Document:

Exhibit
10.36

     

    Execution
Copy

     

    COMMON
STOCK PURCHASE AGREEMENT

     

    This
Common Stock Purchase Agreement (this “Agreement”) is made
as of July 24, 2009, by and between NeoGenomics, Inc., a Nevada corporation (the
“Company”), and
Abbott Laboratories, an Illinois corporation (“Abbott”).

     

    WITNESSETH

     

    WHEREAS, subject to the terms
and conditions set forth in this Agreement, the Company desires to issue and
sell to Abbott, and Abbott desires to purchase from the Company, 3,500,000
shares (the “Shares”) of common
stock of the Company, $0.001 par value per share (the “Common
Stock”).

     

    NOW, THEREFORE, in
consideration of the mutual covenants contained in this Agreement, and for other
good and valuable consideration the receipt and adequacy of which are hereby
acknowledged, the Company and Abbott agree as follows:

     

    Section
1.            
Definitions

     

    In
addition to the terms defined elsewhere in this Agreement, for all purposes of
this Agreement, the following terms have the meanings indicated in this Section
1:

     

     “Commission” means the
Securities and Exchange Commission.

     

    “Common Stock” shall
have the meaning set forth in the Recital hereto.

     

     “Disclosure Schedules”
means the disclosure schedules of the Company delivered concurrently
herewith.

     

    “Environmental Laws”
shall have the meaning set forth in Section 4.11 of this
Agreement.

     

    “Exchange Act” means
the Securities Exchange Act of 1934, as amended.

     

    “Indemnified
Liabilities” shall have the meaning set forth in Section 7 of this
Agreement.

     

    “Indemnitees” shall
have the meaning set forth in Section 7 of this
Agreement.

     

    “Person” means an
individual or corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company,
government (or an agency or subdivision thereof) or other entity of any
kind.

     

    “Registration Rights
Agreement” means the Registration Rights Agreement of even date herewith
between the Company and Abbott.

     

    
      
        
        

      

      
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    “SEC” means the United
States Securities and Exchange Commission.

     

    “SEC Reports” shall
have the meaning set forth in Section 4.6
hereto.

     

    “Securities Act” means
the Securities Act of 1933, as amended.

     

     “Subsidiary” means any
corporation, partnership, limited liability company, joint venture or other
legal entity of which the Company owns, directly or indirectly, 50% or more of
the stock or other equity interests.

     

    “Transaction
Documents” means this Agreement and the Registration Rights
Agreement.

     

    Section
2.            
Sale and Purchase of
Stock

     

    Subject
to the terms and conditions of this Agreement, Abbott agrees to purchase and the
Company agrees to sell and issue to Abbott the Shares for an aggregate purchase
price of $4,767,000 (the “Purchase
Price”).

     

    Section
3.            
Closing

     

    3.1.        Closing.  The
purchase, sale and issuance of the Shares shall take place at a closing (the
“Closing”) to
be held at the offices of K&L Gates, LLP, 200 S. Biscayne Blvd., Suite 3900,
Miami, Florida, 33131 at 10:00 a.m., Eastern time, on the date hereof, or at
such other place, time and/or date as may be jointly designated by the Company
and Abbott (the “Closing
Date”).

     

    3.2.        Deliveries.

     

    The Purchase Price for the Shares shall
be paid by Abbott to the Company at the Closing by wire transfer of immediately
available funds to an account or accounts to be designated by the
Company.  Within three (3) business days following the Closing, the
Company will deliver to Abbott a certificate registered in Abbott’s name
representing the Shares.

     

    Section
4.             Representations and
Warranties of the Company

     

    Except as
set forth under the corresponding section of the Disclosure Schedules, which
Disclosure Schedules shall be deemed a part hereof, the Company hereby makes the
representations and warranties set forth below to Abbott:

     

    4.1.       
Organization and
Qualification.  The
Company and each of its Subsidiaries is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or organization (as applicable), with the
requisite power and authority to own and use its properties and assets and to
carry on its business as currently conducted.   Each of the Company
and its Subsidiaries is duly qualified to conduct business and is in good
standing as a foreign corporation or other entity in each jurisdiction in which
the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good
standing, as the case may be, could not reasonably be expected to result in (i)
a material adverse effect on the legality, validity or enforceability of any
Transaction Document or the authority or ability of the Company to perform its
obligations under any Transaction Document, or (ii) a material adverse effect on
the operations, results of operations, assets, business, properties or financial
condition of the Company and its Subsidiaries, taken as a whole (any of (i) or
(ii), a “Material
Adverse Effect”).  The Company has no Subsidiaries other than
as set forth on Schedule 4.1 of the
Disclosure Schedule.

     

    
      
        
        

      

      
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    4.2.        Authorization;
Enforcement.  The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated by each
of the Transaction Documents and otherwise to carry out its obligations
thereunder.  The execution and delivery of each of the Transaction
Documents by the Company and the consummation by it of the transactions
contemplated thereby have been duly authorized by all necessary action on the
part of the Company.  Each Transaction Document has been (or upon
delivery will have been) duly executed by the Company and, when delivered in
accordance with the terms hereof, will constitute the valid and binding
obligation of the Company enforceable against the Company in accordance with its
terms except (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as
limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and
contribution provisions may be limited by applicable law.

     

    4.3.        Capitalization.  As
of July 16, 2009, the authorized capital stock of the Company consists of (i)
100,000,000 shares of Common Stock, of which 33,077,424 shares were issued and
outstanding and (ii) 10,000,000 shares of Preferred Stock, $0.001 par value, of
which no shares were issued and outstanding.  All such outstanding
shares have been, or upon issuance will be, validly issued and are fully paid
and nonassessable.  Except as disclosed on Schedule 4.3 of the
Disclosure Schedule, (i) no shares of the Company’s capital stock are subject to
preemptive rights or any other similar rights or any liens or encumbrances
suffered or permitted by the Company, (ii) there are no outstanding debt
securities, (iii) there are no outstanding options, warrants, scrip, rights to
subscribe to, calls or commitments of any character whatsoever relating to, or
securities or rights convertible into, any shares of capital stock of the
Company or any of its Subsidiaries, or contracts, commitments, understandings or
arrangements by which the Company or any of its Subsidiaries is or may become
bound to issue additional shares of capital stock of the Company or any of its
Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities or rights
convertible into, any shares of capital stock of the Company or any of its
Subsidiaries, (iv) there are no agreements or arrangements under which the
Company or any of its Subsidiaries is obligated to register the sale of any of
their securities under the Securities Act (except the Registration Rights
Agreement, the Registration Rights Agreement dated November 5, 2008 between the
Company and Fusion Capital Fund II, LLC, the Amended and Restated Registration
Rights Agreement dated March 23, 2005 among the Company, Aspen Select
Healthcare, LP, John Elliot, Steven Jones, Larry Kunert and Michael T. Dent,
M.D., and the Registration Rights Agreement dated March 30, 2006 among the
Company, Aspen Select Healthcare, LP and Steven C. Jones), (v) there are no
outstanding securities or instruments of the Company or any of its Subsidiaries
which contain any redemption or similar provisions, and there are no contracts,
commitments, understandings or arrangements by which the Company or any of its
Subsidiaries is or may become bound to redeem a security of the Company or any
of its Subsidiaries, (vi) there are no securities or instruments containing
anti-dilution or similar provisions that will be triggered by the issuance of
the Securities as described in this Agreement and (vii) the Company does not
have any stock appreciation rights or "phantom stock" plans or agreements or any
similar plan or agreement.  The Company has furnished or otherwise
made available to Abbott true and correct copies of the Company's articles of
incorporation, as amended and as in effect on the date hereof, and the Company's
by-laws, as amended and as in effect on the date hereof, and copies of any
documents containing the material rights of the holders of securities
convertible into or exercisable for Common Stock (or forms of such
documents).  Upon issuance and payment therefor in accordance with the
terms and conditions of this Agreement, the Shares shall be validly issued,
fully paid and nonassessable and free from all taxes, liens and charges with
respect to the issue thereof.

     

    
      
        
        

      

      
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    4.4.        No
Conflicts.  The
execution, delivery and performance of the Transaction Documents by the Company
and the consummation by the Company of the transactions contemplated thereby do
not and will not (i) conflict with or violate any material provision of the
Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws
or other organizational or charter documents, (ii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a
default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of any agreement, indenture or instrument to which
the Company or any of its Subsidiaries is a party, or (iii) conflict with or
result in a violation of any law, rule, regulation, order, judgment, injunction,
decree or other restriction of any court or governmental authority to which the
Company or a Subsidiary is subject, or by which any property or asset of the
Company or a Subsidiary is bound or affected, except in the case of clause (ii)
or (iii), such as could not reasonably be expected to result in a Material
Adverse Effect.

     

    4.5.        Brokers’
Fees.  The Company has no liability or obligation to pay any
fees or commissions to any broker, finder, or agent with respect to the
transactions contemplated by this Agreement.

     

    4.6.        SEC
Reports.  The Company has made available to Abbott, including
through the SEC EDGAR system, complete and accurate copies of each report and
registration statement filed by the Company with the SEC between January 1, 2007
and the date of this Agreement (the “SEC
Reports”).  At the time it was filed with the SEC (or, if
amended or superseded by a filing prior to the date of this Agreement, then on
the date of such filing) each of the SEC Reports complied in all material
respects with the applicable requirements of the Exchange Act or the Securities
Act, as applicable.

     

    4.7.        No Material
Changes.  Since
June 30, 2009, except as specifically disclosed in the SEC Reports, there has
been no event, occurrence or development that has had or that would reasonably
be expected to result in a Material Adverse Effect, except as has been
reasonably cured by the Company.

     

    4.8.        Litigation.  Except
as disclosed on Schedule 4.8 of the
Disclosure Schedule, there is no action, suit or proceeding pending or, to the
knowledge of the Company, threatened against or affecting the Company, any
Subsidiary or any of their respective properties before or by any court,
arbitrator, governmental or administrative agency or regulatory authority which
(i) adversely affects or challenges the legality, validity or enforceability of
any of the Transaction Documents or the Shares or (ii) could reasonably be
expected to result in a Material Adverse Effect.  

     

     

    
      
        
        

      

      
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    4.9        Tax
Status.  The Company and each of its Subsidiaries has made or
filed all federal and state income and all other material tax returns, reports
and declarations required by any jurisdiction to which it is subject (unless and
only to the extent that the Company and each of its Subsidiaries has set aside
on its books provisions reasonably adequate for the payment of all unpaid and
unreported taxes) and has paid all taxes and other governmental assessments and
charges that are material in amount, shown or determined to be due on such
returns, reports and declarations, except those being contested in good faith
and has set aside on its books provision reasonably adequate for the payment of
all taxes for periods subsequent to the periods to which such returns, reports
or declarations apply.  There are no unpaid taxes in any material
amount claimed to be due by the taxing authority of any jurisdiction, and the
officers of the Company know of no basis for any such claim.

     

    4.10.     
Intellectual Property
Rights. The Company and its Subsidiaries own or possess adequate rights
or licenses to use all material trademarks, trade names, service marks, service
mark registrations, service names, patents, patent rights, copyrights,
inventions, licenses, approvals, governmental authorizations, trade secrets and
other similar rights necessary to conduct their respective businesses as now
conducted.  None of the Company's material trademarks, trade names,
service marks, service mark registrations, service names, patents, patent
rights, copyrights, inventions, licenses, approvals, government authorizations,
trade secrets or other intellectual property rights have expired or terminated,
or, by the terms and conditions thereof, will expire or terminate within two (2)
years from the date of this Agreement. The Company and its Subsidiaries do not
have any knowledge of any infringement by the Company or its Subsidiaries of any
material trademark, trade name rights, patents, patent rights, copyrights,
inventions, licenses, service names, service marks, service mark registrations,
trade secret or other similar rights of others, or of any such development of
similar or identical trade secrets or technical information by others and,
except as set forth on Schedule 4.10 of the
Disclosure Schedule or in the SEC Reports, there is no claim, action or
proceeding being made or brought against, or to the Company's knowledge, being
threatened against, the Company or its Subsidiaries regarding trademark, trade
name, patents, patent rights, invention, copyright, license, service names,
service marks, service mark registrations, trade secret or other similar rights,
which could reasonably be expected to have a Material Adverse
Effect.

