FONT face=serif size=2>to undertake the following obligations with respect to such Confidential Information:</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Executive agrees to keep any and all Confidential Information in trust for the use </FONT><FONT face=serif size=2>and benefit of the Company;</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Executive agrees that, except as required by Executive's duties or authorized in </FONT><FONT face=serif size=2>writing by the Company, Executive will not at any time during and for a period of three (3) years after </FONT><FONT face=serif size=2>the termination of Executive&#146;s employment with the Company, disclose, directly or indirectly, any </FONT><FONT face=serif size=2>Confidential Information of the Company to any third party; except as may be required by applicable law </FONT><FONT face=serif size=2>or court order, in which case Executive shall promptly notify Company so as to allow it to seek a </FONT><FONT face=serif size=2>protective order if it so elects;</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) Executive agrees to take all reasonable steps necessary, or reasonably requested </FONT><FONT face=serif size=2>by the Company, to ensure that all Confidential Information of the Company is kept confidential for the </FONT><FONT face=serif size=2>use and benefit of the Company and its subsidiaries; and</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) Executive agrees that, upon termination of Executive&#146;s employment by the </FONT><FONT face=serif size=2>Company or at any other time the Company may in writing so request, Executive will promptly deliver to </FONT><FONT face=serif size=2>the Company all materials constituting Confidential Information (including all copies and derivatives </FONT><FONT face=serif size=2>thereof) that are in the possession of or under the control of Executive. Executive further agrees that, if </FONT><FONT face=serif size=2>requested by the Company to return any Confidential Information pursuant to this Subsection (iv), </FONT><FONT face=serif size=2>Executive will not make or retain any copy or extract from such materials.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the purposes of this Section 6(d), "Confidential Information" means any and all </FONT><FONT face=serif size=2>information, including derivative works, developed by or for the Company or entrusted to the Company </FONT><FONT face=serif size=2>in confidence by its customers, of which Executive gained knowledge by reason of Executive&#146;s </FONT><FONT face=serif size=2>employment by the Company, which is not generally known in any industry in which the Company is or </FONT><FONT face=serif size=2>may become engaged, but does not apply to information which is generally known to the public or the </FONT><FONT face=serif size=2>trade, unless such knowledge results from an unauthorized disclosure by Executive. Confidential </FONT><FONT face=serif size=2>Information includes, but is not limited to, any and all information developed by or for the Company </FONT><FONT face=serif size=2>concerning plans, marketing and sales methods, materials, processes, business forms, procedures, devices </FONT><FONT face=serif size=2>used by the Company, its suppliers and customers with which the Company had dealt with prior to </FONT><FONT face=serif size=2>Executive's termination of employment with the Company, plans for development of new products, </FONT><FONT face=serif size=2>services and expansion into new areas or markets, internal operations, and any trade secrets, proprietary </FONT><FONT face=serif size=2>information of any type owned by the Company, together with all written, graphic and other materials </FONT><FONT face=serif size=2>relating to all or any part of the same. The Company will receive all materials, including, software </FONT><FONT face=serif size=2>programs, source code, object code, specifications, documents, abstracts and summaries developed in </FONT><FONT face=serif size=2>connection with Executive's employment. Executive acknowledges that the programs and documentation </FONT><FONT face=serif size=2>developed in connection with Executive's employment with the Company shall be the exclusive property </FONT><FONT face=serif size=2>of the Company, and that the Company shall retain all right, title and interest in such materials, including </FONT><FONT face=serif size=2>without limitation patent and copyright interests. Nothing herein shall be construed as a license from the </FONT><FONT face=serif size=2>Company to Executive to make, use, sell or copy any inventions, ideas, trade secrets, trademarks, </FONT><FONT face=serif size=2>copyrightable works or other intellectual property of the Company during the Term of this Agreement or </FONT><FONT face=serif size=2>subsequent to its termination.</FONT></P>
<P align=center><FONT face=serif size=2>6</FONT></P>
