Modification of Employment Agreement. Sections 2, 3, 4, 5 and 6 in their entirety and Subsections (a)-(g) of Section 7 of the Employment Agreement are hereby null and void. The remaining provisions of the Employment Agreement shall remain in full force and effect according to their terms, as such terms have been modified herein. For the sake of clarity, for purposes of this Agreement, the definition of "Disabled" shall be the definition contained in Section 7(a) of the Employment Agreement, the definition of "Constructive Termination Without Cause" shall be the definition contained in Section 7(e)(i) of the Employment Agreement (as modified by this Agreement) and the definition of "Cause" shall be the definition contained in Section 7(e)(iii) of the Employment Agreement (as modified by this Agreement).
Modification of Employment Agreement. Sections 2, 3, 4, 5 and 6 in their entirety and Subsections (a)-(g) of Section 7 of the Employment Agreement are hereby null and void. The remaining provisions of the Employment Agreement shall remain in full force and
Modification of Employment Agreement. (Equity Compensation) of the Employment Agreement shall be modified as follows: Amendment to Xxxxxxx Xxxxx Employment Agreement
Modification of Employment Agreement. A. In consideration of the other provisions contained in this Agreement, IFS and Pascuito hereby mutually agree to terminate the existing Pascuito Employment Agreement, effective as of the date of signing of this Agreement. IFS agrees to release Pascuito from his obligations to provide executive services for the benefit of IFS, but IFS nevertheless agrees to continue to compensate Pascuito in accordance with his current employment agreement for a period from the date of this Agreement until the earlier of (i) eleven (11) months from the date of this Agreement, or (ii) such time as Go2Pay raises at least $1 million, in the manner set forth in subparagraph 7C above.
B. IFS does hereby further acknowledge that it has no claims against Pascuito with respect to any alleged breach or nonperformance of the Employment Agreement prior to the date hereof, and Pascuito hereby acknowledges that he has no claims against IFS, or any of its subsidiaries or affiliates with respect to any breach or nonperformance of its or their obligations under the Employment Agreement prior to the date hereof.
Modification of Employment Agreement. Effective as of the date hereof, Sections 5(a), 5(b), 5(c) and 5(e) of the Employment Agreement shall be of no further force and effect.
Modification of Employment Agreement. This Agreement is a modification of certain provisions of the Employment Agreement as specified above. Except as modified above, the provisions of the Employment Agreement remain in full force and effect.
Modification of Employment Agreement. From and after the Effective Date, neither the Company nor the undersigned shall have any further rights or obligations under the Employment Agreement other than those rights and obligations set forth in this Agreement.
Modification of Employment Agreement. The Executive and the Company hereby agree to the application of Section 8(a)(ii) of the Employment Agreement, as such provision is hereby amended and restated in its entirety to now state: “that subject to the Executive’s execution of a general release of claims in a form satisfactory to the Company, the Company shall pay the Executive an amount equal to one-twelfth (1/12) of the Base Salary (at the rate that would otherwise have been payable under this Agreement) on the first day of each month following termination for nine (9) months, with the first payment beginning on August 1, 2008 and the last payment ending on April 1, 2009, if the Executive fully complies with paragraph 12 of this Agreement (the "Severance Payment").” The remainder of the Employment Agreement shall remain in full force and effect, consistent with its terms.
Modification of Employment Agreement. (a) Section 2(a) of the Employment Agreement is hereby amended in its entirety as follows: “Employee will initially serve in the capacity as Chief Executive Officer of each of the Company and the Parent, subject in each case to the reasonable supervision of the respective Boards of Directors of the Company and the Parent. In such capacity, Employee will have all necessary powers to discharge his responsibilities, subject in each case to the reasonable supervision of the respective Boards of Directors. The respective Boards of Directors of the Company and the Parent may from time to time define the title and duties of the Employee hereunder in furtherance of the respective business of the Company and the Parent.”
(b) Section 2(c) of the Employment Agreement is hereby amended in its entirety as follows: “Employee will comply with the written rules and regulations of the Company and the Parent respecting their businesses and perform the reasonable directives and policies of the Company and the Parent as they may from time to time be stated to Employee verbally or in writing by the Board of Directors of each corporation.”
(c) Section 8(c)(iv) of the Employment Agreement is hereby amended in its entirety as follows: “Willful refusal by Employee to carry out reasonable instructions of the Company’s Board of Directors not inconsistent with the provisions of this Agreement;”
(d) The second sentence of Section 9 of the Employment Agreement is hereby amended in its entirety as follows: “Employee agrees that he will not, except in the normal and proper course of his duties hereunder, disclose or use, or authorize any third party to disclose or use, any such Confidential Information without the prior written approval of the respective Boards of Directors of the Company and the Parent.”
(e) Annex A of the Employment Agreement is hereby amended in its entirety as set forth on Annex A hereto.
Modification of Employment Agreement. (a) On the Effective Date, the provisions of Section 4 of the Employment Agreement will be modified as follows:
(i) On the Effective Date, NeoGenomics shall issue to Dr. Dent 6,249,600 shares xx XxxXenomics Common Stock in payment of the accrued salary of $62,496 owed to Dr. Dent from the date of the Conxxxxxxx Agreement through May 16, 2003.
(ii) For each monthly period between May 16, 2002 and November 16, 2002, Dr. Dent will have the right, at xxx xxxxon, to receive additional shares of NeoGenomics Common Stock in payment of the salary of $10,416 per month due to Dr. Dent for each such calendar mxxxx xx lieu of cash. For purposes of this provision, the NeoGenomics Common Stock will be valued at the average daily bid price for the shares during the relevant calendar month (as reported by National Quotation Bureau, Inc.), provided that in no event will Dr. Dent be entitled to receive mxxx xxxx 1,041,600 shares for any monthly period.
(iii) NeoGenomics shall utilize commercially reasonable efforts to prepare, file and maintain in effect with the Securities and Exchange Commission for a period of one year a registration statement on Form S-8 to cover the shares to be issued to Dr. Dent under this Section.
