Document:

Exhibit
        10.2

       

      EMPLOYMENT
        AGREEMENT

      

      AGREEMENT
        by and between Bio-Lok International Inc. (the “Company”), and Bruce L.
        Hollander (the “Executive”), dated as of the 1st day of November,
        1997.

      

      WHEREAS,
        The Board of Directors of the Company (the “Board”) has determined that it is in
        the best interest of the Company and its shareholders, to avail itself of
        the
        Executive’s services as President and Chief Executive Officer (CEO) of the
        Company and to assure that the Company will have the continued dedication
        of the
        Executive;

      

      WHEREAS,
        this Agreement shall cancel, replace and supersede, the Employment Agreement
        signed by the Executive on February 19, 1997.

      

      NOW,
        THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

      

      1. Definitions. As
        used
        in this Agreement, the following terms shall have the following
        meaning:

      

      (a) Proprietary
        Information shall mean any trade or business secrets of the Company and any
        scientific, technical or business materials that are treated by the Company
        as
        confidential or proprietary and are not now in, or hereafter enter, the public
        domain, including, but not limited to information to which the Executive
        has
        access or to which he may have access relating to the Company’s present or
        planned business methods of doing business and certain other business
        information with which the Company has entrusted Executive in the use,
        application or purpose therefore. “Proprietary Information” shall not include
        any (i) general knowledge of the industry in the possession of the Executive
        prior to his becoming an employee of the Company (ii) any information in
        the
        public domain at the time of receipt by Executive, or (iii) any information
        which, after receipt thereof by Executive, becomes part of the public domain
        through no improper act or omission of Executive, but shall include the trade
        secrets of and confidential information about the Company possessed by the
        Executive prior to his becoming an employee of the Company.

      

      (b) Intellectual
        Property means any written, drawing, logo, computer program, manual, trade
        name,
        trademark, service mark or other material of the Company registered or otherwise
        protected or protectable under state, federal or foreign patent, trademark,
        copyright, or similar laws.

      

      2. Employment
        Period. The
        Company hereby employs the Executive and agrees to continue the Executive
        in its
        employ, and the Executive hereby agrees to remain in the employ of the Company
        upon the terms and conditions hereinafter set forth, for the period commencing
        on the date hereof and ending on the fifth (5th) anniversary from such date
        (the
“Employment Period”), and such Employment Period shall automatically renew
        annually on each October 31st for a full five (5) years - i.e. at all times
        on
        each October 31st a full five (5) Employment Period will be
        outstanding.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      3. Terms
        of
        Employment. During the Employment Period(s), and excluding any periods of
        vacation, personal and sick leave to which the Executive is entitled, the
        Executive agrees to devote reasonable attention and time during normal business
        hours to the business and affairs of the Company and, to the extent necessary,
        to discharge the responsibilities assigned to the Executive, to use the
        Executive’s reasonable best efforts to perform faithfully and efficiently such
        responsibilities. During the Employment Period, it shall not be a violation
        of
        this Agreement for the Executive to (i) serve on civic or charitable boards
        or
        committees, (ii) manage associated companies, as directed by the Board of
        Directors, for compensation additional to this agreement, (iii) deliver
        lectures, fulfill speaking engagements or teach at educational institutions
        or
        (iv) manage personal investments, as long as such activities do not interfere
        with the performance of the Executive’s responsibilities as an employee of the
        Company in accordance with this Agreement.

      

      4. Position,
        Responsibilities and Location. During the Employment Period, the Executive
        shall
        hold and perform a position of responsibility, importance and scope with
        the
        Company at least equal to those of the position held by him immediately prior
        to
        any Change in Control. The Executive shall not be required, without his written
        consent, to change his office location from the location thereof immediately
        prior to a Change in Control or to be absent therefrom on business more than
        sixty (60) working days in any year or more than ten (10) consecutive days
        at
        any one time.

      

      5. Compensation.  

      

      (a) Base
        Salary. During the Employment Period, the Executive shall receive a base
        salary
        (“Base Salary”) of $150,000 per annum payable in accordance with the customary
        payroll practices of the Company. The Executive’s performance and Base Salary
        shall be reviewed by the Board of Directors each October 31, and each such
        review shall represent a salary adjustment date which can cause the Base
        Salary
        to be increased by an amount to be determined and approved by the Board of
        Directors. Any such increase in the Base Salary shall not serve to limit
        or
        reduce any other obligation to the Executive under this Agreement. That portion
        of the Executive’s salary which is not taken during a given employment year
        shall be paid in common stock shares of the Company as detailed under (i)
        under
        this section.

      

      (b) Annual
        Bonus. In addition to the Base Salary, the Executive shall be awarded, for
        each
        fiscal year during the Employment Period(s), an annual bonus (an “Annual Bonus”)
        of not less than 10% of Base Salary in cash in such amounts as determined
        and
        approved by the Board of Directors. That portion of the Executive’s Annual Bonus
        which is not taken during a given employment year shall be paid in common
        stock
        shares of the Company as detailed under (i) under this section.

      

      (c) Incentive,
        Savings and Retirement Plans. In addition to Base Salary and Annual Bonus
        payable as hereinabove provided, the Executive shall be entitled to participate
        during the Employment Period(s) in all incentive, savings and retirement
        plans
        and programs applicable to other key executives and employees of the Company.
        

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      (d) Welfare
        Benefits Plans. During the Employment Period(s), the Executive and/or the
        Executive’s family, as the case may be, shall be eligible for participation in
        and shall receive all benefits under the welfare benefit plans provided by
        the
        Company (including, without limitation, medical, hospitalization, prescription,
        dental, disability, salary continuance, executive life, group life, accidental
        death and travel, accident insurance plans and programs).

