Document:

Exhibit 10.21

 

September 25,
2009

 

Aaron
Erkan Akyuz

 

Dear
Erkan,

 

On
behalf of Vital Images, Inc., I am pleased to offer you the full-time
position of Executive Vice President of Research and Development reporting
directly to me.  Your base salary will be
$10,416.67 semi-monthly, which annualizes to $250,000 USD.  Your start date will be October 1, 2009.  This offer letter will expire on September 30,
2009.

 

This
agreement supersedes and succeeds the Canadian employment agreements signed on August 13,
2009 titled EMPLOYEE OFFER LETTER and the CONFIDENTIALITY, ASSIGNMENT AND
NON-COMPETITION AGREEMENT.  The Canadian
employment agreements will no longer be of effect between the parties as of the
date of effectiveness of this agreement.

 

In
addition to your Base Salary, you will be eligible for the Management Incentive
Plan (the “Plan”). Your incentive target for calendar year 2009 will be 35% of
base pay (prorated based on your start date). 
Awards under the Plan will be based on achievement of a combination of
both company and personal performance goals. Moreover, there is an opportunity
for the award to be more than your incentive target, based on overachievement
of Company goals. Payouts under the Plan are expected to be made to qualifying
employees on a lump sum basis on or before March 31, 2010.

 

We
have agreed that you will permanently relocate to the Minneapolis, MN area no
later than August 2010. To assist you in your relocation we will pay for
temporary housing in the Minneapolis area through August 2010 or until the
time you purchase a home in Minnesota (whichever comes first).  We will
also pay for the move of your household goods and two house hunting trips for
you and your spouse for four days duration each and reimburse you for any
travel expenses associated with traveling to and from our headquarters prior to
your relocation.  Additionally, the Company will pay you an
amount up to $50,000 for house buying and/or closing costs when you sell your
home in Ontario.  Should you leave the Company voluntarily within one

 

 

year after your
relocation to Minnesota; this amount must be repaid to the Company.  Please see “Exhibit A” for more details
surrounding the relocation assistance.  Please note that certain of these payments may be
considered taxable benefits under applicable law.

 

For the period that your family
remains in Canada, you will generally be taxable as resident of Canada and as a
non-resident in the U.S.  This could lead to an increased worldwide tax
liability associated with this arrangement.  Therefore, the company will
tax equalize any associated incremental/additional income and/or social tax
liability and provide tax preparation assistance regarding dual tax filing
requirements related to this period of your employment. There may also be an
incremental tax liability due to the assessment of Canadian departure tax upon
your relocation to the U.S.  If this is the case, the company will
evaluate the situation and identify if they will cover any portion of an
incremental tax cost to you.  Any such payments required under this
paragraph will be made under the terms identified in the attached addendum.

 

Upon
joining Vital Images, you will be eligible to participate in the Company’s
fringe benefit program. Specifically, you will accrue 1.66 days per month (.833
days per pay period) which equals 20 days (4 weeks) of vacation per year. You
will also receive ten (10) paid holidays per calendar year.  Medical, Dental, and Disability Insurance
will be effective the first of the month following the start date.  The
Company understands that your family will remain in Canada over the next
several months.  As you are aware, the
Company does not currently provide any group or individual benefit plans in
Canada.  We understand such benefit plans
are important for your family and we are prepared to provide you an additional
amount of compensation equivalent to 5% of your Base Salary per annum in order
for you to purchase an individual or family plan that best suits your family’s
needs while they remain in Canada.  You
are responsible for all taxes resulting from this extra 5%.  This payment will continue until your family
relocates to the Minnesota and they are eligible for benefits under our
standard USA benefits package or through August, 2010 whichever comes first.  This payment will be included in your
semi-monthly salary payments outlined in paragraph 1 of this Agreement and will
be subject to all applicable tax withholdings and statutory and other
deductions.

 

You
may participate in the Vital Images Employee Stock Purchase Plan the first day
of any quarter, and the Vital Images 401(k) plan the first day of the
month, following a three-month waiting period.  Please be advised that
Company fringe benefit programs are subject to change as a matter of Company
policy.

