Document:

Exhibit
10.5

 

ADDENDUM
TO LEASE AGREEMENT

 

This Addendum To Lease Agreement is dated this 18th
day of November, 2002, and is attached to that certain Lease Agreement dated
October 10, 2002 by and between:

 

Skyview Business Park, LLC,
a Nevada limited liability company, referred to as “Landlord”, and
International Integrated Incorporation, a British Virgin Islands Corporation,
referred to as “Tenant” collectively referred to as “the parties” concerning
that certain leased premises known as 4560 South Decatur Boulevard, Suite 300,
Las Vegas, Nevada 89103, consisting of approximately 6,405.01+/- rentable
square feet and approximately 5,360 +/- usable square feet.

 

WHEREAS, the parties hereto wish to amend
in its entirety Section 8.03 and include the following mutually agreed upon
terms, covenants, conditions and rental obligations to the Lease Agreement
which are hereby made a part thereof by this reference as follows:

 

8.03                           Parking
Limitations:  Landlord to build and
shall allow the exclusive use of Fourteen (14) covered and lighted parking
spaces to be located on the south side of the building at or near the property
line.  The spaces shall be lined and
marked to the fact that they are reserved for the tenant and it’s employees.  Landlord shall allow Tenant the exclusive
use of these fourteen (14) perking spaces for the term of the lease at a rate
of Thirty-five and no/100 Dollars ($35.00) per space per month to be paid as
Additional Rent.  Tenant and its
employees shall not have authorization to park in any other parking spaces
designated, and marked as such, for other center tenants.  Tenant hereby authorizes Landlord to tow
away from the Center at Tenant’s expense any improperly parked car or cars
belonging to Tenant or Tenant’s employees and/or to attached violation stickers
or notices to such cars.

 

ALL OTHER TERMS, COVENANTS, CONDITIONS AND RENTAL
OBLIGATIONS
PURSUANT TO THIS LEASE  DATED October 10, 2002, are incorporated by
this reference and are hereby ratified and affirmed by virtue of this Addendum
to Lease Agreement and shall remain in full force and effect.

 

IN WITNESS HEREOF, THE PARTIES HERETO
understand and have agreed to this Addendum to Lease Agreement and have affixed
their signatures hereto this
                 day
of                          .

 

 

	
  TENANT:

  	
  LANDLORD:

  
	
  International
  Integrated Incorporated
a British Virgin Islands Corporation

  	
  Skyview
  Business Park, LLC
a Nevada limited iability Company

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Its:

  	
   

  	
   

  	
  Its:Exhibit 10.6

 

EMPLOYMENT
AGREEMENT

 

This Employment Agreement (“Agreement”) is
made and entered into as of June 2, 2003, by and between Medicor Ltd., a
Delaware corporation (the “Company”), and Thomas R. Moyes (“Executive”).

 

A.            The Company is engaged
in the business of creation, production and distribution of medical devices and
desires to retain an individual for the position of Chief Financial Officer.

 

B.            Executive represents
that he is well qualified to perform the duties of Chief Financial Officer, and
will devote the necessary time, effort and energy to perform those duties.

 

C.            Based on these
representations, the Company desires to hire Executive as its Chief Financial
Officer.

 

Now, Therefore, in consideration of the above recitals
and the respective agreements of Company and Executive set forth below, the
Company and Executive, intending to be legally bound, agree as follows:

 

1.             Employment.  The Company shall employ Executive as its
Chief Financial Officer, and Executive shall accept such employment and perform
the services herein described for Company, upon the terms and conditions set
forth in this Agreement.

 

2.             Term
of Employment.  Unless
terminated at an earlier date in accordance with Section 5 below, the term
of Executive’s employment with Company (“Term of Employment”) shall commence on
the date first set forth above and shall continue for a period initially ending
on June 30, 2005 (“Initial Term”).  The
Term of Employment shall automatically be renewed at the end of the 12th
month prior to the end of the Initial Term for an additional 12-month period
and shall be extended at the end of each succeeding month by an additional
month such that the Term of Employment shall extend each month until the end of
succeeding 12th month (each such rolling 12-month period, a
“Subsequent Term”) unless either party provides written notice of their
intention not to renew this Agreement to the other in advance of then
applicable termination date of the Term of Employment.

