Document:

WEB.COM
GROUP INC.

      

      AMENDED
AND RESTATED

      EMPLOYMENT
AGREEMENT

      

      This
Amended and Restated Employment Agreement (“Agreement”),
as amended and restated on December 11, 2008, is entered by and between Kevin
Carney (“Executive”)
and Web.com
Group, Inc. (the “Company”,
formerly known as Website Pros, Inc.), a Delaware corporation
on  October 28, 2009 (the “Effective
Date”).

       

      Whereas,
Executive has been providing services to the Company under the terms of an
Employment Agreement effective as of the initial public offering of the
Company’s common stock pursuant to a registration statement on Form S-1 (the
“Existing
Agreement”); and

       

      Whereas,
, the Company and Executive wish to further amend and restate the Existing
Agreement  in order to clarify the vesting of existing equity awards
upon termination of employment.

       

      Now,
Therefore, in consideration of the mutual promises and covenants
contained herein, it is hereby agreed by and between the parties hereto as
follows, effective as of the Effective Date:

       

      1.           
Employment
by the Company.

       

      1.1            Amendment and Restatement of Existing
Agreement.  The Existing Agreement is hereby amended and
restated in its entirety.

       

      1.2           Title and
Responsibilities.  Subject to the terms set forth herein,
Executive will continue to be employed as the Company’s Chief Financial
Officer.   During his employment with the Company, Executive will
devote his best efforts and substantially all of his business time and attention
(except for vacation periods and reasonable periods of illness or other
incapacity permitted by the Company’s general employment policies) to the
business of the Company.  Notwithstanding the foregoing, it is
acknowledged and agreed that Executive shall be permitted to perform his duties
and responsibilities as a principal of Atlantic Partners and may engage in civic
and not-for-profit activities; provided, in each case that
such activities do not materially interfere with the performance of his duties
hereunder.

       

      1.3
          Executive
Position.  Executive will serve in an executive capacity and
shall report to the Company’s Chief Executive Officer. Executive shall perform
the duties of his executive position as required by the Chief Executive Officer
and the Company's Board of Directors (the “Board”).

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      1.4           At-Will
Employment.  Executive’s relationship with the Company is
at-will.  The Company shall have the right to terminate this Agreement
and Executive’s employment with the Company at any time with or without Cause
(as defined in Section 4.1(a)), and with or without advance
notice.  In addition, the Company retains the discretion to modify the
terms of Executive’s employment, including but not limited to position, duties,
reporting relationship, office location, compensation, and benefits, at any
time.  Executive’s at-will employment relationship may only be changed
in a written agreement approved by the Board and signed by Executive and a
member of the Board or a duly authorized officer of the
Company.  Executive also may be removed from any position he holds in
the manner specified by the Bylaws of the Company and applicable
law.

       

      1.5           Company Employment
Policies.  The employment relationship between the parties
shall continue to be governed by the general employment policies and procedures
of the Company, including those relating to the protection of confidential
information and assignment of inventions, except that when the terms of this
Agreement differ from or are in conflict with the Company’s general employment
policies or procedures, this Agreement shall control.

       

      
        2.           Compensation.

      

       

      2.1           Salary.  Executive
shall receive for services to be rendered hereunder a base salary at an
annualized rate of $245,000, payable on the Company’s standard payroll
dates.  Executive will be considered for annual increases in base
salary in accordance with Company policy and subject to review and approval by
the Compensation Committee of the Board (the “Committee”).

       

      2.2           Equity
Awards.  Except as set forth below, Executive’s current
compensatory equity awards are not affected by this Agreement and will remain in
effect in accordance with the terms of the applicable award agreements and stock
plan(s).  The parties agree that the Company will not provide
Executive with any additional or new stock awards in connection with his
entering into this Agreement.

       

      2.3           Target
Bonus.  Subject to annual review by the Committee, Executive
shall be eligible to earn a target annual bonus of up to sixty-five percent
(65%) of Executive’s base salary (such actual target amount, which may be more
or less than 65%, as determined in the sole discretion of the Committee, the
“Target Bonus”).  Whether
Executive earns a Target Bonus, and if so, in what amount, shall be determined
solely by the Company in its discretion.  Executive must remain an
active employee through the time the Compensation Committee of the Board
determines bonus amounts for executives of the Company in order to earn any
bonus.  Executive will not earn any bonus if his employment terminates
for any reason before the Compensation Committee of the Board has determined
Executive’s bonus, except as expressly set forth herein.  No prorated
bonus can be earned.

       

      2.4           Standard Company
Benefits.  Executive shall be entitled to participate in the
Company’s employee benefits and compensation plans which may be in effect from
time to time and provided by the Company to its executives, under the terms and
conditions of such benefit and compensation plans.

      
        
           

        

        
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      2.5           Executive Severance Benefit
Plan.  Executive acknowledges and agrees that he is not an
“Eligible Employee” under the Company’s Executive Severance Benefit
Plan.  Upon a termination of employment, Executive’s rights to receive
any severance pay or post-termination benefit continuation will be only as set
forth in this Agreement and as otherwise required by applicable
law.

       

      3.           Confidential
Information.  As a condition of his continued employment,
Executive must continue to comply with the Proprietary Information and
Inventions Agreement (the “Confidential
Information Agreement”) he has executed previously.  Nothing in
this Agreement is intended to modify in any respect the Confidential Information
Agreement, and the Confidential Information Agreement shall remain in full force
and effect.  In addition, Executive agrees that during his employment
with the Company, and in the two (2) year period immediately following the date
on which Executive ceases to be employed by the Company for any reason,
Executive will not, whether directly or indirectly, personally or through
others: (a) encourage, induce, attempt to induce, solicit or attempt to solicit
any employee of the Company or any of the Company’s subsidiaries to leave his or
her employment with the Company or any of the Company’s subsidiaries, (b)
encourage, induce, attempt to induce, solicit or attempt to solicit any customer
of the Company or any of the Company’s subsidiaries to reduce or terminate its
customer relationship with the Company, or (c) be or become an officer,
director, stockholder, owner, co-owner, affiliate, partner, promoter, employee,
agent, representative, designer, consultant, advisor, manager, licensor,
sublicensor, licensee or sublicensee of, for or to, or otherwise be or become
associated with or acquire or hold (of record, beneficially or otherwise) any
direct or indirect interest in, any entity that engages directly or indirectly
in competition with the Company; provided, however, that Executive may, without
violating this paragraph, provide services to a business division of a competing
entity if such business division does not compete with the Company and
Executive’s services to the competing entity are limited to such business
division, and provided further, that Executive may own, as a passive investor,
an equity interest of any competing entity, so long as Executive’s holdings in
such entity do not in the aggregate constitute more than 1% of the voting stock
of such entity.  Executive acknowledges that, due to the nature of the
Company’s business and the products and services provided by the Company, it is
possible to compete with the Company from any location within the world, and
Executive acknowledges and agrees that it is thus impossible to identify or
otherwise limit the geographic scope of this agreement and that it is reasonable
for the restrictions contained herein to apply on a worldwide
basis.

       

      4.           Termination
Of Employment; Change of Control

       

      4.1           Termination
With or Without Cause.

       

       (a)           Definition of
Cause.  For purposes of this Agreement, “Cause”
shall mean (i) conviction of any felony, or of any crime involving moral
turpitude or dishonesty; (ii) perpetration of a material fraud or act of
dishonesty against the Company; (iii) persistent, willful and material breach of
the Executive’s duties that has not been cured within thirty (30) days after
written notice from the Board or the Committee of such breach; or (iv) material
breach of this Agreement or the Confidential Information Agreement that has not
been cured within thirty (30) days after written notice from the Board or the
Committee, or has caused irreparable damage incapable of cure.

       

      
        
           

        

        
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       (b)           Termination for Cause. If the
Company terminates Executive’s employment at any time for Cause, Executive’s
salary shall cease on the date of termination, and Executive will not be
entitled to any Severance Benefits (as defined below), severance pay, pay in
lieu of notice or any other such compensation, or any accelerated vesting of any
equity awards, other than payment of accrued salary and such other accrued
benefits as expressly required in such event by applicable law or the terms of
any applicable Company benefit plans.

