Document:

EXHIBIT 10.1

September 22, 2006

Mr. Yoav Cohen

By: e-mail

Dear Yoav,

I am pleased to offer you
employment with Vision-Sciences, Inc. (the “Company”), at our Orangeburg, NY
location, pursuant to the following terms and conditions:

	
  Title:

  	
   

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
  Salary:

  	
   

  	
  $185,000 per annum,
  payable in accordance with the Company’s normal payroll schedules.

  
	
   

  	
   

  	
   

  
	
  Annual Bonus:

  	
   

  	
  Following the first anniversary of your Effective
  Date you will be eligible to participate in the Annual Management Bonus
  program if one is available.

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  Your first date of employment – Monday, September 25, 2006

  
	
   

  	
   

  	
   

  
	
  Benefits:

  	
   

  	
  You will be entitled to participate in the Company’s
  standard benefits package, which may be changed from time to time, currently
  including insurance for medical, dental, life, short-term disability and
  long-term disability and the Company’s 401K plan.

  
	
   

  	
   

  	
   

  
	
  Vacation:

  	
   

  	
  You will be eligible for three (3) weeks vacation.

  
	
   

  	
   

  	
   

  
	
  Options:

  	
   

  	
  You will receive an incentive stock option to
  purchase 150,000 shares of
  common stock of Vision-Sciences, Inc., subject to approval of the
  Compensation Committee of the Board of Directors, at a purchase price equal
  to the closing market price on your effective date, with vesting as follows:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ·       37.500 shares vesting on the first
  anniversary of your effective date

  
	
   

  	
   

  	
  ·       37.500 shares vesting on the second
  anniversary of your effective date

  
	
   

  	
   

  	
  ·       37.500 shares vesting on the third
  anniversary of your effective date

  
	
   

  	
   

  	
  ·       37.500 shares vesting on the fourth
  anniversary of your effective date

  

 

 1
 

 

	
  Term &

  	
   

  	
   

  
	
  Severance:

  	
   

  	
  If the Company
  terminates your employment for no-cause after the first anniversary of the
  Effective Date, you will be eligible to receive one (1) month salary for each
  year of being employed by the Company, with a total of up to six (6) months.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  It the Company
  terminates your employment for no-cause at any time following a change of
  control of the Company to a third party, you will be eligible to the entire
  six (6) months salary, according to the Company’s normal payroll schedules.

  

 

I look forward to working
together.

	
  Yours truly,

  
	
   

  
	
   

  
	
  Ron Hadani

  
	
  President &
  CEO

  
	
   

  
	
  Accepted:

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
  Yoav Cohen

  	
   

  

 

 2Exhibit
10.1

Tatum,
LLC

Interim
Executive Services Agreement

November 6, 2006

Mr. Abe Reichental, CEO

3D Systems Corporation

333 Three D Systems Circle

Rock Hill, SC 29730

Dear Mr. Reichental:

Tatum, LLC (“Tatum”)
understands that 3D Systems Corporation (“the Company”) desires to engage a
partner of Tatum to serve as your special assistant with respect to accounting
and reporting matters.  This Interim Executive Services Agreement sets
forth the conditions under which such services will be provided.

Services; Fees

 

Tatum will make available
to the Company Jerry Pribanic (the “Tatum Partner”).  It is also
understood that the Tatum Partner may be designated chief financial officer of
the Company at an appropriate point in the future, and in that case he would agree
to perform all of the responsibilities of that office.  The Tatum Partner
will become an employee and, if applicable, a duly elected or appointed officer
of the Company subject to the supervision and direction of the CEO of the
Company.  Tatum will have no control or supervision over the Tatum
Partner.

The Company will pay the
Tatum Partner directly a salary of $26,800 a month (“Salary”).  The
Company will pay the Tatum Partner a cash bonus of $7,200 per month during the
term of this agreement, with the goals that will warrant such bonus to be
agreed upon by Tatum and the Company by November 30, 2006.  The bonus
will be paid at the completion of the engagement based on the achievement of
such goals.