      

      (e) Expenses.
        During the Employment Period(s), the Executive shall be entitled to incur
        and
        receive prompt reimbursement for all reasonable travel, (other than commuting)
        entertainment and other business expenses incurred by the Executive in
        accordance with the policies and procedures of the Company.

      

      (f) Fringe
        Benefits. During the Employment Period(s), the Executive shall be entitled
        to
        all fringe benefits provided to the Executives and any employees of the Company,
        including country club membership, two (2) Airline memberships, free annual
        full
        physical and continued use of an American made Company-owned or leased
        automobile to be selected by the Executive. The Company will pay all garage,
        insurance, gasoline, registration, maintenance and repair costs incident
        to the
        Executive’s use of such Company owned or leased automobile.

      

      (g) Office
        and Support Staff. During the Employment Period(s), the Executive shall be
        entitled to an office of a size and with furnishings and other appointments,
        and
        to secretarial and other assistance, at least equal to those provided to
        other
        key Executives of the Company.

      

      (h) Vacation.
        During the Employment Period(s), the Executive shall be entitled to such
        paid
        vacation as determined by the officers of the Company and concurred by the
        Board
        of Directors.

      

      (i) Compensation
        paid in lieu of cash. Any compensation and benefit due the Executive and
        not
        paid by the Company on a timely and current basis can be taken in common
        stock
        shares of the Company at a value equal to the net worth divided by the number
        of
        shares issued and outstanding, at the Executive’s discretion.

      

      (j) Severance
        Payment. Executive
        shall receive severance payments upon termination if termination is other
        than
        due to Cause (Section 5. (c)). Commencing with the termination, death or
        disability classification of the Executive the Company shall pay to the
        Executive and/or his dependent(s) severance payments equal to his then current
        compensation over any then outstanding employment period as defined herein.
        

      

      (k) Payment
        to Executive upon Termination of Term. If
        the
        Term shall terminate pursuant to Section 6. (a). (b) or (d), Company shall
        compensate Executive with a Severance Bonus in the form of common stock shares
        of the Company’s voting shares equal 2% of the Company’s then outstanding common
        stock shares each year of the Executive’s Termination Date so long Severance
        Payments are paid to the Executive.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      6. Termination.  

      

      (a)
         
        Death.
        This Agreement shall terminate automatically upon the Executive’s death and
        dependent(s) will receive payments due as detailed under Section 7.

      

      (b) 
        Disability.
        If the Company determines in good faith that the Disability of the Executive
        has
        occurred (pursuant to the definition of “Disability” as set forth below), it may
        give to the Executive written notice of its intention to terminate the
        Executive’s employment. In such event, the Executive’s employment with the
        Company shall terminate effective on the 30th day after receipt of such notice
        by the Executive (the “Disability Effective Date”), provided that, within the 30
        days after such receipt, the Executive shall not have returned to full-time
        performance of the Executive’s duties. 

      

      (1) For
        purposes of this Agreement, “Disability” means disability which, at least 26
        weeks after its commencement, is determined by the Company to be of such
        a
        nature as to prevent the Executive from performing his duties; or

      

      (2) Disability
        as defined by the Social Security System Guidelines.

      

      (c) Cause.
        The Company may terminate the Executive’s employment for “Cause”. For purposes
        of this Agreement, “Cause” means (a) an act or acts of personal dishonesty taken
        by the Executive, (b) the conviction of the Executive of a crime involving
        moral
        turpitude, (c) the failure, refusal or inability to adequately perform his
        duties as reasonably assigned to him hereunder from time-to-time, or (d)
        the
        failure to follow a reasonable instruction form the Board of Directors of
        the
        Company.

      

      (d) Good
        Reason. The Executive’s employment may be terminated by the Executive for Good
        Reason. For purposes of this Agreement, “Good Reason” means:

      

      (i)
        the
        assignment to the Executive of duties inconsistent in any material respect
        with
        the Executive’s position, authority, duties or responsibilities or any other
        action by the Company which results in a material diminution in such position,
        authority, duties or responsibilities, excluding for this purpose an isolated,
        insubstantial and inadvertent action not taken in bad faith and which is
        remedied by the Company promptly after receipt of notice thereof given by
        the
        Executive;

      

      (ii)
        any
        failure by the Company to comply with any of the provisions of Section 4.
        of
        this Agreement, other than an isolated, insubstantial and inadvertent failure
        not occurring in bad faith and which is remedied by the Company promptly
        after
        receipt of notice thereof given by the Executive;

      

      (iii)
        the
        Company requiring the Executive to be based at any office or location other
        than
        within 50 miles of the Company’s current office location in Deerfield Beach,
        Florida, except for travel reasonably required in the performance of the
        Executive’s responsibilities;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      (iv)
        any
        purported termination by the Company of the Executive’s employment otherwise
        than as expressly permitted by this Agreement.

      

      (e) Notice
        of
        Termination. Any termination by the Company for Cause or by the Executive
        for
        Good Reason shall be communicated by Notice of Termination to the other party
        hereto given in accordance with Section 14 (b) of this Agreement. For purposes
        of this Agreement, a “Notice of Termination” means a written notice which (i)
        indicates the specific termination provision in this Agreement relied upon,
        (ii)
        sets forth in reasonable detail the facts and circumstances claimed to provide
        a
        basis for termination of the Executive’s employment under the provisions so
        indicated and (iii) if the Date of Termination (as defined below) is other
        than
        the date of receipt of such notice, specifies the termination date (which
        date
        shall be not more than fifteen (15) days after the giving of such Notice).
        The
        failure by the Executive to set forth in the Notice of Termination any fact
        or
        circumstances which contribute to a showing of Good Reason shall not waive
        any
        right of the Executive hereunder or preclude the Executive from asserting
        such
        fact or circumstance in enforcing his rights hereunder.

