Document:

ex10-1.htm

    Exhibit
10.1

    

    

    EMPLOYMENT
AGREEMENT

    

    THIS EMPLOYMENT AGREEMENT (this “Agreement”) effective
as of January 1, 2010 by and between MID-AMERICA APARTMENT COMMUNITIES,
INC., a Tennessee corporation (the “Company”), and SIMON R.C. WADSWORTH (“Wadsworth”).

    

    WITNESSETH:

    

    WHEREAS, the Company and
Wadsworth entered into that certain employment agreement between Mid-America
Apartment Communities, Inc. and Wadsworth effective as of December 5, 2008 (the
“Original Employment
Agreement”);

    

    WHEREAS, the Company and
Wadsworth desire to enter into this Agreement which supersedes and replaces in
its entirety the Original Employment Agreement;

    

    WHEREAS, the Company desires
to employ Wadsworth to serve as a Special Advisor to the Chief Executive Officer
of the Company; and

    

    WHEREAS, to the extent this
Agreement provides for any “deferred compensation” within the meaning of Section
409A of the Internal Revenue Code of 1986, as amended (the “Code”), the Agreement
will be administered in compliance with Code Section 409A and the regulations
promulgated thereunder; and

    

    WHEREAS, the Company and
Wadsworth each deem it necessary and desirable to execute a written document
setting forth the terms and conditions of said relationship.

    

    NOW, THEREFORE, in
consideration of the premises and mutual obligations hereinafter set forth the
parties agree as follows:

    

    1.           Definitions.  For
purposes of this Agreement, the following terms shall have the following
definitions:

     

    “1994 Plan” means the
Company’s Amended and Restated 1994 Restricted Stock and Stock Option
Plan.

    

    “2004 Plan” means the
Company’s 2004 Stock Plan.

    

    “Agreement” has the
meaning set forth in the preamble above.

    

    “Arbitrators” means
the arbitrators selected to conduct any arbitration proceeding in connection
with any disputes arising out of or relating to this Agreement.

    

    “Base Salary” means
the annual salary to be paid to Wadsworth as set forth in Section 4(a)  of
this Agreement.

    

    “Benefit Plans” has
the meaning set forth in Section 4(c) of
this Agreement.

    

    “Board” means the
Board of Directors of the Company.

    

    “Code” has the meaning
set forth in the recitals above.

    

    “Company” means
Mid-America Apartment Communities, Inc., a Tennessee corporation, and any
successor to its business and/or assets which assumes and agrees to perform this
Agreement by operation of law, or otherwise.

    

    “Company Shares” means
the shares of common stock of the Company or any securities of a successor
company which shall have replaced such common stock.

    

    “Compensation
Committee” means the compensation committee of the Board.

    

    “Fair Market Value”
means, on any give date, the closing sale price of the common stock of the
Company on the New York Stock Exchange on such date, or, if the New York Stock
Exchange shall be closed on such date, the next preceding date on which the New
York Stock Exchange shall have been open.

    

    “Multi-Family Residential
Business” means the business of acquiring, developing, constructing,
owning or operating multi-family residential apartment communities.

    

    “Multi-Family Residential
Property” means any real estate upon which the Multi-Family Residential
Business is being conducted.

    

    “Option(s)” means any
options issued to Wadsworth pursuant to the 1994 Plan, 2004 Plan or any other
equity incentive plan adopted by the Company, any option granted with respect to
Partnership Units, or any option granted under the plan of any successor company
that replaces or assumes the Company’s or the Partnership’s
options.

    

    “Original Employment
Agreement” has the meaning set forth in the recitals.

    

    “Partnership” means
Mid-America Apartments, L.P., a Tennessee limited partnership.

    

    “Partnership Unit(s)”
means limited partnership interests of the Partnership.  The holder
has the option of requiring the Company to redeem such interests.  The
Company may elect to effectuate such redemption by either paying cash or
exchanging Company Shares for such interests.

    

    “Permanent Disability”
means Wadsworth: (i) is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period
of not less than twelve (12) months; or (ii) is, by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than twelve
(12) months, receiving income replacement benefits for a period of not less than
three (3) months under an accident and health plan covering employees or
directors of the Company.  Medical determination of Permanent
Disability may be made by either the Social Security Administration or by the
provider of an accident or health plan covering employees of the Company
provided that the definition of “disability” applied under such disability
insurance program complies with the requirements of the preceding
sentence.  Upon the request of the Company, Wadsworth must submit
proof to the Company of the Social Security Administration’s or the provider’s
determination.

    

    “Restricted Stock”
means any share of restricted common stock issued to Wadsworth pursuant to the
1994 Plan, 2004 Plan or any other equity incentive plan adopted by the Company,
any option granted with respect to Partnership Units, or any restricted stock
granted under the plan of any successor company that replaces or assumes the
Company’s or the Partnership’s restricted stock awards.

    

    “Separation From
Service” occurs if Wadsworth dies, retires, or otherwise has a
termination of employment with the Company.  However, the employment
relationship is treated as continuing intact while the individual is on military
leave, sick leave, or other bona fide leave of absence if the period of such
leave does not exceed six months, or if longer, so long as the individual
retains a right to reemployment with the service recipient under an applicable
statute or by contract. A termination of employment has occurred where the
parties reasonably anticipate that no further services would be performed by
Wadsworth after a certain date.  The provisions of this paragraph will
be construed and applied in a manner consistent with Treasury Regulations under
Code Section 409A.

    

    “Specified Employee”
means a key employee (as defined in Section 416(i) of the Code without regard to
paragraph 5 thereof) of the Company if any stock of the Company is publicly
traded on an established securities market or otherwise.

    

    “Term” has the meaning
assigned to it in Section 3  of
this Agreement.

