Document:

TRCR 8-K 2011 0602 Vote Ex 10.1

 

EXHIBIT 10.1
 
2011 DECLARATION OF AMENDMENT TO
2009 STOCK INCENTIVE PLAN
 
THIS 2011 DECLARATION OF AMENDMENT, is made effective as of the 3rd day of February, 2011, by TRANSCEND SERVICES, INC. (the “Corporation”), to the Corporation's 2009 Stock Incentive Plan (the “Plan”).
R E C I T A L S:
WHEREAS, the Board of Directors of the Corporation has deemed it advisable to amend certain provisions of the Plan to (i) increase the number of authorized shares of the Corporation's common stock (the “Common Stock”) available for grant under the Plan (including the number of shares of Common Stock which may be issuable pursuant to the grant of incentive stock options); (ii) clarify the grant date of a Stock Incentive under the Plan; and (iii) require stockholder approval of certain actions that would constitute a repricing of Stock Incentives under the Plan; and
 
WHEREAS, the Corporation desires to evidence such amendments by this Declaration of Amendment.
 
NOW, THEREFORE, IT IS DECLARED that, effective as of February 3, 2011, the Plan shall be and hereby is amended as follows; provided, however, that the amendments to Sections 3.1(a), 7.1(a), 7.2(j) and 12 described in Sections 1, 2, 4 and 5 herein shall be subject to stockholder approval:
 
1.    Amendment to Section 3.1(a).  Section 3.1(a) (“Maximum Aggregate Shares Issuable Pursuant to Stock Incentives”) of the Plan is hereby amended by deleting Section 3.1(a) in its entirety and substituting the following in lieu thereof, with the remainder of Section 3.1 being unchanged:
 
“(a) Nine Hundred Thousand (900,000), plus,”
 
2.    Amendment to Section 7.1(a).  Section 7.1(a) (“Grants of Stock Incentives”) of the Plan is hereby amended by deleting Section 7.1(a) in its entirety and substituting the following in lieu thereof:
 
“(a) Grants of Stock Incentives. The Board, in its absolute discretion, shall grant Stock Incentives under this Plan from time to time and shall have the right to grant new Stock Incentives in exchange for outstanding Stock Incentives, subject to the terms of Section 12 hereof.  Stock Incentives shall be granted to Eligible Recipients selected by the Board, and the Board shall be under no obligation whatsoever to grant any Stock Incentives, or to grant Stock Incentives to all Eligible Recipients, or to grant all Stock Incentives subject to the same terms and conditions.”
 
3.    Amendment to Section 7.1(d).  Section 7.1(d) (“Date of Grant”) of the Plan is hereby amended by deleting Section 7.1(d) in its entirety and substituting the following in lieu thereof:
 
“(d)    Date of Grant.  A Stock Incentive shall be considered to be granted on the date that the Board acts to grant the Stock Incentive or on such other date as may be established by the Board in accordance with applicable laws.”
 
4.    Amendment to Section 7.2(j).  Section 7.2(j) (“Potential Repricing of Stock Options”) of the Plan is hereby deleted in its entirety, with the remainder of Section 7.2 being unchanged.
 
5.    Amendment to Section 12.  Section 12 (“Amendment or Termination”) of the Plan is hereby amended by deleting Section 12 in its entirety and substituting the following in lieu thereof:
 
“Amendment or Termination.  This Plan may be amended by the Board from time to time to the extent that the Board deems necessary or appropriate; provided, however, no such amendment shall be made absent the approval of the stockholders of the Company (a) to increase the number of Shares reserved 

 

 