    

    4.11.      Environmental Laws.
The Company and its Subsidiaries (i) are in compliance with any and all
applicable foreign, federal, state and local laws and regulations relating to
the protection of human health and safety, the environment or hazardous or toxic
substances or wastes, pollutants or contaminants (“Environmental Laws”),
(ii) have received all permits, licenses or other approvals required of them
under applicable Environmental Laws to conduct their respective businesses and
(iii) are in compliance with all terms and conditions of any such permit,
license or approval, except where, in each of the three foregoing clauses, the
failure to so comply could not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect.

     

    
      
        
        

      

      
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    4.12.      Title. The Company
and its Subsidiaries have good and marketable title in fee simple to all real
property and good and marketable title to all personal property owned by them
which is material to the business of the Company and its Subsidiaries, in each
case free and clear of all liens, encumbrances and defects except such as are
described in Schedule
4.12 of the Disclosure Schedule or liens on equipment securing purchase
money-indebtedness of the Company or such as do not materially affect the value
of such property and do not interfere with the use made and proposed to be made
of such property by the Company and any of its Subsidiaries. Any real property
and facilities held under lease by the Company and any of its Subsidiaries are
held by them under valid, subsisting and enforceable leases with such exceptions
as are not material and do not interfere with the use made and proposed to be
made of such property and buildings by the Company and its
Subsidiaries.

    

    4.13.      Insurance. The
Company and each of its Subsidiaries are insured by insurers of recognized
financial responsibility against such losses and risks and in such amounts as
management of the Company believes to be prudent and customary in the businesses
in which the Company and its Subsidiaries are engaged. Neither the Company nor
any such Subsidiary has been refused any insurance coverage sought or applied
for and neither the Company nor any such Subsidiary has any reason to believe
that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as may
be necessary to continue its business at a cost that would not materially and
adversely affect the condition, financial or otherwise, or the earnings,
business or operations of the Company and its Subsidiaries, taken as a
whole.

    

    4.14.     
Regulatory
Permits. The Company and its Subsidiaries possess all material
certificates, authorizations and permits issued by the appropriate federal,
state or foreign regulatory authorities necessary to conduct their respective
businesses, and neither the Company nor any such Subsidiary has received any
notice of proceedings relating to the revocation or modification of any such
certificate, authorization or permit.

    

    4.15       Foreign Corrupt
Practices. Neither the Company, nor any of its Subsidiaries, nor any
director, officer, agent, employee or other person acting on behalf of the
Company or any of its Subsidiaries has, in the course of its actions for, or on
behalf of, the Company, used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expenses relating to political activity;
made any direct or indirect unlawful payment to any foreign or domestic
government official or employee from corporate funds; violated or is in
violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as
amended; or made any unlawful bribe, rebate, payoff, influence payment, kickback
or other unlawful payment to any foreign or domestic government official or
employee.

    

    4.16.      Transactions With
Affiliates. Except as set forth on Schedule 4.16 of the
Disclosure Schedule and other than the grant or exercise of stock options
disclosed on Schedule
4.3 of the Disclosure Schedule, none of the officers, directors, or
employees of the Company is presently a party to any transaction with the
Company or any of its Subsidiaries (other than for services as employees,
officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real
or personal property to or from, or otherwise requiring payments to or from any
officer, director or such employee or, to the knowledge of the Company, any
corporation, partnership, trust or other entity in which any officer, director,
or any such employee has an interest or is an officer, director, trustee or
partner.

     

    
      
        
        

      

      
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    4.17.   
  Compliance
with Laws. The Company and each Subsidiary are in compliance with all
laws applicable to their respective businesses, operations or assets except
where the failure to be in compliance could not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse
Effect.  Neither the Company nor any Subsidiary is in default under or
violation of any applicable law, and neither has received any notice of or been
charged with the violation of any laws, which default or violation could,
individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect.  To the knowledge of the Company, neither the Company
nor any Subsidiary is under investigation with respect to the violation of any
laws, other than those the outcome of which, individually or in the aggregate,
would not reasonably be expected to result in a Material Adverse
Effect.

    

    Section
5.             Representations and
Warranties of Abbott

     

    Abbott
hereby represents and warrants to the Company as follows:

     

    5.1.        Authorization;
Enforcement.  Abbott
has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by each of the Transaction Documents and otherwise
to carry out its obligations thereunder.  The execution and delivery
of each of the Transaction Documents by Abbott and the consummation by it of the
transactions contemplated thereby have been duly authorized by all necessary
action on the part of Abbott.  Each Transaction Document has been (or
upon delivery will have been) duly executed by Abbott and, when delivered in
accordance with the terms hereof, will constitute the valid and binding
obligation of Abbott enforceable against Abbott in accordance with its terms
except (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other
equitable remedies and (iii) insofar as indemnification and contribution
provisions may be limited by applicable law.

     

    5.2.        No
Registration.  Abbott
understands that the Shares are being offered and sold to it in reliance on
specific exemptions from the registration requirements of United States federal
and state securities laws and that the Company is relying in part upon the truth
and accuracy of, and Abbott's compliance with, the representations, warranties,
agreements, acknowledgments and understandings of Abbott set forth herein in
order to determine the availability of such exemptions and the eligibility of
Abbott to acquire the Shares.

     

    5.3.        Investment
Intent.  Abbott
is acquiring the Shares for investment for its own account, not as a nominee or
agent, and not with the view to, or for resale in connection with, any
distribution thereof, and Abbott has no present intention of selling, granting
any participation in, or otherwise distributing the same.  Abbott
further represents that it does not have any contract, undertaking, agreement or
arrangement with any person or entity to sell, transfer or grant participation
to such person or entity or to any third person or entity with respect to any of
the Shares.

     

    
      
        
        

      

      
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    5.4.        Investment
Experience.  Abbott
has sufficient experience in evaluating and investing in private placement
transactions of securities in companies similar to the Company and acknowledges
that Abbott can protect its own interests.  Abbott has such knowledge
and experience in financial and business matters so that Abbott is capable of
evaluating the merits and risks of its investment in the Company.

     

    5.5.        Speculative Nature of
Investment.  Abbott
can bear the economic risk of its investment and is able, without impairing its
financial condition, to hold the Shares for an indefinite period of time and to
suffer a complete loss of its investment.  Abbott acknowledges that
the Shares must be held indefinitely unless subsequently registered under the
Securities Act or an exemption from such registration is available.

     

    5.6.        Access to
Data.  Abbott has had an opportunity to review the SEC Reports
and to ask questions of, and receive answers from, the officers of the Company
concerning the Company’s business, management and financial affairs, which
questions were answered to its satisfaction.  Abbott believes that it
has received all the information it considers necessary or appropriate for
deciding whether to purchase the Shares.  Abbott acknowledges that it
is relying solely on its own counsel and not on any statements or
representations of the Company or its agents for legal advice with respect to
this investment or the transactions contemplated by the Transaction
Documents.

     

    5.7.        Accredited
Investor.  Abbott is an “accredited investor” within the
meaning of Regulation D, Rule 501(a), promulgated by the SEC under the
Securities Act.

     

    5.8.        No Governmental
Review.  Abbott understands that no United States federal or
state agency or any other government or governmental agency has passed on or
made any recommendation or endorsement of the Shares or the fairness or
suitability of the investment in the Shares nor have such authorities passed
upon or endorsed the merits of the offering of the Shares.

     

    5.9.        Brokers’
Fees.  Abbott has no liability or obligation to pay any fees or
commissions to any broker, finder, or agent with respect to the transactions
contemplated by this Agreement.

     

    5.10.      Tax
Advisors.  Abbott has reviewed with its own tax advisors the
U.S. federal, state, local and foreign tax consequences of this investment and
the transactions contemplated by the Transaction Documents.  With
respect to such matters, Abbott relies solely on such advisors and not on any
statements or representations of the Company or any of its agents, written or
oral.  Abbott understands that it (and not the Company) shall be
responsible for its own tax liability that may arise as a result of this
investment or the transactions contemplated by the Transaction
Documents.

     

    5.11.  
   No
Prior Short Selling.  At no time prior to the date of this
Agreement has any of Abbott, its agents, representatives or affiliates engaged
in or effected, in any manner whatsoever, directly or indirectly, any (i) "short
sale" (as such term is defined in Section 242.200 of Regulation SHO of the
Exchange Act) of the Common Stock or (ii) hedging transaction, which establishes
a net short position with respect to the Common Stock.

     

    
      
        
        

      

      
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    5.12.     
Legend.  Abbott
understands and agrees that the certificates evidencing the Shares or any other
securities issued in respect of the Shares upon any stock split, stock dividend,
recapitalization, merger, consolidation or similar event, shall bear the
following legends (in addition to any legend required under applicable state
securities laws):

     

    THE SHARES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT
AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE COMPANY HAS RECEIVED AN
OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY AND
ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.

     

    THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE DUE TO A LOCK-UP PERIOD UNTIL JANUARY 20,
2010.

     

    Section
6.             Lock-Up

     

    Abbott
hereby agrees that Abbott shall not sell or otherwise transfer, make any short
sale of, grant any option for the purchase of, or enter into any hedging or
similar transaction with the same economic effect as a sale, of any of the
Shares on the Closing Date or during the one hundred eighty (180) day period
following the Closing Date.  The Company may impose stop-transfer
instructions and may stamp each certificate evidencing any of the Shares with
the second legend set forth in Section 5.12
hereof until the end of such one hundred eighty (180) day period.

     

    Section
7.             Indemnification

     

    In
consideration of Abbott’s execution and delivery of the Transaction Documents
and acquiring the Shares hereunder and in addition to all of the Company's other
obligations under the Transaction Documents, the Company shall defend, protect,
indemnify and hold harmless Abbott and all of its affiliates, shareholders,
officers, directors, employees and direct or indirect investors and any of the
foregoing person's agents or other representatives (including, without
limitation, those retained in connection with the transactions contemplated by
this Agreement) (collectively, the "Indemnitees") from
and against any and all actions, causes of action, suits, claims, losses, costs,
penalties, fees, liabilities and damages, and expenses in connection therewith
(irrespective of whether any such Indemnitee is a party to the action for which
indemnification hereunder is sought), and including reasonable attorneys' fees
and disbursements (the "Indemnified
Liabilities"), incurred by any Indemnitee as a result of, or arising out
of, or relating to (a) any misrepresentation or breach of any representation or
warranty made by the Company in the Transaction Documents or any other
certificate, instrument or document contemplated hereby or thereby, (b) any
breach of any covenant, agreement or obligation of the Company contained in the
Transaction Documents or any other certificate, instrument or document
contemplated hereby or thereby, or (c) any cause of action, suit or claim
brought or made against such Indemnitee and arising out of or resulting from the
execution, delivery, performance or enforcement of the Transaction Documents or
any other certificate, instrument or document contemplated hereby or thereby,
other than with respect to Indemnified Liabilities which directly and primarily
result from the gross negligence or willful misconduct of the Indemnitee. To the
extent that the foregoing undertaking by the Company may be unenforceable for
any reason, the Company shall make the maximum contribution to the payment and
satisfaction of each of the Indemnified Liabilities which is permissible under
applicable law.

     

    
      
        
        

      

      
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    Section
8.             Miscellaneous.

     

    8.1.        Assignment.  This Agreement shall inure to the
benefit of and be binding upon and enforceable by the parties and their
successors and permitted assigns. However, neither party may assign or delegate
any of its rights or obligations under this Agreement without the prior written
consent of the other party.

     

    8.2.        Severability.  If any part of this Agreement is
declared invalid or unenforceable by any court of competent jurisdiction,
such declaration shall not
affect the remainder of the Agreement and the invalidated provision shall be
revised in a manner that will render such provision valid while preserving the
parties’ original intent to the maximum extent
possible.

     

    8.3.        Entire
Agreement.  This Agreement and the Registration
Rights Agreement constitute the entire agreement between the parties relating to
the subject matter hereof and all previous agreements or arrangements between
the parties, written or oral, relating to the subject matter hereof are
superseded.

     

    8.4.        No
Amendment.  No amendment, alteration or modification
of any of the provisions of this Agreement will be binding unless made in
writing and signed by each of the parties hereto.

     

    8.5.        Compliance with
Laws.  In performing this Agreement, each party shall comply with all
applicable laws, rules and regulations and shall not be required to perform or
omit to perform any act required or permitted under this Agreement if such
performance or omission would violate the provisions of any such law, rule or
regulation.

     

    8.6.        Counterparts.  This Agreement may be executed in two
counterparts, each of which shall be deemed an original but both of which
together shall constitute one and the same instrument.

