Document:

Exhibit
      10.2

    

    THE
      SECURITIES REPRESENTED BY THIS STOCK OPTION WERE ISSUED IN AN OFFSHORE
      TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S
      PROMULGATED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT")
      PURSUANT TO REGULATIONS S. ACCORDINGLY, THE SECURITIES REPRESENTED BY THIS
      STOCK
      OPTION HAVE NOT BEEN REGISTERED UNDER THE ACT, OR ANY U.S. STATE SECURITIES
      LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE
      DISPOSED OF (I) EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, (II)
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR (III) PURSUANT
      TO AN EXEMPTION WHICH IS CONFIRMED IN AN OPINION OF COMPANY COUNSEL. IN
      ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED BY THIS
      STOCK OPTION MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE
      ACT.

     

    THIS
      STOCK OPTION MAY NOT BE EXERCISED BY OR ON BEHALF OF ANY U.S. PERSON UNLESS
      REGISTERED UNDER THE ACT OR AN EXEMPTION FROM SUCH REGISTRATION IS
      AVAILABLE.

     

    THIS
      STOCK OPTION SHALL BE VOID AFTER 5:00 P.M. EASTERN TIME (U.S.) ON THE SEVENTH
      ANNIVERSARY OF THE DATE HEREOF (the “EXPIRATION DATE”).

    

    TRACEGUARD
      TECHNOLOGIES, INC.

    

    OPTION
      TO PURCHASE 1,450,000 SHARES OF

    COMMON
      STOCK, PAR VALUE $0.001 PER SHARE

    

    For
      VALUE
      RECEIVED, Dr. Ehud Ganani (“Optionholder”), is entitled to purchase, subject to
      the provisions of this Stock Option, from TraceGuard Technologies, Inc., a
      Nevada corporation (“Company”), at any time not later than 5:00 P.M., Eastern
      time (U.S.), on the Expiration Date (as defined above) but subject to the
      vesting schedule described below, at an exercise price per share equal to U.S.
      $0.35 (the exercise price in effect being herein called the “Option Price”),
      1,450,000 shares (“Option Shares”) of the Company’s common stock, par value
      $0.001 per share (“Common Stock”). The number of Option Shares purchasable upon
      exercise of this Stock Option and the Option Price shall be subject to
      adjustment from time to time as described herein.

    

    Section
      1. Transfers.
      This
      Stock Option may not be transferred or assigned by the Optionholder. The Option
      Shares may be transferred only pursuant to (i) an effective registration
      statement filed under the Securities Act of 1933, as amended (the “Securities
      Act”), (ii) an exemption from such registration, or (iii) the provisions of
      Regulation S promulgated under the Securities Act. Subject to such restrictions,
      the Company shall transfer this Option Shares from time to time upon the books
      to be maintained by the Company for that purpose, upon surrender thereof for
      transfer properly endorsed or accompanied by appropriate instructions for
      transfer and such other documents as may be reasonably required by the Company,
      including, if required by the Company, an opinion of its counsel to the effect
      that such transfer is exempt from the registration requirements of the
      Securities Act, to establish that such transfer is being made in accordance
      with
      the terms hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Section
      2. Exercise
      of Option.
      (a)
      Subject to the provisions hereof, the Optionholder may exercise this Stock
      Option in whole or in part at any time prior to its expiration upon surrender
      of
      the Stock Option, together with delivery of the duly executed Stock Option
      exercise form attached hereto as Appendix A (the “Exercise Agreement”) and
      payment by cash, certified check or wire transfer of funds for the aggregate
      Option Price for that number of Option Shares then being purchased, to the
      Company during normal business hours on any business day at the Company’s
      principal executive offices outside the United States (or such other office
      or
      agency of the Company as it may designate by notice to the Optionholder). The
      Option Shares so purchased shall be deemed to be issued to the Optionholder
      or
      the Optionholder’s designee, as the record owner of such shares, as of the close
      of business on the date on which this Stock Option shall have been surrendered
      (or evidence of loss, theft or destruction thereof and security or indemnity
      satisfactory to the Company), the Option Price shall have been paid and the
      completed Exercise Agreement shall have been delivered. Certificates for the
      Option Shares so purchased, representing the aggregate number of shares
      specified in the Exercise Agreement, shall be delivered to the Optionholder
      within a reasonable time, not exceeding ten (10) business days, after this
      Stock
      Option shall have been so exercised. The certificates so delivered shall be
      in
      such denominations as may be requested by the Optionholder and shall be
      registered in the name of the Optionholder. If this Stock Option shall have
      been
      exercised only in part, then, unless this Option has expired, the Company shall,
      at its expense, at the time of delivery of such certificates, deliver to the
      Optionholder a new Stock Option representing the number of shares with respect
      to which this Option shall not then have been exercised. As used herein,
“business day” means a day, other than a Saturday or Sunday, on which banks in
      New York City are open for the general transaction of business. Upon exercise,
      the Optionholder will be required to make the representations and warranties
      contained in the Exercise Agreement.

    

    (b) This
      Option shall be exercisable in accordance with the following vesting schedule:
      (i) at any time on or after September 1, 2007, up to 290,000 Option Shares;
      (ii)
      at any time on or after April 1, 2008, up to an additional 300,000 Option
      Shares; (iii) at any time on or after July 1, 2008, up to an additional 135,000
      Option Shares; and (iv) at any time on or after April 1, 2009, up to an
      additional 725,000 Option Shares; provided,
      however,
      that if
      the Optionholder’s employment by TraceGuard Technologies, Ltd., the Company’s
      wholly-owned Israeli subsidiary (“TG IL”) is (i) terminated by TG IL for “cause”
(as defined below), (ii) is not renewed by TG IL for “cause”, (iii) is
      terminated or not renewed by Ganani for any reason, other than for “good reason”
(as defined below), (iv) terminated due to the death or "disability" (as defined
      below) of Ganani, then, in each such case, the Stock Option shall terminate
      immediately with respect to the Option Shares which remain subject to vesting
      as
      set forth in this Section 2(b). Notwithstanding the foregoing, this Option
      shall
      only be exercisable to the extent that the Company has sufficient surplus under
      applicable law to exercise that certain stock option between the Company and
      Mr.
      Fredy Ornath, dated as of the date hereof.

