Document:

EX-10.48 EMPLOYMENT AGREEMENT

 

EXHIBIT 10.48

EXECUTIVE EMPLOYMENT AGREEMENT

     THIS AGREEMENT, dated as of January 19, 2007, is between Inhibitex, Inc., a Delaware
corporation (the “Company”), and Russell H. Plumb (the “Executive”).

     WHEREAS, the Company and the Executive are parties to an Executive Employment Agreement dated
as of February 20, 2004 (the “Prior Agreement”) and wish to amend and restate the Prior Agreement
in its entirety based on a compensation package approved by the Compensation Committee of the
Board of Directors (the “Board”) on December 18, 2006;

     WHEREAS, the Company desires to assure itself of the Executive’s employment in an executive
capacity and to compensate him for such employment; and

     WHEREAS, the Executive is willing to be employed by the Company upon the terms and subject to
the conditions contained in this Agreement.

     NOW THEREFORE, in consideration of the premises and mutual covenants contained herein and for
other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged,
the parties agree as follows:

Section 1. Position, Duties and Responsibilities.

          (a) During the Term (as defined in Section 2), the Executive shall
serve as the Chief Executive Officer, President and Chief Financial Officer of the
Company consistent with the by-laws of the Company, and shall be responsible for the duties
identified in the attached Appendix I, such other duties as are attendant to such offices and such
other managerial duties and responsibilities with the Company, its affiliates, subsidiaries or
divisions consistent with such position as may be assigned by the Board. The Executive shall devote
his full energies, interest, abilities and productive time to the business and affairs of the
Company and to promoting its best interests. The Executive acknowledges and agrees that although
his duties shall be performed from the Company’s offices in the Atlanta, Georgia metropolitan area
or at such other places as shall be necessary according to the needs, business and opportunities of
the Company, the performance by the Executive of his duties hereunder may require substantial
travel from time to time by the Executive. The Executive further agrees that, during the Term, the
Company shall be the Executive’s sole employer.

          (b) The Executive agrees to accept election and to serve during all or
any part of the Term as a director of the Company without any compensation therefor
other than that specified in this Agreement, if elected to such position by the Board or the
stockholders of the Company. The Company agrees that (i) the Board, at its next meeting
(or as soon thereafter as reasonably practicable), will appoint Executive to the Board, and
(ii) at all times thereafter during the Term, the Company shall include the Executive in
the management slate for election as a director at every stockholders’ meeting at which
his term as a director would otherwise expire. At the request of the Board, following
termination or expiration of this Agreement, the Executive promptly shall tender his

 

 

resignation as a director of the Company.

          (c) Executive understands that the provisions of any employee
handbooks, personnel manuals and any and all other written statements of or regarding
personnel policies, practices or procedures that are or may be issued by the Company (the
“Company Policies”) do not and shall not constitute a contract of employment and do not
and shall not create any vested rights; and that any such provisions may be changed,
revised, modified, suspended, canceled, or eliminated by the Company at any time, in its
sole discretion, with or without notice.

          (d) Executive shall comply with all applicable Company Policies,
which may be in effect from time to time during the Term. Copies of all such Company
Policies may be examined in the Human Resource Department for the Company. If a
provision in any policy conflicts with this Agreement, the terms of this Agreement shall
prevail.

          (e) For up to a one (1) year period following any termination of the
Executive’s employment, upon the request of the Company, the Executive shall
reasonably cooperate with the Company in all matters relating to the winding up of
pending work on behalf of the Company and the orderly transfer of work to other
employees of the Company. The Executive shall also cooperate in the defense of any
action brought by any third party against the Company that relates in any way to the
Executive’s acts or omissions while employed by the Company. The Company shall
reimburse the Executive for his reasonable out-of-pocket costs incurred in connection
with such cooperation.

Section 2. Term of Employment.

     The initial term (the “Initial Term”) of this Agreement shall commence on December 30, 2006
and continue through December 30, 2007 (the “Initial Expiration Date”). On each anniversary of the
Initial Expiration Date, this Agreement will be renewed automatically for an additional one (1)
year period (the “Extended Term”) (without any action by either party) on the last day of the
Initial Term and on each anniversary thereof, unless the Executive’s employment under this
Agreement is earlier terminated in accordance with Section 4. Executive may elect not to renew his
or her employment under this Agreement for any reason upon sixty (60) days written notice. For
purposes of this Agreement, “Term” means the Initial Term and, as extended, the Extended Term.

Section 3. Compensation; Benefits; Expenses.

          (a) Base Salary. For all services rendered by the Executive hereunder during the
Term, the Company shall pay the Executive an annual salary equal to Three Hundred Fifty Thousand
dollars ($350,000), less standard deductions and withholdings, payable in equal installments at the
times and pursuant to the procedures regularly established for the payment of salaries generally to
employees, and as they may be amended by the Company during the Term. The Executive’s salary will
be reviewed

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from time to time by the Board, a committee of the Board, or otherwise in accordance with the
Company’s established procedures for adjusting salaries, and be subject to increases (but not
decrease, except pursuant to an across-the-board salary reduction as described in Section
4(a)(iv)(B)) pursuant to such procedures. The Executive’s ceasing to serve as the Chief Financial
Officer of the Company shall not result in a reduction in such salary.

          (b) Incentive Compensation. The Executive shall be eligible to
participate in such bonus and incentive (including stock option and other equity-based)
compensation plans of the Company, if any, in which other executives of the Company
are generally eligible to participate, as the Board or a Committee thereof shall determine
from time to time in its sole discretion, subject to and in accordance with the terms and
provisions of such plans. Subject to the terms and conditions of such bonus and incentive
compensation plans, the Executive shall be eligible for annual cash incentive
compensation of up to 50% of the then annual gross salary.

          (c) Benefits. The Company shall provide the Executive with the right
to participate in and to receive benefits from the group life, group disability, and medical
plans and all similar benefits made generally available to similarly situated executives of
the Company. The amount and extent of benefits to which the Executive is entitled shall
be governed by the specific benefit plan or plans, as such may be amended from time to
time.

          (d) Equity Incentives. The Executive will be granted under the
Inhibitex, Inc. Amended and Restated 2004 Stock Incentive Plan 280,000 shares of
restricted common stock, par value $0,001 per share, on the terms set forth in the
restricted stock grant agreement entered into by the Executive and the Company. Such
grant shall vest as provided in the restricted stock grant agreement.

          (e) Reimbursement of Expenses. It is contemplated that in connection
with the Executive’s Employment hereunder, he may be required to incur business,
entertainment and travel expenses. The Company agrees to promptly reimburse the
Executive in full for all reasonable out-of-pocket business, entertainment and other
related expenses (including all reasonable expenses of travel and living expenses while
away from home on business or at the request of, and in service of, the Company)
incurred or expended by him incident to the performance of his duties hereunder,
provided that the Executive properly account for such expenses in accordance with the
policies and procedures established by the Board and applicable to the executives of the
Company.

          (f) Vacations; Personal Days. During the Term, the Executive shall be
entitled to no less than five (5) weeks vacation with pay during each calendar year of his
employment hereunder provided that the vacation days taken do not materially interfere
with the operations of the Company. Such vacation may be taken, in the Executive’s
discretion, at such time or times as are not inconsistent with the reasonable business
needs of the Company. The Executive shall also be entitled to all paid holidays and
personal days given by the Company to its executives. Vacation, holiday and personal

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days shall additionally be subject to applicable Company Policies.

Section 4. Termination.

          (a) The Executive’s employment under this Agreement may be terminated under the
following circumstances:

          (i)
Death. The Executive’s employment shall immediately terminate
upon his death.

          (ii) Disability. In the event the Executive shall be unable to render
the services or perform his duties hereunder by reason of “Disability,” as such term is
defined in the Company’s Long-Term Disability Plan, as the same shall be amended from
time to time; the Company shall have the right to terminate this Agreement immediately
upon notice to the Executive.

          (iii) Termination of Employment by the Company for Cause. The Company
may terminate the employment of the Executive immediately for Cause (as hereinafter
defined). The term “Cause,” as used herein, shall mean (1) the Executive’s willful
misconduct, gross negligence, dishonesty or fraud in the performance of his duties
hereunder, (2) the material breach of this Agreement by the Executive after notice of
such breach and a reasonable opportunity to cure, (3) the Executive’s willful refusal or
failure to perform his duties hereunder or under any lawful directive of the Board or the
Chairman of the Board, as the case may be, which is consistent with his title and
position after notice of such failure and a reasonable opportunity to cure, or (4) the
conviction, plea of guilty or nolo contendere of the Executive in respect of any
felony or other crime involving moral turpitude, dishonesty, theft or unethical business
conduct.

