Document:

Exhibit 10.(e)

 

1998 DIRECTORS’ STOCK OPTION PLAN

OF

CANTEL MEDICAL CORP.

 

(as amended through March 24, 2005)

 

1.                                       The Plan. 
The 1998 Directors’ Stock Option Plan (the “Plan”) is intended to
strengthen the ability of Cantel Industries, Inc. (the “Corporation”) to
attract and retain the services of persons having the breadth of professional
and business experience who, through their efforts and expertise, can make a
significant contribution to the success of the Corporation’s business by
serving as members of the Corporation’s Board of Directors and to provide
additional incentive for such directors to continue to work for the best
interests of the Corporation and its stockholders through ownership of its
Common Stock, par value $.10 per share (the “Stock”).  Accordingly, the Company will grant to each
director (the “Optionee”) an option (the “Option”) to purchase shares of Stock
on the terms and conditions hereinafter set forth.

 

2.                                       Stock Subject to the Plan.  Subject to the provisions of Paragraph 11
hereof, the total number of shares of Stock which may be issued pursuant to
Options granted under the Plan shall be 450,000.  Such shares of Stock may be, in whole or in
part, either authorized and unissued shares or treasury shares as the Board of
Directors of the Corporation (the “Board”) shall from time to time
determine.  If an Option shall expire or
terminate for any reason without having been exercised in full, the unpurchased
shares covered thereby shall (unless the Plan shall have been terminated) again
be available for Options under the Plan.

 

3.                                       Administration of the Plan.  The Plan shall be administered by a committee
(the “Committee”) composed of two or more non-employee members of the
Board.  The Committee shall have plenary
authority, subject to the express provisions of the Plan, to interpret the
Plan, to prescribe, amend and rescind any rules and regulations relating
to the Plan and to take such other action in connection with the Plan as it
deems necessary or advisable; provided, however, that the grant of Options
under the Plan, the exercise price of such Options and the timing and manner in
which such Options become exercisable shall not be subject to discretion by the
Board but shall be governed by the terms of the Plan.  The interpretation and construction by the
Board of any provisions of the Plan or of any Option granted thereunder shall
be final, and no member of the Board shall be liable for any action or
determination made in good faith with respect to the Plan or any Option granted
thereunder.

 

4.                                       Directors Eligible for Options; Grant of Options.

 

(a)                                  Each
director of the Corporation, whether or not an employee, shall be eligible for
Options under this Plan.

 

 

(b)                                 Subject
to Section 12, an Option to purchase 15,000 shares of Stock shall be
automatically granted to each person who is appointed or elected for the first
time to be a director of the Corporation. 
Each Option granted under this subsection (b) shall be
exercisable in three equal annual installments commencing on the date of the grant.  The exercise price of each Option granted
under this subsection (b) shall be the fair market value (as
hereinafter defined) of Stock covered thereby on the date the Option is
granted.

 

(c)                                  Subject
to Section 12, an Option to purchase 1,500 shares of Stock shall be automatically
granted under the Plan each year on the last business day of the Corporation’s
fiscal year, commencing with the fiscal year ending July 31, 2005, to each
member of the Corporation’s Board serving as such on said date.  Each Option granted under this subsection (c) shall
be exercisable as to 50% of the number of shares of Stock covered thereby on
the first anniversary of the grant of such Option and shall become exercisable
for the balance of shares of Stock covered thereby on the second anniversary of
the grant of such Option.  The exercise
price of each Option granted under this subsection (c) shall be the
fair market value (as hereinafter defined) of Stock covered thereby on the date
the Option is granted.

 

(d)                                 Subject
to Section 12, an Option to purchase 750 shares of Stock shall be
automatically granted on the last business day of each fiscal quarter,
commencing with the quarter ending April 30, 2005, to each member of the
Corporation’s Board serving as such on said date provided that the member
attended any regularly scheduled meeting of the Board, if any, which was held
during such quarter (whether in person or by telephonic means).  Notwithstanding the foregoing to the
contrary, neither Messrs. Diker nor Reilly, nor any member of the Board
who is an employee of the Corporation, shall be entitled to receive any
quarterly Option grants in accordance with this subsection (d).  Each Option granted under this subsection (d) shall
be exercisable immediately and the exercise price of each such Option shall be
the fair market value (as hereinafter defined) of the Stock covered thereby on
the date the Option is granted (the “Determination Date”).