 

3.             Positions
and Duties.

 

a.             Employment
with Company.  Executive shall
perform for the Company the duties and responsibilities of a chief financial
officer of a corporation and such other duties and responsibilities as the
Company shall reasonably assign to Executive from time to time generally
consistent with Executive’s position as Chief Financial Officer, as determined
in the sole discretion of the Company. 
Executive shall report to the Chief Executive Officer.  In addition, Executive shall be appointed
and serve as a member of the Company’s Executive Committee which shall contain
four or fewer members of senior management.

 

b.             Place
of Employment.  Executive’s
principal place of employment shall be at the Company’s Principal Executive
Offices; provided however, that (i) for an initial period, not to exceed 12
months (the “Transition Period”), the Company will establish an office on a

 

 

month-to-month basis in or
reasonably near Burbank, California from which Executive may work a material
portion of time, it being understood that Executive will be required to be
present at all necessary and appropriate times at the Company’s principal
executive offices and (ii) Executive will be expected to engage in travel
within and outside the State of Nevada as Company may reasonably request of
Executive.

 

4.             Compensation.

 

a.             Salary.  The Company shall pay Executive as
compensation for his services a base salary at the annualized rate of
$330,000.  Such salary shall be subject
to applicable tax withholding and shall be paid periodically in accordance with
the Company’s normal payroll practices. 
Such annual compensation shall be reviewed annually for increase (but
not decrease) in the discretion of the Board. 
In conducting any such annual review, the Board shall take into account
any increase in Executive’s responsibilities, increases in the compensation of
other executives of the Company or any Affiliate (or any competitor(s) of
either or both), the performance of Executive and/or other pertinent
factors.  The annual compensation
specified in this Section 4.a, together with any increases in such annual
compensation that the Company may grant from time to time, is referred to in
this Agreement as “Base Compensation.”

 

b.             Bonuses.  The Company may pay to Executive periodic or
annual discretionary bonuses for any period ending prior to the end of the Term
of Employment in an amount that will be determined by the Compensation
Committee based on such factors as Executive’s performance and the performance
of the Company.  Executive shall be
paid, concurrently with signing this Agreement, a bonus of $40,000, payable
$30,000 on the initial day of the Term of Employment and  $10,000 on the six-month anniversary of such
date, subject to continued employment of Executive on such date.

 

c.             Executive
Benefits.  While Executive is
employed by the Company hereunder, Executive shall be entitled to participate
in all employee benefit, pension and welfare plans and programs of Company for
executive employees, including any group medical, dental, life insurance and
disability insurance plans, or similar benefit plans of the Company, to the
extent that Executive meets the eligibility requirements for each individual
plan or program.  Participation in any
such benefits and plans shall be consistent with Executive’s rate of compensation
to the extent that compensation is a determinative factor with respect to
participation and/or coverage under any such benefit or plan.  The Company provides no assurance as to the
adoption or continuance of any particular employee benefit plan or program, and
Executive’s participation in any such plan or program shall be subject to the
provisions, rules and regulations applicable thereto.

 

d.             Stock Options.  The Company will, within ten (10) days of
Executive’s signature on this Agreement, grant to Executive an option to
purchase 120,000 shares of the Company’s common stock (the “Option”) at the
exercise price equal to the fair market value of the Company’s common stock on
the date of grant, in accordance with and subject to the Company’s 2003 Amended
and Restated Stock Compensation Program. 
Subject to the terms of the Option (including partial acceleration in
the event of a termination of this Agreement by the Company without Cause or by
the Executive for Good Reason), the Option granted pursuant to this Agreement
will vest with respect to 25% of the shares of common stock purchasable

 

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thereunder on each of the first
through fourth anniversaries of the date of grant, provided Executive remains employed
by the Company on each such date. 
Unless specifically provided in this Agreement, vesting and exercise
provisions and all other terms and conditions governing the Options shall be as
set forth in the plan documents and such option agreements as may be entered
into with Executive.

 

e.             Salary
Continuation.  Executive shall be
entitled to receive his Base Compensation for all periods during which he is
unable to perform his duties hereunder by reason of a mental or physical
incapacity, whether resulting from illness, accident or otherwise, prior to
being determined to be suffering from a Disability.

 

f.              Expenses.  While Executive is employed by the Company
hereunder, Company shall reimburse Executive for all reasonable out-of-pocket
business, travel and entertainment expenses incurred by Executive in the
performance of Executive’s duties and responsibilities hereunder, subject to
the Company’s normal policies and procedures for expense verification and
documentation as in effect from time to time. 
The Company shall pay the actual and reasonable moving expenses of
Executive’s move to the location of the principal executive offices of the
Company.