    

    (c) For
      the
      purposes hereof, “cause” shall mean (i) a material breach by the Optionholder of
      (A) the provisions of that certain agreement dated as of February 1, 2006,
      as
      amended on July 6, 2006 (the “Employment Agreement”) or (B) the provisions of
      any subsequent employment agreement between the Optionholder and the Company
      or
      TG IL, which breach shall not have been cured by the Optionholder within sixty
      (60) days following notice thereof by the Company or TG IL to the Optionholder,
      (ii) the commission of gross negligence or bad faith (i.e., an act involving
      actual or constructive fraud, or a design to mislead or deceive another, or
      the
      conscious doing of a wrong because of dishonest purpose or motivated by ill
      will) by the Optionholder in the course of his employment, which commission
      has
      a material adverse effect on the Company or any of its subsidiaries, (iii)
      the
      commission by the Optionholder of a criminal act of fraud, theft or dishonesty
      causing material damages to the Company or any of its subsidiaries, or (iv)
      the
      conviction of the Optionholder of (or plead nolo contendere
      to) any
      felony, or misdemeanor involving moral turpitude if such misdemeanor results
      in
      material financial harm to or materially adversely affects the goodwill of
      the
      Company or any of its subsidiaries. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (d) For
      the
      purposes hereof, “disability” shall mean the Optionholder’s inability to perform
      his duties under the Employment Agreement or any subsequent employment agreement
      between the Optionholder and the Company or TG IL, because of illness or
      incapacity, physical or mental, the duties and services to be performed by
      him
      for a period of one hundred and eighty (180) consecutive days or an aggregate
      period of more than one hundred and eighty (180) days in any 12-month
      period.

    

    (e) For
      the
      purposes hereof, “good reason” shall mean (i) failure to elect or appoint,
      re-elect or re-appoint, the Optionholder to, or removal of the Optionholder
      from, his office and/or position with the Company or TG IL, as constituted
      as of
      the date hereof, except in connection with the termination or non-renewal of
      the
      Optionholder’s employment by the Company or TG IL for “cause”; (ii) failure by
      the Company to offer to renew the Employment Agreement for a term of at least
      one year and an annual base salary of at least U.S. $198,000, except for failure
      to make such an offer for “cause”; (iii) a reduction in the Optionholder's
      overall compensation (including any reduction in pension or other benefit
      programs or perquisites) or a material adverse change in the nature or scope
      of
      the authorities, powers, functions or duties normally attached to the
      Optionholder’s position with the Company or TG IL as referred to in the
      Employment Agreement; (iv) a breach by TG IL of any provision of the Employment
      Agreement or any subsequent employment agreement between the Optionholder and
      the Company or TG IL, not covered by clauses (i) or (iii) above which is not
      remedied within thirty (30) days after receipt by the Company or TG IL of
      written notice from the Optionholder of such breach;

    

    Section
      3. Compliance
      with the Securities Act of 1933.
      The
      Company may cause the legend set forth on the first page of this Stock Option
      to
      be set forth on each Stock Option or similar legend on any security issued
      or
      issuable upon exercise of this Stock Option, unless counsel for the Company
      is
      of the opinion as to any such security that such legend is
      unnecessary.

    

    Section
      4. Payment
      of Taxes.
      The
      Company will pay any documentary stamp taxes attributable to the initial
      issuance of Option Shares issuable upon the exercise of the Stock Option;
      provided, however, that the Company shall not be required to pay any tax or
      taxes which may be payable in respect of any transfer involved in the issuance
      or delivery of any certificates for Option Shares in a name other than that
      of
      the Optionholder in respect of which such shares are issued, and in such case,
      the Company shall not be required to issue or deliver any certificate for Option
      Shares or any Stock Option until the person requesting the same has paid to
      the
      Company the amount of such tax or has established to the Company’s reasonable
      satisfaction that such tax has been paid. The Optionholder shall be responsible
      for income taxes due under federal, state or other law, if any such tax is
      due.

    

    Section
      5. Mutilated
      or Missing Stock Options.
      In case
      this Stock Option shall be mutilated, lost, stolen, or destroyed, the Company
      shall issue in exchange and substitution of and upon cancellation of the
      mutilated Stock Option, or in lieu of and substitution for the Stock Option
      lost, stolen or destroyed, a new Stock Option of like tenor and for the purchase
      of a like number of Option Shares, but only upon receipt of evidence reasonably
      satisfactory to the Company of such loss, theft or destruction of the Stock
      Option, and with respect to a lost, stolen or destroyed Stock Option, reasonable
      indemnity or bond with respect thereto, if requested by the
      Company.

    

    Section
      6. Reservation
      of Common Stock.
      The
      Company hereby represents and Options that there have been reserved, and the
      Company shall at all applicable times keep reserved until issued (if necessary)
      as contemplated by this Section 7, out of the authorized and unissued shares
      of
      Common Stock, sufficient shares to provide for the exercise of the rights of
      purchase represented by this Stock Option. The Company agrees that all Option
      Shares issued upon due exercise of the Stock Option shall be, at the time of
      delivery of the certificates for such Option Shares, duly authorized, validly
      issued, fully paid and non-assessable shares of Common Stock of the
      Company.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Section
      7. Adjustments.
      Subject
      and pursuant to the provisions of this Section 6, the Option Price and number
      of
      Option Shares subject to this Stock Option shall be subject to adjustment from
      time to time as set forth hereinafter.

    

    (a) If
      the
      Company shall, at any time or from time to time while this Stock Option is
      outstanding, pay a dividend or make a distribution on its Common Stock in shares
      of Common Stock, subdivide its outstanding shares of Common Stock into a greater
      number of shares or combine its outstanding shares of Common Stock into a
      smaller number of shares, then the number of Option Shares purchasable upon
      exercise of the Stock Option immediately prior to the date upon which such
      change shall become effective, shall be adjusted so that the Optionholder
      thereafter exercising the Stock Option shall be entitled to receive the number
      of shares of Common Stock which, if the Stock Option had been exercised
      immediately prior to such event, (i) the Company would have owned upon such
      exercise and been entitled to receive by virtue of such dividend, distribution
      or subdivision, or (ii) in the case of a combination, such number of shares
      into
      which the number of shares the Optionholder would have owned upon such exercise
      would have been reduced to as a result of such combination. Whenever the number
      of shares of Common Stock purchasable upon exercise of this Stock Option is
      adjusted as provided in this Section 6(a), then the Option Price shall also
      be
      adjusted by multiplying the Option Price in effect immediately prior to such
      adjustment, by a fraction, the numerator of which shall equal to the number
      of
      shares subject to this Stock Option immediately prior to such adjustment, and
      the denominator of which shall equal to the number of shares subject to this
      Stock Option immediately after such adjustment. Such adjustments shall be made
      successively whenever any event listed above shall occur.

