Document:

EMPLOYMENT AGREEMENT

Exhibit 10.6

	
FORM OF

	
EXECUTIVE EMPLOYMENT AGREEMENT

                    THIS EMPLOYMENT AGREEMENT is made as of May 23, 2001, (this "Agreement") by and between IDEXX Laboratories, Inc., a Delaware corporation (the "Company"), and [__________] (the "Executive").

                    The Board of Directors of the Company (the "Board") has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined below) of the Company. The Board believes it is imperative to diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control and to encourage the Executive's full attention and dedication to the Company currently and in the event of any threatened or pending Change of Control, and to provide the Executive with compensation and benefits arrangements upon a Change of Control which ensure that the compensation and benefits expectations of the Executive will be satisfied and which are competitive with those of other corporations. Therefore, in order to accomplish these objectives, the Board has caused the Company to enter into this Agreement.

                    NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

                    1.          Certain Definitions.

                                    (a)          The "Effective Date" shall mean the first date during the Change of Control Period (as defined in Section 1(b)) on which a Change of Control (as defined in Section 2) occurs. Anything in this Agreement to the contrary notwithstanding, if a Change of Control occurs and if the Executive's employment with the Company is terminated prior to the date on which the Change of Control occurs, and if it is reasonably demonstrated by the Executive that such termination of employment (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change of Control or (ii) otherwise arose in connection with or anticipation of a Change of Control, then for all purposes of this Agreement the "Effective Date" shall mean the date immediately prior to the date of such termination of employment.

                                    (b)          The "Change of Control Period" shall mean the period commencing on the date hereof and ending on the second anniversary of the date hereof; provided, however, that commencing on the date one year after the date hereof, and on each annual anniversary of such date (such date and each annual anniversary thereof shall be hereinafter referred to as the "Renewal Date"), unless previously terminated, the Change of Control Period shall be automatically extended so as to terminate two years from such Renewal Date, unless at least 120 days prior to the Renewal Date the Company shall give notice to the Executive that the Change of Control Period shall not be so extended. 

                    2.          Change of Control.  For the purpose of this Agreement, a "Change of Control" shall mean:

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                                    (a)          The acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) (a "Person") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the then-outstanding shares of common stock of the Company (the "Outstanding Company Common Stock") or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the "Outstanding Company Voting Securities"); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (iv) any acquisition by any corporation pursuant to a transaction which satisfies the criteria set forth in clauses (i), (ii) and (iii) of subsection (c) of this Section 2; or

                                    (b)          Individuals who, as of the date hereof, constitute the Board (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequently to the date hereof whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

                                    (c)          Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a "Business Combination"), in each case, unless, immediately following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of, respectively, the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, of the corporation resulting from such Business Combination (which as used in this Section 2(c) shall include, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination, or the combined voting power of the then-outstanding voting securities of such corporation and (iii) at least half of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or

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                                    (d)          Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

                    3.          Employment Period.  The Company hereby agrees to continue the Executive in its employ, and the Executive hereby agrees to remain in the employ of the Company subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on the earlier of (i) the second anniversary of such date or (ii) the termination of the Executive's employment pursuant to Section 5 hereof (the "Employment Period"). Except as provided in Section 1(a), nothing in this Agreement shall, prior to the Effective Date, impose upon the Company any obligation to retain the Executive as an employee. In addition, nothing in this Agreement shall restrict the Executive from terminating his employment with the Company, and no such termination by the Executive shall be deemed a breach of this Agreement.

                    4.          Terms of Employment.

                                    (a)          Position and Duties.

                                                      (i)          During the Employment Period, (A) the Executive's position (including status, offices, titles and reporting requirements), authority, duties and responsibilities shall be at least commensurate in all material respects with the most significant of those held, exercised and assigned at any time during the 120-day period immediately preceding the Effective Date and (B) the Executive's services shall be performed at the location where the Executive was employed immediately preceding the Effective Date or any office or location less than 35 miles from such location.

                                                      (ii)          During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive hereunder, to use the Executive's reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Employment Period it shall not be a violation of this Agreement for the Executive to (A) serve on corporate, civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions, and (C) manage personal investments, so long as such activities do not significantly interfere with the performance of the Executive's responsibilities as an employee of the Company or the terms of this Agreement. It is expressly understood and agreed that to the extent that any such activities have been conducted by the Executive prior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of the Executive's responsibilities to the Company.

                                    (b)          Compensation.

                                                      (i)          Base Salary. During the Employment Period, the Executive shall receive an annual base salary ("Annual Base Salary"), which shall be paid at a monthly rate, at least equal to twelve times the highest monthly base salary paid or payable, including any base salary which has been earned but deferred, to the Executive by the Company and its affiliated companies in respect of the twelve-month period immediately preceding the month in which the Effective Date occurs. During the Employment Period, the Annual Base Salary shall be reviewed no more than 12 months after the last salary increase awarded to the Executive prior to the Effective Date and thereafter at least annually. Any increase in Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. Annual Base Salary shall not be reduced after any such increase and the term Annual Base Salary as utilized in this Agreement shall refer to Annual Base Salary as so increased. As used in this Agreement, the term "affiliated companies" shall include any company controlled by, controlling or under common control with the Company. 

                                                      (ii)          Annual Bonus. In addition to Annual Base Salary, the Executive shall be entitled to receive such annual bonus as may be determined by the Board of Directors, but in no event less than the annual bonus paid or payable in respect of the full fiscal year immediately preceding the Effective Date.

