Document:

Exhibit
10.1

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

 

EXECUTIVE
EMPLOYMENT AGREEMENT, effective
August 1, 2012,
by and
between Amerx
Health Care Corporation, a
Florida corporation (“Amerx”), Procyon Corporation, a Colorado corporation (“Procyon”) and Justice
W. Anderson (the “Executive”).

WHEREAS,
Amerx has, prior to the date of this Agreement, employed the Executive as its

President;
and

WHEREAS,
Executive is employed by Procyon as an
executive officer; and

WHEREAS,
Procyon, the parent corporation of Amerx,
has agreed to provide some of the benefits to Executive under this Agreement; and

WHEREAS,
Amerx desires to continue to employ the Executive on a full-time basis, and the Executive desires to be so employed by Amerx,
pursuant to the terms of this Executive
Employment Agreement;

NOW,
THEREFORE, in consideration of the mutual
covenants contained herein, the parties agree

as
follows:

ARTICLE
I

EMPLOYMENT DUTIES AND BENEFITS

 

Section
1.1 Employment.  Amerx hereby employs
the Executive in the position described on Schedule 1 hereto as an executive officer
of Amerx, pursuant to
the terms of this
Executive Employment Agreement. The Executive
accepts such employment and agrees
to perform the duties and responsibilities assigned to him
pursuant to this Agreement.

 

Section
1.2 Duties and Responsibilities. 
The Executive shall hold the position with Amerx which is specified on Schedule
1, which is attached hereto and incorporated
herein by reference.  The
Executive is employed pursuant to the terms of this Agreement and agrees to
devote full-time to the business of Amerx. The Executive shall perform the
duties set forth
on Schedule 1 while employed as an executive officer, and such further
duties as may be determined and assigned to him
from time-to-time by the Chief Executive Officer or the Board
of Directors of Procyon Corporation, the parent corporation of Amerx (“Procyon”).

Section
1.3 Working Facilities.  The
Executive shall be furnished with facilities
and services suitable to the position and adequate for the performance of the Executive’s duties under
this Agreement. The Executive’s duties shall be
rendered at
Amerx’s offices, or at such other place
or places as the Executive may designate with Amerx’s approval, which shall
not be unreasonably withheld.

Section
1.4 Vacations. The Executive shall be entitled each
year to a reasonable vacation
of not less than four weeks in accordance with the established practices of Procyon now or hereafter in effect
for executive personnel, during
which time the Executive’s compensation shall be paid in full. Should Amerx
from time-to-time require the Executive to
perform job duties during vacation periods,
the Executive shall be
entitled to compensatory vacation time at a mutually agreeable time.

Section
1.5 Expenses. The Executive is authorized to
incur reasonable expenses for
promoting the domestic and international business of Amerx in all respects,
including expenses for entertainment, travel and similar items.
Amerx will reimburse the Executive for all such expenses that are
reasonably related
to Amerx’s business and primarily for
Amerx’s benefit, upon the presentation
by the Executive, from time-to-time, of an itemized account of such expenditures.
Such expenses shall be reviewed and approved by
Procyon’s Chief Financial Officer.

 

 

 

     

     

    

Section
1.6 Benefit Plans. From the effective date of this Agreement, the Executive shall be entitled to participate in all
existing benefit plans provided
to Procyon’s executive employees, including, to the extent now
or hereafter in effect, medical, health,
dental, vision, disability, life insurance
and death benefit plans, in accordance with the terms of such plans.

 

ARTICLE
II COMPENSATION

 

Section
2.1 Base Salary. Amerx shall pay to the Executive a base salary of not
less than the
amount specified on Schedule
1, subject to annual review and
raises in such base salary.  The base salary
may be changed by action of Procyon’s
Board of Directors, and such changes shall
thereafter be included in the Executive’s base salary as defined for purposes
of this Agreement and Procyon’s bonus plan.

Section
2.2 Bonus and Bonus Plan Participation. The Executive shall be entitled
to receive certain short term and long term
incentive bonuses, as set forth, and pursuant
to the conditions set forth, in Schedule
1. The Executive shall also be
entitled to receive bonuses in accordance with
the provisions of the Procyon-wide bonus
plan as in effect from time to time.