    

    (b) Subject
      to Section 6(c) below, in case the Company shall reorganize its capital,
      reclassify its capital stock (other than as provided in Section 6(a)),
      recapitalize, consolidate with, or merge with or into, another corporation,
      and
      pursuant to the terms of such reorganization, reclassification,
      recapitalization, merger, or consolidation, stock, securities, property or
      other
      assets is to be received by or distributed to the holders of Common Stock in
      lieu of or with respect to shares of Common Stock, then in each such case,
      the
      Optionholder, upon exercise of this Stock Option, shall be entitled to receive
      in lieu of the Option Shares or other securities and property receivable upon
      exercise of this Stock Option prior to the consummation of such reorganization,
      reclassification, recapitalization, consolidation or merger, or if the Common
      Stock is not changed, exchanged or extinguished in such transaction then in
      addition to the rights specified herein, the stock or other securities, property
      or assets to which the Optionholder would have been entitled to had it exercised
      this Stock Option immediately prior to such consumation, by a holder of the
      number of shares of Common Stock for which this Stock Option is exercisable
      immediately prior to such event. Subject to Section 6(c) below the foregoing
      provisions of this Section 6(b) shall similarly apply to successive
      reorganizations, reclassifications, recapitalizations, mergers or
      consolidations.

    

    (c) In
      the
      event of (i) a proposed dissolution or liquidation of the Company, or
      (ii) a proposed sale of all or substantially all of the assets or
      outstanding equity of the Company, or (iii) the merger or consolidation of
      the Company with or into another entity or any other corporate reorganization
      if
      persons who were not shareholders of the Company immediately prior to such
      merger, consolidation or other reorganization own immediately after such merger,
      consolidation or other reorganization fifty percent (50%) or more of the voting
      power of the outstanding securities of each of (A) the continuing or
      surviving entity and (B) any direct or indirect parent corporation of such
      continuing or surviving entity, Optionholder
      must, if at all, exercise this Stock Option at least 5 days prior to the
      consummation of such event, which exercise may be conditioned upon the
      consummation of such event, and this Stock Option shall terminate upon
      consummation of such event. In such an event, the vesting of this Stock Option
      shall accelerate and the entire Stock Option shall be exercisable in full
      immediately prior to the consummation of such event, but conditioned upon the
      event occurring.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (d) An
      adjustment to the Option Price or the number or type of securities issuable
      upon
      exercise of this Stock Option shall become effective immediately after the
      payment date in the case of each dividend or distribution and immediately after
      the effective date of each other event which requires an adjustment. The vesting
      provisions of Section 2 hereof shall apply to any securities to be received
      pursuant to an adjustment under of this Section 7.

    

    (e) In
      the
      event that, as a result of an adjustment made pursuant to this Section 6, the
      Optionholder shall become entitled to receive any shares of capital stock of
      the
      Company other than shares of Common Stock, the number of such other shares
      so
      receivable upon exercise of this Stock Option shall be subject thereafter to
      adjustment from time to time in a manner and on terms as nearly equivalent
      as
      practicable to the provisions with respect to the Option Shares contained in
      this Stock Option.

    

    Section
      8. Fractional
      Interest.
      The
      Company shall not be required to issue fractions of Option Shares upon the
      exercise of this Stock Option. If any fractional share of Common Stock would,
      except for the provisions of the first sentence of this Section 9, be
      deliverable upon such exercise, the Company, in lieu of delivering such
      fractional share, shall pay to the exercising Optionholder an amount in cash
      equal to the closing price of such fractional share of Common Stock on the
      date
      of exercise.

    

    Section
      9. Benefits.
      Nothing
      in this Stock Option shall be construed to give any person, firm or corporation
      (other than the Company and the Optionholder) any legal or equitable right,
      remedy or claim, it being agreed that this Option shall be for the sole and
      exclusive benefit of the Company and the Optionholder.

    

    Section
      10. Notices
      to Optionholder.
      Upon
      the happening of any event requiring an adjustment of the Option Price, the
      Company shall promptly give written notice thereof to the Optionholder at the
      address appearing in the records of the Company, stating the adjusted Option
      Price and the adjusted number of Option Shares resulting from such event and
      setting forth in reasonable detail the method of calculation and the facts
      upon
      which such calculation is based. Failure to give such notice to the Optionholder
      or any defect therein shall not affect the legality or validity of the event
      giving rise to, or the, subject adjustment.

    

    Section
      11. Notice
      of Corporate Action.
      If at
      any time:

     

    (a) other
      than pursuant to a split or combination pursuant to Section 7(a) hereof, the
      Company shall take a record of the holders of its Common Stock for the purpose
      of entitling them to receive a dividend or other distribution, or any right
      to
      subscribe for or purchase any evidences of its indebtedness, any shares of
      stock
      of any class or any other securities or property, or to receive any other right,
      or

    

    (b) there
      shall be any capital reorganization of the Company, any reclassification, other
      than pursuant to a split or combination pursuant to Section 7(a) hereof, or
      recapitalization of the capital stock of the Company or any consolidation or
      merger of the Company with, or any sale, transfer or other disposition of all
      or
      substantially all the property, assets or business of the Company to, another
      corporation or,

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

      (c) there
        shall be a voluntary or involuntary dissolution, liquidation or winding up
        of
        the Company;

       

    

    then,
      in
      any one or more of such cases, the Company shall give to Optionholder (i) at
      least 10 days’ prior written notice of the date on which a record date shall be
      selected for such dividend, distribution or right or for determining rights
      to
      vote in respect of any such reorganization, reclassification, merger,
      consolidation, sale, transfer, disposition, liquidation or winding up, and
      (ii)
      in the case of any such reorganization, reclassification, merger, consolidation,
      sale, transfer, disposition, dissolution, liquidation or winding up, at least
      10
      days’ prior written notice of the date when the same shall take place, and
provided,
      however,
      that
      the failure to mail such notice or any defect therein or in the mailing thereof
      shall not affect the validity of the corporate action required to be specified
      in such notice; and provided,
      further,
      that if
      any action is taken on written consent in lieu of a meeting, notice shall be
      made as soon as reasonably practicable thereafter. Such notice in accordance
      with the foregoing clause also shall specify, as applicable, (i) the date on
      which any such record is to be taken for the purpose of such dividend,
      distribution or right, the date on which the holders of Common Stock shall
      be
      entitled to any such dividend, distribution or right, and the amount and
      character thereof, and (ii) the date on which any such reorganization,
      reclassification, merger, consolidation, sale, transfer, disposition,
      dissolution, liquidation or winding up is to take place and the time, if any
      such time is to be fixed, as of which the holders of Common Stock shall be
      entitled to exchange their shares of Common Stock for securities or other
      property deliverable upon such disposition, dissolution, liquidation or winding
      up. Each such written notice shall be sufficiently given if addressed to
      Optionholder at the last address of Optionholder appearing on the books of
      the
      Company and delivered in accordance with Section 13 hereof.

