Exhibit 10.7
Agreement dated as of January 1, 1997 between Medjet Inc., a
Delaware corporation ("Employer") and Xxxxxx X. Xxxxxx ("Employee").
W I T N E S S E T H
WHEREAS, Employer and Employee are parties to an Employment
Agreement dated as of March 15, 1996 (the "Employment Agreement") and
Employer and Employee desire to amend the Employment Agreement to increase
the Employee's Base Salary thereunder;
NOW, THEREFORE, for good and valuable consideration, receipt of
which is hereby acknowledged, the parties agree as follows:
1. Effective January 1, 1997 the Base Salary under the Employment
Agreement is hereby increased to $160,000 per year.
2. The following bonuses (aggregating $75,000) shall be paid to
the Employee upon and if the conditions set forth below for such bonus are
met:
Bonus Condition
----- ---------
$25,000 An Investigational Device Exemption ("IDE") is
issued to the Employer for any of the Employer's
keratomes on or before June 30, 1997
$25,000 An IDE is issued to the Employer for any of the
Employer's other keratomes on or before
December 31, 1997
$25,000 The Employer has received an FDA 510(k)
clearance on or before December 31, 1997 for
any of its keratomes
3. Except as amended hereby, the Employment Agreement shall remain
in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Agreement as of
the date first above written.
MEDJET INC.
By: /s/ Xxxxxx X. Xxxxxxxxxxxx
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/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
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