under Section 3, except as set forth in Section 10, (b) to extend the maximum life of the Plan under Section 9 or the maximum exercise period under Section 7, (c) to decrease the minimum Exercise Price under Section 7, or (d) to change the designation of Eligible Recipients eligible for Stock Incentives under Section 6.  In addition, except for adjustments made pursuant to Section 10, the terms of outstanding Stock Incentives may not be amended to reduce the Exercise Price of outstanding Options or SARs or cancel outstanding Options or SARs at a time when the Exercise Price of the Option or SAR, as the case may be, is less than the Fair Market Value of the Common Stock, in exchange for cash, other awards or Options or SARs with an Exercise Price that is less than the Exercise Price of the original Options or SARs (as the case may be), without stockholder approval.  Stockholder approval of other material amendments (such as an expansion of the types of awards available under the Plan, an extension of the term of the Plan or a change to the method of determining the Exercise Price of Options issued under the Plan) may also be required pursuant to rules promulgated by an established stock exchange or a national market system if the Company is, or becomes, listed or traded on any such established stock exchange or national market system, or for the Plan to continue to be able to issue Stock Incentives which meet the Performance-Based Exception. The Board also may suspend the granting of Stock Incentives under this Plan at any time and may terminate this Plan at any time. The Company shall have the right to modify, amend or cancel any Stock Incentive after it has been granted if (a) the modification, amendment or cancellation does not diminish the rights or benefits of the Stock Incentive recipient under the Stock Incentive (provided, however, that a modification, amendment or cancellation that results solely in a change in the tax consequences with respect to a Stock Incentive shall not be deemed as a diminishment of rights or benefits of such Stock Incentive), (b) the Participant consents in writing to such modification, amendment or cancellation, (c) there is a dissolution or liquidation of the Company, (d) this Plan and/or the Stock Incentive Agreement expressly provides for such modification, amendment or cancellation, or (e) the Company would otherwise have the right to make such modification, amendment or cancellation by applicable law. (See also Section 4 for a special provision providing for automatic termination of this Plan in certain circumstances.)”  
6.    Continued Effect.  Except as set forth herein, the Plan shall be unchanged and shall remain in full force and effect.
 
IN WITNESS WHEREOF, this Declaration of Amendment is executed on behalf of Transcend Services, Inc. effective as of the day and year first above written.
 
TRANSCEND SERVICES, INC.
By: ___/s/ Larry G. Gerdes 
Larry G. Gerdes
Chief Executive Officer
ATTEST:
__/s/ Lance B. Cornell
Secretary
 
[Corporate Seal]angeion112851_ex10-1.htm - Generated by SEC Publisher for SEC Filing

  

 

Exhibit 10.1

 

May 26, 2011

 

 

Gregg O. Lehman, Ph.D. 

309 Haddon Court

Franklin, Tennessee  37067

 

Dear Gregg,

 

The purpose of this letter is to confirm an offer of employment as Interim Chief Executive Officer of Angeion Corporation on a temporary basis.  For purposes of this letter, “Company” refers to Angeion and its Medical Graphics Corporation subsidiary and New Leaf business unit.

 

	

   Position:
	

   Interim Chief Executive Officer

	

   Date of Hire:
	

   May 24, 2011

	

   Base Salary:
	

   $320,000 annually; (equivalent to $12,307.69 bi-weekly) 

	

   Expenses:
	

   Expenses are reimbursed pursuant to the Medical Graphics Corporation travel and expense reimbursement policies.

	

   Benefits:
	

   As an employee of Angeion and Medical Graphics Corporation, you are eligible to participate in the benefit programs outlined in the benefit matrix provided to you.  New employees are eligible to participate in Medical Graphics' medical and dental benefit coverage completion of thirty days of employment. The Company agrees that you will accrue PTO (paid time off) at a rate equivalent to that of other Senior Executives, which is 200 hours per year. 

	

    
	

   A benefit packet will be forwarded upon acceptance of this offer. Please complete all forms contained within the benefit packet and bring them within five days of acceptance of employment. 

	

   Pre-employment     
Conditions:
	

   This offer is contingent upon signing and returning this employment offer; signing and returning a non-disclosure form; an Angeion Code of Conduct policy statement; and successful completion of a background and reference check.

 

In consideration of accepting employment with the Company, you confirm that you are not constrained by any existing non-compete agreements from accepting employment and are not in violation of any non-compete obligations with present or past employers.

 

As an Angeion Corporation employee, you would be free to resign at any time, just as Angeion is free to terminate your employment at any time, with or without cause. 

 

 

 

  

 

You also acknowledge that this offer letter, along with the final form of any referenced documents, represents the entire agreement between you and the Company and that no verbal or written agreements, promises or representations that are not specifically stated in this offer, are or will be binding upon the Company. 

 

In accepting this offer, you agree to keep the content confidential and not to discuss or disclose any of its content with other individuals outside of your immediate family.