       

      (c)           Termination Without
Cause.  If the Company terminates Executive’s employment at any
time without Cause (and other than as a result of Executive’s death or
disability) and such termination constitutes a “separation from service” (as
defined under Treasury Regulation Section 1.409A-1(h)), Executive shall be
eligible for the following severance benefits (the “Severance
Benefits”):  (i) the Company shall make a lump sum severance
payment to Executive in an amount equal to twelve (12) months of Executive’s
then-current base salary plus 100% of the greater of (A) 80% of the Target Bonus
for the year in which the termination occurs and (B) the prior year’s Target
Bonus actually earned by Executive, subject to withholdings and deductions, (ii)
the vesting of each then-outstanding, unvested equity award held by Executive
will accelerate as to that number of shares under each such award that would
have vested in the ordinary course had Executive continued to be employed by the
Company for an additional twelve (12)  months (or, if no shares would
vest during such time under a specific award due to a cliff vesting provision,
then the number of shares vesting and becoming exercisable pursuant to this
paragraph with respect to such award shall equal the product of (i) the total
number of shares subject to the award and (ii) a fraction, the numerator of
which is twelve (12) plus the number of whole months that have elapsed between
the Executive’s vesting commencement date and the date of termination, and the
denominator of which is the total number of months in the vesting schedule),
with such vesting occurring as of the date of the Executive’s termination (such
acceleration of vesting, the “12 Month Acceleration”), (iii) the
post-termination exercise period of all non-statutory stock options then held by
Executive shall be extended so that such options, to the extent vested, are
exercisable until the earlier of (A) the original term expiration date for such
award and (B) the first anniversary of Executive’s termination date, and (iv) if
Executive timely elects COBRA health insurance coverage, the Company will
reimburse Executive’s COBRA premiums for twelve (12) months following the date
his employment terminates or until such earlier date as he is no longer eligible
for COBRA coverage or he becomes eligible for health insurance coverage from
another source (provided that Executive must promptly inform the Company, in
writing, if he becomes eligible for health insurance coverage from another
source within twelve (12)  months after the
termination).  Executive shall not be entitled to the Severance
Benefits unless and until the release requirements set forth in Section 5 of
this Agreement are satisfied.

      
        
           

        

        
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      4.2         Resignation
With or Without Good Reason.

       

      (a)            Definition of Good
Reason.  For purposes of this Agreement, a Resignation for
“Good
Reason” shall mean that Executive resigns from all positions he
then-holds with the Company and its affiliates if (i) (A) the Company makes a
material adverse change in the Executive’s position causing such position to be
of materially reduced stature or responsibility, (B) there is a material
reduction of the Executive’s base salary, (C) the Executive is required to
relocate his primary work location to a location that would increase Executive’s
one way commute distance by more than twenty (20) miles, or (D) the Company (or
any successor thereto) materially breaches the terms of this Agreement
(including but not limited to a material reduction in Target Bonus percentage,
provided that fluctuation in actual Target Bonus amounts earned and paid will
not constitute Good Reason), (ii) Executive provides written notice to the
Company’s General Counsel within the sixty (60) days immediately following such
material change or reduction, (iii) such material change or reduction is not
remedied by the Company within thirty (30) days following the Company’s receipt
of such written notice and (iv) Executive’s resignation is effective not later
than ninety (90) days after the expiration of such thirty (30) day cure
period.

       

      (b)          
 Executive’s
Resignation.  Executive may resign from his employment with the
Company at any time, with or without advance notice, and with or without Good
Reason.

       

      (c)         
  Executive’s
Resignation Without Good Reason.  In the event that Executive
resigns his employment without Good Reason, Executive will not be entitled to
the Severance Benefits, severance pay, pay in lieu of notice or any other such
compensation, or any accelerated vesting of equity awards, other than payment of
accrued salary and such other accrued benefits as expressly required in such
event by applicable law or the terms of any applicable Company benefit
plans.  Termination of Executive’s employment due to Executive’s death
or disability will be treated as Executive’s resignation without Good
Reason.

       

      (d)            Executive’s Resignation for Good
Reason.  Executive may resign his employment for Good Reason at
any time so long as Executive tenders his resignation in writing to the Company
in accordance with the time frames set forth in Section 4.2(a) above. In the
event that Executive resigns his employment for Good Reason and such resignation
constitutes a “separation from service” (as defined above), Executive will be
eligible to receive the Severance Benefits if Executive satisfies the release
requirements set forth in Section 5 of this Agreement.

       

      
        
           

        

        
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      4.3         Change
of Control.

      (a)           Definition of Change of
Control.  For purposes of this Agreement, a “Change of
Control” shall mean any of the following: (i) a sale, lease or other
disposition in one transaction or a series of transactions, of all or
substantially all of the assets of the Company, (ii) a merger or consolidation
in which the Company is not the surviving entity or if the Company is the
surviving entity, as a result of which the shares of the Company’s capital stock
are converted into or exchanged for cash, securities of another entity, or other
property, unless (in any case) the holders of the Company’s outstanding shares
of capital stock immediately before such transaction own more than fifty percent
(50%) of the combined voting power of the outstanding securities of the
surviving entity immediately after the transaction, (iii) the Company’s
stockholders approve a plan or proposal to liquidate or dissolve the Company or
(iv) a person or group hereafter acquires beneficial ownership of more than
fifty percent (50%) of the outstanding voting securities of the Company (all
within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as
amended, and the regulations promulgated thereunder).

       

      (b)           Change
of Control Acceleration & Severance.

       

       
(i)           Single
Trigger Vesting Acceleration.

       

      
        	
                
                

              	
                (1)  

              	
                If
      the Company undergoes a Change of Control, then the vesting of each equity
      award held by Executive immediately prior to such Change of Control
      transaction shall accelerate as to 75% of his then-unvested shares subject
      to each such award, effective as of immediately prior to the effective
      time of such Change of Control.

              

      

       

      
        	
              	
                (2)  

              	
                Notwithstanding
      the foregoing, in the event of a Change of Control in which either (A) the
      acquiring or surviving entity does not agree to assume or otherwise
      continue Executive’s outstanding equity awards, or (B) the acquiring or
      surviving entity does assume or otherwise continue Executive’s outstanding
      equity awards but such awards cease to cover shares of common stock that
      are readily tradable on an established securities market, then 100% of the
      shares subject to each then-outstanding unvested equity award held by
      Executive shall become fully vested, and, as applicable, exercisable,
      effective as of immediately prior to the effective time of such Change of
      Control.

              

      

       

      
        	
              	
                (3)  

              	
                The
      vesting provided under this Section 4.3(b) (i) is called the “Change of
      Control Acceleration”.

              

      

       

      
        	
              	
                (4)  

              	
                In
      the event of a termination of Executive’s employment on the effective date
      of a Change of Control, the vesting in this Section 4.3(b)(i) shall apply
      first and the vesting in Section 4.1(c) (as modified, if applicable by
      Section 4.3(b)(ii)) shall apply
second.

              

      

       

       
(ii)          Executive’s Termination Without Cause
or Resignation For Good Reason Following a Change of
Control.  If following the effective date of a Change of
Control either (x) the Company (or its successor) terminates Executive’s
employment without Cause (and other than as a result of Executive’s death or
disability), or (y) Executive resigns with Good Reason, and in either such case
such event constitutes a “separation from service”, then Executive shall be
eligible to receive the Severance Benefits if Executive satisfies the release
requirements set forth in Section 5 of this Agreement, provided, however, that
in lieu of the vesting acceleration described in Section 4.1(c)(ii), the vesting
of each then-outstanding, unvested equity award held by Executive will
accelerate as to the greater of (A) the 12 Month Acceleration and (B) 75% of
Executive’s then-unvested shares.

      
        
           

        

        
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      4.4          Cessation of Severance
Benefits.  If Executive violates this Agreement or the
Confidential Information Agreement, then Executive’s eligibility for and
entitlement to receive the Severance Benefits, Change of Control Acceleration,
and all  other benefits being provided to Executive by the Company
will cease immediately, and Executive will not be entitled to any further
compensation and benefits from the Company, the Company will have no further
obligation to provide any such compensation or benefits, and to the extent
Executive has already received Severance Benefits and/or Change in Control
Acceleration under this Agreement in connection with Executive’s termination,
all such benefits will be forfeited and Executive shall be required to
immediately return any cash payments made pursuant to such
benefits.