 

(e)                                  For
purposes of this Plan, the fair market value shall be:

 

(i)                                     if
the Stock is listed on a securities exchange, the closing price of the Stock on
the largest principal securities exchange on the Determination Date, or, if
there shall have been no sales on any such exchange on such Determination Date,
the mean of the highest bid and lowest asked prices on such securities exchange
on such Determination Date; or

 

(ii)                                  if
the Stock is not listed on a securities exchange, the closing price of the
Stock on the National Market System of the National Association of Securities
Dealers, Inc., Automated Quotation System (“NASDAQ”), or, if there shall
have been no sales on such Determination Date on the NASDAQ National Market
System, such closing price on the first date prior to the Determination Date
that there was a sale on the NASDAQ Market system; or

 

2

 

(iii)                               if
the Common Stock is not listed on a securities exchange or the NASDAQ National
Market System, the mean of the highest bid and lowest asked prices of the Stock
on the Determination Date as quoted in the NASDAQ System; or

 

(iv)                              if
the Common Stock is not quoted in the NASDAQ System, the mean of the highest
bid and lowest asked prices of the Stock on the Determination Date in the
over-the-counter market as reported by the National Quotation Bureau,
Incorporated, or any similar successor organization.

 

5.                                       Term of Plan.  The Plan shall terminate on, and no Options
shall be granted after, December 1, 2008, provided that the Board may at
any time terminate the Plan prior thereto.

 

6.                                       Term of Options.  The term of each Option granted under this
Plan before July 31, 2000 shall be for a period of ten years from the date
of granting thereof and the term
of each Option granted under this Plan on or after July 31, 2000 shall be
for a period of five years from the date of granting thereof.

 

7.                                       Exercise of Options.  An Option may be exercised from time to time
as to any part or all of the Stock to which the Optionee shall then be
entitled, provided, however, that an Option may not be exercised as to less than
100 shares at any one time (or for the remaining shares then purchasable under
the Option, if less than 100 shares). 
The purchase price of the Stock issuable upon exercise of an Option
shall be paid in full at the time of the exercise thereof (i) in cash or (ii) by
the transfer to the Corporation of shares of its Stock with a fair market value
(as determined by the Board) equal to the purchase price of the Stock issuable
upon exercise of such Option.  The holder
of an Option shall not have any rights as a stockholder with respect to the
Stock issuable upon exercise of an Option until certificates for such Stock
shall have been delivered to him after the exercise of the Option.

 

8.                                       Non-transferability of Options.  An Option shall not be transferable otherwise
than by will or the laws of descent and distribution and is exercisable during
the lifetime of the Optionee only by him.

 

9.                                       Form of Option.  Each Option granted pursuant to the Plan
shall be evidenced by an agreement (the “Option Agreement”) which shall be in
such form as the Board shall from time to time approve.  The Option Agreement shall comply in all
respects with the terms and conditions of the Plan.

 

10.                                 Termination of Board Membership.  In the event that an Optionee shall cease
to be a member of the Board (whether by resignation, death or disability or
otherwise), the Options of the Optionee granted pursuant to this Plan shall be
exercisable (to the extent that such Options were exercisable at the time of
termination of Board membership) at any time prior to the expiration of a
period of time not exceeding three months after such termination by the
Optionee

 

3

 

(or, in the event such termination resulted from the Optionee’s death,
by the legal representative of the Optionee) and the balance of such Option, If
any, shall be cancelled.

 

11.                                 Adjustments Upon Changes in Capitalization.  In the event of changes in the
outstanding Stock of the Corporation by reason of stock dividends, split-ups,
recapitalizations, mergers, consolidations, combinations or exchanges of
shares, separations, reorganizations of liquidations, the number and class of
shares available under the Plan, the number and class of shares or the amount
of cash or other assets or securities available upon the exercise of any Option
granted hereunder and the number of shares as to which Options are to be
granted to an Optionee shall be correspondingly adjusted, to the end that the
Optionee’s proportionate interest in the Corporation, any successor thereto or
in the cash, assets or other securities into which shares are converted or
exchanged shall be maintained to the same extent, as near as may be
practicable, as immediately before the occurrence of any such event.  All references in this Plan to “Stock” from
and after the occurrence of such event shall be deemed for all purposes of the
Plan to refer to such other class of shares or securities issuable upon the
exercise of Options granted pursuant hereof.