 

g.             Vacation.  Executive shall be entitled to paid vacation
in accordance with Company’s practices and policies for executive employees.

 

h.             Transition
Housing Assistance.  During the
Transition Period, the Company shall provide Executive reasonable housing
accommodation in Las Vegas, Nevada for use during Executive’s performance of
his Company duties in Las Vegas.

 

5.             Termination
of Employment.

 

a.             Voluntary
Termination; Termination for Cause. 
The Company may terminate Executive’s employment at any time for Cause
and Executive may terminate his employment for any reason.  If Executive’s employment terminates by reason
of Executive’s voluntary resignation without Good Reason, or if Executive is
terminated for Cause (each as defined herein), Executive shall be entitled to:

 

(1)           Base Compensation at the rate in effect at
the time of his termination through the effective date of termination of
employment;

 

(2)           any bonus awarded but not yet paid;

 

(3)           any deferred bonus, including interest or
other credits on the deferred amounts;

 

(4)           reimbursement for expenses incurred, but not
paid prior to such termination of employment;

 

(5)           such rights to other compensation and
benefits as may be provided in applicable plans and programs of the Company,
including, without limitation, applicable

 

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employee
benefit plans and programs, according to the terms and conditions of such plans
and programs; and

 

(6)           any equity compensation that is vested as of
the effective date of termination of employment.

 

No termination for Cause shall be effective unless Executive is given
at least thirty (30) days prior written notice authorized by a vote of at least
a majority of the members of the Executive Committee of the Board that the
Company intends to terminate his employment for Cause except under the
provisions of Section 11(c)(i) or (iv). 
Such written notice shall specify the particular act or acts, or failure
to act, which is or are the basis for the decision to so terminate Executive’s
employment for Cause.  Executive shall
be given the opportunity within fifteen (15) days of the receipt of such notice
to meet with the Board to defend such act or acts, or failure to act, and if,
thereafter, the Board, by majority vote, continues to maintain that Cause for
termination exists, Executive shall be given fifteen (15) days after such
determination to correct such act or failure to act (if such act or failure to
act is reasonably susceptible of correction or cure within such time).  Upon failure of Executive, within fifteen
(15) days, to correct such act or failure to act, Executive’s employment by the
Company shall be terminated under this subsection for Cause.

 

Anything herein to the contrary
notwithstanding, if, following a termination of Executive’s employment for
Cause due to any conviction of Executive for any crime, such conviction is
overturned on appeal, Executive shall be entitled to the payments and the
economic equivalent of the benefits he would have received if his employment
had been terminated without Cause.

 

b.             Termination Without Cause or for Good
Reason.  The Company may terminate Executive’s
employment at any time without Cause upon sixty (60) days advance written
notice to Executive, and Executive may terminate his employment for Good
Reason.  If the Company terminates
Executive’s employment without Cause, other than due to Disability, or
Executive terminates his employment for Good Reason, then, subject to
Executive’s continuing obligations under Section 7, Executive shall thereupon
be entitled to:

 

(1)           a lump sum payment equal to the Base
Compensation for the remainder of the Term of Employment (subject to applicable
tax withholdings), unless such termination is within 24 months of a Change in
Control, in which event such lump sum shall be equal to Base Compensation for
24 months;

 

(2)           any bonus awarded but not yet paid;

 

(3)           any deferred bonus, including interest or
other credits on the deferred amounts;

 

(4)           a Pro Rata Bonus for the fiscal year in
which termination of employment occurs;

 

(5)           reimbursement for expenses incurred, but not
paid prior to such termination of employment;

 

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(6)           continuation of the health and welfare
benefits of Executive, including, without limitation, any group health
insurance and long-term disability insurance generally provided to senior
executives of the Company other than life insurance or accidental death and
dismemberment insurance, at the level in effect at the time of his termination
of employment through the end of the twelfth (12th) month following such
termination of employment or the economic equivalent thereof; and

 

(7)           any equity compensation that is vested as of
the effective date of termination of employment.

 

Any payments to which Executive shall be entitled under this Subsection
5.b, including any economic equivalent of any benefit, shall be made as
promptly as possible following the termination of Executive’s employment
hereunder and in no event later than thirty (30) days following such
termination of employment.

