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Exhibit 10.17    
    

MOCON, INC.  

 DESCRIPTION OF NON-EMPLOYEE DIRECTOR

COMPENSATION ARRANGEMENTS  

        Retainer and Meeting Fees.    Each of the non-employee directors of MOCON, Inc.
receives an annual retainer fee of $10,000, paid in equal quarterly installments, without regard to the number of board of directors or committee meetings held or attended by such director, along with
an additional $500 for each board meeting or committee meeting attended in person or via telephone. The Chairman of the Audit Committee receives an additional annual retainer fee of $3,000, paid in
equal quarterly installments. 

        Stock Options.    Non-employee directors are granted options to purchase shares of MOCON
common stock from time to time in the sole discretion of the board of directors. 

        Director Retirement Plan.    Pursuant to the MOCON, Inc. Director Retirement Plan, a
non-employee director who has served on the board of directors of MOCON for at least five years will, upon retirement, receive an amount equal to the annual retainer fee such director
would have been entitled to receive during the fiscal year in which such director's retirement occurs. This payment, however, will not be made to a director who, following his or her retirement,
continues to serve as a consultant to MOCON or any of its subsidiaries. Any amount payable under this retirement plan will be paid as determined by the MOCON board of directors in its sole discretion
following such director's retirement. 

        Reimbursement of Expenses.    Non-employee directors are reimbursed for actual expenses
incurred in attending board and committee meetings. 

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Exhibit 10.18    
    

MOCON, INC.  

 DESCRIPTION OF EXECUTIVE OFFICER

COMPENSATION ARRANGEMENTS  

        All of the employees of MOCON, Inc., including executive officers, are employed "at will" and do not have employment agreements with MOCON. MOCON has,
however, entered into a written Executive Severance Agreement with four of its full-time executive officers, a form of which has been filed as an exhibit to this report on
Form 10-K. The following is a description of oral compensation arrangements for 2008 between MOCON, Inc. and the following executive officers of MOCON: 

	Name of Executive Officer
 
	 	Title
	 	Base Salary
	 	Bonus Arrangements
	 	Stock Options
	 	Other

	Robert L. Demorest	 	Chairman, President and Chief Executive Officer	 	$262,915 per year	 	See footnotes (1) and (2) below	 	Stock options to purchase shares of MOCON common stock are granted from time to time in the sole discretion of the Compensation Committee of the MOCON board of directors	 	Under the MOCON, Inc. Savings and Retirement Plan, participants, including executive officers, may voluntarily request that MOCON reduce pre-tax compensation by up to 75% (subject to certain special limitations) and
contribute such amounts to a trust. MOCON contributed an amount equal to 25% of the first 6% of the amount that each participant contributed under this plan. MOCON provides an automobile for each of its full-time executive officers. Executive
Officers generally receive 3-5 weeks vacation per year. MOCON employees, including its executive officers, are compensated for forfeited vacation. Executive officers are reimbursed for expenses incurred in the ordinary course of business.
Executive officers receive other benefits received by other MOCON employees, including health, dental and life insurance benefits.
	

Daniel W. Mayer	
 	

Executive Vice President	
 	

$198,540 per year	
 	

See footnotes (1) and (2) below	
 	

See above	
 	

See above
	

Darrell B. Lee	
 	

Vice President, Chief Financial Officer, Treasurer and Secretary	
 	

$146,633 per year	
 	

See footnotes (1) and (2) below	
 	

See above	
 	

See above
	

Douglas J. Lindemann	
 	

Vice President and General Manager	
 	

$169,265 per year	
 	

See footnotes (1) and (2) below	
 	

See above	
 	

See above

	(1)
	MOCON
provides its executive officers and other employees a direct financial incentive to achieve MOCON's annual profit goals through the MOCON, Inc. Incentive Pay Plan, which
was established pursuant to resolutions of the Compensation Committee effective January 1, 2003 and filed as an exhibit to MOCON's annual report on Form 10-K for the year
ended December 31, 2002. Under the Incentive Pay Plan, annual goals are measured by MOCON's annual net income before income taxes and incentives for Mr. Demorest, Mr. Lee,
Mr. Lindemann and Mr. Mayer, who have overall corporate 

responsibilities.
The Incentive Pay Plan contemplates that each year the Compensation Committee will establish goal amounts for MOCON's executive officers and will determine the percentage of salary
at goal for MOCON's executive officers. On December 31, 2007, the Compensation Committee established these goal amounts and determined these percentages. Although the goal amounts are
confidential, the 2008 percentages of salary at goal range from forty percent to sixty-five percent of 2008 base salary earned, at goal, with the actual incentive paid based on the
percentage of goal achieved, up to a maximum of one hundred fifty percent. The fiscal 2008 goals and percentages of salary were set forth in resolutions approved by the Compensation Committee and are
not otherwise set forth in any written agreements between MOCON and the executive officers. The following are the amounts paid to each of MOCON's executive officers under the Incentive Pay Plan with
respect to fiscal 2007: Mr. Demorest: $161,254; Mr. Mayer: $74,878; Mr. Lee: $48,459 and Mr. Lindemann: $63,837. These amounts were paid in March 2008. 