 

12.                                 Stockholder And Stock Exchange Approval.  This Plan is subject to, and no Options shall
be exercisable hereunder until after (i) the approval by the holders of a
majority of the Stock of the Corporation voting at a duly held meeting of the
stockholders of the Corporation within twelve months after the date of the
adoption of the Plan by the Board, and (ii) the approval by the New York
Stock Exchange, Inc. of a listing application covering the shares of Stock
covered by this Plan.

 

13.                                 Amendment of the Plan.  The Board shall have complete power and
authority to modify or amend the Plan (including the form of Option Agreement)
from time to time in such respects as it shall deem advisable; provided,
however, that the Board shall not, without the approval of the votes
represented by a majority of the outstanding Stock of the Corporation present
or represented at a meeting duly held in accordance with the applicable laws of
the Corporation’s jurisdiction of incorporation and entitled to vote at a
meeting of the stockholders or by the written consent of stockholders owning
stock representing a majority of the votes of the Corporation’s outstanding
Stock, (i) increase the maximum number of shares which in the aggregate
are subject to Options under the Plan (except as provided by Paragraph 11, (ii) extend
the term of the Plan or the period during which Options may be granted or
exercised, (iii) reduce the Option exercise price below 100% of the fair
market value of the Stock issuable upon exercise of Options at the time of the
granting thereof, other than to change the manner of determining the fair
market value thereof, (iv) materially increase the benefits accruing to
participants under the Plan, (v) modify the requirements as to eligibility
for participation in the Plan, or (vi) make any other change to the terms
of the plan which would require approval by the stockholders pursuant to the rules and
regulations of the Securities and Exchange Commission or the listing standards
and rules of the securities exchange on which the Stock is listed.  No termination or amendment of the Plan
shall, without the consent of the individual Optionee, 

 

4

 

adversely affect the rights of such Optionee under an Option
theretofore granted to him or under such Optionee’s Option Agreement.

 

14.                                 Taxes. 
The Corporation may make such provisions as it may deem appropriate
for the withholding of any taxes which it determines is required in connection
with any Options granted under the Plan. 
The Corporation may further require notification from the Optionee upon
any disposition of Stock acquired pursuant to the exercise of Options granted
hereunder.

 

5Exhibit 10.(x)

 

EMPLOYMENT
AGREEMENT

 

AGREEMENT dated as of this 1st day of August, 2005, by
and between Crosstex International, Inc., a New York corporation (“Crosstex”
or the “Company”) and Richard Allen Orofino (the “Employee”).

 

R E  C  I  T
A  L  S:

 

A.                                    Immediately prior to the date hereof,
Employee served as President of the Company.

 

B.                                    Simultaneously herewith, the Company and its
shareholders have entered into Stock Purchase Agreements (the “Purchase
Agreements”) with Cantel Medical Corp., a Delaware corporation (“Cantel”),
pursuant to which Cantel has acquired all of the issued and outstanding capital
stock of the Company (the “Acquisition”). 
As a result of the Acquisition, the Company has become a wholly-owned
subsidiary of Cantel.

 

C.                                    The Company is desirous of continuing the
employment of Employee and Employee is desirous of continuing his employment by
the Company on the terms and conditions hereinafter set forth.

 

D.                                    Employee acknowledges that his agreement to
enter into this Agreement, inclusive of the non-competition and
non-interference provisions of Section 5 hereof, was a material inducement
and condition to Cantel’s entering into the Purchase Agreements and
consummating the Acquisition.