          (iv) Termination of Employment by Executive for Good Reason. The
Executive may resign and terminate his employment hereunder for Good Reason (as defined
below) by providing a written notice thereof within sixty (60) days from the occurrence
of the event that the Executive is deeming Good Reason. For purposes of this Agreement,
“Good Reason” shall mean there has occurred, without the express written consent of the
Executive:

(A) the assignment to the Executive of any duties materially
inconsistent with his status as the Chief Executive Officer of the
Company or a substantial diminution in the nature or status of his
responsibilities; provided, that neither the Executive’s ceasing to
serve as the Company’s Chief Financial Officer nor the failure of
the stockholders to elect the Executive as a director shall be a
“Good Reason”;

(B) a reduction by the Company in the Executive’s Base Salary
as in effect on the date hereof or as the same may be increased
from time to time except for across-the-board salary reductions

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similarly affecting all executives of the Company;

(C) (1) the relocation of the Company’s principal executive offices
to a location outside the Atlanta, Georgia metropolitan area or (2)
the Company’s requiring the Executive to perform his duties
anywhere other than the Company’s principal executive offices;
provided, that required travel on the Company’s business to an
extent substantially consistent with the Executive’s responsibilities
shall not constitute “Good Reason”;

(D) the failure by the Company to continue in effect without any
material adverse change any compensation plan in which the
Executive was participating or the failure by the Company to
continue the Executive’s participation therein, unless an equitable
arrangement (embodied in an ongoing substitute or alternative
plan) has been made with respect to such plan or participation;

(E) the failure by the Company to continue to provide the
Executive with benefits substantially similar to those enjoyed by
the Executive under the Company’s employee stock ownership,
life insurance, medical, health-and-accident, or disability plans in
which the Executive was participating, the taking of any action by
the Company which would directly or indirectly materially reduce
any of such benefits or deprive the Executive of any other material
fringe benefits enjoyed by the Executive, or the failure by the
Company to provide the Executive with the number of paid
vacation days to which the Executive is entitled on the basis of
years of service with the Company in accordance with the
Company’s normal vacation policy, except for across-the-board
changes in such benefits similarly affecting all executives of the
Company; or

(F) the failure of the Company to obtain a satisfactory agreement
from any successor to assume and agree to perform this
Agreement, as contemplated in Section 16 hereof.

(v) Terminations
other than for Cause, Good Reason, Disability or upon Death. In
addition to the foregoing, either party may terminate this Agreement at any time, by
providing thirty (30) days prior written notice of his or its desire to terminate.

          (b) Notice of Termination. Any termination of the Executive’s employment by the
Company or by the Executive (other than a termination pursuant to Section 4(a)(i) above) shall be
communicated by written notice of termination to the other party.

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          (c) Date of Termination. “Date of Termination” shall mean (i) if the
Executive’s employment is terminated by his death, the date of his death or (ii) in all other
circumstances, the date specified in the notice of termination.

Section 5. Compensation Upon Termination.

          (a)
Compensation Upon Termination Upon Death. In the event of the
death of the Executive during the Term, the Executive’s designated beneficiary, or, in the
absence of such designation, the estate or other legal representative of the Executive
(collectively, the “Estate”) shall be paid, within thirty (30) days of the Executive’s death,
an amount equal to the sum of the Executive’s unpaid salary and any earned but unpaid
bonuses through the Date of Termination. The Estate shall be entitled to other death
benefits in accordance with the terms of the Company’s benefit programs and plans.

          (b) Compensation Upon Termination for Disability. If the Executive’s
employment hereunder is terminated for Disability, the Executive shall be entitled to
receive (if entitled thereto) disability compensation and benefits in accordance with the
Company’s benefit programs and plans. In addition, Executive shall be entitled to
received unpaid salary and any earned but unpaid bonuses through the Date of
Termination, as soon as practicable following termination of employment, but in no event
more than two and one half months after the year in which his termination occurs.

          (c) Compensation Upon Termination for Cause. If the Executive’s
employment is terminated by the Company for Cause, the Company shall pay the
Executive his salary through the Date of Termination as soon as practicable following
termination of employment, but in no event more than two and one half months after the
year in which his termination occurs, and the Company shall have no further obligations
to the Executive under this Agreement.

          (d) Compensation Upon Termination Upon a Change in Control (other
than for Cause, Disability or upon Death).

          (i) If the Executive’s employment is terminated by the Executive for Good
Reason or by the Company within one (1) year after the consummation of a Change in
Control (as hereafter defined) (or in contemplation of a Change in Control that is
reasonably likely to occur) for any reason other than pursuant to Section 4(a)(i),
4(a)(ii) or 4(a)(iii) hereof, the Company, within sixty (60) days of the Date of
Termination, shall pay to the Executive (or in the event of the Executive’s death, the
Executive’s estate) a lump-sum cash amount equal to the sum of (x) the Executive’s unpaid
salary through the Date of Termination; plus (y) any bonus compensation earned
and unpaid through the Date of Termination; provided, however, that any
bonus compensation conditioned upon the satisfaction of performance goals shall not be
paid unless such performance goals have been satisfied; plus (z) the product of
(A) a fraction the numerator of which is the number of months in the Change in Control
Severance Period (as hereafter defined) and the denominator of which is 12 and (B) the
sum of (1) Executive’s annual base salary as then in effect and

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(2) the bonus or incentive compensation paid to the Executive in respect of the most
recent fiscal year prior to the year in which the Change in Control occurs (provided that
if the notice of termination is delivered during 2007 or during 2008 but prior to the
Company’s determination of Executive’s bonus for 2007, the bonus or incentive
compensation shall be deemed to be $175,000). In addition, Executive shall receive a lump
sum payment equal to the present value of the premium payments that would be made by the
Company if Executive were to continue to be covered under the Company’s group health,
life and disability insurance for the Change in Control Severance Period, which amount
shall be determined by the Company in its sole discretion. The “Change in Control
Severance Period” shall be twenty-four (24) months, commencing on the Date of
Termination. In no event shall any amount payable under this Section 5(d)(i) be paid
later than two and one half months after the year in which Executive’s termination
occurs; provided however, that in the event that any payment made pursuant to this
Section 5(d)(i) is deemed to constitute a “deferral of compensation” under Section 409 A
of the Code, notwithstanding any other provisions herein, Executive shall not receive
payment of any of the lump sum amounts described in this Section 5(d)(i) until the
earlier of (A) six months following Executive’s “separation from service” with the
Company (as such phrase is defined in Section 409A of the Code) or (B) Executive’s death.

          (ii) Notwithstanding any other provision herein to the contrary, in the event
that the Executive becomes entitled to any payments under Section 5(d)(i) (“Termination
Payments”) and any portion of such Termination Payments, when combined with any other
payments or benefits provided to the Executive (including, without limiting the
generality of the foregoing, by reason of any stock options), in the absence of this
Section 5(d)(ii), would be subject to the tax (the “Excise Tax”) imposed by Section 4999
of the Internal Revenue Code of 1986, as amended (the “Code”), then (subject to Section
5(d)(iii) hereof) the amount payable to the Executive under Section 5(d)(i) shall be
reduced such that none of the amounts payable to the Executive under Section 5(d)(i) and
any other payments or benefits received or to be received by the Executive in connection
with a Change in Control or the termination of the Executive’s employment (whether
pursuant to the terms of this Agreement or any other plan, arrangement or agreement with
the Company, any person whose actions result in a Change in Control or any person having
such a relationship with the Company or such person as to require attribution of stock
ownership between the parties under Section 318(a) of the Code) shall be treated as
“parachute payments” within the meaning of Section 280G(b)(2) of the Code. For purposes
of applying the foregoing sentence, if in the opinion of tax counsel selected by the
Company’s independent auditors prior to the Change in Control and reasonably acceptable
to the Executive, such payments or benefits (in whole or in part) represent reasonable
compensation for services actually rendered within the meaning of Section 280G(b)(4) of
the Code, then such amounts shall be excluded from any such calculation. Furthermore, in
determining the maximum amount of the payments to the Executive which would not
constitute a parachute payment within the meaning of Sections 280G(b)(l) and (4), the

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value of any non-cash benefits or any deferred payment or benefit shall be
determined by the Company’s independent auditors in accordance with the principles
of Sections 280G(d)(3) and (4) of the Code or any applicable proposed or final
Treasury Regulations promulgated under the Code.

          (iii) If the net after-tax amount of the Termination Payments which would be
payable to the Executive in the absence of the reduction described in Section 5(d)(ii)
above exceeds the net after-tax amount of the Termination Payments which would be payable
to the Executive if the reduction described in Section 5(d)(ii) above were applicable,
then the reduction to the Executive’s Termination Payments described in Section 5(d)(ii)
above shall not be applicable. For purposes of computing such net after-tax amounts, the
Termination Payments shall be treated as subject to Federal income tax and any state and
local income taxes (based upon the residence of the Executive at the time the first
amount of Termination Payments is to be paid hereunder) at the highest marginal rate of
income tax imposed upon individuals (but without assuming any reduction in Federal income
taxes that could be obtained from the deduction of any such state or local taxes if paid
in such year), shall be subject only to the Medicare portion of the F.I.C.A tax and, in
calculating the net after-tax amount of the Termination Payments which would otherwise be
payable to the Executive if the reduction described in Section 5(d)(ii) above were not
applicable, any applicable Excise Tax, and all such taxes shall be computed based upon
the tax rates in effect for the calendar year in which the first amount of Termination
Payments are to be paid hereunder. The determination of the net after-tax amounts will be
made by the Company’s independent auditors prior to the Change in Control, whose
determination will be binding on both the Executive and the Company.