    

    “Termination Date”
means the date on which Wadsworth incurs a Separation From Service, which date
shall be (i) in the case of Wadsworth’s death, the date of death, (ii) in the
case of Wadsworth’s Permanent Disability, 30 days after a Termination Notice is
given and Wadsworth does not return to the performance of his duties within such
30 day period; (iii) in the case of a Termination With Cause, the date of the
Termination Notice; or (iv) in all other instances, the date specified as the
Termination Date in the Termination Notice, which date shall not be less than
thirty nor more than sixty days from the date the Termination Notice is
given.

    

    “Termination Notice”
means a written notice of Termination of employment by Wadsworth or the
Company.

    

    “Termination With
Cause” means Wadsworth’s Separation From Service for any of the following
reasons:

    

    (1)           a
conviction of Wadsworth, or plea of nolo contendere by Wadsworth with respect to
a crime constituting (i) a felony under the laws of the United States or any
state thereof, or (ii) a misdemeanor involving moral turpitude;

     

    (2)           Wadsworth’s
theft, embezzlement, misappropriation of or intentional infliction of material
damage to the Company’s property or business opportunity;

     

    (3)           Wadsworth’s
intentional breach of the noncompetition provisions contained in Section 11  of
this Agreement; or

     

    (4)           Wadsworth’s
ongoing neglect of or failure to perform his duties hereunder or his ongoing
failure or refusal to follow any reasonable, unambiguous directive of the Chief
Executive Officer of the Company that is not inconsistent with the description
of Wadsworth’s duties set forth in Section
2;

     

    (5)           Wadsworth’s
material breach of a written employment policy of the Company, which is not
cured within seven (7) days after written notice thereof to
Wadsworth;

     

    (6)           Wadsworth’s
breach of any fiduciary duty of care or loyalty to the Company;

     

    (7)           Without
the prior consent or direction of the Chief Executive Officer, Wadsworth’s
engaging in discussions with any shareholder or potential shareholder of the
Company or any person identified in Rule 100(b) of Regulation FD;
or

     

    (8)           Any
other breach by Wadsworth of this Agreement which is material and which is not
cured within thirty (30) days after written notice thereof to
Wadsworth.

     

    “Termination Without
Cause” means Wadsworth’s Separation From Service by the Company for any
reason other than Termination With Cause, or termination by the Company due to
Wadsworth’s death or Permanent Disability.

    

    “Uniform Arbitration
Act” means the Uniform Arbitration Act, Tennessee Code Annotated §
29-5-391 et seq., as amended.

    

    “Voluntary
Termination” means Wadsworth’s voluntary termination of his employment
hereunder for any reason.  If Wadsworth gives a Termination Notice of
Voluntary Termination and, prior to the Termination Date, Wadsworth voluntarily
refuses or fails to provide substantially all the services described in Section 2 hereof
for a period greater than two consecutive weeks, the Voluntary Termination shall
be deemed to be effective as of the date on which Wadsworth so ceases to carry
out his duties. Voluntary refusal to perform services shall not include taking
vacation otherwise permitted in accordance with Section
4(d) hereof, Wadsworth’s failure to perform services on account of
his illness or the illness of a member of his immediate family, provided such
illness is adequately substantiated at the reasonable request of the Company, or
any other absence from service with the consent of the Chief Executive Officer
of the Company.

    

    “Wadsworth” means the
person identified in the preamble paragraph of this Agreement.

    

    2.           Employment; Services.
The Company and Wadsworth acknowledge and agree that the Original Employment
Agreement is hereby terminated by mutual consent and neither the Company nor
Wadsworth shall have any continuing obligation to the other pursuant to the
terms of the Original Employment Agreement.  The mutual agreements and
covenants contained in this Agreement shall replace and supersede in their
entirety the provisions of the Original Employment Agreement.  The
Company shall employ Wadsworth, and Wadsworth agrees to be so employed, in the
capacity of Special Advisor to the Chief Executive Officer of the Company to
serve for the Term hereof, subject to earlier Termination as hereinafter
provided.  Wadsworth shall devote such amount of his time and
attention to the Company’s affairs as are necessary to perform his duties to the
Company in his capacity as Special Advisor to the Chief Executive Officer, but
in no event less than twenty (20) hours per week.

     

    3.           Term; Termination of
Agreement.

     

    (a)           The
term of Wadsworth’s employment hereunder shall commence on the date hereof and
shall continue until the later to occur of (i) May 22, 2012 or (ii) the date
upon which the Company holds its Annual Meeting of Shareholders in 2012, unless
terminated earlier in accordance with the terms of this
Agreement  (the “Term”).

     

    (b)           Any
purported Termination of employment by Wadsworth or the Company shall be
communicated by a Termination Notice.  The Termination Notice shall
indicate the specific Termination provision in this Agreement relied upon and
set forth the facts and circumstances claimed to provide a basis for
Termination.

     

    4.           Compensation.

     

    (a)           Base
Salary.  During the Term, the Company shall pay Wadsworth for
his services a “Base
Salary” of $132,953.50, to be paid in accordance with customary Company
policies, such Base Salary being subject to any increases approved by the
Compensation Committee.

     

    (b)           Annual
Bonus.  The Company shall pay to Wadsworth an annual bonus of
up to 100% of Wadsworth’s then current Base Salary upon the attainment of
specific Company and personal performance goals established by joint agreement
of Wadsworth and the Chief Executive Officer of the Company and approved by the
Compensation Committee.  The Compensation Committee, upon review of
performance for purposes of determining an annual bonus award will also have an
ability to apply a “discretionary modifier”, increasing or decreasing the
calculated bonus award by an additional amount not to exceed 25% of the
calculated annual bonus.  Any Annual Bonus shall be paid no later than
2 1⁄2 months after the end of the Company’s fiscal year in which the Annual Bonus
was earned.