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<P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e) Executive acknowledges that there is no general geographical restriction contained in </FONT><FONT face=serif size=2>this Section 6 because the Company&#146;s and/or Affiliates&#146; Customers are not confined to one geographical </FONT><FONT face=serif size=2>area or operate on a national level. Notwithstanding the foregoing, if a court of competent jurisdiction </FONT><FONT face=serif size=2>were to determine that any of the foregoing covenants would be held to be unreasonable in time or </FONT><FONT face=serif size=2>distance or scope, the time or distance or scope may be reduced by appropriate order of the court to that </FONT><FONT face=serif size=2>deemed reasonable.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; f) Executive confirms that Executive is not bound by the terms of any agreement with any </FONT><FONT face=serif size=2>previous Company or other party which restricts in any way Executive&#146;s use or disclosure of information </FONT><FONT face=serif size=2>or Executive&#146;s engagement in any business, except as Executive may disclose in a separate schedule </FONT><FONT face=serif size=2>attached to this Agreement prior to Company&#146;s and Executive&#146;s execution of this Agreement. Further, </FONT><FONT face=serif size=2>Executive represents that Executive has delivered to the Company prior to executing this Agreement true </FONT><FONT face=serif size=2>and complete copies of any agreements disclosed on such attached schedule. Executive represents to the </FONT><FONT face=serif size=2>Company that Executive&#146;s execution of this Agreement, employment with the Company and the </FONT><FONT face=serif size=2>performance of Executive&#146;s proposed duties for the Company will not violate any obligations Executive </FONT><FONT face=serif size=2>may have to any such previous Company or other party. In any work for the Company, Executive will </FONT><FONT face=serif size=2>not disclose or make use of any information in violation of any agreements with or rights of any such </FONT><FONT face=serif size=2>previous Company or other party, and will not bring to the premises of the Company any copies or other </FONT><FONT face=serif size=2>tangible embodiments of non-public information belonging to or obtained from any such previous </FONT><FONT face=serif size=2>employment or other party. In the event of breach of this subsection (f) Executive hereby agrees to </FONT><FONT face=serif size=2>defend, indemnify and hold harmless the Company, its officers, directors, employees, agents (the </FONT><FONT face=serif size=2>"Indemnified Parties") from any and all damages, suits, claims, liabilities, actions (individually and </FONT><FONT face=serif size=2>collectively, the "Indemnity Event") arising or resulting from such breach. In the event of any Indemnity </FONT><FONT face=serif size=2>Event, the Indemnified Parties shall provide Executive with timely written notice of same, and thereafter </FONT><FONT face=serif size=2>Executive shall at its own expense defend, protect and hold harmless the applicable indemnified Parties </FONT><FONT face=serif size=2>against said Indemnity Event. If the Executive should fail to so defend and/or indemnify and save </FONT><FONT face=serif size=2>harmless the Indemnified Parties, then in such instance the Indemnified Parties shall have full rights to </FONT><FONT face=serif size=2>defend, pay or settle said Indemnity Event on their behalf without notice to Executive and with full rights </FONT><FONT face=serif size=2>to recourse against Executive for all fees, costs, expenses and payments made or agreed to be paid to </FONT><FONT face=serif size=2>discharge said Indemnity Event.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; g) </FONT><U><FONT face=serif size=2>Assistance in Litigation</FONT></U><FONT face=serif size=2>. Executive shall upon reasonable notice, furnish such </FONT><FONT face=serif size=2>information and proper assistance to the Company as it may reasonably require in connection with any </FONT><FONT face=serif size=2>litigation in which the Company is, or may become, a party either during or after Executive&#146;s </FONT><FONT face=serif size=2>employment with the Company.</FONT><BR>
<BR>
<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; h) </FONT><U><FONT face=serif size=2>Injunctive Relief</FONT></U><FONT face=serif size=2>.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i) Executive acknowledges and agrees that the covenants and obligations contained </FONT><FONT face=serif size=2>in this Section 6 relate to special, unique and extraordinary matters and that a violation of any of the </FONT><FONT face=serif size=2>terms of this Section will cause the Company irreparable injury for which adequate remedies at law are </FONT><FONT face=serif size=2>not available. Therefore, Executive agrees that the Company shall be entitled (without having to post a </FONT><FONT face=serif size=2>bond or other surety) to an injunction, restraining order, or other equitable relief from any court of </FONT><FONT face=serif size=2>competent jurisdiction, restraining the Executive from committing any violation of the covenants and </FONT><FONT face=serif size=2>obligations set forth in this Section 6.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ii) The Company's rights and remedies under this Section 6 are cumulative and are </FONT><FONT face=serif size=2>in addition to any other rights and remedies the Company may have pursuant to the specific provisions of </FONT><FONT face=serif size=2>this Agreement and at law or in equity.</FONT></P>