                                                      (iii)          Incentive Plans. During the Employment Period, the Executive shall be entitled to participate in all incentive plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

                                                      (iv)          Welfare Benefit, Savings and Retirement Plans. During the Employment Period, the Executive and/or the Executive's family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit, savings and retirement plans, practices, policies and programs provided by the Company and its affiliated companies (including, without limitation, medical, prescription, dental, disability, employee life, group life, split-dollar life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to other peer executives of the Company, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

                                                      (v)          Expenses. During the Employment Period, the Executive shall be entitled to receive reimbursement for all reasonable expenses incurred by the Executive in accordance with the policies, practices and procedures of the Company in effect immediately prior to the Effective Date.

                                                      (vi)          Vacation. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the plans, policies, programs and practices of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies. 

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                                    (c)          Options.  Immediately prior to the consummation of a Change of Control each then outstanding option for common stock of the Company held by the Executive shall become immediately exercisable as to twenty-five percent (25%) of the number of shares as to which each such option would otherwise not then be exercisable (rounded down to the nearest whole share), and the number of shares as to which each such option shall become exercisable on each vesting date set forth in the Executive's applicable option agreement shall be reduced by 25%.  In addition, all such options held by the Executive shall immediately become exercisable in full if and when, within 24 months after a Change of Control, the Executive's employment with the Company (or the acquiring or succeeding entity) is involuntarily terminated by the Company (or such acquiring or succeeding entity) other than for Cause or is terminated by the Executive for Good Reason.

                    5.          Termination of Employment.

                                    (a)          Death or Disability.  The Executive's employment shall terminate automatically upon the Executive's death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 12(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the "Disability Effective Date"), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive's duties. For purposes of this Agreement, "Disability" shall mean the absence of the Executive from the Executive's duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive's legal representative. 

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                                    (b)          Cause.  Subject to Section 5(d), the Company may terminate the Executive's employment during the Employment Period for Cause. For purposes of this Agreement, "Cause" shall mean:

                                                      (i)          the willful failure of the Executive to perform substantially the Executive's duties with the Company (other than any such failure resulting from incapacity due to physical or mental illness), which failure is not cured within 30 days after a written demand for substantial performance is delivered to the Executive by the Board which specifically identifies the manner in which the Board believes that the Executive has not substantially performed the Executive's duties, or

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                                                      (ii)          the willful engaging by the Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company.

For purposes of this provision, no act or failure to act, on the part of the Executive, shall be considered "willful" unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive's action or omission was in the best interests of the Company. 

                                    (c)          Good Reason.  The Executive's employment may be terminated by the Executive with or without Good Reason. For purposes of this Agreement, "Good Reason" shall mean:

                                                      (i)          the assignment to the Executive of any duties inconsistent in any respect with the Executive's position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 4(a) of this Agreement, or any other action by the Company which results in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive;

                                                      (ii)          any failure by the Company to comply with any of the provisions of Section 4(b) of this Agreement or any other provision hereof requiring a payment or provision of a benefit to the Executive, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive; 

                                                      (iii)          the Company's requiring the Executive to be based at any office or location other than as provided in Section 4(a)(i)(B) hereof or the Company's requiring the Executive to travel on Company business to a substantially greater extent than required immediately prior to the Effective Date;

                                                      (iv)          any purported termination by the Company of the Executive's employment otherwise than as expressly permitted by this Agreement; or 

                                                      (v)          any failure by the Company to comply with and satisfy Section 11(c) of this Agreement.

For purposes of this Section 5(c), any good faith determination of "Good Reason" made by the Executive shall be conclusive.

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                                   (d)          Notice of Termination.

                                                      (i)          Any termination by the Company for Cause, or by the Executive for Good Reason, shall be effected by Notice of Termination to the other party hereto given in accordance with Section 12(b) of this Agreement.  For purposes of this Agreement, a "Notice of Termination" means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than thirty days after the giving of such notice).  The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstances in enforcing the Executive's or the Company's rights hereunder.

                                                      (ii)          Any Notice of Termination for Cause must be given within sixty (60) days of the Board learning of the event(s) or circumstance(s) which the Board believes constitute(s) Cause. Prior to any Notice of Termination for Cause being given (and prior to any termination for Cause being effective), the Executive shall be entitled to a hearing before the Board at which he may, at his election, be represented by counsel and at which he shall have a reasonable opportunity to be heard.  Such hearing shall be held on not less than fifteen days prior written notice to the Executive stating the Board's intention to terminate the Executive for Cause and stating in detail the particular event(s) or circumstance(s) which the Board believes constitute(s) Cause for termination. 

                                    (e)          Date of Termination.  "Date of Termination" means (i) if the Executive's employment is terminated by the Company for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be, subject, in the case of termination by the Company, for Cause, to the Company's compliance with Section 5(d)(ii); (ii) if the Executive's employment is terminated by the Company other than for Cause or Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such termination; and (iii) if the Executive's employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be. 