     

    8.7.        Governing
Law.  This Agreement shall be
governed by and construed
in accordance with the laws of the State of Nevada, without regard to its conflicts of
laws principles.

     

    8.8.        Notices.  All notices required or permitted under
this Agreement must be in writing and sent to the address or facsimile number
identified below. Notices
must be given: (a) by personal delivery, with receipt acknowledged; (b) by
facsimile followed by hard copy delivered by the methods under (c) or (d); (c)
by prepaid certified or registered mail, return receipt requested; or (d) by
prepaid reputable overnight delivery
service. Notices will be effective upon receipt. Either party may change its
notice address by providing the other party written notice of such change.
Notices shall be delivered as follows:

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
                
    

            	
              If to
    Abbott:

            	
              Abbott Molecular
  Inc.

            

    

    Attention: Senior Director, Business
Development & Licensing

    1300 East Touhy
Avenue

    Des Plaines, Illinois 60018-3315

    Fax: (224) 361-7054

    

    
      	
                
    

            	
              with a copy
    to:

            	
              Abbott
      Laboratories

            

    

    Attention: VP, Associate Gen. Counsel,
Corporate Transactions

    100 Abbott Park Road

    Dept. 322, Bldg. AP6A-2

    Abbott Park, Illinois 60064-6049

    Fax: (847) 938-1206

    

    
      	
                

            	
              If to the
      Company:

            	
              NeoGenomics,
      Inc.

            

    

    Attention: Robert Gasparini,
President

    12707 Commonwealth Drive, Suite
9

    Fort Myers, Florida 33913

    Fax: (239) 768-0711

    

    
      	
                
    

            	
              copy to:

            	
              K&L Gates
      LLP

            

    

    Attention: Clayton E. Parker,
Esq.

    200 South Biscayne Boulevard, Suite
3900

    Miami, Florida 33131-2399

    Fax: (305) 358-7095

    

    8.9.        Expenses.  All costs and expenses incurred in connection with this Agreement and the
transactions contemplated hereby shall be paid by the party which shall have
incurred the same, and the other party shall have no liability
thereto.

     

    8.10.      Headings.  The titles of the Articles and Sections
contained in this Agreement
are for convenience only and shall not be considered in construing this
Agreement.

     

    8.11.    
 Parties in
Interest.  Nothing
in this Agreement is intended to provide any rights or remedies to any Person
other than the parties hereto.

     

    8.12.     
Waiver.  No
failure on the part of either party hereto to exercise any power, right,
privilege or remedy under this Agreement, and no delay on the part of either
party hereto in exercising any power, right, privilege or remedy under this
Agreement, shall operate as a waiver thereof; and no single or partial exercise
of any such power, right, privilege or remedy shall preclude any other or
further exercise thereof or of any other power, right, privilege or
remedy.

     

    8.13.      Survival.  The
representations, warranties, covenants and agreements made in this Agreement
shall survive any investigation made by any party hereto and the closing of the
transactions contemplated hereby for one (1) year from the Closing
Date.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    8.14.     
Interpretation of
Agreement.

     

    (a)           Each
party hereto acknowledges that it has participated in the drafting of this
Agreement, and any applicable rule of construction to the effect that
ambiguities are to be resolved against the drafting party shall not be applied
in connection with the construction or interpretation of this
Agreement.

     

    (b)           Whenever
required by the context hereof, the singular number shall include the plural,
and vice versa; the masculine gender shall include the feminine and neuter
genders; and the neuter gender shall include the masculine and feminine
genders.

     

    (c)           As
used in this Agreement, the words “include” and “including,” and variations
thereof, shall not be deemed to be terms of limitation, and shall be deemed to
be followed by the words “without limitation.”

     

    (d)           References
herein to “Sections” are intended to refer to Sections of this
Agreement.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Common Stock Purchase
Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	Abbott
      Laboratories	 
      	NeoGenomics,
      Inc.	 
	 
      	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
      	 
      	 
	
                                  By:

                                	
                                  /s/ Thomas C.
      Freyman

                                	 
      	
                                  By:

                                	
                                  /s/ Douglas
      VanOort

                                	 
	
                                  Name: Thomas C.
      Freyman

                                	 
      	
                                  Name: Douglas
      VanOort

                                	 
	
                                  Title:
      Executive Vice President, Finance and Chief Financial
      Officer

                                	 
      	
                                  Title: Chairman and Chief
      Executive Officer 

                                	 

                        

                      

                    

                  

                

              

            

          

        

      

      

    

     

     

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    DISCLOSURE
SCHEDULES

    

    These
Disclosure Schedules are furnished by NeoGenomics, Inc., a Nevada corporation
(the “Company”), pursuant
to Section 4 of the Common Stock Purchase Agreement dated as of July 24,
2009 (the “Agreement”) by and
between the Company, and Abbott Laboratories, an Illinois corporation (“Abbott”).  All
capitalized terms used but not defined herein shall have the meanings given to
them in the Agreement, unless otherwise provided.  The section numbers
below correspond to the section numbers of the representations and warranties in
the Agreement.

    

    Nothing
in these Disclosure Schedules is intended to broaden the scope of any
representation or warranty contained in the Agreement or to create any
covenant.  Inclusion of any item in these Disclosure Schedules
(1) does not represent a determination that such item is material or
establish a standard of materiality, (2) does not represent a determination
that such item did not arise in the ordinary course of business, (3) does
not represent a determination that the transactions contemplated by the
Agreement require the consent of third parties, and (4) shall not
constitute, or be deemed to be, an admission to any third party concerning such
item.  These Disclosure Schedules include brief descriptions or
summaries of certain agreements and instruments, copies of which are available
upon reasonable request.  Such descriptions do not purport to be
comprehensive, and are qualified in their entirety by reference to the text of
the documents described.

    

    Section 4.1–Organization and
Qualification.

     

    Subsidiaries

     

    NeoGenomics Laboratories, Inc., a
Florida corporation (the “Florida
Subsidiary”)

     

    NeoGenomics California Laboratories,
LLC, a California limited liability company

     

    Section
4.3–Capitalization.

     

    Debt
Securities

     

    Credit Facility with CapitalSource
Finance, LLC

     

    The Company, the Florida Subsidiary and
CapitalSource Finance LLC (as agent for CapitalSource Bank) (the “Lender”) are parties
to that certain Revolving Credit and Security Agreement dated February 1, 2008,
as amended (the “Credit
Agreement”), which allows
the Florida
Subsidiary to borrow up to
$3,000,000 based on a formula which is tied to its eligible accounts receivable that are
aged less than 150 days.  As of June 30, 2009, the Florida
Subsidiary had approximately $1,858,000 outstanding on this credit
facility.  Such credit facility is secured by all of the Florida
Subsidiary’s accounts receivable and related collateral as more fully described
in the Credit Agreement.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    Leases

     

    The Company enters into capital and
operating leases in the ordinary course of business.  As of June 30,
2009, the Company had approximately $2.4 million of outstanding balances under
such leases.

     

    Options
and Warrants

     

    As of July 16 2009, warrants to
purchase 6,512,755 shares of common stock of the Company, $0.001 par value
per share (“Common
Stock”), were outstanding.  

     

    As of July 16, 2009, options to
purchase 5,034,666 shares of Common Stock were outstanding.

     

    Fusion
Capital

     

    On
November 5, 2008, the Company and Fusion Capital Fund II, LLC, an Illinois
limited liability company (“Fusion Capital”),
entered into a Common Stock Purchase Agreement (the “Purchase Agreement”),
and a Registration Rights Agreement.  Under the Purchase Agreement,
Fusion Capital is obligated, under certain conditions, to purchase shares of
Common Stock from the Company in an aggregate amount of $8.0 million from time
to time over a thirty (30) month period.  

    

    

    Employee
Stock Purchase Plan

    Up to
1.0% of the Company’s Adjusted Diluted Shares Outstanding (as defined below) may
be sold pursuant to rights granted under the Company’s Employee Stock Purchase
Plan, dated October 31, 2006 (the “ESPP”).  For
purposes of the ESPP, “Adjusted Diluted Shares
Outstanding” means on any given measurement date, the basic common shares
outstanding plus that number of shares that would be issued if all convertible
debt, convertible preferred equity securities and warrants were assumed to be
converted into Common Stock on the measurement date.

      

    Amended
and Restated Equity Incentive Plan

    

    On March 3, 2009, the Company’s Board
of Directors approved the Amended and Restated Equity Incentive Plan (the “Amended Plan”), which
amends and restates the NeoGenomics, Inc. Equity Incentive Plan, originally
effective as of October 14, 2003, and amended and restated effective as of
October 31, 2006.  The Amended Plan allows for the award of equity
incentives, including stock options, stock appreciation rights, restricted stock
awards, stock bonus awards, deferred stock awards, and other stock-based awards
to certain employees, directors, or officers of, or key advisers or consultants
to, the Company or its subsidiaries.   The maximum aggregate number of
shares of Common Stock reserved and available for issuance under the Amended
Plan is 6,500,000 shares.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

     Registration
Rights

     

    The
Company is a party to certain Investor Registration Rights Agreements (the
“Investor Registration
Rights Agreement”) in the form filed as an exhibit to the Company’s
Registration Statement on Form SB-2 filed with the SEC on July 6,
2007.  The shares subject to such Investor Registration Rights
Agreement were registered pursuant to the Company’s Registration Statement on
Form SB-2 on Form S-1/A which was declared effective by the SEC on July 1,
2008.  The Company has a continuing obligation to maintain the
effectiveness of such registration statement until all of the Registrable
Securities (as defined in the Investor Registration Rights Agreement) have been
sold; provided, however, that in no event will the Company be required to
maintain the effectiveness of such registration statement for longer than two
years from the date of the Investor Registration Rights Agreement.

    The Company issued Warrants dated
August 16, 2007 to each of 1837 Partners, Ltd., 1837 Partners QP, LP, 1837
Partners, LP, A. Scott Logan Revocable Living Trust, u/t/d 12/15/98, Mark Egan
Rollover IRA, William J. Robison, Leonard Samuels, Leviticus Partners, LP, Lewis
Opportunity Fund, LP, LAM Opportunity Fund, Ltd, Mosaic Partners Fund, Mosaic
Partners Fund (US), LP, James R. Rehak and Joann M. Rehak, Ridgecrest Ltd.,
Ridgecrest Partners QP, LP and Ridgecrest, LP to purchase an aggregate of
533,334 shares of the Company’s Common Stock (the “August
Warrants”).  The exercise price of the August Warrants is $1.50
per share.  Each of the August Warrants include the following
provisions:

    “Piggy-Back
Registration.  Subject to the terms and conditions of this
Warrant, the Company shall notify the holder of Registrable Securities (as
defined below) in writing at least ten (10) days prior to the filing of any
registration statement under the Securities Act for purposes of a public
offering of securities of the Company (including, but not limited to,
registration statements relating to secondary offerings of securities of the
Company, but excluding any registration statement relating to any employee
benefit plan or with respect to any corporate reorganization or other
transaction under Rule 145 of the Securities Act ) and will afford each such
holder an opportunity to include in such registration statement all or part of
such Registrable Securities held by such holder.  Each holder of
Registrable Securities desiring to include in any such registration statement,
all or part of the Registrable Securities held by it shall, within ten (10)
days after the above-described notice from the Company, so notify the Company in
writing.  Such notice shall state the intended method of disposition
of the Registrable Securities held by such holder.  In the event the
Company determines in its sole discretion, that market factors require a
limitation of the number of securities to be included in such registration
statement (including the Registrable Securities), then the Company shall so
advise the Warrant Holder and the number of shares that may be included in such
registration statement shall be allocated among holders of warrants on a pro
rata basis (including the Registrable Securities).  If a holder
decides not to include all of its Registrable Securities in the registration
statement thereafter filed by the Company or any Registrable Securities were
excluded by the Company pursuant to the immediately preceding sentence, such
holder shall nevertheless continue to have the right to include any Registrable
Securities in any subsequent registration statement or registration statements
as may be filed by the Company with respect to offerings of its securities, all
upon the terms and conditions set forth herein.  “Registrable
Securities” means the Shares of Common Stock issuable to the Warrant
Holder pursuant to the terms of this Warrant.