     

    (c)            Benefit
Plans.  During the Term, Wadsworth shall be entitled to
participate in, and to all rights and benefits provided by each and every
health, life, medical, dental, disability, insurance and other welfare plan
maintained by the Company including, without limitation, the benefits
contemplated by Section 4 of this
Agreement, that are maintained from time to time by the Company for the benefit
of Wadsworth, or for the Company’s employees generally, provided that Wadsworth
is eligible to participate in such plan under the eligibility provisions thereof
that are generally applicable to the participants thereof (collectively, “Benefit
Plans”).

     

    (d)           Vacation. Wadsworth
shall be entitled each calendar year to vacation time, during which time his
compensation shall be paid in full. The time allotted for such vacation shall be
twenty-three (23) days (plus eight (8) regular holidays), in accordance with
Company policy.

     

    (e)           Overall
Qualification.  Nothing in this Agreement shall be construed as
preventing the Company from modifying, suspending, discontinuing or terminating
any of the Benefit Plans or Award Plans without notice or liability to Wadsworth
so long as (i) the modification, suspension, discontinuation or Termination of
any such plan is authorized by and performed in accordance with the specific
provisions of such plan and (ii) such modification, suspension, discontinuation
or Termination is taken generally with respect to all similarly situated
employees of the Company and does not single out or discriminate against
Wadsworth.

     

    5.           Expenses. The Company
recognizes that Wadsworth will have to incur certain out-of-pocket expenses,
including but not limited to travel expenses, related to his services and the
Company’s business and the Company agrees to reimburse Wadsworth for all
reasonable expenses necessarily incurred by him in the performance of his duties
upon presentation of a voucher or documentation indicating the amount and
business purposes of any such expenses; provided that Wadsworth complies with
the Company’s policies and procedures regarding business expenses.

     

    6.           Voluntary
Termination.  If Wadsworth shall cease being an employee of the
Company on account of a Voluntary Termination, Wadsworth shall not be entitled
to any compensation after the Termination Date of such Voluntary Termination
(except Base Salary and vacation accrued but unpaid on the Termination Date of
such event).  In the event of a Voluntary Termination, Wadsworth shall
continue to be subject to the noncompetition covenant contained in Section
11.  Upon a Voluntary Termination, (i) the Company shall use
its commercially reasonable best efforts to cause its then-current health and
dental insurance provider to extend health and dental coverage (on substantially
identical terms to those provided to all executive officers of the Company) to
Wadsworth until he reaches the age of 65, all at the Company’s sole cost and
expense; (ii) in the event the Company is unsuccessful in causing its health and
dental insurance provider to so extend coverage, (A) if Wadsworth’s Separation
From Service occurs after Wadsworth attains the age of 63 years and 6 months,
the Company shall pay to Wadsworth a single lump sum payment equal to the COBRA
continuation coverage premiums necessary to pay for the expected COBRA coverage
until the earlier to occur of (1) the 18 month anniversary of the date of the
Voluntary Termination or (2) Wadsworth reaching the age of 65, and (B) if
Wadsworth’s Separation From Service occurs before Wadsworth attains the age of
63 years and 6 months, the Company will purchase an individual health insurance
policy for the benefit of Wadsworth and his spouse that will provide
substantially similar benefits to those provided by the Company’s health and
dental plans, which will cover Wadsworth and his spouse from the date of
expiration of the COBRA continuation coverage until Wadsworth reaches the age of
65 (the “Continuing
Health Care Benefits”).  All payments under this Section 6 shall
be made no later than the last day of the calendar year following the year in
which the expense is incurred and in no event will the benefits provided during
one calendar year affect the benefits provided in any other calendar
year.  The Continuing Health Care Benefits are not subject to
liquidation or exchange for any other benefit.  Notwithstanding the
foregoing, if Wadsworth is a Specified Employee and the total of the payments
under this Section 6
exceeds the limit set forth in Treas. Reg. §1.409A-1(b)(9)(iii)(A) (related to
separation pay), then, the amount in excess of such limit shall be delayed for
six (6) months following Wadsworth’s Termination Date.  The delayed
amount shall be paid in a lump sum after the end of the six-month
delay.

     

    7.           Termination With
Cause.  If Wadsworth shall cease being an employee of the
Company on account of a Termination With Cause, Wadsworth shall not be entitled
to any compensation or benefits from the Company after the Termination Date of
such Termination With Cause (except Base Salary and vacation accrued but unpaid
on the Termination Date of such event). In the event of a Termination With
Cause, Wadsworth shall continue to be subject to the noncompetition covenant
contained in Section
11.

     

    8.           Death or Disability.
In the event of Wadsworth’s death or Permanent Disability, the Company shall
continue to pay Wadsworth or his heirs, devisees, executors, legatees or
personal representatives, as appropriate, the semi-monthly payments of the Base
Salary then in effect until the earlier to occur of (a) one year from
Wadsworth’s death or Termination Date following determination of Permanent
Disability, as applicable or (b) May 12, 2012.  The Company shall also
pay any amounts due pursuant to the terms of any Benefit Plans in which
Wadsworth was a participant, including, without limitation, the pro rata amount
of any bonus to be paid to Wadsworth for the fiscal year in which Wadsworth was
terminated.  Further, if Wadsworth’s employment is terminated due to
Wadsworth’s Permanent Disability and if Wadsworth is no longer eligible to
participate in one or more of the Benefit Plans the Company will provide the
Continuing Health Care Benefits.  Upon a Termination due to
Wadsworth’s death, the Company will provide the Continuing Health Care Benefits
to Wadsworth’s spouse until she reaches 65 years of age.  All payments
under this Section 8 shall
be made no later than the last day of the calendar year following the year in
which the expense is incurred and in no event will the benefits provided during
one calendar year affect the benefits provided in any other calendar year. The
Continuing Health Care Benefits are not subject to liquidation or exchange for
any other benefit.