 

NOW, THEREFORE, in consideration of the mutual covenants herein
contained, it is hereby agreed by and between the Company and Employee as
follows:

 

1.                                       Engagement and Term.  The
Company hereby employs Employee and Employee hereby accepts such employment by
the Company on the terms and conditions set forth herein, for the period
commencing on the date hereof (the “Effective Date”) and ending, unless sooner
terminated in accordance with the provisions of Section 4 hereof, on July 31,
2008 (the “Employment Period”), provided, however, that the term of Employee’s
employment hereunder shall continue thereafter unless and until the Company or
Employee shall have provided at least six months prior notice of termination to
the other party.)  As used in this
Agreement, the term “Contract Year” shall refer to the period commencing on the
Effective Date and ending July 31, 2006 (with respect to the initial
Contract Year) and each twelve-month period thereafter during the term of this
Agreement.

 

2.                                      Scope of Duties. 
Employee shall be employed by the Company as its President.  Employee shall have such authority, powers
and duties customarily attendant upon such position and consistent with
Employee’s historical duties with the Company. 
If elected or appointed, Employee shall also serve, without additional
compensation hereunder, in one or more offices of 

 

 

the
Company and, if and when elected, as a director of the Company, provided that
his duties and responsibilities are not inconsistent with those pertaining to
his position as stated above.  Employee
agrees to perform the duties associated with his employment to the best of his
abilities, and shall faithfully devote his full business time and efforts so as
to advance the best interests of the Company. 
During the Employment Period, Employee shall not be engaged in any other
business activity, whether or not such business activity is pursued for profit
or other pecuniary advantage. Notwithstanding anything to the contrary
contained herein, Employee may serve on the board of directors of
not-for-profit entities, provided such entities are not competitors of the
Company and such activities do not materially interfere with Employee’s duties
hereunder.  Service on the board of
directors of any other entities shall require prior consent of the Board of
Directors of Cantel.  The principal place
of employment of Employee shall be the executive offices of the Company in
Hauppauge, New York.  In connection with
his employment hereunder, Employer shall be entitled to the continued use of
his existing office.  Notwithstanding
anything herein to the contrary, it is understood and agreed that Employee
shall only be obligated to work a four day work week.

 

3.                                       Compensation.

 

3.1.                              Base Salary.  In respect of services to be performed by
Employee during the Employment Period, the Company agrees to pay Employee an
annual base salary (“Base Salary”) of $300,000. 
The Base Salary shall be payable at such regular times and
intervals as the Company customarily pays its executive officers from time to time, but in no event less frequently than every
second week.  In addition, the Base
Salary shall be increased annually by an amount established by reference to the
“Consumer Price Index for Urban Wage Earners and Clerical Workers, New York,
New York, all items “Series A-01” published by the Bureau of Labor Statistics
of the United States Department of Labor (the “Consumer Price Index”).  The base period shall be the month ended May 31,
2005 (the “Base Period”).  If the
Consumer Price Index for the month of May in any Contract Year, commencing
in 2006, is greater than the Consumer Price Index for the Base Period, then the
Base Salary shall be increased, commencing on August 1 of the next
Contract Year, to the amount obtained by multiplying Base Salary by a fraction,
the numerator of which is the Consumer Price Index for the month of May of
the year in which such determination is being made and the denominator of which
is the Consumer Price Index for the Base Period.  During the Employment Period, Employee shall
be entitled to receive such additional salary increases and bonuses as the President
of Cantel may deem appropriate; provided that the Base Salary shall not be
reduced during the Employment Period.

 

3.2.                              Other Benefits.

 

3.2.1.                     During the Employment Period, Employee shall be entitled to participate
in all health, insurance and other benefit plans applicable generally to
executive officers of the Company and (to the extent practicable) affiliates of
the Company on the same basis as such officers, which benefits shall be at
least as favorable as those in effect immediately prior to the Acquisition.

 

3.2.2.                     During the Employment Period, Employee shall be entitled to the use of
an automobile leased or owned by the Company in connection with the Company’s

 

2

 

business.  The make and model of the automobile shall be
reasonably satisfactory to Employee, provided that the Company’s monthly
payments in respect thereof (exclusive of the expenses referred to in the
following sentence) shall not exceed $500. 
In lieu of the foregoing, the Company may pay Employee an automobile
allowance of $500 a month.  Employee
shall be entitled to receive reimbursement for reasonable out-of-pocket
expenses related to the automobile, including, without limitation, cost of gas,
oil, insurance and other costs incurred by Employee in operating and
maintaining the automobile; provided, however, that Employee shall be
responsible for keeping appropriate records regarding the use of said
automobile, as instructed by Cantel or its accountants.