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

     

    Demand
Registration.  In the event that the Company has not offered to
the holder of the Warrant an opportunity to include its Registrable Securities
in a registration statement pursuant to the terms of Section 10.1 herein with
twelve (12) months from the issuance date of the Warrant, the holder of the
Warrant shall have the ability, on a one-time basis, to demand that the Company
file a registration statement for the resale of the Registrable
Securities.  Subject to the terms and conditions of this Warrant, the
Company shall prepare and file, no later than ninety (90) days from the date of
such demand by the holder of the Warrant with the United States Securities and
Exchange Commission (the “SEC”), a registration
statement under the Securities Act for the resale of the Registrable
Securities.  The Company shall use its best efforts to cause the
registration statement to remain effective until all of the Registrable
Securities have been sold; provided, however, that in no event will the Company
be required to maintain the effectiveness of the registration statement for
longer than two (2) years from the date of its being declared effective by the
SEC.”

    Following the transfer of certain of
the August Warrants, the Company issued Re-Issue Warrants (the “Transfer Warrants”)
to each of 1837 Partners QP, LP, 1837 Partners, LP, 1837 Partners Ltd., Blair R.
Haarlow Trust and Frances E. Tuite, IRA to purchase an aggregate of 50,000
shares of the Company’s Common Stock.  The terms of the Transfer
Warrants are substantially similar to the August Warrants.

    On August, 16, 2007, Aspen Select
Healthcare, LP (“Aspen”) issued
warrants to purchase an aggregate of 400,000 shares of Common Stock owned by
Aspen to each of 1837 Partners, Ltd., 1837 Partners QP, LP, 1837 Partners, LP,
LAM Opportunity Fund, LP, Lewis Opportunity Fund, LP and Mark G. Egan (the
“Aspen
Warrants”).  The exercise price of the Aspen Warrants is $1.50
per share.  The Company is a party to the Aspen Warrants solely with
respect to Section 10 thereof, which reads as follows:

    “Piggy-Back
Registration.  Subject to the terms and conditions of this
Warrant, NeoGenomics shall notify the holder of Registrable Securities (as
defined below) in writing at least ten (10) days prior to the filing of any
registration statement under the Securities Act for purposes of a public
offering of securities of NeoGenomics (including, but not limited to,
registration statements relating to secondary offerings of securities of
NeoGenomics, but excluding any registration statement relating to any employee
benefit plan or with respect to any corporate reorganization or other
transaction under Rule 145 of the Securities Act ) and will afford each such
holder an opportunity to include in such registration statement all or part of
such Registrable Securities held by such holder.  Each holder of
Registrable Securities desiring to include in any such registration statement,
all of part of the Registrable Securities held by it shall, within ten (10)
days after the above-described notice from NeoGenomics, so notify NeoGenomics in
writing.  Such notice shall state the intended method of disposition
of the Registrable Securities held by such holder.  In the event
NeoGenomics determines, in its sole discretion, that market factors require a
limitation of the number of securities to be included in such registration
statement (including the Registrable Securities), then NeoGenomics shall so
advise the Warrant Holder and the number of shares that may be included in such
registration statement shall be allocated among holders of warrants on a pro
rata basis (including the Registrable Securities).  If a holder
decides not to include all of its Registrable Securities in the registration
statement thereafter filed by NeoGenomics or any Registrable Securities were
excluded by NeoGenomics pursuant to the immediately preceding sentence, such
holder shall nevertheless continue to have the right to include any Registrable
Securities in any subsequent registration statement or registration statements
as may be filed by NeoGenomics with respect to offerings of its securities, all
upon the terms and conditions set forth herein.  “Registrable
Securities” means the Shares of Common Stock issuable to the Warrant
Holder pursuant to the terms of this Warrant.”

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

               On
March 16, 2009, the Company and the Douglas M. VanOort Living Trust entered into
a Subscription Agreement (the “VanOort Subscription
Agreement”) pursuant to which the Douglas M. VanOort Living Trust
purchased 625,000 shares of the Company’s Common Stock at a purchase price of
$0.80 per share (the “VanOort Subscription
Shares”).   The VanOort Subscription Agreement provides for
certain piggyback registration rights with respect to the VanOort Subscription
Shares.

    

    On January 21, 2006, the Company
entered into a subscription agreement (the “Subscription”) with
SKL Limited Family Partnership, LP (“SKL”), whereby SKL
purchased 2,000,000 shares (the “SKL Subscription Shares”)
of Common Stock at a purchase price of $0.20 per share for $400,000. Under the
terms of the Subscription, the SKL Subscription Shares are restricted for a
period of 24 months and then carry piggyback registration rights to the extent
that exemptions under Rule 144 are not available to SKL.

    

    Section
4.8–Litigation.

     

    FCCI
Litigation

    

    A civil lawsuit is currently pending
between the Company and its liability insurer, FCCI Commercial Insurance Company
("FCCI") in the 20th Judicial Circuit Court in and for Lee County, Florida (Case
No. 07-CA-017150).  FCCI filed the suit on December 12, 2007 in
response to the Company's demands for insurance benefits with respect to an
underlying action involving US Labs (a settlement agreement has since been
reached in the underlying action, and thus that case has now
concluded).  Specifically, the Company maintains that the underlying
plaintiff's allegations triggered the subject insurance policy's personal and
advertising injury coverage.  In the lawsuit, FCCI seeks a court
judgment that it owes no obligation to the Company regarding the underlying
action (FCCI does not seek monetary damages).  The Company has
counterclaimed against FCCI for breach of the subject insurance policy, and
seeks recovery of defense costs incurred in the underlying matter, amounts paid
in settlement thereof, and fees and expenses incurred in litigating with
FCCI.  The court previously denied a motion by FCCI for judgment on
the pleadings, rejecting FCCI's contention that the underlying complaint did not
trigger the insurer's duty to defend as a matter of law.  A motion for
summary judgment is currently pending. 

    

     

    

    
      
        
        

      

      
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    Threatened Trademark Infringement
Litigation

     

    In March 2003, the Company received a
certified letter from the law firm of McLeod, Moyne & Reilly, P.C., dated
March 18, 2003, which stated that they represented NeoGen Corporation, a
Lansing, Michigan manufacturer of products dedicated to food and animal safety,
on intellectual property matters.  This letter claimed that the
Company’s use of the name NeoGenomics, Inc. infringed upon their client’s rights
in its trademark name, “Neogen” and demanded that the Company cease using the
name, “NeoGenomics”.  The Company did not comply with the demands of
this letter.

     

    In February 2008, the Company received
a letter from the law firm of Frasier, Trebilcock, Davis & Dunlap, P.C.,
dated February 18, 2008, which stated that they represented NeoGen
Corporation.  Similar to the 2003 letter, this letter claimed that the
Company’s use of the name NeoGenomics, Inc. infringed upon their client’s rights
in its trademark name, “Neogen” and demanded that the Company cease using the
name, “NeoGenomics”.  The Company was awarded a registered trademark
for the name “NeoGenomics” in 2007 and NeoGen Corporation undertook no actions
to oppose such award.  As of the date hereof, the Company has not
heard anything further on this matter from NeoGen Corporation.

     

    Section 4.10–Intellectual
Property Rights.

     

    See the description of threatened
trademark infringement litigation in Section 4.8 of these Disclosure
Schedules.

     

    Section
4.12–Title.

     

    See the description of the Credit
Agreement set forth under Section 4.3 of these Disclosure
Schedules.

     

    Section 4.16–Transactions
with Affiliates.

     

    On March
11, 2005, the Company entered into an agreement with Healthcare Computer Systems
and Support, LLC d/b/a Bridge Labs (“HCSS”) and eTelenext,
Inc. (“eTelenext”) to enable
the Company to use eTelenext’s Accessioning Application, AP Anywhere Application
and CMQ Application.  HCSS is a holding company created to build a
small laboratory network for the 50 small commercial genetics laboratories in
the United States.  HCSS is owned 66.7% by Dr. Michael T. Dent, a
member of the Company’s Board of Directors.  Under the terms of the
agreement, the Company paid $22,500 over three months to customize this software
and will pay an annual membership fee of $6,000 per year and monthly transaction
fees of between $2.50 - $10.00 per completed test, depending on the volume of
tests performed.  The eTelenext system is an elaborate laboratory
information system (LIS) that is in use at many larger
laboratories.  

    

    On June
17, 2009, the Company entered into a revised license agreement with HCSS and
eTelenext to migrate the Company’s existing AP Anywhere application to a new
APvX application with substantially improved features.  Under the
terms of this new licensing agreement, the Company will pay HCSS and eTelenext
approximately $75,000 to migrate the existing application to the new APvX
platform and then monthly licensing fees that start at $8,000/month and increase
to $12,000/month over the five year term of the license.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    
 

    The
Company, Michael Dent, Aspen, John Elliot, Steven Jones and Larry Kuhnert are
parties to the Amended and Restated Shareholders’ Agreement dated March 21,
2005, as amended (the “Shareholders
Agreement”), that, among other provisions, gives Aspen the right to elect
three out of the eight directors authorized for the Company’s Board of
Directors, and to nominate one mutually acceptable independent
director.  In addition, Michael Dent and the executive management of
the Company has the right to elect one director for the Company’s Board of
Directors, until the earlier of (i) Dr. Dent’s resignation as an officer or
director of the Company  or (ii) the sale by Dr. Dent of 50% or more
of the number of shares of Common Stock that he held on March 21,
2005.

    

    On January 18, 2006, the Company and
Aspen entered into a letter agreement that, among other things, (i) granted
Aspen five year warrants to purchase 150,000 shares of Common Stock at an
exercise price of $0.26 per share in exchange for the waiver of certain
preemptive rights, (ii) granted Aspen the right (which was subsequently
exercised) to purchase 1,000,000 shares of Common Stock for $0.20 per share and
to receive a five year warrant to purchase 450,000 shares of Common Stock at an
exercise price of $0.26 per share, (iii) granted Aspen a five year warrant to
purchase up to 450,000 shares of Common Stock with an exercise price of $0.26
per share, and  (iv) provided that existing warrants held by Aspen to
purchase 2,500,000 shares of common stock were fully vested and the exercise
price per share was reset to $0.31 per share.

    

    During
the period from January 18 through January 21, 2006, the Company entered into
agreements with four shareholders who are parties to the Shareholders Agreement,
to exchange five year warrants to purchase an aggregate of 150,000 shares of
stock at a purchase price of $0.26 per share for such stockholders’ waiver of
their pre-emptive rights under the Shareholders Agreement.  Such
pre-emptive rights subsequently expired on March 23, 2007.

    

    On May
14, 2007, the Board of Directors approved the grant of 100,000 warrants to each
non-employee director.  There has not been any definitive agreement as
to the terms but 25% will vest immediately and the remaining warrants will vest
an additional 25% over each of the next three years.  The Board of
Directors also approved an increase in its per board meeting fees for
non-employee director’s from $600 to $1,000 for each meeting.

    

    In
consideration for its services and assistance with the sale in a private
placement of 2,666,667 shares of Common Stock during the period from May 31,
2007 through June 6, 2007, Aspen Capital Advisors, LLC received: (i)
warrants to purchase 250,000 shares of Common Stock, and (ii) a cash fee equal
to $52,375.  The warrants have a five-year term, an exercise price
equal to $1.50 per share, cashless exercise provisions, customary anti-dilution
provisions and the same other terms, conditions, rights and preferences as those
shares sold to the investors in the private placement.  Mr. Steven
Jones, a director of the Company, is a Managing Director of Aspen Capital
Advisors.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    
 

    On
September 30, 2008, the Company entered into a master lease agreement (the
“Master Lease”)
with Gulf Pointe Capital, LLC (“Gulf Pointe”) after
it was determined that the Company’s other lessors would not lease finance
certain used and other equipment and software.  Such Master Leases
allows the Company to obtain lease capital from time to time up to an aggregate
of $130,000 of lease financing.  Three members of the Company’s Board
of Directors: Steven Jones, Peter Petersen and Marvin Jaffe, are affiliated with
Gulf Pointe and recused themselves from both sides of all negotiations
concerning this transaction.  In consideration for entering into the
Master Lease with Gulf Pointe, the Company issued 32,475 warrants to Gulf Pointe
with an exercise price of $1.08 and a five year term.  Such warrants
vest 25% on issuance and then on a pro rata basis as amounts are drawn under the
Master Lease.   On February 9, 2009, the Company amended its
Master Lease with GulfPointe to increase the maximum size of the facility to
$250,000.  As part of this amendment, the Company terminated the
original warrant agreement, dated September 30, 2008, and replaced it with a new
warrant to purchase 83,333 shares of Common Stock.  Such new warrants
have a five-year term, an exercise price of $0.75 per share and the same vesting
schedule as the original warrant.   