     

    9.           Termination Without
Cause.  The Company may terminate Wadsworth for any reason, or
no reason at all, at any time, provided that, upon an involuntary Termination
Without Cause, the Company shall provide the compensation and benefits set forth
in this Section 8.  The
Company shall continue to pay Wadsworth the semi-monthly payments of the Base
Salary then in effect until the earlier to occur of (a) one year after the
Termination Date or (b) May 12, 2012.  The Company shall also pay on
the Termination Date any amounts then due pursuant to the terms of any Benefit
Plans in which Wadsworth was a participant, including, without limitation, the
pro rata amount of any bonus to be paid to Wadsworth for the fiscal year in
which Wadsworth was terminated.  In addition, the Company shall
provide the Continuing Health Care Benefits to Wadsworth.  All
payments under this Section 9 shall
be made no later than the last day of the second calendar year following the
year in which the Termination Date occurs.  Notwithstanding the
foregoing, if Wadsworth is a Specified Employee and the total of the payments
under this Section 9
exceeds the limit set forth in Treas. Reg. §1.409A-1(b)(9)(iii)(A) (related to
separation pay), then, the amount in excess of such limit shall be delayed for
six (6) months following Wadsworth’s Termination Date.  The delayed
amount shall be paid in a lump sum after the end of the six-month
delay.  In no event will the total payments under this Section 9 exceed
two times the lesser of (1) the sum of Wadsworth’s annualized compensation based
on the annual rate of pay for the calendar year prior to the year of Separation
From Service (adjusted for any increase expected to continue indefinitely if
Wadsworth had not terminated), or (2) the Code Section 401(a)(17) limit on pay
for the year in which the Termination Date occurs.

     

    10.           Stock Options; Restricted
Stock.  All Options and Restricted Stock granted to Wadsworth
shall become fully vested at the Termination Date.  In lieu of Company
Shares issuable upon exercise of any outstanding and unexercised Options granted
to Wadsworth, Wadsworth may, at Wadsworth’s option, receive an amount in cash
equal to the product of (i) the Fair Market Value of Company Shares on the
Termination Date over the per share exercise price of each Option held by
Wadsworth, times (ii) the number of Company Shares covered by each such
Option.   In the event Wadsworth does not elect to receive a cash
payment for any outstanding and unexercised Options granted to Wadsworth,
Wadsworth shall have the right to exercise such Options in accordance with the
terms and conditions provided in the applicable stock option plans as if
Wadsworth had continued his employment with the Company, notwithstanding
Wadsworth’s termination.

     

    11.           Noncompetition.

     

    (a)           During
the Term, Wadsworth shall not, other than through the Company or affiliates of
the Company, own any interest in any Multi-Family Residential Property (other
than Multi-Family Residential Property in which the Company or the Partnership
has an ownership interest), as partner, shareholder or otherwise, or engage in
the Multi-Family Residential Business, directly or indirectly, for his own
account or for the account of others, either as an officer, director,
shareholder, owner, partner, promoter, employee, consultant, advisor, agent,
manager, or in any other capacity.  For a period of two (2) years
after a termination of his employment hereunder, Wadsworth shall not own any
interest in any Multi-Family Residential Property as partner, shareholder or
otherwise, or directly or indirectly, for his own account or for the account of
others, either as an officer, director, promoter, employee, consultant, advisor,
agent, manager, or in any other capacity, engage in the Multi-Family Residential
Business within 5 miles of any Multi-Family Residential Property owned by the
Company or the Partnership at the time of Termination of employment; provided,
however, that Wadsworth may purchase or otherwise acquire up to (but not more
than) One Hundred Thousand Dollars ($100,000.00) in the aggregate of any class
of the securities of Multi-Family Residential Businesses if the securities have
been registered under Section 12(b) or Section 12(g) of the Securities Exchange
Act of 1934 and the rules and regulations promulgated thereunder.

     

    (b)           Wadsworth
agrees that damages at law for violation of the restrictive covenant contained
herein would not be an adequate or proper remedy to the Company, and that should
Wadsworth violate or threaten to violate any of the provisions of such covenant,
the Company, its successors or assigns, shall be entitled to obtain a temporary
or permanent injunction, as appropriate, against Wadsworth in any court having
jurisdiction over the person and the subject matter, prohibiting any further
violation of any such covenants. The injunctive relief provided herein shall be
in addition to any award of damages, compensatory, exemplary or otherwise,
payable by reason of such violation.

     

    (c)           Furthermore,
Wadsworth acknowledges that this Agreement has been negotiated at arms’ length
by the parties, neither being under any compulsion to enter into this Agreement,
and that the foregoing restrictive covenant does not in any respect inhibit his
ability to earn a livelihood in his chosen profession without violating the
restrictive covenant contained herein. The Company by these presents has
attempted to limit Wadsworth’s right to compete only to the extent necessary to
protect the Company from unfair competition. The Company recognizes, however,
that reasonable people may differ in making such a determination. Consequently,
the Company agrees that if the scope or enforceability of the restricted
covenant contained herein is in any way disputed at any time, a court or other
trier of fact may modify and enforce the covenant to the extent that it believes
to be reasonable under the circumstances existing at the time.

     

    12.           Payment of
Premiums.  For any period prior to Wadsworth’s attainment of
age 65 when the available coverage is third-party insured, MAA shall timely pay
the premiums for such coverage as the premiums come due.  For any
period prior to Wadsworth’s attainment of age 65, when the coverage is
self-insured by the Company for Code Section 105(h) purposes, Wadsworth shall be
obligated to pay each premium as the premium comes due, and on a monthly basis
MAA will reimburse Wadsworth for premiums covered and paid during the prior
month, grossed up for federal income taxes at a 35% assumed marginal
rate.  For any period after Wadsworth’s attainment of age 65, and for
any period during which the coverage provided is COBRA coverage, the premium for
any such available coverage, whether third-party insured or self-insured, shall
be borne by Wadsworth.

