RECITALSSeparation Agreement • March 28th, 1997 • Everest Medical Corporation • Electromedical & electrotherapeutic apparatus • Minnesota
EVEREST MEDICAL CORPORATION 13755 First Avenue North Minneapolis, Minnesota 55441-5454 612-473-6262, Facsimile: 612-473-6465Everest Medical Corporation • March 28th, 1997 • Electromedical & electrotherapeutic apparatus
On behalf of the Everest Medical Corporation Board of Directors, I am hereby notifying you that your employment agreement is being extended for two (2) years until December 31, 1998. Your base salary for the period from January 1, 1997 until December 31, 1997 will remain at $150,000 per year. At this time, your base salary will be reviewed by the Compensation Committee of the Board of Directors, but in no event will it be reduced below $150,000. If, during this period, your employment is terminated for any reason other than cause or your resignation, you will receive twelve months severance payable over twelve months in accordance with Everest Medical normal payroll practices. If for any reason Everest Medical does not extend your employment past December 31, 1998, other than your stated desire not to continue to be employed by the Company, you will also be paid twelve months severance over a twelve month period. In addition, if the Company is acquired by another entity, either pursuan
