Document:

jmar_ex1003.htm

    EXHIBIT
10.3

    

    

    AMENDMENT
TO

    JMAR
TECHNOLOGIES, INC.

    2006
EQUITY INCENTIVE PLAN

    

    

    Section 4.1 of the 2006 Equity
Incentive Plan (the “Plan”) is hereby amended to read as
follows:

    

    “4.1 Shares Available for
Issuance of Awards. Subject to adjustment as provided in
Section 4.3, the aggregate number of Shares which may be issued under this
Plan shall not exceed 20,000,000 Shares. As determined from time to time by the
Committee, the Shares available under this Plan for grants of Awards may consist
either in whole or in part of authorized but unissued Shares or Shares which
have been reacquired by the Company following original
issuance.”newcardio_10q-ex1018.htm

    Exhibit
10.18

      

       

      January
22, 2008

       

      

      Richard
Brounstein

      606 Bella
Vista Court

      Fremont,
CA 94539

      

       

      Dear
Rick:

       

      I am
pleased to offer you a part-time employment position with Marine Park Holdings,
Inc. (the “Company”), as its Chief Financial Officer.   As a
part-time employee, you will be expected to work at least eighty (80) hours per
month.   If you decide to join us, you will receive a monthly
salary of $10,000.00,
which will be paid semi-monthly in accordance with the Company's normal payroll
procedures and subject to applicable required and authorized
withholdings.  Your salary will be subject to review and adjustments
will be made based upon the Company’s normal performance review
practices.  The Company shall reimburse all reasonable and customary
expenses incurred by you in the performance of your duties, including
reimbursement of subscription and/or maintenance fees of professional
organizations with whom you are affiliated and reimbursement of your costs of
maintaining a home office network.

       

      In
addition, on the first payroll date following your start date, the Company shall
pay you a cash signing bonus of $7,500.00 in accordance with the Company’s
normal payroll procedures.  As an employee, you will also be eligible
to participate in certain employee benefit plans currently and hereafter
maintained by the Company for employees of similar rank and responsibility,
subject to the terms and conditions of such employee benefit plans, including,
without limitation, any terms and conditions relating to eligibility to
participate in any such employee benefit plan.  You should note that
the Company may modify job titles, salaries and benefits from time to time as it
deems necessary.

       

      In
addition, if you decide to join the Company, the Company will recommend at the
first meeting of the Company’s Board of Directors (the “Board”) following the
later of (i) your start date or (ii) the effective date of the Company’s filing
of a registration statement on Form S-8 covering the 2004 Equity Incentive Plan
(the “Plan”), that the Company grant you a nonqualified stock option pursuant to
a Stock Option Agreement made under the Plan to purchase 90,000 shares of the
Company’s Common Stock (the “Shares”) at a price per share equal to the fair
market value per share of the Common Stock on the date of grant, as determined
by the closing sales price for such stock (or the closing bid, if no sales were
reported) as quoted on the OTCBB or Nasdaq National Market on the last market
trading day prior to the time of determination and reported in the Wall Street Journal or such
other source as the Company’s Board of Directors deems
reliable.  15,000 of the Shares shall vest on each one-month
anniversary of January 1, 2008 in equal monthly amounts, subject to your
continued employment with the Company.  Notwithstanding the foregoing,
if the Company terminates your employment without Cause (as defined below) at
any time prior to the July 1, 2008, then 100% of any then unvested Shares
subject to the stock option shall immediate accelerate and vest in
full.  The stock option shall be subject to the terms and conditions
of the Plan and the Stock Option Agreement, provided, however, that
notwithstanding anything to the contrary set forth in the Plan, you shall be
entitled to exercise your stock option (to the extent exercisable) until the
five (5) year anniversary of your start date, irrespective of the date upon
which your employment ends.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      “Cause”
shall mean (i) your dishonesty, fraud or gross negligence in the
performance of your duties and responsibilities; (ii) your conviction of a
felony involving moral turpitude; (iii) your material breach of the terms
of your employment, including any employment-related policy applicable to you,
or the Employment Agreement (as defined below); or (iv) your willful and
continued refusal to substantially perform your duties or responsibilities for
the Company described herein and as assigned to you by the President and Chief
Executive Officer of the Company or the Board from time to time.

       

      The
Company is excited about your joining and looks forward to a beneficial and
productive relationship.  Nevertheless, you should be aware that your
employment with the Company is for no specified period and constitutes at-will
employment.  As a result, you are free to resign at any time, for any
reason or for no reason.  Similarly, the Company is free to conclude
its employment relationship with you at any time, with or without cause, and
with or without notice.  You understand and agree that neither your
job performance nor promotions commendations, bonuses or the like from the
Company give rise to or in any way serve as the basis for modification,
amendment, or extension, by implication or otherwise, of your employment with
the Company.  We request that, in the event of resignation, you give
the Company at least two weeks notice.