     

    13.           Required Benefit Delay in
Certain Circumstances.  Under any circumstances where the
benefits provided to Wadsworth constitutes deferred compensation for purposes of
Code Section 409A at a time when Wadsworth would be treated as a Specified
Employee for such purposes, and if the payment triggering event is a Separation
From Service other than due to Wadsworth’s death or Disability, then no such
deferred compensation shall be paid until six months and one day after Wadsworth
ceases to provide any services for the Company, and any amount which would
otherwise have been paid to or on behalf of Wadsworth during such period shall
be paid at the end of such period.  In the interim, during such
period, Wadsworth shall be required to pay any premium costs for the coverage
provided and, in such event, the payments made by Wadsworth during six month and
one day period shall be paid to Wadsworth.

     

    14.           Employment
Status.  The parties acknowledge and agree that Wadsworth is an
employee of the Company, not an independent contractor.  Any payments
made to Wadsworth by the Company pursuant to this Agreement shall be treated for
federal and state payroll tax purposes as payments made to a Company employee,
irrespective whether such payments are made subsequent to the Termination
Date.

     

    15.           Notices.  All
notices or deliveries authorized or required pursuant to this Agreement shall be
deemed to have been given when in writing and personally delivered or when
deposited in the U.S. mail, certified, return receipt requested, postage
prepaid, addressed to the parties at the following addresses or to such other
addresses as either may designate in writing to the other party:

     

    

    
      	
              To
      the Company:

            	
              6584
      Poplar Avenue

              Memphis,
      Tennessee 38138

              Attn:  Chief
      Executive Officer

               

            
	
              To
      Wadsworth:

            	
              Simon
      R.C. Wadsworth

              55
      Cherry Road

              Memphis,
      Tennessee 38117

            

    

    

    16.           Entire Agreement.
This Agreement contains the entire understanding between the parties hereto with
respect to the subject matter hereof and shall not be modified in any manner
except by instrument in writing signed, by or on behalf of, the parties hereto;
provided, however, that any amendment or Termination of the covenant of
noncompetition in Section 10 must be approved by a majority of the Directors of
the Company other than Wadsworth, if Wadsworth is then a director of the
Company. This Agreement shall be binding upon and inure to the benefit of the
heirs, successors and assigns of the parties hereto.

     

    17.           Arbitration.  Any
controversy concerning or claim arising out of or relating to this Agreement
shall be settled by final and binding arbitration in Memphis, Shelby County,
Tennessee at a location specified by the party seeking such
arbitration.

     

    (a)           The
Arbitrators.  Any arbitration proceeding shall be conducted by
three (3) Arbitrators and the decision of the Arbitrators shall be binding on
all parties.  Each Arbitrator shall have substantial experience and
expert competence in the matters being arbitrated.  The party desiring
to submit any matter relating to this Agreement to arbitration shall do so by
written notice to the other party, which notice shall set forth the items to be
arbitrated, such party’s choice of Arbitrator, and such party’s substantive
position in the arbitration.  The party receiving such notice shall,
within fifteen (15) days after receipt of such notice, appoint an Arbitrator and
notify the other party of its appointment and of its substantive
position.  The Arbitrators appointed by the parties to the Arbitration
shall select an additional Arbitrator meeting the aforedescribed
criteria.  The Arbitrators shall be required to render a decision in
accordance with the procedures set forth in Subparagraph (b) below within thirty
(30) days after being notified of their selection.  The fees of the
Arbitrators shall be equally divided amongst the parties to the
arbitration.

     

    (b)           Arbitration
Procedures.  Arbitration shall be conducted in accordance with
the Uniform Arbitration Act, except to the extent the provisions of such Act are
modified by this Agreement or the subsequent mutual agreement of the
parties.  Judgment upon the award rendered by the Arbitrator(s) may be
entered in any court having jurisdiction thereof.  Any party hereto
may bring an action, including a summary or expedited proceeding, to compel
arbitration of any controversy or claim to which this provision applies in any
court having jurisdiction over such action in Shelby County, Tennessee, and the
parties agree that jurisdiction and venue in Shelby County, Tennessee are
appropriate and approved by such parties.

     

    18.           Applicable Law. This
Agreement shall be governed and construed in accordance with the laws of the
State of Tennessee.

     

    19.           Assignment. Wadsworth
acknowledges that his services are unique and personal. Accordingly, Wadsworth
may not assign his rights or delegate his duties or obligations under this
Agreement, except with respect to certain rights to receive payments as
described in Section 8.

     

    20.           Headings.  Headings
in this Agreement are for convenience only and shall not be used to interpret or
construe its provisions.

     

    21.           Successors; Binding
Agreement.   The Company will require any successor to all
or substantially all of the business and/or assets of the Company to expressly
assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place.  Failure of the Company to obtain such assumption and
agreement prior to the effectiveness of any such succession shall be a beach of
this Agreement and shall entitle Wadsworth to compensation from the Company in
the same amount and on the same terms as Wadsworth would be entitled to
hereunder if Wadsworth terminates his employment for Good Reason.  The
Company’s rights and obligations under this Agreement shall inure to the benefit
of and shall be binding upon the Company’s successors and assigns.

     

    22.           Serving as a
Director.  Wadsworth agrees to continue to serve as a director
on the Board and complete the term which expires with the shareholder meeting in
2010.  Subject to the policies and procedures that define the process
by which an incumbent director is nominated by the Corporate Governance
Committee and full Board to serve an additional term as a director, it is
expected that Wadsworth will continue to be nominated to serve as a director
until the shareholder meeting in 2012.  Continuation as a
director-nominee for successive annual terms from 2010 till 2012 will be
determined by the Corporate Governance Committee of the Board and conditioned on
adherence to the Corporate Governance Guidelines governing the nomination and
election of all directors of MAA.  Nothing in this Agreement will
over-ride or supersede the policies and guidelines outlined in MAA’s Corporate
Governance Guidelines concerning nomination, election, responsibilities and
actions as a director of MAA.  In all instances, the election of
Wadsworth to the Board must be approved by the shareholders of the
Company.

