EXHIBIT 10.28
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ADDENDUM NUMBER ONE
TO
XXXXXX X. XXXXXXX
EMPLOYMENT CONTRACT DATED
December 8, 1995
Pursuant to actions taken by the Compensation Committee of the Board of
Directors of Integrated Surgical Systems, Inc. on December 18, 1997 and in the
months thereafter concluding on March 12, 1998, the following adjustments are to
be made in Xx. Xxxxxxx'x agreement.
1. Base Salary is to be increased by 6% from $22,000 per month to $23,320
per month effective December 1, 1997.
2. Incentive base for 1998 is increased from $80,000 to $100,000. The
actual payout amount will be based on the achievement against the 1998
business plan agreed to by the board, with the calculation algorithm
similar to the one used in 1997, but to be determined in fact at a
later date.
3, Stock options for 100,000 shares are issued to Xx. Xxxxxxx with a
xxxxx xxxxx of $4.75, the price of the stock on February 19, 1998. Of
the 100,000 shares, the amount of shares that shall be immediately
vested shall be 28,125. The balance of the shares, 71,875 shall vest
ratably over the 48 month period beginning February 19, 1998.
4. Severance pay is currently set at 12 months in the event of
termination of employment. As of this amendment, severance pay upon
termination will be 18 months of Xx. Xxxxxxx'x base pay.
This amendment is incorporated and becomes a part of the Employment Contract
dated December 8, 1995. All other terms and conditions, not modified by this
agreement remain the same.
/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx, President & CEO Xxxxx X. XxXxxxxx, Chairman
Date: March 31, 1998 Date:
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