Document:

RESTATED
AND AMENDED EXECUTIVE EMPLOYMENT AGREEMENT

 

 

This RESTATED AND
AMENDED EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”), is effective July 1, 2016, by and between Procyon Corporation,
a Colorado corporation ("Procyon") and Regina W. Anderson (the "Executive").

WHEREAS, Procyon has,
prior to the date of this Agreement, employed the Executive as its Chief Executive Officer and Chairman of the Board of Directors;
and

WHEREAS, Procyon desires
to continue to employ the Executive on a full-time basis, and the Executive desires to be so employed by Procyon, pursuant to the
terms of this 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.
Procyon hereby employs the Executive in the position described on Schedule 1 hereto as an executive officer of Procyon, pursuant
to the terms of this Agreement. The Executive accepts such employment and agrees to perform the duties and responsibilities assigned
to her pursuant to this Agreement.

Section 1.2 Duties
and Responsibilities. The Executive shall hold the positions with 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 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 her from time-to-time by the Board of Directors of 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 Procyon's offices, or at such other
place or places as the Executive may designate with Procyon'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 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.

 

1

 

Section 1.5 Expenses.
The Executive is authorized to incur reasonable expenses for promoting the domestic and international business of Procyon in all
respects, including expenses for entertainment, travel and similar items. Procyon will reimburse the Executive for all such expenses
that are reasonably related to Procyon's business and primarily for 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
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. Procyon 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 incentive bonuses, as described,
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 Board of Directors of Procyon in its
annual meeting. 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
or Procyon, upon thirty days written notice, for any reason or no reason, with or without cause.

 

2

Section 3.2 Renewal
of Term. Subject to Procyon’s Board of Directors’ approval, 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 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 for any reason, including termination by death or disability
of the Executive, Procyon 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.

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.

 

3

 

 

Section 4.4 Benefit.
This Agreement shall be binding upon the Executive and Procyon, and shall not be assignable by Procyon 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 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 July 1, 2016.

	PROCYON CORPORATION	 	
        EXECUTIVE:

         

	 	 	 
	 By: /s/ James B. Anderson	 	/s/ Regina W. Anderson 
	James B. Anderson	 	Regina W. Anderson 
	Chief Financial Officer	 	Chief Executive Officer and
	 	 	Chairman of the Board of Directors
	 	 	 
	 By: /s/ Fred W. Suggs, Jr.	 	 
	Fred W. Suggs, Jr.	 	 
	Director, Member of the Procyon	 	 
	Corporation Compensation Committee	 	 
	 	 	 
	 By: /s/ Joseph R. Treshler	 	 
	Joseph R. Treshler	 	 
	Director, Member of the Procyon	 	 
	Corporation Compensation Committee	 	 

 

4

 

 

 

 

	 

FY 2017

PROCYON CORPORATION

RESTATED AND AMENDED EXECUTIVE EMPLOYMENT AGREEMENT

Schedule 1

Salary and Benefit Statement

Executive:             Regina W. Anderson                                                                             Date:
July 1, 2016

Position:          
   Procyon Corporation: Chief Executive Officer/Chairman of the Board

Reporting
to:        Procyon Board of Directors

	
        Annual Base Salary:

        Benefits:

        Term:
	
        $158,000, annually

        As outlined in this
        Executive Employment Agreement and the current Procyon Corporation Employee Handbook.

        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 the Board of Directors and the Executive.

 

Duties
and

Responsibilities:
Provide oversight of Procyon operations; preside over Procyon Board meetings as Chairman of the Board; provide oversight of Amerx
Health Care Corporation (the wholly-owned subsidiary of Procyon) executive officers; build company team and corporate culture through
HR responsibilities; oversee corporate financial reporting; maintain shareholder communications; communicate corporate news and
events; direct, implement and manage compliance with SEC rules and regulations; develop and coordinate marketing efforts for Amerx
Health Care; and such other matters as determined from time to time by the Board.

Short Term Profit Incentive

		Bonus:	Executive will be entitled to an annual short-term incentive bonus, payable as set forth below,
based on accomplishing the following benchmarks, which shall be based upon Procyon's net income before NOL provided fiscal 2017
consolidated company net sales exceed $3,000,000. 

5

 

 

		·	3% Incentive: Executive to be paid 3% of Procyon's net income before
NOL for the fiscal year provided net sales exceed $3,000,000.

		·	The Short Term Incentive Bonus will be paid by Procyon to the Executive
in September of the applicable year, after the close of the fiscal year end.