          (iv) For purposes of this Agreement, a “Change in Control” of the Company shall
mean (A) the consummation of a merger or consolidation of the Company in which the
stockholders of the Company immediately prior to such merger or consolidation would not,
immediately after the merger or consolidation, beneficially own (as such term is defined
in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), directly or indirectly, shares representing in the aggregate 45% or more of the
combined voting power of the securities of the corporation issuing cash or securities in
the merger or consolidation (or of its ultimate parent corporation, if any); (B) the
stockholders of the Company approve a plan of complete liquidation or dissolution of the
Company, or there is consummated an agreement for the sale or disposition by the Company
of all or substantially all of the Company’s assets, other than a sale or disposition by
the Company of all or substantially all of the Company’s assets to an entity, at least
45% of the combined voting power of the voting securities of which are owned by persons
in substantially the same proportion as their ownership of the Company immediately prior
to such sale; (C) during any period of two (2) consecutive years, individuals who at the
beginning of such period constitute the Board, including for this purpose any new
director whose election or nomination for election by the Company’s

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stockholders was approved by a vote of at least two-thirds of the directors then
still in office who were directors at the beginning of the period or whose election or
nomination for election was previously so approved but excluding for this purposes any
such new director whose initial assumption of office occurs as a result of either an
actual or threatened election contest (as such terms are used in Rule 14a-11 of
Regulation 14A under the Exchange Act) or other actual or threatened solicitation of
proxies or consents by or on behalf of an individual, corporation, partnership, group,
association or other entity or Person (as such term is used in Sections 13(d) and 14(d)
of the Exchange Act) other than the Board, cease for any reason to constitute a majority
thereof; or (D) such other similar transaction not specifically identified above, which
in the sole discretion of the Board of Directors (or committee thereof) effectively
constitutes a change in control of the Company.

          (e) Compensation Upon All Other Terminations, If the Company terminates this
Agreement for any reason other than pursuant to Section 4(a)(i), 4(a)(ii), 4(a)(iii) or Section
5(d) or if Executive terminates his employment for Good Reason, then the Company shall pay
Executive a lump sum equal to the sum of (w) Executive’s unpaid salary through the Date of
Termination; plus (x) any bonus compensation earned and unpaid through the Date of Termination;
provided, however, that any bonus compensation conditioned upon the satisfaction of
performance goals shall not be paid unless such performance goals are actually satisfied;
plus (y) the Executive’s salary for the Severance Period if such salary would have
continued to be paid during the Severance Period, as determined by the Company in its sole
discretion; plus (z) the product of (1) a fraction the numerator of which is the number of
months in the Severance Period and the denominator of which is 12 and (2) the bonus or incentive
compensation paid to the Executive in respect of the most recent fiscal year prior to the year in
which the Date of Termination occurs. In addition, Executive shall receive a lump sum payment
equal to the present value of the premium payments that would be made by the Company if Executive
were to continue to be covered under the Company’s group health, life and disability insurance for
the Severance Period, which amount shall be determined by the Company in its sole discretion. If
the Executive voluntarily terminates this Agreement other than for Good Reason, then the Company
shall pay Executive his salary and any earned but unpaid bonuses through the Date of Termination in
a lump sum and the Company shall have no further obligations to the Executive under this Agreement.
The “Severance Period” shall be eighteen (18) months, commencing on the Date of Termination.
Notwithstanding the foregoing, if notice of termination is delivered during 2007, (i) the Severance
Period shall be twenty-four (24) months, commencing on the Date of Termination; and (ii) for
purposes of clause (z)(2) of this Section 5(e), the bonus shall be deemed to be $175,000. All
amounts payable under this Section 5(e) by reason of Executive’s termination for Good Reason shall
be paid in cash in a lump-sum on the date that is six months plus one day after the Date of
Termination, or upon Executive’s death, if earlier. All amounts payable under this Section 5(e) for
any other reason shall be paid no later than two and one half months after the year in which
Executive’s termination occurs; provided however, that in the event that any payment made pursuant
to this Section 5(e) is deemed to constitute a “deferral of compensation” under Section 409A of the
Code, notwithstanding any other provisions herein, Executive shall not

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receive payment of any of the lump sum amounts described in this Section 5(e) until the
earlier of (A) six months following Executive’s “separation from service” with the Company (as
such phrase is defined in Section 409A of the Code) or (B) Executive’s death.

          (f) Notwithstanding anything else contained herein, the obligation of the Company to
make any severance payments to the Executive hereunder shall be conditioned upon the execution and
delivery by the Executive of a release from liability in favor of the Company substantially in the
form attached hereto as Appendix II.

Section 6. Confidentiality.

          (a) Each Item, Trade Secret and piece of Confidential Information (in each case, as defined
below) that has come or comes into Executive’s possession by reason of his employment are the
property of the Company and shall not be used by Executive in any way except in the course of his
employment by, and for the benefit of the Company. Executive will not remove any Items from
premises owned or leased by the Company except as his duties shall require, and upon termination of
his employment, all Items (including any copies or excerpts thereof) will be turned over to the
Chairman of the Board of the Company.

          (b) Executive will preserve as confidential all Confidential Information that has
been or may be obtained by him. Executive will not, without written authority from
the Company, use for his own benefit or purposes, or disclose to others, either
during his employment or for two (2) years thereafter, any Confidential
Information or any copy or notes made from any Item embodying Confidential
Information except as required by his employment with the Company or to the extent
disclosure is or may be required by a statute, by a court of law, by any
governmental agency having supervisory authority over the business of the Company
or by any administrative or legislative body (including a committee thereof) with
jurisdiction to order him to divulge, disclose or make accessible such
information, provided, however, that the Executive shall give the Company notice
of any such request or demand for such information upon his receipt of same and
the Executive shall reasonably cooperate with the Company in any application the Company may make seeking a
protective order barring disclosure by the Executive. Executive understands that
his obligations with respect to Confidential Information shall continue for two
years after termination of his employment with the Company. These restrictions
concerning use and disclosure of Confidential Information shall not apply to
information which is or becomes publicly known by lawful means, or comes into
Executive’s possession from sources not under an obligation of confidentiality to
the Company.

          (c) Executive agrees to hold in confidence all Trade Secrets of the Company that came into his
knowledge during or in connection with his employment by the Company and shall not disclose,
publish or make use of at any time after the date hereof such Trade Secrets without the prior
written consent of the Company for as long as the information remains a Trade Secret.

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          (d) Executive understands that any entrusting of Confidential Information or Trade
Secrets to him by the Company is done in reliance on a confidential relationship arising out of his
employment with the Company. Executive further understands that Confidential Information or Trade
Secrets that he may acquire or to which he may have access, especially with regard to research and
development projects and findings, formulae, designs, formulation, processes, the identity of
suppliers, customers and patients, methods of manufacture, and cost and pricing data is of great
value to the Company.

          (e) Executive agrees that following termination of his employment with the Company Executive
will, if at all possible before answering but in any event as soon thereafter as practicable, make
every effort to contact the Company’s General Counsel if Executive is served with a subpoena or
other legal process asking for a deposition, testimony or other statement, or other potential
evidence to be used in connection with any lawsuit to which the Company is a party or involving
Executive’s employment with the Company or any Confidential Information or Trade Secret of the
Company.

          (f) For purposes of this Agreement: (i) “Confidential Information” means information relating
to the present or planned business of the Company which has not been released publicly by
authorized representatives of the Company. Executive understands that Confidential Information may
include, for example, discoveries, inventions, know-how and products, customer, patient, supplier
and competitor information, sales, pricing, cost, and financial data, research, development,
marketing and sales programs and strategies, manufacturing, marketing and service techniques,
processes and practices, and regulatory strategies. Executive understands further that Confidential
Information also includes all information received by the Company under an obligation of
confidentially to a third party; (ii) “Items” include documents, reports, drawings, photographs,
designs, specifications, formulae, plans, samples, research or development information, prototypes,
tools, equipment, proposals, marketing or sales plans, customer information, customer lists,
patient lists, patient information, regulatory files, financial data, costs, pricing information,
supplier information, written, printed or graphic matter, or other information and materials that
concern the Company’s business that come into Executive’s possession or about which Executive has
knowledge by reason of his employment; and (iii) “Trade Secrets” include all information, including
a formula pattern, process, compilation, program, device, method, or technique that (A) derives
independent economic value, actual or potential, from not being generally known to, and not being
readily ascertainable by proper means by other persons who can obtain economic value from its
disclosure or use, (B) is the subject of efforts that are reasonable under the circumstances to
maintain its secrecy; and (C) otherwise satisfies the requirements of the Georgia Trade Secrets
Act.

Section 7. Proprietary Information.

          (a) All Inventions (as defined below) related to the present or planned business of the
Company, which have been or are conceived or reduced to practice by Executive, either alone or with
others, during the period of his employment or during a

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period of one (1) year after termination of such employment, whether or not done during his
regular working hours, are the sole property of the Company. The provisions of this paragraph shall
not apply to an invention for which no equipment, supplies, facilities or confidential or trade
secret information of the Company was used and which was developed entirely on Executive’s own
time, unless (a) the invention relates to (i) the business of the Company, or (ii) the Executive’s
actual or demonstrably anticipated research or development for the Company, or (b) the invention
results from any work performed by Executive for the Company.