      

      (f) Date
        of
        Termination. “Date of Termination” means the date of receipt of the Notice of
        Termination or any later date specified therein, as the case may be; provided,
        however, that (i) if the Executive’s employment is terminated by the Company
        other than for Cause or Disability, the Date of Termination shall be the
        date on
        which the Company notifies the Executive of such termination and (ii) if
        the
        Executive’s employment is terminated by reason of Death or Disability, the Date
        of Termination shall be the date of death of the Executive or the Disability
        Effective Date, as the case may be.

      

      7. Obligation
        of the Company upon Termination. 

      

      (a) Death.
        If
        the Executive’s employment is terminated by reason of the Executive’s death,
        this Agreement shall continue as required under the section titled “Severance
        Payment”; and, any unpaid Annual Bonus required to be paid to the Executive for
        the last full fiscal year or fraction thereof together with any accrued interest
        thereon, any accrued vacation pay not yet paid by the Company, and any other
        amounts or benefits owing to or accrued or vested for the account of the
        Executive under the then applicable employee benefits plans or policies of
        the
        Company. All accrued obligations shall be paid by the Company to the Executive
        dependent(s) in a lump sum in cash within 90 days of the Date of Termination.
        Anything in this Agreement to the contrary notwithstanding, the Executive’s
        family shall be entitled to receive benefits at least equal to the benefits
        provided by the Company, to surviving families of executives of the Company,
        under such plans, programs and policies relating to family death benefits,
        if
        any, in accordance with the most favorable policies of the Company.

      

      (b) Disability.
        If the Executive’s employment is terminated by reason of the Executive’s
        Disability, this Agreement shall terminate and continue as detailed under
        this
        section par. (a).

      

      (c) Cause:
        Other than for Good Reason. If the Executive’s employment shall be terminated
        for Cause, this Agreement shall terminate without further obligations to
        the
        Executive, other than the obligation to pay to the Executive the current
        Base
        Salary through the Date of Termination and after the Date of Termination
        salary
        and amounts as detailed under Section 5. (j) and (k) hereto. If the Executive
        terminates employment other than for Good Reason, death or disability, this
        Agreement shall terminate without further obligations to the Executive, other
        than those obligations accrued or earned by the Executive through the Date
        of
        Termination, including for this purpose, All Accrued Obligations.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      (d) Salary
        and Benefit continuance shall be for the balance of any contractual period
        of
        (five (5) years) following Termination of Employee (see severance payment
        section 5. (j)) for any reason other than described in section 6.
        (c).

      

      8. Non-Exclusivity
        of Rights. Nothing in this Agreement shall prevent or limit the Executive’s
        continuing or future participation in any benefit, bonus, incentive or other
        plan or program provided by the Company and its affiliated companies for
        which
        the Executive may qualify, nor shall anything herein limit or otherwise affect
        such rights as the Executive may have under any stock option or other agreements
        with the Company, or any of its affiliated companies. Amounts which are vested
        benefits or which the Executive is otherwise entitled to receive under any
        plan
        or program of the Company or any of its affiliated companies at or subsequent
        to
        he Date of Termination shall be payable in accordance with such plan or
        program.

      

      9. Confidentiality
        and Restrictive Covenant.  

      

      (a) During
        the Employment Period and for a period of twenty-four (24) months immediately
        following the termination of the Executive’s employment or after any salary
        continuance, the Executive agrees to maintain in strict confidence the
        Proprietary Information and Intellectual Property and that he will not engage
        in
        or have any financial interest in any business enterprise in competition
        with
        the Company. For purposes of this Section 9, the Executive shall be deemed
        to be
        engaged in or have a financial interest in a business enterprise if he is
        an
        employee, officer, director, trustee, agent, consultant or partner of any
        person
        which is engaged in such business, or if he owns, directly or indirectly,
        stock
        or securities convertible into or exchangeable for stock or otherwise has
        any
        equity or beneficial interest in such person; provided, that the ownership
        of 5%
        or less of the outstanding shares of a class of security, which is regularly
        traded on a national securities exchange or quoted in an automated inter-dealer
        quotation system, shall not be deemed to be engaging or having a financial
        interest in the business of such person or entity.

      

      (b) During
        the Term and for a period of one (1) year immediately following the termination
        of the Executive’s employment or salary continuance, the Executive agrees that
        he will not directly or indirectly hire or solicit any employee of the Company
        or who was an employee, consultant or independent contractor of the Company
        at
        any time within the six-month period immediately prior thereto or encourage
        an
        employee, consultant, independent contractor or agent of the Company to
        terminate such employment or agency relationship.

      

      (c) The
        Executive acknowledges and agrees that the restrictive covenants set forth
        in
        this Section 9. (the “Restrictive Covenants”) are reasonable and valid in
        geographical and temporal scope and in all other respects. If any court
        determines that any of the Restrictive Covenants, or any part thereof, is
        invalid or unenforceable, the remainder of the Restrictive Covenants shall
        not
        thereby be affected and shall be given full force and effect, without regard
        to
        the invalid or unenforceable parts.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      (d) If
        any
        court determines that any of the Restrictive Covenants, or any part thereof,
        is
        invalid or unenforceable for any reason, such court shall have the power
        to
        modify such Restrictive Covenant, or any part thereof, and, in its modified
        form, such Restrictive Covenant shall then be valid and
        enforceable.

