TRANSACTION AND PERFORMANCE BONUS AGREEMENTTransaction and Performance Bonus Agreement • June 16th, 2014 • Medical Action Industries Inc • Orthopedic, prosthetic & surgical appliances & supplies
This Transaction and Performance Bonus Agreement (“Agreement”) is being entered into this 3rd day of March 2014 (the “Effective Date”) by and between Charles L. Kelly, Jr. (“Employee”) and Medical Action Industries Inc. (“MAI” or “the Company”). MAI has or is expected to announce that on or about the second quarter of 2014 MAI will close on the sale of the “Units” and “Assets” constituting the “Business,” in each case, as defined in that certain Purchase Agreement to be entered into between MAI and a subsidiary of Inteplast Group Inc. (the “Buyer”). MAI desires the services of Employee to assist with the transition of the Business to the Buyer through the date of closing. Therefore, MAI will offer certain bonus opportunities on the conditions set forth below:
