Document:

Exhibit
      10.2

     

    EMPLOYMENT
      AGREEMENT

     

    This
      EMPLOYMENT AGREEMENT (this “Agreement”)
      is
      entered into as of February 28, 2008, by and between FLAGSHIP GLOBAL HEALTH,
      INC., a Delaware corporation (along with its successors and assigns, the
“Company”),
      and
      Philip Barak (“Executive”).

     

    WHEREAS,
      the Company desires to employ Executive, and Executive desires to be employed
      by
      the Company, on the terms and conditions hereinafter set forth.

     

    NOW,
      THEREFORE, in consideration of the mutual promises contained herein and other
      good and valuable consideration, the Company and Executive agree as follows:
      

     

    1. Employment.
      

     

    (a) Term.
      Subject
      to the terms hereof, Executive’s employment hereunder shall commence as of
      February 28, 2008 (the
      “Effective
      Date”)
      and
      continue until the anniversary of the Effective Date, with automatic one (1)
      year extensions thereafter, unless otherwise terminated pursuant to Section
      3 of
      the Agreement (such period, the “Employment
      Period”).

     

    (b) Position,
      Place of Performance and Duties.
      Executive will serve as the Company’s Chief Financial Officer, and Executive
      shall report directly to the Company’s Chief Executive Officer (“CEO”).
      Executive will have the responsibilities, duties and authority commensurate
      with
      the position of Chief Financial Officer, and Executive will perform such other
      services of an executive nature as may be prescribed from time to time by the
      CEO. Executive will generally perform his services hereunder at the Company’s
      principal offices in New York, or such other place as may be agreed to by
      Executive and the CEO. During the Employment Period, Executive will be available
      to travel for business at such times and to such places as may be reasonably
      necessary in connection with the performance of his duties hereunder, including,
      but not limited to, anywhere in the United States, the Middle East, Asia and
      Europe. Executive
      shall devote his full business time and efforts to the performance of his duties
      hereunder. For
      the
      duration of the Employment Period, Executive agrees not to actively engage
      in
      any other employment for any remuneration. Notwithstanding the foregoing
      sentence, Executive may serve in any capacity with any civic, educational or
      charitable organization, subject to Executive’s obligations under this Agreement
      and any agreement contemplated under Section 5 of this Agreement; provided,
      however, that Executive may not serve as an officer, director or trustee with
      respect to more than two (2) such organizations.

     

    2. Compensation.

     

    (a) Base
      Salary.
      During
      the Employment Period, the Company will pay Executive a base salary at the
      annual rate of $220,000.00, which amount will be reviewed annually and subject
      to adjustment at the good faith discretion of the Board (or the Compensation
      Committee of the Board (the “Compensation
      Committee”)),
      including without limitation, discretionary cost of living adjustments (as
      adjusted from time to time, the “Base
      Salary”).
      The
      Base Salary will be payable in substantially equal installments in accordance
      with the Company’s payroll practices as in effect from time to
      time.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    (b) Annual
      Bonus.
      During
      the Employment Period, based on Executive’s performance relative to targets set
      by the Board and/or the Compensation Committee in its sole discretion, and
      subject to the overall performance of the Company, Executive will be eligible
      to
      receive annual bonuses, with a target bonus of up to 100% of Base Salary, in
      accordance with the terms and conditions established by the Board and/or the
      Compensation Committee from time to time.

     

    (c) Equity
      Compensation.
      On
      March 31, 2008, Executive will be granted an incentive stock option to purchase
      an additional 350,000 shares of the Company's common stock at an exercise price
      equal to the fair market value of the Company’s common stock on the date of
      grant (the “Option”).
      The
      Option will vest 25% on the date of grant and the balance vesting ratably over
      a
      three-year period commencing on the first anniversary following
      the date of grant.
      The
      Option will be subject to the terms, definitions and provisions of the 2006
      Amended and Restated Stock Option Plan, and the accompanying stock option
      agreement under which it is granted. In addition, Executive may further be
      entitled to annual option grants as part of the annual review process at the
      discretion of the Board and the Compensation Committee.

     

    (d) Vacation.
      During
      the Employment Period, Executive will be entitled to (i) four (4) weeks paid
      vacation in each calendar year (to be taken at such times and in such number
      of
      days as Executive and the Company shall mutually agree), (ii) paid sick days
      as
      needed due to illness or other incapacity, and (iii) paid Company holidays,
      all
      in accordance with the Company’s policies for its senior executives as in effect
      from time to time. Any accrued unused vacation may be carried over from one
      year
      to the following year, provided that no more than two (2) weeks vacation may
      be
      carried over at any time. 

     

    (e) Benefits.
      During
      the Employment Period, Executive (and his eligible dependents) will be entitled
      to participate in the same manner as the Company’s other senior executives in
      any employee benefit plans which the Company provides or may establish for
      the
      benefit of its senior executives generally; provided that the Company reserves
      the right to cancel or change any of its employee benefit plans and programs
      at
      any time.

     

    (f) Reimbursement
      of Expenses.
      During
      the Employment Period, the Company will reimburse Executive for all
      out-of-pocket business expenses that are incurred by him in furtherance of
      the
      Company’s business in accordance with the Company’s policies with respect
      thereto as in effect from time to time. Without limiting the generality of
      the
      foregoing, the Company shall pay or reimburse Executive for charges relating
      to
      the use of his cellular phone and reasonable business travel
      expenses.

     

    3. Termination.
      Executive’s employment
      hereunder will terminate upon the first to occur of the following: 

     

    (a) Executive’s
      death; 

     

    (b) by
      the
      Company in the event of Executive’s Disability (as defined below);

     

    (c) by
      the
      Company for Cause (as defined below);

     

    (d) by
      the
      Company without Cause; or 

     

    (e) by
      Executive, with or without Good Reason (as defined below). 

     

    
      
         

      

      
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    For
      purposes of this Agreement, the following terms shall have the following
      meanings:

     

    “Cause”
means:
      (i) Executive’s conviction of, or plea of nolo
      contendere
      to, a
      felony, or a crime involving dishonesty, disloyalty or moral
      turpitude; (ii)
      Executive’s willful disloyalty or deliberate dishonesty; (iii) the commission by
      Executive of an act of fraud or embezzlement against the Company; (iv)
      Executive’s failure to use his good faith efforts to perform in all material
      respects such duties as are contemplated by this Agreement, or to follow any
      lawful direction of the Board or any committee thereof; (v) Executive’s gross
      negligence in the performance of his duties hereunder; or (vi) a material breach
      by Executive of any provision of this Agreement or of any Company policy, which
      breach is not cured within thirty (30) days after delivery by the Company to
      Executive of written notice of such breach, provided that, if such breach is
      not
      capable of being cured within such 30-day period, Executive will have a
      reasonable additional period to cure such breach. No act or omission on
      Executive’s part will be considered “willful” unless done, or admitted to be
      done, by Executive in bad faith or without his reasonable belief that such
      act
      or omission was in the best interests of the Company. Any determination of
      “Cause” shall be made in good faith by a majority vote of the
      Board.

     

    “Disability”
means
      Executive’s mental, physical or other disability, the condition of which renders
      him incapable of performing his obligations under this Agreement for a period
      of
      ninety (90) consecutive days or an aggregate of one hundred twenty (120) days
      (whether or not consecutive) in any twelve (12)-month period. Any determination
      of “Disability” shall be made in good faith by a majority vote of the
      Board.

     

    “Good
      Reason”
means
      the occurrence of any of the following events, without the Executive’s written
      consent, at any time during the Executive’s employment: (A) a material
      diminution in the Executive’s annual base compensation; (B) a material
      diminution in the Executive’s authority, duties or responsibilities; (C) a
      material diminution in authority, duties or responsibilities of the supervisor
      to whom the Executive reports, including a requirement to report to an officer
      or other employee, rather than directly to the CEO; (D) a material diminution
      in
      the budget over which the Executive retains authority (if applicable); (E)
      a
      relocation of the Company’s principal office by fifty (50) miles or more from
      its location on the date of this Agreement, or (F) any other action or inaction
      that constitutes a material breach under this Agreement.

     

    4. Termination
      Procedures; Effect of Termination.
      

     

    (a) Notice
      of Termination.
      Any
      termination of Executive’s employment by the Company or Executive (other than
      termination on account of Executive’s death) shall be communicated by written
      notice (a “Notice
      of Termination”)
      to the
      other party hereto in accordance with Section 7(a) below, which notice shall
      indicate the specific termination provision in Section 3 of this Agreement
      relied upon and, if the termination is by the Company for Cause or by Executive
      for Good Reason, the specific reasons therefor.

     

    (b) Date
      of Termination.
      As used
      herein, “Date
      of Termination”
shall
      mean: (i) if Executive’s employment is terminated as a result of Executive’s
      death, the date of Executive’s death; (ii) if Executive’s employment is
      terminated by reason of Executive’s Disability, on the date Notice of
      Termination is given or such later date specified in the Notice of Termination
      as the effective date of termination; (iii) if Executive’s employment is
      terminated by the Company for Cause, on the date Notice of Termination is given
      or such later date specified in the Notice of Termination as the effective
      date
      of termination; (iv) if Executive’s employment is terminated by the Company
      without Cause, such date which is specified in the Notice of Termination as
      the
      effective date of termination, which date shall be at least thirty (30) days
      following the date the Notice of Termination is given; and (v) if Executive’s
      employment is terminated by Executive, with or without Good Reason, such date
      which is specified in the Notice of Termination as the effective date of
      termination, which date shall be at least thirty (30) days following the date
      the Notice of Termination is given.

     

    
      
         

      

      
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    (c) Compensation
      Upon Termination.
      

     

    (i) Upon
      any
      termination of Executive’s employment, the Company will pay the Accrued
      Obligations (as defined below) to Executive (or to his estate or legal
      representative, if applicable) on or promptly following the Date of Termination.
      For purposes of this Agreement, “Accrued
      Obligations”
means
      (A) the portion of Executive’s Base Salary as has accrued up through the Date of
      Termination which the Executive has not yet been paid, (B) an amount equal
      to
      any unpaid bonus which has already been earned and awarded by the Board and/or
      the Compensation Committee through the Date of Termination, (C) an amount equal
      to the value of Executive’s accrued unused vacation days, and (D) the amount of
      expenses incurred by Executive on behalf of the Company prior to the Date of
      Termination and not yet reimbursed as of such date.

     

    (ii) In
      addition to the Accrued Obligations, if Executive’s employment is terminated by
      the Company without Cause or by Executive for Good Reason (and other than due
      to
      Executive’s death or Disability), then in exchange for Executive’s execution and
      delivery to the Company of a full general release (which Executive does not
      later revoke in accordance with its terms), in a form acceptable to the Company,
      releasing all claims, known or unknown, that Executive may have against the
      Company, and any subsidiary or related entity, and their respective officers,
      directors, employees and agents, the Company will (A) within thirty (30) days
      following the Date of Termination, pay to Executive (or his estate or legal
      representative if applicable) a lump-sum severance payment equal to the sum
      of
      (x) one year of his then current Base Salary and (y) the greater of Executive’s
      annual bonus paid for the year prior to the Date of Termination or Executive’s
      target annual bonus for the year in which the Date of Termination occurs, and
      (B) upon proper election of continuation coverage under Title X of the
      Consolidated Budget Reconciliation Act of 1985, as amended (“COBRA”)
      under
      the Company’s group health plans, continue to pay the group medical and dental
      COBRA premiums for Executive and Executive’s eligible dependents until the
      earliest of (x) the date Executive first becomes eligible for coverage under
      a
      subsequent employer’s applicable group health plan(s), (y) the date such
      coverage terminates under applicable law, or (z) twelve (12) months after the
      Date of Termination.

     

    Notwithstanding
      any other provision with respect to the timing of payments under this Section
      4(c), if, at the time of Executive’s termination,
      Executive is deemed to be a “specified employee”  (within the meaning
      of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”),
      and
any
      successor statute, regulation and guidance thereto)
      of the
      Company, then only to the extent necessary to comply with the requirements
      of
      Code Section 409A, any payments to which Executive may become entitled
      under Section 4(c) which are subject to Code Section 409A (and not otherwise
      exempt from its application) will be withheld until the first business day
      of
      the seventh month following the Date of Termination, at which time Executive
      shall be paid an aggregate amount of any withheld payments otherwise
      due under Section 4(c), as applicable.

     

    
      
         

      

      
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    (d) Certain
      Additional Payments by the Company

     

    (i) In
      the
      event it shall be determined that any payment or distribution by the Company
      to
      or for the benefit of the Executive (whether paid or payable or distributed
      or
      distributable pursuant to the terms of this Agreement or otherwise) (a
“Payment”
and
      collectively “Total
      Payments”)
      would
      be subject to the excise tax imposed by Section 4999 of the Code (or would
      be
      within $1,000 of triggering such excise tax), then Total Payments shall be
      reduced (but not below zero) so that the maximum amount of Total Payments (after
      reduction) shall be $1,000 less than the amount that would cause the Total
      Payments to be subject to the excise tax imposed by Section 4999 of the Code
      (as
      so reduced, the “280G
      Limitation Amount”).
      References to Section 4999 of the Code shall include any successor provision
      or
      any similar excise tax. The Executive shall not be entitled to an increased
      payment from the Company for any excise, additional, or other tax, penalty,
      or
      interest as a result of this Agreement. Any payment reductions under this
      subsection (a) shall be made first from cash payments. 

     

    (ii) All
      determinations required to be made under this Section 4(d), including
      whether and when Total Payments should or should not be reduced and the
      assumptions to be utilized in arriving at such determination, shall be made
      by a
“Consulting
      Firm,”
which
      shall be a law firm, a certified public accounting firm, and/or a firm of
      recognized executive compensation consultants selected by the Company. The
      Consulting Firm shall provide detailed supporting calculations regarding such
      determination both to the Company and the Executive within fifteen (15) business
      days of the receipt of notice from the Executive that there has been a Payment,
      or such earlier time as is requested by the Company. All fees and expenses
      of
      the Consulting Firm shall be borne solely by the Company. Any determination
      by
      the Consulting Firm shall be binding upon the Company and the Executive, and
      no
      later determination shall obligate the Company to make any payment or adjustment
      to the Total Payments made to the Executive.

     

    (e) Other
      Provisions.
      Upon
      any termination of Executive’s employment, 100% of the Executive’s then
      outstanding and unvested stock options shall immediately vest and become
      exercisable as of such termination and remain exercisable for a period of one
      year thereafter, but in no event later than the originally scheduled expiration
      without regard to such termination. The amount of any benefit due to Executive
      after the date of such termination pursuant to this Agreement will not be
      reduced or offset by any payment or benefit that Executive may receive from
      any
      other source.

     

    5. Restrictive
      Covenants.
      On the
      Effective Date, Executive will enter into a confidentiality, non-competition,
      non-solicitation, assignment of inventions and non-disparagement agreement
      (the
“Non-Competition
      Agreement”),
      substantially in the form of the Company’s standard agreement used for such
      purposes, and the non-competition and non-solicitation covenants shall last
      for
      one year following the Date of Termination. Notwithstanding anything to the
      contrary herein, the Company’s obligation to make payments to the Executive
      pursuant to Section 4(c)(ii) shall immediately cease upon the Executive’s
      willful or intentional material breach of any of the Non-Competition
      Agreement.

     

    
      
         

      

      
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    6. Indemnification.
      The
      Company shall, to the fullest extent permitted by law and by its Certificate
      of
      Incorporation and Bylaws, indemnify Executive and hold him harmless for any
      acts
      or decisions made by him in good faith while performing his duties to the
      Company, and the Company shall at all times during Executive’s employment with
      the Company, maintain directors’ and officers’ liability insurance, at and upon
      commercially reasonable terms and limits.

     

    7. General.

     

    (a) Notices.
      All
      notices, requests, consents and other communications hereunder will be in
      writing, will be addressed to the receiving party’s address set forth below or
      to such other address as a party may designate by notice hereunder, and will
      be
      either (i) delivered by hand, (ii) sent by overnight courier, or
      (iii) sent by registered or certified mail, return receipt requested,
      postage prepaid. All notices, requests, consents and other communications
      hereunder will be deemed to have been given either (A) if by hand, at the
      time of the delivery thereof to the receiving party, (B) if sent by
      overnight courier, on the next business day following the day such notice is
      delivered to the courier service, or (C) if sent by registered or certified
      mail, on the third business day following the day such mailing is made. All
      notices, requests, consents and other communications hereunder will be sent
      as
      follows:

    

      
        	
                If
                  to the Company:

              	
                Flagship
                  Global Health, Inc. 

              
	 	
                220
                  West 42nd
                  Street

              
	 	
                New
                  York, NY 10036

              
	 	
                Attention:
                  Director of Human Resources

              
	 	 
	
                If
                  to Executive:

              	
                Philip
                  Barak

              
	 	
                15
                  Squire Avenue

              
	 	
                E.
                  Northport, NY 11731

              

      

    

    

    (b) Entire
      Agreement.
      This
      Agreement (together with any other agreements referenced herein) embodies the
      entire agreement and understanding between the parties hereto with respect
      to
      the subject matter hereof and supersedes all prior oral or written agreements
      and understandings relating to the subject matter hereof. No statement,
      representation, warranty, covenant or agreement of any kind not expressly set
      forth in this Agreement will affect, or be used to interpret, change or
      restrict, the express terms and provisions of this Agreement.

     

    (c) Modifications
      and Amendments.
      The
      terms and provisions of this Agreement may be modified or amended only by
      written agreement executed by the parties hereto.

     

    (d) Waivers
      and Consents.
      The
      terms and provisions of this Agreement may be waived, or consent for the
      departure therefrom granted, only by written document executed by the party
      entitled to the benefits of such terms or provisions. No such waiver or consent
      will be deemed to be or will constitute a waiver or consent with respect to
      any
      other terms or provisions of this Agreement, whether or not similar. Each such
      waiver or consent will be effective only in the specific instance and for the
      purpose for which it was given, and will not constitute a continuing waiver
      or
      consent.

     

    
      
         

      

      
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    (e) Successors
      and Assigns; Third Party Beneficiaries.
      All
      statements, representations, warranties, covenants and agreements in this
      Agreement will be binding on the parties hereto and will inure to the benefit
      of
      the respective successors, heirs, executors and permitted assigns of each party
      hereto. Any such successor of the Company will be deemed substituted for the
      Company under the terms of this Agreement for all purposes. For this purpose,
      “successor” means any person, firm, corporation or other business entity which
      at any time, whether by purchase, merger or otherwise, directly or indirectly
      acquires all or substantially all of the assets or business of the Company.
      Executive may not assign any of Executive’s rights to compensation or other
      benefits under this Agreement, except by will or the laws of descent and
      distribution. Any other attempted assignment, transfer, conveyance or other
      disposition of Executive’s right to compensation or other benefits will be null
      and void. Nothing in this Agreement will be construed to create any rights
      or
      obligations except among the parties hereto, and (except for Executive’s estate
      or other legal representative) no person or entity will be regarded as a
      third-party beneficiary of this Agreement.

     

    (f) Governing
      Law.
      This
      Agreement and the rights and obligations of the parties hereunder will be
      construed in accordance with and governed by the law of the State of New York,
      without giving effect to the conflict of law principles thereof.

     

    (g) Dispute
      Resolution.
      Any
      disputes, claims or controversies arising under the Agreement between Company
      and Executive shall be settled by final and binding arbitration before the
      American Arbitration Association in New York, NY. 

     

    (h) Severability.
      The
      parties intend this Agreement to be enforced as written. However, if
      any
      court of competent jurisdiction determines any provision, or any portion
      thereof, of this Agreement to be unenforceable or invalid, then such provision
      shall be deemed limited to the extent that such court deems it valid or
      enforceable and the remaining provisions of this Agreement shall nevertheless
      remain in full force and effect.

     

    (i) Headings
      and Captions.
      The
      headings and captions of the various subdivisions of this Agreement are for
      convenience of reference only and will in no way modify or affect the meaning
      or
      construction of any of the terms or provisions hereof.

     

    (j) No
      Waiver of Rights, Powers and Remedies.
      No
      failure or delay by a party hereto in exercising any right, power or remedy
      under this Agreement, and no course of dealing between the parties hereto,
      will
      operate as a waiver of any such right, power or remedy of the party. No single
      or partial exercise of any right, power or remedy under this Agreement by a
      party hereto, nor any abandonment or discontinuance of steps to enforce any
      such
      right, power or remedy, will preclude such party from any other or further
      exercise thereof or the exercise of any other right, power or remedy hereunder.
      The election of any remedy by a party hereto will not constitute a waiver of
      the
      right of such party to pursue other available remedies. No notice to or demand
      on a party not expressly required under this Agreement will entitle the party
      receiving such notice or demand to any other or further notice or demand in
      similar or other circumstances or constitute a waiver of the rights of the
      party
      giving such notice or demand to any other or further action in any circumstances
      without such notice or demand.

     

    
      
         

      

      
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    (k) Expenses.
      Each
      party shall bear its own fees and expenses incurred in connection with the
      preparation, negotiation, execution and delivery of this Agreement. The
      prevailing party in any legal proceeding to enforce this Agreement shall be
      entitled to legal fees and costs reasonably incurred. 

     

    (l) Withholdings.
      The
      Company will deduct from each payment to be made to Executive under this
      Agreement such amounts, if any, required to be deducted or withheld under
      applicable law.

     

    (m) Tax
      Consequences.
      Executive hereby acknowledges and agrees that the Company makes no
      representations or warranties regarding the tax treatment or tax consequences
      of
      any compensation, benefits or other payments under the Agreement, including,
      without limitation, by operation of Code Section 409A, or any successor statute,
      regulation or guidance thereto.

     

    (n) Counterparts.
      This
      Agreement may be executed in two or more counterparts, and by different parties
      hereto on separate counterparts, each of which will be deemed an original,
      but
      all of which together will constitute one and the same instrument. This
      Agreement may be delivered by facsimile, and facsimile signatures shall be
      treated as original signatures for all applicable purposes.

     

    (o) Opportunity
      to Review.
      Executive hereby acknowledges that Executive has had adequate opportunity to
      review these terms and conditions and to reflect upon and consider the terms
      and
      conditions of this Agreement, and that Executive has had the opportunity to
      consult with counsel of Executive’s
      own
      choosing regarding such terms.  Executive
      further acknowledges that Executive fully understands the terms of this
      Agreement and has voluntarily executed this Agreement.

     

    [Remainder
      of page left intentionally blank. Signature page(s) to follow.]

     

    
      
         

      

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

     

    

      
        	
                FLAGSHIP
                  GLOBAL HEALTH, INC.

              
	 	 
	
                /s/
                  Brian Stafford

              
	
                By:

              	
                Brian
                  Stafford

              
	 	
                Chairman,
                  Compensation Committee

              
	 	
                Flagship
                  Global Health, Inc. Board of Directors

              
	 	 
	 	 
	
                EXECUTIVE

              
	 	 
	
                /s/
                  Philip Barak

              
	
                Philip
                  Barak

              
	
                Chief
                  Financial Officer

              

      

    
      
         

      

      
        9Exhibit
      10.3

     

    EMPLOYMENT
      AGREEMENT

     

    This
      EMPLOYMENT AGREEMENT (this “Agreement”)
      is
      entered into as of February 28, 2008, by and between FLAGSHIP GLOBAL HEALTH,
      INC., a Delaware corporation (along with its successors and assigns, the
“Company”),
      and
      Mark Gardy, MD (“Executive”).

     

    WHEREAS,
      the Company desires to employ Executive, and Executive desires to be employed
      by
      the Company, on the terms and conditions hereinafter set forth.

     

    NOW,
      THEREFORE, in consideration of the mutual promises contained herein and other
      good and valuable consideration, the Company and Executive agree as follows:
      

     

    1. Employment.
      

     

    (a) Term.
      Subject
      to the terms hereof, Executive’s employment hereunder shall commence as of
      February 28, 2008 (the
      “Effective
      Date”)
      and
      continue until the anniversary of the Effective Date, with automatic one (1)
      year extensions thereafter, unless otherwise terminated pursuant to Section
      3 of
      the Agreement (such period, the “Employment
      Period”).

     

    (b) Position,
      Place of Performance and Duties.
      Executive will serve as the Company’s Senior Vice President, Chief Medical
      Officer, and Executive shall report directly to the Company’s Chief Executive
      Officer (“CEO”). Executive will have the responsibilities, duties and authority
      commensurate with the position of Senior Vice President, Chief Medical Officer,
      and Executive will perform such other services of an executive nature as may
      be
      prescribed from time to time by the CEO. Executive will generally perform his
      services hereunder at the Company’s principal offices in New York, or such other
      place as may be agreed to by Executive and the CEO. During the Employment
      Period, Executive will be available to travel for business at such times and
      to
      such places as may be reasonably necessary in connection with the performance
      of
      his duties hereunder, including, but not limited to, anywhere in the United
      States, the Middle East, Asia and Europe. Executive
      shall devote his full business time and efforts to the performance of his duties
      hereunder. For
      the
      duration of the Employment Period, Executive agrees not to actively engage
      in
      any other employment for any remuneration. Notwithstanding the foregoing
      sentence, Executive may serve in any capacity with any civic, educational or
      charitable organization, subject to Executive’s obligations under this Agreement
      and any agreement contemplated under Section 5 of this Agreement; provided,
      however, that Executive may not serve as an officer, director or trustee with
      respect to more than two (2) such organizations.

     

    2. Compensation.

     

    (a) Base
      Salary.
      During
      the Employment Period, the Company will pay Executive a base salary at the
      annual rate of $260,000.00, which amount will be reviewed annually and subject
      to adjustment at the good faith discretion of the Board (or the Compensation
      Committee of the Board (the “Compensation
      Committee”)),
      including without limitation, discretionary cost of living adjustments (as
      adjusted from time to time, the “Base
      Salary”).
      The
      Base Salary will be payable in substantially equal installments in accordance
      with the Company’s payroll practices as in effect from time to
      time.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    (b) Annual
      Bonus.
      During
      the Employment Period, based on Executive’s performance relative to targets set
      by the Board and/or the Compensation Committee in its sole discretion, and
      subject to the overall performance of the Company, Executive will be eligible
      to
      receive annual bonuses, with a target bonus of up to 100% of Base Salary, in
      accordance with the terms and conditions established by the Board and/or the
      Compensation Committee from time to time.

     

    (c) Equity
      Compensation.
      On
      March 31, 2008, Executive will be granted an incentive stock option to purchase
      an additional 400,000 shares of the Company's common stock at an exercise price
      equal to the fair market value of the Company’s common stock on the date of
      grant (the “Option”).
      The
      Option will vest 25% on the date of grant and the balance vesting ratably over
      a
      three-year period commencing on the first anniversary following
      the date of grant.
      The
      Option will be subject to the terms, definitions and provisions of the 2006
      Amended and Restated Stock Option Plan, and the accompanying stock option
      agreement under which it is granted. In addition, Executive may further be
      entitled to annual option grants as part of the annual review process at the
      discretion of the Board and the Compensation Committee.

     

    (d) Vacation.
      During
      the Employment Period, Executive will be entitled to (i) three (3) weeks paid
      vacation in each calendar year (to be taken at such times and in such number
      of
      days as Executive and the Company shall mutually agree), (ii) paid sick days
      as
      needed due to illness or other incapacity, and (iii) paid Company holidays,
      all
      in accordance with the Company’s policies for its senior executives as in effect
      from time to time. Any accrued unused vacation may be carried over from one
      year
      to the following year, provided that no more than two (2) weeks vacation may
      be
      carried over at any time. 

     

    (e) Benefits.
      During
      the Employment Period, Executive (and his eligible dependents) will be entitled
      to participate in the same manner as the Company’s other senior executives in
      any employee benefit plans which the Company provides or may establish for
      the
      benefit of its senior executives generally; provided that the Company reserves
      the right to cancel or change any of its employee benefit plans and programs
      at
      any time.

     

    (f) Reimbursement
      of Expenses.
      During
      the Employment Period, the Company will reimburse Executive for all
      out-of-pocket business expenses that are incurred by him in furtherance of
      the
      Company’s business in accordance with the Company’s policies with respect
      thereto as in effect from time to time. Without limiting the generality of
      the
      foregoing, the Company shall pay or reimburse Executive for charges relating
      to
      the use of his cellular phone and reasonable business travel
      expenses.

     

    3. Termination.
      Executive’s employment
      hereunder will terminate upon the first to occur of the following: 

     

    (a) Executive’s
      death; 

     

    (b) by
      the
      Company in the event of Executive’s Disability (as defined below);

     

    (c) by
      the
      Company for Cause (as defined below);

     

    (d) by
      the
      Company without Cause; or 

     

    (e) by
      Executive, with or without Good Reason (as defined below). 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    For
      purposes of this Agreement, the following terms shall have the following
      meanings:

     

    “Cause”
means:
      (i) Executive’s conviction of, or plea of nolo
      contendere
      to, a
      felony, or a crime involving dishonesty, disloyalty or moral
      turpitude; (ii)
      Executive’s willful disloyalty or deliberate dishonesty; (iii) the commission by
      Executive of an act of fraud or embezzlement against the Company; (iv)
      Executive’s failure to use his good faith efforts to perform in all material
      respects such duties as are contemplated by this Agreement, or to follow any
      lawful direction of the Board or any committee thereof; (v) Executive’s gross
      negligence in the performance of his duties hereunder; or (vi) a material breach
      by Executive of any provision of this Agreement or of any Company policy, which
      breach is not cured within thirty (30) days after delivery by the Company to
      Executive of written notice of such breach, provided that, if such breach is
      not
      capable of being cured within such 30-day period, Executive will have a
      reasonable additional period to cure such breach. No act or omission on
      Executive’s part will be considered “willful” unless done, or admitted to be
      done, by Executive in bad faith or without his reasonable belief that such
      act
      or omission was in the best interests of the Company. Any determination of
      “Cause” shall be made in good faith by a majority vote of the
      Board.

     

    “Disability”
means
      Executive’s mental, physical or other disability, the condition of which renders
      him incapable of performing his obligations under this Agreement for a period
      of
      ninety (90) consecutive days or an aggregate of one hundred twenty (120) days
      (whether or not consecutive) in any twelve (12)-month period. Any determination
      of “Disability” shall be made in good faith by a majority vote of the
      Board.

     

    “Good
      Reason”
means
      the occurrence of any of the following events, without the Executive’s written
      consent, at any time during the Executive’s employment: (A) a material
      diminution in the Executive’s annual base compensation; (B) a material
      diminution in the Executive’s authority, duties or responsibilities; (C) a
      material diminution in authority, duties or responsibilities of the supervisor
      to whom the Executive reports, including a requirement to report to an officer
      or other employee, rather than directly to the Board (or similar governing
      body); (D) a material diminution in the budget over which the Executive retains
      authority (if applicable); (E) a relocation of the Company’s principal office by
      fifty (50) miles or more from its location on the date of this Agreement, or
      (F)
      any other action or inaction that constitutes a material breach under this
      Agreement.

     

    4. Termination
      Procedures; Effect of Termination.
      

     

    (a) Notice
      of Termination.
      Any
      termination of Executive’s employment by the Company or Executive (other than
      termination on account of Executive’s death) shall be communicated by written
      notice (a “Notice
      of Termination”)
      to the
      other party hereto in accordance with Section 7(a) below, which notice shall
      indicate the specific termination provision in Section 3 of this Agreement
      relied upon and, if the termination is by the Company for Cause or by Executive
      for Good Reason, the specific reasons therefor.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (b) Date
      of Termination.
      As used
      herein, “Date
      of Termination”
shall
      mean: (i) if Executive’s employment is terminated as a result of Executive’s
      death, the date of Executive’s death; (ii) if Executive’s employment is
      terminated by reason of Executive’s Disability, on the date Notice of
      Termination is given or such later date specified in the Notice of Termination
      as the effective date of termination; (iii) if Executive’s employment is
      terminated by the Company for Cause, on the date Notice of Termination is given
      or such later date specified in the Notice of Termination as the effective
      date
      of termination; (iv) if Executive’s employment is terminated by the Company
      without Cause, such date which is specified in the Notice of Termination as
      the
      effective date of termination, which date shall be at least thirty (30) days
      following the date the Notice of Termination is given; and (v) if Executive’s
      employment is terminated by Executive, with or without Good Reason, such date
      which is specified in the Notice of Termination as the effective date of
      termination, which date shall be at least thirty (30) days following the date
      the Notice of Termination is given.

     

    (c) Compensation
      Upon Termination.
      

     

    (i) Upon
      any
      termination of Executive’s employment, the Company will pay the Accrued
      Obligations (as defined below) to Executive (or to his estate or legal
      representative, if applicable) on or promptly following the Date of Termination.
      For purposes of this Agreement, “Accrued
      Obligations”
means
      (A) the portion of Executive’s Base Salary as has accrued up through the Date of
      Termination which the Executive has not yet been paid, (B) an amount equal
      to
      any unpaid bonus which has already been earned and awarded by the Board and/or
      the Compensation Committee through the Date of Termination, (C) an amount equal
      to the value of Executive’s accrued unused vacation days, and (D) the amount of
      expenses incurred by Executive on behalf of the Company prior to the Date of
      Termination and not yet reimbursed as of such date.

     

    (ii) In
      addition to the Accrued Obligations, if Executive’s employment is terminated by
      the Company without Cause or by Executive for Good Reason (and other than due
      to
      Executive’s death or Disability), then in exchange for Executive’s execution and
      delivery to the Company of a full general release (which Executive does not
      later revoke in accordance with its terms), in a form acceptable to the Company,
      releasing all claims, known or unknown, that Executive may have against the
      Company, and any subsidiary or related entity, and their respective officers,
      directors, employees and agents, the Company will (A) within thirty (30) days
      following the Date of Termination, pay to Executive (or his estate or legal
      representative if applicable) a lump-sum severance payment equal to the sum
      of
      (x) one year of his then current Base Salary and (y) the greater of Executive’s
      annual bonus paid for the year prior to the Date of Termination or Executive’s
      target annual bonus for the year in which the Date of Termination occurs, and
      (B) upon proper election of continuation coverage under Title X of the
      Consolidated Budget Reconciliation Act of 1985, as amended (“COBRA”)
      under
      the Company’s group health plans, continue to pay the group medical and dental
      COBRA premiums for Executive and Executive’s eligible dependents until the
      earliest of (x) the date Executive first becomes eligible for coverage under
      a
      subsequent employer’s applicable group health plan(s), (y) the date such
      coverage terminates under applicable law, or (z) twelve (12) months after the
      Date of Termination.

     

    Notwithstanding
      any other provision with respect to the timing of payments under this Section
      4(c), if, at the time of Executive’s termination,
      Executive is deemed to be a “specified employee”  (within the meaning
      of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”),
      and
any
      successor statute, regulation and guidance thereto)
      of the
      Company, then only to the extent necessary to comply with the requirements
      of
      Code Section 409A, any payments to which Executive may become entitled
      under Section 4(c) which are subject to Code Section 409A (and not otherwise
      exempt from its application) will be withheld until the first business day
      of
      the seventh month following the Date of Termination, at which time Executive
      shall be paid an aggregate amount of any withheld payments otherwise
      due under Section 4(c), as applicable.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (d) Certain
      Additional Payments by the Company

     

    (i) In
      the
      event it shall be determined that any payment or distribution by the Company
      to
      or for the benefit of the Executive (whether paid or payable or distributed
      or
      distributable pursuant to the terms of this Agreement or otherwise) (a
“Payment”
and
      collectively “Total
      Payments”)
      would
      be subject to the excise tax imposed by Section 4999 of the Code (or would
      be
      within $1,000 of triggering such excise tax), then Total Payments shall be
      reduced (but not below zero) so that the maximum amount of Total Payments (after
      reduction) shall be $1,000 less than the amount that would cause the Total
      Payments to be subject to the excise tax imposed by Section 4999 of the Code
      (as
      so reduced, the “280G
      Limitation Amount”).
      References to Section 4999 of the Code shall include any successor provision
      or
      any similar excise tax. The Executive shall not be entitled to an increased
      payment from the Company for any excise, additional, or other tax, penalty,
      or
      interest as a result of this Agreement. Any payment reductions under this
      subsection (a) shall be made first from cash payments. 

     

    (ii) All
      determinations required to be made under this Section 4(d), including
      whether and when Total Payments should or should not be reduced and the
      assumptions to be utilized in arriving at such determination, shall be made
      by a
“Consulting
      Firm,”
which
      shall be a law firm, a certified public accounting firm, and/or a firm of
      recognized executive compensation consultants selected by the Company. The
      Consulting Firm shall provide detailed supporting calculations regarding such
      determination both to the Company and the Executive within fifteen (15) business
      days of the receipt of notice from the Executive that there has been a Payment,
      or such earlier time as is requested by the Company. All fees and expenses
      of
      the Consulting Firm shall be borne solely by the Company. Any determination
      by
      the Consulting Firm shall be binding upon the Company and the Executive, and
      no
      later determination shall obligate the Company to make any payment or adjustment
      to the Total Payments made to the Executive.

     

    (e) Other
      Provisions.
      Upon
      any termination of Executive’s employment, 100% of the Executive’s then
      outstanding and unvested stock options shall immediately vest and become
      exercisable as of such termination and remain exercisable for a period of one
      year thereafter, but in no event later than the originally scheduled expiration
      without regard to such termination. The amount of any benefit due to Executive
      after the date of such termination pursuant to this Agreement will not be
      reduced or offset by any payment or benefit that Executive may receive from
      any
      other source.

     

    5. Restrictive
      Covenants.
      On the
      Effective Date, Executive will enter into a confidentiality, non-competition,
      non-solicitation, assignment of inventions and non-disparagement agreement
      (the
“Non-Competition
      Agreement”),
      substantially in the form of the Company’s standard agreement used for such
      purposes, and the non-competition and non-solicitation covenants shall last
      for
      one year following the Date of Termination. Notwithstanding anything to the
      contrary herein, the Company’s obligation to make payments to the Executive
      pursuant to Section 4(c)(ii) shall immediately cease upon the Executive’s
      willful or intentional material breach of any of the Non-Competition
      Agreement.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    6. Indemnification.
      The
      Company shall, to the fullest extent permitted by law and by its Certificate
      of
      Incorporation and Bylaws, indemnify Executive and hold him harmless for any
      acts
      or decisions made by him in good faith while performing his duties to the
      Company, and the Company shall at all times during Executive’s employment with
      the Company, maintain directors’ and officers’ liability insurance, at and upon
      commercially reasonable terms and limits.

     

    7. General.

     

    (a) Notices.
      All
      notices, requests, consents and other communications hereunder will be in
      writing, will be addressed to the receiving party’s address set forth below or
      to such other address as a party may designate by notice hereunder, and will
      be
      either (i) delivered by hand, (ii) sent by overnight courier, or
      (iii) sent by registered or certified mail, return receipt requested,
      postage prepaid. All notices, requests, consents and other communications
      hereunder will be deemed to have been given either (A) if by hand, at the
      time of the delivery thereof to the receiving party, (B) if sent by
      overnight courier, on the next business day following the day such notice is
      delivered to the courier service, or (C) if sent by registered or certified
      mail, on the third business day following the day such mailing is made. All
      notices, requests, consents and other communications hereunder will be sent
      as
      follows:

    

      
        	
                If
                  to the Company:

              	
                Flagship
                  Global Health, Inc. 

              
	 	
                220
                  West 42nd
                  Street

              
	 	
                New
                  York, NY 10036

              
	 	
                Attention:
                  Director of Human Resources

              
	 	 
	
                If
                  to Executive:

              	
                Mark
                  Gardy, MD

              
	 	
                61
                  Roosevelt Avenue

              
	 	
                North
                  Caldwell, NJ 07006

              

      

    

     

    (b) Entire
      Agreement.
      This
      Agreement (together with any other agreements referenced herein) embodies the
      entire agreement and understanding between the parties hereto with respect
      to
      the subject matter hereof and supersedes all prior oral or written agreements
      and understandings relating to the subject matter hereof. No statement,
      representation, warranty, covenant or agreement of any kind not expressly set
      forth in this Agreement will affect, or be used to interpret, change or
      restrict, the express terms and provisions of this Agreement.