      

      10. Equitable
        Relief. In the event of a breach or threatened breach by the Executive of
        any of
        the covenants contained in Section 8. hereof, the Company shall be entitled
        to
        temporary retraining order, a preliminary injunction and/or a permanent
        injunction restraining the Executive from breaching or continuing to breach
        any
        of said covenants. Nothing herein contained shall be construed as prohibiting
        the Company from pursuing any other remedies that may be available to it
        for
        such breach or threatened breach, including the recovering of
        damages.

      

      11. Full
        Settlement. The Company’s obligation to make the payments provided for in this
        Agreement and otherwise to perform its obligations hereunder shall not be
        affected by any setoff, counterclaim, recoupment, defense or other claim,
        right
        or action which the Company may have against the Executive or others. In
        no
        event shall the Executive be obligated to seek other employment or take any
        other action by way of mitigation of the amounts payable to the Executive
        under
        any of the provisions of this Agreement.

      

      12. Confidential
        Information. The Executive shall hold in a fiduciary capacity for the benefit
        of
        the Company all Proprietary Information, relating to the Company or any of
        its
        affiliated companies, and their respective businesses, which shall have been
        obtained by the Executive during the Executive’s employment by the Company or
        any of its affiliated companies and which shall not be or become public
        knowledge (other than by acts by the Executive or his representatives in
        violation of this Agreement). After termination of the Executive’s employment
        with the Company, the Executive shall not, without the prior written consent
        of
        the Company, communicate or divulge any such Proprietary information, knowledge
        or date to anyone other than the Company and those designated by it. In no
        event
        shall an asserted violation of those designated by it. In no event shall
        an
        asserted violation of the provisions of this Section 12. constitute a basis
        for
        deferring or withholding any amounts otherwise payable to the Executive under
        this Agreement.

      

      13. Successors. 

      

      (a) This
        Agreement is personal to the Executive and without the prior written consent
        of
        the Company shall not be assignable by the Executive. This Agreement shall
        inure
        to the benefit of and be enforceable by the Executive’s representative(s) and
        dependent(s) as detailed herein.

      

      (b) This
        Agreement shall inure to the benefit of and be binding upon the Company,
        its
        respective successors and assigns.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      (c) The
        Company will require any successor (whether direct or indirect, by purchase,
        merger, consolidation or otherwise) to all or substantially all of the business
        and/or assets of the Company, respectively to expressly assume and agree
        to
        perform this Agreement in the same manner and to the same extent that such
        party
        would be required to perform it if no such succession had taken place. As
        used
        in this Agreement, “Company” shall mean, respectively, the Company as
        hereinbefore defined and any successor to such party’s business and/or assets as
        aforesaid which assumes and agrees to perform this Agreement by operation
        of
        law, or otherwise.

      

      14. Miscellaneous.  

      

      (a) This
        Agreement shall be governed by and construed in accordance wit the laws of
        the
        State of Florida, without reference to principles of conflict of laws. The
        captions of this Agreement are not part of the provisions hereof and shall
        have
        no force or effect. This Agreement may not be amended or modified otherwise
        than
        by a written agreement executed by the parties hereto or their respective
        successors and legal representatives.

      

      (b) All
        notices and other communications hereunder shall be in writing and shall
        be
        given by hand delivery to the other party or by registered or certified mail,
        return receipt requested, postage prepaid, addressed as follows:

      

      if
        to the
        Executive:  Bruce
        L.
        Hollander

      10563
        Boca Woods Lane

      Boca
        Raton, FL 33428

      

      if
        to the
        Company:  Bio-Lok
        International Inc.

      312
        S.
        Military Trail

      Deerfield
        Beach, FL 33442

      

      or
        to
        such other address as either party shall have furnished to the other in writing
        in accordance herewith. Notice and communications shall be effective when
        actually received by the addressed.

      

      (c) The
        invalidity in total or in part of any provision of this Agreement shall not
        affect the validity or enforceability of any other provision of this
        Agreement.

      

      (d) The
        Company may withhold from any amounts payable under this Agreement such Federal,
        State or local taxes as shall be required to be withheld pursuant to any
        applicable law or regulation.

      

      (e) The
        Executive’s failure to insist upon strict compliance with any provision hereof
        shall not be deemed to be a waiver of such provision or any other provision
        thereof.

      

      (f) This
        Agreement contains the entire understanding of the Company and the Executive
        with respect to the subject matter hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Executive has hereunto set his hand and, pursuant to
        the
        authorization from each respective Board member of the Company have caused
        this
        Agreement to be duly executed in its corporate name by one of its officers
        or
        directors duly authorized to enter into and execute this Agreement, all as
        of
        the day and year first above written.

       

      
        	 	 	 
	 	Bio-Lok
                International Inc.
	 
 	 
 	 
 
	 	By:  	/s/ Neil
                H. Smith
	 	
                

              

      

      
         

        
          	 	 	 
	 	By:  	/s/
                  Ingo K. Kozak
	 	
                  

                

        

        
           

          
            	 	 	 
	 	Executive:
	 	  	/s/
                    Bruce L. Hollander
	 	
                    

                    Bruce
                      L. HollanderExhibit
        10.3

      

      EMPLOYMENT
        AGREEMENT

      

      AGREEMENT
        by and between Bio-Lok International Inc. (the “Company”), and Ingo K. Kozak
        (the “Executive”), dated as of the 1st
        day
        of
November,
        1997.

