Exhibit 10.3
AGREEMENT
This Agreement is made as of January 16, 2008 by and between Innovex, Inc.,
a Minnesota corporation ("Innovex") and Xxxxxxx X. Xxxxxxx ("Xxxxxxx").
IT IS AGREED:
1. Xxxxxxx shall serve as Chairman of the Board of Innovex for a period of
six months from the date hereof or until his earlier death or removal from such
position (the "Term").
2. Xxxxxxx shall receive $10,000 per month for his service as Chairman of
the Board for each month in which Xxxxxxx provides services as the Chairman of
the Board during the Term.
3. As additional consideration for Xxxxxxx'x services to Innovex as its
Chairman of the Board, Innovex shall, promptly after the date of this Agreement,
transfer title to the Company vehicle utilized by Xxxxxxx in his service to
Innovex prior to the date of this Agreement. Such transfer will be without cost
to Xxxxxxx, although Xxxxxxx shall be responsible for all income taxes related
to such vehicle transfer and Innovex may withhold from amounts due Xxxxxxx any
taxes required to be withheld under applicable law arising from such transfer.
IN WITNESS WHEREOF, this Agreement has been executed as of the date first
above written.
INNOVEX, INC.
Dated: 1/16/08 By: /s/Xxxxx Xxxxxxxxxx
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Xxxxx Xxxxxxxxxx
Its: President and CEO
Dated: 1/16/08 By: /s/Xxxxxxx Xxxxxxx
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Xxxxxxx Xxxxxxx
Its: Chairman of the Board