 

ARTICLE
III

TERM
OF EMPLOYMENT AND TERMINATION

 

Section
3.1 Term and Nature of Employment. This
Agreement shall be for a term
of one year, commencing on its effective date, subject, however, to termination during such period as provided in this Article
and approval
of the
shareholders
of Procyon
in its
annual meeting
of shareholders.
Nothing
contained in this Agreement shall be
construed to constitute a promise of
employment to the Executive for a fixed term. Executive’s employment under this
Agreement is strictly “at will,”
and may be terminated by the Executive,
Amerx or Procyon, upon thirty
days written notice, for any reason or no reason, with or without cause.

 

Section
3.2 Renewal of Term. Executive’s employment
shall be extended for one additional year at the end of each year of the term, or
extended term, of this Agreement on the
same terms and conditions as contained
in this Agreement, unless either Amerx,
Procyon or the Executive shall, prior
to the expiration of the initial
term or of any renewal term, give
written notice of the intention not to renew this Agreement.

 

Section
3.5 Termination. In the event of termination
of this Agreement by
the Executive or Procyon or Amerx for
any reason, including
termination by death or disability
of the Executive, Amerx shall be obligated to
compensate the Executive for any accrued vacation
time not taken and any earned but unpaid
base salary and any earned but unpaid bonuses up
to the date of termination.

 

Section
3.6 Options. Any options granted to the Executive to purchase stock
of Procyon shall become fully vested on the date of the involuntary termination
of this Agreement. This provision shall serve as a contractual modification of
any option grants or agreements between
the Executive and Procyon, whether such
grants or agreements shall pre-date or postdate
this Agreement, and is hereby incorporated by reference into each such
option grant or agreement.

 

-2-

 

 

     

     

    

ARTICLE
IV

GENERAL MATTERS

 

Section
4.1 Governing Law. This Agreement shall be governed by the
laws of the State of Florida and shall be
construed in accordance therewith.

 

Section
4.2 No Waiver. No
provision of this Agreement may be waived except by an agreement in writing
signed by the waiving party. A waiver of
any term or provision shall not be construed as a waiver of any other term or
provision.

 

Section
4.3 Amendment. This Agreement may
be amended, altered or revoked at any time, in whole or in part, by filing
with this Agreement a written instrument
setting forth such changes, signed by each
of the parties.

 

Section
4.4  Benefit. This Agreement
shall be binding upon the Executive, Procyon
and Amerx, and shall not be assignable by Procyon
or Amerx without the Executive’s
written consent.

 

Section
4.5 Construction. Throughout this Agreement the singular shall include
the plural, and the plural shall include the
singular, and the masculine
and neuter shall include the feminine,
wherever the context so requires.

 

Section
4.6 Text to Control. The headings of articles
and sections are included solely for convenience of
reference. If any conflict between any heading and
the text of this
Agreement exists, the text shall control.

 

Section
4.7 Severability. If any provision
of this Agreement is declared by
any court of competent jurisdiction to be invalid
for any reason, such invalidity
shall not affect
the remaining provisions. On the
contrary, such remaining provisions shall be
fully severable, and
this
Agreement
shall be construed and enforced as
if such invalid provisions had not been included in the Agreement.

 

Section
4.8 Authority. The officer executing this
Agreement on behalf of Procyon and Amerx has been empowered and directed to
do so by
the Board of Directors of
Procyon.

 

Section
4.9 Effective Date. The effective date
of this Agreement shall be August
1, 2012.

 

 

	PROCYON CORPORATION	AMERX HEALTH CARE
    CORPORATION
	 	 
	By:
    /s/ Regina W. Anderson	By:
    /s/ J.B. Anderson
	Regina W. Anderson	J.B. Anderson,
	Chief Executive Officer	Vice President of
    Operations
	 	 
	 	 
	By:
    /s/ Fred W. Suggs, Jr.	
	Fred W. Suggs, Jr.	EXECUTIVE:
	Director, Member of
    the Procyon	
	Corporation Compensation	
	Committee	
	 	 
	 	 
	By: /s/
    Chester L. Wallack	/s/
    Justice W. Anderson
	Chester L.
    Wallack,	Justice W. Anderson
	Director, Member of
    the Procyon	 
	Corporation Compensation Corporation
    Compensation	 
	Committee	 
	 	 
	 	 

 

 

 -3-

 

 

 

     

     

    

PROCYON
CORPORATION AMERX HEALTH
CARE

CORPORATION EXECUTIVE EMPLOYMENT
AGREEMENT

Schedule 1

Salary
and Benefit Statement

 

 

	Executive:
    	Justice
    W. Anderson
	 	 
	 	 
	Position:
    	Amerx
    Health Care Corporation:
    President
	 	 
	 	 
	Base
    Salary: 	$210,000,
    annually
	 	 
	 	 
	Benefits:
    	As
    outlined in this
    Executive Employment
    Agreement.
	 	 
	 	 
	Term:	As                                                                              described
    in
    Section 3.1
    of the
    Executive
    Employment
    Agreement. The terms of the Short Term Growth
    Incentive Bonus
    described below
    shall
    be reviewed annually,
    and any amendment thereto to be made with
    the mutual agreement ofProcyon, Amerx
    and the                                                                              Executive. The terms of the

Long Term
Growth Incentive Bonus described below shall be reviewed prior to the end of fiscal 2015, and any amendment thereto to be
made with the mutual agreement of Procyon, Amerx and the Executive.

	 	 
	Duties and	 
	Responsibilities:	Supervision
    and coordination of all operations of Amerx; supervision of all other executive and
    operating officers of Amerx; devising
    and executing strategic planning for all
    aspects of business conducted by
    Amerx; creating new opportunities
    for business and helping Amerx to
    remain competitive in the marketplace; oversight of Amerx operations to insure
    production efficiency, quality, service
    and cost-effective management of resources; and such
    other matters as determined from time to time by Procyon’s
    Board of Directors.
	 	 
	 	 
	Short Term	 
	Growth Incentive	 
	Bonus:	Incentive pay will be based
    on Amerx fiscal year 2013 sales
    growth over previous fiscal year sales
    of $2,800,000.

 

		Bonus:	

		•	8% Incentive: If Amerx net
sales for fiscal year 2013
increase at least 8%
but less than 15% over $2.8 million, incentive
pay will consist of a cash payment
equal to 5% of net
sales over $2.8
million.

 

-4-

 

 

 

 

     

     

    

 

 

 

	 	• 	15% Incentive: If Amerx net sales for fiscal year 2013 increase at
least 15% but less than 25% over $2.8 million, incentive
pay will consist of a cash payment
equal to 5.5% of net sales over $2.8 million
and an award of 25,000 Options
to purchase Shares of Procyon Common Stock
with an exercise price equal to the closing
market price of such
stock on the date of grant.
	 	 	 
	 	• 	25% Incentive: If Amerx
net sales for fiscal year 2013 increase 25%
or more over $2.8 million, incentive pay will consist
of a cash payment equal to 6% of
net sales over $2.8 million and an
award of 40,000 Options to purchase
Shares of Procyon Common Stock with an
exercise price equal to the closing market price
of such stock on the
date of grant.
	 	 	 
	 	• 	The Short Term Growth Incentive
Bonus will be paid  by Amerx  to 
the Executive in September of the applicable
year, after the close of the fiscal year end.

 

	Long Term	 	 
	Growth Incentive	 	 
	Bonus:	• 	After three years from the date of this Agreement,
Executive will be paid a long term incentive
bonus of 3% of Amerx’s cumulative net
profit for the preceding three year period, provided
the cumulative net profit for the three year period exceeds
$2,184,600 but is less than
$2,430,000.
	 	 	 
		•	Executive  will be paid a long
term incentive bonus  of 3.5%  of Amerx’s
cumulative net profit for the preceding
three year period,
provided the cumulative net profit
for the three
year period exceeds $2,430,000.
	 	 	 

		•	The annual net profit long
                                                                    term incentive bonus will be
                                                                    cumulative over the three year period and will be paid by Amerx to Executive in
                                                                    September of 2015, after the close of
                                                                    the fiscal year end, provided
                                                                    Executive remains employed in his present or higher position.

 

 

	APPROVED:	 	 
	 	 	 
	PROCYON CORPORATION	 	EXECUTIVE:
	 	 	 
	 	 	 
	By:/s/ Regina W. Anderson	 	/s/ Justice W. Anderson
	Regina W. Anderson, Chief Executive Officer	 	Justice W. Anderson

 -5-

 

 

     

     

    

 

 

	 	 	AMERX HEALTH
    CARE CORPORATION
	By: /s/ Fred W.
    Suggs, Jr.	 	 
	Fred W.
    Suggs, Jr.	 	 
	Director, Member
    of the Procyon	 	 
	Corporation Compensation
    Committee	 	 
	 	 	 
	By: /s/ Chester L.
    Wallack		By: /s/      J.B. Anderson
	Chester L.
    Wallack	 	J.B. Anderson
	Director, Member of the Procyon	 	Vice President of Operations
	Corporation Compensation	 	 
	 	 	 
	Effective Date: August 1, 2012	 	 

 

 

 -6-Exhibit 10.2 

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

 

EXECUTIVE
EMPLOYMENT AGREEMENT, effective
September 1, 2012,
by and between Amerx
Health Care Corporation,
a Florida corporation (“Amerx”), Procyon Corporation, a Colorado corporation
(“Procyon”) and James B. Anderson
(the “Executive”).

 

WHEREAS,
Amerx has, prior to the date of this Agreement,
employed the Executive as its Vice President of Operations; and

WHEREAS,
Executive is employed by Procyon as
its Chief Financial Officer; and

WHEREAS,
Procyon, the parent corporation of Amerx, has agreed to provide some of the benefits
to Executive under this Agreement; and

WHEREAS,
Amerx desires to continue to employ the Executive on a
full-time basis, and the Executive desires to be so employed by Amerx,
pursuant to the terms of this Executive
Employment Agreement;

NOW,
THEREFORE, in consideration of the mutual covenants contained
herein, the parties agree

as
follows:

ARTICLE
I

EMPLOYMENT DUTIES AND BENEFITS

 

Section
1.1 Employment.  Amerx hereby employs
the Executive in the position described
on Schedule 1 hereto as an executive officer of Amerx, pursuant to the terms of this Executive Employment Agreement. The Executive
accepts such employment and agrees to perform the duties and responsibilities assigned to him pursuant to this Agreement.

 

Section
1.2 Duties and Responsibilities.  The
Executive shall hold the positions with Amerx and Procyon which are specified on Schedule
1, which is attached hereto and incorporated herein by reference. The Executive is employed pursuant to the terms of
this Agreement and agrees to devote full-time to the business
of Amerx and Procyon. The Executive shall perform the duties set forth on Schedule
1 while employed as an executive officer, and such further duties as may be determined
and assigned to him from time-to-time by the
Chief Executive Officer or the Board of Directors
of Procyon, the parent corporation of Amerx.

 

Section
1.3 Working
Facilities. The Executive shall be furnished with facilities
and services suitable to the position and adequate for the performance
of the Executive’s duties under this Agreement. The Executive’s duties shall be rendered
at Amerx’s offices, or at such other
place or places as the Executive may
designate with Amerx’s approval, which shall
not be unreasonably withheld.

 

Section
1.4 Vacations. The Executive shall be
entitled each year to a reasonable
vacation of not less than four weeks in
accordance with the established practices of Procyon now or hereafter in effect for executive personnel, during which time the
Executive’s compensation shall be paid in full. Should Amerx or Procyon from
time-to-time require the Executive to perform job
duties during vacation periods,
the Executive shall be
entitled to compensatory vacation time at a mutually agreeable time.

 

   Section
1.5 Expenses. The Executive is authorized to incur reasonable expenses for promoting
the domestic and international business
of Amerx and Procyon in all respects,
including expenses for entertainment, travel and similar items. Amerx or Procyon, as
applicable, will reimburse the Executive for all such expenses that are reasonably related
to Amerx’s or Procyon’s business and
primarily for Amerx’s and/or Procyon’s benefit,
upon the presentation by the
Executive, from time-to-time, of an itemized account of such expenditures. Such
expenses shall be reviewed and
approved by Procyon’s Chief Executive Officer.

 

 

 

 

 

 

 

     

     

    

 

Section
1.6 Benefit Plans. From the effective
date of this Agreement, the
Executive shall be entitled to participate in all existing benefit plans provided
to Procyon’s executive employees, including, to the extent now or hereafter in
effect, medical, health, dental,
vision, disability, life insurance and death benefit plans, in accordance
with the terms of such
plans.

 

ARTICLE
II

COMPENSATION

 

Section
2.1 Base Salary.  Amerx shall
pay to the
Executive a base salary of not
less than the amount specified on Schedule
1, subject to annual review and raises in such base salary. The base salary may be changed by action of Procyon’s
Board of Directors, and such changes shall thereafter
be included in the Executive’s base
salary as defined for purposes of this
Agreement and Procyon’s bonus plan.

 

Section
2.2 Bonus and Bonus Plan Participation. The Executive shall be entitled
to receive certain short term and long term incentive bonuses, as set forth,
and pursuant to the conditions set forth, in Schedule 1. The Executive shall
also be entitled to receive bonuses in
accordance with the provisions of the Procyon-wide bonus plan as
in effect from time to time.

 

ARTICLE
III

TERM
OF EMPLOYMENT AND TERMINATION

 

Section
3.1 Term and Nature of Employment. This Agreement shall be for
a term of one year, commencing on
its effective date, subject, however, to termination during such
period as provided in this Article and approval of the shareholders
of Procyon in its annual meeting of shareholders. Nothing contained in this Agreement shall be construed to constitute a promise
of employment to the Executive for a fixed term. Executive’s employment under this
Agreement is strictly “at will,” and may be terminated by the Executive,
Amerx or Procyon, upon thirty days written
notice, for any reason or no reason, with
or without cause.

 

Section
3.2 Renewal of Term. Executive’s employment shall be extended for one additional
year at the end of each year of the
term, or extended term, of this Agreement
on the same terms and conditions as contained in this Agreement, unless either Amerx, Procyon or the
Executive shall, prior to the expiration of the initial term or of any renewal
term, give written notice of the intention not
to renew this Agreement.

 

Section
3.5 Termination. In the event of termination
of this Agreement by the Executive
or Procyon or Amerx for any reason, including termination by death or disability of
the Executive, Amerx shall be obligated to compensate the Executive for any accrued
vacation time not taken and any earned but unpaid base
salary and any earned but unpaid bonuses up to the date of
termination.

 

Section
3.6  Options. Any options granted
to the Executive to purchase stock of Procyon
shall become fully vested on the date
of the involuntary termination of this Agreement. This provision shall serve
as a contractual modification of any option grants or agreements between the Executive
and Procyon, whether
such grants or agreements shall pre-date or postdate
this Agreement, and is hereby incorporated
by reference into each such
option grant or agreement.

 

 

 

 

-2-

 

     

     

    

ARTICLE
IV

GENERAL MATTERS

 

Section
4.1 Governing Law. This Agreement shall be governed
by the laws of the State of Florida and shall be
construed in accordance therewith.

 

Section
4.2 No Waiver. No provision of this Agreement may be waived except by an
agreement in writing signed by the waiving party. A waiver of
any term
or provision shall not be construed
as a waiver of any other term or
provision.

 

Section
4.3  Amendment. This
Agreement may be amended, altered or revoked
at any time, in whole or in part, by filing with this
Agreement a written instrument setting forth such changes, signed by each of
the parties.

 

Section
4.4 Benefit.  This Agreement
shall be binding upon the Executive, Procyon and Amerx, and shall not be
assignable by Procyon or
Amerx without the Executive’s written consent.

 

Section
4.5 Construction. Throughout this Agreement the singular shall include
the plural, and the plural shall include the singular, and the masculine and neuter
shall include the feminine, wherever the context so requires.

 

Section
4.6 Text to Control. The headings of articles and sections are included
solely for convenience of
reference. If any conflict between any heading and the
text of this Agreement exists, the text shall control.

 

Section
4.7 Severability. If any provision of this Agreement is declared by any
court of competent jurisdiction to be invalid for any reason,
such invalidity shall not affect the
remaining provisions.  On the contrary,
such remaining provisions shall be fully severable, and this
Agreement shall be construed and enforced as
if such invalid provisions had not
been included in the Agreement.

 

Section
4.8 Authority. The officer executing
this Agreement on behalf of Procyon and Amerx has been empowered
and directed to do so by the Board
of Directors of Procyon.

 

Section
4.9 Effective Date. The effective date of this Agreement
shall be September 1, 2012.

 

 

	PROCYON
CORPORATION	 	AMERX HEALTH CARE CORPORATION
	 	 	 
	By:  /s/Regina
    W. Anderson		By: /s/ Justine W. Anderson
	Regina W. Anderson,	 	Justine W. Anderson,
	Chief Executive Officer	 	President
	 	 	 
	 	 	 
	By:  /s/ Fred W. Suggs, Jr.,	 	By: /s/  Chester L. Wallack
	Fred W. Suggs, Jr.,	 	Chester L. Wallack,
	Director, Member of the Procyon	 	Director, Member of the Procyon
	Corporation Compensation	 	Corporation Compensation
	Committee	 	Committee
	 	 	 
	 	 	 
	EXECUTIVE:	 	 
	 	 	 
	/s/ James B. Anderson	 	 
	James B. Anderson	 	 

 

 

 

-3-

 

     

     

    

PROCYON
CORPORATION AMERX HEALTH CARE

CORPORATION EXECUTIVE EMPLOYMENT
AGREEMENT

Schedule 1

Salary
and Benefit Statement

 