     

    Section
      12. Identity
      of Transfer Agent.
      The
      Transfer Agent for the Common Stock is Nevada Agency and Trust Company. Upon
      the
      appointment of any subsequent transfer agent for the Common Stock or other
      shares of the Company’s capital stock issuable upon the exercise of the rights
      of purchase represented by the Stock Option, the Company will mail to the
      Optionholder a statement setting forth the name and address of such transfer
      agent.

     

    Section
      13. Notices.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be in writing and shall be deemed given and effective
      on the earliest of (a) the date of transmission, if such notice or
      communication is delivered via facsimile at the facsimile number specified
      in
      this Section prior to 6:30 p.m. (New York City time) on a business day,
      (b) the next business day after the date of transmission, if such notice or
      communication is delivered via facsimile at the facsimile number specified
      in
      this Section on a day that is not a business day or later than 6:30 p.m.
      (New York City time) on any business day, (c) the business day following
      the date of mailing, if sent by U.S. nationally recognized overnight courier
      service, or (d) upon actual receipt by the party to whom such notice is
      required to be given. The address for such notices and communications shall
      be
      as follows:

     

    
      	
              If
                to the Company:

            	TraceGuard
              Technologies, Inc.
	 	#6 Ravnitzki
              Street
	 	Petach Tikva
              49277
              Israel 
	 	Fax No.:
              011-972-3-542-3710
	 	Attn: 
              David Ben-Yair, CFO
	 	
            
	With a copy
              to:	Moses & Singer
              LLP
	 	The Chrysler
              Building
	 	405 Lexington
              Avenue
	 	New York,
              NY
              10174-1299
	 	Fax No.:
              917-206-4381
	 	Attn: Allan
              Grauberd,
              Esq.

    

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    If
      to
      Optionholder: 

     

    or
      such
      other address or facsimile number as may be designated in writing hereafter,
      in
      the same manner, by such Person.

     

    Section
      14. Successors.
      All the
      covenants and provisions hereof by or for the benefit of the Optionholder shall
      bind and inure to the benefit of its respective successors and assigns
      hereunder. 

    

    Section
      15. Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Stock Option shall be governed by and construed and enforced in
      accordance with the internal laws of the State of Nevada, without regard to
      the
      principles of conflicts of law thereof to the extent such principles would
      require the application of the laws of another jurisdiction.

    

    Section
      16. No
      Rights as Stockholder.
      Prior
      to the exercise of this Stock Option, the Optionholder shall not have or
      exercise any rights as a stockholder of the Company by virtue of its ownership
      of this Stock Option.

    

    Section
      17. Amendment;
      Waiver.
      Any
      term of this Stock Option may be amended or waived upon the written consent
      of
      the Company and the Optionholder.

    

    Section
      18. Section
      Headings.
      The
      section headings in this Stock Option are for the convenience of the Company
      and
      the Optionholder and in no way alter, modify, amend, limit or restrict the
      provisions hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Stock Option to be duly executed,
      as of the 29th day of May, 2007.

     

    
      	 	 	 
	 	TRACEGUARD TECHNOLOGIES, INC.
	 
 	 
 	 
 
	
            	By:  	/s/ David Ben-Yair
	 	
              
Name:
              David Ben-Yair
	 	Title: CFO

    

    

    The
      Optionholder accepts and agrees to the terms and conditions of this Option,
      including, without limitation, the last sentence of Section 2(a)
      hereof.

    
      	 	 	 
	 
 	 
 	 
 
	Date: May 29, 2007	By:  	/s/ Dr. Ehud Ganani
	 	
              
Name:
              Dr. Ehud Ganani

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    APPENDIX
      A

    TRACEGUARD
      TECHNOLOGIES, INC.

    STOCK
      OPTION EXERCISE FORM

    

    To
      TraceGuard Technologies, Inc.:

    

    The
      undersigned hereby irrevocably elects to exercise the right of purchase
      represented by the within Stock Option (“Option”) for, and to purchase
      thereunder by the payment of the Option Price and surrender of the Stock Option,
      _______________ shares of Common Stock (“Option Shares”) provided for therein,
      and requests that certificates for the Option Shares be issued as follows:
      

    
      	 	 	 
	 	
              
Name
	 	 
	 	
              
Address
	 	 
	 	 
	 	
              

            
	 	 
	 	
              
 

    

    
    

    and
      delivered to the above address (which must be outside the United States);

    

    and,
      if
      the number of Option Shares shall not be all the Option Shares purchasable
      upon
      exercise of the Stock Option, that a new Stock Option for the balance of the
      Option Shares purchasable upon exercise of this Stock Option be registered
      in
      the name of the undersigned Optionholder and delivered to the address stated
      above.

    

    The
      undersigned hereby represents and warrants to the Company that (check only
      one
      of the appropriate answers)

    

    ___
      A. the
      undersigned is not a U.S. Person and the Stock Option is not being exercised
      on
      behalf of a U.S. Person; or

    

    ___
      B. the
      undersigned is hereby furnishing a written opinion of counsel, in a form
      reasonably acceptable to the Company, to the effect that the Stock Option and
      the Option Shares delivered upon exercise of the Stock Option have been
      registered under the Securities Act or are exempt from registration
      thereunder.

    

    In
      addition, the undersigned acknowledges that this Stock Option may not be
      exercised in the United States, and that the Option Shares may not be delivered
      in the United States upon exercise, other than in an offering deemed to meet
      the
      definition of "offshore transaction" pursuant to Rule 902(h) of Regulation
      S,
      unless registered under the Securities Act or an exemption from such
      registration is available.

    

      
        	
                Dated:
                  ___________________, ____

              	 
	 	 
	
                Note:
                  The signature must correspond with

              	
                Signature:

              
	
                the
                  name of the Optionholder as written 
                  on
                    the first page of the Stock Option in every

                

              	
                
                  

                

                Name:
                  Dr. Ehud Ganani

              
	
                particular,
                  without alteration or enlargement

              	
              
	
                or
                  any change whatever.