       

      4.5          Application of Internal Revenue Code
Section 409A.   If the Company (or, if applicable, the
successor entity thereto) determines that the Severance Benefits and/or any
other termination payments and benefits provided under this Agreement or
otherwise (the “Payments”)
constitute “deferred compensation” under Code Section 409A (together, with any
state law of similar effect, “Section
409A”) and Executive is a “specified employee” (as such term is defined
in Section 409A(a)(2)(B)(i)) of the Company or any successor entity thereto upon
his separation from service, then, solely to the extent necessary to avoid the
incurrence of the adverse personal tax consequences under Section 409A as a
result of the payment of compensation upon his “separation from service”, the
timing of the Payments shall be delayed as follows:  on the earlier to
occur of (i) the date that is six months and one day after the date of the
“separation from service” or (ii) the date of Executive’s death (such earlier
date, the “Delayed Initial
Payment Date”), the Company (or the successor entity thereto, as
applicable) shall (A) pay to Executive a lump sum amount equal to the sum of the
Payments that Executive would otherwise have received through the Delayed
Initial Payment Date (including reimbursement for any premiums paid by Executive
for health insurance coverage under COBRA) if the commencement of the payment of
the Payments had not been delayed pursuant to this Section 4.5 and (B) commence
paying the balance of the Payments in accordance with the applicable payment
schedules set forth above.  It is intended that (i) each installment
of the Payments provided under this Agreement is a separate “payment” for
purposes of Section 409A, (ii) all of the Payments satisfy, to the greatest
extent possible, the exemptions from the application of Section 409A provided
under of Treasury Regulation 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9),
and this Agreement will be construed to the greatest extent possible as
consistent with those provisions.

      
        
           

        

        
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      4.6          Certain
Offsets.  The Company shall reduce Executive’s Severance
Benefits, in whole or in part, by any other severance benefits, pay in lieu of
notice, or other similar benefits payable to Executive by the Company that
become payable in connection with Executive’s termination of employment,
including but not limited to any payments that are owed pursuant to (i) any
applicable legal requirement, including, without limitation, the Worker
Adjustment and Retraining Notification Act (the “WARN
Act”), or (ii) any Company policy or practice providing for Executive to
remain on the payroll for a limited period of time after being given notice of
the termination of Executive’s employment.  The termination payments
and benefits provided under this Agreement are intended to satisfy, in whole or
in part, any and all statutory obligations that may arise out of Executive’s
termination of employment.  In the Company’s sole discretion, such
reductions may be applied on a retroactive basis, with severance benefits
previously paid being recharacterized as payments pursuant to the Company’s
statutory obligation.  If Executive is indebted to the Company at his
or her termination date, the Company reserves the right to offset any severance
payments under the Plan by the amount of such indebtedness.

       

      4.7          Excess
Parachute Payments.

       

      (a)
           If
any payment or benefit (including payments and benefits pursuant to this
Agreement) that Executive has received in connection with an acquisition of
Executive’s previous employer, or would receive pursuant to this Agreement or
otherwise (collectively, the “Acquisition
Payments”) would (i) constitute a “parachute payment” within the meaning
of Section 280G of the Code, and (ii) but for this sentence, be subject to the
excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then such Acquisition Payments shall be equal to the Reduced
Amount.  The “Reduced
Amount” shall be the largest portion of the Acquisition Payments that
would result in no portion of the Acquisition Payments being subject to the
Excise Tax.  If a reduction in payments or benefits constituting the
Acquisition Payments is necessary so that the Acquisition Payments equal the
Reduced Amount, (A) Executive shall have no right to any portion of the
Acquisition Payments except those included in the Reduced Amount, and (B)
reduction shall occur in the following order: (1) reduction of cash payments;
(2) cancellation of accelerated vesting of equity awards other than stock
options; (3) cancellation of accelerated vesting of stock options; and (4)
reduction of other benefits paid to Executive. In the event that acceleration of
compensation from Executive’s equity awards is to be reduced, such acceleration
of vesting shall be canceled in the reverse order of the date of
grant.

       

      (b)            The
independent professional firm engaged by the Company for general tax audit
purposes as of the day prior to the effective date of the Change of Control
shall make all determinations required to be made under this Section
4.7.  If the firm so engaged by the Company is serving as advisor for
the individual, entity or group effecting the Change of Control, the Company
shall appoint a nationally recognized independent professional firm to make the
determinations required hereunder.  The Company shall bear all
expenses with respect to the determinations by such independent registered
public accounting firm required to be made hereunder.

      
        
           

        

        
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      (c)            The
firm engaged to make the determinations hereunder shall provide its
calculations, together with detailed supporting documentation, to the Company
and Executive within fifteen (15) calendar days after the date on which
Executive’s right to any Acquisition Payments is triggered (if requested at that
time by the Company or Executive) or such other time as reasonably requested by
the Company or Executive.  If the firm determines that no Excise Tax
is payable with respect to any Acquisition Payments, either before or after the
application of the Reduced Amount, it shall furnish the Company and Executive
with an opinion reasonably acceptable to Executive that no Excise Tax will be
imposed with respect to such Acquisition Payments.  Any good faith
determinations of the firm made hereunder shall be final, binding and conclusive
upon the Company and Executive.

       

      5.         Release. As a condition of
receiving the Severance Benefits and/or the Change of Control Acceleration under
this Agreement to which Executive would not otherwise be entitled, Executive
shall execute, and allow to become effective, a release substantially in the
form attached hereto as Exhibit A (the “Release”)
(the Company shall determine the actual form of Release to be provided by
Executive) not later than thirty (30) days following Executive’s “separation
from service”.  Unless the Release is timely executed by Executive,
delivered to the Company, and becomes effective after the termination of
Executive’s employment with the Company (the date on which the Release becomes
effective, the “Release
Date”, which date shall in no event be later than February 28 of the year
following the year in which termination occurs), Executive shall not receive any
of the Severance Benefits and/or the Change of Control Acceleration provided for
under this Agreement.  Any lump sum severance benefits owed to
Executive shall be paid within ten (10) business days following the Release
Date, but in no event later than March 15 of the year following the year in
which termination occurs.

       

      6.        General
Provisions.

       

       6.1          Notices.  Any
notices provided hereunder must be in writing and shall be deemed effective upon
the earlier of personal delivery (including, personal delivery, email and
facsimile transmission), delivery by express delivery service (e.g. Federal
Express), or the third day after mailing by first class mail, to the Company at
its primary office location and to Executive at his address as listed on the
Company payroll (which address may be changed by either party by written
notice).

       

      6.2           Severability.  Whenever
possible, each provision of this Agreement will be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or any other jurisdiction,
and such invalid, illegal or unenforceable provision will be reformed, construed
and enforced in such jurisdiction so as to render it valid, legal, and
enforceable consistent with the intent of the parties insofar as
possible.

       

      6.3           Waiver.  If either
party should waive any breach of any provisions of this Agreement, he or it
shall not thereby be deemed to have waived any preceding or succeeding breach of
the same or any other provision of this Agreement.

      
        
           

        

        
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      6.4           Entire
Agreement.  This Agreement, including its exhibits, constitutes
the entire agreement between Executive and the Company regarding the subject
matter hereof.  As of the Effective Date, this Agreement supersedes
and replaces any and all other agreements, promises, or representations, written
or otherwise, between Executive and the Company with regard to this subject
matter, including the Existing Agreement.  This Agreement is entered
into without reliance on any agreement, promise, or representation, other than
those expressly contained or incorporated herein, and, except for those changes
expressly reserved to the Company’s or Board’s discretion in this Agreement, the
terms of this Agreement cannot be modified or amended except in a writing signed
by Executive and a duly authorized officer of the Company which is approved by
the Board.

       

      6.5           Counterparts.  This
Agreement may be executed in separate counterparts, any one of which need not
contain signatures of more than one party, but all of which taken together will
constitute one and the same Agreement.  Signatures transmitted via
facsimile shall be deemed the equivalent of originals.

       

      6.6           Headings and
Construction.  The headings of the sections hereof are inserted
for convenience only and shall not be deemed to constitute a part hereof or to
affect the meaning thereof.  For purposes of construction of this
Agreement, any ambiguities shall not be construed against either party as the
drafter.

       

       6.7           Successors and
Assigns.  This Agreement is intended to bind and inure to the
benefit of and be enforceable by Executive, the Company, and their respective
successors, assigns, heirs, executors and administrators, except that Executive
may not assign any of his duties hereunder and he may not assign any of his
rights hereunder without the written consent of the Company.

       

      6.8           Attorney Fees.  If
either party hereto brings any action to enforce his or its rights hereunder,
the prevailing party in any such action shall be entitled to recover his or its
reasonable attorneys’ fees and costs incurred in connection with such
action.