 

 

In
compliance with the Immigration Reform and Control Act, all new employees are
required to provide proof of work eligibility and identification. In order to
satisfy these requirements, certain documents must be presented within 72 hours
of your start date.  Please review the
list, which is attached to the Form I-9, of appropriate documentation and
bring these with you on your first day of employment.

 

You
should be aware that your employment with Vital Images is for no specified
period and constitutes at will employment. 
As a result, you are free to resign at any time, for any reason or for
no reason.  Similarly, Vital Images is
free to conclude our employment relationship with you at any time, with or
without cause, and with or without notice, subject to any severance obligations
under any written employment agreement with the Company.

 

This
offer of employment is contingent upon successful completion of a background
investigation by the Human Resources Department at Vital Images.  Confirmation of completion of the
investigation will be provided to you as soon as the investigation is complete.

 

To
accept this offer of employment, please sign below and return one copy of this
letter as soon as possible in the enclosed envelope, along with your signed
non-disclosure agreement.

 

Erkan,
we are excited about having you on the Vital Images’ team.  We are confident that you will contribute to
our Company’s growth and that we can provide a challenging and rewarding work
environment to further your professional career.

 

	
  Sincerely,

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Michael H. Carrel

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Michael Carrel

  	
   

  	
   

  	
   

  
	
  President/Chief Executive Officer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Accepted
  by

  	
  /s/
  Aaron Akyuz

  	
   

  	
  Date

  	
  9/25/09Exhibit 10.22

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT
made and entered into as of the 1st day of October, 2009, by and between Vital
Images, Inc. (“Company”) and Aaron Erkan Akyuz (“Executive”). This
agreement supersedes and succeeds the Canadian employment agreements signed on August 13,
2009 titled EMPLOYEE OFFER LETTER and the CONFIDENTIALITY, ASSIGNMENT AND
NON-COMPETITION AGREEMENT.  The Canadian
employment agreements will no longer be of effect between the parties as of the
date of effectiveness of this agreement.

 

W I T N E S S E T H:

 

WHEREAS,
Company desires to retain the services of Executive for and on behalf of
Company on the terms and subject to the conditions set forth herein.

 

WHEREAS,
each of the parties acknowledge that they are receiving good and valuable
consideration for entering into this Employee Agreement and Executive
acknowledges that this Employment Agreement, including the non-disclosure
agreement set forth herein, was negotiated between the parties hereto and that
Executive received bargained for consideration in the form of benefits
resulting to Executive from the terms and conditions of such employment, in
exchange for entering into this Employment Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

 

ARTICLE I.

 

EMPLOYMENT AND TERM

 

1.1                                 EMPLOYMENT.  Upon the terms subject to the conditions
herein contained, Company hereby employs Executive as Executive Vice President
of Research and Development, and Executive hereby accepts such employment,
subject to the supervision of the President and Chief Executive Officer of the
Company.  Executive shall devote his best
skill and efforts (reasonable sick leave and vacations excepted) to the
performance of his duties under this Agreement.

 

1.2                                 TERM.  This Agreement shall take effect upon the
date first above written, and shall remain in effect as “at-will” employment
until terminated in accordance with Article IV.  Upon termination of this Agreement, except as
otherwise provided herein, neither the Company nor Executive shall have any
further rights, duties, privileges, or obligations hereunder.

 

1.3                                 COMPLIANCE WITH COMMITMENTS AND OBLIGATIONS.  Executive represents and warrants as follows: (i) he is not a party to any other agreement or 

 

  AA     Executive 

  MHC  Company

 

 

obligation for personal services; (ii) there exist no impediments or restraints, contractual or otherwise on Executive’s power, right or ability to enter into this Agreement and to perform his duties and obligations hereunder; and (iii) the performance of his obligations under this Agreement do not and will not violate or conflict with any agreement relating to confidentiality, non-competition or exclusive employment to which Executive is or was subject.