          (b) Executive will disclose promptly and in writing to the Company, through his
supervisor, all Inventions which are covered by this agreement, and Executive agrees to assign to
the Company or its nominee all his right, title, and interest in and to such Inventions. Executive
agrees not to disclose any of these Inventions to others, without the express consent of the
Company. Executive will, at any time during or after his employment, on request of the Company,
execute specific assignments in favor of the Company or its nominee of his interest in and to any
of the Inventions covered by this agreement, as well as execute all papers, render all assistance,
and perform all lawful acts which the Company considers necessary or advisable for the preparation,
filing, prosecution, issuance, procurement, maintenance or enforcement of patent applications and
patents of the United States and foreign countries for these Inventions, and for the transfer of
any interest Executive may have. Executive will execute any and all papers and documents required
to vest title in the Company or its nominee in the above Inventions, patent applications, patents,
and interests. Executive understands that if he is not employed by the Company at the time he is
requested to execute any document under this Section 7(b), Executive shall receive fifty dollars
($50.00) for the execution of each document, and one hundred fifty dollars ($150.00) per day of
each day or portion thereof spent at the request of the Company in the performance of acts pursuant
to this Section 7(b), plus reimbursement for any out-of-pocket expenses incurred by Executive at
the Company’s request in such performance. Executive further understands that the absence of a
request by the Company for information, or for the making of an oath, or for the execution of any
document, shall in no way be construed to constitute a waiver of the Company’s rights under this
agreement. Should the Company be unable to secure the Executive’s signature on any document
necessary to apply for, prosecute, obtain, or enforce any patent, copyright, or other right or
protection relating to any Invention, whether due to the Executive’s mental or physical incapacity
or any other cause, the Executive hereby irrevocably designates and appoints the Company and each
of its duly authorized officers and agents as the Executive’s agent and attorney in fact, to act
for and in the Executive’s behalf and stead and to execute and file any such document, and to do
all other lawfully permitted acts to further the prosecution, issuance, and enforcement of patents,
copyrights, or other rights or protections with the same force and effect as if executed and
delivered by the Executive.

          (c) Executive has disclosed to the Company all continuing obligations which he has with
respect to the assignment of Inventions to any previous employers, and Executive claims no previous
unpatented Inventions as his own, except for those which have been reduced to practice and which
are shown on a schedule, if any, attached to this agreement. Executive understands that the Company
does not seek any confidential or

12

 

trade secret information which Executive may have acquired from a previous employer, and
Executive will not disclose to or utilize any such information on behalf of the Company.

          (d) All writings and other works which may be copyrighted (including computer programs) which
are related to the present or planned business of the Company and are prepared by Executive during
his employment by the Company shall be, to the extent permitted by law, works made for hire, and
the authorship and copyright of the work shall be in the Company’s name. To the extent that such
writings and works are not works for hire, Executive agrees to the wavier of “moral rights” in such
writings and works, and to assign to the Company all Executive’s right, title and interest in and
to such writings and works, including copyright.

          (e) Executive will permit the Company and its agents to use and distribute any pictorial
images which are taken of him during his employment by the Company as often as desired for any
lawful purpose. Executive waives all rights of prior inspection or approval and release the Company
and its agents from any and all claims or demands which Executive may have on account of the lawful
use of publication of such pictorial images.

          (f) For purposes of this Agreement, “Invention” shall mean all ideas, potential marketing and
sales relationships, inventions, experiments, copyrightable expression, research, plans for
products or services, marketing plans, reports, strategies, processes, computer software
(including, without limitation, source code), computer programs, original works of authorship,
characters, know-how, trade secrets, information, data, developments, discoveries, improvements,
modifications, technology, algorithms, database schema, designs, and drawings, whether or not
subject to patent or copyright protection, made, conceived, expressed, developed, or actually or
constructively reduced to practice by the Executive solely or jointly with others prior to or
during the Term, which refer to, are suggested by, or result from any work which (i) the Executive
has performed prior to the Term of this Agreement, (ii) the Executive may perform during his
employment, or (iii) from any information obtained from the Company or any affiliate of the
Company, and shall not be limited to the meaning of “Invention” under the United States patent
laws.

Section 8. Agreement Not to Compete.

          (a) While employed by the Company and for a period equal to the greater of (x) one (1)
year and (y) the severance period (or the deemed severance period set forth in clause (z)(A) of the
first sentence of Section 5(d)(i) in the event of a termination of employment upon a Change in
Control or in Section 5(e) in the event of termination of Executive’s employment during 2007)
thereafter, the Executive shall not, directly or indirectly, anywhere in the United States:

          (i) render services which are substantially similar to the services performed
by Executive for the Company during the last year of the Term of this Agreement to any
person, corporation, partnership or other entity

13

 

which competes with the Company (or any subsidiary) in the business of developing or
manufacturing antibody-based immunotherapeutics to prevent or treat infections caused by
staphylococcal or fungal organisms;

Executive agrees that this covenant is especially appropriate because, if he worked for a
competitor, he would inevitably make business decisions by relying on his knowledge of
the Company’s Confidential Information and Trade Secrets; thus, he would inevitably
provide competitors with the Company’s Confidential Information and Trade Secrets. The
Company’s Confidential Information and Trade secrets are not generally known by others in
the industry, and they would provide an unfair advantage for competitors. Further, the
Company recognizes that there are some companies who provide many products and services,
some of which may be competitive and some which may not be. Accordingly, this covenant
only prohibits Executive from performing the same or substantially the same services for
that section, division, group, subsidiary, affiliate or operating unit of a competitor
that actually develops or manufactures antibody-based immunotherapeutic products to
prevent or treat infections caused by staphylococcal or fungal organisms;

          (ii) solicit for employment of any person who was employed by the Company (or
any subsidiary) during the Executive’s employment with the Company and with whom the
Executive had contact during the last year of his employment with the Company; or

          (iii) call on or solicit, directly or indirectly for the purpose of providing
immunotherapeutics (and related services) to prevent or treat infections caused by
staphylococcal or fungal organisms, any person or entity known by the Executive to be a
customer of the Company (or of any subsidiary), or with which the Company (or any
subsidiary) was in negotiations to become a customer of the Company (or such subsidiary),
as the case may be, during the Executive’s employment with the Company, and with whom the
Executive had direct contact. For purpose of this section, “contact” means interaction
between the Executive and the client within the last year of Executive’s employment to
further the business relationship or perform services for the client, and interaction
between the Executive and prospective client within the last year of Executive’s
employment to develop a business relationship.

          (b) If any of the restrictions contained in this Section 8 shall be deemed by any court of
competent jurisdiction to be unenforceable by reason of the extent, duration or geographical scope
thereof, or otherwise, then the parties agree that such court shall modify such restriction, only
to the extent necessary to render it enforceable and, in its reduced form, such restriction shall
then be enforced, and in its reduced form this Section 8 shall be enforceable in the manner
contemplated hereby.

          (c) The Executive and the Company agree to revise the specific description of the Company’s
line of business set forth in Section 8(a) as appropriate to reflect any material change in the
Company’s business due to an in-licensing, merger,

14

 

acquisition or similar strategic
transaction.

Section 9. Company Resources.

     Executive may not use any of the Company’s (or any affiliate’s) equipment for personal
purposes without written permission from the Company. The Executive may not give access to the
Company’s (or any affiliate’s) offices or files to any person not in the employ of the Company
without written permission of the Company.

Section 10. Injunctive Relief.

     Executive understands and agrees that the Company will suffer irreparable harm in the event
that the Executive breaches any of the Executive’s obligations under Sections 6, 7, 8 or 9 hereof
and that monetary damages will be inadequate to compensate the Company for such breach.
Accordingly, the Executive agrees that, in the event of a breach or threatened breach by the
Executive of any of the provisions of Sections 6, 7, 8 or 9 hereof, the Company shall be entitled
to appropriate injunctive relief, in addition to any other in addition to any other rights,
remedies or damages available to the Company at law or in equity.

Section 11. Severability.

     In the event any of the provisions of this Agreement shall be held by a court or other
tribunal of competent jurisdiction to be unenforceable, the other provisions of this Agreement
shall remain in full force and effect.

Section 12. Survival.

     Sections 1(d) and 4 through 16 shall survive the termination of this Agreement for any reason.

Section 13. Representations, Warranties, and Covenants.

     Executive represents, warrants, and covenants that the Executive’s performance of all the
terms of this Agreement and any services to be rendered as an employee of the Company do not and
will not breach any fiduciary or other duty or any covenant, agreement or understanding (including,
without limitation, any agreement relating to any proprietary information, knowledge or data
acquired by the Executive in confidence, trust or otherwise prior to the Executive’s employment by
the Company) to which the Executive is a party or by the terms of which the Executive may be bound.
The Executive further covenants and agrees not to enter into any agreement or understanding, either
written or oral, in conflict with the provisions of this Agreement.

Section 14. Accounting for Profits; Indemnification.

     Executive covenants and agrees that, if the Executive shall violate any of the
Executive’s covenants or agreements contained in Sections 6, 7, 8 or 9 hereof, the Company shall be
entitled to an accounting and repayment of all profits, compensation,

15

 

royalties, commissions, remunerations or benefits which the Executive directly or indirectly
shall have realized or may realize relating to, growing out of or in connection with any such
violation; such remedy shall be in addition to and not in limitation of any injunctive relief or
other rights or remedies to which the Company is or may be entitled at law or in equity or
otherwise under this Agreement. The Executive hereby agrees to defend, indemnify and hold harmless
the Company against and in respect of: (a) any and all losses and damages resulting from, relating
or incident to, or arising out of any misrepresentation or breach by the Executive of any of the
Executive’s representations, warranties, covenants or agreements made or contained in this
Agreement; and (b) any and all actions, suits, proceedings, claims, demands, judgments, costs and
expenses (including reasonable attorneys’ fees) incident to the foregoing.

Section 15. General.