 

3.2.3                        During the Employment Period, Employee will be entitled to paid
vacations and holidays consistent with the Company’s policy applicable to
executives generally.  All vacations
shall be scheduled at the mutual convenience of the Company and Employee and
shall in no event exceed two consecutive weeks without the prior approval of
the President of Cantel.

 

3.2.4                        The Company will reimburse Employee for reasonable out-of-pocket
expenses incurred in furtherance of the business of the Company (consistent with
Cantel’s expense reimbursement policy in effect from time to time), including
without limitation, entertainment, professional dues and similar items, upon the presentation of appropriate receipts or
vouchers therefor, consistent with Cantel’s policy applicable to executives
generally.

 

4.                                       Termination of Employment.  The
provisions of Section 1 of this Agreement notwithstanding, the Company may
terminate this Agreement and Employee’s employment hereunder in the manner and
for the causes hereinafter set forth, in which event the Company shall be under
no further obligation to Employee under this Agreement other than as
specifically provided herein:

 

4.1.                              If Employee is absent from work or otherwise substantially unable to
assume his normal duties for a period of sixty (60) successive business days or
an aggregate of ninety (90) business days during any consecutive twelve-month
period during the Employment Period because of physical or mental disability,
accident, illness, or any other cause other than vacation or approved leave of
absence, the Company may thereupon, or any time thereafter while such absence
or disability still exists, terminate the employment of Employee hereunder upon
ten (10) days’ written notice to Employee. 
For purposes of this Agreement, “disability” shall have the same
meaning as set forth in the Company’s disability policy for Employee or, if
none exists, Employee shall be deemed disabled if he has been unable to perform
his duties for the time periods set forth above, all as determined in good
faith by a physician mutually selected by the Company and Employee.

 

4.2.                              In the event of the death of Employee, this Agreement shall immediately
terminate.

 

4.3.                              If Employee (a) willfully discloses in a manner inconsistent with
his duties hereunder material trade secrets or other material confidential
information related to the business of the Company or otherwise willfully
violates a covenant set forth in Section 5 hereof; (b)

 

3

 

willfully
fails or refuses to carry out the business of the Company as lawfully directed
or to substantially perform his duties with the Company after written demand
for substantial performance is delivered to Employee by the President or
Executive Vice President of Cantel, which demand specifically identifies the
manner in which such officer believes that Employee has refused to carry out
the Company’s business or not substantially performed his duties and which
performance is not substantially corrected by Employee within thirty (30) days
of receipt of such demand; (c) is convicted of, or shall have plead guilty
or nolo  contendere to, a felony or commits an act of dishonesty
or moral turpitude, in the reasonable judgment of the Board of Directors of
Cantel; or (d) abuses alcohol, prescription drugs or controlled substances
in a manner interfering with the performance of Employee’s duties hereunder,
after receipt from the Company of written notice of such abuse and, with
respect to the first such notice only, failure to cure by Employee within
thirty (30) days of such notice (provided, however, that there shall be no cure
period if such abuse is related to or associated with an act of violence or
injury to person or property), then the Company may, in addition to other
rights and remedies available at law or equity, immediately terminate this
Agreement upon written notice to Employee, with the “termination date” being
the later of (i) the date of any such Company notice; or (ii) the
expiration date of any relevant cure period. 
Termination of Employee’s employment pursuant to the terms of this Section 4.3
shall be deemed for “cause.”

 

4.4.                              In the event Employee’s employment shall be terminated by reason of the
provisions of subparagraph 4.1, 4.2 or 4.3 of this Section 4, then in such
event, the Company shall have no further obligation under this Agreement to
make any payments to Employee or to bestow any benefits on Employee after the
termination date, other than payments and benefits accrued and due and payable
to Employee prior to the termination date. 
In the event Employee’s employment shall be terminated by the Company
for any reason other than a reason set forth in 4.1, 4.2 or 4.3 (i.e., without
cause) or by Employee for Good Reason, (as defined below), Employee shall be entitled
to continue receiving all salary, medical benefits and other benefits set forth
herein until the expiration of the Employment Period.

