Part Time Employment Agreement
April 30, 2008
Through this Agreement, Innovex Inc. and Xx. Xxxxxxx Xxxxxx (Xxxx) wish to
document their mutual agreement regarding Doug's part time employment with
Innovex, Inc. (the "Company"):
o Doug's full time position as Vice President Finance has been
eliminated; therefore Xxxx is eligible for the termination benefits
outlined in his employment agreement dated October 01, 1995 and
amendments dated December 18, 1998 and March 04, 2003 (the "Employment
Agreement").
o The effective date of the termination of Doug's employment as Vice
President Finance under the Employment Agreement is mutually agreed to
be April 30, 2008. Further, Doug's status as "executive officer" of
Innovex and as its principal accounting officer will cease as of April
30, 2008.
o Effective May 01, 2008 Xxxx will be a part-time employee of the
Company, with wages payable on an hourly basis as described below.
Effective May 1, 2008, the Employment Agreement will become null and
void and will be superseded by this Agreement, provided that Sections
5, 6, 7 and 8 of the Employment Agreement remain in full force and
effect.
o Effective May 1, 2008, Doug's employment with the Company is at-will
where either Xxxx or Innovex may terminate the employment relationship
for any reason whatsoever, with or without cause, and at any time. No
section of Innovex' employee handbook or this Agreement is meant to be
construed, nor should be construed, as establishing anything other
than an employment-at-will relationship, nor does it limit the
discretion of the Company..
o As a part-time employee of the Company, Xxxx is not eligible for any
Company benefits, including medical, dental, life, flexible spending
account, 401(k), AD&D, short-term or long-term disability coverage.
Xxxx will not be entitled to participate in any bonus or other
incentive plan. Xxxx will not be eligible to receive stock options or
other equity-based compensation.
o For services performed from May 1, 2008 to June 30, 2008 Doug's
compensation as a part-time employee will be $110.00 per hour, payable
with the normal payroll cycle.
o For services performed after June 30, 2008, Doug's compensation as a
part-time employee will be $150.00 per hour, payable with the normal
payroll cycle.
o If Xxxx is able to acquire a full-time position with another company
he commits to make reasonable efforts to allocate up to one to two
weeks of his working time for the 3QFY08 close and SEC reporting, and
two to three weeks time for the 4QFY08 fiscal year end close and SEC
reporting, if required and requested by the Company.
o Xxxx will have the choice of working out of his home or the designated
Company's office at 0000 Xxxxxx Xxxxx, Xxxxx X000 Xxxxxxxx, XX.
o Xxxx will be reimbursed for any business expenses directly associated
with performing his duties as a part time employee, including travel
related expenses such as mileage.
o Innovex will provide the necessary office equipment for Xxxx to
perform his duties including a notebook computer, printer, fax, copier
and scanner as required.
o Xxxx will also be provided ongoing access to the Innovex Email and IT
system.
o Xxxx will report to Innovex's CFO.
o Doug's duties as a part-time employee will be assigned by the Chief
Financial Officer or the Chief Executive Officer. Such duties may
include agreed upon business and financial related projects and
reports, including assisting with quarterly financial close procedures
and SEC reporting requirements of the Company.
o Xxxx will provide preliminary time estimates when an assignment is
agreed to, but will track actual time required and will be paid based
on actual time incurred.
o Time and reimbursable business expenses will be reported biweekly so
that Xxxx can be paid along with the normal payroll cycle. Actual
dates to submit time reports will be coordinated with Human Resources
and scheduled to allow approval from the CFO or CEO of such time
reports.
o Xxxx recognizes and agrees that since he will continue to have access
to material, non-public information he will continue to be bound by
the Innovex Procedures and Guidelines Governing Xxxxxxx Xxxxxxx And
Tipping as if he were a reporting person under Section 16 of the
Exchange Act.
Agreed: Innovex, Inc.
/s/Xxxxxxx Xxxxxx /s/ Xxxxx X. Dauenahuer
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Xxxxxxx Xxxxxx Xxxxx X. Xxxxxxxxxx
President & CEO