       

      6.9           Arbitration. To provide a mechanism
for rapid and economical dispute resolution, Executive and the Company agree
that any and all disputes, claims, or causes of action, in law or equity,
arising from or relating to this Agreement (including the Release) or its
enforcement, performance, breach, or interpretation, or arising from or relating
to Executive’s employment with the Company or the termination of Executive’s
employment with the Company, will be resolved, to the fullest extent permitted
by law, by final, binding, and confidential arbitration held in Duval County,
Florida and conducted by JAMS, Inc. (“JAMS”),
under its then-applicable Rules and Procedures.  By agreeing to this arbitration
procedure, both Executive and the Company waive the right to resolve any such
dispute through a trial by jury or judge or by administrative
proceeding.  Executive will have the right to be represented by
legal counsel at any arbitration proceeding at his expense.  The
arbitrator shall:  (a) have the authority to compel adequate
discovery for the resolution of the dispute and to award such relief as would
otherwise be available under applicable law in a court proceeding; and
(b) issue a written statement signed by the arbitrator regarding the
disposition of each claim and the relief, if any, awarded as to each claim, the
reasons for the award, and the arbitrator’s essential findings and conclusions
on which the award is based.  The Company shall bear all fees for the
arbitration, except for any attorneys’ fees or costs associated with Executive’s
personal representation.  The arbitrator, and not a court, shall also
be authorized to determine whether the provisions of this paragraph apply to a
dispute, controversy or claim sought to be resolved in accordance with these
arbitration procedures.  Notwithstanding the provisions of this
paragraph, the parties are not prohibited from seeking injunctive relief in a
court of appropriate jurisdiction to prevent irreparable harm on any basis,
pending the outcome of arbitration.  Any awards or orders in such
arbitrations may be entered and enforced as judgments in the federal and the
state courts of any competent jurisdiction.

      
        
           

        

        
          -10-

          
            

          

        

        
           

        

      

       

      6.10        Governing Law.  All
questions concerning the construction, validity and interpretation of this
Agreement shall be governed by the law of the State of Florida without regard to
conflicts of laws principles.

       

      6.11        Exhibits.

       

      Exhibit A
– Release Agreement

      
        
           

        

        
          -11-

          
            

          

        

        
           

        

      

      In Witness
Whereof, the parties have executed this Employment
Agreement effective as of the Effective Date written above.

       

      Web.com
Group, Inc.

      

      
        
          
            
              
                
                  	
                          By:

                        	 
      
	 
      	 
      
	 
      	
                          Chairman,
      Compensation Committee

                          of
      the Board of Directors

                        
	 
      	 
      
	
                          Kevin
      Carney

                        
	 
	
                            

                        	
                            

                        

                

              

            

          

        

      

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      EXHIBIT
A

       

      Release
Agreement

       

      I
understand that my employment with Web.com
Group, Inc. (the “Company”)
terminated effective ___________, _____ (the “Separation
Date”).  The Company has agreed that if I choose to sign this
Release Agreement (“Release”),
the Company will provide me certain severance benefits (minus the standard
withholdings and deductions) pursuant to the terms of the Employment Agreement
(the “Agreement”)
entered into and effective as of ___________ ___,  _____, between
myself and the Company, and any agreements incorporated therein by
reference.  I understand that I am not entitled to such severance
benefits unless I sign this Release and allow it to become
effective.  I understand that, regardless of whether I sign this
Release, the Company will pay me all of my accrued salary and vacation through
the Separation Date, to which I am entitled by law.

       

      I also
confirm my obligations set forth in Section 3 of the
Agreement.  Specifically, I agree that in the two (2) year period
immediately following the date on which I cease to be employed by the Company,
for any reason, I will not, whether directly or indirectly, personally or
through others: (a) encourage, induce, attempt to induce, solicit or attempt to
solicit any employee of the Company or any of the Company’s subsidiaries to
leave his or her employment with the Company or any of the Company’s
subsidiaries, (b) encourage, induce, attempt to induce, solicit or attempt to
solicit any customer of the Company or any of the Company’s subsidiaries to
reduce or terminate its customer relationship with the Company, or (c) be or
become an officer, director, stockholder, owner, co-owner, affiliate, partner,
promoter, employee, agent, representative, designer, consultant, advisor,
manager, licensor, sublicensor, licensee or sublicensee of, for or to, or
otherwise be or become associated with or acquire or hold (of record,
beneficially or otherwise) any direct or indirect interest in, any entity that
engages directly or indirectly in competition with the Company; provided,
however, that I may, without violating this paragraph, provide services to a
business division of a competing entity if such business division does not
compete with the Company and my services to the competing entity are limited to
such business division, and provided further, that I may own, as a passive
investor, an equity interest of any competing entity, so long as my holdings in
such entity do not in the aggregate constitute more than 1% of the voting stock
of such entity.  I acknowledge that, due to the nature of the
Company’s business and the products and services provided by the Company, it is
possible to compete with the Company from any location within the world, and I
acknowledge and agree that it is thus impossible to identify or otherwise limit
the geographic scope of this agreement and that it is reasonable for the
restrictions contained herein to apply on a worldwide basis.

       

      In
consideration for the severance benefits I am receiving under the Agreement, I
hereby generally and completely release the Company and its officers, directors,
agents, attorneys, employees, shareholders, parents, subsidiaries, and
affiliates from any and all claims, liabilities, demands, causes of action,
attorneys’ fees, damages, or obligations of every kind and nature, whether they
are now known or unknown, arising at any time prior to or on the date I sign
this Release.  This general release includes, but is not limited to:
(a) all claims arising out of or in any way related to my employment with the
Company or the termination of that employment; (b) all claims related to my
compensation or benefits from the Company, including salary, bonuses,
commissions, vacation pay, expense reimbursements, severance pay, fringe
benefits, stock, stock options, or any other ownership interests in the Company;
(c) all claims for breach of contract, wrongful termination, and breach of
the implied covenant of good faith and fair dealing (including, but not limited
to, any claims based on or arising from the Agreement); (d) all tort
claims, including claims for fraud, defamation, emotional distress, and
discharge in violation of public policy; and (e) all federal, state, and local
statutory claims, including claims for discrimination, harassment, retaliation,
attorneys’ fees, or other claims arising under the federal Civil Rights Act of
1964 (as amended), the federal Americans with Disabilities Act of 1990, the
federal Age Discrimination in Employment Act of 1967 (as amended), and the
California Fair Employment and Housing Act (as
amended).  Notwithstanding the release in the preceding sentence, I am
not releasing any right of indemnification I may have in my capacity as an employee, officer
and/or director of the Company pursuant to any express indemnification agreement
or otherwise, nor am I releasing any rights I may have as an owner and/or holder
of the Company’s common stock and stock options.  Excluded from this
Release are any claims which cannot be waived by law.  I am waiving,
however, my right to any monetary recovery should any agency, such as the EEOC,
pursue any claims on my behalf.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      In
releasing claims unknown to me at present, I am waiving all rights and benefits
under Section 1542 of the California Civil Code, and any law or legal principle
of similar effect in any jurisdiction:  “A general release does not extend to
claims which the creditor does not know or suspect to exist in his favor at the
time of executing the release, which if known by him must have materially
affected his settlement with the debtor.”

       

      If I am
forty (40) years of age or older as of the Separation Date, I acknowledge that I
am knowingly and voluntarily waiving and releasing any rights I may have under
the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”).  I
also acknowledge that the consideration given for the waiver in the above
paragraphs is in addition to anything of value to which I was already
entitled.  I have been advised by this writing, as required by the
ADEA that:  (a) my waiver and release do not apply to any claims that
may arise after the date that I sign this Release; (b) I should consult with an
attorney prior to signing this Release (although I may choose voluntarily not to
do so); (c) I have twenty-one (21) days within which to consider this Release
(although I may choose voluntarily to sign this Release earlier); (d) I have
seven (7) days following the date that I sign this Release to revoke the Release
by providing written notice of revocation to the Company’s Board of Directors;
and (e) this Release will not be effective until the eighth day after this
Release has been signed by me.

       

      I hereby
represent that I have been paid all compensation owed and for all hours worked,
have received all the leave and leave benefits and protections for which I am
eligible, pursuant to the Family and Medical Leave Act or otherwise, and have
not suffered any on-the-job injury for which I have not already filed a
claim.