 

For
purposes hereof, “Good Reason” shall mean, without Employee’s express written
consent, the occurrence of any one or more of the following:

 

(i)                                     the assignment to Employee of duties of a
substantial nature and on a continuous or regular basis that are materially
inconsistent with the duties of Employee, other than an assignment that is
withdrawn by the Company within ten (10) days of its receipt of written
notice thereof provided by Employee, or his representative; or

 

(ii)                                  the Company requiring Employee to be based at
a location which is at least fifteen (15) miles further from Employee’s
principal place of employment in effect as of the date hereof without Employee’s
consent; or

 

(iii)                               a material breach of the Agreement by the Company including, without
limitation, a reduction in Employee’s Base Salary, and failure by the
Company to cure such breach within thirty (30) days following receipt of such
notice; or

 

4

 

(iv)                              the occurrence of a
“Change of Control” (as defined below); provided, however, that Employee may
terminate his employment in
connection with a Change of Control only if he gives not less than thirty (30)
days’ written notice of termination to the Company and such notice is given not
more than ninety (90) days following the occurrence of a Change of
Control.  “Change in Control” as used
herein shall mean (1) the sale by Cantel of more than 50% of its ownership
interest in the Company, (2) the sale by the Company of all or
substantially all of its assets, or (3) the sale of the Company by Cantel
through a merger, consolidation or other transaction whereby the Company is no
longer a direct or indirect subsidiary of Cantel, provided in each such case
that neither Employee nor an affiliate of Employee is directly or indirectly the
party acquiring the Company (or its assets).

 

5.                                      Disclosure of Confidential
Information, Assignment of Inventions, and Covenants Not to Compete.

 

The term “Company,” for purposes of this Section 5
only shall be deemed to include Cantel, Crosstex, Carsen Group Inc., Minntech
Corporation, Biolab Equipment Ltd., Mar Cor Services, Inc., Saf-T-Pak, Inc.,
and other current or future affiliates of the Company, except where the context
suggests, or it is expressly stated, otherwise.

 

5.1.                              Confidential Information.  Employee acknowledges that the
Company possesses confidential information, know-how, customer lists,
manufacturing, purchasing, merchandising and selling techniques and strategies,
and other information used in its operations of which Employee has or will
obtain knowledge, and that the Company will suffer serious and irreparable
damages and harm if this confidential information were disclosed to any other
party or if Employee used this information to compete against the Company.  Accordingly, Employee hereby agrees that
except as required by Employee’s duties to the Company, Employee, without the
consent of the President or Executive Vice President of Cantel, shall not at
any time during or after the Employment Period disclose or use any secret or
confidential information of the Company, including, without limitation, such
business opportunities, customer lists, trade secrets, formulas, techniques and
methods of which Employee currently has knowledge (whether learned by him as a
director, officer, employee or shareholder of the Company or otherwise) or
which he shall become informed during his employment hereunder, whether learned
by him as an employee of the Company, as a member of its Board of Directors or
otherwise, and whether or not developed by Employee, unless legally required to
do so or such information shall be or becomes public knowledge other than as a
result of Employee’s direct or indirect disclosure of the same.

 

5.2.                              Patent and Related Matters.

 

5.2.1.                     Inventions.  Employee will promptly disclose in writing to
the Company complete information concerning each and every invention,
discovery, improvement and idea (whether or not shown or described in writing
or reduced to practice), and device, design, apparatus, process, and work of
authorship, whether or not patentable, copyrightable or registerable, which is
made, developed, perfected, devised, conceived or first reduced to practice by
Employee, either solely or in collaboration with others, during the Employment
Period, whether or not during regular working hours (hereinafter collectively
referred to as the 

 

5

 

“Inventions”).  Employee, to the extent that he has the legal
right to do so, hereby acknowledges that any and all of the Inventions are
property of the Company and hereby assigns and agrees to assign to the Company
any and all of Employee’s right, title and interest in and to any and all of
the Inventions.

 

5.2.2.                     Limitation.  It is further agreed, and Employee is hereby
notified, that the above agreement to assign the Inventions to the Company does
not apply to an Invention for which no equipment, supplies, facility or
confidential information of the Company was used and which was developed
entirely on Employee’s own time, and

 

(i)                                     which does not relate (a) directly to
the business of the Company or (b) to the Company’s actual or demonstrably
anticipated research or development, or

 

(ii)                                  which does not result from any work performed
by Employee for the Company.

