Document:

Exhibit
10.2

EXECUTIVE
EMPLOYMENT AGREEMENT

THIS EXECUTIVE EMPLOYMENT
AGREEMENT (“Agreement”), dated as of April 26, 2007, is made by and between
MFIC CORPORATION, a Delaware corporation (the “Company”), and DENNIS RIORDAN,
an adult individual (the “Executive”). 
The Company and the Executive are sometimes referred to herein
individually as a “Party” and collectively as the “Parties.”

WHEREAS, the Executive
is currently employed as the Company’s Controller; and

WHEREAS, the
Company and the Executive desire to clarify the terms of the Executive’s
employment as set forth herein.

NOW THEREFORE, in
consideration of the mutual covenants and agreements contained herein and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties do hereby agree as follows:

1.             Duties.  The Company shall employ the Executive as its
Controller and the Executive shall have the customary duties, responsibilities
and authority normally associated with such position, consistent with past
practices, and such additional duties as the Company’s board of directors (the “Board”)
may, from time to time, assign to the Executive of the type normally assigned
to a senior executive.

2.             Term.  The Company shall employ Executive as its Controller
until at least June 30, 2008 (the “Target Date”).  Following the Target Date, the Company shall
continue to employ the Executive as an “at will” employee and may terminate the
Executive’s employment for any reason or no reason.

3.             Salary and
Benefits.  The Company shall continue
to provide the Executive with the salary and other benefits currently provided,
with such increases to the same as the Board may, from time to time,
grant.  The Company shall not reduce the Executive’s
salary or benefits at any time prior to the Target Date, provided, however,
that non-monetary benefits may be reduced from time to time so long as such
changes effect all of the Company’s senior management on an equal basis.

4.             Termination and
Severance.

a.             In the event that on
or before the Target Date (i) the Company shall terminate the Executive’s
employment with the Company for Cause (as defined below), (ii) the Executive
shall voluntarily terminate his employment with the Company for a reason other
than Good Reason (as defined below), or (iii) the Executive shall die or become
Permanently Disabled (as defined below), the Company shall be under no
obligation to provide the Executive with any compensation or severance package
except for salary and benefits accrued prior to termination and as otherwise
required by applicable law.

b.             In the event that the
Company shall terminate the Executive’s employment with the Company on or
before the Target Date without Cause or the Executive shall voluntarily
terminate his employment with the Company for Good Reason, the Executive shall
be entitled to receive, in addition to those benefits required by applicable
law, an amount equal to (i) the value of his base salary through and including
the Target Date plus (ii) an amount equal to six (6) months of his base salary,
at the rate in effect on the date the Executive’s employment was terminated,
but not less than the amount set forth in Section 3 above ((i) and (ii)
together defined as the “Severance Payment”). 
The Severance Payment will be payable to the Executive in equal amounts
over the period between the date the Executive’s employment is terminated and
December 31, 2008, in accordance with the Company’s standard payroll practices
then in effect.  The Company shall
provide the Executive (and his spouse, if applicable) with medical and dental insurance
coverage, on substantially the same level as that provided on the date the
Executive’s employment with the Company was terminated, through and including
December 31, 2008, provided, however, that the Executive will be responsible
for the same applicable co-payments as when employed.  The Company will continue to provide the
Executive with pre-existing life insurance coverage for his benefit from the
date the Executive’s employment with the Company was terminated through and
including December 31, 2008.

c.             Upon written notice
given by the Executive to the Company at least thirty (30) days prior to the
Target Date, the Executive shall be entitled to terminate his employment with
the Company, effective as of the Target Date, and, upon such termination, be
entitled to receive, in addition to those benefits required by applicable law,
an amount equal to six (6) months of his base salary, at the rate in effect on
the Target Date (the “Termination Payment”). 
The Termination Payment will be payable to the Executive in equal
amounts over the period between the Target Date and December 31, 2008, in
accordance with the Company’s standard payroll practices then in effect.  The Company shall provide the Executive (and
his spouse, if applicable) with medical and dental insurance coverage, on
substantially the same level as that provided on the Target Date, through and
including December 31, 2008, provided, however, that the Executive will be
responsible for the same applicable co-payments as when employed.  The Company will continue to provide the
Executive with pre-existing life insurance coverage for his benefit from the
Target Date through and including December 31, 2008.

d.             In the event that the
Executive does not exercise his right to receive the Termination Payment in
accordance with subsection (c) above and continues his employment with the
Company after the Target Date, the Executive will nonetheless be entitled to
receive an amount equal to the Termination Payment if the Company terminates
his employment after the Target Date without Cause.