       

      
        
          
            
              
                
                  
                    	
                            Understood
      and Agreed:

                          
	 
      
	
                            Kevin
      Carney

                          
	 
      
	
                               

                          
	 
      
	
                            Dated:

                          	
                               

                          

                  

                

              

            

          

        

      

       

      
        
           

        

        
          -2-AMENDED
& RESTATED

    EMPLOYMENT
AGREEMENT

     

    THIS AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (“Agreement”) is made
this 28th day of October, 2009 (the “Amendment Date”) and
restates that certain employment agreement dated the 16th day of March, 2009 by
and between NeoGenomics, Inc. a Nevada corporation (“NeoGenomics" or the
“Employer” and
collectively with any entity that is wholly or partially owned by NeoGenomics,
the “Company”),
located at 12701 Commonwealth Drive, Suite #5, Fort Myers, Florida 33913 and
Douglas M. VanOort (“Executive”), an
individual who resides at 3275 Regatta Road, Naples, FL 34103.

    

    RECITALS:

    

    WHEREAS, the Company is
engaged in the business of providing genetic and molecular diagnostic testing
services to doctors, hospitals and other healthcare institutions;
and

    

    WHEREAS, on March 16, 2009,
the Executive was appointed to the Board of Directors of NeoGenomics (the “Board”) and elected
as the Chairman of the Board and appointed as an officer of the Company in the
capacity of Executive Chairman and Interim Chief Executive Officer;
and

    

    WHEREAS, as of this Amendment
Date, NeoGenomics desires to employ Executive as an officer in the capacity of
Chief Executive Officer, and Executive desires to be employed by NeoGenomics in
such capacity, in accordance with the terms, covenants, and conditions as set
forth in this Agreement.

    

    NOW, THEREFORE, in
consideration of the mutual promises set forth herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Employer and Executive agree as follows:

    

    1.           Employment
Period.  Subject to the terms and conditions set forth herein
and unless sooner terminated as hereinafter provided, NeoGenomics shall employ
Executive as an officer, and Executive agrees to serve as an officer and accepts
such employment for a four-year period, beginning on March 16, 2009 (the “Effective Date”) and
ending on the 4th
anniversary of the Effective Date (the “Initial Employment
Term”).  After the Initial Employment Term, this Agreement
shall automatically renew for consecutive one year periods (“renewal term”),
unless a written notice of a party’s intention to terminate this Agreement at
the expiration of the Initial Employment Term (or any renewal term) is delivered
by either party at least three (3) months prior to the expiration of the Initial
Employment Term or any renewal term, as applicable.  For purposes of
this Agreement, the period from the Effective Date until the termination of the
Executive’s employment shall hereinafter be referred to as the “Term”.  Executive’s
employment pursuant to this Agreement shall be “at will” as such term is
construed under Florida law.

    

    2.           Title and
Duties.  During the period from this Amendment Date through the
Term, NeoGenomics shall employ Executive as its Chief Executive Officer (“CEO”), and Executive
accepts employment in such capacity.  Executive will report to and be
subject to the general supervision and direction of the Board.  If
requested, Executive will serve in similar capacities for each or any subsidiary
of NeoGenomics without additional compensation.  Executive shall
perform such duties as are customarily performed by someone holding the title of
CEO in the same or similar businesses or enterprises as that engaged in by the
Company and such other duties as the Board may assign from time to
time.  The Board understands and acknowledges that the Executive has
certain other pre-existing commitments to Summer Street Capital Partners and is
a member of certain other boards of directors (such other activities, hereafter
referred to as “Other
Commitments”) and acknowledges that Executive will from time to time need
to devote part of his working time and attention to such Other
Commitments.

     

     

    
      
         

        
          Executive
Initials

        

        
          
             

          

          
            
              1

               

              _________________

               

            

            
              

            

          

          
             

          

        

        

      

    

    
 

    3.           Compensation
and Benefits of Executive.  The Company shall compensate
Executive for Executive's services rendered under this Agreement as
follows:

    

    
      	
               
      

            	
              a.

            	
              Base
      Salary.  Unless otherwise adjusted by the Compensation
      Committee of the Board (the “Compensation Committee”), the Company shall
      pay Executive a base salary of $325,000 per annum (the “Base Salary”),
      payable in equal installments at such times as is consistent with normal
      Company payroll policy.

            

    

    

    
      	
               
      

            	
              b.

            	
              Bonus.  Executive
      will be eligible for a performance-based bonus as a participant in the
      Company’s Management Incentive Plan (“MIP”), which
      shall set annual target incentives for the Executive and other senior
      ranking employees that are determined by the Compensation Committee of the
      Board (the “Compensation
      Committee”).   The Company will target an annual
      bonus of 60% of the Executive’s Base Salary (the “Target Bonus”),
      pro-rated for the number of months of service in any given year in the
      event that the Executive’s employment is terminated by the Company or the
      Executive for any reason prior to the end of any such
      year.   Upon meeting the performance thresholds established
      by the Compensation Committee in the MIP for any such year, the actual
      bonus payout for such year will be no less than 100% of the Target
      Bonus.  However, the Executive shall be eligible to receive up
      to 150% of the Target Bonus in the event that the Company’s and/or the
      Executive’s performance exceeds the thresholds set for the Target
      Bonus.

            

    

    

    
      	
               
      

            	
              c.

            	
              Benefits.  Subject
      to the eligibility requirements (including, but not limited to,
      participation by part-time employees), and enrollment provisions of the
      Company’s employee benefit plans, Executive may, to the extent he so
      chooses, participate in any and all of the Company’s employee benefit
      plans, at the Company’s expense.  All Company benefits are
      identified in the Employee Handbook and are subject to change without
      notice or explanation.  In addition, subject to the eligibility
      requirements (including, but not limited to, participation by a part-time
      employee) and enrollment provisions of the Company’s executive benefit
      programs, Executive shall also be entitled to participate in any and all
      other benefits programs established for officers of the
      Company.

            

    

    

    
      	
               
      

            	
              d.

            	
              Stock
      Options.  On the Effective Date, Executive will be
      granted an option to purchase 1,000,000 shares of the Company’s common
      stock (the “Options”) on
      the terms and conditions listed below.  Such Options will have a
      strike price equal to the fair market value of the common stock as of the
      Effective Date, which pursuant to NeoGenomics’ Amended and Restated Equity
      Incentive Plan (the “Plan”), shall be equal to the closing price per share
      of NeoGenomics’ common stock on the last trading day immediately preceding
      the Effective Date.  The vesting provisions of such Options
      shall be as outlined below.  These Options shall be treated as
      incentive stock options (ISOs) to the maximum extent permitted under
      applicable law, and the remainder of the Options, if any, shall be treated
      as non-qualified stock options.  The grant of these Options will
      be made pursuant to the Company’s Plan and will be evidenced by a separate
      “Option
      Agreement” to be executed by the Company and Executive, which will
      contain all the terms and conditions of the Options (including, but not
      limited to, the provisions set forth in this Section 3(d)).  So
      long as Executive remains employed by the Company, such Options will have
      a seven-year term before
expiration.

            

    

    

    
      1.)         
Time-based
Options - 500,000 of such options will be time-based options and will
vest according to the following schedule:

    

     

    
       

      
        
          
            Executive
Initials

          

          
            
               

            

            
              
                2

                 

                _________________

                 

              

              
                

              

            

            
               

            

          

          
 

        

      

    

    
      	
               
      

            	
              200,000

            	
              will
      vest on the first anniversary of the Effective Date; provided, however,
      that if the Executive’s employment hereunder is terminated by the Employer
      without “cause” (as such term is defined in the Option Agreement) at any
      time prior to the first anniversary of the Effective Date, then the pro
      rata portion of these 200,000 Options up until the date of termination,
      shall be deemed vested; and

            

    

     

    
      	
               
      

            	
              12,500

            	
              will
      vest each month beginning on the 13th
      monthly anniversary of the Effective Date and continuing on each monthly
      anniversary thereafter until the second anniversary of the Effective Date;
      and

            

    

     

    
      	
               
      

            	
              8,000

            	
              will
      vest each month beginning on the 25th
      monthly anniversary of the Effective Date and continuing on each monthly
      anniversary thereafter until the third anniversary of the Effective Date;
      and

            

    

     

    
      	
               
      

            	
              4,500

            	
              will
      vest each month beginning on the 37th
      monthly anniversary of the Effective Date and continuing on each monthly
      anniversary thereafter until the fourth anniversary of the Effective
      Date.

            

    

    

    
      2.)         
Performance-based
Options - 500,000 of such options will be performance-based options and
will vest according to the following schedule.  Executive understands
and acknowledges that if the performance metrics for any given year are not met,
then such options shall be forfeited and the Board is under no obligation to
replenish such options.