 

1.4                                 INSIDER TRADING POLICY.  Executive will be required, as a condition of employment with the Company, to sign and comply in every respect with the Company’s Insider Trading Policy, a copy of which is enclosed.
 

ARTICLE II.

 

COMPENSATION

 

2.1                                 BASE
SALARY.  In exchange for the provision of services,
Company agrees that it will pay Executive commencing October 1, 2009 at
the rate of $250,000 USD per year, payable in accordance with standard pay
practices of Company, less any applicable withholdings or deductions.

 

2.2                                 BENEFITS.  In addition to the compensation set forth
under Section 2.1, Executive shall be entitled to participate in any of
Company’s standard benefit policies or plans, including its Employee Stock
Purchase plan, according to their terms. 
Subject to the provisions of Section 4.1(d) of this Agreement,
these policies may be modified or terminated from time to time by Company, but
not retroactively.  The written terms of
the policies shall govern any questions of eligibility, coverage, or duration
of coverage.

 

2.3                                 INCENTIVE
COMPENSATION.  As an
incentive to performance, Executive shall be eligible to receive initiative
compensation and/or benefits as follows:

 

a.                                       Executive shall
be eligible to participate in Company’s Management Incentive Plan (the “Plan”)
as it is established annually by the Board of Directors.  Pursuant to the Plan, Executive’s incentive
target for calendar year 2009 shall be thirty-five percent (35%) of Executive’s
base salary for calendar year 2009. 
Executive’s incentive compensation for calendar year 2009 under the
Plan, if any, will be determined as soon as practical after December 31,
2009, and will be paid to Executive in a lump sum, less any withholdings or
deductions, on or before March 31, 2010.

 

2.4                                 VACATION.  Executive shall initially receive twenty (20)
days of vacation per year.

 

2.5                                 BUSINESS
EXPENSES.  The Company
will reimburse Executive for all reasonable, ordinary, and necessary expenses
incurred by him in the performance of his duties hereunder, provided that
Executive accounts to Company for such expenses in a manner normally prescribed
by Company for reimbursement of expenses. 
Such reimbursement requests must be accompanied by the appropriate
documentation and shall be subject to review by Company’s President and Chief
Executive Officer.

 

  AA     Executive 

  MHC  Company

 

2

 

ARTICLE III.

 

DUTIES OF EXECUTIVE

 

3.1                                 SERVICES.  Executive shall perform all duties and
obligations charged to Executive by the President and Chief Executive Officer
of Company, as the same may be determined from time to time.  The President and Chief Executive Officer shall
assure adequate time, resources, and authority for Executive to reach goals
mutually agreed upon by Company and Executive.

 

3.2                                 TIME
AND EFFORT.  Executive
shall devote his full time and effort to the business of Company.  Executive shall perform the duties and
obligations required of Executive hereunder in a competent, efficient, and
satisfactory manner at such hours and work conditions as the performance of
these duties may require.

 

3.3                                 ARTICLES
AND BY-LAWS.  Executive shall act in accordance with so as
to abide by the Articles of Incorporation of Company, the Bylaws of Company and
all decisions of the Board of Directors of Company.

 

3.4                                 CONFIDENTIALITY
AND LOYALTY.  Executive acknowledges that during the course
of his employment he has produced and may produce and have access to material,
records, data, and information not generally available to the public (“Confidential
Information”) regarding Company, its customers and affiliates.  Accordingly, during and subsequent to the
termination of this Agreement, Executive shall hold in confidence and not
directly or indirectly disclose, use, copy, or make lists of any such
confidential information, except to the extent authorized in writing by
Company, or as required by law or any competent administrative agency or as
otherwise is reasonable necessary or appropriate in connection with the
performance by Executive of his duties pursuant to this Agreement.  Upon termination of his employment under this
Agreement, Executive shall promptly deliver to Company (i) all records,
manuals, books, documents, letters, reports, data, calculations, and all copies
of any of the foregoing which are the property of Company and (ii) all
other property of Company and Confidential Information which in any of these
cases are in his possession or under his control.  Executive agrees to abide by Company’s
reasonable policies as in effect from time to time, respecting avoidance of
interests conflicting with those of Company.