 

5.2.3.                     Assistance.  Upon request and without further compensation
therefor, but at no expense to Employee, and whether during the Employment
Period or thereafter, Employee will do all lawful acts, including, but not
limited to, the execution of documents and instruments and the giving of
testimony, that in the reasonable opinion of the Company, its successors and assigns,
may be necessary or desirable in obtaining, sustaining, reissuing, extending or
enforcing United States and foreign copyrights and Letters Patent, including,
but not limited to, design patents, on any and all of the Inventions, and for
perfecting, affirming and recording the Company’s complete ownership and title
thereto, and to reasonably cooperate otherwise in all proceedings and matters
relating thereto.

 

5.2.4.                     Records.  Employee will keep complete, accurate and
authentic accounts, notes, data and records of all the Inventions in the manner
and form requested by the Company.  Such
accounts, notes, data and records shall be the property of the Company, and
upon its request, Employee will promptly surrender the same to it.

 

Upon the termination of his employment hereunder,
Employee agrees to deliver promptly to the Company all records, manuals, books,
blank forms, documents, letters, memoranda, notes, notebooks, reports, data,
tables, accounts, calculations and copies thereof, which are the property of
the Company or which relate in any way to proposed acquisition transactions
(including property of the proposed target companies) or the business,
products, practices or techniques of the Company, and all other property (e.g.,
computers and related equipment), trade secrets and confidential information of
the Company, including, but not limited to, all documents which in whole or in
part contain any trade secrets or confidential information of the Company (or a
supplier, customer, other business relation of the Company) or a proposed
target company in an acquisition transaction, which in any of these cases are
in his possession or under his control.

 

5.3.                              Non-Compete.  Employee agrees that in addition to the
non-competition restrictions set forth in the Purchase Agreements that are
binding on Employee in his capacity as

 

6

 

a
selling shareholder thereunder, during the Employment Period and for a period
of two-years following the termination of Employee’s employment hereunder (the “Non-Complete/Non-Interference
Period”), Employee will not, directly or indirectly, alone or with others,
individually or through or by a corporate or other business entity in which he
may be interested as a partner, shareholder, joint venturer, officer, director,
employee or otherwise, own, manage, control, participate in, lend his name to,
or render services to or for any business within the United States or Canada
that is competitive with that of the Company, provided, however, that the
foregoing shall not be deemed to prevent the ownership by Employee of up to
three (3%) percent of any class of securities of any corporation which is
regularly traded on any stock exchange or over-the-counter market.  Notwithstanding the definition of “Company”
in the first paragraph of Section 5, for the purpose of this Agreement, a
business activity competitive with the business of the Company shall include
only the design, manufacture, marketing, sale, distribution or service of any
of the following products:  (i) products
designed, manufactured, marketed, sold, distributed or serviced by Crosstex or
any subsidiary of Crosstex at any time during the Employment Period and (ii) any
other product or product manufactured, marketed, sold, distributed or serviced
by a Company other than Crosstex during the Employment Term where either (a) Employee
has management or supervisory responsibility related thereto, or (b) such
product is paper, plastic, or plastic derivative product manufactured or sold
by Saf-T-Pak, or (c) such product is sold principally to the dental
industry.

 

5.4.                              Non-interference.  Employee further agrees that during the
Non-Compete/Non-Interference Period, he will not without prior written consent
of the President or Executive Vice President of Cantel (i) induce or
attempt to induce any other employee of the Company to leave the employ of the
Company, or in any way interfere with the relationship between the Company and
any other employee, or (ii) induce or attempt to induce any customer, supplier,
distributor or other business relation of the Company to cease doing business
with the Company, or in any way interfere with the relationship between any
customer, supplier, distributor, or other business relation and the Company.