	Executive:
    	Justice
    W. Anderson 	September 1, 2012

 

	 	 
	Position:
    	Amerx
    Health Care Corporation:
    Vice President of Operations
	 	Procyon
    Corporation: Chief Financial Officer
	 	 
	 	 
	Reporting to:	Regina W. Anderson, Chief Executive Officer,
Procyon Corporation 
	 	Justice W. Anderson, President, Amerx Health Care
Corporation 
	 	Procyon Board of Directors
	 	 
	 	 
	Base
    Salary: 	$120,000,
    annually
	 	 
	 	 
	Benefits:
    	As
    outlined in this
    Executive Employment
    Agreement and the current Procyon Corporation Employee Handbook.
	 	 
	 	 
	Term:	As
    described in Section 3.1 of the Executive Employment
    Agreement.
	 	The
    terms of the Short Term Growth Incentive Bonus
    described below shall be reviewed
    annually, and any
    amendment thereto be made with the mutual agreement
    of Procyon, Amerx and the Executive.
	 	The
    terms of the Long
    Term Growth in Profit Incentive
    Bonus described below shall be reviewed prior to the end of fiscal 2015,
    and any amendment thereto be made with the mutual agreement of
    Procyon, Amerx and the Executive.
	 	 
	 	 
	Duties
and	 
	Responsibilities:
	Procyon Corporation
- title: Chief Financial Officer
	 	 
	 	 

	 	• 	Oversee
                                                                                                                          and
                                                                                                                          Manage
                                                                                                                          all
                                                                                                                          financial
                                                                                                                          record
                                                                                                                          keeping,
                                                                                                                          quarterly
                                                                                                                          and
                                                                                                                          annual
                                                                                                                          financial
                                                                                                                          reporting,
                                                                                                                          SEC
                                                                                                                          filings,
                                                                                                                          quarterly,
                                                                                                                          annual
                                                                                                                          audits
                                                                                                                          and
                                                                                                                          payroll.
	 	 	 
	 	Amerx Health Care Corporation - title: Vice President of Operations
	 	 	 
	 	•	Management,
                                                                                                                          supervision
                                                                                                                          
                                                                                                                          and
                                                                                                                          coordination
                                                                                                                          of accounting
                                                                                                                          staff,
                                                                                                                          weekly/monthly
                                                                                                                          financial
                                                                                                                          reporting
                                                                                                                          and
                                                                                                                          accuracy
                                                                                                                          of un-audited
                                                                                                                          reporting
                                                                                                                          of financials.
	 	 	 
	 	•	Management,
                                                                                                                          supervision
                                                                                                                          and
                                                                                                                          coordination
                                                                                                                          of sourcing,
                                                                                                                          manufacturing
                                                                                                                          and
                                                                                                                          product
                                                                                                                          packaging
                                                                                                                          requirements
                                                                                                                          of
                                                                                                                          Amerx
                                                                                                                          products.
	 	 	 
	 	• 	Oversight of IT operations, performance
and proficiencies.

 

-4-

 

 

 

     

     

    

 

 

	Short
    Term	 
	Growth Incentive	 
	Bonus:	Executive
                                                                                                                                 will
                                                                                                                                 be
                                                                                                                                 entitled
                                                                                                                                 to
                                                                                                                                 a
                                                                                                                                 $10,000
                                                                                                                                 annual
                                                                                                                                 bonus,
                                                                                                                                 payable
                                                                                                                                 as
                                                                                                                                 set
                                                                                                                                 forth
                                                                                                                                 below,
                                                                                                                                 based
                                                                                                                                 on
                                                                                                                                 accomplishing
                                                                                                                                 the
                                                                                                                                 following
                                                                                                                                 benchmarks:
	 	 

 

		•	70%
                                                                                                                                    of
                                                                                                                                    the
                                                                                                                                    bonus
                                                                                                                                    will
                                                                                                                                    be
                                                                                                                                    paid
                                                                                                                                    to
                                                                                                                                    the
                                                                                                                                    Executive
                                                                                                                                    for
                                                                                                                                    the
                                                                                                                                    successful
                                                                                                                                    management
                                                                                                                                    of
                                                                                                                                    Amerx’s
                                                                                                                                    inventory
                                                                                                                                    forecasting
                                                                                                                                    and
                                                                                                                                    ensuring
                                                                                                                                    that
                                                                                                                                    product
                                                                                                                                    supply
                                                                                                                                    meets
                                                                                                                                    the
                                                                                                                                    needs
                                                                                                                                    of
                                                                                                                                    the
                                                                                                                                    budgeted
                                                                                                                                    sales
                                                                                                                                    forecasts,
                                                                                                                                    based
                                                                                                                                    upon
                                                                                                                                    monthly
                                                                                                                                    goals
                                                                                                                                    established
                                                                                                                                    by
                                                                                                                                    the
                                                                                                                                    President
                                                                                                                                    of
                                                                                                                                    Amerx.
                                                                                                                                    The
                                                                                                                                    monthly
                                                                                                                                    performance
                                                                                                                                    goals
                                                                                                                                    will
                                                                                                                                    be
                                                                                                                                    evaluated
                                                                                                                                    quarterly
                                                                                                                                    and
                                                                                                                                    if
                                                                                                                                    achieved
                                                                                                                                    during
                                                                                                                                    any
                                                                                                                                    of
                                                                                                                                    the
                                                                                                                                    applicable
                                                                                                                                    three
                                                                                                                                    months,
                                                                                                                                    the
                                                                                                                                    bonus
                                                                                                                                    will
                                                                                                                                    be
                                                                                                                                    paid
                                                                                                                                    for
                                                                                                                                    each
                                                                                                                                    month
                                                                                                                                    the
                                                                                                                                    goal
                                                                                                                                    is
                                                                                                                                    achieved
                                                                                                                                    following
                                                                                                                                    the
                                                                                                                                    end
                                                                                                                                    of
                                                                                                                                    the
                                                                                                                                    applicable
                                                                                                                                    fiscal
                                                                                                                                    quarter.
	 	 	 
	 	 	 

		•	30%
                                                                                                                                    of
                                                                                                                                    the
                                                                                                                                    bonus
                                                                                                                                    will
                                                                                                                                    be
                                                                                                                                    paid
                                                                                                                                    to
                                                                                                                                    the
                                                                                                                                    Executive
                                                                                                                                    for
                                                                                                                                    improving
                                                                                                                                    operational
                                                                                                                                    efficiencies
                                                                                                                                    and
                                                                                                                                    limiting
                                                                                                                                    operational
                                                                                                                                    expenses
                                                                                                                                    of
                                                                                                                                    Amerx
                                                                                                                                    to
                                                                                                                                    less
                                                                                                                                    than
                                                                                                                                    11%
                                                                                                                                    of
                                                                                                                                    total
                                                                                                                                    revenue
                                                                                                                                    for
                                                                                                                                    the
                                                                                                                                    year,
                                                                                                                                    payable
                                                                                                                                    in
                                                                                                                                    September
                                                                                                                                    following
                                                                                                                                    the
                                                                                                                                    close
                                                                                                                                    of
                                                                                                                                    the
                                                                                                                                    applicable
                                                                                                                                    fiscal
                                                                                                                                    year.
	 	 	 
	 	 	 
	 	In addition to the Short Term annual bonus above, the Executive will be entitled to a bonus of $2,500 for the development of a “Product Improvement,” and/or a $5,000 bonus for the development of a “New Product.”

  

	 	 	 
		•	“Product
                                                                                                                                    Improvement”
                                                                                                                                    is
                                                                                                                                    defined
                                                                                                                                    as
                                                                                                                                    a
                                                                                                                                    change
                                                                                                                                    to
                                                                                                                                    an
                                                                                                                                    existing
                                                                                                                                    product’s
                                                                                                                                    size,
                                                                                                                                    delivery
                                                                                                                                    system,
                                                                                                                                    packaging,
                                                                                                                                    etc.
                                                                                                                                    
                                                                                                                                    A
                                                                                                                                    design,
                                                                                                                                    color
                                                                                                                                    or
                                                                                                                                    changes
                                                                                                                                    to
                                                                                                                                    IFC’s,
                                                                                                                                    product
                                                                                                                                    labels
                                                                                                                                    or
                                                                                                                                    printing
                                                                                                                                    are
                                                                                                                                    not
                                                                                                                                    considered
                                                                                                                                    product
                                                                                                                                    improvements.
	 	 	 
	 	 	 
	 	•	“New
                                                                                              Product” is defined as an
                                                                                              item not previously stocked or sold
                                                                                              by Amerx Health Care in any size
                                                                                              of form.
	 	 	 