 

3.5                                 WORKS
MADE FOR HIRE.  Executive
acknowledges and agrees that any and all works of authorship by Executive made
pursuant to this Agreement or any prior agreements are within the scope of
services to be provided to Company and shall constitute “works made for hire”
as defined by the Copyright Act of 1976, Title 17 of the United States Code, as
now enacted or hereinafter amended.  To the extent Employee retains any rights of any
nature in any Work Product, Employee hereby assigns to Company all of Employee’s
right, title, and interest (including but not limited to all patent, copyright,
trade secret, and moral rights) in and to all Work Products prepared by
Employee, whether patentable or not, made or conceived in whole or in part by
Employee within the scope of Employee’s employment by Company, or that involve
the use of Confidential Information.  Accordingly,
Executive acknowledges and agrees that 

 

  AA     Executive 

  MHC  Company

 

3

 

Company shall be the sole and exclusive owner of any and all copyright(s) with
respect to such works of authorship and that Executive shall not be entitled to
any additional compensation over and above the compensation set forth herein or
otherwise already received by Executive unless otherwise agreed in writing by
Company.  If any work of authorship
created hereunder or prior to hereto is not deemed to be a “work made for hire,”
Executive hereby assigns all right, title, and interest therein to
Company.  Executive is hereby notified that this assignment of Work
Product does not include any invention where (i) Executive did not use the
equipment, supplies, facility or trade secret information of Company; (ii) Executive
developed the invention on his own time; (iii) the invention does not
directly relate to the business of Company or Company’s actual or anticipated
research or development; and (iv) the invention did not result from any
work performed for Company.

 

3.6                                 COMPANY
TO HOLD PROPRIETARY RIGHTS. 
Furthermore, and without limiting the foregoing, Executive acknowledges
and agrees that all proprietary rights, including, without limitation, all
patent, trademark, trade secret, copyright, and other rights, which may exist
in connection with any and all inventions, ideas, and works created or
conceived by Executive for Company, either before or after the date hereof,
shall be the sole and exclusive property of Company and Executive shall have no
further rights therein and, to the extent necessary, assigns all such rights to
Company.  All patent, copyright, and
other rights in such inventions, ideas, and works shall be the property of
Company, who shall have the sole right to seek patent, copy, registered design
or other protection in connection therewith. 
Executive shall at Company’s reasonable expense do all things and
execute all such documents as Company may reasonably require to vest in Company
the rights and protection herein described.

 

3.7                                 RESTRICTION
ON COMPETITION.  Executive agrees that for a period of twelve (12)
months from the date of Executive’s termination of employment with the Company,
irrespective of the reasons for termination, Executive shall not, directly or
indirectly, and regardless of whether Executive is acting as owner,
partner, stockholder, employee, broker, agent, principal, trustee, corporate
officer, director, consultant or in any other capacity, do any of the following: 

 

(1) Own, manage, operate, join, control, consult with, participate
in the ownership, operation or control of, be employed by, or be connected in
any manner with any person or entity which manufactures, sells, solicits,
offers, offers to provide, or provides any Competitive Products and Services,
unless such employment is by a large diversified entity and on a basis such
that Executive will have no involvement whatsoever with the provision of
Competitive Products and Services during the Restricted Period. For purposes of
this Agreement, “Competitive Products and Services” shall mean all products and
services similar to those actively being sold by the Company at the time of
Employee’s termination or under development for release within twelve (12)
months of such termination.

 

(2) Solicit customers
or the business of any person, firm, corporation or other entity who is or who
was a customer or account of Company or any of Company’s affiliates and
subsidiaries while Employee was employed by Company, including but not limited
to resellers or distributors of Company products or services, or accept
business from any 

 

  AA     Executive 

  MHC  Company

 

4

 

person, firm, corporation or
other entity who is or who was a customer or account of Company or any of
Company’s affiliates and subsidiaries while Executive was employed by Company,
for the purpose of selling to such customer or account any Competitive Product
or Service; and 

 

(3) Induce or seek to
induce any person employed with Company or its affiliates as of the Separation
Date to discontinue that person’s employment with Company and/or solicit,
recruit, hire or participate in any other person’s or entity’s effort to hire
an employee of Company.