     This Agreement supersedes and replaces any existing agreement between the Executive and the
Company relating generally to the same subject matter and may be modified only in a writing signed
by the parties hereto. Failure to enforce any provision of the Agreement shall not constitute a
waiver of any term herein. The Executive agrees that he will not assign, transfer, or otherwise
dispose of, whether voluntarily or involuntarily, or by operation of law, any rights or obligations
under this Agreement. Any purported assignment, transfer, or disposition shall be null and void.
Nothing in this Agreement shall prevent the consolidation of the Company with, or its merger into,
any other corporation, or the sale by the Company of all or substantially all of its properties or
assets, or the assignment by the Company of this Agreement and the performance of its obligations
hereunder. Subject to the foregoing, this Agreement shall be binding upon and shall inure to the
benefit of the parties and their respective heirs, legal representatives, successors, and permitted
assigns, and shall not benefit any person or entity other than those enumerated above. The use of
any gender herein shall be applicable to all genders.

Section 16. Executive Acknowledgment.

     Executive acknowledges (a) that he has consulted with: or has had the opportunity to consult
with independent counsel of his own choice concerning this Agreement and has been advised to do so
by the Company, and (b) that he has read and understands the Agreement, is fully aware of its legal
effect, and has entered into it freely based on his own judgment.

[Signatures appear on the following page.]

16

 

AGREED TO BY:

	 	 	 	 	 	 	 
	 

	 	 	 	INHIBITEX, INC.	 	 
	 
	 	 	 	 	 	 
	
 

Russell H. Plumb

	 	 	 	
 

Michael A. Henos

Chairman of the Board
	 	 

17

 

Appendix I

Chief Executive Officer and President Job Description

The Chief Executive Officer and President (CEO) will report to the Board of Directors and will be
responsible for all aspects of the company. He will serve as a business partner to the Board of
Directors and other members of the executive team. Also, the CEO will provide leadership and
direction to ensure the development of relevant business information and continued growth for the
Company consistent with the plans accepted by the Board of Directors.

Chief Financial Officer Job Description

This position will be responsible for all financial and accounting activities of the Company. The
CFO will serve as a business partner to the other members of the executive team. Also, the CFO
will provide leadership and direction to ensure the development of relevant business information,
accurate accounting systems, and timely financial plans and reports.

The CFO will also ensure that correct financial controls are in place so that the Company’s assets
are adequately protected, the use of funds is optimized, and appropriate cash flow is generated.
Further, the CFO will ensure the maintenance of a capital structure needed to implement the
corporate strategy.

The CFO will, among other responsibilities;

	•	 	Maintain commercial and investment banking relations to meet the Company’s
future capital needs, and develop and maintain a dialog with members of the
financial community.
	 
	•	 	Support corporate and business development activities with the financial analysis
necessary to evaluate partnerships, joint ventures and capital expenditures as
needs arise; and suggest funding alternatives for such opportunities.
	 
	•	 	Prepare appropriate financial, and if necessary, regulatory documents; interview and hire
investment bankers and co-lead the “road show” and public offering of the company.
	 
	•	 	Provide analysis of financial results and forecasts to management. Recommend
and take appropriate action to ensure that financial forecasts reflect a sound
position from both a business and financial standpoint.
	 
	•	 	Implement and continuously improve the Company’s accounting systems,
procedures and internal controls so that the accounting records provide accurate
and timely information in accordance with generally-accepted accounting
principals and in compliance with applicable security and tax jurisdictions.
	 
	•	 	Lead the establishment and maintenance of financial control policies and
procedures so that company assets are protected and asset returns are optimized.
	 
	•	 	Any other responsibilities reasonably assigned by the Board.

A-1

 

	 	 	 	 	 
	 	Inhibitex, Inc. 

 	 	 
	 	By:  	
 	 
	 	 	Michael A. Henos 	 
	 	 	 
	 	 	                                                     
 	 
	Date:                          	 	Russell H. Plumb 	 
	 

A-2Ex-10.34 John C. Carrano Employment Agreement

 

Exhibit
10.34

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of February 7, 2007
(the “Effective Date”) by and between Luminex Corporation, a Delaware corporation (“Luminex”) and
John C. Carrano (“Executive”).

RECITAL

     WHEREAS, Executive is employed as the Vice President, Research & Development for Luminex;

     WHEREAS, Luminex and Executive wish to document the terms of the employment of Executive in
such capacity; and

     WHEREAS, Executive has represented to Luminex and Luminex has relied on Executive’s
representation that the execution of this Agreement by Executive, and the provision of services by
Executive to Luminex as contemplated in this Agreement, will not conflict with, or cause Executive
or any other person or entity to be in breach of, (i) any other contract to which Executive is a
party or (ii) any duty which Executive may owe to any other person or entity.

AGREEMENT

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:

          1. Duties.

               1.1 Duties. During the term of this Agreement (including all renewal periods, if any,
the “Term”), Executive agrees to be employed by and to serve as Vice President, Research and
Development, and Luminex agrees to employ and retain Executive in such capacity subject to the
provisions of this Agreement. Executive shall have such powers, authority and duties, and shall
render such services of executive and administrative character, or act in such other capacity for
Luminex, as the Chief Executive Officer or the Board of Directors of Luminex (the “Board”) shall
from time to time lawfully direct, and Executive shall report directly to the Chief Executive
Officer of Luminex. Executive shall devote all of his business time, energy, and skill to the
business of Luminex.

          2. Term and Termination.

               2.1 Term. Subject to Section 2.2, the term of employment of Executive by Luminex
shall be one (1) year commencing on the Effective Date and shall thereafter automatically renew for
successive additional one-year terms unless either party provides the

 

 

other with written notice of
its intent not to renew this Agreement at least sixty (60) days prior to the end of the Term
(unless terminated earlier pursuant to the provisions of this Agreement).

          2.2 Termination of Employment.

               2.2.1 Termination For Cause. “Termination For Cause” shall mean the termination by
Luminex of Executive’s employment with Luminex as the result of Executive’s material fraud upon
Luminex or Executive’s continued material breach of this Agreement after receipt of written notice
from Luminex specifying such breach and failure by Executive to cure such breach within fifteen
(15) days from receipt of such notice. Executive’s inability to perform his obligations under this
Agreement despite his best efforts as a result of a permanent or temporary disability (as evidenced
by a written determination from a physician chosen by Executive and reasonably acceptable to
Luminex) shall not result in a Termination For Cause. In the event that Executive fails to cure
the breach within the fifteen (15) day cure period, the termination shall be effective as of the
date that Luminex notifies Executive of his termination following the expiration of the fifteen
(15) day cure period. Upon any Termination For Cause, Executive shall be paid the Accrued
Obligations (defined below) within three (3) business days following the effective date of
termination.

               2.2.2 Termination Other Than For Cause. “Termination Other Than For Cause” shall mean
(i) termination by Luminex of Executive’s employment with Luminex for any reason other than
Termination For Cause, Termination by Reason of Death, Termination by Reason of Incapacity or
Termination Upon Expiration of Agreement or (ii) termination by Executive upon constructive
termination of Executive’s employment with Luminex by reason of (A) a reduction in Executive’s Base
Salary (defined below); (B) a reduction in Executive’s title from Vice President, Research &
Development for Luminex (whether by reason of Executive’s removal from any of such offices or
Luminex’s failure to reappoint Executive to any of such offices); (C) a Material Diminution
(defined below); (D) a requirement that Executive change his principal place of business to a
location that is outside the Office Area (defined below), or (E) Luminex’s continued material
breach of this Agreement after receipt of written notice from Executive specifying such breach and
failure by Luminex to cure such breach within fifteen (15) days from receipt of such notice.
Termination Other Than For Cause may be effected by Luminex at any time by providing Executive with
written notice of such termination. The termination shall be effective as of the date of the
notice or such later date as may be determined by Luminex. Executive may also effect a Termination
Other Than For Cause upon written notice to Luminex at any time any of the conditions for
constructive termination set forth in clause (ii) above (including without limitation, if
applicable, the expiration of the cure period) have been met. Upon any Termination Other Than For
Cause, Executive shall be paid (i) within three (3) business days following the effective date of
termination the amount of the Accrued Obligations and (ii) all severance compensation provided in
Section 4.1. For purposes of this Agreement, “Material Diminution” means a material diminution by
Luminex of Executive’s duties, powers, authority, functions or responsibilities without Executive’s
consent, such that Executive is left with such duties, powers, authority, functions and
responsibilities (when viewed in the aggregate) that are materially diminished compared to both (i)
those duties, powers,

- 2 -

 

authority, functions and responsibilities conferred upon Executive at the
Effective Date and (ii) those duties, powers, authority, functions and responsibilities that are
most typically conferred upon the employee vice president of research and development of companies
having both (i) an employee vice president of research and development and (ii) revenues comparable
to Luminex (based on the revenues of Luminex at the time of determination). Luminex and Executive agree
that in the event there is an ambiguity with respect to the interpretation or application of the
definition of “Material Diminution”, such ambiguity shall be resolved according to the reasonable
interpretation of such definition most favorable to Luminex. For purposes of this Agreement,
“Office Area” means the geographical area within a 40 mile radius of Luminex’s current principal
office at 12212 Technology Blvd., Austin, Texas.

               2.2.3 Actual Voluntary Termination. “Actual Voluntary Termination” shall mean
termination by Executive of Executive’s employment with Luminex for any reason other than
Termination For Cause, Termination Other Than For Cause, Termination by Reason of Death or
Termination by Reason of Incapacity. In the event of an Actual Voluntary Termination, Executive
shall be paid within fifteen (15) business days following the effective date of termination the
amount of the Accrued Obligations.