    

    

    
      	
               
      

            	
              100,000

            	
              will
      vest if the Company’s actual consolidated revenue for FY 2009, after
      excluding the effects of any Revenue Exclusions for such fiscal year,
      meets or exceeds the consolidated revenue goal established by the Board
      for the vesting of performance options, which goal will be based on the
      Company’s Board approved budget for such fiscal year;
  and

            

    

     

    
      	
               
      

            	
              100,000

            	
              will
      vest if the Company’s actual Adjusted EBITDA for FY 2009, after excluding
      the effects of any Adjusted EBITDA Exclusions for such fiscal year, meets
      or exceeds the Adjusted EBITDA goal established by the Board for the
      vesting of performance options, which will be based on the Company’s
      Board-approved budget for such fiscal year;
and

            

    

     

    
      	
               
      

            	
              75,000

            	
              will
      vest if the Company’s actual consolidated revenue for FY 2010, after
      excluding the effects of any Revenue Exclusions for such fiscal year,
      meets or exceeds the consolidated revenue goal established by the Board
      for the vesting of performance options, which goal will be based on the
      Company’s Board approved budget for such fiscal year;
  and

            

    

     

    
      	
               
      

            	
              75,000

            	
              will
      vest if the Company’s actual Adjusted EBITDA for FY 2010, after excluding
      the effects of any Adjusted EBITDA Exclusions for such fiscal year, meets
      or exceeds the Adjusted EBITDA goal established by the Board for the
      vesting of performance options, which will be based on the Company’s
      Board-approved budget for such fiscal year;
and

            

    

     

    
      	
               
      

            	
              50,000

            	
              will
      vest if the Company’s actual consolidated revenue for FY 2011, after
      excluding the effects of any Revenue Exclusions for such fiscal year,
      meets or exceeds the consolidated revenue goal established by the Board
      for the vesting of performance options, which goal will be based on the
      Company’s Board approved budget for such fiscal year;
  and

            

    

     

     

    
      
        
          Executive
Initials

        

        
          
             

          

          
            
              3

               

              _________________

               

            

            
              

            

          

          
             

          

        

        
 

      

    

    
      	
               
      

            	
              50,000

            	
              will
      vest if the Company’s actual Adjusted EBITDA for FY 2011, after excluding
      the effects of any Adjusted EBITDA Exclusions for such fiscal year, meets
      or exceeds the Adjusted EBITDA goal established by the Board for the
      vesting of performance options, which will be based on the Company’s
      Board-approved budget for such fiscal year;
and

            

    

     

    
      	
               
      

            	
              25,000

            	
              will
      vest if the Company’s actual consolidated revenue for FY 2012, after
      excluding the effects of any Revenue Exclusions for such fiscal year,
      meets or exceeds the consolidated revenue goal established by the Board
      for the vesting of performance options, which goal will be based on the
      Company’s Board approved budget for such fiscal year;
  and

            

    

     

    
      	
               
      

            	
              25,000

            	
              will
      vest if the Company’s actual Adjusted EBITDA for FY 2012, after excluding
      the effects of any Adjusted EBITDA Exclusions for such fiscal year, meets
      or exceeds the Adjusted EBITDA goal established by the Board for the
      vesting of performance options, which will be based on the Company’s
      Board-approved budget for such fiscal
year.

            

    

     

    
      	
               
      

            	
              Executive
      understands that, pursuant to the Plan, upon termination of his
      employment, he will only have ninety (90) days to exercise any vested
      portion of the Options.  All Options awarded pursuant to this
      Section 3(d) will contain a provision in the Option Agreement that allows
      for immediate vesting of any unvested portion of the Options in the event
      of a change of control of
NeoGenomics.

            

    

    

    
      	
               
      

            	
              e.

            	
              Revenue
      and Adjusted EBITDA Exclusions Defined.  For the purposes
      of Section 3b and 3d above, to the extent the Company acquires any
      companies or businesses during any given fiscal year and the financial
      impact of such acquisition was not previously factored into the annual
      operating budget approved by the Board, the following revenue and Adjusted
      EBITDA adjustments shall be made to the Company’s fiscal results in
      measuring whether or not the Company has met or exceeded the specific
      performance targets outlined in Sections 3b or 3d
  hereof.

            

    

    

    
      	
               
      

            	
              1.)  “Revenue
      Exclusions” shall be defined as the prorated annualized quarterly
      GAAP revenue of any company or business acquired by the Company for the
      most recent full fiscal quarter prior to the date such company or business
      is acquired by the Company.  Such annualized quarterly revenue
      shall be prorated by multiplying the total annualized quarterly revenue
      described above by a fraction, the numerator of which is the number of
      days that the financial results of the acquired business or company are
      included in the Company’s financial results during the fiscal year in
      question, and the denominator of which is
365.

            

    

    

    
      	
               
      

            	
              2.)  “Adjusted EBITDA
      Exclusions” shall be defined as the prorated annualized quarterly
      Adjusted EBITDA of any company or business acquired by the Company for the
      most recent full fiscal quarter prior to the date such company or business
      is acquired by the Company.  Such annualized quarterly Adjusted
      EBITDA shall be prorated by multiplying the total annualized quarterly
      Adjusted EBITDA described above by a fraction, the numerator of which is
      the number of days that the financial results of the acquired business or
      company are included in the Company’s financial results during the fiscal
      year in question, and the denominator of which is 365.  The
      Board, at its discretion, may add back any non-recurring or one time
      charges that may have been included in the most recent full fiscal quarter
      of the company or business being acquired when determining the appropriate
      Adjusted EBITDA for such business or
company.

            

    

     

    
       

      
        Executive
Initials

      

      
        
           

        

        
          
            4

             

            _________________

             

          

          
            

          

        

        
           

        

      

      
 

    

    
      	
               
      

            	
              f.

            	
              Paid
      Time-Off and Holidays.  Executive’s paid time-off (“PTO”) and
      holidays shall be consistent with the standards set forth in the Company’s
      Employee Handbook, as revised from time to time or as otherwise published
      by the Company.  Notwithstanding the previous sentence,
      Executive will be eligible for one hundred twenty (120) hours of PTO/year,
      which will accrue on a pro-rata basis throughout the year, provided,
      however, that it is the Company’s policy that no more than forty (40)
      hours of PTO can be accrued beyond this annual limit for any employee at
      any time.  Thus, when accrued PTO reaches one hundred sixty
      (160) hours, Executive will cease accruing PTO until accrued PTO is one
      hundred twenty (120) hours or less, at which point Executive will again
      accrue PTO until he reaches one hundred sixty (160) hours.  In
      addition to PTO, there are also six (6) paid national holidays and one (1)
      “floater” day available to Company employees.  Executive agrees
      to schedule such PTO so that it minimally interferes with the Company’s
      operations.   Such PTO does not include Board excused
      absences.

            

    

    

    
      	
               
      

            	
              g.

            	
              Reimbursement
      of Normal Business Expenses.  The Company will reimburse
      all reasonable business expenses of Executive, including, but not limited
      to, cell phone expenses and business related travel, meals and
      entertainment expenses in accordance with the Company’s polices for such
      reimbursement.

            

    

    

    4.           Best
Efforts of the Executive and Minimum Time Commitments of Employment. Executive agrees to
perform all of the duties pursuant to the express and implicit terms of this
Agreement to the reasonable satisfaction of the Employer.  Executive
further agrees to perform such duties faithfully and to the best of his ability,
talent, and experience and, unless otherwise agreed to with the Company in
writing, to render such duties to the Company at least seventy five percent
(75%) of his working time and attention.

    

    5.           Termination.  The
parties agree that any termination of the Executive under this Agreement will be
governed as follows:

    

    
      	
               
      

            	
              a.

