Exhibit 10.1
Termination Agreement with Global Medical, LLC.
Proposed Structure to End September 16, 2005:
1. Back-end services $12,000 Beginning July 15,2005 till
September 16, 2005, payable monthly
2. Xxxxx Xxxxxxxx $8,000 Beginning July 15, 2005 till
September 16, 2005, payable monthly
Total $20,000 Beginning July 15, 2005 till September
16, 2005, payable monthly with first payment due
upon execution of this agreement.
3. Over-ride on
all institutional
revenue 13% for July, August, and September, through
September 16, 2005.
4. Xxxxx and Xxxx Xxxx through costs to Ivivi - Global will be paid on
the actual overall costs of the employees as of July
1, 2005 till the date that Xxxxx takes over the
payments/salary expense in its entirety from Global.
Ivivi may determine at anytime that the services
provided by the Employees will not be required and
that Ivivi will not be responsible for any additional
payments beyond such point. Ivivi will not be
responsible for any accrued vacation time nor will
Ivivi be responsible for any commission payments
and/or bonus payments due or any other expenses.
5. Managed Care 45% commission on Global Medical Contract Obtainment -
These contracts will be direct between Global Medical
and the managed care company. Patients would be
serviced via Global direct on a local/regional basis.
Global Medical will have the right to sign a contract
directly with a Managed Care Company until September
30, 2005, or such longer period as mutually agreeable.
This agreement will be valid for a period of 3 years
for any accounts that Global is responsible for
obtaining and for which Global services.
6. At the conclusion of this Agreement it is the understanding of both Ivivi
Technologies, Inc. and Global Medical L.L.C. that there will be no additional
obligations between the two companies as well as no additional obligations
between Ivivi Technologies, Inc. and Xxxx Xxxxxxxx except for the obligation
of Ivivi Technologies to grant Xxxx Xxxxxxxx one thousand (1,000) fully
vested options to purchase one thousand (1,000) shares in Ivivi Technologies
stock at an exercise price of $10 per share, subject to any Lock-Up Agreement
and such other documents and agreements as required of other grantees of
options by Xxxxx and/or as deemed necessary and advisable by Xxxxx's board of
directors, legal counsel, financial auditors and underwriters who will be
guided by applicable SEC guidelines and accounting rules and exercisable
subsequent to Ivivi Technologies going public. It is agreed, however, that
Global Medical L.L.C. may continue to operate as a distributor for Ivivi
Technologies, Inc. as such understanding may be amended from time to time.
By: /s/Xxxx Xxxxxxxx By: /s/ Xxxxxx Xxxxxx
Global Medical, LLC Ivivi Technologies, Inc.
Dated: 7/22/05 Dated: 7/22/05