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<P align=left><FONT face=serif size=2>7.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face=serif size=2>Miscellaneous</FONT></U><FONT face=serif size=2>.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) </FONT><U><FONT face=serif size=2>Attorney's Fees</FONT></U><FONT face=serif size=2>. In the event a proceeding is brought to enforce or interpret any part of </FONT><FONT face=serif size=2>this Agreement or the rights or obligations of any party to this Agreement, each party shall pay their own </FONT><FONT face=serif size=2>fees and expenses, including reasonable attorney's fees and costs.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) </FONT><U><FONT face=serif size=2>Successors and Assigns</FONT></U><FONT face=serif size=2>. This Agreement and the benefits hereunder are personal to the </FONT><FONT face=serif size=2>Company and are not assignable or transferable by the Executive. Subject to the foregoing, this </FONT><FONT face=serif size=2>Agreement shall be binding upon and inure to the benefit of the Company and the Executive, and the </FONT><FONT face=serif size=2>Executive's heirs and legal representatives, and the Company's successors and assigns.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) </FONT><U><FONT face=serif size=2>Governing Law</FONT></U><FONT face=serif size=2>. This Agreement shall be construed in accordance with and governed by </FONT><FONT face=serif size=2>the law of the State of Florida, without regard to the application of Florida&#146;s principles of conflict of </FONT><FONT face=serif size=2>laws.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) </FONT><U><FONT face=serif size=2>Arbitration</FONT></U><FONT face=serif size=2>. Except for disputes relating to Section 6(d) of this Agreement or any </FONT><FONT face=serif size=2>injunctions, any and all disputes or controversies that shall arise under or in connection with this </FONT><FONT face=serif size=2>Agreement or in any other way related to Executive's employment by the Company, including </FONT><FONT face=serif size=2>termination of employment, shall be submitted to a panel of three arbitrators under the National Rules for </FONT><FONT face=serif size=2>the Resolution of Employment Disputes of the American Arbitration Association then in effect. The </FONT><FONT face=serif size=2>parties hereby acknowledge that the Federal Arbitration Act takes precedence over any state arbitration </FONT><FONT face=serif size=2>statutes, rules and regulations. Each of the arbitrators shall be qualified and experienced in employment </FONT><FONT face=serif size=2>related matters with at least one arbitrator being a licensed attorney. The arbitrators must base their </FONT><FONT face=serif size=2>determination solely on the terms and conditions of this Agreement and the law in the State of Florida. </FONT><FONT face=serif size=2>The arbitrators shall have the authority to award any remedies that a court may order or grant, except that </FONT><FONT face=serif size=2>they will have no authority to award punitive damages or any other damages not measured by the </FONT><FONT face=serif size=2>prevailing party&#146;s actual damages, and may not, in any event, make any ruling, finding or award that does </FONT><FONT face=serif size=2>not conform to the terms and conditions of this Agreement. Arbitration shall be held in Fort Lauderdale, </FONT><FONT face=serif size=2>Florida, and the parties hereby agree to accept service of process served in accordance with the Notices </FONT><FONT face=serif size=2>provision of this Agreement and in the personal jurisdiction and venue as set out herein. Both parties </FONT><FONT face=serif size=2>expressly covenant and agree to be bound by the decision of the arbitrators as the final determination of </FONT><FONT face=serif size=2>the matter in dispute. Judgment upon the award rendered by the arbitrators may be entered into any court </FONT><FONT face=serif size=2>having jurisdiction thereof.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e) </FONT><U><FONT face=serif size=2>Notices</FONT></U><FONT face=serif size=2>. All notices and other communications required or permitted to be given under </FONT><FONT face=serif size=2>this Agreement shall be in writing and shall be deemed to have been given if delivered personally or sent </FONT><FONT face=serif size=2>by certified mail, return receipt requested, postage prepaid, to the parties to this Agreement addressed to </FONT><FONT face=serif size=2>the Company&#146;s then-current Chief Executive Officer at its then principal office, as notified to Executive, </FONT><FONT face=serif size=2>or to the Executive at Executive&#146;s most current address as shown in Executive&#146;s personnel file, or to </FONT><FONT face=serif size=2>either party hereto at such other address or addresses as Executive or it may from time to time specify for </FONT><FONT face=serif size=2>such purposes in a notice similarly given.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; f) </FONT><U><FONT face=serif size=2>Modification; Waiver</FONT></U><FONT face=serif size=2>. No provisions of this Agreement may be modified, waived or </FONT><FONT face=serif size=2>discharged unless such modification, waiver or discharge is approved by a duly authorized officer of the </FONT><FONT face=serif size=2>Company and is agreed to in a writing signed by the Executive and such officer. No waiver by either </FONT><FONT face=serif size=2>party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or </FONT><FONT face=serif size=2>provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or </FONT><FONT face=serif size=2>dissimilar provisions or conditions at the same or at any prior or subsequent time.</FONT></P>