                    6.          Obligations of the Company Upon Termination.

                                    (a)          Good Reason; Other Than for Cause, Death or Disability.  If, during the Employment Period, the Company shall terminate the Executive's employment other than for Cause, Death or Disability or the Executive shall terminate employment for Good Reason:

                                                      (i)          the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the aggregate of the following amounts:

                                                                      A.          the sum of (1) the Executive's Annual Base Salary through the Date of Termination to the extent not theretofore paid, (2) the product of (x) the higher of (I) the highest annual cash bonus paid to the Executive with respect to the last two fiscal years prior to the Effective Date and (II) the annual bonus paid or payable, including any bonus or portion thereof which has been earned but deferred (and annualized for any fiscal year consisting of less than twelve full months or during which the Executive was employed for less than twelve full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount being referred to as the "Highest Annual Bonus") and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365 and (3) any compensation previously deferred by the Executive (together with any accrued interest or earnings thereon) and any accrued vacation pay, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1), (2), and (3) shall be hereinafter referred to as the "Accrued Obligations"); and 

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                                                                    B.          the amount equal to the product of (1) two and (2) the sum of (x) the Executive's Annual Base Salary and (y) the Highest Annual Bonus.

                                                      (ii)          for 24 months after the Executive's Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Executive and/or the Executive's family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies described in Section 4(b)(iv) of this Agreement (excluding any savings and/or retirement plans) if the Executive's employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer-provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until 24 months after the Date of Termination and to have retired on the last day of such period;

                                                      (iii)          to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the "Other Benefits"); and

                                                      (iv)          the Company shall timely reimburse the Executive up to an aggregate of $25,000 for expenses incurred in connection with outplacement services and relocation costs incurred in connection with obtaining new employment outside the State of Maine until the earlier of (i) 24 months following the termination of Executive's employment or (ii) the date the Executive secures full time employment.

                                    (b)          Death. If the Executive's employment is terminated by reason of the Executive's death during the Employment Period, this Agreement shall terminate without further obligations to the Executive's legal representatives under this Agreement, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to the Executive's estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination.

                                   (c)          Disability. If the Executive's employment is terminated by reason of the Executive's Disability during the Employment Period, this Agreement shall terminate without further obligations to the Executive, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination.

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                                    (d)          Cause; Other than for Good Reason. If the Executive's employment shall be terminated for Cause during the Employment Period, this Agreement shall terminate without further obligations to the Executive other than the obligation to pay to the Executive (x) his Annual Base Salary through the Date of Termination, (y) the amount of any compensation previously deferred by the Executive, and (z) Other Benefits, in each case to the extent theretofore unpaid or not yet provided. If the Executive voluntarily terminates employment during the Employment Period, excluding a termination for Good Reason, this Agreement shall terminate without further obligations to the Executive, other than for Accrued Obligations and the timely payment or provision of Other Benefits. In such case, all Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination.

                    7.          Nonexclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive's continuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliated companies and for which the Executive may qualify, nor, subject to Section 12(f), shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its affiliated companies. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its affiliated companies at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement.

                    8.          Full Settlement. The Company's obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive (under this Agreement or otherwise) or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment.  The Company agrees to pay as incurred, to the full extent permitted by law, all legal, accounting and other fees and expenses (including, without limitation, of expert witnesses) which the Executive may reasonably incur (i) as a result of any contest (regardless of the outcome thereof) by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus in each case interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) in connection with the negotiation and preparation of this Agreement and (iii) in connection with the Executive's performance of his obligations under Section 9(c).

                    9.          Certain Additional Payments by the Company.

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                                    (a)          Anything in this Agreement to the contrary notwithstanding and except as set forth below, in the event it shall be determined that any payment, benefit, or distribution by the Company to or for the benefit of the Executive which constitutes a "parachute payment" within the meaning of Section 280G of the Code (whether provided pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section 9)(a "Payment") would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the "Excise Tax"), then the Executive shall be entitled to receive an additional payment (a "Gross-Up Payment") in an amount such that after payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and excise tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of this Section 9(a), if it shall be determined that the Executive is entitled to a Gross-Up Payment, but that the Executive, after taking into account the Payments and the Gross-Up Payment, would not receive a net after-tax benefit of at least $50,000 (taking into account both income taxes and any Excise Tax) as compared to the net after-tax proceeds to the Executive resulting from an elimination of the Gross-Up Payment and a reduction of the Payments, in the aggregate, to an amount (the "Reduced Amount") such that the receipt of Payments would not give rise to any Excise Tax, then no Gross-Up Payment shall be made to the Executive and the Payments, in the aggregate, shall be reduced to the Reduced Amount.

                                    (b)          Subject to the provisions of Section 9(c), all determinations required to be made under this Section 9, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by Arthur Andersen LLP or such other certified public accounting firm as may be designated by the Executive (the "Accounting Firm") which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the receipt of notice from the Executive that there has been a Payment, or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change of Control, the Executive shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 9, shall be paid by the Company to the Executive within five days of the receipt of the Accounting Firm's determination. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been made ("Underpayment"), consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to Section 9(c) and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive.

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                                    (c)          The Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten (10) business days after the Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Executive in writing prior to the expiration of such period that it desires to contest such claim, the Executive shall:

                                                      (i)          give the Company any information reasonably requested by  the Company and available to the Executive relating to such claim, 

                                                      (ii)          take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company, 

                                                      (iii)          cooperate with the Company in good faith in order effectively to contest such claim, and

                                                      (iv)          permit the Company to participate in any proceedings relating to such claim;

provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 9(c), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may,  at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or to contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Executive, on an interest-free basis and shall indemnify and hold the Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company's control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or other taxing authority. 