      

      WHEREAS,
        The Board of Directors of the Company (the “Board”) has determined that it is in
        the best interest of the Company and its shareholders, to avail itself of
        the
        Executive’s services as Chief Financial Officer (CEO) and Vice President -
        Finance of the Company and to assure that the Company will have the continued
        dedication of the Executive;

      

      WHEREAS,
        this Agreement shall cancel, replace and supersede, the Employment Agreement
        signed by the Executive on February 19, 1997.

      

      NOW,
        THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

      

      1. Definitions. As
        used
        in this Agreement, the following terms shall have the following
        meaning:

      

      (a) Proprietary
        Information
        shall
        mean any trade or business secrets of the Company and any scientific, technical
        or business materials that are treated by the Company as confidential or
        proprietary and are not now in, or hereafter enter, the public domain,
        including, but not limited to information to which the Executive has access
        or
        to which he may have access relating to the Company’s present or planned
        business methods of doing business and certain other business information
        with
        which the Company has entrusted Executive in the use, application or purpose
        therefore. “Proprietary Information” shall not include any (i) general knowledge
        of the industry in the possession of the Executive prior to his becoming
        an
        employee of the Company (ii) any information in the public domain at the
        time of
        receipt by Executive, or (iii) any information which, after receipt thereof
        by
        Executive, becomes part of the public domain through no improper act or omission
        of Executive, but shall include the trade secrets of and confidential
        information about the Company possessed by the Executive prior to his becoming
        an employee of the Company.

      

      (b) Intellectual
        Property
        means
        any written, drawing, logo, computer program, manual, trade name, trademark,
        service mark or other material of the Company registered or otherwise protected
        or protectable under state, federal or foreign patent, trademark, copyright,
        or
        similar laws.

      

      2. Employment
        Period. The
        Company hereby employs the Executive and agrees to continue the Executive
        in its
        employ, and the Executive hereby agrees to remain in the employ of the Company
        upon the terms and conditions hereinafter set forth, for the period commencing
        on the date hereof and ending on the fourth (4th) anniversary from such date
        (the “Employment Period”), and such Employment Period shall automatically renew
        annually on each October 31st for a full four (4) years - i.e. at all times
        on
        each October 31st a full four (4) Employment Period will be
        outstanding.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      3. Terms
        of Employment. During
        the Employment Period(s), and excluding any periods of vacation, personal
        and
        sick leave to which the Executive is entitled, the Executive agrees to devote
        reasonable attention and time during normal business hours to the business
        and
        affairs of the Company and, to the extent necessary, to discharge the
        responsibilities assigned to the Executive, to use the Executive’s reasonable
        best efforts to perform faithfully and efficiently such responsibilities.
        During
        the Employment Period, it shall not be a violation of this Agreement for
        the
        Executive to (i) serve on civic or charitable boards or committees, (ii)
        manage
        associated companies, as directed by the Board of Directors, for compensation
        additional to this agreement, (iii) deliver lectures, fulfill speaking
        engagements or teach at educational institutions or (iv) manage personal
        investments, as long as such activities do not interfere with the performance
        of
        the Executive’s responsibilities as an employee of the Company in accordance
        with this Agreement.

      

      4. Position,
        Responsibilities and Location. During
        the Employment Period, the Executive shall hold and perform a position of
        responsibility, importance and scope with the Company at least equal to those
        of
        the position held by him immediately prior to any Change in Control. The
        Executive shall not be required, without his written consent, to change his
        office location from the location thereof immediately prior to a Change in
        Control or to be absent therefrom on business more than sixty (60) working
        days
        in any year or more than ten (10) consecutive days at any one time.

      

      5. Compensation. 

      

      (a) Base
        Salary.
        During
        the Employment Period, the Executive shall receive a base salary (“Base Salary”)
        of $95,000 per annum payable in accordance with the customary payroll practices
        of the Company. The Executive’s performance and Base Salary shall be reviewed by
        the Board of Directors each October 31, and each such review shall represent
        a
        salary adjustment date which can cause the Base Salary to be increased by
        an
        amount to be determined and approved by the Board of Directors. Any such
        increase in the Base Salary shall not serve to limit or reduce any other
        obligation to the Executive under this Agreement. That portion of the
        Executive’s salary which is not taken during a given employment year shall be
        paid in common stock shares of the Company as detailed under (i) under this
        section.

      

      (b) Annual
        Bonus.
        In
        addition to the Base Salary, the Executive shall be awarded, for each fiscal
        year during the Employment Period(s), an annual bonus (an “Annual Bonus”) of not
        less than 10% of Base Salary in cash in such amounts as determined and approved
        by the Board of Directors. That portion of the Executive’s Annual Bonus which is
        not taken during a given employment year shall be paid in common stock shares
        of
        the Company as detailed under (i) under this section.

      

      (c) Incentive,
        Savings and Retirement Plans.
        In
        addition to Base Salary and Annual Bonus payable as hereinabove provided,
        the
        Executive shall be entitled to participate during the Employment Period(s)
        in
        all incentive, savings and retirement plans and programs applicable to other
        key
        executives and employees of the Company. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      (d) Welfare
        Benefits Plans.
        During
        the Employment Period(s), the Executive and/or the Executive’s family, as the
        case may be, shall be eligible for participation in and shall receive all
        benefits under the welfare benefit plans provided by the Company (including,
        without limitation, medical, hospitalization, prescription, dental, disability,
        salary continuance, executive life, group life, accidental death and travel,
        accident insurance plans and programs).