 

c.             Death
or Disability.  In the event of
Executive’s death or a termination of Executive’s employment due to Executive’s
Disability, Executive or his legal representative, as the case may be, shall be
entitled to:

 

(1)           Base Compensation at the rate in effect at
the time of his termination, through (x) in the case of death, for a period of
three (3) months following termination, and (y) in the case of Disability, for
the period, if any, between the date of his termination and the date by which
the Company’s long-term disability plan have commenced paying its benefits;

 

(2)           any bonus awarded but not yet paid;

 

(3)           a Pro Rata Bonus for the fiscal year in
which death or disability occurs;

 

(4)           any deferred bonuses including interest or
other credits on the deferred amounts;

 

(5)           reimbursement for expenses incurred but not
paid prior to such termination of employment;

 

(6)           in the case of death, Executive’s rights to
other compensation and benefits as may be provided in applicable plans and
programs of the Company shall be determined according to the terms and
provisions of such plans and programs;

 

(7)           in the case of Disability, the Company shall
continue Executive’s health and welfare benefits at the level in effect on the
date of termination at least through the end of the sixth month following the
termination of Executive’s employment or provide the economic equivalent
thereof, and Executive’s rights to other compensation and benefits as may be
provided in applicable plans and programs of the Company shall be determined
according to the terms and provisions of such plans and programs; and

 

5

 

(8)           any equity compensation that is vested as of
the effective date of termination of employment.

 

d.             No
Mitigation; No Offset.  In the event
of any termination of employment under this Section 5, Executive shall be under
no obligation to seek other employment and there shall be no offset against
amounts due Executive under this Agreement on account of any remuneration
attributable to any subsequent employment that Executive may obtain.  Any amounts due under this Section 5 are in
the nature of severance payments, or liquidated damages, or both, and are not
in the nature of a penalty.

 

6.             Duty
of Loyalty.  As an employee of Company, Executive will
devote his best efforts to the interests of the Company.  Executive agrees to devote all of his
working time and attention to his duties hereunder, except for such reasonable
amounts of time for personal, charitable, investment and professional
activities that do not interfere with the service to be rendered by Executive
hereunder.  During Executive’s
employment with the Company, Executive will not, except with the written
consent of the Board, engage in any activity, investment, interest or
association (1) which is hostile or adverse to or competitive with the Company,
or (2) which so occupies Executive’s attention as to interfere with the proper
and efficient performance of his duties at the Company, or (3) which interferes
with the independent exercise of Executive’s judgment in the Company’s best
interests.

 

7.             Confidential
Information.  Executive shall
maintain the confidentiality of all confidential and proprietary information of
the Company, and shall execute and deliver to the Company its standard
Proprietary Information and Invention Agreement in the form attached hereto as
Schedule I (the “Confidentiality Agreement”). 
Such obligations shall survive any termination of Executive’s employment
relationship or of this Agreement.

 

8.             Third-Party
Trade Secrets.  Executive will
not, during his employment with Company, improperly use or disclose any
proprietary information or trade secrets of any third party, including the
Company’s customers and suppliers, or of any of Executive’s former or
concurrent employers or companies, if any. 
Executive shall not bring to the premises of the Company any unpublished
documents or any property belonging to such third parties, unless consented to
in writing by such third party. 
Executive’s employment with the Company does not and will not breach any
agreement or duty which Executive has concerning confidential information
belonging to others.  If Executive is
asked to work on any project for the Company which raises a concern regarding
third-party confidential information, Executive will, as soon as this is
apparent to Executive, discuss the situation with the Chief Executive Officer
of Company without disclosing any confidences.

 

9.             Return
of Property.  Upon termination
of Executive’s employment with the Company, Executive shall deliver promptly to
the Company all of the following things which are in Executive’s custody or
control:  (1) all records, files,
manuals, books, forms, documents, letters, memoranda, data, customer lists,
tables, photographs, video tapes, audio tapes, computer disks and other
computer storage media and copies thereof, whether or not containing
confidential or proprietary information, that are the property of the Company
or that relate in any way to the business, products, services, personnel,
customers, prospective customers, suppliers, practices, or techniques of the
Company; and (2) all other property of the Company, including

 

6

 

but not limited to computers,
personal digital assistants, cellular telephones, pagers, credit cards, and
keys.