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                                    (d)          If, after the receipt by the Executive of an amount advanced by the Company pursuant to Section 9(c), the Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company's complying with the requirements of Section 9(c)) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Executive of an amount advanced by the Company pursuant to Section 9(c), a determination is made that the Executive shall not be entitled to any refund with respect to such claim and the Company does not notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 

                    10.          Confidential Information. The Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies, and their respective businesses, which shall have been obtained by the Executive during the Executive's employment by the Company or any of its affiliated companies and which shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). After termination of the Executive's employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no event shall an asserted violation of the provisions of this Section 10 constitute a basis for deferring or withholding any amounts or benefits otherwise payable or to be provided to the Executive under this Agreement.

                    11.          Successors.

                                    (a)          This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive's legal representatives.

                                    (b)          This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

                                    (c)          The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "Company" shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid.

                    12.          Miscellaneous.

12

                                    (a)          This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

                                    (b)          All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

	
If to the Executive:

	 
	
[insert executive name, title]

	
c/o IDEXX Laboratories, Inc.

	
One IDEXX Drive

	
Westbrook, ME 04092

	 
	
If to the Company:

	 
	
IDEXX Laboratories, Inc.

	
One IDEXX Drive

	
Westbrook, ME 04092

	
Attention:  Chairman of Compensation Committee

	 

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.

                                    (c)          The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

                                    (d)          The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

                                    (e)          The Executive's or the Company's failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation the right of the Executive to terminate employment for Good Reason pursuant to Section 5(c) of this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

                                    (f)          The Executive and the Company acknowledge that, except as may otherwise be provided under any other written agreement between the Executive and the Company, the employment of the Executive by the Company is "at will" and, subject to Section 1(a) hereof, prior to the Effective Date, the Executive's employment and/or this Agreement may be terminated by either the Executive or the Company, by written notice to the other, at any time prior to the Effective Date, in which case the Executive shall have no further rights or obligations under this Agreement. From and after the Effective Date this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof.

13

                                    (g)          Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators in Portland, Maine, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator's award in any court of competent jurisdiction. 

[Remainder of Page Intentionally Left Blank]

14

                    IN WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and, pursuant to the authorization from its Board of Directors, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written.

	
EXECUTIVE:

	 
	 
	
____________________________________________

	
[insert name of executive]

	 
	 
	 
	
COMPANY:

	 
	
IDEXX Laboratories, Inc. 

	 
	 
	
By: ________________________________________

	
Name:

	
Title:

15EXHIBIT 10.50

                              AMENDED AND RESTATED
                              EMPLOYMENT AGREEMENT

                          Original date: March 6, 2000
                    Amended and Restated as of August 1, 2001

         THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the "Agreement") is
made and entered into as of June 14, 2001, with an effective date of August 1,
2001 (the "Effective Date") by and between LASERSIGHT TECHNOLOGIES, INC., a
Delaware corporation (the "Company") and L. STEPHEN DALTON, an individual (the
"Employee") and hereby amends, restates and supersedes that certain Employment
Agreement between the parties effective March 6, 2000 (the "2000 Agreement"):

                              W I T N E S S E T H:
                              -------------------

         WHEREAS, the parties hereto desire to amend certain of the terms and
conditions of the 2000 Agreement and to restate the 2000 Agreement as
hereinafter set forth; and

         WHEREAS, Employee has requested reassignment from the Senior Vice
President of Scientific Affairs, Chief Scientific Officer of the Company as of
June 14, 2001; and

         WHEREAS, Company has agreed to reassign the Employee from his current
position as Senior Vice President of Scientific Affairs, Chief Scientific
Officer of the Company as of June 14; and

         WHEREAS, Company and Employee desire to continue the employment
relationship on the terms and conditions hereafter set forth;

         NOW, THEREFORE, IT IS MUTUALLY AGREED AS FOLLOWS:  The 2000 Agreement
is amended and restated in its entirety as follows:

         1.       Employment of the Employee. Subject to the terms and
                  --------------------------
conditions of this Agreement, the Company hereby continues Employee's
employment, and the Employee hereby accepts such continued employment and agrees
to perform the services specified herein.

         2.       Duties.  On and after the Effective Date, Employee shall hold
                  ------
the title of and serve as Vice President Special Projects of the Company.  The
Employee shall report to and be subject to the direction of the Company's Chief
Executive Officer or such person's designee.  During the term of employment
hereunder, the Employee shall:

                  (a)  Perform, to the best of the Employee's ability, the
         duties required to accomplish only those special projects which may be
         assigned to Employee from time to time;

<PAGE>
                  (b)  Be available to perform the services required as needed,
         and shall perform such services at locations mutually agreed to by the
         parties, provided that Employee shall only work at Company's premises
         when mutually agreed to by Company and Employee; and

                  (c)  Carry out Company policies and directives in a manner
         that will promote and develop the Company's best interests.

         3.       Base Salary. In consideration of the Employee satisfying the
                  -----------
Employee's obligations under this Agreement as of the Effective Date, Employee
will receive, during the period this Agreement is in effect, a base salary (the
"Base Salary") which will be calculated at an annual rate of one hundred twenty
five thousand dollars ($125,000). The Base Salary shall be payable in equal
installments in accordance with the Company's customary mode of salary payments
for employees of the Company and shall be subject to the Company's standard
withholdings for applicable taxes and benefit contributions.