     

     Steven
C. Jones, a director of the Company, performs paid consulting work for the
Company in connection with his duties as the Company’s Acting Principal
Financial Officer.

     

    George
O’Leary, a director of the Company, performs paid consulting work for the
Company from time to time.

     

    On March 16, 2009, the Company and the
Douglas M. VanOort Living Trust entered into the VanOort Subscription Agreement
pursuant to which the Douglas M. VanOort Living Trust purchased the VanOort
Subscription Shares.  Douglas M. VanOort is Chairman of the Company
Board of Directors and Executive Chairman and interim Chief Executive Officer of
the Company.  The VanOort Subscription Shares are subject to a
two-year lock-up that restricts the transfer of the VanOort Subscription Shares;
provided, however, that such lock-up shall expire in the event that the Company
terminates Mr. VanOort’s employment.  The VanOort Subscription
Agreement also provides for certain piggyback registration rights with respect
to the VanOort Subscription Shares.

    

    On March
16, 2009, the Company and Mr. VanOort entered into a Warrant Agreement (the
“Warrant
Agreement”) pursuant to which Mr. VanOort, subject to the vesting
schedule described below, may purchase up to 625,000 shares of Common Stock at
an exercise price of $1.05 per share (the “Warrant
Shares”).  The Warrant Shares vest based on the following
vesting schedule:  

    

    
      	 
      	
              (i)

            	
              20%
      of the Warrant Shares vest immediately,

            
	 
      	
              (ii)

            	
              20%
      of the Warrant Shares will be deemed to be vested on the first day on
      which the closing price per share of the Common Stock has reached or
      exceeded $3.00 per share for 20 consecutive trading
  days,

            
	 
      	
              (iii)

            	
              20%
      of the Warrant Shares will be deemed to be vested on the first day on
      which the closing price per share of the Common Stock has reached or
      exceeded $4.00 per share for 20 consecutive trading
  days,

            
	 
      	
              (iv)

            	
              20%
      of the Warrant Shares will be deemed to be vested on the first day on
      which the closing price per share of the Common Stock has reached or
      exceeded $5.00 per share for 20 consecutive trading days
    and

            
	 
      	
              (v)

            	
              20%
      of the Warrant Shares will be deemed to be vested on the first day on
      which the closing price per share of the Common Stock has reached or
      exceeded $6.00 per share for 20 consecutive trading
      days.  

            

    

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    
 

    In the
event of a change of control of the Company in which the consideration payable
to each common stockholder of the Company in connection with such change of
control has a deemed value of at least $4.00 per share, then the Warrant Shares
shall immediately vest in full.  In the event that Mr. VanOort resigns
his employment with the Company or the Company terminates Mr. VanOort’s
employment for “cause” at any time prior to the time when all Warrant Shares
have vested, then the rights under the Warrant Agreement with respect to the
unvested portion of the Warrant Shares as of the date of termination will
immediately terminate.

    

    

    
      
        
        

      

      
        22Exhibit
10.38

      

      

       

      July 22,
2009

      

      Grant
Carlson

       

      Dear
Grant,

      

      On behalf
of NeoGenomics Laboratories (“NeoGenomics” or the “Company”), it is my pleasure
to extend this offer of employment for the Vice President of Sales &
Marketing position to you.  If the following terms are satisfactory,
please countersign this letter (the “Agreement”) and return a copy to me at your
earliest convenience.

      

      
        	
                Position:

              	
                You
      will be elected to the position of Vice President of Sales & Marketing
      at the first scheduled meeting of the Board of Directors after your Start
      Date.

              

      

      

      
        	
                Duties:

              	
                As
      Vice President of Sales & Marketing, you will report to the Chief
      Executive Officer (“CEO”) of the Company or such other person as may be
      appointed by the CEO and you will be responsible for managing the overall
      sales and marketing activities of the Company.  These
      responsibilities will include hiring, training, developing and managing
      that number of sales personnel needed to meet or exceed the Company’s
      yearly sales budgets, managing the overall customer acquisition process
      for the Company, providing new product development and new marketing
      initiatives for the Company and such other duties as may be assigned to
      you by the CEO of the Company or the Board’s designee in the absence of
      the CEO.

              

      

      

      
        	
                Start
    Date:

              	
                July
      6, 2009, with vacation and certain benefits considered to be effective as
      if you were an employee as of January 1, 2009 (giving consideration to
      your status as a Consultant as of the beginning of this
    year).

              

      

      

      
        	
                Term:

              	
                Four
      years from the Start Date, provided that either party may cancel this
      agreement by giving the other party written notice of a
      termination.

              

      

      

      
        	
                Base
    Salary:

              	
                $200,000/year,
      payable bi-weekly.  The parties agree that this salary is for a
      full-time position. Thereafter, increases in base salary may occur
      annually at the discretion of the CEO of the Company with the approval of
      the Compensation Committee of the Board of
  Directors.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Grant
Carlson

      Page
2 of 18

      

      
        	
                Relocation:

              	
                You
      will be eligible for relocation assistance should you agree to establish a
      residence in the greater Fort Myers area no later than September 1,
      2010.  Please refer to the terms in the attached Relocation
      Agreement.

              

      

      

      
        	
                Bonus:

              	
                Beginning
      with the fiscal year ending December 31, 2009, you will be eligible to
      receive an incentive bonus payment which will be targeted at 30% of your
      Base Salary based on 100% achievement of goals as agreed upon between you
      and the CEO of the Company and approved by the Board of Directors for such
      fiscal year.

              

      

      
        	
                 
      

              	 

      

      
        	
                Benefits:

              	
                You
      will be entitled to participate in all medical and other benefits that the
      Company has established for its employees in accordance with the Company’s
      policy for such benefits at any given time.  Other benefits may
      include but not be limited to: short term and long term disability,
      dental, a 401K plan, a section 125 plan and an employee stock purchase
      plan.

              

      

      

      
        	
                Car
      & phone

              	 

      

      
        	
                Allowance:

              	
                The
      parties agree that a significant portion of your time will be spent on
      sales and marketing activities and it is expected that you will need to
      utilize your personal vehicle and telephones to perform the duties of your
      position.  As such, the Company agrees to provide you a taxable
      automobile allowance of $700 per month plus reimburse you for all
      work-related gas expenses according to the current policy.  The
      Company also agrees to reimburse you for the use of your personal
      telephone and cell phone at a taxable rate of $250 per month according to
      the current policy.

              

      

      

      
        	
                Paid Time
      Off:

              	
                You will be eligible for 4 weeks
      of paid time off (PTO)/year (160 hours), which will accrue on a pro-rata
      basis beginning from your hire date and be may carried over from year to
      year.  It is company policy that when your accrued PTO balance
      reaches 160 hours, you will cease accruing PTO until your accrued PTO
      balance is 120 hours or less – at which point you will again accrue PTO
      until you reach 160 hours. You are eligible to use PTO after completing 3
      months of employment.   In addition to paid time off, there
      are also 6 paid national holidays and 1 “floater” day available to
      you.

              

      

      

      
        	
                Stock
      Options:

              	
                Upon
      your Start Date, you will be granted stock options to purchase up to
      150,000 shares of NeoGenomics common stock at an exercise price equivalent
      to the closing price per share at which NeoGenomics stock was quoted on
      the NASDAQ Bulletin Board the day prior to your start
      date.    The grant of such options will be made
      pursuant to the Company’s stock option plan then in effect and will be
      evidenced by a separate Option Agreement, which the Company will execute
      with you within 60 days of receiving a copy of the Company’s
      Confidentiality, Non-Competition and Non-Solicitation Agreement which has
      been executed by you.  So long as you remained employed by the
      Company, such options will have a five-year term from the grant date and
      will vest according to the following
schedule:

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Grant
Carlson

      Page
3 of 18

      

      Time-Based
Vesting

      

      18,750           at
your first year anniversary

      18,750           at
your second year anniversary

      18,750           at
your third year anniversary

      18,750           at
your fourth year anniversary

      

      Company
Performance-Based Vesting

      

      
        
          
            
              
                	 
      	
                        9,375

                      	
                        if
      the Company achieves the board approved budgeted revenue for FY
      2009;

                      
	 
      	
                        9,375

                      	
                        if
      the Company achieves the board approved budged adjusted EBITDA projections
      for FY 2009.

                      
	 
      	 
      	 
      
	 
      	
                        9,375

                      	
                        if
      the Company achieves the board approved budgeted revenue for FY
      2010;

                      
	 
      	
                        9,375

                      	
                        if
      the Company achieves the board approved budged adjusted EBITDA projections
      for FY 2010.

                      
	 
      	 
      	 
      
	 
      	
                        9,375

                      	
                        if
      the Company achieves the board approved budgeted revenue for FY
      2011;

                      
	 
      	
                        9,375

                      	
                        if
      the Company achieves the board approved budged adjusted EBITDA projections
      for FY 2011.

                      
	 
      	 
      	 
      
	 
      	
                        9,375

                      	
                        if
      the Company achieves the board approved budgeted revenue for FY
      2012;

                      
	 
      	
                        9,375

                      	
                        if
      the Company achieves the board approved budged adjusted EBITDA projections
      for FY
2012.

                      

              

            

          

        

      

      

      If for
any reason you resign prior to the time which is 12 months from your Start Date,
you will forgo all such options. Furthermore, you understand that the Company’s
stock option plan requires that any employee who leaves the employment of the
Company will have no more than three (3) months from their termination date to
exercise any vested options.

      

      The
Company agrees that it will grant to you the maximum number of Incentive Stock
Options (“ISO’s”) available under current IRS guidelines and that the remainder,
if any, will be in the form of non-qualified stock options.

      

      Termination

      
        	
                Without
      Cause:

              	
                If
      the Company terminates you without “Cause” for any reason during the Term
      or any extension thereof, then the Company agrees that as severance it
      will continue to pay you your Base Salary and maintain your employee
      benefits for a period that is equal to six (6) months of your employment
      by the Company, beginning on the date of your termination
      notice.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Grant
Carlson

      
        Page
4 of 18

         

      

      
        	
                 
      

              	
                For
      the purposes of this letter agreement, the Company shall have “Cause” to
      terminate your employment hereunder upon:  (i) failure to
      materially perform and discharge your duties and responsibilities under
      this Agreement (other than any such failure resulting from incapacity due
      to illness) after receiving written notice and allowing you ten (10)
      business days to cure such failures, if so curable, provided, however,
      that after one such notice has been given to you, the Company is no longer
      required to provide time to cure subsequent failures under this provision,
      or (ii) any breach by you of the provisions of this Agreement; or (iii)
      misconduct which, in the opinion and sole discretion of the Company, is
      injurious to the Company; or (iv) any felony conviction involving the
      personal dishonesty or moral turpitude, or (v) engagement in illegal drug
      use or alcohol abuse which prevents you from performing your duties in any
      manner, or (vi) any material misappropriation, embezzlement or conversion
      of the Company’s or any of its subsidiary’s or affiliate’s property or
      business opportunities by you; or (vii) willful misconduct by you in
      respect of your duties or obligations under this Agreement and/or the
      Confidentiality, Non-Solicitation, and Non-competition
      Agreement.

              

      

      

      
        	
                 
      

              	
                You
      acknowledge and agree that any and all payments to which you are entitled
      under this Section are conditioned upon and subject to your execution of a
      general waiver and release, in such reasonable form as counsel for each of
      the Company and you shall agree upon, of all claims you have or may have
      against the Company.

              

      

      

      
        Confidentiality,

      

      
        Non-Compete,
&

      

      
        	
                Work
      +Products:

              	
                You
      agree that prior to your Start Date, you will execute the Company’s
      Confidentiality, Non-Competition and Non-Solicitation Agreement attached
      to this letter as Exhibit 1.  You understand that if you should
      fail to execute such Confidentiality, Non-Competition and Non-Solicitation
      Agreement in the agreed-upon form, it will be grounds for revoking this
      offer and not hiring you.  You understand and acknowledge that
      this Agreement shall be read in pari materia with
      the Confidentiality, Non-Competition and Non-Solicitation Agreement and is
      part of this Agreement.