 

10.          Prohibited
Post Termination Activities.

 

a.             No
Solicitation.  For a period of one
year following the termination of Executive’s employment, Executive will not
induce any employee of, or consultant to, the Company to engage in any business
in which the Company is engaged or contemplates engaging, or solicit any
employee to leave the employment of the Company.

 

b.             Noncompetition.  For a period of one year following the
termination of Executive’s employment with the Company, Executive will not
accept employment with, engage in or render advice or assistance to any
business within any market in which the Company conducts business or effects
sales which competes with or contemplates competition with the Company in any
capacity in which the employment or rendering of advice, assistance or other
services to such business by Executive would be substantially similar to the
services provided by Executive to the Company during the term of Executive’s
employment with Company or would result in a competitive advantage to such subsequent
employer.

 

11.          Definitions.  As used herein, the following terms shall
have the respective meanings set forth below.

 

a.             “Affiliate”
shall mean any person or entity controlling, controlled by or under common
control with the Company.

 

b.             “Board”
shall mean the board of directors of the Company.

 

c.             “Cause”
shall mean (i) Executive is convicted of a felony involving moral turpitude,
(ii) Executive, in carrying out his duties under this Agreement, is guilty of a
willful act by Executive which constitutes gross misconduct and which is
materially and demonstrably injurious to the Company, (iii) Executive, in
carrying out his duties under this Agreement, is guilty of a willful violation
of a written Company policy generally applicable to all employees, the
violation of which is stated in such policy to be grounds for termination, (iv)
an act of fraud against, or the misappropriation of property belonging to, the
Company or its Affiliates resulting in material economic harm to the Company,
(v) except as otherwise specified in this clause c, the breach in any material
respect of this Agreement or any confidentiality or proprietary information
agreement between Executive and the Company or its Affiliates, or (vi) the
commission of a willful act which induces any customer of the Company to break
a contract with the Company resulting in material economic harm to the Company.

 

d.             A
“Change in Control” shall be deemed to have occurred if:

 

(1) 
an event occurs of a nature that would be required to be reported in response
to Item 14 of Schedule 14A of Regulation 14A promulgated under Section 14 of
the Securities Exchange Act of 1934 (the “1934 Act”);

 

(2) 
any “person,” as such term is used in Sections 13(d) and 14(d)(2) of the
1934 Act, other than Donald K. McGhan or entities related to, controlled by,

 

7

 

or owned by Donald K. McGhan or his immediate family (collectively, the
“McGhan Entities”) (or with respect to Affiliates, the Company), becomes a
“beneficial owner,” as such term is used in Rule 13d-3 promulgated under the
1934 Act, at any time that the Company or any Affiliate is a Private Company,
of more than 51% of the Voting Stock of the Company or such Affiliate;

 

(3) 
any “person,” as such term is used in Sections 13(d) and 14(d)(2) of the
1934 Act, other than the McGhan Entities (or with respect to Affiliates, the
Company), becomes a “beneficial owner,” as such term is used in Rule 13d-3
promulgated under the 1934 Act, while the Company or any Affiliate is a Public
Company, of 20% or more of the Voting Stock of the Company or such Affiliate;

 

(4) 
any “person” as such term is used in Sections 13(d) and 14(d)(2) of the
1934 Act, is the “beneficial owner,” as such term is used in Rule 13d-3
promulgated under the 1934 Act, of a greater percentage of the Voting Stock of
the Company than the percentage of such Voting Stock held, directly or
indirectly, by the McGhan Entities;

 

(5)  a
majority of the Board consists of individuals who are not members of the
Incumbent Board;

 

(6) 
all or substantially all of the business of the Company and its
consolidated subsidiaries is disposed of pursuant to a merger, consolidation,
asset sale or other transaction in which the Company is not the surviving
corporation or the Company (on a consolidated basis) is materially or
completely liquidated or in which all or substantially all of the Company’s
consolidated assets are sold; or

 

(7) 
the Company or a subsidiary combines with another company and,
immediately after the combination, the stockholders of the Company immediately
prior to the combination hold, directly or indirectly, less than 51% of the
Voting Stock of the resulting company (viewed on a consolidated basis).

 

Notwithstanding the foregoing, a transaction or event shall not constitute
a Change in Control if such transaction or event results from a transaction
that is approved in advance unanimously by the Executive Committee.

