A
Xxxxx CFO Partners
Proposal
- Prepared for -
HealthCor Holdings, Inc.
January 1, 1999
Xxxxx CFO Retainer Agreement
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This agreement will refer to the following Parties accordingly: HealthCor
Holdings, Inc., - "The Company", and Xxxxx CFO Partners, LLP. - "Xxxxx CFO".
I. Retainer Fee
. The Company will pay Xxxxx CFO a retainer equal to $4,000 per month.
II. Excess Hours
. No additional compensation for hours worked in excess of 40 per week.
III. Bonus
. None.
IV. Payment Terms and Conditions
. The monthly Retainer Fee will be paid to Xxxxx CFO as long as one of its
Partner is receiving W-2 compensation.
. Company will pay Xxxxx CFO within 15 days of the invoice date.
V. General Terms and Conditions
. This agreement is cancelable by either party with 30 days written notice.
. The Governing Laws of Texas apply in the interpretation of this Agreement
. Xxxxx CFO agrees that any proprietary information gained while engaged will
only be used to further the mission of the Company. Hence, such information
will otherwise be kept in strict confidence both during engagement and after
such engagement terminates.
. All Company information, projections and forecasts reflect solely the
assertions of management. Xxxxx CFO Partners makes no representations as to
the accuracy of such information. Xxxxx CFO Partners does not directly
provide services to the Company. Xxxxx CFO Partners provides services
directly to its Partners through its partnership meetings and through CFO
LinkTM in order that the individual Partners can serve their employers
better. With regard to the individual Partners relationship to the company,
each works under the exclusive authority and management of the Employer.
VI. Acknowledgment and Acceptance
I have read and understand the scope of services, deliverables, and fees as
described in this proposal. On behalf of HealthCor Holdings, Inc. I hereby agree
to the terms of this proposal with respect to Xxxxx CFO Partners, LLP.
Accepted this 1st day of January, 1999.
HealthCor Holdings, Inc.
s/ S. Xxxxx Xxxxxx
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Signature
S. Xxxxx Xxxxxx
Chairman
The Employment Agreement
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The agreement will refer to the following Parties accordingly: HealthCor
Holdings, Inc., "The Company", and Xxxxxxx X. Xxxxx - "Employee".
I. CFO Salary
. A salary equal to $7,500 per bi-weekly pay period will be paid Employee to
provide services to the Company five days a week.
. Employee will be reimbursed all living expenses while located in Dallas,
TX.
. Preapproved travel and out-of-pocket expenses will be reimbursed by the
Company.
II. Payment Terms
. Employee will be paid consistent with the timing and method of other
Company employees.
. Employee's salary will be prorated if this agreement does not begin on the
first day of the month.
III. General Terms and Conditions
. With regards to the Employee's relationship to the Company, the Employee
works under the exclusive legal authority and management of the Company and
not Xxxxx CFO Partners.
. Employee elects not to participate in any employee benefits unless
specifically set forth within this proposed agreement(s).
. After nine months of employment, the Employee will receive severance equal
to one month's salary. After eighteen months, the Employee will receive
severance equal to two months salary.
. Employee will adopt a vacation policy consistent with a reasonable company
policy as it applies to senior management.
. Employee will in the capacity of Chief Financial Officer as an officer of
the corporation.
IV. Acknowledgment and Acceptance
I have read and understand the scope of services, deliverables, and fees as
described in this proposal. On behalf of HealthCor Holdings, Inc. I hereby
agree to the terms of this proposal with respect to Xxxxxxx X. Xxxxx.
Accepted this 1st day of January 1999.
HealthCor Holdings, Inc.
s/ S. Xxxxx Xxxxxx
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Signature
S. Xxxxx Xxxxxx
Chairman