		•	Bonuses
                                                                                                                                    will
                                                                                                                                    be
                                                                                                                                    paid
                                                                                                                                    60
                                                                                                                                    days
                                                                                                                                    following
                                                                                                                                    the
                                                                                                                                    product
                                                                                                                                    clearing
                                                                                                                                    all
                                                                                                                                    necessary
                                                                                                                                    testing,
                                                                                                                                    approvals,
                                                                                                                                    stocking
                                                                                                                                    at
                                                                                                                                    Amerx
                                                                                                                                    Health
                                                                                                                                    Care
                                                                                                                                    headquarters
                                                                                                                                    and
                                                                                                                                    deemed
                                                                                                                                    ready
                                                                                                                                    to
                                                                                                                                    sell.
	 	 	Executive
will be responsible to meet with the President of Amerx following the completion of
each quarter and present
a report detailing the employee’s success in achieving the stated goals
in order to qualify for the bonuses above.

 

 

-5-

 

 

 

     

     

    
 

 

 

Long
Term

Growth
Incentive

	Bonus:	• 	After
                              three years from the date of this Agreement, Executive will be paid a long term incentive bonus
                              of 1% of Amerx’s cumulative net profit for the preceding three-year
                              period, provided the cumulative net profit for the three-year period exceeds $2,184,600, but is
                              less than $2,430,000.
	 	 	 
	 	 	 
		•	Executive
                                                                                                                                    will
                                                                                                                                    be
                                                                                                                                    paid
                                                                                                                                    a
                                                                                                                                    long
                                                                                                                                    term
                                                                                                                                    incentive
                                                                                                                                    bonus
                                                                                                                                    of
                                                                                                                                    1.5%
                                                                                                                                    of
                                                                                                                                    Amerx’s
                                                                                                                                    cumulative
                                                                                                                                    net
                                                                                                                                    profit
                                                                                                                                    for
                                                                                                                                    the
                                                                                                                                    preceding
                                                                                                                                    three-year
                                                                                                                                    period,
                                                                                                                                    provided
                                                                                                                                    the
                                                                                                                                    cumulative
                                                                                                                                    new
                                                                                                                                    profit
                                                                                                                                    for
                                                                                                                                    the
                                                                                                                                    three-year
                                                                                                                                    period
                                                                                                                                    exceeds
                                                                                                                                    $2,430,000.
	 	 	 
	 	 	 

		•	The
                                                                                                                                    annual
                                                                                                                                    net
                                                                                                                                    profit
                                                                                                                                    long
                                                                                                                                    term
                                                                                                                                    incentive
                                                                                                                                    bonus
                                                                                                                                    will
                                                                                                                                    be
                                                                                                                                    cumulative
                                                                                                                                    over
                                                                                                                                    the
                                                                                                                                    three-year
                                                                                                                                    period
                                                                                                                                    and
                                                                                                                                    will
                                                                                                                                    be
                                                                                                                                    paid
                                                                                                                                    by
                                                                                                                                    Amerx
                                                                                                                                    to
                                                                                                                                    Executive
                                                                                                                                    in
                                                                                                                                    September
                                                                                                                                    of
                                                                                                                                    2015,
                                                                                                                                    after
                                                                                                                                    the
                                                                                                                                    close
                                                                                                                                    of
                                                                                                                                    the
                                                                                                                                    fiscal
                                                                                                                                    year
                                                                                                                                    end,
                                                                                                                                    provided
                                                                                                                                    Executive
                                                                                                                                    remains
                                                                                                                                    employed
                                                                                                                                    in
                                                                                                                                    his
                                                                                                                                    present
                                                                                                                                    or
                                                                                                                                    a
                                                                                                                                    higher
                                                                                                                                    position.

	APPROVED: 	 	 
	 	 	 
	PROCYON CORPORATION	 	EXECUTIVE:
	 	 	 
	 	 	 
	By: /s/ Regina W. Anderson		/s/ James B. Anderson
	Regina W. Anderson, Chief Executive Officer	 	James B. Anderson

  

 

	 	 	AMERX HEALTH
    CARE CORPORATION
	By: /s/
    Fred W. Suggs,
    Jr.	 	 
	Fred W.
    Suggs, Jr.	 	 
	Director, Member
    of the Procyon	 	 
	Corporation Compensation
    Committee	 	 
	 	 	 
	By: /s/ Chester L.
    Wallack
    	By: /s/
    Justice W. Anderson
	Chester L.
    Wallack	 	Justice W.  Anderson, President
	Director, Member of the Procyon	 	
	Corporation Compensation	 	 
	 	 	 
	Effective Date:  September 1, 2012	 	 

 

 

 

 -6-

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