     

     

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    IN WITNESS WHEREOF, the parties have
executed this Agreement effective as of the date first above
written.

    

    MID-AMERICA APARTMENT

    COMMUNITIES, INC.

    

    

    By: /s/H. Eric Bolton,
Jr.                                           

    H. Eric Bolton, Jr.

    Chief Executive Officer

    

    

    

    WADSWORTH:

    

    

    /s/Simon R.C.
Wadsworth                                           

    Simon R.C. Wadsworthad18063958-ex10_1.htm

    

      Exhibit
10.1

    

    
 

    

    CHANGE IN CONTROL
AGREEMENT

    

                          THIS
AGREEMENT, dated January 1, 2010 is made by and between AngioDynamics, Inc., a
Delaware corporation (the "Company"), and Johannes Keltjens (the
"Executive").

    

                          WHEREAS,
the Company considers it essential to the best interests of its shareholders to
foster the continued employment of key management personnel; and

    

                          WHEREAS,
the Board recognizes that, as is the case with many publicly held corporations,
the possibility of a Change in Control exists and that such possibility, and the
uncertainty and questions which it may raise among management, may result in the
departure or distraction of management personnel to the detriment of the Company
and its shareholders; and

    

                          WHEREAS,
the Board has determined that appropriate steps should be taken to reinforce and
encourage the continued attention and dedication of members of the Company's
management, including the Executive, to their assigned duties without
distraction in the face of potentially disturbing circumstances arising from the
possibility of a Change in Control;

    

                          NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein
contained, the Company and the Executive hereby agree as follows:

    

                          1.           Defined Terms. The
definitions of capitalized terms used in this Agreement are provided in the last
Section hereof.

    

                          2.           Term of Agreement.
The Term of this Agreement shall commence on the date hereof and shall continue
in effect through December 31, 2010; provided, however, that effective January
1, 2011 and each January 1 thereafter, the Term that is then in effect shall
automatically be extended for one additional year unless the Company has given
notice before the January 1 in question that the Term that is in effect at the
time such notice is given will not be extended; and further provided, however,
that if a Change in Control occurs during the Term, the Term shall expire no
earlier than twelve (12) calendar months after the calendar month in which such
Change in Control occurs. Notwithstanding the foregoing, this Agreement shall
terminate if the Executive ceases to be an employee of the Company and its
subsidiaries for any reason prior to a Change in Control. However, anything in this
Agreement (including the preceding sentence) to the contrary notwithstanding, if
a Change in Control occurs and if, within three months prior to the date on
which such Change in Control occurs, the Executive's employment with the Company
is terminated by the Company without Cause or an event occurs that would, if it
took place after the Change in Control, constitute Good Reason for termination
of employment by the Executive, and if it is reasonably demonstrated by the
Executive that such termination of employment by the Company or event
constituting Good Reason for termination of employment by the Executive (a) was
undertaken at the request of a third party who has taken steps reasonably
calculated to effect the Change in Control, or (b) otherwise arose in connection
with or in anticipation of the Change in Control, then for purposes of this
Agreement such termination of employment by the Company without Cause or event
constituting Good Reason shall be deemed to occur during the 12 month period
following the Change in Control and, if the Executive terminates his employment
for such Good Reason before the Change in Control, such termination of
employment by the Executive shall likewise be deemed to occur during the 12
month period following the Change in Control.

     

                          3.           Company's Covenants
Summarized. In order to induce the Executive
to remain in the employ of the Company and in consideration of the Executive's
covenants set forth in Section 4 hereof, the Company agrees, under the
conditions described herein, to pay the Executive the Severance Payments and
the other
payments and benefits described herein. Except as provided in Section 2, Section
6.3, Section 9.1 or Section 14.2 hereof, no amounts shall be payable under this
Agreement unless the Executive's employment with the Company terminates
following a Change in Control and during the Term. This Agreement shall not be
construed as creating an express or implied contract of employment enforceable
against the Company nor, except as provided in Section 4 below, enforceable
against the Executive, and, except as otherwise agreed in writing between the
Executive and the Company, the Executive shall not have any right to be retained
in the employ of the Company.

    

                          4.           The Executive's
Covenants. The Executive agrees to remain in the employ of the Company,
subject to the terms and conditions of this Agreement, if a Potential Change in
Control occurs during the Term and the Executive is then in the employ of the
Company, until the earliest of (a) the date which is six (6) months from the
date of such Potential Change in Control, (b) the date of a Change in Control,
(c) the date of termination by the Executive of the Executive's employment for
Good Reason or by reason of death, Disability or Retirement, or (d) the
termination by the Company of the Executive's employment for any reason;
provided that Executive’s agreement to remain in the employ of the Company shall
be subject to the condition that no adverse change occurs after the Potential
Change in Control in his title, duties, responsibilities, authority, reporting
relationships, compensation, benefits or indemnification rights.

    

                          5.           Certain Compensation Other
Than Severance Payments.

     

                          5.1           If
the Executive's employment shall be terminated for any reason following a Change
in Control and during the Term, the Company shall pay the Executive his full
salary through the date of termination at the rate in effect immediately prior
to the date of termination or, if higher, the rate in effect immediately prior
to the first occurrence of an event or circumstance constituting Good Reason,
together with all compensation and benefits payable to the Executive through the
date of termination under the terms of the Company's compensation and benefit
plans, programs and arrangements as in effect immediately prior to the date of
termination or, if more favorable to the Executive, as in effect immediately
prior to the first occurrence of an event or circumstance constituting Good
Reason.