 

3.8                                 REMEDIES.  Executive agrees and understands that any
breach of any of the covenants or agreements set forth in this ARTICLE III of
this Agreement will cause Company irreparable harm for which there is no
adequate remedy at law, and, without limiting whatever other rights and remedies
Company may have under this paragraph, Executive consents to the issuance of an
injunction in favor of Company enjoining the breach of any of the aforesaid
covenants or agreements by any court of competent jurisdiction.  If any or all of the aforesaid covenants or
agreements are held to be unenforceable because of the scope or duration of
such covenant or agreement or the area covered thereby, the parties agree that
the court making such determination shall have the power to reduce or modify
the scope, duration, and/or area of such covenant to the extent that allows the
maximum scope, duration, and/or area permitted by applicable law.

 

ARTICLE IV.

 

TERMINATION

 

4.1                                 RESIGNATION
OF EXECUTIVE.  Executive
may resign his employment at any time for any reason upon fifteen (15) days
advance written notice to the President and Chief Executive Officer.  If Executive resigns his employment without
Good Reason (as that term is defined below), he shall not be entitled to severance
pay.  If Executive resigns his employment
for Good Reason, the Company shall pay Executive the severance pay set forth in
Section 4.2 below provided Executive agrees to release any claims he may
have against the Company in exchange for receipt of severance pay.  For purposes of the Agreement, Good Reason
shall mean the occurrence of any of the following events, which the Company has
not cured within thirty (30) days of notice thereof:

 

a.                                       A material
breach of this Agreement or any other written agreement with the Executive by
the Company;

 

b.                                      A material
adverse change in Executive’s status or position as an executive officer of the
Company as a result of a material diminution in Executive’s duties,
responsibilities, or authority as of the date of this Agreement (except in
connection with the termination of Executive’s employment in accordance with Section 4.3
hereof);

 

c.                                       A reduction by
the Company of the Executive’s base salary as the same may be increased from
time to time;

 

d.                                      Without
replacement by a plan providing benefits to Executive equal to or greater than
those discontinued or by payment of cash in lieu of such 

 

  AA     Executive 

  MHC  Company

 

5

 

benefits, the failure by the Company to continue in effect, within its
maximum stated term, any employee benefit plan in which Executive is
participating in prior to the date of this Agreement or taking of any action by
the Company that would adversely affect Executive’s participation or materially
reduce Executive’s benefits under all such plans; provided, however, that Good
Reason shall not include changes, modifications, and terminations of the
Company’s standard benefit policies and plans which are generally applicable to
the Company’s officers and employees; or

 

e.                                       The Company’s
requiring Executive to be based anywhere other than that Minneapolis/St. Paul,
Minnesota metropolitan statistical area, except for required travel on the
Company’s business.

 

4.2                                 TERMINATION
BY COMPANY.  Company
shall have the right to terminate Executive’s employment without notice and
with or without Cause, as that term is defined below.  If Company terminates Executive’s employment
without cause, Company shall pay Executive nine (9) months of severance
pay based on Executive’s base salary at the time of termination provided
Executive agrees to release any claims he may have against the company,
pursuant to Company’s standard release agreement for such circumstances, in
exchange for the receipt of severance pay. 
Executive’s severance pay, if any, shall be payable in one lump sum,
less any applicable withholdings or deductions, within ten (10) days after
the expirations of any applicable rescission periods.  If Company terminates Executive’s employment
with Cause, Executive shall not receive severance pay.