 

e.             “Disability”
shall mean Executive’s inability to render, for a period of three consecutive
months, full and effective services hereunder by reason of permanent mental or
physical disability, whether resulting from illness, accident or otherwise;
provided, however, that in no event will Executive be considered disabled for
the purposes of this Agreement unless he is deemed disabled pursuant to the
Company’s long-term disability plan.

 

f.              “Good
Reason” shall mean and exist if, without Executive’s prior written consent, one
or more of the following events occurs:

 

(1)           Executive
is not appointed to or is otherwise removed from any office or position
provided for in Section 3.a above, for any reason other than the termination of
his employment or transfer to a substantially equivalent or superior office or
position within the

 

8

 

Company (such determination to be made on the overall responsibilities
of Executive within the Company);

 

(2)           Executive
is assigned duties or responsibilities that are, when taken as a whole,
inconsistent, in any significant respect, with the scope of duties and
responsibilities associated with Executive’s office or position as described in
Section 3.a above;

 

(3)           Executive
suffers a material reduction, when taken as a whole, in the authorities, duties
or responsibilities associated with his office or position as described in
Section 3.a above, on the basis of which he makes a determination in good faith
that he can no longer carry out such office or position in the manner
contemplated at the time this Agreement was entered into;

 

(4)           Executive’s
Base Compensation is decreased by the Company, or his benefits or opportunities
under any employee benefit or incentive plan or program of the Company is or
are materially reduced, with the result that Executive’s overall benefits
package is materially reduced;

 

(5)           There
occurs a Change in Control;

 

(6)           Except
as provided in Section 3.b above, Executive’s work location is relocated to a
location other than the Principal Executive Offices;

 

(7)           the
Company fails to pay Executive any deferred payments under any bonus or
incentive plans which are due to him at that time;

 

(8)           the
Company fails to reimburse Executive within a reasonable time for business
expenses in accordance with the Company’s policies, procedures or practices;

 

(9)           if
and to the extent applicable, the Company fails to agree to or actually
indemnify Executive for his actions and/or inactions, as either a director or
executive officer of the Company, to the fullest extent permitted by Delaware
law, and/or the Company fails to maintain satisfactory levels of directors and
officers liability insurance coverage for Executive when such insurance is
available;

 

(10)         the
Company fails to obtain a written agreement reasonably satisfactory to
Executive from any successor or assign of the Company to assume and perform
this Agreement; or

 

(11)         the
Company purports to terminate Executive’s employment for Cause and such
purported termination of employment is not effected in accordance with the
procedures required by this Agreement, and for purposes of this Agreement, such
purported termination of employment shall be invalid and of no force and
effect.

 

g.             “Incumbent
Board” shall mean the members of the Board on the date of this Agreement for as
long as each serves on the Board, provided that any person becoming a director
subsequent to the date of this Agreement whose election or nomination for
election was approved unanimously by the directors then comprising the full
membership of the Incumbent

 

9

 

Board shall, for purposes of this Agreement, be considered to be a
member of the Incumbent Board for as long as such director serves the Board.

 

h.             “Principal
Executive Offices” of the Company shall mean for purposes of this Agreement
only the offices of the Company where the principal executive functions are
performed, (i) currently located in Clark County, Nevada, (ii) in the future at
such location as is determined by the Company’s Executive Committee, and (iii)
in the future if not so determined, as elected by Executive.

 

i.              “Private
Company” shall mean an entity that has no class of its Voting Stock registered
pursuant to Section 12(b), 12(g) or 15(d) of the 1934 Act.

 

j.              “Pro
Rata Bonus” shall mean an amount equal to the annual bonus otherwise payable with
respect to the year in question, calculated as if Executive had been employed
by the Company for the full year, multiplied by a fraction, the numerator of
which is the number of days in such year during which Executive is actually
employed by the Company and the denominator of which is 365.

 

k.             “Public
Company” shall mean an entity that has one or more classes of its Voting Stock
registered pursuant to Section 12(b), 12(g) or 15(d) of the 1934 Act.

 

l.              “Voting
Stock” shall mean capital stock (or similar security) of any class or classes
having general voting power under ordinary circumstances, in the absence of
contingencies, to elect the directors of a corporation or similar managers of
another entity.

 

12.          Miscellaneous.

 

a.             Amendments.  No amendment or modification of this
Agreement shall be deemed effective unless made in writing and signed by the
parties hereto.