              	 
	 	
                
                  

                

              
	 	 
	 	
                
 
	 	
                
                  

                

                AddressEMPLOYMENT AGREEMENT/GERARD M. HAYDEN, JR.

 

Exhibit 10.48

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered on, May 31, 2007 by and between
ProxyMed, Inc., a Florida corporation, d/b/a MedAvant Healthcare Solutions (the “Company”), and
Gerard M. Hayden, Jr. (“Executive”).

     WHEREAS, upon the terms and subject to the conditions of this Agreement, the Company desires
to employ the Executive, and Executive is willing to accept such employment.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth hereinafter
and other good and valuable considerations, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Executive intending to be legally bound agree as follows:

1. Term. The initial term of the Agreement shall commence on May 29, 2007 (the “Effective
Date”), and shall continue for three (3) years and shall be automatically renewed from year to year
thereafter (hereafter, the initial term and any renewals thereof shall constitute the “Term”),
unless either party provides the other party with notice of its intent not to renew this Agreement
not less than ninety (90) days nor more than 120 days prior to the expiration of the then-current
term or unless this Agreement is earlier terminated in accordance with its terms.

2. Position; Duties; Loyalty.

     a) Position. Executive will be employed by Company and shall render service to
Company as its Chief Financial Officer reporting to the Chief Executive Officer or his designee,
pursuant to the terms, provisions and conditions hereinafter set forth.

     b) Location. The location as to where the Executive’s duties are to be performed will
be determined at the reasonable discretion of the Company.

     c) Duties. Executive shall be employed by Company on a full-time, exclusive basis.
Executive will be required to travel on business, as is customary and usual for Executive’s
position. Executive shall perform such duties and have such authority and responsibilities
customarily accompanying his/her position and as reasonably directed by the Chief Executive Officer
of the Company consistent with the Executive’s position. Executive shall perform the duties and
have the authority and responsibilities customarily accompanying those of a Chief Financial Officer
of a public company, including without limitations, those prescribed by the Company’s By-laws or as
may be assigned to the Executive from time to time by the Company’s Board of Directors.

     d) Loyalty. Executive shall devote the full working time required for Executive’s
position and shall give Executive’s best efforts to the business of the Company and to the
performance of the duties and obligations described in this Agreement. Except as described on
Schedule 1 or, as may otherwise be authorized in writing by the Chief Executive Officer of the
Company, Executive shall not, directly or indirectly, alone, or as a partner, officer, director or
shareholder of any other institution, be engaged in any other commercial activities whatsoever, or
continue or assume any other corporate affiliations except for (i) an Affiliate; (ii) passive
investments; and (iii) minimal time utilized for business activities that do not compete with the
business of the Company or its subsidiaries. As used herein, the term “Affiliate” shall refer to
any entity that is owned or controlled by, under common ownership or control with, or which owns or
controls the Company or any of its subsidiaries, now or in the future.

 

 

3. Compensation and Expenses.

     a) Salary. In consideration for the services rendered by the Executive under this
Agreement, Company shall pay the Executive a monthly base salary of $ 14,166.66 per month (“Base
Salary”) in accordance with the Company’s customary payroll practices. Executive performance
reviews (with or without a wage increase) will be conducted at least annually or as otherwise
agreed to by the parties in writing. The Company shall adjust Executive’s Base Salary for any wage
increases approved in writing by the Board of Directors or its Compensation Committee in its sole
discretion. As used herein, the term “Base Compensation” shall refer collectively to (i)
Executive’s Base Salary, adjusted for any wage increases, (ii) the Options (as defined in Section
3(b)), (iii) future options granted pursuant to any Stock Option Plans (as defined in Section
3(b)), (iv) any Bonuses, (v) any bonuses to which Executive may be entitled pursuant to any Bonus
Plan, (vi) Vacation; and (vii) Benefits.

     b) Bonus. The Executive shall be entitled to and may earn such bonuses (“Bonuses”) as
may be awarded from time to time by the Board of Directors of the Company, sitting as a whole or in
committee, in its sole discretion, including pursuant to any bonus plan (“Bonus Plan”) implemented
by the Company, and to participate in any stock option plans (“Stock Option Plans”) or other Bonus
Plans which the Company may now have or in the future develop and for which the Executive qualifies
for eligibility under the terms of such plan.

     c) Expenses. Company shall promptly pay or reimburse the Executive for all reasonable
business expenses actually incurred or paid by the Executive in the performance of Executive’s
services hereunder in accordance with the policies and procedures of the Company, provided that
Executive properly accounts therefore.

     d) Tax Withholding. The Company shall have the right to deduct or withhold from all
compensation due Executive hereunder any and all sums required, including without limitation for
Federal income, social security and Medicare taxes and all state and local taxes now applicable or
that may be enacted and become applicable in the future.

4. Benefits.

     a) Vacation. The Executive shall be entitled to a yearly vacation of four (4) weeks
during the first year of this Agreement, and thereafter such additional time as may be provided by
the Company in writing in its then-current policies or otherwise, at full pay to be accrued and
taken in accordance with the Company’s policies in effect from time to time (“Vacation”). Vacation
shall accrue ratably during each calendar year in accordance with Company policies. Vacation not
taken in one calendar year may be carried over to the following calendar year subject to any
limitations set forth in the Company policies in effect from time to time. Executive shall not be
entitled to receive any additional compensation from the Company for Executive’s failure to take
all of Executive’s granted vacation time. In the event Executive’s employment is terminated
pursuant to Section 5(b) below, any vacation time used but not earned at the time of termination
shall be deducted from any monies owed to Executive.

     b) Participation in Benefit Plans. Executive shall be eligible for and entitled to
receive all other benefits and perquisites (“Benefits”) offered or extended to other senior
executives of the Company.