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<P align=left><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; g) </FONT><U><FONT face=serif size=2>Headings</FONT></U><FONT face=serif size=2>. The headings in this Agreement are for convenience of reference only and </FONT><FONT face=serif size=2>shall not control or affect the meaning or construction of this Agreement.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; h) </FONT><U><FONT face=serif size=2>Validity</FONT></U><FONT face=serif size=2>. The invalidity or unenforceability of any one or more provisions of this </FONT><FONT face=serif size=2>Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which </FONT><FONT face=serif size=2>shall remain in full force and effect.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i) </FONT><U><FONT face=serif size=2>Severability</FONT></U><FONT face=serif size=2>. The invalidity of any one or more of the words, phrases, sentences, clauses </FONT><FONT face=serif size=2>or sections contained in this Agreement shall not affect the enforceability of the remaining portions of </FONT><FONT face=serif size=2>this Agreement or any part thereof, all of which are inserted conditionally on their being valid in law, and </FONT><FONT face=serif size=2>if any one or more of the words, phrases, sentences, clauses or sections contained in this Agreement shall </FONT><FONT face=serif size=2>be declared invalid, this Agreement shall be construed as if such invalid word or words, phrase or </FONT><FONT face=serif size=2>phrases, sentence or sentences, clause or clauses, or section or sections had not been inserted.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; k) </FONT><U><FONT face=serif size=2>Counterparts</FONT></U><FONT face=serif size=2>. This Agreement may be executed in one or more counterparts, each of </FONT><FONT face=serif size=2>which shall be deemed to be an original but all of which together will constitute one and the same </FONT><FONT face=serif size=2>instrument.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; l) </FONT><U><FONT face=serif size=2>Surviving Provisions</FONT></U><FONT face=serif size=2>. Any portion of this Agreement which by it nature survives the </FONT><FONT face=serif size=2>termination of this Agreement, including Section 6, shall survive the termination of this Agreement.</FONT><BR>
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<FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; m) </FONT><U><FONT face=serif size=2>Entire Agreement</FONT></U><FONT face=serif size=2>. Except as modified by this Agreement, all of Executive&#146;s benefits </FONT><FONT face=serif size=2>and obligations are as set forth in the Company&#146;s policies in effect from time to time. Other than the </FONT><FONT face=serif size=2>Company&#146;s policies in effect from time to time, as modified herein, no agreements or representations, </FONT><FONT face=serif size=2>oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either </FONT><FONT face=serif size=2>party, which are not set forth expressly in this Agreement. This Agreement constitute the final and entire </FONT><FONT face=serif size=2>agreement between the parties, and supersedes all prior written and oral agreements, understandings, or </FONT><FONT face=serif size=2>communications with respect to the subject matter of this Agreement.</FONT></P>
<P align=left><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF</FONT></B><FONT face=serif size=2>, the parties have executed this Agreement as of the date and year </FONT><FONT face=serif size=2>first above written.</FONT></P>
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     <TD align=left width="34%" colSpan=4><B><FONT face=serif size=2>COMPANY</FONT></B>&nbsp; </TD>
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     <TD align=left width="42%" colSpan=4><B><FONT face=serif size=2>EXECUTIVE</FONT></B>&nbsp; </TD></TR>
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     <TD align=left width="3%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD align=left width="27%" colSpan=2><FONT face=serif size=2>/s/ JOHN G. LETTKO</FONT>&nbsp; </TD>
     <TD width="24%">&nbsp; </TD>
     <TD align=left width="4%"><FONT face=serif size=2>By:</FONT>&nbsp; </TD>
     <TD width="5%">&nbsp; </TD>
     <TD align=left width="33%" colSpan=2><FONT face=serif size=2>/s/ PETER E. FLEMING III</FONT>&nbsp; </TD></TR>
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     <TD align=left width="11%" colSpan=3><FONT face=serif size=2>Print Name:</FONT>&nbsp; </TD>
     <TD align=center width="23%"><FONT face=serif size=2>JOHN G. LETTKO</FONT>&nbsp; </TD>
     <TD width="24%">&nbsp; </TD>
     <TD align=left width="13%" colSpan=3><FONT face=serif size=2>Print Name:</FONT>&nbsp; </TD>
     <TD align=center width="29%"><FONT face=serif size=2>PETER E. FLEMING III</FONT>&nbsp; </TD></TR>
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