Document:

exv10w1

 

EXHIBIT 10.1

AMENDMENT TO EMPLOYMENT AGREEMENT

EFFECTIVE DATE: February 8, 2006

	 	 	 	 	 
	PARTIES:

	 	CABG Medical, Inc.
	 	(“Company”)
	 
	 	 	 	 
	 

	 	Manuel A. Villafana
	 	(“Employee”)

     WHEREAS, Company and Employee are parties to that certain Employment Agreement dated December
31, 2004 (hereinafter “Employment Agreement”); and

     WHEREAS, Company and Employee desire to amend certain portions of the Employment Agreement.

     NOW, THEREFORE, Company and Employee agree that effective as of the date and year written
above the following Amendment shall be made a part of the Employment Agreement:

1. Section 3 of the Employment Agreement shall be deleted in its entirety and replaced with the
following:

3. Term. The term of Employee’s services hereunder shall commence on the date of
this Agreement. The Employee shall be employed on an “at will” basis. Either party may
terminate the employment relationship created by this agreement for any reason upon notice
to the other party. Because the employment relationship is “at will,” the Employee shall
have no right to continued employment, and the Company may terminate the Employee for any
reason (other than because of Employee’s race, sex, age or other legally protected category)
at any time. If this Agreement is terminated by the Company, Employee shall not be entitled
to any severance benefits. No document or statement (oral or written) by the Company or its
officers will create a right to continued employment or a right to severance benefits for a
terminated employee.

     This Amendment shall be attached to and be a part of the Employment Agreement between CABG
Medical, Inc. and Manuel A. Villafana dated December 31, 2004.

     Except as set forth herein, the Employment Agreement shall remain in full force without
modification.

     In consideration of the mutual covenants contained herein, the parties have executed this
Amendment effective as of the date and year above written.

	 	 	 
	 

	 	CABG MEDICAL, INC.
	 
	 	 
	 

	 	/s/ John L. Babitt
	 
	 	 
	 

	 	By: John L. Babitt
	 

	 	Its: President & CFO
	 
	 	 
	 

	 	/s/ Manuel A. Villafana
	 

	 	MANUEL A. VILLAFANAexv10w2

 

EXHIBIT 10.2

DISCHARGE AND TERMINATION AGREEMENT REGARDING

“CHANGING IN CONTROL” LETTER AGREEMENT

EFFECTIVE DATE: February 8, 2006

	 	 	 	 	 
	PARTIES:

	 	CABG Medical, Inc.
	 	(“Company”)
	 
	 	 	 	 
	 

	 	Manuel A. Villafana
	 	(“Employee”)

     WHEREAS, Company and Employee are parties to that certain letter agreement dated
June 17, 2003 regarding severance benefits due Employee in the event Employee’s employment
with Company terminates under certain circumstances subsequent to a “Change in Control”
(hereinafter referred to as “Letter Agreement”); and

     WHEREAS, in exchange for the payment described below, Company and Employee desire to discharge
Company’s obligations under the Letter Agreement and terminate the Letter Agreement in its
entirety.

     NOW, THEREFORE, Company and Employee agree as follows:

     1. Payment to Employee. Company shall pay Employee Two Hundred Forty-Seven Thousand Five
Hundred and 00/100 Dollars ($247,500.00), less applicable withholding, in a lump sum within ten
(10) business days after Company’s receipt of this fully-executed Discharge and Termination
Agreement.

     2. Discharge and Termination of Agreement. Specifically in consideration of the payment
described in Section 1, Employee, for him/herself and anyone who has or obtains legal rights or
claims through Employee, hereby releases, agrees not to sue, and forever discharges Company of and
from any and all manner of obligations, claims, demands, actions, and/or liability arising under or
in connection with the Letter Agreement. By signing below, the parties acknowledge and agree that
the Letter Agreement is hereby terminated in its entirety.

     In consideration of the mutual covenants contained herein, the parties have voluntarily and
knowingly executed this Discharge and Termination Agreement effective as of the date and year above
written.

	 	 	 
	 

	 	CABG MEDICAL, INC.
	 
	 	 
	 

	 	/s/ John L. Babitt
	 

	 	By: John L. Babitt
	 

	 	Its: President and CFO
	 
	 	 
	 

	 	EMPLOYEE
	 
	 	 
	 

	 	/s/ Manuel A. Villafana
	 

	 	Manuel A. Villafanaexv10w3

 

EXHIBIT 10.3

February 8, 2006

Manuel A. Villafana

1482 Hunter Dr..

Wayzata, MN 55391

Re: Stay Bonus

Dear Manuel:

As you know, CABG Medical, Inc. (“CABG Medical”) anticipates that it will sell or dissolve the
Company, or acquire an entity, in the near term (hereinafter referred to as a “Transaction”). CABG
Medical is hopeful that you will remain employed by the Company to assist the Company with the
upcoming transition and Transaction. If you remain employed by CABG Medical through the successful
completion of a Transaction, CABG Medical will pay you a stay bonus of Fifty Thousand and
00/100 Dollars ($50,000), less required deductions. Your receipt of such stay bonus would be
conditioned on your execution and non-rescission of a separation and release of claims agreement
prepared by the Company and presented to you on or shortly after your last day of employment. If
earned, the stay bonus will be paid to you in a lump sum within ten (10) business days following
the expiration of applicable rescission periods as outlined in the separation and release of claims
agreement.