 

5.5.                              Enforcement.  Employee agrees that the remedy at law for any
breach of the covenants contained in Article 5 of this Agreement would be
difficult to ascertain and therefore, in the event of breach or threatened
breach of any such covenants, the Company, in addition to any other remedy,
shall each have the right to enjoin Employee from any threatened or actual
activities in violation thereof and Employee hereby consents and agrees that
temporary and permanent injunctive relief may be granted in any proceedings
that may be brought to enforce any such covenants without the necessity of
proof of actual damages.  If any portion
of the restrictions set forth in Article 5 of this Agreement should, for
any reason whatsoever, be declared invalid by a court of competent jurisdiction,
the validity or enforceability of the remainder of such restrictions shall not
thereby be adversely affected.  Employee
declares that the territorial and time limitations set forth, as well as the
scope of the restrictions, in Sections 5.3 and 5.4 above are reasonable and
properly required for the adequate protection of the Company.  In the event any such territorial or time
limitation or scope of restriction is deemed to be unreasonable by a court of
competent jurisdiction, the parties agree to the reduction of the territorial
or time limitation or scope of restriction to the area or period or scope that
such court shall deem reasonable.

 

7

 

6.                                       Indemnification.  The
Company undertakes, to the extent permitted by law, to indemnify and hold
Employee harmless from and against all claims, damages, losses and expenses,
including reasonable attorneys’ fees and disbursements, arising out of the
performance by Employee of his duties pursuant to this Agreement, in furtherance
of the Company’s business and within the scope of his employment pursuant to
the terms of, and to the maximum extent permissible under, the indemnification
provision of Cantel’s by-laws.

 

7.                                       Miscellaneous Provisions.

 

7.1.                              Section headings are for convenience only and shall not be deemed
to govern, limit, modify or supersede the provisions of this Agreement.

 

7.2.                              This Agreement is entered into in the State of New York and shall be
governed pursuant to the law of the State of New York.  If any provision of this Agreement shall be
held by a court of competent jurisdiction to be invalid, illegal or
unenforceable, the remaining provisions hereof shall continue to be fully
effective.  The party prevailing in any dispute
in connection with this Agreement shall be entitled to be reimbursed for its
reasonable counsel fees and expenses from the party not prevailing.

 

7.3.                              This Agreement contains the entire agreement of the parties regarding
this subject matter.  There are no
contemporaneous oral agreements, and all prior understandings, agreements,
negotiations and representations are merged herein.

 

7.4.                              This Agreement may be modified only by means of a writing signed by the
party to be charged with such modification.

 

7.5.                              Notices or other communications required or permitted to be given
hereunder shall be in writing and shall be deemed duly given upon receipt by
the party to whom sent at the respective addresses set forth below or to such
other address as any party shall hereafter designate to the other in writing
delivered in accordance herewith:

 

If to the Company:

 

Crosstex International, Inc.

c/o Cantel Medical Corp.

150 Clove Road

Little Falls, NJ 07424

United States

Attention: General Counsel

 

If to Employee:

 

Richard Allen Orofino

271 Asharoken Avenue

Northport, New York 11768

 

8

 

with a copy to

 

Ruskin Moscou Faltischek,
P.C.  
East Tower,
15th Floor  
190 EAB
Plaza  
Uniondale,
NY 11556  

Attention: Irvin Brum, Esq.

 

7.6.                              This Agreement shall inure to the benefit of, and shall be binding
upon, the Company, its successors and assigns, including, without limitation,
any entity that may acquire all or substantially all of the Company’s assets
and business or into which the Company may be consolidated or merged.  This Agreement may not be assigned by
Employee.

 

7.7.                              This Agreement may be executed in separate counterparts, including via
facsimile, each of which shall constitute the original hereof.

 

7.8.                              The execution and delivery of this Agreement by the Company has been
authorized and approved by all requisite corporate action.

 

7.9.                              Employee acknowledges and agrees that, other than this Agreement, any
and all employment agreements, consulting agreements, severance agreements,
change of control agreements, or similar agreements under which he (or any
entity in which he controls or is a beneficial owner) and the Company are
parties, are hereby terminated effective immediately and null and void without
any further obligation or liability by or to either party.

 

IN WITNESS WHEREOF, the parties have set their hands as of the date first above written.

 

	
   

  	
  CROSSTEX INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Gary Steinberg

  
	
   

  	
  Title: Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  RICHARD ALLEN OROFINO

  

 

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]