5.             Definitions.

a.             “Cause” shall mean
(i) the willful failure or refusal by the Executive to perform his duties
hereunder (other than any such failure resulting from the Executive becoming
Permanently Disabled); (ii) the Executive’s willful material breach of this
Agreement or any material policy of the Company or its subsidiaries applicable
to him that has been disclosed to him which, if capable of cure, has not been
cured within ten (10) business days after written notice of such breach
delivered to the Executive by the Company; (iii) the Executive’s willful
misconduct, or conduct reasonably deemed by the Board to be grossly negligent,
with respect to 

 2
 

the performance of his
duties that is materially injurious to the Company, its subsidiaries,
stockholders, employees or customers, monetarily or otherwise, which, if
capable of cure, has not been cured within ten (10) business days following
written notice of such violation delivered to the Executive by the Company; or
(iv) the conviction of the Executive, or plea of guilty or nolo
contendere, with respect to (A) any felony, (B) any act of fraud,
theft, or financial dishonesty with respect to the Company or any of its
subsidiaries or their respective stockholders, or (C) any other crime involving
dishonesty, disloyalty or fraud with respect to not less than $5,000.  Notwithstanding the foregoing, the Executive’s
Employment hereunder shall not be deemed to be terminated for Cause except by
action of the Board, acting in good faith.

b.             “Good Reason” shall
mean the occurrence of any of the following events, unless such event occurs
with the Executive’s express prior written consent: (A) any change to the
Executive’s duties that are materially inconsistent with the Executive’s
position, duties or responsibilities hereunder, unless such change is cured
within ten (10) business days after written notice thereof to the Company from
the Executive; (B) any material breach of this Agreement by the Company (or any
successor or assignee of the Company), unless such breach is cured within ten
(10) business days after receiving written notice of the breach from the
Executive; or (C) the principal offices of the Company are relocated, or the
Executive is required to perform his services from, outside the Boston
metropolitan area.

c.             “Permanently Disabled”
shall mean the expiration of a continuous period of 120 days during which the Executive
is unable to perform his assigned duties due to physical or mental incapacity,
as reasonably determined by the Board in good faith after consulting with such
medical advisers as the Board shall see fit.

6.             Survival.  The obligation of the Company to make the
Severance Payment or the Termination Payment shall survive the termination of
this Agreement, the termination of the Executive’s employment with the Company,
a change in control of the Company, the sale or other disposition of
substantially all of the assets of the Company (including a statutory merger
where the Company is not the surviving party) and the passage of the Target
Date on the terms stated herein.

7.             Severability.  Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement will be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

8.             Complete Agreement.  This Agreement embodies the complete
agreement and understanding among the Parties and supersedes and preempts any
prior understandings, agreements or representations by or between the Parties,
written or oral, which may have related to the subject matter hereof.

 3
 

9.             Counterparts.  This Agreement may be executed in separate
counterparts, including via facsimile, each of which is deemed to be an
original and all of which taken together constitute one and the same agreement.

10.           Successors and
Assigns.  This Agreement is intended
to bind and inure to the benefit of and be enforceable by the Executive, the
Company and their respective heirs, successors and assigns, except that the Executive
may not assign his rights or delegate his obligations hereunder without the
prior written consent of the Company.

11.           Choice of Law.  This Agreement will be governed by the
internal law, and not the laws of conflicts that would give effect to the laws
of another jurisdiction, of the Commonwealth of Massachusetts.

12.           Amendment and Waiver.  The provisions of this Agreement may be
amended or waived only with the prior written consent of the Company and the Executive,
and no course of conduct or failure or delay in enforcing the provisions of
this Agreement shall affect the validity, binding effect or enforceability of
this Agreement.

[Signature page follows.]

 4
 

IN WITNESS
WHEREOF, the undersigned have caused this Agreement to be executed as of the
date first above written.

	
   

  	
  COMPANY:

  	
   

  
	
   

  	
  MFIC CORPORATION

  	
   

  
	
   

  	
  a Delaware
  corporation

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert P. Bruno

  	
   

  
	
   

  	
  Name:   Robert
  P. Bruno

  
	
   

  	
  Title:  President & COO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Dennis Riordan

  	
   

  
	
   

  	
  Dennis Riordan

  
						

 

 5Exhibit
10.3

EXECUTIVE
EMPLOYMENT AGREEMENT

THIS EXECUTIVE
EMPLOYMENT AGREEMENT (“Agreement”), dated as of April 26, 2007, is made by and
between MFIC CORPORATION, a Delaware corporation (the “Company”), and JACK M.
SWIG, an adult individual (the “Executive”). 
The Company and the Executive are sometimes referred to herein
individually as a “Party” and collectively as the “Parties.”

