Exhibit 10.14
Experimed Ltd.
Xxxxxxxx Xxxx
Xxxxxxxxx, XX 00000-0000
LEASE AGREEMENT
Experimed Ltd. (the "Lessor") and Innovative Drug Delivery Systems, Inc. (the
"Lessee") hereby agree, effective as of January 1, 2001, to lease the services
of Xx. Xxxxxxx Xxxxxxxxx, an employee of the Lessor, as President and Chief
Executive Officer of the Lessee on a full-time basis, subject to the following
terms and conditions:
1. Xx. Xxxxxxxxx qualifies as a common law employee of the Lessee.
2. The Lessor is contractually required to remit payroll taxes on the
compensation to Xx. Xxxxxxxxx for the services provided to the Lessee.
3. The Lessee has the exclusive right to grant stock compensation to Xx.
Xxxxxxxxx for his service to the Lessee.
4. The Lessee has the exclusive right to hire, fire and control the
activities of Xx. Xxxxxxxxx.
5. The Lessee has a right to determine the economic value of the services
performed by Xx. Xxxxxxxxx (including wages and the number of units and
value of stock compensation granted).
6. Xx. Xxxxxxxxx has the ability to participate in the Lessee's employee
benefit plans, if any, on the same basis as other comparable employees of
the Lessee.
7. The Lessee agrees to and remits funds sufficient to cover the complete
compensation, including all payroll taxes, of Xx. Xxxxxxxxx on or before a
contractually agreed upon date or dates to the Lessor.
This agreement will remain in effect until terminated by either party hereto on
three (3) business days notice to such other party.
Agreed to this 14th day of January, 2002:
/s/ Xxxxxxx Xxxxxxxxx, M.D. /s/ Xxxxxxx X. Xxxxxxxx
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Xxxxxxx Xxxxxxxxx, M.D. Xxxxxxx X. Xxxxxxxx
Experimed Ltd. Chief Financial Officer
Innovative Drug Delivery Systems, Inc.