         4.       Stock Options.  Employee has previously been granted stock
                  -------------
options (the "Previously Granted Options") in LaserSight Incorporated
("LaserSight") which will vest and be subject to the terms of LaserSight's 1996
Equity Incentive Plan, as amended and restated (the "Equity Incentive Plan") and
the award agreement delivered to Employee pursuant to the Equity Incentive Plan.
The parties acknowledge and agree that the Previously Granted Options shall
continue to be governed by the terms of the Equity Incentive Plan and the
applicable award agreement delivered to Employee by the Company and that this
Agreement does not modify any of the terms of such award agreement. Employee
shall not be eligible to receive any additional stock option grants during the
Term.

         5.       Fringe Benefits.  During the term of employment hereunder, the
                  ---------------
Employee shall be entitled to those fringe benefits and perquisites set forth on
Exhibit A hereto.

         6.       Expenses. The Company shall reimburse Employee for reasonable
                  --------
costs and expenses, including, but not limited to, expenses for travel, lodging
and meals, incurred in connection with the performance of Employee's duties
hereunder. In order for Employee to be eligible for reimbursement Employee shall
comply with the Company's relevant policies, procedures and guidelines
established and implemented from time to time by the Company.

         7.       Employee's Authority to Bind Company. Employee has no
                  ------------------------------------
authority to bind or obligate Company in any manner. Employee hereby agrees that
without the Company's prior consent he shall take no actions and shall make no
statements to any person, corporation, government agency, or other entity which
indicates or implies that Employee has any such authority and agrees to
indemnify Company for any loss or damage should Employee violate the provisions
of this Section 7.

         8.       Non-Disparagement. Employee shall not at any time make any
                  -----------------
statements or comments that might tend to disparage Company or engage in any
conduct that might tend to disparage the Company, its employees, agents,
directors, or officers.

<PAGE>

         9.       Term of Employment.
                  ------------------

                  (a)  The term of this Agreement shall begin on the Effective
         Date and shall continue through June 30, 2003 unless sooner
         terminated as provided in this Section 9 (the "Term").

                  (b)  Notwithstanding the foregoing, the Employee's employment
         hereunder may be terminated by the Company at any time for Cause.
         Such termination shall be effective upon the Company providing written
         notice to the Employee as to the effective date of termination.

                  (c)  Notwithstanding the foregoing, the Employee's employment
         hereunder shall terminate in the event of Employee's death or
         Disability (as defined in Section 12).

                  (d)  Notwithstanding the foregoing, the Employee's employment
         hereunder may be terminated by the Company at any time without Cause.
         Such termination shall be effective upon the Company providing written
         notice to the Employee as to the effective date of termination.

                  (e)  Notwithstanding the foregoing, the Employee's employment
         hereunder may be terminated by the Employee at any time for Good Reason
         (as defined in Section 12) upon prior written notice to the Company
         specifying therein the grounds for termination and the effective date
         of termination.

                  (f)  In addition to all other rights of Employee and
         obligations of the Company described herein which arise or continue
         upon termination of Employee's employment, the following shall apply:

                       (i)   Upon termination of the Employee's employment
                  hereunder for any reason whatsoever, the Company shall pay to
                  the Employee all salary earned through the effective date of
                  termination.

                       (ii)  If the Employee's employment hereunder is
                  terminated by the Company without Cause or by the Employee for
                  Good Reason, the Employee shall be entitled to receive, as
                  Employee's sole remedy for such termination, the Base Salary
                  through the end of the Term. If the Employee's employment is
                  terminated by the Company without Cause, then all salary owed
                  to the Employee shall be paid over the relevant period of time
                  in accordance with the Company's normal payroll practices.
                  Notwithstanding the foregoing, in order to be eligible for the
                  payments contemplated by this Section 9(f)(ii), the Employee
                  must comply with the terms of this Agreement and deliver a
                  complete release of all claims in favor of the Company and in
                  a form satisfactory to the Company.
<PAGE>

         10.      Restriction Against Competition.
                  -------------------------------

                  (a)  In consideration of the Compensation to be received
         hereunder, the Employee agrees that while he is employed by the Company
         pursuant to this Agreement, and during the two year period following
         the effective date of termination of this Agreement, for any reason,
         the Employee shall not, directly or indirectly, as a stockholder,
         partner, officer, director, agent, consultant, employee, or otherwise:

                       (i)   engage in any business that competes with the
                  business of the Company ("Company" defined in Sections 10, 11
                  and 12(b) herein to mean all Subsidiaries, Affiliates,
                  divisions, successors, and assigns of the Company and any of
                  their Subsidiaries or Affiliates) anywhere within the United
                  States and such other countries that the Company is then
                  conducting its business; provided, however, that the foregoing
                  shall not prohibit the Employee's ownership of up to 1% of the
                  outstanding shares of capital stock of any corporation whose
                  securities are publicly traded on a national or regional stock
                  exchange;

                       (ii)  purposefully interfere or attempt to interfere with
                  any of the Company's contracts (regardless of whether these
                  contracts are in writing or verbal) or business relationships
                  or advantages existing and in effect as of the effective date
                  of termination of this Agreement;

                       (iii) solicit for employment, either directly or
                  indirectly, for himself or for another, any of the technical
                  or professional employees who are or were employed by the
                  Company during the two-year period following the termination
                  of this Agreement; and

                       (iv)  purposefully interfere with the business
                  relationship of or solicit the business or orders of Persons
                  (a) who are Company customers on the effective date of
                  termination of this Agreement, or one year prior thereto, or
                  (b) a prospective or potential customer of the Company, except
                  that with respect to the two-year period following the
                  effective date of termination of this Agreement, such
                  restriction shall apply only to prospective or potential
                  customers (1) to whom the Company has submitted a formal
                  quotation within the one year prior to the effective date of
                  termination of this Agreement, or (2) that have been
                  previously listed or identified by the Company as a business
                  prospect at any time during the six months preceding the
                  effective date of termination.