WHEREAS, the
Executive is currently employed as the Company’s Vice President Corporate
Development, Investor Relations Manager and General Counsel; and

WHEREAS, the
Company and the Executive desire to clarify the terms of the Executive’s
employment as set forth herein.

NOW THEREFORE, in
consideration of the mutual covenants and agreements contained herein and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties do hereby agree as follows:

1.             Duties.  The Company shall employ the Executive as its
Vice President Corporate Development, Investor Relations Manager and General Counsel
and the Executive shall have the customary duties, responsibilities and
authority normally associated with each of those positions, consistent with
past practices, and such additional duties as the Company’s board of directors
(the “Board”) may, from time to time, assign to the Executive of the type
normally assigned to a senior executive.

2.             Term.  The Company shall employ Executive as its
Vice President Corporate Development, Investor Relations Manager and General
Counsel until at least June 30, 2008 (the “Target Date”).  Following the Target Date, the Company shall
continue to employ the Executive as an “at will” employee and may terminate the
Executive’s employment for any reason or no reason.

3.             Salary and
Benefits.  The Executive’s base
salary shall be $150,000.00 per year. 
The Company shall continue to provide the Executive with those other
benefits currently provided, with such increases to the same as the Board may,
from time to time, grant.  The Company
shall not reduce the Executive’s salary or benefits at any time prior to the
Target Date, provided, however, that non-monetary benefits may be reduced from
time to time so long as such changes effect all of the Company’s senior
management on an equal basis.

4.             Termination and
Severance.

a.             In the event that on
or before the Target Date (i) the Company shall terminate the Executive’s
employment with the Company for Cause (as defined below), (ii) the Executive
shall voluntarily terminate his employment with the Company for a reason other
than Good Reason (as defined below), or (iii) the Executive shall die or become
Permanently Disabled (as defined below), the Company shall be under no
obligation to provide the Executive 

with any compensation or
severance package except for salary and benefits accrued prior to termination
and as otherwise required by applicable law.

b.             In the event that the
Company shall terminate the Executive’s employment with the Company on or
before the Target Date without Cause or the Executive shall voluntarily
terminate his employment with the Company for Good Reason, the Executive shall
be entitled to receive, in addition to those benefits required by applicable
law, an amount equal to (i) the value of his base salary through and including
the Target Date plus (ii) an amount equal to six (6) months of his base salary,
at the rate in effect on the date the Executive’s employment was terminated,
but not less than the amount set forth in Section 3 above ((i) and (ii)
together defined as the “Severance Payment”). 
The Severance Payment will be payable to the Executive in equal amounts
over the period between the date the Executive’s employment is terminated and
December 31, 2008, in accordance with the Company’s standard payroll practices
then in effect.  The Company shall provide
the Executive (and his spouse, if applicable) with medical and dental insurance
coverage, on substantially the same level as that provided on the date the
Executive’s employment with the Company was terminated, through and including
December 31, 2008, provided, however, that the Executive will be responsible
for the same applicable co-payments as when employed.  The Company will continue to provide the
Executive with pre-existing life insurance coverage for his benefit from the
date the Executive’s employment with the Company was terminated through and
including December 31, 2008.

c.             Upon written notice
given by the Executive to the Company at least thirty (30) days prior to the
Target Date, the Executive shall be entitled to terminate his employment with
the Company, effective as of the Target Date, and, upon such termination, be
entitled to receive, in addition to those benefits required by applicable law,
an amount equal to six (6) months of his base salary, at the rate in effect on
the Target Date (the “Termination Payment”). 
The Termination Payment will be payable to the Executive in equal
amounts over the period between the Target Date and December 31, 2008, in
accordance with the Company’s standard payroll practices then in effect.  The Company shall provide the Executive (and
his spouse, if applicable) with medical and dental insurance coverage, on
substantially the same level as that provided on the Target Date, through and
including December 31, 2008, provided, however, that the Executive will be responsible
for the same applicable co-payments as when employed.  The Company will continue to provide the
Executive with pre-existing life insurance coverage for his benefit from the
Target Date through and including December 31, 2008.

d.             In the event that the
Executive does not exercise his right to receive the Termination Payment in
accordance with subsection (c) above and continues his employment with the
Company after the Target Date, the Executive will nonetheless be entitled to
receive an amount equal to the Termination Payment if the Company terminates
his employment after the Target Date without Cause.