 

Kindest regards,

 

	

   /s/  Sheryl A. Rapheal

	

   Sheryl A. Rapheal
Chief Compliance Officer
Vice President of Human Resources and Administration

 

 

 

Signatures:

 

 

	

   /s/  Mark W. Sheffert

	

   Mark W. Sheffert
Chairman of the Board of Directors

 

 

	

   /s/ Gregg O Lehman

	

   Gregg O Lehman

 

 

 

2elmd112864_ex10-1.htm - Generated by SEC Publisher for SEC Filing

 

Exhibit
10.1

 

 

May 27,
2011

Dr. James Cassidy

15900 155th Street NE

Foley, MN 56329-4525

 

Dear Jim,

 

We are extremely pleased to offer you a
full-time position with Electromed, Inc. (the “Company”) as Chief Operating
Officer, in which position you will report to Robert Hansen, Chief Executive
Officer, or his designee(s) or successor. Please note that the Company may
modify job titles in its sole discretion. 

 

Your initial annual salary of $152,000, pro-rated for
your term of service during the 2011 calendar year, will be paid in accordance
with the Company’s normal payroll procedures and will be subject to applicable
taxes, deductions and withholdings. For the calendar year ending December 31,
2012, and each year thereafter, your annual salary will be determined by the
Board of Directors. In addition, for the calendar year ending December 31,
2011, you will be eligible to receive a cash incentive equal to $5,000 for each
$1 million that the Company’s calendar-year gross sales revenue exceeds $18
million, pro-rated for your term of service during the 2011 calendar year. For
future calendar years, the amount of your annual cash incentive (if any) and
the criteria by which such incentive will be earned shall be determined by the
Board of Directors in its discretion.

 

During the term of your employment, you will be
eligible to participate in the Company’s retirement plans, health plans, and
all other employee benefits programs made available by the Company, provided
that you meet any applicable eligibility requirements and other provisions of
the plan. Any employee benefits plans offered by the Company are subject to
change or termination in the Company’s sole discretion. 

 

You will be entitled to paid time off of up to three
weeks per year without reduction of your annual salary. Paid time off that
remains unused at the end of the calendar year will carry over to the next
calendar year, provided that paid time off that has accrued during a particular
year must be used within two years of the last day of that year.

 

If you accept the position being offered, you would be
expected to work from the Company’s corporate headquarters in New Prague,
Minnesota. Accordingly, you agree to relocate or secure a housing arrangement
in the area of New Prague, Minnesota within thirty days of commencing
employment with the Company, at your own expense. With the exception of
expenses relating to relocation or temporary housing, you will be promptly
reimbursed for all reasonable, ordinary and necessary travel, entertainment and
other business-related expenses that you incur in performing your duties for
the Company, in accordance with the policies and procedures that we have in
place from time to time and provided that you properly account for such
expenses in accordance with federal, state and local tax requirements.

 

If you accept the position being offered, you will become an
executive officer of a publicly traded Company. The Company’s outside legal
counsel will make all necessary securities and compliance filings on your
behalf, subject to your input and approval, at the Company’s cost. Please be
advised that the Company will be required to publicly disclose information
regarding your compensation and other terms of your employment in its
securities filings.

 

You should be aware that your employment with the Company is for
no specified period and constitutes at-will employment. As a result, you are
free to resign at any time, for any reason or for no reason. Similarly, the
Company is free to conclude its employment relationship with you at any time,
with or without cause and with or without notice. This also means that the
Company may change the terms and conditions of your employment at-will. No
contract of employment other than “at-will” is expressed or implied, either by
this offer or by any oral or written statements made prior to or after this
offer. No circumstances arising out of your employment will alter the at-will
nature of your employment with the Company unless expressed in writing, with
the understanding specifically set forth and signed by you and an authorized
signatory for the Company. 

 

 

 

 

If you accept this offer, the Company
would expect you to devote your best efforts to the Company’s business,
including by performing the duties and responsibilities reasonably associated
with the position of Chief Operating Officer, subject to determination by the
Company’s Chief Executive Officer, his designee(s) or successor, or the Board
of Directors. You agree that you will hold in strict confidence all Company
confidential information, including, but not limited to, information regarding
the Company’s business, products, technologies, trade secrets, and strategies.
You also agree to comply with the Company’s code of ethics, insider trading
policy, and other applicable corporate governance policies that are currently
in effect or which may be adopted from time to time. In the event of
termination of your employment for any reason, you agree to promptly return all
Company property. 