                  (b)  The parties agree that if the Employee commits or
         threatens to commit a breach of the covenants of this Section 10, the
         Company shall have the right to seek and obtain all appropriate
         injunctive and other equitable remedies therefor, in addition to any
         other rights and remedies that may be available at law, it being
         acknowledged and agreed that any such breach would cause irreparable
         injury to the parties and that money damages may not provide an
         adequate remedy therefor.

<PAGE>

         11.      Protection of Confidential Information and Trade Secrets of
                  -----------------------------------------------------------
the Company.
-----------
                  (a)  Confidentiality. During the term of this Agreement and
                       ---------------
         after any termination or expiration thereof, the Employee agrees that
         the Employee will not use for the Employee or others or divulge or
         convey to others any secret or confidential information, knowledge or
         data of the Company obtained by the Employee during his employment with
         the Company. Such information, knowledge or data includes but is not
         limited to secret or confidential matters: (i) of a technical nature
         such as, but not limited to, methods, know-how, formulae, compositions,
         processes, discoveries, machines, inventions, intellectual property,
         computer programs and similar items or research projects; (ii) of a
         business nature such as, but not limited to, information about the
         cost, purchasing, profits, markets, sales or customers; and (iii)
         pertaining to future developments such as, but not limited to, research
         and development, future marketing or merchandising plans and future
         expansion plans. The term "secret or confidential information,
         knowledge or data" shall not be deemed to include information that is
         published, information that is generally known throughout the industry,
         or which generally is available to the industry without restriction
         through no fault of the Employee.

                  (b)  Injunctive Relief. The Employee agrees that the Company's
                       -----------------
         remedies at law for any breach or threat of breach by him of the
         provisions of paragraph (a) of this Section 10 will be inadequate, and
         that the Company shall be entitled to an injunction or injunctions to
         prevent breaches of the provisions of paragraph (a) of this Section 10
         and to enforce specifically the terms and provisions thereof, in
         addition to any other remedy to which the Company may be entitled at
         law or equity.

                  (c)  Return of Documents and Other Property. Upon the
                       --------------------------------------
         termination of the Employee's employment with the Company, or at any
         time upon the request of the Company, the Employee shall deliver to the
         Company (i) all documents and materials containing secret or
         confidential information, knowledge or data relating to the Company's
         business and affairs, and (ii) all documents, materials and other
         property belonging to the Company, which in either case are in the
         possession or under the control of the Employee.

                  (d)  Intellectual Property Rights. Employee acknowledges and
                       ----------------------------
         agrees that in consideration for his employment with Company and in
         exchange for the consideration to be paid to Employee in connection
         with such employment, all creative works Employee produces in
         connection with his employment by Company which relate to Company's
         actual or demonstrably anticipated research or development, including,
         without limitation, any invention, formula, pattern, compilation,
         computer program (and related documentation and source code), device,
         method, technique, drawing, process or other intellectual property or
         property right (collectively, "Intellectual Property"), shall be
         considered to have been prepared for Company as a part of and pursuant
         to Employee's employment with Company. Employee shall disclose to
         Company the existence of such Intellectual Property when he becomes
         aware of its existence, and Employee agrees that any such Intellectual
         Property shall be owned by Company regardless of whether it would
         otherwise be considered a work made for hire. Employee agrees to

<PAGE>

         execute any documents which Company deems necessary to protect
         Company's interest, including assignments, and further agrees to give
         evidence and testimony and take any other reasonable actions as may be
         necessary, to secure and enforce Company's rights.

                  Notwithstanding anything set forth in this Section 11(d) to
         the contrary, the parties acknowledge and agree that any Intellectual
         Property that Employee (i) has developed or was in the process of
         developing prior to his becoming employed by the Company or which he
         develops during the Term, and (ii) has not used any of Company's
         resources (whether materials, equipment, supplies, or other employees,
         contractors or consultants of Company) in connection with such
         development, shall be owned by Employee (the "Employee Intellectual
         Property"); provided, however, Employee shall promptly notify (the
         "Development Notice") Company of the existence of such Employee
         Intellectual Property. The Development Notice shall completely describe
         the Employee Intellectual Property and the applications for such
         Employee Intellectual Property. If within 30 days after Company's
         receipt of the Development Notice Company notifies Employee that
         Company would like to purchase or license the item of Employee
         Intellectual Property which is the subject of the Development Notice,
         then Company and Employee shall negotiate in good faith for the
         purchase or license of such item of Employee Intellectual Property.
         Employee agrees that he will not directly or indirectly disclose the
         existence of the Employee Intellectual Property to any third party
         unless Company either notifies Employee in writing that Company does
         not elect to purchase or license the Employee Intellectual Property or
         Company fails to notify Employee of its intent with regard to the
         purchase or license of the Employee Intellectual Property within 30
         days after the date of Company's receipt of the Development Notice.