    

                          5.2           Subject
to Section 6.1 hereof, if the Executive's employment shall be terminated for any
reason following a Change in Control and during the Term, the Company shall pay
to the Executive the Executive's normal post-termination compensation and
benefits as such payments become due. Any such post-termination compensation and
benefits shall be determined under, and paid in accordance with, the Company's
retirement, insurance and other compensation and benefit plans, programs and
arrangements as in effect immediately prior to the date of termination or, if
more favorable to the Executive, as in effect immediately prior to the
occurrence of the first event or circumstance constituting Good
Reason.

    

                          6.           Severance
Payments.

    

                          6.1           Subject
to Section 6.2 and Section 6.3 hereof, if the Executive's employment is
terminated following a Change in Control and during the Term either by the
Company or by the Executive, other than (a) by the Company for Cause, (b) by
reason of death or Disability, or (c) by the  Executive without Good
Reason, (any such employment termination being hereafter sometimes referred to
as a "Compensable
Termination"), then the Company shall pay the Executive the amounts, and
provide the Executive the benefits, described in this Section 6.1 ("Severance Payments"),
in addition to any payments and benefits to which the Executive is entitled
under Sections 5 and 6.3 hereof. Notwithstanding the foregoing, the Executive
shall not be eligible to receive any payment or benefit provided for in this
Section 6.1 unless the Executive shall have executed a release substantially in
the form of Exhibit A hereto effective as of the date of the Compensable
Termination or a date subsequent thereto and shall not have revoked said
release.  The Severance Payments are in lieu of any severance benefits
that would otherwise be payable or provided pursuant to any severance plan or
practice of the Company.

     

    (i)  The
Company shall pay the Executive, at the time provided in Section 6.2 below, a
lump sum cash payment equal to either:

     

    (a) if the termination set forth in
section 6.1 occurs after May 31, 2010:  two and a
half  (2.5) times the Executive’s bonus that was paid (or that is
payable) with respect to the fiscal year of the Company preceding the fiscal
year of the Company in which the Compensable Termination occurs; or

     

    (b) if the termination set forth in
section 6.1 occurs prior to May 31, 2010: two and a half (2.5) times the
Executive’s target bonus (which target bonus is 70% of the Executive’s
salary).

     

    (ii)           The
Company shall pay the Executive, at the time provided in Section 6.2 below, a
lump sum cash payment equal to two and one half (2.5) times the Executive's
annual base salary at the rate in effect immediately prior to the Compensable
Termination or, if higher, in effect immediately prior to the first occurrence
of an event or circumstance constituting Good Reason (“Base
Salary”).

     

    (iii)           The
Company will pay the Executive for all earned but unused vacation leave at the
time of the Compensable Termination.

     

    (iv)           The
Company will continue to provide the Executive with Medical, Dental,
Prescription, & Vision insurance coverage until the earlier of (A) the
second anniversary of the date of his Compensable Termination or (B) the date on
which the Executive accepts an offer of employment that provides similar
insurance coverage. Coverage shall be on the same terms and conditions as apply
to full-time employees of the Company.

     

                          6.2           All
payments to be made pursuant to subsection (i), (ii), (iii), and (v) of
Section 6.1 above shall be made within thirty (30) calendar days after the
date on which a Separation from Service occurs coincident with or following, or
within 30 days before, the date on which the Compensable Termination occurs (the
“Separation from
Service Date”) unless on  the Separation from Service Date the
Executive is a Specified Employee, in which case such payments shall be made six
months and one day after the Separation from Service Date (or, if earlier, the
date of the Executive’s death).  For purposes of the preceding
sentence, a Specified Employee means a “specified employee”  who is
subject to the special rule set forth in subsection (a)(2)(B)(i) of section 409A
of the Code and the regulations thereunder (including, without limitation,
Proposed Treasury Regulation section 1.409A-1(i)) with respect to such
payments.

     
 

                          7.           Payments During
Dispute. Any payments to which the Executive may be entitled under this
Agreement, including, without limitation, under sections 5 and 6 hereof, shall
be made forthwith on the applicable date(s) for payment specified in this
Agreement.  If for any reason the amount of any payment due to the
Executive cannot be finally determined on that date, such amount shall be
estimated on a good faith basis by the Company and the estimated amount shall be
paid no later than 10 days after such date.  As soon as practicable
thereafter, the final determination of the amount due shall be made and any
adjustment requiring a payment to or from the Executive shall be made as
promptly as
practicable.          

    

                          8.           No Mitigation. The
Company agrees that, if the Executive's employment with the Company terminates
during the Term, the Executive is not required to seek other employment or to
attempt in any way to reduce any amounts payable to the Executive by the Company
pursuant to Section 6 hereof or any other provision of this Agreement. Further,
the amount of any payment or benefit provided for in this Agreement shall not be
reduced (a) by any compensation earned by the Executive as the result of
employment by another employer, (b) by retirement benefits, (c) by offset
against any amount claimed to be owed by the Executive to the Company, or (d)
otherwise.

    

    

                          9.           Successors; Binding
Agreement.

    

                          9.1           In
addition to any obligations imposed by law upon any successor
to the Company, the Company will require any successor (whether direct
or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to expressly
assume and agree to perform the Company’s obligations under this Agreement in
the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place. Failure of the Company to obtain
such assumption and agreement prior to the effectiveness of any such succession
during the Term shall be a breach of this Agreement and shall entitle the
Executive to compensation from the Company in the same amount and on the same
terms as the Executive would be entitled to hereunder if the Executive were to
terminate the Executive's employment for Good Reason after a Change in Control
and during the Term, except that, for purposes of implementing the foregoing,
the date on which the Executive’s employment terminates (for any reason other
than Cause) within 30 days before, or at any time during the Term and on or
after, the date on which any such succession becomes effective during the Term
shall be deemed the date of the Compensable Termination.

    

                          9.2           This
Agreement shall inure to the benefit of and be enforceable by the Executive's
personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. If the Executive shall die while any amount
would still be payable to the Executive hereunder (other than amounts which, by
their terms, terminate upon the death of the Executive) if the Executive had
continued to live, all such amounts, unless otherwise provided herein, shall be
paid in accordance with the terms of this Agreement to the executors, personal
representatives or administrators of the Executive's estate.