       

      This part
time employment may lead to full time employment with the
Company.   In the event that the Company and you agree to
transition you to full time employment, the Company and you agree to use
reasonable efforts to negotiate an employment agreement memorializing the terms
of such employment on or before June 30, 2008, which employment agreement shall
contain such terms and conditions as are customary for full time senior
executives of the Company. 

       

      The
Company reserves the right to conduct background investigations and/or reference
checks on all of its potential employees.  Your job offer, therefore,
is contingent upon a clearance of such a background investigation and/or
reference check, if any.

       

      For
purposes of federal immigration law, you will be required to provide to the
Company documentary evidence of your identity and eligibility for employment in
the United States.  Such documentation must be provided to us within
three (3) business days of your date of hire, or our employment relationship
with you may be terminated.

       

      We also
ask that, if you have not already done so, you disclose to the Company any and
all agreements relating to your prior employment that may affect your
eligibility to be employed by the Company or limit the manner in which you may
be employed.  It is the Company's understanding that any such
agreements will not prevent you from performing the duties of your position and
you represent that such is the case.  Moreover, you agree that, during
the term of your employment with the Company, you will not engage in any other
employment, occupation, consulting or other business activity directly related
to the business in which the Company is now involved or becomes involved during
the term of your employment, nor will you engage in any other activities that
conflict with your obligations to the Company.  Similarly, you agree
not to bring any third party confidential information to the Company, including
that of your former employer, and that in performing your duties for the Company
you will not in any way utilize any such information.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      As a
Company employee, you will be expected to abide by the Company's rules and
standards.  Specifically, you will be required to sign an
acknowledgment that you have read and that you understand the Company's rules of
conduct which are included in the Company Handbook, which the Company will soon
complete and distribute.

       

      As a
condition of your employment, you are also required to sign and comply with an
At-Will Employment, Confidential Information, Invention Assignment and
Arbitration Agreement (the “Employment Agreement”), which requires, among other
provisions, the assignment of patent rights to any invention made during your
employment at the Company, and non-disclosure of Company proprietary
information.  Please note that we must receive your signed
Employment Agreement
on or before your first day of employment.

       

      In the
event of any dispute or claim relating to or arising out of our employment
relationship, you and the Company agree that (i) any and all disputes
between you and the Company shall be fully and finally resolved by binding
arbitration, (ii) you are waiving any and all rights to a jury trial but
all court remedies will be available in arbitration, (iii) all disputes
shall be resolved by a neutral arbitrator who shall issue a written opinion,
(iv) the arbitration shall provide for adequate discovery, and (v) the
Company shall pay all but the first $125 of the arbitration
fees.  Please note that we must receive your signed Employment
Agreement before your first day of employment.

       

      You
acknowledge and represent that you have been paid all salary, wages, and all
other benefits and compensation due to you with respect to any prior employment
or service relationships, including any prior relationship with the
Company.  In consideration of this offer of employment, you hereby
waive and forever discharge the Company, its agents, employees, officers,
directors, shareholders, related companies, and its actual and purported
predecessor and/or subsidiary corporations, and any successors, and assigns
(together "Releasees") from all claims, suits, debts, liabilities, promises or
causes of action whatsoever, known or unknown, arising from or in any way
related to such relationships occurring on or before the date you sign this
offer of employment from the Company.  You expressly waive any rights
or benefits under §1542 of the California Civil Code which provides as
follows:  “A general release does not extend to claims which the
creditor does not know or suspect to exist in his or her favor at the time of
executing the release, which if known by him or her must have materially
affected his or her settlement with the debtor.”

       

      To accept
the Company's offer, please sign and date this letter in the space provided
below.  A duplicate original is enclosed for your
records.  If you accept our offer, your first day of employment will
be January 23, 2008. This letter, along with
any agreements relating to proprietary rights between you and the Company,
including the Employment Agreement, set forth the terms of your employment with
the Company and supersede any prior representations or agreements including, but
not limited to any representations made during your recruitment, interviews or
pre-employment negotiations, whether written or oral.  This letter,
including, but not limited to, its at-will employment provision, may not be
modified or amended except by a written agreement signed by the President and
Chief Executive Officer of the Company and you.  This offer of
employment will terminate if it is not accepted, signed and returned by January
23, 2008.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      This
letter shall be governed by the internal substantive laws, but not the choice of
law rules, of the State of California.

       

      We look
forward to your favorable reply and to working with you.

      
      

       

      
        	 	

                Sincerely,

                 

                

                  /s/
      Branislav Vajdic

                

                Branislav
      Vajdic

                President
      and Chief Executive Officer

              
	 	 
	

                Agreed
      to and accepted:

                 

                Signature:
      /s/ Richard D.
      Brounstein                              
      

                 

                Printed
      Name:  Richard D.
      Brounstein                             
      

                 

                Date: 
      1-23-2008                                                                 
      

              	 

      

       

       

      Enclosures

      Duplicate
Original Letter

       

      At-Will
Employment, Confidential Information, Invention Assignment and
Arbitration Agreement

       

       

      4

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