      

      (e) Expenses.
        During
        the Employment Period(s), the Executive shall be entitled to incur and receive
        prompt reimbursement for all reasonable travel, (other than commuting)
        entertainment and other business expenses incurred by the Executive in
        accordance with the policies and procedures of the Company.

      

      (f) Fringe
        Benefits.
        During
        the Employment Period(s), the Executive shall be entitled to all fringe benefits
        provided to Executives as approved by the President and any employees of
        the
        Company, including country club membership, two (2) Airline memberships,
        free
        annual full physical and continued use of an American made Company-owned
        or
        leased automobile to be selected by the Executive. The Company will pay all
        garage, insurance, gasoline, registration, maintenance and repair costs incident
        to the Executive’s use of such Company owned or leased automobile.

      

      (g) Office
        and Support Staff.
        During
        the Employment Period(s), the Executive shall be entitled to an office of
        a size
        and with furnishings and other appointments, and to secretarial and other
        assistance, at least equal to those provided to other key Executives of the
        Company.

      

      (h) Vacation.
        During
        the Employment Period(s), the Executive shall be entitled to such paid vacation
        as determined by the officers of the Company and concurred by the Board of
        Directors.

      

      (i) Compensation
        paid in lieu of cash.
        Any
        compensation and benefit due the Executive and not paid by the Company on
        a
        timely and current basis can be taken in common stock shares of the Company
        at a
        value equal to the net worth divided by the number of shares issued and
        outstanding, at the Executive’s discretion.

      

      (j) Severance
        Payment. Executive
        shall receive severance payments upon termination if termination is other
        than
        due to Cause (Section 5. (c)). Commencing with the termination, death or
        disability classification of the Executive the Company shall pay to the
        Executive and/or his dependent(s) severance payments equal to his then current
        compensation over any then outstanding employment period as defined herein.
        

      

      (k) Payment
        to Executive upon Termination of Term.
        If the
        Term shall terminate pursuant to Section 6(a), (b) or (d), Company shall
        compensate Executive with a Severance Bonus in the form of common stock shares
        of the Company’s voting shares equal 1.0% of the Company’s then outstanding
        common stock shares each year of the Executive’s Termination Date so long
        Severance Payments are paid to the Executive.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      6. Termination.  

      

      (a)
          Death.
        This
        Agreement shall terminate automatically upon the Executive’s death and
        dependent(s) will receive payments due as detailed under Section 7.

      

      (b) Disability.
        If the
        Company determines in good faith that the Disability of the Executive has
        occurred (pursuant to the definition of “Disability” as set forth below), it may
        give to the Executive written notice of its intention to terminate the
        Executive’s employment. In such event, the Executive’s employment with the
        Company shall terminate effective on the 30th day after receipt of such notice
        by the Executive (the “Disability Effective Date”), provided that, within the 30
        days after such receipt, the Executive shall not have returned to full-time
        performance of the Executive’s duties. 

      

      (1) For
        purposes of this Agreement, “Disability” means disability which, at least 26
        weeks after its commencement, is determined by the Company to be of such
        a
        nature as to prevent the Executive from performing his duties; or

      

      (2) Disability
        as defined by the Social Security System Guidelines.

      

      (c) Cause.
        The
        Company may terminate the Executive’s employment for “Cause”. For purposes of
        this Agreement, “Cause” means (a) an act or acts of personal dishonesty taken by
        the Executive, (b) the conviction of the Executive of a crime involving moral
        turpitude, (c) the failure, refusal or inability to adequately perform his
        duties as reasonably assigned to him hereunder from time-to-time, or (d)
        the
        failure to follow a reasonable instruction form the Board of Directors of
        the
        Company.

      

      (d) Good
        Reason.
        The
        Executive’s employment may be terminated by the Executive for Good Reason. For
        purposes of this Agreement, “Good Reason” means:

      

      (i)
        the
        assignment to the Executive of duties inconsistent in any material respect
        with
        the Executive’s position, authority, duties or responsibilities or any other
        action by the Company which results in a material diminution in such position,
        authority, duties or responsibilities, excluding for this purpose an isolated,
        insubstantial and inadvertent action not taken in bad faith and which is
        remedied by the Company promptly after receipt of notice thereof given by
        the
        Executive;

      

      (ii)
        any
        failure by the Company to comply with any of the provisions of Section 4.
        of
        this Agreement, other than an isolated, insubstantial and inadvertent failure
        not occurring in bad faith and which is remedied by the Company promptly
        after
        receipt of notice thereof given by the Executive;

      

      (iii)
        the
        Company requiring the Executive to be based at any office or location other
        than
        within 50 miles of the Company’s current office location in Deerfield Beach,
        Florida, except for travel reasonably required in the performance of the
        Executive’s responsibilities;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      (iv)
        any
        purported termination by the Company of the Executive’s employment otherwise
        than as expressly permitted by this Agreement.

      

      (e) Notice
        of Termination.
        Any
        termination by the Company for Cause or by the Executive for Good Reason
        shall
        be communicated by Notice of Termination to the other party hereto given
        in
        accordance with Section 14 (b) of this Agreement. For purposes of this
        Agreement, a “Notice of Termination” means a written notice which (i) indicates
        the specific termination provision in this Agreement relied upon, (ii) sets
        forth in reasonable detail the facts and circumstances claimed to provide
        a
        basis for termination of the Executive’s employment under the provisions so
        indicated and (iii) if the Date of Termination (as defined below) is other
        than
        the date of receipt of such notice, specifies the termination date (which
        date
        shall be not more than fifteen (15) days after the giving of such Notice).
        The
        failure by the Executive to set forth in the Notice of Termination any fact
        or
        circumstances which contribute to a showing of Good Reason shall not waive
        any
        right of the Executive hereunder or preclude the Executive from asserting
        such
        fact or circumstance in enforcing his rights hereunder.