               2.2.4 Termination by Reason of Incapacity. If, during the Term, Executive shall
become Permanently Disabled (defined below), Luminex may terminate Executive’s employment with
Luminex effective on the earliest date permitted under applicable law, if any, and such termination
shall be deemed “Termination by Reason of Incapacity”. Upon termination of employment under this
Section, Executive shall be paid (i) within three (3) business days following the effective date of
termination the amount of the Accrued Obligations and (ii) all severance compensation provided in
Section 4.2. As used herein, Executive shall be deemed “Permanently Disabled” if Executive is (i)
collecting long-term disability payments under a long-term disability plan established for the
benefit of Luminex’s employees or executives generally or a reasonably similar plan or (ii) if, and
only if, no such long-term disability plan is in effect at the time of determination, a physician
selected by Luminex and reasonably acceptable to Executive makes a written determination that
Executive is unable to perform his obligations under this Agreement despite his best efforts by
reason of any medically determinable physical or mental impairment that can be expected to result
in death or that has lasted or can be expected to last for a continuing period of not less than 12
months.

               2.2.5 Termination by Reason of Death. In the event of Executive’s death during the
Term, Executive’s employment with Luminex shall be deemed to have terminated as of the date on
which his death occurs and the estate of Executive shall be paid (i) within fifteen (15) days
following the effective date of termination the amount of the Accrued Obligations and (ii) all
severance compensation provided in Section 4.3.

               2.2.6 Termination Upon Expiration of Agreement. In the event that Luminex refuses for
any reason to extend this Agreement by giving written notice at least 60 days prior to the initial
or any renewal period as set forth in Section 2.1, Executive shall be paid (i) within three (3)
business days following the effective date of termination the amount of the Accrued Obligations and
(ii) all severance compensation provided in Section 4.4. In the event

- 3 -

 

that Executive refuses for
any reason (except as otherwise provided herein) to extend this Agreement by giving written notice
at least 60 days prior to the initial or any renewal period as set forth in Section 2.1, the
termination shall be deemed an Actual Voluntary Termination.

               2.2.7 Termination of Relationship with Affiliated Entities. Unless agreed by Luminex
(or a subsidiary thereof) and Executive in a separate written agreement (other than corporate
minutes, resolutions, charter documents, bylaws and partnership agreements), upon the termination
of Executive’s employment with Luminex for any reason, Executive shall tender a written resignation
of any positions he may have with Luminex and any and all of Luminex’s direct and indirect
subsidiaries.

               2.2.8 Definition of Accrued Obligations. As used in this Agreement, “Accrued
Obligations” means all accrued but unpaid salary, accrued but unpaid vacation, sick leave, and
similar pay (all determined in accordance with Luminex’s policies then in effect), and any
appropriate business expenses incurred by Executive in connection with his duties hereunder, all to
the date of termination.

          3. Salary, Benefits and Bonus Compensation.

               3.1 Base Salary. As payment for the services to be rendered by Executive as provided
in Section 1 and subject to the terms and conditions of Section 2, Luminex agrees to pay to
Executive a “Base Salary” at the rate of $8,125 per each semi-monthly pay period or $195,000 per
annum (or such greater amount as may be determined from time to time by the Board or the
Compensation Committee thereof) payable in accordance with the then-current payroll policies of
Luminex.

               3.2 Annual Bonus. Beginning with calendar year 2007, Executive shall be eligible to
receive a bonus each year in an amount up to at least 40% of your then-current Base Salary (or such
other amount as may otherwise be determined by Luminex’s Board of Directors), subject to the
performance criteria established annually by Luminex’s Board of Directors and payable during the
first quarter of the following year or otherwise as consistent with the timing of other employee
bonuses. The Board is under no obligation to declare, and Luminex is under no obligation to pay,
any bonus to Executive under the terms of this Agreement. In the event Executive and Luminex are
parties to a written agreement or plan executed by both Luminex and Executive that governs bonus
arrangements, and the provisions thereof conflict with this Section 3.2, the terms of such other
written agreement or plan shall supersede this Section 3.2.

               3.3 Change in Control. In the event that both (i) a Change in Control (defined below)
of Luminex occurs during the Term and (ii) Executive’s employment with Luminex (or, as applicable,
its successor in interest) terminates for any reason (including without limitation an Actual
Voluntary Termination by Executive) at any time within six (6) months following the occurrence of
the Change in Control of Luminex, in lieu of any Severance Compensation then owed or that otherwise
would be owed in the future to Executive under Section 4 of this Agreement, Luminex (or its
successor in interest) shall pay Executive both the Accrued Obligations and a lump sum payment (the
“Change in Control Payment”) in an aggregate

- 4 -

 

amount equal to the sum of (i) the Bonus Amount
(defined below), plus (ii) an amount equal to Executive’s annual Base Salary (at the highest rate
in effect during the period beginning six months immediately prior to the effective date of the
Change of Control through the date of termination) within, subject to Section 4.8, three (3)
business days after the termination of Executive’s employment. In the interest of clarity, Luminex
and Executive agree that, upon the termination of Executive’s employment at any time within six (6) months following the
occurrence of the Change in Control of Luminex, the provisions of Sections 4.1, 4.2, 4.3, 4.4, and
4.6 shall automatically be deemed null and void and shall not apply with respect to any termination
of Executive’s employment (whether such termination is effected in connection with the Change in
Control of Luminex or at any time in the future following the Change in Control of Luminex), and
under no circumstances shall Luminex ever be obligated to pay Executive both a Change in Control
Payment and Severance Compensation under Section 4. For purposes of this Agreement, a “Change in
Control” of Luminex shall be deemed to have occurred if, after the date of this Agreement:

     (A) any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)) (other than an Approved Person (as defined below))
becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of a majority or more of the then outstanding Common Stock of Luminex (“Common
Stock”) (such Person, an “Acquiring Person”); or

     (B) Luminex merges or consolidates with any other corporation or other entity, in each case
other than a merger or consolidation which results in the voting securities of Luminex outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) at least a majority of the combined
voting power of the voting securities of Luminex or such surviving entity outstanding immediately
after such merger or consolidation; or

     (C) Luminex sells or disposes of all or substantially all of Luminex’s assets in one
transaction or a series of related transactions; or

     (D) Luminex files a periodic or current report or proxy statement with the Securities and
Exchange Commission (the “SEC”) disclosing that a “change in control” (as such term is used in Item
5.01 of Form 8-K promulgated by the SEC) of Luminex has occurred; or

     (E) If, as a result of nominations made by a person or group other than the Board of Directors
of Luminex, individuals who prior to such nominations constitute the Directors of Luminex cease for
any reason to constitute at least a majority thereof within the two year period following such
nominations.

     As used in this Agreement, “Approved Person” means (1) an employee benefit plan of Luminex (or
a trustee or other fiduciary holding securities for such a plan), or (2) a corporation owned,
directly or indirectly, by the stockholders of Luminex in substantially the same proportions as
their ownership of stock of Luminex, or (3) a Person not less than a majority of

- 5 -

 

whose voting securities are Beneficially Owned by Luminex after giving effect to the transaction.

     As used in this Agreement, “Bonus Amount” means the annual bonus (if any) received or to be
received by Executive under Section 3.2 in respect of the then most recently completed calendar
year, or if no determination concerning bonuses has been made for the most recently completed
calendar year, then the annual bonus (if any) for the previous calendar year.

     Any options (“Options”) granted (including without limitation Options that may be granted in
the future) and restricted stock (“Restricted Stock”) issued (including without limitation
Restricted Stock that may be issued in the future) to Executive pursuant to any incentive plan of
Luminex shall immediately vest upon a Change in Control. Luminex shall take no action to
facilitate a transaction involving a Change in Control, including without limitation redemption of
any rights issued pursuant to any rights agreement, unless it has taken such action as may be
necessary to ensure that Executive has the opportunity to exercise all Options he may then hold,
and obtain certificates containing no restrictive legends in respect of any Restricted Stock he may
then hold, at a time and in a manner that shall give Executive the opportunity to sell or exchange
the securities of Luminex acquired upon exercise of his Options and upon receipt of unrestricted
certificates for shares of Common Stock in respect of his Restricted Stock, if any (collectively,
the “Acquired Securities”), at the earliest time and in the most advantageous manner any holder of
the same class of securities as the Acquired Securities is able to sell or exchange such securities
in connection with such Change in Control. Luminex acknowledges that its covenants in the preceding
sentence (the “Covenants”) are reasonable and necessary in order to protect the legitimate
interests of Luminex in maintaining Executive as one of its employees and that any violation of the
Covenants by Luminex would result in irreparable injuries to Executive, and Luminex therefore
acknowledges that in the event of any violation of the Covenants by Luminex or its directors,
officers or employees, or any of their respective agents, Executive shall be entitled to obtain
from any court of competent jurisdiction temporary, preliminary and permanent injunctive relief in
order to (i) obtain specific performance of the Covenants, (ii) obtain specific performance of the
exercise of his Options, delivery of certificates containing no restrictive legends in respect of
his Restricted Stock and the sale or exchange of the Acquired Securities in the advantageous manner
contemplated above or (iii) prevent violation of the Covenants; provided nothing in this Agreement
shall be deemed to prejudice Executive’s rights to damages for violation of the Covenants. In the
event that the terms of any separate written agreement concerning Options granted or Restricted
Stock issued to Executive conflict with the terms of this paragraph, the terms of this paragraph
shall control.