In addition, the Company
will pay directly to Tatum a fee of $6,700 a month (“Fees”) as partial
compensation for resources provided.  The Company will pay Tatum a cash
bonus of $1,800 per month during the term of this agreement.  The bonus
will be paid at the same time and on the same basis as the bonus paid to the
Tatum Partner.

The Company will have no
obligation to provide the Tatum Partner any health or major medical benefits,
stock or, except as provided above, bonus payments.  In lieu of the Tatum
Partner participating in the Company-sponsored employee medical insurance
benefit plan, the Tatum Partner will remain on his current medical plan.

As an employee, the Tatum
Partner will be eligible for any Company employee retirement and/or 401(k) plan
and for vacation and holidays consistent with the Company’s policy as it
applies to senior management, and, except as otherwise provided by law, the
Tatum Partner will be exempt from any delay periods otherwise required for
eligibility.

 

Payments; Deposit

 

Payments to Tatum should
be made by direct deposit through the Company’s payroll, or by an automated
clearing house (“ACH”) payment at the same time as payments are made to the
Employee.  If such payment method is not available and payments are made
by check, Tatum will issue invoices to the Company, and the Company agrees to
pay such invoices no later than ten (10) days after receipt of invoices.

The Company will
reimburse the Tatum Partner directly for out-of-pocket expenses incurred by the
Tatum Partner in providing services hereunder to the same extent that the
Company is responsible for such expenses of senior managers of the Company and
such expenses comply with and are approved in accordance with the Company’s
travel and entertainment expense policies as in effect from time to time.

Company agrees to pay Tatum
and to maintain a security deposit of $7,000 for the Company’s future payment
obligations to both Tatum and the Tatum Partner under this agreement (the “Deposit”).
 If the Company breaches this agreement and fails to cure such breach as
provided in this agreement, Tatum will be entitled to apply the Deposit to its
damages resulting from such breach.  Upon termination or expiration of
this agreement, Tatum will return to the Company the balance of the Deposit
remaining after application of any amounts to unfulfilled payment obligations
of the Company to Tatum or the Tatum Partner as provided for in this agreement.

Converting Interim to Permanent

 

The Company will have the
opportunity to make the Tatum Partner a permanent member of Company management
at any time during the term of this agreement by entering into another form of
Tatum agreement, the terms of which will be negotiated at such time.

Hiring Tatum Partner Outside of Agreement

 

During the twelve
(12)-month period following termination or expiration of this agreement, other
than in connection with another Tatum Agreement, the Company will not employ
the Tatum Partner, or engage the Tatum Partner as an independent contractor, to
render services of substantially the same nature as those to be performed by
the Tatum Partner as contemplated by this agreement.  The parties
recognize and agree that a breach by the Company of this provision would result
in the loss to Tatum of the Tatum Partner’s valuable expertise and revenue
potential and that such injury will be impossible or very difficult to
ascertain.  Therefore, in the event this provision is breached, Tatum will
be entitled to receive as its exclusive remedy for such breach liquidated
damages in an amount equal to forty-five percent (45%) of the Tatum Partner’s Annualized
Compensation (as defined below), which amount the parties agree (a) is
reasonably related and proportionate to the probable loss to Tatum in respect
of such breach and (b) is not intended, nor shall either of the parties
assert should be construed, as a penalty.  Solely in the event that the
Company asserts a defense of non-enforceability of such liquidated damages or a
court of competent jurisdiction determines that the foregoing liquidated
damages provision is unenforceable as a result of a claim by the Company, Tatum
shall be entitled to sue for any actual damages that it shall incur as a result
of the Company’s breach of the first sentence of this paragraph.  In the
event of the Company’s breach of such obligation, the amount of the foregoing
liquidated damages will be due and payable to Tatum upon written demand to the
Company.  For the purposes of this paragraph, “Annualized Compensation”
will mean monthly Salary (as defined above) multiplied by twelve (12), plus the
maximum amount of any bonus for which the Tatum Partner was eligible with
respect to the then current bonus year.

 

 2
 

Term & Termination

Effective upon thirty (30) days’ advance written notice, either party
may terminate this agreement, such termination to be effective on the date
specified in the notice, provided that such date is no earlier than thirty (30)
days after the date of delivery of the notice. Tatum will continue to render
services and will be paid during such notice period.