 

b.             No
Waiver.  No term or condition of
this Agreement shall be deemed to have been waived, except by a statement in
writing signed by the party against whom enforcement of the waiver is
sought.  Any written waiver shall not be
deemed a continuing waiver unless specifically stated, shall operate only as to
the specific term or condition waived and shall not constitute a waiver of such
term or condition for the future or as to any act other than that specifically
waived.

 

c.             Counterparts.  This Agreement may be executed in any number
of counterparts, and such counterparts executed and delivered, each as an
original, shall constitute but one and the same instrument.

 

d.             Severability.  To the extent that any portion of any
provision of this Agreement shall be invalid or unenforceable, it shall be
considered deleted herefrom and the remainder of such provision and of this
Agreement shall be unaffected and shall continue in full force and effect.

 

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e.             Captions
and Headings.  The captions and
paragraph headings used in this Agreement are for convenience of reference only
and shall not affect the construction or interpretation of this Agreement or
any of the provisions hereof.

 

f.              Notices.  All notices, requests, demands and other
communications required or permitted to be given hereunder shall be in writing
and shall be deemed to have been duly given (i) upon receipt, if delivered
personally or via courier, (ii) upon confirmation of receipt, if given by
electronic facsimile provided that another copy is sent by another means
permitted by this subsection within two (2) business days thereafter, and (iii)
on the third business day following mailing, if mailed first-class, postage
prepaid, registered or certified mail from the continental United States as
follows:

 

	
   

  	
  If to Company to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MediCor Ltd.

  
	
   

  	
   

  	
  4560 S. Decatur Blvd., Ste. 300

  
	
   

  	
   

  	
  Las Vegas, Nevada  89013

  
	
   

  	
   

  	
  (702) 932-4563

  
	
   

  	
   

  	
  Attn: Chairman

  
	
   

  	
   

  
	
   

  	
  If to Executive to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Thomas R. Moyes

  
	
   

  	
   

  	
  1526 Cleveland Road

  
	
   

  	
   

  	
  Glendale, California 91202

  
	
   

  	
   

  	
  (818) 409-0166

  

 

Any party may by notice given in accordance with this subsection to the
other party to designate another address or person for receipt of notices
hereunder.

 

g.             Attorneys’
Fees.  If any legal action or other
proceeding is brought for the enforcement of this Agreement, or because of an
alleged dispute, breach, default or misrepresentation in connection with any of
the provisions of this Agreement, the successful or prevailing party shall be
entitled to recover such reasonable attorneys’ fees and other costs incurred in
that action or proceeding, in addition to any other relief to which it may be entitled,
as may be awarded by the court or arbitrator.

 

h.             Governing
Law.  The parties agree that this
Agreement will be governed by the laws of the State of Delaware.

 

i.              Arbitration.  Any controversy or claim arising out of or
relating to this Agreement or the breach thereof (including the arbitrability
of any controversy or claim), shall be settled by arbitration in accordance
with the laws of the State of Delaware by one arbitrator.  If the parties cannot agree on the
appointment of an arbitrator, then the arbitrator shall be appointed by the
American Arbitration Association.  The
arbitration shall be conducted in Clark County, Nevada in accordance with the
rules of the American Arbitration Association, except with respect to the
selection of an arbitrator which shall be as provided in this Section
12.i.  The

 

11

 

cost of any arbitration proceeding hereunder shall be borne by the
Company.  The award of the arbitrator
shall be binding upon the parties.  Judgment
upon the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof.

 

If it shall be necessary or desirable for Executive to retain legal
counsel and incur other costs and expenses in connection with the enforcement
of any or all of his rights under this Agreement, and provided that Executive
substantially prevails in the enforcement of such rights, the Company shall pay
(or Executive shall be entitled to recover from the Company, as the case may
be) Executive’s reasonable attorneys’ fees and costs and expenses in connection
with the enforcement of his rights including the enforcement of any arbitration
award.

 

j.              Guaranty.  The Company shall cause each of its material
Affiliates to execute and deliver to Executive a Guaranty in the form of
Schedule II hereto.

 

k.             Entire
Agreement.  This Agreement and the
Purchase Agreement contain the entire agreement of the parties relating to
Executive’s employment with the Company and supersede all prior agreements and
understandings with respect to such subject matter.

 

IN WITNESS
WHEREOF, Executive and the Company have executed this Agreement as of the date
first set forth above.

 

	
   

  	
   

  	
   

  	
  “COMPANY”

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  MEDICOR LTD.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Its: Chairman

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  “EXECUTIVE”

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]