Exibit 10(o)
MICROFLUIDICS INTERNATIONAL CORPORATION
00 Xxxxxxx Xxxx
Xxxxxx, Xx 00000
December 31, I996
Xxxxx X Xxxxxxxxx
00 Xxxxxxxxxx Xxxx
Xxxxxxx, XX 00X00
Dear Xx. Xxxxxxxxx:
This will confirm our Agreement concerning your compensation as Chairman and CEO
of MFIC, and charges you will incur in connection with your activities for G & G
Diagnostics Corporation.
You may maintain an office in our premises at 00 Xxxxxxx Xxxx and will pay MFIC
$800.00 per month for space, incidental administrative support, minor supplies
usage and limited use of telephone and copying resources. You will reimburse
MFIC for express charges, outside accounting help and materials and services
purchased through our system.
Subject to approval by the Board, we will pay you at a rate of $95,000 per year
beginning January 1, 1997. Of that amount, $30,000 will be paid in restricted
MFIC stock, at a price of $1.501 share, at this time. The balance will be paid
in cash, in 4 equal increments at the beginning of each quarter. You will
participate in a bonus pool, if any, for management employees. You agree that
MFIC will withhold money from your compensation to pay appropriate taxes. You
will be included in MFIC's insurance and medical programs as in past years, at
no cost to you, as part of your compensation.
Xxxx Xxxx will be an employee of MFIC. He will be available to G & G on a half-
time basis, and G & G will reimburse 50% of his salary, fringes, and tax costs
to MFIC on a quarterly basis, subject to a maximum cost to MFIC of $45,000.
MICROFLUIDICS INTERNATIONAL, Inc.
/s/Xxxxxxx Xxxxx /s/ Xxxxx Xxxxxxxxx
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Xxxxxxx Xxxxx, President Xxxxx Xxxxxxxxx
Individually and as President of G&G
Diagnostics Corporation
/s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, CEO