         12.      Certain Defined Terms.  For purposes of this Agreement, the
                  ---------------------
         following definitions shall apply:

                  (a)  "Affiliate" shall mean with respect to any Person,
                        ---------
         (i) any Person which directly, or indirectly through one or more
         intermediaries, controls, or is controlled by, or is under common
         control with, such Person or (ii) any Person who is a director or
         Employee officer (A) of such Person, (B) of any Subsidiary of such
         Person, or (C) of any Person described in the foregoing clause (i). For
         purposes of this definition, "control" of a Person shall mean the
         power, direct or indirect, (i) to vote or direct the voting of more
         than 20% of the outstanding voting securities of such Person, or (ii)
         to direct or cause the direction of the management and policies of such
         Person, whether by contract or otherwise.

                  (b)  "Cause" shall mean any of the following:
                        -----

                       (i)   The Employee's conviction of or plea of no contest
                  to any crime involving moral turpitude, the theft or willful
                  destruction of money or other property of the Company or his
                  conviction of or plea of no contest to any felony crime;

                       (ii)  The Employee's inability to perform his
                  responsibilities due to his abuse or misuse of alcohol or
                  prescribed drugs or any use of illegal drugs;
<PAGE>

                       (iii) The Employee's commission of theft, embezzlement or
                 fraud against the Company;

                       (iv)  The Employee has willfully damaged the Company's
                  property, business reputation, or good will;

                       (v)   Unsatisfactory performance by Employee of his job
                  or duties hereunder that is not cured within 10 days after
                  Employee is notified of such unsatisfactory performance; or

                       (vi)  Employee's insubordination or other misconduct as
                  determined by the Company in its sole and absolute discretion.

                  (c)  "Compensation" shall mean, with respect to any
                        ------------
         Person, all payments and accruals, if any, commonly considered to be
         compensation, including, without limitation, all wages, salary,
         deferred payment arrangements, bonus payments and accruals, profit
         sharing arrangements, payments in respect of equity options or phantom
         equity options or similar arrangements, equity appreciation rights or
         similar rights, incentive payments, pension or employment benefit
         contributions or similar payments, made to or accrued for the account
         of such Person or otherwise for the direct or indirect benefit of such
         Person, plus auto benefits provided to such Person, if any.

                  (d)  "Disability" shall mean the inability, by reason of
                        ----------
         illness or other incapacity, of the Employee substantially to perform
         the duties of his then regular employment with the Company, which
         inability is reasonably determined by the Company and continues for at
         least 90 consecutive days, or for shorter periods aggregating 120 days
         during any consecutive twelve-month period.

                  (e)  "Good Reason" shall mean:
                        -----------

                       (i)   any material breach or default by the Company (and
                  failure to cure within any applicable grace or cure period) of
                  any material obligation of this Agreement;

                       (ii)  any material reduction in the Employee's salary,
                  benefits, bonuses or other Compensation pursuant to this
                  Agreement, unless similar reductions are also made to the
                  salary, benefits, bonuses or other compensation, as
                  applicable, payable to other executive officers of the Company
                  and such reductions are made for justifiable business reasons.

                  (f)  "Person" shall mean an individual or a corporation,
                        ------
         association, partnership, joint venture, organization, business,
         individual, trust, or any other entity or organization, including a
         government or any subdivision or agency thereof.

<PAGE>
                  "Subsidiary" shall mean as to any Person a corporation,
                   ----------
                  partnership or other entity of which 25% or more of the
                  outstanding shares of voting stock or other equity ownership
                  are at the time owned, directly or indirectly through one or
                  more intermediaries, or both, by such Person and shall include
                  any such entity which becomes a Subsidiary of such Person
                  after the date hereof. Consolidated Subsidiary shall mean any
                  Subsidiary of which 51% or more of the outstanding shares or
                  voting stock or other equity ownership are at the time owned,
                  directly or indirectly through one or more intermediaries, or
                  both, by such Person and shall include any such entity which
                  becomes a Subsidiary of such Person after the date hereof.

         13.      Payments. Except as specifically provided herein, all amounts
                  --------
payable pursuant to this Agreement shall be paid without reduction regardless of
any amounts of salary, compensation or other amounts which may be paid or
payable to the Employee from any source or which the Employee could have
obtained upon seeking other employment; provided that the Company shall be
permitted to make all payments pursuant to this Agreement net of any legally
required tax withholdings.

         14.      Expenses.  In the event of any litigation between the parties
                  --------
relating to this Agreement and their rights hereunder, the prevailing party
shall be entitled to recover all litigation costs and reasonable attorneys' fees
and expenses from the non-prevailing party.

         15.      Entire Agreement.  This Agreement comprises the entire
                  ----------------
agreement between the parties hereto and as of the Effective Date, supersedes,
cancels and annuls any and all prior agreements between the parties hereto with
respect to the Employee's employment by the Company including, but not limited
to, the 2000 Agreement.

         16.      Severability. If all or any part of this Agreement is
                  ------------
declared by any court or governmental authority to be unlawful or invalid, such
unlawfulness or invalidity shall not serve to invalidate any portion of this
Agreement not declared to be unlawful or invalid. Any portion so declared to be
unlawful or invalid shall, if possible, be construed in a manner that will give
effect to the terms of such portion to the fullest extent possible while
remaining lawful and valid.

         17.      Successors and Assigns. This Agreement shall be binding
                  ----------------------
upon, and inure to the benefit of the parties hereto and their respective heirs,
successors, assigns and personal representatives. The Company may assign this
Agreement to any successor or assignee to its business without the written
consent of the Employee. The Employee may not assign, pledge, or encumber his
interest in this Agreement, or any part thereof, without the written consent of
the Company.