               3.4 Additional Benefits. During the Term, Executive shall be entitled to the
following fringe benefits:

                    3.4.1 Benefits and Vacation. Executive shall be eligible to participate in such of
Luminex’s benefits and deferred compensation plans as are now generally available or later made
generally available to executive officers of Luminex. A termination or expiration of this
Agreement for any reason or for no reason shall not affect any rights which Executive may have
pursuant to any agreement, policy, plan, program or arrangement of Luminex providing

- 6 -

 

Executive benefits (including under any stock option agreement or bonus plan or agreement which may exist),
which rights shall be governed by the terms thereof. Executive shall be entitled to three (3)
weeks paid vacation each calendar year (prorated for partial years). Unless approved in advance by
the Board or a committee thereof, accrued vacation not taken in any applicable period shall not be
carried forward or used in any subsequent period.

                    3.4.2 Reimbursement for Expenses.

                         3.4.2.1 Incidental Expenses. Luminex shall reimburse Executive for reasonable and
properly documented out-of-pocket business and/or entertainment expenses incurred by Executive in
connection with his duties under this Agreement. Any such expenses shall be submitted by Executive
to Luminex on a periodic basis and will be paid in accordance with standard Luminex policies and
procedures.

                         3.4.2.2 Moving Expenses. In the event of the relocation of Luminex’s headquarters to
a location that is outside the Office Area and Executive elects to relocate, Luminex shall (i)
reimburse Executive for any reasonable, out-of-pocket and adequately documented moving expenses
incurred by Executive in connection with the transfer of his residence and (ii) pay to an Executive
an amount of cash reasonably calculated by Luminex to negate adverse income tax consequences to
Executive of the foregoing reimbursement.

          4. Severance Compensation.

               4.1 Severance Compensation in the Event of a Termination Other Than For Cause. In the
event Executive’s employment is terminated as a result of a Termination Other Than for Cause,
Executive shall be paid (subject to Section 4.6) the Severance Compensation (defined below).

               4.2 Severance Compensation for Termination by Reason of Incapacity. In the event
Executive’s employment is terminated as a result of a Termination by Reason of Incapacity,
Executive shall be paid (subject to Section 4.6) the difference of (i) the Severance Compensation
less (ii) any payment or payments received by Executive during the twelve (12) month period from
the time of termination under any long-term disability plan in effect that provides benefits to
Executive.

               4.3 Severance Compensation for Termination by Reason of Death. In the event
Executive’s employment is terminated as a result of Executive’s death, the estate of Executive
shall be paid the Severance Compensation.

               4.4 Severance Compensation In the Event Of A Failure Of Luminex To Renew This
Agreement. In the event Luminex fails or otherwise refuses for any reason to extend this
Agreement beyond the Term and any extensions thereof, Executive shall be paid (subject to Section
4.6) the Severance Compensation.

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               4.5 No Severance Compensation Upon Other Termination. In the event of an Actual
Voluntary Termination or Termination For Cause, Executive shall not be paid any severance
compensation.

               4.6 Conditions to Payment; Sole Remedy. Executive shall not be entitled to receive
any compensation or other payment pursuant to Sections 4.1, 4.2 or 4.4 unless Executive shall have
executed and delivered to Luminex a release substantially in the form attached hereto as
Exhibit “A” and, provided Luminex has also signed such release within two (2) business days
of execution and delivery by Executive, all revocation and waiting periods applicable to such
release have expired (if Luminex fails to sign such release, then such revocation and waiting
periods shall not apply). In addition, in the event that Executive breaches any of the restrictive
covenants set forth in Article 5 at any time, Luminex shall be entitled to discontinue any
compensation or other payments pursuant to Sections 4.1, 4.2 or 4.4 (provided, however, that if it
is finally determined by a court of competent jurisdiction or an arbitrator that Luminex asserted
in bad faith that Executive breached any of the restrictive covenants set forth in Article 5, the
payments of the Severance Compensation shall be extended for two months for each calendar month
that payments were delayed. The compensation to be paid to Executive pursuant to Sections 4.1,
4.2, 4.3 or 4.4 shall represent the sole and exclusive remedy of Executive in connection with the
termination of his employment and this Agreement upon a Termination Other Than for Cause, a
Termination by Reason of Incapacity, a termination in connection with Executive’s death, or a
refusal by Luminex to extend this Agreement beyond the Term and any extensions thereof.

               4.7 Definition of Severance Compensation. As used in this Agreement, “Severance
Compensation” means an amount equal to the sum of (i) the Bonus Amount plus (ii) an amount equal to
Executive’s annual Base Salary (at the highest rate in effect for the six month period immediately
prior to the date of termination), paid in semi-monthly installments for a period of twelve (12)
months from the date of termination. In addition, as part of the Severance Compensation, Luminex
also shall pay (until the earlier of (A) the first annual anniversary of the termination of this
Agreement or (B) the date that Executive is eligible to be covered under a comparable or more
favorable health plan of another Person) (i) COBRA premiums in respect of the continuation of
health benefits for Executive, his spouse and his children and (ii) payments to fund dental
coverage for Executive, his spouse and his children comparable to the dental coverage that they
would have received if Executive had continued as an employee of Luminex. Executive acknowledges
that the cost of COBRA and dental premiums described in this Section 4.7 shall be reportable as
taxable income to Executive.

               4.8 Six Month Delay for Certain Payments. In the event the payment of any amounts
payable pursuant to this Section 4 (or Section 3) hereof (including COBRA and dental premiums)
within six months of the date of Executive’s termination of employment would cause Executive to
incur any additional tax under Section 409A of the Internal Revenue Code, as amended, then payment
of such amounts shall be delayed until the date that is six months following executive’s
termination date (the “Earliest Payment Date”). If this provision becomes applicable, it is
anticipated that payments that would have been made prior to the Earliest

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Payment Date in the absence of this provision would be paid as a lump sum on the Earliest Payment Date and the
remaining severance benefits or other payments would be paid according to the schedule otherwise
applicable to the payments.

          5. Protection of Luminex.

               5.1 Non-Competition. Ancillary to the otherwise enforceable agreements set forth in
this Agreement, Executive agrees that during Executive’s employment with Luminex and for a period
of one year following termination of employment, whether such termination occurs at the insistence
of Executive or Luminex for any reason, Executive shall not compete
directly or indirectly in any way with the business of Luminex anywhere in the world where
Luminex conducted business during the Term. For purposes of this Agreement, “compete directly or
indirectly in any way with the business of Luminex” means to become an employee, consultant,
advisor, manager, member, director of or beneficially own more than three percent of any
individual, company or entity that competes with Luminex in the Core Business (defined below) at
the time of determination. Executive agrees that the assertion or existence of any claim by
Executive against Luminex shall not be a defense to the enforcement of this paragraph by injunction
or otherwise. As used in this Agreement, “Core Business” means the development, manufacturing
and/or marketing of multiplexing biological testing technologies with applications in the
life-sciences industry.

               5.2 Nonsolicitation. Ancillary to the otherwise enforceable agreements set forth in
this Agreement, Executive agrees that, for a period of one (1) year subsequent to the termination
of Executive’s employment with Luminex, whether such termination occurs at the insistence of
Executive or Luminex for any reason, Executive shall not recruit, hire, or attempt to recruit or
hire, directly or by assisting others, any other employees of Luminex, nor shall Executive contact
or communicate with any other employees of Luminex for the purpose of inducing other employees to
terminate their employment with Luminex. For purposes of this covenant, “other employees of
Luminex” shall refer to employees who are still actively employed by, or doing business with,
Luminex or a subsidiary of Luminex at the time of the attempted recruiting or hiring.

               5.3 Remedies. Due to the irreparable and continuing nature of the injury which would
result from a breach of the covenants described in Sections 5.1 and 5.2, Executive agrees that
Luminex may, in addition to any remedy which Luminex may have at law or in equity, apply to any
court of competent jurisdiction for the entry of an immediate order to restrain or enjoin the
breach of this covenant and to otherwise specifically enforce the provisions of the covenants set
forth in Sections 5.1 and 5.2.

               5.4 Acknowledgment. Executive acknowledges and agrees that the restrictions set forth
above are ancillary to an otherwise enforceable agreement and supported by independent valuable
consideration as required by Tex. Bus. & Comm. Code Ann. § 15.50. Executive further
acknowledges and agrees that the limitations as to time, geographical area, and scope of activity
to be restrained by Sections 5.1 and 5.2 are reasonable and acceptable to

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Executive, and do not impose any greater restraint than is reasonably necessary to protect the goodwill and other
business interests of Luminex.

               5.5 Reformation and Severance. If a judicial determination is made that any of the
provisions of the above restriction constitutes an unreasonable or otherwise unenforceable
restriction against Executive, it shall be rendered void only to the extent that such judicial
determination finds such provisions to be unreasonable or otherwise unenforceable. In this regard,
the parties hereby agree that any judicial authority construing this Agreement shall be empowered
to sever any portion of the prohibited business activity from the coverage of this restriction and
to apply the restriction to the remaining portion of the business activities not so severed by such
judicial authority. Moreover, notwithstanding the fact that any provisions of this restriction are
determined by a court not to be specifically enforceable through injunctive relief,
Luminex shall nevertheless be entitled to seek to recover monetary damages as a result of the
breach of any provision which is not reformed by a court. The time period during which the
restrictions shall apply shall be tolled and suspended as to Executive for a period equal to the
aggregate quantity of time during which Executive violates such prohibitions in any respect.