 

Because the services that you would perform for the Company would
be special and unique in nature and the Company would be harmed if you were to
join any of its competitors after serving as a Company employee, you agree
that, if you accept this offer, you will not engage in any other employment,
occupation, consulting or other business activity during the term of your
employment that would conflict or interfere with your ability to perform your
obligations as Chief Operating Officer, and, during the term of your employment
with the Company and for a period of twelve months following termination of
your employment, regardless of the reason for termination, you will not
directly or indirectly render services to any person or entity that designs,
develops, manufactures, markets or sells any product or service that has been
or is being designed, developed, manufactured, marketed or sold by the Company
(a “Competing Business”). This limitation will apply to the geographic area in
which the Company operates, which at the present time includes North America.
In addition, during the term of your employment with the Company and for a
period of twelve months following termination of your employment, regardless of
the reason for termination, you agree not to directly or indirectly solicit the
Company’s customers, prospective customers, employees, consultants, independent
contractors, subcontractors, suppliers, vendors or other business relation of
the Company. The Company would require you to notify future employers or
clients of these restrictions prior to accepting employment or any other
business relationship during the term of your employment and for twelve months
thereafter.

 

The obligations herein relating to confidential information,
return of Company property, non-competition and non-solicitation will survive
termination of your employment with the Company. In addition, the foregoing
non-competition and non-solicitation agreements are an important condition to
the Company’s offer. By accepting this offer, you would acknowledge that the
Company would be entitled to an injunction to restrain any violation of the
non-competition and non-solicitation agreements, and that a court or other
judicial body who determines that any of these agreements are unenforceable for
any reason would be entitled to construe the provisions by limiting or reducing
them, so as to be enforceable to the maximum extent compatible with
then-applicable law.

 

The Company acknowledges that you are currently a managing member
of Epic BioVentures, LLC (“EBV”), an entity whose purpose is investing in and
guiding medtech companies toward an exit strategy. If you accept this offer,
you agree that your participation in EBV will not affect your ability to comply
with the terms of your employment as set forth herein, including your ability
to devote best efforts to the Company, your obligation to hold in confidence
Company confidential information, and your obligation to adhere to the
Company’s policies (including conflict of interest policies and provisions).
The Company acknowledges that your participation in EBV will not violate your
non-competition obligations, provided that: (i) your percentage membership
interest in EBV does not increase (unless such increase is due to an event
beyond your control); (ii) the financial or ownership interest in the Competing
Business that is attributable to you, your immediate family members, and any
entity that you control is less than $75,000 or 4.9% of any class of a
Competing Business’s securities, whichever is lower (the “Threshold Amount”),
(iii) if you are required to publicly disclose that you own securities of any
entity in which EBV invests, you expressly disclaim beneficial ownership of
such securities except to the extent of your pecuniary interest therein; and
(iv) you do not participate in the management of or render services to any
Competing Business, whether directly or indirectly, including through your
participation in EBV. In addition, if a person or entity in which EBV invests
or to which EBV render services becomes a Competing Business after EBV’s
initial investment or participation due to an expansion of the Company’s
products or services (rather than due to an expansion by the other person or
entity), you must reduce the financial or ownership interest attributable to
you, your immediate family members, and any entity that you control to the
Threshold Amount within seven months of the date such person or entity becomes
a Competing Business, as such date is reasonably determined by the Company. You
agree to provide advance notice to the Company of any relationship between EBV
and any other person or entity that has or is planning to enter into a business
relationship with the Company (such as a customer, supplier, or acquisition
target).

 

The
Company understands from you that you are not subject to any non-competition
agreement, non-solicitation agreement, or any other agreement that might
restrict or prevent you from fulfilling, in whole or in part, your duties for
the Company. If our understanding is incorrect, please contact the Chief
Executive Officer immediately. Similarly, if you become employed by the
Company, you agree that you will not use or disclose proprietary or
confidential information belonging to your current or former employers or
clients. 

 

 

 

  

 

Finally, this offer is contingent upon your satisfactory completion of a reasonable pre-employment background check and your execution of an assignment of inventions, consistent of the assignment executed by certain other Company employees.

 

To indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided below and return it to the Company. A duplicate original is enclosed for your records.

 

If you accept this offer, your duties as Chief Operating Officer would commence on June 1, 2011. This offer expires on May 31, 2011. 

 

We look forward to having you join Electromed and believe that you will be a great asset to the Company.

 

Sincerely,

 

/s/ Robert Hansen

 

Robert Hansen

Chairman and Chief Executive Officer of Electromed, Inc.

 

ACCEPTED AND AGREED TO this 31 day of May, 2011.

 

/s/ James J. Cassidy

(Employee Signature)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]