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Exhibit 10.47    
  

November 15
2002 

James
W. Dennis

48 Bantala Place

Castle Rock, CO 80104 

Dear
Jim: 

Pending
formal Board approval and on behalf of Jim Mault, I am pleased to offer you a position with HealtheTech, Inc. (the "Company") as President and Chief Operating Officer commencing on
November 18, 2002. In this position, you will receive a monthly salary of $19,167.00, which will be paid bi-weekly in accordance with the Company's normal payroll procedures. This
is an exempt position and is located in our Golden, Colorado office. As a Company employee, you will also be eligible to receive all employee benefits offered by the Company to its other employees in
similar positions. Presently, these benefits include health, dental and vision insurance, a 401(k) Plan and annual vacation. The Company retains the right to modify or change its benefits and
compensation policy from time to time, as it deems necessary. 

You
will participate, in the company's formal bonus program. Your target bonus will be 40% of your annual salary based on achievement against company goals. 

The
company has committed to grant you a formal Employment Agreement, pending Board approval. 

You
will report to Jim Mault, Chairman and CEO. 

OPTION GRANT  

It
will be recommended to the Company's Board of Directors that you be granted an option to purchase 500,000 shares of Common Stock pursuant to the Company's Amended and Restated 2002 Stock Plan. This
grant is subject to Board approval and shall vest in accordance with the Amended and Restated 2002 Stock Plan. A copy of this Plan is attached for your reference. 

AT WILL EMPLOYMENT  

You
should be aware that your employment with the Company is for no specified period and constitutes at will employment. As a result, you are free to resign at any time, for any reason or for no
reason. Similarly, the Company is free to conclude its employment relationship with you at any time, with or without cause. 

REQUIRED DOCUMENTATION  

For
purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation
must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated. 

CONFIDENTIAL INFORMATION  

I
have enclosed our standard Employee Confidential Information and Invention Assignment Agreement. If you accept this offer, please simultaneously return to me a signed copy of that agreement. As an
employee of the Company, you will be expected to abide by all the Company's rules, regulations, policies and procedures. A copy of the Company's Employee Handbook will be provided to you that reflects
guidelines for HealtheTech employees. 

To
indicate your acceptance of this offer, please sign and date this letter in the space provided below and return it to me. A duplicate original is enclosed for your records. This letter, along with
the agreement relating to confidentiality and proprietary rights between you and the Company, set forth 

 

the terms of your employment with the Company and supersede any prior representations or agreements, whether written or oral. This letter may not be modified or amended except by a written agreement,
signed by the undersigned Company Representative and by you. 

This
offer of employment will expire ten (10) calendar days from the date of this letter unless extended in writing by the undersigned, or accepted by you in writing, prior to expiration. 

We
look forward to working with you at the Company. 

Sincerely,

/s/  MICHAEL E. JAROCH      

Michael
E. Jaroch
 Vice President, Human Resources

Accepted
and agreed to this 18th day of November, 2002, by: 

	Signature:	 	/s/  JAMES W. DENNIS      
 James W. Dennis	 	 

Enclosures:

Duplication offer letter;

Employee Confidential Information and Invention Assignment Agreement; and

HealtheTech Amended and Restated 2002 Stock Plan 

2

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CONFIDENTIAL TREATMENT REQUESTED

*** Text Omitted and Filed Separately

Confidential Treatment Requested

Under 17 C.F.R. 200.80(b)(4),

200.83 and 240.24b-2  

 
 

Exhibit 10.48    
  

[HealtheTech Letterhead]

December 31,
2002 

Mead
Johnson & Company

2400 West Lloyd Expressway

Evansville, Indiana 47721-0001 

	Attention:	Randall K. Alsman

President, U.S. and Global Business Support

	Re:
	Amendment
to Strategic Partnership Agreement between Mead Johnson & Company ("MJC") and HealtheTech, Inc.
("HET") dated as of August 8, 2002, as amended by that certain letter agreement dated September 24, 2002 (the
"Agreement"). 