 

Tatum retains the right to terminate this agreement immediately if (1)
the Company is engaged in or asks the Tatum Partner to engage in or to ignore
any illegal or unethical activity, (2) the Tatum Partner dies or becomes
disabled, (3) the Tatum Partner ceases to be a partner of Tatum for any other
reason, or (4) upon written notice by Tatum of non-payment by the Company of
amounts due under this agreement. For purposes of this agreement, disability
will be as defined by the applicable policy of disability insurance or, in the
absence of such insurance, by Tatum’s management acting in good faith.

 

In the event that either party commits a breach of this agreement,
other than for reasons described in the above paragraph, and fails to cure the
same within seven (7) days following delivery by the non-breaching party of
written notice specifying the nature of the breach, the non-breaching party
will have the right to terminate this agreement immediately effective upon
written notice of such termination.

 

Insurance

 

In the event that the Tatum Partner is named an officer of the Company,
the Company will name Tatum or the Tatum Partner as additional named insureds
under the Company’s directors’ and officers’ insurance at no additional cost to
the Tatum Partner, and the Company will maintain such insurance at all times
while this agreement remains in effect.

 

Disclaimers, Limitations of Liability & Indemnity

 

Tatum assumes no responsibility or liability under this agreement other
than to render the services called for hereunder and will not be responsible
for any action taken by the Company in following or declining to follow any of
Tatum’s advice or recommendations. Tatum represents to the Company that Tatum
has conducted its standard screening and investigation procedures with respect
to the Tatum Partner becoming a partner in Tatum, and the results of the same
were satisfactory to Tatum. Tatum disclaims all other warranties, either
express or implied. Without limiting the foregoing, Tatum makes no
representation or warranty as to the accuracy or reliability of reports,
projections, forecasts, or any other information derived from use of Tatum’s
resources, and Tatum will not be liable for any claims of reliance on such
reports, projections, forecasts, or information. Tatum will not be liable for
any non-compliance of reports, projections, forecasts, or information or
services with federal, state, or local laws or regulations. Such reports,
projections, forecasts, or information or services are for the sole benefit of
the Company and not any unnamed third parties.

 

In the event that any partner of Tatum (including without limitation
the Tatum Partner to the extent not otherwise entitled in is or her capacity as
an officer of the Company) is subpoenaed or otherwise required to appear as a
witness or Tatum or such partner is required to provide evidence, in either
case in connection with any action, suit, or other proceeding initiated by a
third party or by the Company against a third party, then the Company shall
reimburse Tatum for the costs and expenses (including reasonable attorneys’ fees)
actually incurred by Tatum or such partner and provide Tatum with compensation
at Tatum’s customary rate for the time incurred; provided that, notwithstanding
any other provision of this Agreement, such reimbursements and 

 

 

 

 3
 

compensation shall in all respects be subject to the provisions of
Section 145(e) of the Delaware General Corporation Law relating to the
advancement of expenses.

 

The Company agrees that, with respect to any claims the Company may
assert against Tatum in connection with this agreement or the relationship
arising hereunder, Tatum’s total liability will not exceed two (2) months of Fees.

 

As a condition for recovery of any liability, the Company must assert
any claim against Tatum within three (3) months after discovery or sixty (60)
days after the termination or expiration of this agreement, whichever is
earlier.

 

Tatum will not be liable in any event for incidental, consequential,
punitive, or special damages, including without limitation, any interruption of
business or loss of business, profit, or goodwill.