 

Medical
Insurance Benefits.  If Executive is eligible for severance pay
hereunder, Company, pursuant to federal and state law, will also provide, for a
period of nine (9) months following Executive’s termination date (“Benefits
Period”), a continuation of the group medical and dental insurance coverage on
the same basis as it was previously provided to Executive by Company. 
Through the earlier of (i) Executive’s participation in equivalent group
medical and dental insurance benefits with a new employer or (ii) the end
of the Benefits Period, Company will pay that portion of the premium for group
medical and dental insurance that it paid during Executive’s employment, with
the remainder to be paid by Executive.  After such conclusion, Executive
will be required to pay for all such benefits for the remainder of the period
in which Executive is eligible for COBRA, if any, should Executive elect to
continue COBRA coverage.

 

Notwithstanding
anything in this Agreement to the contrary, if all or any portion of the severance
pay described in this Section 4.2 is subject to the requirements of Code Section 409A
and the Company determines that Executive is a “specified employee” as defined
in Code Section 409A as of the date of Executive’s termination of
employment, such payments shall not be paid or commence earlier than the first
day of the seventh month following the date of Executive’s termination of
employment.

 

4.3                                 TERMINATION
FOR CAUSE.  Notwithstanding anything contained in this
Agreement to the contrary, Company shall have the right to terminate the
employment of Executive for Cause.  Cause
means:

 

  AA     Executive 

  MHC  Company

 

6

 

a.                                       Executive’s
gross misconduct;

 

b.                                      Executive shall
inexcusably violate or willfully refuse to obey the lawful and reasonable
instructions of the President and Chief Executive Officer or the Board of
Directors of the Company; or

 

c.                                       Executive’s
conviction (including a plea of nolo contendere) of willfully engaging in
illegal conduct constituting a felony or gross misdemeanor under federal or
state law which is materially and demonstrably injurious to the Company or
which impairs Executive’s ability to perform substantially his duties for the
Company.

 

An
act, or failure to act, will be considered “gross” or “willful” for this
purpose only if done, or omitted to be done, by Executive in bad faith and
without reasonable belief that it was in, or not opposed to, the best interests
in the Company.  Any act, or failure to
act, based upon authority given pursuant to a resolution duly adopted by the
Company’s Board of Directors (or a committee thereof) or based upon the advice
of counsel for the Company will be conclusively presumed to be done, or omitted
to be done, by Executive in good faith and in the best interests of the
Company.  It is also expressly understood
that Executive’s attention to matters not directly related to business of the
Company will not provide a basis for termination for Cause so long as the Board
did not expressly disapprove in writing of Executive’s engagement in such
activities either before or within a reasonable period of time after the Board
knew or could have reasonably known the Executive engaged in those
activities.  Notwithstanding the
foregoing, Executive may not be terminated for Cause unless and until there has
been delivered to him a copy of a resolution duly adopted by the affirmative
vote of not less than a majority of the entire membership of the Board at a
meeting of the Board called and held for the purpose (after reasonable notice
to Executive and an opportunity for him, together with his counsel, to be heard
before the Board), finding that in the good faith opinion of the Board
Executive was guilty of the conduct set forth above in clauses a., b., or c. of
this definition and specifying the particulars thereof in detail.

 

Where
the employment of the Executive is terminated pursuant to this Article IV,
Section 4.3 of this Agreement, such termination shall be effective upon
the delivery of notice thereof to Executive.

 

4.4.                              SURVIVING
RIGHTS. 
Notwithstanding the termination of Executive’s employment, the parties
shall be required to carry out any provisions hereof which contemplate
performance subsequent to such termination; and such termination shall not affect
any liability or other obligation which shall have accrued prior to such
termination, including, but not limited to, any liability for loss or damage on
account of a prior default.

 

4.5.                              COOPERATION
AND NON-DISPARAGEMENT.  Executive agrees that, during the term of this
Agreement and for three (3) years following the termination of his
employment, Executive will (i) assist and cooperate with the Company
regarding any claims or disputes involving matters within the knowledge or
responsibilities of 

 

  AA     Executive 

  MHC  Company

 

7

 

Executive; and (ii) not in any way or by any means disparage the
Company, the members of the Company’s Board of Directors or the Company’s
officers and employees.