5. Termination.

     a) Involuntary Termination for Death or Disability. This Agreement shall terminate
immediately upon Executive’s death. The Company may terminate Executive’s employment with the
Company for Disability. For purposes of this Agreement, “Disability” is defined to mean the
inability of

2

 

Executive due to illness or physical or mental infirmity (as determined by a physician selected by
Executive and acceptable to the Company) to perform Executive’s duties hereunder on a full-time
basis for six (6) consecutive months with reasonable accommodation by the Company. Upon
termination due to death or Disability, Executive or Executive’s beneficiary or estate or legal
representative shall be entitled to receive the amounts payable under Section 5(c).

     b) Termination by Company For Cause. The Company may terminate Executive’s employment
with the Company at any time “For Cause” effective immediately, unless stated otherwise in writing,
upon giving written notice thereof to Executive, which notice shall state with reasonable
specificity the facts supporting the termination “For Cause.” “For Cause” shall include the
following:

          (i) Conviction of, or pleading guilty to, a felony or any crime involving moral turpitude,
fraud, dishonesty or theft or engaging in any act which is a violation of any law or regulation
protecting the rights of employees or;

          (ii) Failure by Executive to satisfactorily perform the duties stated herein or to
substantially perform such duties in accordance with any tasks, goals, and objectives as assigned
from time to time by the Company in writing, if Executive has not corrected or remedied, or has not
commenced to correct or remedy, such unsatisfactorily or non-substantial performance of such
specified duties within thirty (30) days (or such other time as may be provided in writing by the
Company) of Executive’s actual receipt of such written notice; or

          (iii) Executive’s gross negligence or willful misconduct relating to the Company that is
materially injurious to the Company; or

          (iv) Executive’s excessive use of alcohol or illegal drugs that (A) interferes with the
performance of Executive’s duties hereunder; and (B) continues even after written warning regarding
such excessive use is actually received by Executive; or

          (v) Executive’s abandonment of his position or termination of this Agreement for “No Good
Reason;” or

          (vi) Any material breach by Executive of this Agreement or of any of the Company’s applicable
written policies then in effect, including without limitations, the Company’s Code of Ethics for
Officers and Directors with written notice thereof by the Company, provided such notice is actually
received by Executive and an appropriate period to cure such material breach, if such breach is
curable, is given and has expired.

     Upon the Company’s termination of this Agreement and Executive’s employment For Cause, the
Executive shall be entitled to, and the Company shall pay the Executive the following “For Cause
Separation Pay”: the Executive’s Base Salary and benefits through the effective date of termination
at the Executive’s then current rate (including any applicable pro rated bonus and accrued vacation
pay). Except as provided for herein or in any other written agreement, the Company shall have no
other liabilities or obligations to Executive upon payment in full of the For Cause Separation Pay.

     c) Termination by Company Without Cause. The Company may terminate “Without Cause”
Executive’s employment with the Company or this Agreement at any time for any or no reason upon
thirty (30) Days written notice. Such termination by Company shall be deemed to be “without cause”
by the Company. In the event of termination by the Company pursuant to this Section, Executive shall
execute a full and complete release of any and all claims against the Company in a form
satisfactory to

3

 

the Company, in which event, for a period of six (6) months commencing from the effective date of
termination, the Executive shall be entitled to and shall receive, and the Company shall pay the
following “Without Cause Separation Pay”: (i) An amount equal to Executive’s Base Salary as of the
date of termination; plus (ii) a pro rata portion of any accrued vacation not already taken and of
any bonus that would have been paid to Executive under any bonus plan which is adopted by the
Company’s Compensation Committee or Board of Directors in such year if the Company and Executive
had met the targeted goals to the date of termination; plus (iii) the continuation for three (3)
months from the effective date of termination of all of Executive’s benefits including, without
limitation, all insurance plans, on the same terms and conditions as had been provided to Executive
prior to the termination, all of the foregoing which shall be payable in accordance with the
Company’s customary payroll practices then in effect, plus (iv) any unvested options shall be
vested as of the date of termination.

     d) Termination by Executive For Good Reason. Executive may terminate this Agreement
for “Good Reason” by giving the Company thirty (30) days prior written notice (the “Notice Period”)
to that effect, specifically stating Executive’s Good Reason for terminating in sufficient detail
to allow the Company to respond effectively to the notice, with the termination becoming effective
on the 31st day after such notice is actually received by the Company (the “Termination
Date”), unless the Company at its option cures any alleged breach, if curable, on or before the
Termination Date, or if the breach is not capable of being cured within the Notice Period, Company
made good faith efforts to cure any alleged breach prior to the Termination Date. The stated Good
Reason must be one or more of any of the reasons defined as a “Good Reason” herein. As used in
this Agreement, a “Good Reason” means termination by Executive only for any one or more of the
following reasons:

          (i) Any reduction of Executive’s then-current Base Salary without Executive’s prior written
consent; or

          (ii) Any material breach of this Agreement by the Company, not cured or in the process of
being cured by the Company as provided herein after the Company receives not less than 30 days
prior written notice by the Executive.

          An Executive’s termination for any of the foregoing Good Reasons shall be treated the same as
a termination “Without Cause” by the Company for purposes of calculating separation pay, entitling
the Executive to the Without Cause Separation Pay set forth in Section 5(c).

     e) Termination by Executive for No Good Reason. Executive may terminate this
Agreement for any reason (other than a Good Reason) or no reason at any time with not less than
thirty (30) days prior written notice to the Company (such termination shall be called a
termination for “No Good Reason”). After the Company receives notice of a termination for No Good
Reason, the Company may by written notice to the Executive cause the effective date of any such
termination to be accelerated without causing such termination to be considered a termination by
the Company Without Cause. Executive’s termination for No Good Reason shall be treated the same as
a termination “For Cause” by the Company for purposes of calculating separation pay, entitling the
Executive to the For Cause Separation Pay set forth in Section 5(b). For avoidance of doubt, a
termination by Executive for any reason that is also a Good Reason shall be treated as a
termination by Executive for Good Reason as set forth in Section 5(d).

     f) Return of Company Property. Upon any termination of this Agreement, Executive
shall immediately return to the Company all property of the Company in Executive’s possession,
including Confidential Information (as defined below). Executive acknowledges that the Company may
withhold any compensation and benefits owed to Executive hereunder until all such property is returned in
good condition, normal wear and tear excepted.

4

 

     g) Change in Control. If, within ninety (90) days prior to a Change of Control, as
defined in Executive’s Stock Option Agreement, the Agreement terminates for any reason (other than
pursuant to Section 5(b) or (e) above), then, (i) any unvested options shall vest as of the date of
the Change of Control and shall remain vested and exercisable as specified in Executive’s Stock
Option Agreement, and (ii) Executive shall receive, and the Company shall pay the Executive, the
“Without Cause Separation Pay” set forth in Section 5(c) above.