5.             Definitions.

a.             “Cause” shall mean
(i) the willful failure or refusal by the Executive to perform his duties
hereunder (other than any such failure resulting from the Executive becoming
Permanently Disabled); (ii) the Executive’s willful material breach of this
Agreement or any material policy of the Company or its subsidiaries applicable
to him that has been disclosed to 

 2
 

him which, if capable of
cure, has not been cured within ten (10) business days after written notice of
such breach delivered to the Executive by the Company; (iii) the Executive’s
willful misconduct, or conduct reasonably deemed by the Board to be grossly
negligent, with respect to the performance of his duties that is materially
injurious to the Company, its subsidiaries, stockholders, employees or
customers, monetarily or otherwise, which, if capable of cure, has not been
cured within ten (10) business days following written notice of such violation
delivered to the Executive by the Company; or (iv) the conviction of the
Executive, or plea of guilty or nolo
contendere, with respect to (A) any felony, (B) any act of fraud,
theft, or financial dishonesty with respect to the Company or any of its
subsidiaries or their respective stockholders, or (C) any other crime involving
dishonesty, disloyalty or fraud with respect to not less than $5,000.  Notwithstanding the foregoing, the Executive’s
Employment hereunder shall not be deemed to be terminated for Cause except by
action of the Board, acting in good faith.

b.             “Good Reason” shall
mean the occurrence of any of the following events, unless such event occurs
with the Executive’s express prior written consent: (A) any change to the Executive’s
duties that are materially inconsistent with the Executive’s position, duties
or responsibilities hereunder, unless such change is cured within ten (10)
business days after written notice thereof to the Company from the Executive;
(B) any material breach of this Agreement by the Company (or any successor or
assignee of the Company), unless such breach is cured within ten (10) business
days after receiving written notice of the breach from the Executive; or (C)
the principal offices of the Company are relocated, or the Executive is
required to perform his services from, outside the Boston metropolitan area.

c.             “Permanently Disabled”
shall mean the expiration of a continuous period of 120 days during which the
Executive is unable to perform his assigned duties due to physical or mental
incapacity, as reasonably determined by the Board in good faith after
consulting with such medical advisers as the Board shall see fit.

6.             Survival.  The obligation of the Company to make the
Severance Payment or the Termination Payment shall survive the termination of
this Agreement, the termination of the Executive’s employment with the Company,
a change in control of the Company, the sale or other disposition of
substantially all of the assets of the Company (including a statutory merger
where the Company is not the surviving party) and the passage of the Target
Date on the terms stated herein.

7.             Severability.  Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement will be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

8.             Complete Agreement.  This Agreement embodies the complete
agreement and understanding among the Parties and supersedes and preempts any
prior understandings, agreements or representations by or between the Parties,
written or oral, which may have related to the subject matter hereof.

 3
 

9.             Counterparts.  This Agreement may be executed in separate
counterparts, including via facsimile, each of which is deemed to be an
original and all of which taken together constitute one and the same agreement.

10.           Successors and
Assigns.  This Agreement is intended
to bind and inure to the benefit of and be enforceable by the Executive, the
Company and their respective heirs, successors and assigns, except that the
Executive may not assign his rights or delegate his obligations hereunder
without the prior written consent of the Company.

11.           Choice of Law.  This Agreement will be governed by the
internal law, and not the laws of conflicts that would give effect to the laws
of another jurisdiction, of the Commonwealth of Massachusetts.

12.           Amendment and Waiver.  The provisions of this Agreement may be
amended or waived only with the prior written consent of the Company and the
Executive, and no course of conduct or failure or delay in enforcing the
provisions of this Agreement shall affect the validity, binding effect or enforceability
of this Agreement.

[Signature page follows.]

 4
 

IN WITNESS
WHEREOF, the undersigned have caused this Agreement to be executed as of the
date first above written.

	
   

  	
  COMPANY:

  	
   

  
	
   

  	
  MFIC CORPORATION

  	
   

  
	
   

  	
  a Delaware
  corporation

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert P. Bruno

  	
   

  
	
   

  	
  Name:   Robert
  P. Bruno

  
	
   

  	
  Title:  President & COO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jack M. Swig 

  	
   

  
	
   

  	
  Jack M. Swig

  
						

 

 5

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