Dear
Mr. Alsman: 

All
capitalized terms used and not defined in this letter shall have the meanings assigned to them in the Agreement. MJC and HET have agreed as follows 

	1.
	Section 3.2
of the Agreement is hereby deleted and replaced in its entirety with the following: 

"Forecasts.    Beginning on December 1, 2002, and not later than first day of each calendar month thereafter, MJC will furnish to HET a
month-to-month forecast of Product and Software Product sales by units for each Product and Software Product for the twelve month period beginning with the first day of such
calendar month. Each such forecast will be accompanied by a binding purchase order for Product and Software Product MJC wishes to order for the third month covered by such forecast (e.g., the
12 month forecast required to be delivered no later than June 1st would be accompanied by a purchase order for the month of August); provided
that the initial forecast to be delivered on December 1, 2002 shall be accompanied by a binding purchase order for all Product and Software Product MJC wishes to order
for the first three months (i.e., December 2002 through February 2003) covered by such forecast. Except with respect to such binding purchase orders and the
Take-or-Pay Purchase Commitments, forecasts are not otherwise binding on MJC. However, MJC acknowledges that compliance with this provision is a material obligation hereof.
Shipments and invoices will be based solely on the monthly binding purchase orders and not on the forecasts." 

	2.
	Section 4.1
of the Agreement is hereby deleted and replaced in its entirety with the following: 

"Orders.    MJC's purchase orders for Products are subject to the provisions of this Agreement. MJC shall submit a written purchase order to
HET for each order in accordance with Section 3.2 hereof, provided that, notwithstanding Section 3.2 hereof, MJC may submit additional
purchase orders for Products at any time and, so long as such purchase orders specify a deliver date during a particular quarter and are confirmed and accepted by HET, they shall count toward the
purchase commitments listed on Exhibit B. HET shall transmit a written or verbal (telephone call) order confirmation within five (5) business days from receipt of the purchase order
confirming the Product quantities to be shipped and the estimated shipping date. Once a purchase order is accepted, HET will fill and ship orders in accordance with its customary procedures subject to
Product availability. HET shall make reasonable efforts to fill all orders received from MJC, but shall not be obligated to provide firm delivery 

dates for purchase orders submitted other than in accordance with Section 3.2 hereof and within the quantities provided in Exhibit B and, subject to Section 3.4(i) above,
HET may allocate its output according to its sole judgment if demand exceeds its manufacturing capacity. HET may choose the mode of shipment and carrier unless otherwise specified in the order." 

	3.
	Section 4.4
of the Agreement is hereby deleted and replaced in its entirety with the following: 

"Training and Support.    HET shall provide training and support as described in  Exhibit G. 

	4.
	Section 4.5
of the Agreement is hereby amended to add to the end thereof the following: 

"Invoices
for Products shipped to MJC shall be issued and sent on or after the date the last Product in the invoice is shipped to MJC. Shipments and invoices of Products required to make up the
difference between actual purchases for a calendar quarter and the Take-or-Pay Commitment for that quarter will be shipped and sent as of the last business day of that
quarter." 

	5.
	Section (a)
under Exhibit E is hereby amended to replace "$[***]/each" with "$[***]/each" and to replace
"$[***]/each" with "$[***]/each". 
*** Confidential Treatment Requested

	6.
	Exhibit F
is hereby amended to add a new Section (ix) thereunder to include the following: 

"MJC
shall cooperate fully with HET and comply with all regulatory tracking and monitoring requirements of a distributor for all medical devices sold or otherwise transferred to MJC for sale or
distribution as required by FDA 21 CFR § 821 and the Medical Device Reporting Regulation, including without limitation all complaint recording, tracking and disposition including
returned material authorizations as required of a distributor. MJC shall cooperate fully with HET in HET's efforts to investigate, collect and report data to regulatory agencies as required by those
agencies. 

	7.
	Section (iv)
under Exhibit G is hereby amended by deleting the following partial sentence in the seventh line: "Customer support shall include".

	8.
	Section (v)
under Exhibit G is hereby deleted and replaced in its entirety with the following: 

"Domestic Aftermarket Support:    HET shall maintain all necessary Food and Drug Administration (FDA) 510(k) market clearance necessary to
market the MedGemTM by HET. HET shall comply with all regulatory requirements of a manufacturer of medical devices, including without limitation those
relating to tracking and monitoring, data collection and reporting, recalls, safety notices, and Current Good Manufacturing Practices." 

Please
indicate your agreement to the terms of this letter by executing where indicated below and returning a copy to us. 

	 	 	Very truly yours,
	

 	
 	

/s/  ED RILEY      

	

 	
 	

Ed Riley
 National Sales Director
	
ACCEPTED AND AGREED:
	

MEAD JOHNSON & COMPANY
	

/s/  RANDALL K. ALSMAN      
	
 	

 
	

Randall K. Alsman
 President, U.S. and Global Business Support

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Exhibit 10.48

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