         18.      Notices. Any notice required or permitted pursuant to the
                  -------
provisions of this Agreement shall be deemed to have been properly given if in
writing and when received by certified or registered United States mail, postage
prepaid, by overnight courier, telecopy or when personally delivered, addressed
as follows:

<PAGE>

                  If to the Company:

                           LaserSight Technologies, Inc.
                           3300 University Boulevard
                           Suite 140
                           Winter Park, Florida  32792
                           Attn:  President
                           Fax No.:  (407) 668-9982

                  If to the Employee:

                           L. Stephen Dalton
                           1640 Oviedo Grove Circle
                           Oviedo, Florida  32767

Each party shall be entitled to specify a different address for the receipt of
subsequent notices by giving written notice thereof to the other party in
accordance with this Section. Telecopy notices must be followed up with the
original by certified mail, postmarked within one business day of the date of
the telecopy.

         19.      Amendments and Waivers. Any provision of this Agreement may
                  ----------------------
be amended or waived only with the prior written consent of the Company and the
Employee. No failure or delay on the part of either party to this Agreement in
the exercise of any power or right, and no course of dealing between the parties
hereto, shall operate as a waiver of such power or right, nor shall any single
or partial exercise of any power or right preclude any further or other exercise
thereof or the exercise of any other power or right. The remedies provided for
herein are cumulative and not exclusive of any remedies which may be available
to either party at law or in equity. Any waiver of any provision of this
Agreement, and any consent to any departure by either party from the terms of
any provision hereof, shall be effective only in the specific instance and for
the specific purpose for which given. Nothing contained in this Agreement and no
action or waiver by any party hereto shall be construed to permit any violation
of any other provision of this Agreement or any other document or operate as a
waiver by such party of any of his or its rights under any other provision of
this Agreement or any other document.

         20.      Controlling Law. This Agreement shall be construed in
                  ---------------
accordance with the laws of the State of Florida, except for its choice of law
provisions. The parties do hereby irrevocably submit themselves to the personal
jurisdiction of the United States Federal Court for the Middle District of
Florida and do hereby irrevocably agree to service of such Court's process on
them.

         21.      Headings.  Section headings herein are for convenience only
                  --------
and shall not affect the meaning or interpretation of the contents hereof.

         22.      Counterparts.  This Agreement may be executed in counterparts,
                  ------------
each of which is deemed to be an original and all of which taken together
constitute one and the same agreement.

<PAGE>

        IN WITNESS WHEREOF, the Company has caused this Agreement to be executed
on its behalf by a duly authorized officer and the Employee has executed this
Agreement, all as of the first day and year written above.

                          LASERSIGHT TECHNOLOGIES, INC.

                          By:  /s/Michael R. Farris
                             --------------------------------------
                          Title:  Chief Executive Officer
                             --------------------------------------

                          "EMPLOYEE"

                            /s/L. Stephen Dalton
                          ----------------------------------------=
                          L. Stephen Dalton

<PAGE>

                                    EXHIBIT A

                                 Fringe Benefits

                                  See Attached

        The following is a brief summary of benefits offered to Employee by the
Company. Reference should be made to the benefits package supplied by the
Company for a full explanation of each benefit. Each benefit described herein is
subject to the terms, qualifications, restrictions, limitations and conditions
of the Company's benefit programs, as amended from time to time, and benefits
may be changed, modified, terminated, increased or decreased from time to time.
In order for Employee to be eligible for certain Company benefits Employee may
be required to make the contributions required by such benefit plans. The
benefits described on this Exhibit A will be offered to Employee and
administered by the Company in a manner consistent with other employees of the
Company.

         1.       Health insurance for Employee and family.
         2.       Disability insurance for Employee.
         3.       Life insurance for Employee in an amount equal to that which
                  is in effect for Employee as of the Effective Date.
         4.       Participation in Company's paid time off program.  Employee
                  will take earned vacation following August 1, 2001 and be paid
                  in accordance with the Company's policy.
         5.       Ability to participate in the Company's 401(k) Plan and
                  receive Company's matching contributions, if and when made1.
         6.       Company will pay up to $1,000 per month to reimburse Employee
                  for the rent or lease payment for an apartment in the Orlando,
                  Florida area for Employee's use during the Term.
         7.       In accordance with the Company's policies adopted from time to
                  time, the Company agrees to reimburse the Employee for the
                  Employee's reasonable expenses incurred in connection with
                  moving the Employee's household goods currently located in the
                  Orlando, Florida area to a metropolitan area to be determined;
                  provided that the Employee submits to the Company at least
                  three competitive bids from moving companies selected by the
                  Employee and the Company approves the bid utilized for such
                  move. Amounts advanced pursuant to this provision shall be
                  subject to any withholdings as may be required by applicable
                  law and shall be subject to a reasonable reimbursement dollar
                  amount.
         8.       Employee will retain current cell phone number during the
                  Term. Company shall pay employee bill and/or reimburse
                  Employee for all cell phone charges incurred in order for
                  Employee to fulfill his duties hereunder in accordance with
                  the Company's policies regarding the same.

-----------------------
1        The Company's 401(k) plan does not require the Company to match
         employee contributions. It has been the Company's past practice to
         match 25% of employee contributions but there can be no assurance
         the Company will continue that practice in the future.

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