Extension to Employment Agreement
This Agreement entered into on the 17th day of October, 2003 by and
between The Med-Design Corporation a publicly traded Delaware Corporation and
Xxxxx Xxxxxxx an individual.
WHEREAS, Xxxxx Xxxxxxx and The Med-Design Corporation have previously
entered into an Employment Agreement dated May 15, 2002 whereby Xxxxx Xxxxxxx
was employed by The Med-Design Corporation as Chief Operating Officer for a
period of four years, and
WHEREAS, The Med-Design Corporation in order to ensure continuity
Management wishes to extend this Employment Agreement for one additional year,
and
WHEREAS, Xxxxx Xxxxxxx is willing to continue his employment with said
Corporation for an additional year.
NOW THEREFORE, in consideration of the mutual promises and undertakings
contained in this Agreement and with full knowledge of the content of this
Agreement and with the intent to be thereby legally bound, the parties have
agreed as follows:
1. All terms of the Employment Agreement between The Med-Design
Corporation and Xxxxx Xxxxxxx dated May 15, 2002 are hereby ratified and
reaffirmed.
2. The term of said Employment Agreement is hereby extended for one
additional year from May 15, 2006 to May 15, 2007.
3. In consideration of Xxxxx Xxxxxxx'x agreement to so extend the
Employment Agreement, an Option for him to purchase 37,500 shares of the
Company's common stock at $4.14 is issued to him on even date.
This constitutes the entire agreement between the parties and cannot be
changed, abrogated or revoked except in a written agreement executed by the
parties.
This Agreement is to be construed pursuant to the laws of the
Commonwealth of Pennsylvania without any consideration to its laws on conflicts
of law.
ATTEST: The Med-Design Corporation
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By:
Title:
WITNESS:
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Xxxxx Xxxxxxx