 

Arbitration

 

If the parties are unable to resolve any dispute arising out of or in
connection with this agreement, either party may refer the dispute to binding
arbitration by a single arbitrator selected by the parties according to the
rules of the American Arbitration Association (“AAA”), and the decision of the
arbitrator will be final and binding on both parties. Such arbitration will be
conducted by the Atlanta, Georgia, office of the AAA. In the event that the
parties fail to agree on the selection of the arbitrator within thirty (30)
days after either party’s request for arbitration under this paragraph, the
arbitrator will be chosen by AAA. The arbitrator may in his discretion order
documentary discovery but shall not allow depositions without a showing of
compelling need. The arbitrator will render his decision within ninety (90)
days after the call for arbitration. The arbitrator will have no authority to
award punitive damages. Judgment on the award of the arbitrator may be entered
in and enforced by any court of competent jurisdiction. The arbitrator will
have no authority to award damages in excess or in contravention of this
agreement and may not amend or disregard any provision of this agreement,
including this paragraph. Notwithstanding the foregoing, either party may seek
appropriate injunctive relief from a court of competent jurisdiction, or either
party may seek injunctive relief in any court of competent jurisdiction.

 

Miscellaneous

 

Tatum will be entitled to receive all reasonable costs and expenses
incidental to the collection of overdue amounts under this Resources Agreement,
including but not limited to attorney’s fees actually incurred.

 

The Company agree to allow Tatum to use the Company’s logo and name on
Tatum’s website and other marketing materials for the sole purpose of
identifying the Company as a client of Tatum. Tatum will not use the Company’s
logo or name in any press release or general circulation advertisement without
the Company’s prior written consent.

 

Neither the Company nor Tatum will be deemed to have waived any rights
or remedies accruing under this agreement unless such waiver is in writing and
signed by the party electing to waive the right or remedy. This agreement binds
and benefits the respective successors of Tatum and the Company.

 

Neither party will be liable for any delay or failure perform this
agreement (other than with respect to payment obligations) to the extent such
delay or failure is a result of an act of God, war, earthquake, civil
disobedience, court order, labor dispute, or other cause beyond such party’s
reasonable control.

 

 

 4
 

The provisions concerning payment of compensation and reimbursement of
costs and expenses, limitation of liability, directors’ and officers’
insurance, and arbitration will survive the expiration or any termination of
this agreement.

 

This agreement will be governed by and construed in all respects in
accordance with the laws of the State of Georgia, without giving effect to
conflicts-of-laws principles.

 

The terms of this agreement are severable and may not be amended except
in writing signed by the party to be bound. If any portion of this agreement is
found to be unenforceable, the rest of the agreement will be enforceable except
to the extent that the severed provision deprives either party of a substantial
benefit of its bargain.

 

Nothing in this agreement shall confer any rights upon any person or
entity other than the parties hereto and their respective successors and
permitted assigns and the Tatum Partner.

 

Each person signing below is authorized to sign on behalf of the party
indicated, and in each case such signature is the only one necessary.

 

Bank Lockbox Mailing Address for Deposit and Fees:

 

Tatum, LLC

P.O. Box 403291

Atlanta, GA 30384-3291

 

Electronic Payment Instructions for Deposit and Fees:

 

	
            Bank Name: Bank of America

  	
   

  	
   

  
	
            Branch:
  Atlanta

  	
   

  	
   

  
	
            Routing
  Number:

  	
  For ACH Payments: 061 000 052

  	
   

  	
   

  
	
            

  	
  For Wires: 026 0009 593

  	
   

  	
   

  
	
            Account
  Name: Tatum, LLC

  	
   

  	
   

  
	
            Account
  Number: 003 279 247 763

  	
   

  	
   

  
	
            Please
  reference 3D Systems Corporation in the body of the wire.

  

 

Please sign below and return a signed copy of this letter to indicate
the Company’s agreement with its terms and conditions.

 

We look forward to serving you.

 

 5
 

 

	
  Sincerely
  yours,

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  TATUM, LLC

  	
   

  	
  Acknowledged and agreed by:

  
	
   

  	
   

  	
   

  
	
  /s/ E. Bishop Leatherbury

  	
   

  	
   

  
	
  Signature

  	
   

  	
  3D SYSTEMS CORPORATION

  
	
   

  	
   

  	
   

  
	
  E. Bishop Leatherbury

  	
   

  	
  /s/ Abe Reichental

  
	
  Area Managing Partner for TATUM, LLC

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Abe Reichental

  
	
   

  	
   

  	
  CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  November 3, 2006

  
	
   

  	
   

  	
  (Date)

  

 

 6

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