            	
              By
      the Company for Cause. The Company shall have the right to
      terminate this Agreement and to discharge the Executive for Cause (as
      defined below), at any time during the Term.  For the purposes
      of this Agreement, the Company shall have “Cause” to terminate the
      Executive’s employment hereunder
upon:

            

    

    

    (i)           failure
to materially perform and discharge the duties and responsibilities of Executive
under this Agreement after receiving written notice and allowing Executive ten
(10) business days to create a plan to cure such failure(s), such plan being
acceptable to the Board of Directors, and a further thirty (30) days to cure
such failure(s), if so curable, provided, however, that after
one such notice has been given to Executive and the thirty (30) day cure period
has lapsed, the Company is no longer required to provide time to cure subsequent
failures under this provision, or

    

    (ii)          any
breach by Executive of the material provisions of this Agreement;
or

    

    (iii)         misconduct
which, in the good faith opinion and sole discretion of the Board of Directors,
is injurious to the Company; or

    

    (iv)         felony
conviction involving the personal dishonesty or moral turpitude of Executive; or
a determination by the Board, after consideration of all available information,
that Executive has willfully and knowingly violated Company policies or
procedures involving discrimination, harassment, or work place violence;
or

    
       

      
        
           

          
            Executive
Initials

          

          
            
               

            

            
              
                5

                 

                _________________

                 

              

              
                

              

            

            
               

            

          

          

        

      

    

    (v)         engagement
in illegal drug use or alcohol abuse which prevents Executive from performing
his duties in any manner, or

    

    (vi)        any
misappropriation, embezzlement or conversion of the Company’s opportunities or
property by the Executive; or

    

    (vii)       willful
misconduct, recklessness or gross negligence by the Executive in respect of the
duties or obligations of the Executive under this Agreement and/or the
Confidentiality, Non-Solicitation or Non-Competition Agreement.

    

    Any
termination for Cause pursuant to this Section shall be given to the Executive
in writing and shall set forth in detail all acts or omissions upon which the
Company is relying to terminate the Executive for Cause.  If an
Executive is terminated for Cause, the Executive shall only be entitled to
receive his accrued and unpaid Salary, bonus and other benefits through the
termination date and the Company shall have no further obligations under this
Agreement from and after the date of termination.

    

    
      	
               
      

            	
              b.

            	
              Termination
      by Company Without Cause.  At any time during the Term,
      the Company shall have the right to terminate this Agreement and to
      discharge the Executive without Cause effective upon delivery of written
      notice to the Executive.  If the Company terminates the
      Executive without “Cause” for any reason, then the Company agrees that (i)
      as severance it will continue to pay the Executive’s Base Salary in
      accordance with Section 3a. and maintain the Executive’s Executive
      benefits in accordance with Section 3c. (the “Severance
      Payments”) for twelve (12) months from the date of the notice of
      termination and (ii) it will pay to the Executive at the next such time
      that annual bonuses are paid by the Company to employees generally, the
      pro rata portion of any bonus that would be due for the year in which the
      termination occurs up to the date of written notice of
      termination.  The pro rata portion of any such bonus that would
      be due and payable for the year in which termination occurs shall be
      calculated by annualizing the revenue, adjusted EBITDA and net income of
      the Company for the year up to the most recent full month prior to the
      written notice of termination and comparing such annualized figures to the
      performance thresholds for the Executive outlined in the MIP that was in
      effect for such year at the time the written notice of termination was
      delivered to the Executive.  Executive further agrees that in
      the event that he obtains employment during any period where Severance
      Payments are being made, he will promptly notify the
      Company.  Provided that such employment does not violate the
      terms of the Confidentiality, Non-Solicitation and Non-Competition
      Agreement, such severance payments will continue to be
      paid.  Other than the Severance Payments, the Company shall have
      no further obligation to the Executive after the date of such termination;
      provided,
      however, that the Executive shall only be entitled to continuation
      of the Severance Payments as long as he is in compliance with the
      provisions of the Confidentiality, Non-Compete and Non-Solicit Agreement,
      which is part of this Agreement.  If termination without cause
      shall occur at anytime, then the pro rata portion of any unvested
      Time-based options (as specified in Section 3(d)(1)) up until the date of
      notice of termination that are due to vest in the year or month of
      termination shall vest.

            

    

    

    The
Executive acknowledges and agrees that any and all payments to which he would be
entitled under this Paragraph 5b are conditioned upon and subject to his
execution of a general waiver and release, in such reasonable form as counsel
for the Company shall determine, of all claims the Executive has or may have
against the Company.

    
       

      
        
           

          
            Executive
Initials

          

          
            
               

            

            
              
                6

                 

                _________________

                 

              

              
                

              

            

            
               

            

          

          

        

      

    

    
      	
               
      

            	
              c.

            	
              By
      Resignation of the Executive.  The Executive may
      terminate his employment hereunder, upon giving sixty (60) days written
      notice to the Company.  The Executive agrees that during such
      sixty (60) day period no more than one week of unused PTO may be utilized
      and that all other unused PTO up to the time of termination shall be
      forfeited.  In the event of such a termination, the Executive
      shall comply with any reasonable request of the Company to assist in
      providing for an orderly transition of authority, but such assistance
      shall not delay the Executive’s termination of employment longer than
      sixty (60) days beyond the Executive’s original notice of
      termination.  Upon such a termination, the Executive shall
      become entitled to any accrued but unpaid salary and other benefits up to
      and including the date of termination and the pro rata portion of any
      unvested Time-based options (as specified in Section 3(d)(1)) up until the
      date of separation that are due to vest in the year or month of separation
      shall vest.

            

    

    
      	
               
      

            	
              .

            

    

    
      	
               
      

            	
              d.

            	
              Disability
      of the Executive.  This Agreement may be terminated by
      the Company upon the Disability of the Executive.  "Disability"
      shall mean any mental or physical illness, condition, disability or
      incapacity which prevents the Executive from reasonably discharging his
      duties and responsibilities under this Agreement for a period of ninety
      (90) days in any one hundred eighty (180) day period.  In the
      event that any disagreement or dispute shall arise between the Company and
      the Executive as to whether the Executive suffers from any Disability,
      then, in such event, the Executive shall submit to the physical or mental
      examination of a physician licensed under the laws of the State of
      Florida, who is agreeable to the Company and the Executive, and such
      physician shall determine whether the Executive suffers from any
      Disability.  In the absence of fraud or bad faith, the
      determination of such physician shall be final and binding upon the
      Company and the Executive.  The entire cost of such examination
      shall be paid solely by the Company.  In the event the Company
      has purchased disability insurance for Executive, the Executive shall be
      deemed disabled if he is disabled as defined by the terms of the
      disability policy.  On the date that the Executive is deemed to
      have a Disability, this Agreement will be deemed to have been terminated
      and the Executive shall be entitled to receive from the Company his
      accrued and unpaid Base Salary, bonus and other benefits through the
      termination date.  If a termination of the Executive by
      Disability shall occur at anytime, than the pro rata portion of any
      unvested Time-based options (as specified in Section 3d(1)) up until the
      date of the Executive’s termination that were due to vest in the year or
      month of the Executive’s termination shall vest.  Other than as
      set forth in the immediately preceding two sentences, the Company shall
      have no further salary or bonus payment or other benefits obligations
      under this Agreement from and after the date of termination due to
      Disability.

            

    

    

    
      	
               
      

            	
              e.

            	
              Death
      of the Executive.  In the event of the death of
      Executive, the employment of the Executive by the Company shall
      automatically terminate on the date of the Executive's death and the
      Company shall be obligated to pay Executive’s estate (i) the Executive’s
      accrued and unpaid Base Salary, bonus and other benefits through the
      termination date.  If the death of the Executive shall occur at
      anytime, than the pro rata portion of any unvested Time-based options up
      until the date of the Executive’s death that were due to vest in the year
      or month of the Executive’s death shall vest.  Other than as set
      forth in the immediately preceding two sentences, the Company shall have
      no further obligations under this Agreement from and after the date of
      termination due to the death of the
Executive.

            

    

    
       

      
        
           

          
            Executive
Initials

          

          
            
               

            

            
              
                7

                 

                _________________

                 

              

              
                

              

            

            
               

            

          

          

        

      

    

    

    6.          Confidentiality,
Non-Compete & Non-Solicitation Agreement.  Executive agrees
to the terms of the Confidentiality, Non-Solicitation and Non-Compete Agreement
attached hereto as Addendum A and has
signed that Agreement.  Such Confidentiality, Non-Solicitation and
Non-Compete Agreement is hereby incorporated into and made a part of this
Agreement.

    

    7.           Importance
of Certain Clauses.  Executive and Employer agree that the
covenants contained in the Confidentiality, Non-Solicitation and Non-Compete
Agreement attached hereto and incorporated into this Agreement are material
terms of this Agreement and all parties understand the importance of such
provisions to the ongoing business of the Employer.  As such, because
the Employer's continued business and viability depend on the protection of such
secrets and non-competition, these clauses are interpreted by the parties to
have the widest and most expansive applicability as may be allowed by law and
Executive understands and acknowledges his or her understanding of
same.