      

      (f) Date
        of Termination.“Date
        of
        Termination” means the date of receipt of the Notice of Termination or any later
        date specified therein, as the case may be; provided, however, that (i) if
        the
        Executive’s employment is terminated by the Company other than for Cause or
        Disability, the Date of Termination shall be the date on which the Company
        notifies the Executive of such termination and (ii) if the Executive’s
        employment is terminated by reason of Death or Disability, the Date of
        Termination shall be the date of death of the Executive or the Disability
        Effective Date, as the case may be.

      

      7. Obligation
        of the Company upon Termination. 

      

      (a) Death.
        If the
        Executive’s employment is terminated by reason of the Executive’s death, this
        Agreement shall continue as required under the section titled “Severance
        Payment”; and, any unpaid Annual Bonus required to be paid to the Executive for
        the last full fiscal year or fraction thereof together with any accrued interest
        thereon, any accrued vacation pay not yet paid by the Company, and any other
        amounts or benefits owing to or accrued or vested for the account of the
        Executive under the then applicable employee benefits plans or policies of
        the
        Company. All accrued obligations shall be paid by the Company to the Executive
        dependent(s) in a lump sum in cash within 90 days of the Date of Termination.
        Anything in this Agreement to the contrary notwithstanding, the Executive’s
        family shall be entitled to receive benefits at least equal to the benefits
        provided by the Company, to surviving families of executives of the Company,
        under such plans, programs and policies relating to family death benefits,
        if
        any, in accordance with the most favorable policies of the Company.

      

      (b) Disability.
        If the
        Executive’s employment is terminated by reason of the Executive’s Disability,
        this Agreement shall terminate and continue as detailed under this section
        par.
        (a).

      

      (c) Cause:
        Other than for Good Reason.
        f the
        Executive’s employment shall be terminated for Cause, this Agreement shall
        terminate without further obligations to the Executive, other than the
        obligation to pay to the Executive the current Base Salary through the Date
        of
        Termination and after the Date of Termination salary and amounts as detailed
        under Section 5. (j) and (k) hereto. If the Executive terminates employment
        other than for Good Reason, death or disability, this Agreement shall terminate
        without further obligations to the Executive, other than those obligations
        accrued or earned by the Executive through the Date of Termination, including
        for this purpose, All Accrued Obligations.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      (d) Salary
        and Benefit continuance shall be for the balance of any contractual period
        of
        (three (3) years) following Termination of Employee (see severance payment
        section 5. (j)) for any reason other than described in section 6.
        (c).

      

      8. Non-Exclusivity
        of Rights.
        Nothing
        in this Agreement shall prevent or limit the Executive’s continuing or future
        participation in any benefit, bonus, incentive or other plan or program provided
        by the Company and its affiliated companies for which the Executive may qualify,
        nor shall anything herein limit or otherwise affect such rights as the Executive
        may have under any stock option or other agreements with the Company, or
        any of
        its affiliated companies. Amounts which are vested benefits or which the
        Executive is otherwise entitled to receive under any plan or program of the
        Company or any of its affiliated companies at or subsequent to he Date of
        Termination shall be payable in accordance with such plan or
        program.

      

      9. Confidentiality
        and Restrictive Covenant.

      

      (a) During
        the Employment Period and for a period of twenty-four (24) months immediately
        following the termination of the Executive’s employment or after any salary
        continuance, the Executive agrees to maintain in strict confidence the
        Proprietary Information and Intellectual Property and that he will not engage
        in
        or have any financial interest in any business enterprise in competition
        with
        the Company. For purposes of this Section 9. the Executive shall be deemed
        to be
        engaged in or have a financial interest in a business enterprise if he is
        an
        employee, officer, director, trustee, agent, consultant or partner of any
        person
        which is engaged in such business, or if he owns, directly or indirectly,
        stock
        or securities convertible into or exchangeable for stock or otherwise has
        any
        equity or beneficial interest in such person; provided, that the ownership
        of 5%
        or less of the outstanding shares of a class of security, which is regularly
        traded on a national securities exchange or quoted in an automated inter-dealer
        quotation system, shall not be deemed to be engaging or having a financial
        interest in the business of such person or entity.

      

      (b) During
        the Term and for a period of one (1) year immediately following the termination
        of the Executive’s employment or salary continuance, the Executive agrees that
        he will not directly or indirectly hire or solicit any employee of the Company
        or who was an employee, consultant or independent contractor of the Company
        at
        any time within the six-month period immediately prior thereto or encourage
        an
        employee, consultant, independent contractor or agent of the Company to
        terminate such employment or agency relationship.

      

      (c) The
        Executive acknowledges and agrees that the restrictive covenants set forth
        in
        this Section 9. (the “Restrictive Covenants”) are reasonable and valid in
        geographical and temporal scope and in all other respects. If any court
        determines that any of the Restrictive Covenants, or any part thereof, is
        invalid or unenforceable, the remainder of the Restrictive Covenants shall
        not
        thereby be affected and shall be given full force and effect, without regard
        to
        the invalid or unenforceable parts.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      (d) If
        any
        court determines that any of the Restrictive Covenants, or any part thereof,
        is
        invalid or unenforceable for any reason, such court shall have the power
        to
        modify such Restrictive Covenant, or any part thereof, and, in its modified
        form, such Restrictive Covenant shall then be valid and
        enforceable.