              

      

      

      
        Executive’s

      

      
        	
                Representations:

              	
                You
      understand and acknowledge that this position is an officer level position
      within NeoGenomics.  You represent and warrant, to the best of
      your knowledge, that nothing in your past legal and/or work experiences,
      which if became broadly known in the marketplace, would impair your
      ability to serve as an officer of a public company or materially damage
      your credibility with public shareholders.  You further
      represent and warrant, to the best of your knowledge, that, prior to
      accepting this offer of employment, you have disclosed all material
      information about your past legal and work experiences that would be
      required to be disclosed on a Directors and Officers’ questionnaire for
      the purpose of determining what disclosures, if any, will need to be made
      with the SEC.  Prior to the Company’s next public filing, you
      also agree to fill out a Director’s and Officer’s questionnaire in form
      and substance satisfactory to the Company’s counsel.   You
      further represent and warrant, to the best of your knowledge, that you are
      currently not obligated under any form of non-competition or
      non-solicitation agreement which would preclude you from serving in the
      position indicated above for NeoGenomics or soliciting business
      relationships for any laboratory services from any potential customers in
      the United States.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Grant
Carlson

      
        Page
5 of 18

      

      

      
        	
                Miscellaneous:

              	
                (i)

              	
                This
      Agreement supersedes all prior agreements and understandings
      between   the parties and may not be modified or terminated
      orally.  No modification or attempted waiver will be valid
      unless in writing and signed by the party against whom the same is sought
      to be enforced.

              

      

      

      
        	
              	
                (ii)

              	
                The
      provisions of this Agreement are separate and severable, and if any of
      them is declared invalid and/or unenforceable by a court of competent
      jurisdiction or an arbitrator, the remaining provisions shall not be
      affected.

              

      

      

      
        	
              	
                (iii)

              	
                This
      Agreement is the joint product of the Company and you and each provision
      hereof has been subject to the mutual consultation, negotiation and
      agreement of the Company and you and shall not be construed for or against
      either party hereto.

              

      

      

      
        	
              	
                (iv)

              	
                This
      Agreement will be governed by, and construed in accordance with the
      provisions of the law of the State of Florida, without reference to
      provisions that refer a matter to the law of any other
      jurisdiction.  Each party hereto hereby irrevocably submits
      itself to the exclusive personal jurisdiction of the federal and state
      courts sitting in Florida; accordingly, any matters involving the Company
      and the Executive with respect to this Agreement may be adjudicated only
      in a federal or state court sitting in Lee County,
  Florida.

              

      

      

      
        
          	
                	
                  (v)

                	
                  This
      Agreement may be signed in counterparts, and by fax, each of which shall
      be an original, with the same effect as if the signatures thereto and
      hereto were upon  the same
instrument.

                

        

      

      

      
        	
              	
                (vi)

              	
                Within
      three days of your start date, you will need to provide documentation
      verifying your legal right to work in the United States.  Please
      understand that this offer of employment is contingent upon your ability
      to comply with the employment verification requirements under federal laws
      and that we cannot begin payroll until this requirement has been
      meet.

              

      

      

      
        	
              	
                (vii)

              	
                Employment
      with NeoGenomics is an “at-will” relationship and not guaranteed for any
      term.  You or the Company may terminate employment at anytime
      for any reason by providing written
notice.

              

      

      

      (Signatures
Appear on the Next Page)

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Grant
Carlson

      Page
6 of 18

      

      Grant, I
know that with your help we can build a world-class team to help drive this
company.  Welcome aboard!

      

      Sincerely,

      

      /s/
Douglas M. VanOort

      

      Douglas
M. VanOort

      Executive
Chairman and Interim CEO

      

      Agreed
and Accepted:

      

      
        
          	
                  /s/ Grant Carlson

                	
                  7/22/2009

                
	
                  Grant
      Carlson

                	
                  Date

                

        

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Grant
Carlson

      Page
7 of 18

      

      Exhibit
1

      

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

      

      Exhibit
2

      

      Relocation
Agreement

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Grant
Carlson

      Page
8 of 18

      

      EXHIBIT
1

      

      CONFIDENTIALITY,
NON-SOLICITATION AND NON-COMPETE AGREEMENT

      

      This
Confidentiality, Non-Solicitation and Non-Compete Agreement (the “Agreement”)
dated this 9th day of July, 2009 is entered into by and between Grant Carlson
(“Employee”) and NeoGenomics, Inc., a Florida corporation (“Employer” and
collectively with NeoGenomics, Inc, a Nevada corporation, the Employer’s parent
corporation, the “Company”).  Hereinafter, each of the Employee or the
Company maybe referred to a “Party” and together be referred to as the
“Parties”.

      

      RECITALS:

      

      WHEREAS, the Parties have
entered into that certain letter agreement, dated July 22, 2009 that creates an
employment relationship between the Company and Employee (the “Employment
Agreement”); and

      

      WHEREAS, pursuant to the
Employment Agreement, the Employee agreed to enter into the Company’s standard
Confidentiality, Non-Solicitation and Non-Compete; and

      

      WHEREAS, the Company desires
to protect and preserve its Confidential Information and its legitimate business
interests by having the Employee enter into this Agreement as part of the
Employment Agreement; and

      

      WHEREAS, the Employee desires
to establish and maintain an employment relationship with the Company and as
part of such employment relationship desires to enter into this Agreement with
the Company.

      

      Now,
therefore, in consideration of the mutual promises set forth herein and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by Employee, the Parties agree as follows:

      

      1.           Term.    Employee
agree(s) that the term of this agreement is effective upon execution and shall
survive and continue to be in force and effect for two years following the
termination of any employment relationship between the Parties, whether
termination is by the Company and/or any entity that is wholly or partially
owned by the Company (all of such entities being hereinafter referred to as
“Affiliated Entities”), with or without cause, wrongful discharge, or for any
other reason whatsoever, or by the Employee (“Term”).

      

      2.           Confidential
Information.

      

      a.           The
term “Confidential Information” as used herein shall include all business
practices, methods, techniques, or processes that:  (i) derives
independent economic value, actual or potential, from not being generally known
to, and not being readily ascertainable by proper means by, other
persons who can obtain economic value from its disclosure or use; and (ii) is
the subject of efforts that are reasonable under the circumstances to maintain
its secrecy.  Confidential Information also includes, but is not
limited to, files, letters, memoranda, reports, records, computer disks or other
computer storage medium, data, models or any photographic or other tangible
materials containing such information, customer lists and names and other
information, customer contracts, other corporate contracts, computer programs,
proprietary technical information and or strategies, sales, promotional or
marketing plans or strategies, programs, techniques, practices, any expansion
plans (including existing and entry into new geographic and/or product markets),
pricing information, product or service offering specifications or plans
therefor, business plans, financial information and other financial plans, data
pertaining to the Company’s operating performance, employee lists, salary
information, training manuals, and other materials and business information of a
similar nature, including information about the Company itself or any Affiliated
Entity, which Employee acknowledges and agrees has been compiled by the
Company's expenditure of a great amount of time, money and effort, and that
contains detailed information that could not be created independently from
public sources.  Further, all data, spreadsheets, reports, records,
know-how, verbal communication, proprietary and technical information and/or
other confidential materials of similar kind transmitted by the Company or any
Affiliated Entity to Employee or developed by the Employee on behalf of the
Company or any Affiliate Entity as Work Product (as defined in Paragraph 7) are
expressly included within the definition of “Confidential
Information.”  The Parties further agree that the fact the Company or
any Affiliated Entity may be seeking to complete a business transaction is
“Confidential Information” within the meaning of this Agreement, as well as all
notes, analysis, work product or other material derived from Confidential
Information.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Grant
Carlson

      Page
9 of 18

      

      b.           Employee
acknowledge(s) that this "Confidential Information" is of value to the Company
and/or any Affiliated Entities by providing them with a competitive advantage
over their competitors, is not generally known to competitors of the Company,
and is not intended by the Company or any Affiliated Entities for general
dissemination.  Employee acknowledges that this "Confidential
Information" derives independent economic value, actual or potential, from not
being generally known to, and not being readily ascertainable by proper means
by, other persons who can obtain economic value from its disclosure or use, and
is the subject of reasonable efforts to maintain its
secrecy.  Therefore, the Parties agree that all "Confidential
Information" under this Agreement constitutes “Trade Secrets” under Section
688.002 and Chapter 812 of the Florida Statutes.

      

      3.           Duty of
Confidentiality.   All
Confidential Information is considered highly sensitive and strictly
confidential. The Employee agrees that at all times during the term of this
Agreement and after the termination of employment with the Company or any
Affiliated Entity for as long as such information remains non-public
information, the Employee shall (i) hold in confidence and refrain from
disclosing to any other party all Confidential Information, whether written or
oral, tangible or intangible, concerning the Company or any Affiliated Entities
and their business and operations unless such disclosure is accompanied by a
non-disclosure agreement executed by the Company with the party to whom such
Confidential Information is provided, (ii) use the Confidential Information
solely in connection with his or her employment with the Company or any
Affiliated Entity and for no other purpose, (iii) take all precautions necessary
to ensure that the Confidential Information shall not be, or be permitted to be,
shown, copied or disclosed to third parties, without the prior written consent
of the Company or any Affiliated Entity, (iv) observe all security policies
implemented by the Company or any Affiliated Entity from time to time with
respect to the Confidential Information, and (v) not use or disclose, directly
or indirectly, as an individual or as a partner, joint venturer, employee,
agent, salesman, contractor, officer, director or otherwise, for the benefit of
himself or herself or any other person, partnership, firm, corporation,
association or other legal entity, any Confidential Information, unless
expressly permitted by this Agreement.  Employee agrees that
protection of the Company’s and any Affiliated Entity’s Confidential Information
constitutes a legitimate business interest justifying the restrictive covenants
contained herein.  Employee further agrees that the restrictive
covenants contained herein are reasonably necessary to protect the Company’s and
any Affiliated Entity’s legitimate business interest in preserving its
Confidential Information.

      

      In the
event that the Employee is ordered to disclose any Confidential Information,
whether in a legal or regulatory proceeding or otherwise, the Employee shall
provide the Company or any Affiliated Entities with prompt notice of such
request or order so that the Company or any Affiliated Entity may seek to
prevent disclosure.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Grant
Carlson

      Page
10 of 18

      

      4.           Limited
Right of Disclosure.   Except as
otherwise permitted by this Agreement, Employee shall limit disclosure of
pertinent Confidential Information to Employee’s attorney, if any
(“Representative(s)”), for the sole purpose of evaluating Employee’s
relationship with the Company.  Paragraph 3 of this Agreement shall
bind all such Representative(s), and Employee shall show this Agreement to them
and shall obtain their signed consent to be bound by this Agreement prior to any
disclosures.

      

      5.           Return of
Company Property and Confidential Materials.   All
tangible property, including cell phones, laptop computers and other company
purchased property, as well as all Confidential Information provided to Employee
is the exclusive property of the Company and/or its Affiliated Entities and must
be returned to the Company and/or its Affiliated Entities in accordance with the
instructions of the Company and/or such Affiliated Entities either upon
termination of the Employee’s employment or at such other time as is reasonably
requested by the Company.  Employee agree(s) that upon termination of
employment with the Company or any Affiliated Entity, whether termination is by
the Company or the Affiliated Entity, with or without cause, wrongful discharge,
or for any other reason whatsoever, or by the Employee, Employee shall return
all copies, in whatever form, including hard copies and computer disks, of
Confidential Information to the Company and/or the Affiliated Entity, and
Employee shall delete any copy of the Confidential Information on any computer
file or database maintained by Employee and shall certify in writing that he/she
has done so.  In addition to returning all information to the Company
and/or any Affiliated Entities as described above, Employee will destroy any
analysis, notes, work product or other materials relating to or derived from the
Confidential Information. Any intentional or unauthorized retention of
Confidential Information may constitute “civil theft” as such term is defined in
Chapter 772 of the Florida Statutes.

      

      6.           Agreement
Not To Circumvent.   Employee
agrees not to pursue any transaction or comparable concept that makes use of any
information identified herein as Confidential Information during the Term of
this Agreement, other than through the Company and/or its Affiliated Entities or
on behalf of the Company and/or its Affiliated Entities.  It is
further understood and agreed that the Employee will direct all communications
and requests regarding Confidential Information from any third parties through
the Company’s then chief executive officer or president.  Any
violation of this covenant shall subject Employee to the remedies identified in
Paragraph 9 in addition to any other available remedies.

      

      7.           Title to
Work Product.   Employee
agrees that all work products (including strategies and testing methodologies
for competing in the genetics testing industry, technical materials and
diagrams, computer programs, financial plans and other written materials,
websites, presentation materials, course materials, advertising campaigns,
slogans, videos, pictures and other materials) created or developed by the
Employee for the Company or any of its Affiliated Entities during the term of
the Employee’s employment with the Company or any successor to the Company until
the date of termination of the Employee (collectively, the “Work Product”),
shall be considered a work made for hire and that the Company shall be the sole
owner of all rights, including copyright, in and to the Work
Product.