You will not be eligible for the stay bonus described above if you voluntarily resign your
employment for any reason prior to a successful Transaction or if you are terminated by CABG
Medical at any time for disciplinary cause. Disciplinary cause includes, but is not limited to,
dishonesty, violation of CABG Medical’s rules or policies, failure to competently perform your job
duties, failure to take direction from CABG Medical or its Board of Directors, poor attendance,
failure to be flexible in job assignments, misconduct, or job abandonment. Notwithstanding
anything herein to the contrary, your employment with CABG Medical remains at-will.

This agreement shall be null and void if a Transaction has not occurred on or before December 31,
2007.

We thank you in advance for your assistance during the upcoming transition. Please contact me with
any questions.

Sincerely,

CABG MEDICAL, INC.

/s/ John L. Babitt

John L. Babitt

President & CFO

	 	 	 
	 

	 	Agreed to and accepted:
	 
	 	 
	 

	 	EMPLOYEE
	 
	 	 
	 

	 	/s/ Manuel A. Villafana
	 

	 	Manuel A. Villafanaexv10w4

 

EXHIBIT 10.4

DISCHARGE AND TERMINATION AGREEMENT REGARDING

“CHANGING IN CONTROL” LETTER AGREEMENT

EFFECTIVE DATE: February 8, 2006

	 	 	 	 	 
	PARTIES:

	 	CABG Medical, Inc.
	 	(“Company”)
	 
	 	 	 	 
	 

	 	John L. Babitt
	 	(“Employee”)

     WHEREAS, Company and Employee are parties to that certain letter agreement dated
July 31, 2003 regarding severance benefits due Employee in the event Employee’s employment
with Company terminates under certain circumstances subsequent to a “Change in Control”
(hereinafter referred to as “Letter Agreement”); and

     WHEREAS, in exchange for the payment described below, Company and Employee desire to discharge
Company’s obligations under the Letter Agreement and terminate the Letter Agreement in its
entirety.

     NOW, THEREFORE, Company and Employee agree as follows:

     1. Payment to Employee. Company shall pay Employee Two Hundred Eleven Thousand Seven
Hundred Fifty and 00/100 Dollars ($211,750.00), less applicable withholding, in a lump sum
within ten (10) business days after Company’s receipt of this fully-executed Discharge and
Termination Agreement.

     2. Discharge and Termination of Agreement. Specifically in consideration of the payment
described in Section 1, Employee, for him/herself and anyone who has or obtains legal rights or
claims through Employee, hereby releases, agrees not to sue, and forever discharges Company of and
from any and all manner of obligations, claims, demands, actions, and/or liability arising under or
in connection with the Letter Agreement. By signing below, the parties acknowledge and agree that
the Letter Agreement is hereby terminated in its entirety.

     In consideration of the mutual covenants contained herein, the parties have voluntarily and
knowingly executed this Discharge and Termination Agreement effective as of the date and year above
written.

	 	 	 
	 

	 	CABG MEDICAL, INC.
	 
	 	 
	 

	 	/s/ Manuel A. Villafana
	 

	 	By: Manuel A. Villafana
	 

	 	Its: CEO & Chairman of the Board
	 
	 	 
	 

	 	EMPLOYEE
	 
	 	 
	 

	 	/s/ John L. Babitt
	 

	 	John L. Babittexv10w5

 

EXHIBIT 10.5

February 8, 2006

John L. Babitt

2020 Norway Pine Circle

Minnetonka, MN 55305

Re: Stay Bonus

Dear John:

As you know, CABG Medical, Inc. (“CABG Medical”) anticipates that it will sell or dissolve the
Company, or acquire an entity, in the near term (hereinafter referred to as a “Transaction”). CABG
Medical is hopeful that you will remain employed by the Company to assist the Company with the
upcoming transition and Transaction. If you remain employed by CABG Medical through the successful
completion of a Transaction, CABG Medical will pay you a stay bonus of Fifty Thousand and
00/100 Dollars ($50,000), less required deductions. Your receipt of such stay bonus would be
conditioned on your execution and non-rescission of a separation and release of claims agreement
prepared by the Company and presented to you on or shortly after your last day of employment. If
earned, the stay bonus will be paid to you in a lump sum within ten (10) business days following
the expiration of applicable rescission periods as outlined in the separation and release of claims
agreement.

You will not be eligible for the stay bonus described above if you voluntarily resign your
employment for any reason prior to a successful Transaction or if you are terminated by CABG
Medical at any time for disciplinary cause. Disciplinary cause includes, but is not limited to,
dishonesty, violation of CABG Medical’s rules or policies, failure to competently perform your job
duties, failure to take direction from CABG Medical or its Board of Directors, poor attendance,
failure to be flexible in job assignments, misconduct, or job abandonment. Notwithstanding
anything herein to the contrary, your employment with CABG Medical remains at-will.

This agreement shall be null and void if a Transaction has not occurred on or before December 31,
2007.

We thank you in advance for your assistance during the upcoming transition. Please contact me with
any questions.

Sincerely,

CABG MEDICAL, INC.

/s/ Manuel A. Villafana

Manuel A. Villafana

CEO & Chairman of the Board

	 	 	 
	 

	 	Agreed to and accepted:
	 
	 	 
	 

	 	EMPLOYEE
	 
	 	 
	 

	 	/s/ John L. Babitt
	 

	 	John L. Babitt

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]