APPROVED:

 

	PROCYON CORPORATION	 	
        EXECUTIVE:

         

	 	 	 
	 By: /s/ James B. Anderson	 	/s/ Regina W. Anderson 
	James B. Anderson	 	Regina W. Anderson 
	Chief Financial Officer	 	Chief Executive Officer and
	 	 	Chairman of the Board of Directors
	 	 	 
	 By: /s/ Fred W. Suggs, Jr.	 	 
	Fred W. Suggs, Jr.	 	 
	Director, Member of the Procyon	 	 
	Corporation Compensation Committee	 	 
	 	 	 
	 By: /s/ Joseph R. Treshler	 	 
	Joseph R. Treshler	 	 
	Director, Member of the Procyon	 	 
	Corporation Compensation Committee	 	 

 

 

Effective Date: July 1, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6RESTATED
AND AMENDED EXECUTIVE EMPLOYMENT AGREEMENT

 

 

This RESTATED
AND AMENDED EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”), is effective July 1, 2016, 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 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 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
I, 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.

 

1

 

 

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.

 

2

 

 

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
incentive 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 Board of Directors of Procyon in its
annual meeting. 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. Subject to Procyon’s Board of Directors’ approval, 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.

 

3

  

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
4.2 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 July 1, 2016.

 

4

 

	PROCYON CORPORATION	 	
        AMERX
        HEALTHCARE CORPORATION

         

	 	 	 
	 By: /s/ Regina W. Anderson	 	/s/ Justice W. Anderson 
	Regina W. Anderson	 	Justice W. Anderson 
	Chief Executive Officer	 	President
	 	 	 
	 	 	 
	 By: /s/ Fred W. Suggs, Jr.	 	EXECUTIVE:
	Fred W. Suggs, Jr.	 	 
	Director, Member of the Procyon	 	 /s/ James B. Anderson
	Corporation Compensation Committee	 	James B. Anderson
	 	 	Vice President of Operations
	 	 	 
	/s/ Joseph R. Treshler 	 	 
	Joseph R. Treshler 	 	 
	Director, Member of the Procyon	 	 
	Corporation Compensation Committee	 	 
	 	 
	 	 

 

 

5

 

 

 

 

FY 2017

PROCYON CORPORATION

AMERX-HEALTH CARE CORPORATION

RESTATED AND AMENDED EXECUTIVE EMPLOYMENT AGREEMENT

Schedule 1

Salary and Benefit Statement

 

	Executive: 	James B. Anderson 	July 1, 2016

 

	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
	 	Procyon Corporation
Board
of Directors
	 	 
	Base Salary:	 $150,000, 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 Amerx Sales Incentive and Profit Bonuses described below shall reviewed annually, and any amendment thereto to be made with the mutual agreement of Procyon, Amerx and the Executive.
	 	 
	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 Amerx Sales Incentive and Profit Bonuses described below shall reviewed annually, and any amendment thereto to be made with the mutual agreement of Procyon, Amerx and the Executive.

 

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.

		·	Support the Management, supervision and coordination
of sourcing and manufacturing of all Amerx products. 

 

6

 

		·	Management and supervision of daily operation
of administrative support staff and warehouse staff.

		·	Oversight of IT operations,
performance and proficiencies.

		·	Direct and Oversee
all FDA regulatory requirements, SOP, quality controls, testing, filing and documentation of manufacturing processes. 

 

Profit
Incentive:The profit incentive, which includes profit from product sales, as well as profit from other activities which may
designated from time to time by the Board of Directors, will be based on audited fiscal year 2017.

 

Profit
Bonus

for
Amerx:If Amerx profit is $250,000 or more, but less than $500,000, the Executive will receive a cash payment equal to 2.4%
of the total profit.

 

			If Amerx profit is $500,000 or more, but less than $750,000, the Executive will receive
a cash payment equal to 3% of the total profit.

 

			If Amerx profit is $750,000 or more, but less than $1,000,000, the Executive will receive
a cash payment equal to 3.25% of the total profit.

 

			If Amerx profit is $1,000,000 or more, the Executive will receive a cash payment equal
to 3.45% of the total profit.

 

			The Profit Incentive Bonus for Amerx will be paid by Amerx
to Executive after the close of the fiscal year end.

 

 

APPROVED:

 

	PROCYON CORPORATION	 	
        AMERX
        HEALTHCARE CORPORATION

         

	 	 	 
	 By: /s/ Regina W. Anderson	 	/s/ Justice W. Anderson 
	Regina W. Anderson	 	Justice W. Anderson 
	Chief Executive Officer	 	President
	 	 	 
	 	 	 
	 By: /s/ Fred W. Suggs, Jr.	 	EXECUTIVE:
	Fred W. Suggs, Jr.	 	 
	Director, Member of the Procyon	 	 /s/ James B. Anderson
	Corporation Compensation Committee	 	James B. Anderson
	 	 	Vice President of Operations
	 	 	 
	/s/ Joseph R. Treshler 	 	 
	Joseph R. Treshler 	 	 
	Director, Member of the Procyon	 	 
	Corporation Compensation Committee	 	 
	 	 
	 	 

 

Effective Date: July 1,
2016

 

 

 

 

 

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]