6. Covenants of Executive.

     a) Executive agrees that during the Term of this Agreement and for one (1) year following its
expiration or termination for any or no reason, including without limitation, “For Cause”, “Without
Cause”, “For Good Reason”, or “No Good Reason”, Executive will not, directly or indirectly, without
the prior written consent of the Company, induce or solicit any person employed or hereafter
employed by the Company to leave the employ of the Company, or solicit, recruit, hire or attempt to
solicit, recruit or hire any person employed by the Company.

     b) Executive agrees that for a period of two (2) years after the expiration or termination of
this Agreement for any or no reason, including without limitation, “For Cause”, “Without Cause”,
“For Good Reason”, or “No Good Reason”, Executive will not, directly or indirectly, without the
prior written consent of the Company, solicit or attempt to solicit, divert or take away, or
attempt to divert or take away, Customers or their laboratory business from the Company and/or the
Company’s then-current Affiliates. As used in the preceding sentence, the term “Customer” shall
include, however known to Executive as of the date of such termination or expiration, (i) any
current end-user of the Company’s or its then-current Affiliates’ products or services, or any
potential end-user thereof with whom the Company or its then-current Affiliates have had contact
with within the preceding six (6) months; (ii) any current suppliers of the Company’s or its
then-current Affiliates; and/or (iii) vendor of the Company or its then-current Affiliates or
reseller of the Company or its then-current Affiliates; and/or (iv) their Affiliates, successors or
assigns.

     c) Executive agrees and acknowledges that Executive will disclose promptly to the Company
every discovery, improvement and invention made, conceived or developed by Executive during the
entire period of employment (whether or not during working hours) which discoveries, improvements
or inventions are capable of use in any way in connection with the business of the Company. To the
fullest extent permitted by law, all such discoveries, inventions and improvements will be deemed
works made-for-hire. Executive grants and agrees to convey to Company or its nominee the entire
right, title and interest, domestic and foreign, which Executive may have in such discoveries,
improvements or inventions, or a lesser interest therein, at the option of Company. Executive
further agrees to promptly, upon request, sign all applications for patents, copyrights,
assignments and other appropriate documents, and to perform all acts and to do all things necessary
and appropriate to carry out the intent of this section, whether or not Executive is still an
employee of the Company at the time of such requests.

     d) Executive agrees and acknowledges that the Confidential Information of the Company is
valuable, special and unique to its business, that such business depends on such Confidential
Information, and that the Company wishes to protect such Confidential Information by keeping it
confidential for the exclusive use and benefit of the Company. Based on the foregoing, Executive
agrees to undertake the following obligations with respect to such Confidential Information:

5

 

          (i) Executive agrees to keep any and all Confidential Information in trust for the use and
benefit of the Company;

          (ii) Executive agrees that, except as required by Executive’s duties or authorized in writing
by the Company, Executive will not at any time during and for a period of three (3) years after the
termination of Executive’s employment with the Company, disclose, directly or indirectly, any
Confidential Information of the Company to any third party; except as may be required by applicable
law or court order, in which case Executive shall promptly notify Company so as to allow it to seek
a protective order if it so elects;

          (iii) Executive agrees to take all reasonable steps necessary, or reasonably requested by the
Company, to ensure that all Confidential Information of the Company is kept confidential for the
use and benefit of the Company and its subsidiaries; and

          (iv) Executive agrees that, upon termination of Executive’s employment by the Company or at
any other time the Company may in writing so request, Executive will promptly deliver to the
Company all materials constituting Confidential Information (including all copies and derivatives
thereof) that are in the possession of or under the control of Executive. Executive further agrees
that, if requested by the Company to return any Confidential Information pursuant to this
Subsection (iv), Executive will not make or retain any copy or extract from such materials.

          For the purposes of this Section 6(d), “Confidential Information” means any and all
information, including derivative works, developed by or for the Company or entrusted to the
Company in confidence by its customers, of which Executive gained knowledge by reason of
Executive’s employment by the Company, which is not generally known in any industry in which the
Company is or may become engaged, but does not apply to information which is generally known to the
public or the trade, unless such knowledge results from an unauthorized disclosure by Executive.
Confidential Information includes, but is not limited to, any and all information developed by or
for the Company concerning plans, marketing and sales methods, materials, processes, business
forms, procedures, devices used by the Company, its suppliers and customers with which the Company
had dealt with prior to Executive’s termination of employment with the Company, plans for
development of new products, services and expansion into new areas or markets, internal operations,
and any trade secrets, proprietary information of any type owned by the Company, together with all
written, graphic and other materials relating to all or any part of the same. The Company will
receive all materials, including, software programs, source code, object code, specifications,
documents, abstracts and summaries developed in connection with Executive’s employment. Executive
acknowledges that the programs and documentation developed in connection with Executive’s
employment with the Company shall be the exclusive property of the Company, and that the Company
shall retain all right, title and interest in such materials, including without limitation patent
and copyright interests. Nothing herein shall be construed as a license from the Company to
Executive to make, use, sell or copy any inventions, ideas, trade secrets, trademarks,
copyrightable works or other intellectual property of the Company during the Term of this Agreement
or subsequent to its termination.

     e) Executive acknowledges that there is no general geographical restriction contained in this
Section 6 because the Company’s and/or Affiliates’ Customers are not confined to one geographical
area or operate on a national level. Notwithstanding the foregoing, if a court of competent
jurisdiction were to determine that any of the foregoing covenants would be held to be unreasonable
in time or distance or scope, the time or distance or scope may be reduced by appropriate order of
the court to that deemed reasonable.

6

 

     f) Executive confirms that Executive is not bound by the terms of any agreement with any
previous Company or other party which restricts in any way Executive’s use or disclosure of
information or Executive’s engagement in any business, except as Executive may disclose in a
separate schedule attached to this Agreement prior to Company’s and Executive’s execution of this
Agreement. Further, Executive represents that Executive has delivered to the Company prior to
executing this Agreement true and complete copies of any agreements disclosed on such attached
schedule. Executive represents to the Company that Executive’s execution of this Agreement,
employment with the Company and the performance of Executive’s proposed duties for the Company
will not violate any obligations Executive may have to any such previous Company or other party.
In any work for the Company, Executive will not disclose or make use of any information in
violation of any agreements with or rights of any such previous Company or other party, and will
not bring to the premises of the Company any copies or other tangible embodiments of non-public
information belonging to or obtained from any such previous employment or other party. In the
event of breach of this subsection (f) Executive hereby agrees to defend, indemnify and hold
harmless the Company, its officers, directors, employees, agents (the “Indemnified Parties”) from
any and all damages, suits, claims, liabilities, actions (individually and collectively, the
“Indemnity Event”) arising or resulting from such breach. In the event of any Indemnity Event, the
Indemnified Parties shall provide Executive with timely written notice of same, and thereafter
Executive shall at its own expense defend, protect and hold harmless the applicable Indemnified
Parties against said Indemnity Event. If the Executive should fail to so defend and/or indemnify
and save harmless the Indemnified Parties, then in such instance the Indemnified Parties shall have
full rights to defend, pay or settle said Indemnity Event on their behalf without notice to
Executive and with full rights to recourse against Executive for all fees, costs, expenses and
payments made or agreed to be paid to discharge said Indemnity Event.