      

      If the Work Product, or any part
thereof, does not qualify as a work made for hire, the Employee agrees to
assign, and hereby assigns, to the Company for the full term of the copyright
and all extensions thereof all of its right, title and interest in and to the
Work Product.  All discoveries, inventions, innovations, works of
authorship, computer programs, improvements and ideas, whether or not patentable
or copyrightable or otherwise protectable, conceived, completed, reduced to
practice or otherwise produced by the Employee in the course of his or her
services to the Company in connection with or in any way relating to the
business of the Company or capable of being used or adapted for use therein or
in connection therewith shall forthwith be disclosed to the Company and shall
belong to and be the absolute property of the Company unless assigned by the
Company to an Affiliated Entity.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Grant
Carlson

      Page
11 of 18

       

      Employee hereby assigns to the
Company all right, title and interest in all of the discoveries, inventions,
innovations, works of authorship, computer programs, improvements, ideas and
other work product; all copyrights, trade secrets, and trademarks in the same;
and all patent applications filed and patents granted worldwide on any of the
same for any work previously completed on behalf of the Company or any
Affiliated Entity or work performed under the terms of this Agreement or the
Employment Agreement.  Employee, if and whenever required to do so
(whether during or after the termination of his or her employment), shall at the
expense of the Company or any Affiliated Entity apply or join in applying for
copyrights, patents or trademarks or other equivalent protection in the United
States or in other parts of the world for any such discovery, invention,
innovation, work of authorship, computer program, improvement, and idea as
aforesaid and execute, deliver and perform all instruments and things necessary
for vesting such patents, trademarks, copyrights or equivalent protections when
obtained and all right, title and interest to and in the same in the Company
absolutely and as sole beneficial owner, unless assigned by the Company to an
Affiliated Entity.  Notwithstanding the foregoing, work product
conceived by the Employee, which is not related to the business of the Company,
or any Affiliated Entity, will remain the property of the Employee.

       

      8.           Restrictive
Covenant.    The
Company and its Affiliated Entities are engaged in the business of providing
cancer genetic and molecular testing services to oncologists, urologists,
pathologists, physicians, hospitals, and other medical
laboratories.  The covenants contained in this Paragraph 8 (the
“Restrictive Covenants”) are given and made by Employee to induce the Company to
employ Employee under the terms of the Employment Agreement, and Employee
acknowledges sufficiency of consideration for these Restrictive
Covenants.  Employee expressly covenants and agrees that, during his
or her employment and for a period time following termination of such
employment, as defined below, whether termination is by the Company, with or
without cause, wrongful discharge, or for any other reason whatsoever, or by
Employee (such period of time is hereinafter referred to as the "Restrictive
Period"), he/she will abide by the following restrictive covenants unless an
exception is specifically provided in certain situations in such Restrictive
Covenants.  The Restrictive Period will be defined as a period of two
(2) years for the Non-Solicitation Covenant and a period of one (1) year for the
Non-Competition Covenant.

      

      
        	
                 
      

              	
                a.

              	
                Non-Solicitation.   Employee
      agrees and acknowledges that, during the Restrictive Period, he/she will
      not, directly or indirectly, in one or a series of transactions, as an
      individual or as a partner, joint venturer, employee, agent, salesperson,
      contractor, officer, director or otherwise, for the benefit of himself or
      herself or any other person, partnership, firm, corporation, association
      or other legal entity:

              

      

      

      
        	
                 
      

              	
                (i)

              	
                induce
      any customer, or any pending customer, of the Company or of any Affiliated
      Entity to patronize or do business with any business directly or
      indirectly in competition with the businesses conducted by the Company or
      any Affiliated Entity in any market in which the Company or any Affiliated
      Entity does business; or

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                canvass,
      solicit or accept from any customer, or any pending customer, of the
      Company or of any Affiliated Entity, any such business relationship that
      is in competition with the Company or any Affiliated Entity;
      or

              

      

      

      
        	
                 
      

              	
                (iii)

              	
                request
      or advise any customer or vendor, or any pending customer or vendor, of
      the Company or of any Affiliated Entity to withdraw, curtail or cancel any
      such customer's or vendor's business with the Company or any Affiliated
      Entity; or

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Grant
Carlson

      Page
12 of 18

      

      
        	
                 
      

              	
                (iv)

              	
                recruit,
      solicit or otherwise induce or influence any proprietor, partner,
      stockholder, lender, director, officer, employee, sales agent, joint
      venturer, investor, lessor, supplier, customer, agent, representative or
      any other person which has a business relationship with the Company or any
      Affiliated Entity to discontinue, reduce or modify such employment, agency
      or business relationship with the Company or any Affiliated Entity;
      or

              

      

      

      
        	
                 
      

              	
                (v)

              	
                employ
      or seek to employ any person or agent who is then (or was at any time
      within twelve (12) months prior to the date Employee or such entity
      employs or seeks to employ such person) employed or retained by the
      Company or any Affiliated Entity.

              

      

      

      
        	
                 
      

              	
                b.

              	
                Non-Competition.   Employee
      agrees and acknowledges that, during the Restrictive Period, he/she will
      not, directly or indirectly, for himself or herself, or on behalf of
      others, as an individual on Employee's own account, or as a partner, joint
      venturer, employee, agent, salesman, contractor, officer, director or
      otherwise, for himself or herself or any other person, partnership, firm,
      corporation, association or other legal entity enter into, engage in,
      accept employment from, or participate in, any business that is in
      competition with the business of the Company or any Affiliated Entity in
      any location that is within 1,000 miles of the Company’s main headquarters
      location in Ft. Myers, FL or within 1,000 miles of the Employee’s primary
      geographic location during his or her or her last twelve months of
      employment.

              

      

      

      Notwithstanding
the foregoing, however, it is understood and agreed by the Company and the
Employee that in the event of a termination of the Employee by the Company
without “Cause” (as defined below), the provisions of the Non-Competition
covenant outlined in the preceding paragraph 8(b) shall not be deemed valid or
enforceable hereunder.  The Employee specifically acknowledges that
any termination by the Company for “Cause” or any termination by resignation of
the Employee shall result in the Non-competition covenant described in paragraph
8(b) remaining valid and enforceable hereunder.

      

      Notwithstanding
the preceding paragraphs, the spirit and intent of this non-competition clause
is not to deny the Employee the ability to support his or her family, but rather
to prevent the Employee from using the knowledge and experiences obtained from
the Company in a similar competitive environment.  Along those lines,
should the Employee leave the employment of the Employer for any reason, he or
she would be prohibited from joining a for-profit cancer testing genetics
laboratory and/or competing against the Company in the same market
place.  The Parties agree that the phrase “in any business that is in
competition with the business of the Company” in the preceding paragraph 8(b)
specifically excludes all non-profit medical testing laboratories, hospitals and
academic institutions as well as for-profit prenatal and
pediatric/constitutional genetic testing laboratories.  In other
words, the Employee would be allowed under this non-compete clause to work in a
private, for-profit prenatal laboratory or pediatric/constitutional genetics
testing laboratory as well as any non-profit cancer genetics testing
laboratory.  Thus, the spirit and intent of this non-competition
clause is intended to prevent the Employee from acting in any of the capacities
outlined in this paragraph for any “for-profit” cancer genetics testing
laboratory only.  For purposes of this agreement, cancer genetic
testing laboratories shall be defined as laboratories that perform the following
types of cancer genetics testing: cytogenetics testing, Flourescence In-Situ
Hybridization (FISH) testing, flow cytometry testing and molecular genetics
testing.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Grant
Carlson

      Page
13 of 18

      

      For the
purposes of this Agreement, the Company shall have “Cause” to terminate the
Employee’s employment hereunder upon:

      

      (i)   
the willful and continued failure by the Employee to substantially perform his
or her duties (other than any such failure resulting from incapacity due to
physical or mental illness) for a period of ten days after demand for
substantial performance is delivered in writing by the Company that specifically
identifies the manner in which the Company believes the Employee has not
substantially performed his duties; or

      

      (ii)   the
active participation by the Employee in an act or series of acts of willful
malfeasance or gross misconduct, recklessness or gross negligence (including,
without limitation, any action that results in the Employee’s conviction of or
pleading guilty to any misdemeanor or regulatory sanction placed upon you or
moral turpitude) which a reasonable person would expect to have a potentially
damaging or detrimental effect on the Company; or

      

      (iii) the Employee’s being convicted
of, or pleading guilty to, a felony.

      

      In the
event that the Employee’s Employment Agreement shall contain a different
definition of “Cause”, then the definition of “Cause” contained in the
Employment Agreement shall be operable in interpreting the provisions of the
above paragraph.

      

      
        	
                 
      

              	
                c.

              	
                Acknowledgements of
      Employee.

              

      

      

      
        	
                 
      

              	
                (i)

              	
                The
      Employee understands and acknowledges that any violation of the
      Restrictive Covenants shall constitute a material breach of this Agreement
      and will cause irreparable harm and loss to the Company or any Affiliated
      Entity for which monetary damages will be an insufficient
      remedy.  Therefore, the Parties agree that in addition to any
      other remedy available, the Company and its Affiliated Entities will be
      entitled to the relief identified in Paragraph No. 9
  below.

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                The
      Restrictive Covenants shall be construed as agreements independent of any
      other provision in this Agreement and the existence of any claim or cause
      of action of Employee against the Company or any Affiliated Entity shall
      not constitute a defense to the enforcement of these Restrictive
      Covenants.

              

      

      

      
        	
                 
      

              	
                (iii)

              	
                Employee
      agrees that the Restrictive Covenants are reasonably necessary to protect
      the legitimate business interests of the Company or any Affiliated
      Entity.

              

      

      

      
        	
                 
      

              	
                (iv)

              	
                Employee
      agrees that the Restrictive Covenants may be enforced by the Company’s
      assignee or successor or any of the Affiliated Entities and Employee
      acknowledges and agrees that assignees, successors and Affiliated Entities
      are intended beneficiaries of this
Agreement.

              

      

      

      
        	
                 
      

              	
                (v)

              	
                Employee
      agrees that if any portion of the Restrictive Covenants are held by an
      arbitration panel or court of competent jurisdiction to be unreasonable,
      arbitrary or against public policy for any reason, they shall be divisible
      as to time, geographic area and line of business and shall be enforceable
      as to a reasonable time, area and line of
  business.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Grant
Carlson

      Page
14 of 18

      

      
        	
                 
      

              	
                (vi)

              	
                Employee
      agrees that any violation of the Restrictive Covenants, in any capacity
      identified herein, are a material breach of this Agreement and that any
      and all sales by Employee for himself or herself, other individual(s),
      partnership, corporation, joint venture, or any other entity with which he
      or she is associated, shall be conclusively presumed to have been made by
      the Company or any Affiliated Entity, but for the
    violation.

              

      

      

      
        	
                 
      

              	
                (vii)

              	
                Employee
      agrees that any failure of the Company or any Affiliated Entity to enforce
      the Restrictive Covenants against any other employee, for any reason,
      shall not constitute a defense to enforcement of the Restrictive Covenants
      against the Employee.

              

      

      

      9.           Specific
Performance; Injunction.   The Parties
agree and acknowledge that the restrictions contained in Paragraphs 1-8 are
reasonable in scope and duration and are necessary to protect the Company or any
of its Affiliated Entities.  If any provision of Paragraphs 1-8 as
applied to any party or to any circumstance is adjudged by a court to be invalid
or unenforceable, the same shall in no way affect any other circumstance or the
validity or enforceability of any other provision of this
Agreement.  If any such provision, or any part thereof, is held to be
unenforceable because of the duration of such provision or the area covered
thereby, the Parties agree that the court making such determination shall have
the power to reduce the duration and/or area of such provision, and/or to delete
specific words or phrases, and in its reduced form, such provision shall then be
enforceable and shall be enforced.

      

      Any
unauthorized use or disclosure of information in violation of Paragraphs 2-7
above or violation of the Restrictive Covenant in Paragraph 8 shall constitute a
material breach of this Agreement, shall constitute misappropriation under
Florida Statutes, and shall cause irreparable harm and loss to the Company or
any of its Affiliated Entities for which monetary damages will be an
insufficient remedy.  Therefore, the Parties agree that in addition to
any other remedy available, the Company or any of its Affiliated Entities will
be entitled to all of the civil remedies provided by Florida Statutes,
including:

      

      
        	
                 
      

              	
                a.