     

    (c) Modifications
      and Amendments.
      The
      terms and provisions of this Agreement may be modified or amended only by
      written agreement executed by the parties hereto.

     

    (d) Waivers
      and Consents.
      The
      terms and provisions of this Agreement may be waived, or consent for the
      departure therefrom granted, only by written document executed by the party
      entitled to the benefits of such terms or provisions. No such waiver or consent
      will be deemed to be or will constitute a waiver or consent with respect to
      any
      other terms or provisions of this Agreement, whether or not similar. Each such
      waiver or consent will be effective only in the specific instance and for the
      purpose for which it was given, and will not constitute a continuing waiver
      or
      consent.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (e) Successors
      and Assigns; Third Party Beneficiaries.
      All
      statements, representations, warranties, covenants and agreements in this
      Agreement will be binding on the parties hereto and will inure to the benefit
      of
      the respective successors, heirs, executors and permitted assigns of each party
      hereto. Any such successor of the Company will be deemed substituted for the
      Company under the terms of this Agreement for all purposes. For this purpose,
      “successor” means any person, firm, corporation or other business entity which
      at any time, whether by purchase, merger or otherwise, directly or indirectly
      acquires all or substantially all of the assets or business of the Company.
      Executive may not assign any of Executive’s rights to compensation or other
      benefits under this Agreement, except by will or the laws of descent and
      distribution. Any other attempted assignment, transfer, conveyance or other
      disposition of Executive’s right to compensation or other benefits will be null
      and void. Nothing in this Agreement will be construed to create any rights
      or
      obligations except among the parties hereto, and (except for Executive’s estate
      or other legal representative) no person or entity will be regarded as a
      third-party beneficiary of this Agreement.

     

    (f) Governing
      Law.
      This
      Agreement and the rights and obligations of the parties hereunder will be
      construed in accordance with and governed by the law of the State of New York,
      without giving effect to the conflict of law principles thereof.

     

    (g) Dispute
      Resolution.
      Any
      disputes, claims or controversies arising under the Agreement between Company
      and Executive shall be settled by final and binding arbitration before the
      American Arbitration Association in New York, NY. 

     

    (h) Severability.
      The
      parties intend this Agreement to be enforced as written. However, if
      any
      court of competent jurisdiction determines any provision, or any portion
      thereof, of this Agreement to be unenforceable or invalid, then such provision
      shall be deemed limited to the extent that such court deems it valid or
      enforceable and the remaining provisions of this Agreement shall nevertheless
      remain in full force and effect.

     

    (i) Headings
      and Captions.
      The
      headings and captions of the various subdivisions of this Agreement are for
      convenience of reference only and will in no way modify or affect the meaning
      or
      construction of any of the terms or provisions hereof.

     

    (j) No
      Waiver of Rights, Powers and Remedies.
      No
      failure or delay by a party hereto in exercising any right, power or remedy
      under this Agreement, and no course of dealing between the parties hereto,
      will
      operate as a waiver of any such right, power or remedy of the party. No single
      or partial exercise of any right, power or remedy under this Agreement by a
      party hereto, nor any abandonment or discontinuance of steps to enforce any
      such
      right, power or remedy, will preclude such party from any other or further
      exercise thereof or the exercise of any other right, power or remedy hereunder.
      The election of any remedy by a party hereto will not constitute a waiver of
      the
      right of such party to pursue other available remedies. No notice to or demand
      on a party not expressly required under this Agreement will entitle the party
      receiving such notice or demand to any other or further notice or demand in
      similar or other circumstances or constitute a waiver of the rights of the
      party
      giving such notice or demand to any other or further action in any circumstances
      without such notice or demand.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (k) Expenses.
      Each
      party shall bear its own fees and expenses incurred in connection with the
      preparation, negotiation, execution and delivery of this Agreement. The
      prevailing party in any legal proceeding to enforce this Agreement shall be
      entitled to legal fees and costs reasonably incurred. 

     

    (l) Withholdings.
      The
      Company will deduct from each payment to be made to Executive under this
      Agreement such amounts, if any, required to be deducted or withheld under
      applicable law.

     

    (m) Tax
      Consequences.
      Executive hereby acknowledges and agrees that the Company makes no
      representations or warranties regarding the tax treatment or tax consequences
      of
      any compensation, benefits or other payments under the Agreement, including,
      without limitation, by operation of Code Section 409A, or any successor statute,
      regulation or guidance thereto.

     

    (n) Counterparts.
      This
      Agreement may be executed in two or more counterparts, and by different parties
      hereto on separate counterparts, each of which will be deemed an original,
      but
      all of which together will constitute one and the same instrument. This
      Agreement may be delivered by facsimile, and facsimile signatures shall be
      treated as original signatures for all applicable purposes.

     

    (o) Opportunity
      to Review.
      Executive hereby acknowledges that Executive has had adequate opportunity to
      review these terms and conditions and to reflect upon and consider the terms
      and
      conditions of this Agreement, and that Executive has had the opportunity to
      consult with counsel of Executive’s
      own
      choosing regarding such terms.  Executive
      further acknowledges that Executive fully understands the terms of this
      Agreement and has voluntarily executed this Agreement.

     

    [Remainder
      of page left intentionally blank. Signature page(s) to follow.]

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

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

     

    
      
        	
                FLAGSHIP
                  GLOBAL HEALTH, INC.

              
	 	 
	
                /s/
                  Brian Stafford

              
	
                By:

              	
                Brian
                  Stafford

              
	 	
                Chairman,
                  Compensation Committee

              
	 	
                Flagship
                  Global Health, Inc. Board of Directors

              
	 	 
	 
	
                EXECUTIVE

              
	 	 
	
                /s/
                  Mark Gardy, MD

              
	
                Mark
                  Gardy, MD

              
	
                SVP,
                  Chief Medical Officer

              

      

    

     

    
      
         

      

      
        9

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