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EXHIBIT 10.13
[HEALTHTRONICS LOGO]
July 3, 1996
Xx. Xxxxx Xxxxxx
000 0xx Xxxxxx, XX
Xxxxxxxxxx, XX 00000
RE: Employment Agreement
Dear Xxxxx:
The purpose of this letter is to officially firm up the agreement made between
us concerning your employment with HealthTronics.
It was agreed that you will assume the position of Vice President of Clinical
and Regulatory Affairs at HealthTronics, effective September 1, 1996. Your
annual salary has been set at $108,000. You will also be entitled to the
HealthTronics standard benefits package which includes medical and dental
coverage, as well as life insurance. A 401(K) plan is also part of the standard
HealthTronics benefits package.
As you know, initially we wanted to provide you with a sign-up bonus of $10,000
which was to be transferred into HealthTronics stock. In addition, we intended
to provide you with a bonus plan which would enable you to earn more stock
based upon achieving certain milestones within the FDA approval process.
However, based upon our latest information and working within the rules of the
SEC, we find that our original plan cannot be adhered to. Given this situation,
it has been decided to provide you up front with a $25,000 sign-up bonus. You
will then be required to complete the relevant forms in the Private Placement
Memorandum which is enclosed and send us a check for $25,000 made payable to
HealthTronics, Inc. -- Escrow Account, thus securing 25,000 shares of
HealthTronics stock We trust this is acceptable to you.
Xxxxx, it is our mutual understanding that it will not be necessary for you to
be on-site in Marietta on a permanent basis at this time. However, you will be
required to spend that amount of time in Marietta as is needed to ensure
successful completion of your duties and responsibilities.
Furthermore, in order for you to carry out your work, HealthTronics will
purchase for you a complete computer system and printer, as well as a fax
machine for installation at your home.
For the sake of good order, would you please sign in the space provided below
to acknowledge your acceptance of this position. Return the original to us and
keep a copy for your records.
Xxxxx, welcome aboard. Everyone here at HealthTronics is looking forward to
working with you.
Sincerely,
/s/ XXXXX X. XXXXXXXX 7/9/96 /s/ XXX X. XXXXX 7/5/96
------------------------------------- ------------------------------------
Xxxxx X. Xxxxxxxx Date Xxx X. Xxxxx Date
Accepted by:
/s/ XXXXX XXXXXX 7/16/96
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Xxxxx Xxxxxx Date
AW/RSB/km
Enclosure