     g) Assistance in Litigation. Executive shall upon reasonable notice, furnish such
information and proper assistance to the Company as it may reasonably require in connection with
any litigation in which the Company is, or may become, a party either during or after Executive’s
employment with the Company.

     h) Injunctive Relief.

          i) Executive acknowledges and agrees that the covenants and obligations contained in this
Section 6 relate to special, unique and extraordinary matters and that a violation of any of the
terms of this Section will cause the Company irreparable injury for which adequate remedies at law
are not available. Therefore, Executive agrees that the Company shall be entitled (without having
to post a bond or other surety) to an injunction, restraining order, or other equitable relief from
any court of competent jurisdiction, restraining the Executive from committing any violation of the
covenants and obligations set forth in this Section 6.

          ii) The Company’s rights and remedies under this Section 6 are cumulative and are in addition
to any other rights and remedies the Company may have pursuant to the specific provisions of this
Agreement and at law or in equity.

7. Miscellaneous.

     a) Attorney’s Fees. In the event a proceeding is brought to enforce or interpret any
part of this Agreement or the rights or obligations of any party to this Agreement, each party
shall pay their own fees and expenses, including reasonable attorney’s fees and costs.

7

 

     b) Successors and Assigns. This Agreement and the benefits hereunder are personal to
the Company and are not assignable or transferable by the Executive. Subject to the foregoing,
this Agreement shall be binding upon and inure to the benefit of the Company and the Executive, and
the Executive’s heirs and legal representatives, and the Company’s successors and assigns.

     c) Governing Law. This Agreement shall be construed in accordance with and governed
by the law of the State of Florida, without regard to the application of Florida’s principles of
conflict of laws.

     d) Arbitration. Except for disputes relating to Section 6(d) of this Agreement or any
injunctions, any and all disputes or controversies that shall arise under or in connection with
this Agreement or in any other way related to Executive’s employment by the Company, including
termination of employment, shall be submitted to a panel of three arbitrators under the National
Rules for the Resolution of Employment Disputes of the American Arbitration Association then in
effect. The parties hereby acknowledge that the Federal Arbitration Act takes precedence over any
state arbitration statutes, rules and regulations. Each of the arbitrators shall be qualified and
experienced in employment related matters with at least one arbitrator being a licensed attorney.
The arbitrators must base their determination solely on the terms and conditions of this Agreement
and the law in the State of Florida. The arbitrators shall have the authority to award any remedies
that a court may order or grant, except that they will have no authority to award punitive damages
or any other damages not measured by the prevailing party’s actual damages, and may not, in any
event, make any ruling, finding or award that does not conform to the terms and conditions of this
Agreement. Arbitration shall be held in Fort Lauderdale, Florida, and the parties hereby agree to
accept service of process served in accordance with the Notices provision of this Agreement and in
the personal jurisdiction and venue as set out herein. Both parties expressly covenant and agree
to be bound by the decision of the arbitrators as the final determination of the matter in dispute.
Judgment upon the award rendered by the arbitrators may be entered into any court having
jurisdiction thereof.

     e) Notices. All notices and other communications required or permitted to be given
under this Agreement shall be in writing and shall be deemed to have been given if delivered
personally or sent by certified mail, return receipt requested, postage prepaid, to the parties to
this Agreement addressed to the Company’s then-current Chief Executive Officer at its then
principal office, as notified to Executive, or to the Executive at Executive’s most current address
as shown in Executive’s personnel file, or to either party hereto at such other address or
addresses as Executive or it may from time to time specify for such purposes in a notice similarly
given.

     f) Modification; Waiver. No provisions of this Agreement may be modified, waived or
discharged unless such modification, waiver or discharge is approved by a duly authorized officer
of the Company and is agreed to in a writing signed by the Executive and such officer. No waiver
by either party hereto at any time of any breach by the other party hereto of, or compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent
time.

     g) Headings. The headings in this Agreement are for convenience of reference only and
shall not control or affect the meaning or construction of this Agreement.

     h) Validity. The invalidity or unenforceability of any one or more provisions of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.

     i) Severability. The invalidity of any one or more of the words, phrases, sentences,
clauses or sections contained in this Agreement shall not affect the enforceability of the
remaining portions of this

8

 

Agreement or any part thereof, all of which are inserted conditionally on their being valid in law,
and if any one or more of the words, phrases, sentences, clauses or sections contained in this
Agreement shall be declared invalid, this Agreement shall be construed as if such invalid word or
words, phrase or phrases, sentence or sentences, clause or clauses, or section or sections had not
been inserted.

     k) Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

     l) Surviving Provisions. Any portion of this Agreement which by it nature survives
the termination of this Agreement, including Section 6, shall survive the termination of this
Agreement.

     m) Entire Agreement. Except as modified by this Agreement, all of Executive’s
benefits and obligations are as set forth in the Company’s policies in effect from time to time.
Other than the Company’s policies in effect from time to time, as modified herein, no agreements or
representations, oral or otherwise, express or implied, with respect to the subject matter hereof
have been made by either party, which are not set forth expressly in this Agreement. This
Agreement constitute the final and entire agreement between the parties, and supersedes all prior
written and oral agreements, understandings, or communications with respect to the subject matter
of this Agreement.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first
above written.

	 	 	 	 	 	 	 	 	 
	COMPANY

	 	 	 	 	 	 	 	EXECUTIVE
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 /s/ John Lettko	 	 	 	By:	 	 /s/ Gerald M. Hayden, Jr.
	 

	 	 
	 	 	 	 	 	 
	 

	 	Signature
	 	 	 	 	 	Signature
	 
	 	 	 	 	 	 	 	 
	Print Name:	 	  John Lettko	 	 	 	Print Name: Gerard M. Hayden, Jr.
	 

	 	 	 	 	 	 	 	 

9

 

SCHEDULE 1

OTHER COMMERCIAL ACTIVITIES

(Section 2 (d))

Board of Director Activities at the Following Organizations:

	 	•	 	HealthStream, Inc.
	 
	 	•	 	Sy.Med Development, Inc.
	 
	 	•	 	Home Health Laboratory of America, Inc.

10

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