    

    8.          Consideration.  Executive
acknowledges and agrees that the provision of employment under this Agreement
and the execution by the Employer of this Agreement constitute full, adequate
and sufficient consideration to Executive for the Executive's duties,
obligations and covenants under this Agreement and under the Confidentiality,
Non-Solicitation and Non-Compete Agreement incorporated into this
Agreement.

    

    9.          Acknowledgement
of Post Termination Obligations.  Upon the effective date of
termination of Executive’s employment (unless due to Executive’s death), if
requested by the Employer, Executive shall participate in an exit interview with
the Employer and certify in writing that Executive has complied with his
contractual obligations and intends to comply with his continuing obligations
under this Agreement, including, but not limited to, the terms of the
Confidentiality, Non-Solicitation and Non-Compete Agreement.  To the
extent it is known or applicable at the time of such exit interview, Executive
shall also provide the Employer with information concerning Executive's
subsequent employer and the capacity in which Executive will be employed.
Executive's failure to comply shall be a material breach of this Agreement, for
which the Employer, in addition to any other civil remedy, may seek equitable
relief.

    

    10.        Withholding.
All payments made to Executive shall be made net of any applicable withholding
for income taxes and Executive's share of FICA, FUTA or other employment taxes.
The Company shall withhold such amounts from such payments to the extent
required by applicable law and remit such amounts to the applicable governmental
authorities in accordance with applicable law.

    

    11.        Representations
of Executive.  Executive represents and warrants to NeoGenomics
that (a) nothing in his past legal and/or work and/or personal experiences,
which if became broadly known in the marketplace, would impair his ability to
serve as the Chief Executive Officer of a publicly-traded company or materially
damage his credibility with public shareholders; (b) there are no restrictions,
agreements, or understandings whatsoever to which he  is a party which
would prevent or make unlawful his execution of this Agreement or employment
hereunder, (c) Executive’s execution of this Agreement and employment hereunder
shall not constitute a breach of any contract, agreement or understanding, oral
or written, to which he is a party or by which he is bound, (d) Executive is
free and able to execute this Agreement and to continue  employment
with NeoGenomics, and (e) Executive has not used and will not use confidential
information or trade secrets belonging to any prior employers to perform
services for the Company.

    

    12.        Effect of
Partial Invalidity.  The invalidity of any portion of this
Agreement shall not affect the validity of any other provision.  In
the event that any provision of this Agreement is held to be invalid, the
parties agree that the remaining provisions shall remain in full force and
effect.

    

    13.        Entire
Agreement.  This Agreement, together with the other documents
referenced herein, reflects the complete agreement between the parties regarding
the subject matter identified herein and shall supersede all other previous
agreements, either oral or written, between the parties. The parties stipulate
that neither of them, nor any person acting on their behalf has made any
representations except as are specifically set forth in this Agreement and each
of the parties acknowledges that it or he has not relied upon any representation
of any third party in executing this Agreement, but rather have relied
exclusively on it or his own judgment in entering into this
Agreement.

    
       

      
         

        
          
            Executive
Initials

          

          
            
               

            

            
              
                8

                 

                _________________

                 

              

              
                

              

            

            
               

            

          

          
 

        

      

    

    14.        Assignment.  Employer
may assign its interest and rights under this Agreement at its sole discretion
and without approval of Executive to a successor in interest by the Employer’s
merger, consolidation or other form of business combination with or into a third
party where the Employer’s stockholders before such event do not control a
majority of the resulting business entity after such event.  All
rights and entitlements arising from this Agreement, including but not limited
to those protective covenants and prohibitions set forth in the Confidentiality,
Non-Solicitation and Non-Compete Agreement attached as Addendum A and
incorporated into this Agreement shall inure to the benefit of any purchaser,
assignor or transferee of this Agreement and shall continue to be enforceable to
the extent allowable under applicable law.  Neither this Agreement,
nor the employment status conferred with its execution is assignable or subject
to transfer in any manner by Executive.

    

    15.        Notices.  All
notices, requests, demands, and other communications shall be in writing and
shall be given by registered or certified mail, postage prepaid, a) if to the
Employer, at the Employer’s then current headquarters location, and b) if to
Executive, at the most recent address on file with the Company for Executive or
to such subsequent addresses as either party shall so designate in writing to
the other party.

    

    

    16.        Remedies.  If
any action at law, equity or in arbitration, including an action for declaratory
relief, is brought to enforce or interpret the provisions of this Agreement, the
prevailing party may, if the court or arbitrator hearing the dispute, so
determines, have its reasonable attorneys’ fees and costs of enforcement
recouped from the non-prevailing party.

    

    17.        Amendment/Waiver.  No
waiver, modification, amendment or change of any term of this Agreement shall be
effective unless it is in a written agreement signed by both
parties.  No waiver by the Employer of any breach or threatened breach
of this Agreement shall be construed as a waiver of any subsequent breach unless
it so provides by its terms.

    

    18.        Governing
Law, Venue and Jurisdiction.  This Agreement and all
transactions contemplated by this Agreement shall be governed by, construed, and
enforced in accordance with the laws of the State of Florida without regard to
any conflicts of laws, statutes, rules, regulations or
ordinances.  Executive consents to personal jurisdiction and venue in
the Circuit Court in and for Lee County, Florida regarding any action arising
under the terms of this Agreement and any and all other disputes between
Executive and Employer.

    

    19.        Arbitration. 
Any and all controversies and disputes between Executive and Employer arising
from this Agreement or regarding any other matter whatsoever shall be submitted
to arbitration before a single unbiased arbitrator skilled in arbitrating such
disputes under the American Arbitration Association, utilizing its Commercial
Rules.  Any arbitration action brought pursuant to this section shall
be heard in Fort Myers, Lee County, Florida.  The Circuit Court in and
for Lee County, Florida shall have concurrent jurisdiction with any arbitration
panel for the purpose of entering temporary and permanent injunctive relief, but
only with respect to any alleged breach of the Confidentiality, Non-Solicitation
and Non-Compete Agreement.

    

    20.        Headings.  The
titles to the sections of this Agreement are solely for the convenience of the
parties and shall not affect in any way the meaning or interpretation of this
Agreement.

    
       

      
        
           

          
            Executive
Initials

          

          
            
               

            

            
              
                9

                 

                _________________

                 

              

              
                

              

            

            
               

            

          

          
 

        

      

    

    21.        Miscellaneous
Terms.  The parties to this Agreement declare and represent
that:

    

    
      	
               
      

            	
              a.

            	
              They
      have read and understand this
Agreement;

            

    

    

    
      	
               
      

            	
              b.

            	
              They
      have been given the opportunity to consult with an attorney if they so
      desire;

            

    

    

    
      	
               
      

            	
              c.

            	
              They
      intend to be legally bound by the promises set forth in this Agreement and
      enter into it freely, without duress or
  coercion;

            

    

    

    
      	
               
      

            	
              d.

            	
              They
      have retained signed copies of this Agreement for their records;
      and

            

    

    

    
      	
               
      

            	
              e.

            	
              The
      rights, responsibilities and duties of the parties hereto, and the
      covenants and agreements contained herein, shall continue to bind the
      parties and shall continue in full force and effect until each and every
      obligation of the parties under this Agreement has been
      performed.

            

    

    

    22.        Counterparts.  This Agreement
may be executed in counterparts and by facsimile, or by pdf, each of which shall
be deemed an original for all intents and purposes.

    

    Signatures
appear on the following page.

     

    
       

      
         

        
          Executive
Initials

        

        
          
             

          

          
            
              10

               

              _________________

               

            

            
              

            

          

          
             

          

        

        

      

      
 

    

    IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first
written above.

    

    

    
      	 
      	
              NEOGENOMICS,
      INC., a Nevada Corporation

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/Steven
      C. Jones

            
	 
      	 
      	 
      
	 
      	
              Name:

            	
              Steven
      C. Jones

            
	 
      	 
      	 
      
	 
      	
              Title:

            	
              Acting
      Principal Financial Officer

            

    

    

    

    

    

    
      	 
      	
              EXECUTIVE:

            
	 
      	 
      
	 
      	
              /s/Douglas
      M. VanOort

            
	 
      	
              Douglas
      M. VanOort

            

    

    

    

    
       

      
        Executive
Initials

      

      
        
           

        

        
          
            11

             

            _________________

             

          

          
            

          

        

        
           

        

      

      

    

    

    Addendum
A

    

    Form
of Confidentiality, Non-Compete and Non-Solicitation Agreement

     

    
 

     

     

     

     

     

    
      
         

        
          Executive
Initials

        

        
          
             

          

          
            
              12

               

              _________________

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