	(2)
	On
December 31, 2007, the Compensation Committee established individual special performance related bonus arrangements for Messrs. Demorest, Mayer, Lee and Lindemann to
further motivate these individuals to attain certain company-related performance goals in addition to the profitability performance-related goals covered under MOCON's Incentive Pay Plan. While the
specific performance goals remain confidential, the bonuses if paid will be in the form of an extra week of paid vacation and an all-expense paid trip for two, up to maximum amounts
ranging from $10,000 to $13,000. The terms of the fiscal 2008 special performance related bonuses were set forth in resolutions approved by the Compensation Committee and are not otherwise set forth
in any written agreements between MOCON and the executive officers. 

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Exhibit 10.18Exhibit 10.6

 

FIRST AMENDMENT

TO

SECOND AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

(Michael P. Whitman)

 

This First Amendment to Second Amended and Restated
Employment Agreement dated as of February 4, 2008 (this “First
Amendment”), is made by and between Power Medical Interventions, Inc.,
a Delaware corporation (the “Company”), and Michael P. Whitman (“Executive”).

 

WHEREAS, the Company and Executive are parties to a
Second Amended and Restated Employment Agreement dated March 23, 2007 (the
“Original Agreement”); and

 

WHEREAS, the parties desire to amend certain
compensation provisions of the Original Agreement in the manner set forth
herein.

 

NOW, THEREFORE, in consideration of the premises and
the covenants set forth herein and in the Original Agreement, the parties
hereby agree as follows:

 

1.                                       Defined Terms.  Capitalized terms used, but not defined,
herein shall have the meanings ascribed to them in the Original Agreement.

 

2.                                       Salary.  Section 4.1 of the Original Agreement is
hereby amended to delete Section 4.1(b) in its entirety and to insert
the following in its place:

 

(b)                                 2008 Salary.  During calendar year 2008, Executive’s Salary
shall be paid an annual rate equal $385,000.

 

3.                                       Bonus.  Section 4.2 of the Original Agreement is
hereby amended to delete Section 4.2(c) in its entirety and to insert
the following in its place:

 

(c)                                  2008 Cash Bonus.  In the event that the Company (x) recognizes
revenues in fiscal year 2008 equal to or greater than $[confidential treatment requested pursuant to Rule 24b-2],
and (y) recognizes an operating loss in fiscal year 2008 that is
less (i.e., better for the Company) than “($[confidential treatment requested pursuant to Rule 24b-2])”,
in each case as determined in accordance with GAAP, then the Company shall pay
Executive a cash bonus (the “2008 Cash Bonus”) equal to the lesser of:

 

(i)                                     $577,500; and

 

(ii)                                  the sum of (A) $288,750,
plus (B) 41.2% of the Savings Bonus Pool. 
For purposes of this Section 4.2(c), “Savings Bonus Pool”
means 30% of the difference, stated as a positive amount, between (I) “([confidential treatment requested pursuant to Rule 24b-2])”
and (II) the actual operating loss recognized by the Company in fiscal
year 2008, if such actual operating loss is less (i.e., better for the
Company) than 

 

1

 

“($[confidential treatment requested pursuant to Rule 24b-2])”,
determined in accordance with GAAP after taking into account bonuses due and
payable to Executive under this Agreement and bonuses due to other senior
executives for 2008.

 

Any
2008 Cash Bonus shall be paid within 10 business days after the Company
publicly discloses its revenues and net income/loss for fiscal year 2008.  Any 2008 Cash Bonus shall be contingent upon
Executive continuing to be a senior officer of the Company at all times during
fiscal year 2008.

 

4.                                       Ratification.  The Original Agreement, as amended hereby, is
hereby ratified and confirmed in all respects and shall continue in full force
and effect.  The Original Agreement
shall, together with this First Amendment, be read and construed as a single
agreement.

 

5.                                       Governing Law.  This First Amendment shall be construed and
enforced in accordance with the laws of Commonwealth of Pennsylvania, without
regard to its principles of conflicts of laws.

 

6.                                       Counterparts.  This First Amendment may be executed in two
or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties have executed this
First Amendment to Second Amended and Restated Employment Agreement as an
instrument under seal as of the date first written above.

 

 

	
   

  	
  POWER
  MEDICAL INTERVENTIONS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  :/s/
  John P. Gandolfo

  
	
   

  	
   

  	
   

  	
  John
  P. Gandolfo

  
	
   

  	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Michael P. Whitman

  
	
   

  	
  Michael
  P. Whitman

  
					

 

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