               5.6 Confidential Information and Trade Secrets. As used herein, “Confidential
Information” means any data or information that is important, competitively sensitive, and not
generally known by the public or persons involved in the biological testing or life sciences
industries, including, but not limited to, Luminex’s business plans, prospective customers,
training manuals, proprietary software, product development plans, bidding and pricing procedures,
market plans and strategies, projections, internal performance statistics, financial data,
confidential personnel information concerning employees of Luminex, operational or administrative
plans, policy manuals, and terms and conditions of contracts and agreements. The term
“Confidential Information” shall not apply to information which is (i) already in Executive’s
possession (unless such information was obtained by Executive from Luminex in the course of
Executive’s employment by Luminex); (ii) received by Executive from a third party with, to
Executive’s knowledge, no restriction on disclosure or (iii) required to be disclosed by any
applicable law or by an order of a court of competent jurisdiction.

     Executive recognizes and acknowledges that the Confidential Information constitutes valuable,
special and unique assets of Luminex and its affiliates. Except as required to perform Executive’s
duties as an Executive of Luminex, until such time as they cease to be Confidential Information
through no act of Executive in violation of this Agreement, Executive will not use or disclose any
Confidential Information of Luminex. Upon the request of Luminex and, in any event, upon the
termination of this Agreement for any reason, Executive will surrender to Luminex (i) all
memoranda, notes, records, drawings, manuals or other documents pertaining to Luminex’s business
including all copies and/or reproductions thereof and (ii) all materials involving any Confidential
Information of Luminex.

               5.7 Preservation of Luminex Property. Executive acknowledges that from time to time
in the course of employment with Luminex, Executive has had the opportunity to inspect and use
certain property of Luminex, both tangible and intangible, including but not limited to files,
records, documents, drawings, specifications, lists, equipment, graphics, designs,

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and similar items relating to the business of Luminex. Executive acknowledges and agrees that all such
property, including but not limited to any and all copies thereof, whether prepared by Executive or
otherwise in the possession of Executive, are and shall remain the exclusive property of Luminex,
that Executive shall have no right or proprietary interest in such property and that Executive will
safeguard and return to Luminex all such property upon the earlier of (i) Luminex’s request and
(ii) the termination of Executive’s employment with Luminex.

               5.8 Assignment of Inventions to Luminex. All computer software, compilations,
programs, improvements, inventions, notes, copyrightable works, and opportunities for additional
Luminex business, made, fixed, conceived, or acquired by Executive during the Term are exclusively
owned by Luminex, are Luminex’s works for hire, and fully assigned to Luminex including without
limitation all rights to renewals, extensions, causes of action, reproduce, prepare derivative
works, distribute, display, perform, transfer, make, use and
sell and may never be copied, used, or disclosed without Luminex’s express written consent.
Executive will sign on request any documents affirming the same for any particular item. In
addition, Executive agrees to execute Luminex’s standard Confidentiality and IP Assignment
Agreement by the Effective Date to the extent Executive has not already executed such an agreement.

               5.9 Notice to Subsequent Employers. Executive agrees that, prior to commencing any
new employment in the Core Business within twelve months after the termination of this Agreement,
Executive will furnish the new employer with a copy of this Agreement. Executive also agrees that
Luminex may advise any new or prospective employer of the existence and terms of this Agreement and
furnish the employer with a copy of this Agreement.

          6. Disclosure of Investments. Commencing upon Executive’s execution of this Agreement
and at all times during the Term, Executive shall keep the Board informed in writing of the nature
and extent of Executive’s investments, stock holdings, or retention as a director, advisor or any
similar interest in any business or enterprise involved in the Core Business other than Luminex;
provided, however, that Executive shall not be required to disclose any such investments or stock
holdings that constitute less than 1% of such entity’s total obligations or total voting power.

          7. Arbitration.

               7.1 Exclusive Remedy. Arbitration shall be the sole and exclusive remedy for
resolving any claim or dispute which cannot be mutually resolved between the parties to this
Agreement with the exception of disputes arising out of Executive’s obligations under Article 5 or
disputes arising out of Luminex’s obligations under the last paragraph of Section 3.3, which are
not subject to this arbitration provision; provided however, that the parties hereto agree that
they may bring action in any court of competent jurisdiction to enforce any award granted pursuant
to arbitration or to otherwise enforce this Article 7. This includes, but is not limited to,
termination, interpretation or application of this Agreement or any other agreement or policy of
Luminex, any claim of violation of law relating to the employment relationship, including,

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without limitation, any claim of employment discrimination or sexual harassment, or harassment based on any
other prohibited basis, or any claim by Luminex against Executive. This Agreement is a waiver of
the right to trial by a jury or court.

               7.2 Limitations. The request for arbitration must be made within one (1) year from
the date of the occurrence giving rise to the dispute or claim; or, in the event of a statutory
claim, the time set forth by statute.

               7.3 Rules and Procedures. The arbitration will be conducted under the rules and
procedures for arbitration of employment disputes of the American Arbitration Association. The
arbitration shall take place in Austin, Texas unless the parties mutually agree to another
location.

               7.4 Arbitrator’s Authority. Upon finding that a claim is meritorious or in favor of
one of the parties to the dispute, the arbitrator or arbitrators shall have the authority to order
legal and equitable remedies appropriate as permitted by law.

               7.5 Expenses. Costs of obtaining and paying the arbiter and the costs associated with
conducting the arbitration, including obtaining a facility to be used during the arbitration, shall
be paid by Luminex. Other costs of the arbitration or any litigation associated with any dispute
arising under or in connection with this Agreement including, without limitation, reasonable
attorneys’ and experts’ fees and expenses of Luminex and the Executive shall be borne by the party
incurring such expense unless the arbiter or court of law, as the case may be, awards costs to one
of the parties.

          8. Miscellaneous.

               8.1 Waiver. The waiver of the breach of any provision of this Agreement shall not
operate or be construed as a waiver of any subsequent breach of the same or other provision hereof.

               8.2 Entire Agreement; Modifications. Except as otherwise provided herein, this
Agreement represents the sole, entire, and complete understanding among the parties with respect to
the subject matter hereof, and this Agreement supersedes any and all prior understandings,
agreements, plans and negotiations, whether written or oral, with respect to the subject matter
hereof, including without limitation any understandings, agreements or obligations respecting any
past or future compensation, bonuses, reimbursements or other payments to Executive from Luminex.
All modifications to the Agreement must be in writing and signed by both Executive and Luminex.

               8.3 Notices. All notices and other communications under this Agreement shall be in
writing and shall be given by facsimile or first class mail, certified or registered with return
receipt requested, and shall be deemed to have been duly given three business days after mailing or
one business day after transmission of a facsimile (with confirmation of receipt) to the respective
persons named below:

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	 	If to Luminex:
	 	Luminex Corporation
	 

	 	 	 	Attn: General Counsel
	 

	 	 	 	12212 Technology Blvd.
	 

	 	 	 	Austin, Texas 78727
	 

	 	 	 	Fax: (512) 219-6325
	 
	 	 	 	 
	 

	 	If to Executive:
	 	John C. Carrano
	 

	 	 	 	300 Wallis Dr.
	 

	 	 	 	Austin, TX 78746

Any party may change such party’s address for notices by notice duly given pursuant to this Section
8.3.

               8.4 Headings. The Section headings herein are intended for reference and shall not by
themselves determine the construction or interpretation of this Agreement.

               8.5 Governing Law; Venue. This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas. Subject in all respects to Section 7 generally and
Section 7.3 in particular, any dispute arising out of or relating to this Agreement may be brought
in a court of competent jurisdiction located in Austin, Texas, and both of the parties to this
Agreement irrevocably submit to the exclusive jurisdiction of such courts in any such dispute,
waives any objection it may now or hereafter have to venue or to convenience of forum, agrees that
all claims in respect of the dispute shall be heard and determined only in any such court, and
agrees not to bring any dispute arising out of or relating to this Agreement in any other court.
The parties agree that either or both of them may file a copy of this paragraph with any court as
written evidence of the knowing, voluntary and bargained agreement among the parties irrevocably to
waive any objections to venue or to convenience of forum. Process in any dispute may be served on
any party anywhere in the world.

               8.6 Severability. Should any court of competent jurisdiction determine that any
provision of this Agreement is illegal or unenforceable to any extent, such provision shall be
enforced to the extent permissible and all other provisions of this Agreement shall continue to be
enforceable to the extent possible.

               8.7 Counterparts. This Agreement may be executed in one or more counterparts, all of
which taken together shall constitute one and the same Agreement.

               8.8 Assignment. Neither this Agreement nor any duties or obligations hereunder may be
assigned by either party without the other party’s prior written consent; provided, however, that
Luminex may assign this Agreement to either (i) a wholly-owned subsidiary of Luminex (provided,
however, that such assignment shall not relieve Luminex of its obligations hereunder) or (ii) a
Person acquiring substantially all of Luminex’s assets if such acquisition would constitute a
Change in Control.

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               8.9 Withholding. All compensation and benefits payable to Executive hereunder shall
be reduced by all federal, state, local and other withholdings and similar taxes and payments
required by applicable law.

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 	 	 
	 	 	LUMINEX CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Patrick J. Balthrop
	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ John C. Carrano	 	 
	 	 	 	 	 
	 	 	John C. Carrano, Individually	 	 

- 15 -

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