 

4.6.                              DISCLOSURE.  Executive agrees that, during the term of this
Agreement and for three (3) years following the termination of his
employment, Executive will inform any new employer or other person or entity
with whom he enters into a business relationship, before accepting employment
or entering into a business relationship, of the post-employment restrictions
and obligations contained in this Agreement, including but not limited to the
existence of Articles 3.4, 3.5, 3.7 and 4.5 above.

 

ARTICLE V.

 

GENERAL PROVISIONS

 

5.1                                 NOTICES.  All notices, requests, and other
communications shall be in writing and except as otherwise provided herein,
shall be considered to have been delivered if personally delivered or when
deposited in the United States mail, first class, or certified or registered,
postage prepaid, return receipt requested, addressed to the proper party at its
address set forth below, or to such other address as such party may hereafter
designate by written notice to the other party:

 

	
  a.

  	
  If to Company, to:

  	
  Vital Images, Inc.

  
	
   

  	
   

  	
  5850
  Opus Parkway, Suite 300

  
	
   

  	
   

  	
  Minnetonka,
  MN 55343

  
	
   

  	
   

  	
  Attention:
  President and CEO

  
	
   

  	
   

  	
   

  
	
  b.

  	
  If to Executive, to:

  	
  Aaron
  Erkan Akyuz

  
	
   

  	
   

  	
  3121
  West 69th Street

  
	
   

  	
   

  	
  Apt.
  218

  
	
   

  	
   

  	
  Edina,
  MN 55345

  

 

5.2                                 WAIVER,
MODIFICATION, or AMENDMENT.  No waiver, modification, or amendment of any
term, condition, or provision of this Agreement shall be valid or of any effect
unless made in writing, signed by the party to be bound or its duly authorized
representative and specifying with particularity the nature and extent of such
waiver, modification, or amendment.  Any
waiver by any party of any default of the other shall not effect, or impair any
right arising from, any subsequent default. 
Nothing herein shall limit the rights and remedies of the parties hereto
under and pursuant to this Agreement, except as hereinbefore set forth.  Notwithstanding anything in this Agreement to
the contrary, the Company expressly reserves the right to amend this Agreement
to the extent necessary to comply with Code Section 409A, as it may be
amended from time to time, and the regulations, notices and other guidance of
general applicability issued thereunder.

 

5.3                                 ENTIRE
AGREEMENT.  This
Agreement together with the offer letter dated August 5, 2008 contains the
entire understanding of the parties hereto in respect of transactions 

 

  AA     Executive 

  MHC  Company

 

8

 

contemplated hereby and supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

 

5.4                                 INTERPRETATION
AND SEVERANCE.  The
provisions of this Agreement shall be applied and interpreted in a manner
consistent with each other so as to carry out the purposes and intent of the
parties hereto, but if for any reason any provision hereof is determined to be
unenforceable or invalid, such provision or such part thereof as may be
unenforceable or invalid shall be deemed severed from this Agreement and the
remaining provisions shall be carried out with the same force and effect as if
the severed provision or part thereof had not been a part of this Agreement.

 

5.5                                 GOVERNING
LAW.  This Agreement shall be
construed and enforced in accordance with the laws of the State of Minnesota.

 

5.6                                 ASSIGNMENT.  Executive acknowledges that Executive’s
services are unique and personal. 
Accordingly, Executive may not assign Executive’s rights or delegate
Executive’s duties or obligations under this Agreement.  Company’s rights and obligations under this
Agreement shall inure to the benefit of and shall be binding on Company’s
successors and assigns.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year first above written by signature below and initialization of each page.

 

 

	
   

  	
  VITAL
  IMAGES, INC.:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  Michael H. Carrel

  
	
   

  	
   

  	
  Michael
  H. Carrel

  
	
   

  	
   

  	
  President
  and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  Aaron Akyuz

  
	
   

  	
   

  	
  Aaron
  Erkan Akyuz

  

 

  AA     Executive 

  MHC  Company

 

9

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