              	
                Temporary
      and permanent injunctive relief, without being required to post a
      bond,  restraining Employee or Representatives and any other
      person, partnership, firm, corporation, association or other legal entity
      acting in concert with Employee from any actual or threatened unauthorized
      disclosure or use of Confidential Information, in whole or in part, or
      from rendering any service to any other person, partnership, firm,
      corporation, association or other legal entity to whom such Confidential
      Information in whole or in part, has been disclosed or used or is
      threatened to be disclosed or used;
and

              

      

      

      
        	
                 
      

              	
                b.

              	
                Temporary
      and permanent injunctive relief, without being required to post a bond,
      restraining the Employee from violating, directly or indirectly, the
      restrictions of the Restrictive Covenant in any capacity identified in
      Paragraph 8, supra, and restricting third parties from aiding and abetting
      any violations of the Restrictive Covenant;
and

              

      

      

      
        	
                 
      

              	
                c.

              	
                Compensatory
      damages, including actual loss from misappropriation and unjust
      enrichment; and

              

      

      

      Notwithstanding
the foregoing, the Company acknowledges and agrees that the Employee will not be
liable for the payment of any damages or fees owed to the Company through the
operation of Paragraphs 9c above, unless and until a court of competent
jurisdiction or arbitration panel has determined conclusively that the Company
or any of its assignees, successors or Affiliated Entities is entitled to such
recovery.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Grant
Carlson

      Page
15 of 18

      

      Nothing
in this Agreement shall be construed as prohibiting the Company or any
Affiliated Entities from pursuing any other legal or equitable remedies
available to it for actual or threatened breach of the provisions of Paragraphs
2 – 8 of this Agreement, and the existence of any claim or cause of action by
Employee against the Company or any of its Affiliated Entities shall not
constitute a defense to the enforcement by the Company or any of its Affiliated
Entities of any of the provisions of this Agreement.  The Company and
its Affiliated Entities have fully performed all obligations entitling it to the
covenants of Paragraphs 2 – 8 of this Agreement and therefore such prohibitions
are not executory or otherwise subject to rejection under the bankruptcy
code.

      

      10.         Governing
Law.   This
Agreement shall be governed by, construed and enforced in accordance with the
laws of state of Florida without regard to any statutory or common-law provision
pertaining to conflicts of laws.  The parties agree that courts of
competent jurisdiction in Lee County, Florida and the United States District
Court for the Southern District of Florida shall have concurrent jurisdiction
with the arbitration tribunals of the American Arbitration Association for
purposes of entering temporary, preliminary and permanent injunctive relief and
with regard to any action arising out of any breach or alleged breach of this
Agreement.  Employee waives personal service of any and all process
upon Employee and consents that all such service of process may be made by
certified or registered mail directed to Employee at the address stated in the
signature section of this Agreement, with service so made deemed to be completed
upon actual receipt thereof.  Employee waives any objection to
jurisdiction and venue of any action instituted against Employee as provided
herein and agrees not to assert any defense based on lack of jurisdiction or
venue.

      

      11.         Arbitration
Agreement. Employee agrees that all
controversies, claims, disputes and matters in question arising out of, or
related to this Agreement, the breach of this Agreement, the business
relationship between signatories to this Agreement or any other matter or claim
whatsoever shall be decided by binding arbitration before the American
Arbitration Association, utilizing its Commercial Rules by a panel of one
arbitrator.  Venue for any arbitration between the Parties shall be
held in Fort Myers, Lee County, Florida.

      

      12.         Successors
and Assigns.   This
Agreement shall be binding upon and inure to the benefit of the Parties hereto
and may not be assigned by Employee at any time. This Agreement may be assigned
only by the Company to an Affiliated Entity and shall inure to the benefit of
its successors and/or assigns.

      

      13.         Entire
Agreement.   This
Agreement is the entire agreement of the Parties with regard to the matters
addressed herein, and supersedes all negotiations, preliminary agreements, and
all prior and contemporaneous discussions and understandings of the signatories
in connection with the subject matter of this Agreement, except however, that
this Agreement shall be read in pari materia with the
Employment Agreement executed by Employee.  This Agreement may be
modified only by written instrument signed by the Company and
Employee.

      

      14.         Construction. The Parties agree that,
notwithstanding the authorship of this Agreement by the Company, such Agreement
shall not be construed more favorably to one Party than the other.

      

      15.         Severability.   In case any
one or more provisions contained in this Agreement shall, for any reason, be
held invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provision hereof and
this Agreement shall be construed as if such invalid, illegal were unenforceable
provision had not been contained herein.

      

      16.         Waiver. The waiver by the
Company of a breach or threatened breach of this Agreement by Employee cannot be
construed as a waiver of any subsequent breach by Employee.  The
refusal or failure of the Company or any Affiliated Entity to enforce any
specific restrictive covenant in this Agreement against Employee, or any other
person for any reason, shall not constitute a defense to the enforcement by the
Company or any Affiliated Entity of any other restrictive covenant provision set
forth in this Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Grant
Carlson

      Page
16 of 18

      

      
        17.        
Consideration.   Employee
expressly acknowledges and agrees that the execution by the Company of the
Employment Agreement with the Employee constitutes full, adequate and sufficient
consideration to Employee for the covenants of Employee under this
Agreement.

      

      

      
        18.        
Notices
.   All
notices required by this Agreement shall be in writing, shall be personally
delivered or sent by U.S. Registered or Certified Mail, return receipt
requested, and shall be addressed to the signatories at the addresses shown on
the signature page of this Agreement.

      

      

      
        19.        
Acknowledgements.   Employee
acknowledge(s) that he or she has reviewed this Agreement prior to signing it,
that he or she knows and understands the contents, purposes and effect of this
Agreement, and that he or she has been given a signed copy of this Agreement for
his or her records. Employee further acknowledges and agrees that he or she has
entered into this Agreement freely, without any duress or
coercion.

      

      

      20.         Counterparts.   This
Agreement may be executed in counterparts, each of which shall be deemed an
original for all intents and purposes.

      

      IN
WITNESS WHEREOF, THE UNDERSIGNED STATE THAT THEY HAVE CAREFULLY READ THIS
AGREEMENT AND KNOW AND UNDERSTAND THE CONTENTS THEREOF AND THAT THEY AGREE TO BE
BOUND AND ABIDE BY THE REPRESENTATIONS, COVENANTS, PROMISES AND WARRANTIES
CONTAINED HEREIN.

      

      
        	
                By:

              	
                /s/ Grant Carlson

              	
                7/9/2010

              	 
      
	 
      	
                Employee
      Signature

              	
                Date

              	 
      

      

      

      
        
          
            	
                    Employee
      Name:

                  	
                    Grant Carlson

                  
	
                    Employee Address:  

                  	
                    c/o NeoGenomics Laboratories,
      Inc.

                  
	 
      	
                    12701 Commonwealth Drive

                  
	 
      	
                      

                  

          

        

      

      

      
        NeoGenomics,
Inc.

      

      
        12701
Commonwealth Drive, # 5

      

      
        Fort
Myers, FL 33913

      

      

      
        
          
            
              
                	
                        By:

                      	
                        /s/
      Douglas VanOort

                      	
                        7/22/09

                      	
                         

                      
	 	 	Date 	 
	
                        Name:

                      	
                        Douglas
      VanOort

                      	 	 
      
	
                        Title:

                      	
                        CEO

                      	  
      	 
      

              

            

          

        

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Grant
Carlson

      Page
17 of 18

       

      Exhibit
2

      

      RELOCATION
AGREEMENT

      

      Grant
Carlson

      Vice
President of Sales & Marketing

      

      NeoGenomics
Laboratories (the “Company”) acknowledges that you will incur certain relocation
expenses as a result of accepting employment with us.  We consider the
reimbursement of these expenses to be related to the employer-employee
relationship that we are attempting to establish and that these are items that
we share as the
relationship is established.

       

      NeoGenomics
agrees to reimburse you for up to $20,000 in the aggregate (the “Relocation Cap”) for
commuting, temporary housing and permanent relocation expenses.  This
assistance will be comprised of two parts: (i) reimbursement for commuting,
temporary housing and other related transition expenses (the “Temporary Commuting
Allowance”), and (ii) reimbursement for permanent relocation expenses
that are identified by the Internal Revenue Service (“IRS”) as “deductible
moving expenses” (the “Permanent Relocation
Assistance”).

      

      You may
use up to $15,000 of the Relocation Cap for the Temporary Commuting
Allowance.  Expenses reimbursable under the Temporary Commuting
Allowance include pre-move travel (between Lakeland, FL to Fort Myers, FL,
related lodging and meal expenses, and other related transition expenses,
incurred in accordance with the Company’s applicable policies in effect from
time to time.

      

      All such
payments made by the Company as part of your Temporary Commuting Allowance shall
be subject to withholding for federal, state or local taxes as the Company
reasonably may determine.  However, you should consult with your own
tax advisor to determine what payments (or reimbursements), if any, may be tax
deductible to you.

      

      The
dollar amount of Permanent Relocation Assistance available to you is the
difference between the Relocation Cap and any payments made to you (or on your
behalf) under the Temporary Commuting Allowance.  The Permanent
Relocation Assistance is available to you for your permanent move to Fort Myers,
Florida, which will need to occur on or prior to September 1,
2010.   Any relocation expenses incurred by you (or on your
behalf) occurring after September 1, 2010 will not be reimbursable by the
Company unless otherwise mutually agreed upon in writing by you and the
President of the Company.  The Company will require two (2) quotes
from vendors prior to payment for moving expenses.

      

      The
Permanent Relocation Assistance payments will not be taxable to you to the
extent the expenses are identified by the IRS as “deductible moving expenses,”
and, accordingly, reimbursable expenses shall be limited to: (i) moving your
household goods and personal effects, and (ii) travel (including lodging, but
not meals) to your new home.

      

      All
claims for reimbursable expenses, together with proper receipts and supporting
documentation, must be submitted to the Company within 45 days following the
date(s) the expenses are incurred.  Thereafter, reimbursement by the
Company will be made in accordance with the Company’s normal payroll practices
no later than 45 days following the timely submission of applicable
claims.

      

      I, Grant
Carlson, agree to provide proper receipts and documentation in a form acceptable
to the Company in order to receive reimbursement from the Company, and I
understand that failure to do so in accordance with the requirements set forth
herein (including, but not limited to, timely submission) will jeopardize my
rights to any reimbursements under this Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Grant
Carlson

      Page
18 of 18

       

      I further
agree that:

       

      
        	
                (a)

              	
                I
      will reimburse NeoGenomics all Permanent Relocation Assistance and
      Temporary Commuting Allowance payments paid on my behalf directly to
      vendors or to me by NeoGenomics should I resign my employment for any
      reason with NeoGenomics Laboratories.  Reimbursement will not be
      required should NeoGenomics initiate the separation of
      employment.

              

      

       

      Reimbursement
will be based on the following scheduled:

       

      
        	
                 
      

              	
                1)

              	
                100
      % reimbursement if resignation occurs within a 14 month time period from
      the start of employment or within six months after my permanent relocation
      to Fort Myers, Fl.

              

      

      
        	
                 
      

              	
                2)

              	
                50%
      reimbursement if resignation occurs within 6 months to 12 months after my
      permanent relocation to Fort Myers,
FL.

              

      

       

      
        	
                (b)

              	
                Any
      reimbursements paid to me in error will be returned to the Company within
      60 days of (i) the date the expense was incurred, or (ii) becoming aware
      of the existence of an
  erroneous  reimbursement.

              

      

       

      
        	
                (c)

              	
                My
      final paycheck for any wages and/or accrued paid time-off will be reduced,
      to the extent allowable by law, in the amount of any monies I owe to the
      Company pursuant to the terms of this Agreement.  If the amount
      of my final paycheck is insufficient to cover all the monies I owe to the
      Company hereunder, the Company may pursue any and all remedies available
      under the law.

              

      

       

      This
agreement will be governed by the laws of the State of Florida.

      

      Agreed
and Accepted:

      

      
        
          
            	
                    By:

                  	
                    /s/ Grant Carlson

                  	
                      Date
      7/22/09

                  
	 
      	
                           Grant
      Carlson

                  	 
      

          

        

      

      

      NEOGENOMICS
LABORATORIES

      

      
        
          	
                  By:

                	
                  /s/
      Douglas VanOort

                
	 
      	 
      
	
                  Name:

                	
                  Douglas VanOort

                
	 
      	 
      
	
                  Title:

                	
                  CEO

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