      

      10. Equitable
        Relief.
        In the
        event of a breach or threatened breach by the Executive of any of the covenants
        contained in Section 8. hereof, the Company shall be entitled to temporary
        retraining order, a preliminary injunction and/or a permanent injunction
        restraining the Executive from breaching or continuing to breach any of said
        covenants. Nothing herein contained shall be construed as prohibiting the
        Company from pursuing any other remedies that may be available to it for
        such
        breach or threatened breach, including the recovering of damages.

      

      11. Full
        Settlement.
        The
        Company’s obligation to make the payments provided for in this Agreement and
        otherwise to perform its obligations hereunder shall not be affected by any
        setoff, counterclaim, recoupment, defense or other claim, right or action
        which
        the Company may have against the Executive or others. In no event shall the
        Executive be obligated to seek other employment or take any other action
        by way
        of mitigation of the amounts payable to the Executive under any of the
        provisions of this Agreement.

      

      12. Confidential
        Information.
        The
        Executive shall hold in a fiduciary capacity for the benefit of the Company
        all
        Proprietary Information, relating to the Company or any of its affiliated
        companies, and their respective businesses, which shall have been obtained
        by
        the Executive during the Executive’s employment by the Company or any of its
        affiliated companies and which shall not be or become public knowledge (other
        than by acts by the Executive or his representatives in violation of this
        Agreement). After termination of the Executive’s employment with the Company,
        the Executive shall not, without the prior written consent of the Company,
        communicate or divulge any such Proprietary information, knowledge or date
        to
        anyone other than the Company and those designated by it. In no event shall
        an
        asserted violation of those designated by it. In no event shall an asserted
        violation of the provisions of this Section 12. constitute a basis for deferring
        or withholding any amounts otherwise payable to the Executive under this
        Agreement.

      

      13. Successors. 

      

      (a) This
        Agreement is personal to the Executive and without the prior written consent
        of
        the Company shall not be assignable by the Executive. This Agreement shall
        inure
        to the benefit of and be enforceable by the Executive’s representative(s) and
        dependent(s) as detailed herein.

      

      (b) This
        Agreement shall inure to the benefit of and be binding upon the Company,
        its
        respective successors and assigns.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      (c) The
        Company will require any successor (whether direct or indirect, by purchase,
        merger, consolidation or otherwise) to all or substantially all of the business
        and/or assets of the Company, respectively to expressly assume and agree
        to
        perform this Agreement in the same manner and to the same extent that such
        party
        would be required to perform it if no such succession had taken place. As
        used
        in this Agreement, “Company” shall mean, respectively, the Company as
        hereinbefore defined and any successor to such party’s business and/or assets as
        aforesaid which assumes and agrees to perform this Agreement by operation
        of
        law, or otherwise.

      

      14. Miscellaneous.  

      

      (a) This
        Agreement shall be governed by and construed in accordance wit the laws of
        the
        State of Florida, without reference to principles of conflict of laws. The
        captions of this Agreement are not part of the provisions hereof and shall
        have
        no force or effect. This Agreement may not be amended or modified otherwise
        than
        by a written agreement executed by the parties hereto or their respective
        successors and legal representatives.

      

      (b) All
        notices and other communications hereunder shall be in writing and shall
        be
        given by hand delivery to the other party or by registered or certified mail,
        return receipt requested, postage prepaid, addressed as follows:

      

      if
        to the
        Executive:  Ingo
        K.
        Kozak

      4B
        Atrium
        Circle

      Atlantis,
        Fl 33462

      

      if
        to the
        Company:  Bio-Lok
        International Inc.

      312
        S.
        Military Trail

      Deerfield
        Beach, FL 33442

      

      or
        to
        such other address as either party shall have furnished to the other in writing
        in accordance herewith. Notice and communications shall be effective when
        actually received by the addressed.

      

      (c) The
        invalidity in total or in part of any provision of this Agreement shall not
        affect the validity or enforceability of any other provision of this
        Agreement.

      

      (d) The
        Company may withhold from any amounts payable under this Agreement such Federal,
        State or local taxes as shall be required to be withheld pursuant to any
        applicable law or regulation.

      

      (e) The
        Executive’s failure to insist upon strict compliance with any provision hereof
        shall not be deemed to be a waiver of such provision or any other provision
        thereof.

      

      (f) This
        Agreement contains the entire understanding of the Company and the Executive
        with respect to the subject matter hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Executive has hereunto set his hand and, pursuant to
        the
        authorization from each respective Board member of the Company have caused
        this
        Agreement to be duly executed in its corporate name by one of its officers
        or
        directors duly authorized to enter into and execute this Agreement, all as
        of
        the day and year first above written.

       

      
        	 	 	 
	 	Bio-Lok
                International Inc.
	 
 	 
 	 
 
	 	By:  	/s/ Bruce
                L. Hollander
	 	
                

              
	 	President

      

      
        
          	 	 	 
	 	By:  	/s/
                  Neil H. Smith
	 	
                  

                
	 	Director
                  & Compensation Committee Member
	 	 
	 	 

        

        
          
            
              
                 

              

              
                	 	Executive: 
	 	 	 
	 	  	/s/
                        Ingo K. Kozak
	 	
                        

                        Ingo
                          K. Kozak

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