    

                          10.           Notices. For the
purpose of this Agreement, notices and all other communications provided for in
the Agreement shall be in writing and shall be deemed to have been duly given
when delivered or mailed by United States registered mail, return receipt
requested, postage prepaid, addressed, if to the Executive, to his most recent
address shown on the books and records of the Company at the time notice is
given and, if to the Company, to the address set forth below, or to such other
address as either party may have furnished to the other in writing in accordance
herewith, except that notice of change of address shall be effective only upon
actual receipt:

    

                                    To
the Company:

    

                                    AngioDynamics,
Inc.

                                    603
Queensbury Avenue

                                    Queensbury,
NY 12804

    

                                    Attention:
Chief Executive Officer

    

                          11.           Miscellaneous. No
provision of this Agreement may be modified, waived or discharged unless such
waiver, modification or discharge is agreed to in writing and signed by the
Executive and such officer as may be specifically designated by the Board. No
waiver by either party hereto at any time of any breach by the other party
hereto of, or of any lack of compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. This Agreement constitutes the entire agreement of the parties
concerning the specific subject matter addressed by this Agreement and
supersedes all prior agreements addressing the terms and conditions contained
herein.  Nothing in this Agreement is intended to amend or otherwise
alter the change in control provisions or any other provisions of any (a) stock
option or other compensation or incentive award that may heretofore have been or
may hereafter be granted to the Executive, or (b) employee benefit or fringe
benefit plan in which the Executive may heretofore have been or may hereafter be
a participant. The validity, interpretation, construction and performance of
this Agreement shall be governed by the laws of the State of New York. All
references to sections of the Code or the Exchange Act shall be deemed also to
refer to any successor provisions to such sections and to IRS or SEC regulations
and official guidance published thereunder. Any payments provided for hereunder
shall be subject to any applicable withholding required under federal, state or
local law and any additional withholding to which the Executive has agreed. The
obligations of the Company and the Executive under this Agreement which by their
nature may require either partial or total performance after the expiration of
the Term (including, without limitation, those under Sections 6 and 7 hereof)
shall survive such expiration.

    

                          12.           Validity. The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.

    

                          13.           Counterparts. This
Agreement may be executed in several

    counterparts,
each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

     

                          14.           Settlement of Disputes;
Arbitration.

    

                          14.1           All
claims by the Executive for benefits under this Agreement shall be directed to
and determined by the Board and shall be in writing. Any denial by the Board of
a claim for benefits under this Agreement shall be delivered to the Executive in
writing and shall set forth the specific reasons for the denial and the specific
provisions of this Agreement relied upon. The Board shall afford a reasonable
opportunity to the Executive for a review of the decision denying a claim and
shall further allow the Executive to appeal to the Board a decision of the Board
within sixty (60) days after notification
by the Board that the Executive's claim has been denied.

    

                          14.2           Any
further dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration in the Albany, New York
metropolitan area in accordance with the employment dispute resolution rules of
the American Arbitration Association then in effect. The arbitrator shall have
the authority to require that the Company reimburse the Executive for the
payment of all or any portion of the legal fees and expenses incurred by the
Executive in connection with such dispute or controversy. Judgment may be
entered on the arbitrator's award in any court having jurisdiction.

    

                          14.3           The
Company agrees to use commercially reasonable efforts to administer this
Agreement, and operate any deferred compensation plans in which the Executive
participates from time to time that are aggregated with this Agreement or with
any payment or benefit provided by this Agreement for purposes of Section 409A
of the Code (e.g., account balance plans, nonaccount balance plans, separation
pay plans, and plans that are neither account balance nor nonaccount balance
plans), in good faith compliance with Code Section 409A to the extent necessary
to avoid inclusion of any amounts of benefits payable hereunder in the
Executive’s income pursuant to Section 409A(a)(1)(A) of the Code.

    

                          15.           Definitions. For
purposes of this Agreement, the following terms shall have the meanings
indicated below:

    

                          (A)          "Affiliate"
shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of
the Exchange Act.

    

                     
     (B)           “Applicable
Average Bonus” shall have the meaning set forth in subsection (ii) of Section
6.1.

     

                      
    (C)           “Base
Salary” shall have the meaning set forth in subsection (iii) of Section
6.1.

    

                          (D)           "Beneficial
Owner" shall have the meaning set forth in Rule 13d-3 under the Exchange
Act.

    

                          (E)           "Board"
shall mean the Board of Directors of the Company.

    

                          (F)           "Cause"
for termination by the Company of the Executive's employment shall mean (i) the
willful and continued failure by the Executive to substantially perform the
Executive's duties with the Company as such duties were in effect prior to any
change therein constituting Good Reason (other than any such failure resulting
from the Executive's incapacity due to physical or mental illness or any such
failure after the occurrence of an event constituting Good Reason for
resignation by the Executive) after a written demand for substantial performance
is delivered to the Executive by the Board, which demand specifically identifies
the manner in which the Board believes that the Executive has not substantially
performed the Executive's duties, provided that such failure will constitute
Cause only if it remains uncured for more than thirty (30) days following
receipt by the Executive of such written demand from the Board; (ii) the
engaging by the Executive in willful conduct which is demonstrably and
materially injurious to the Company or its subsidiaries, monetarily or
otherwise, provided that such conduct will constitute Cause only if it remains
uncured for more than thirty (30) days following receipt by the Executive of a
written demand from the Board to cease such conduct; (iii) the Executive’s
insubordination, as defined from time to time by the Board, provided that
insubordination will constitute Cause only if it remains uncured for more than
thirty (30) days following receipt by the Executive of a written demand from the
Board to cease such insubordination; or (iv) the Executive's conviction of (a) a
felony or (b) a crime involving fraud, dishonesty or moral turpitude. For
purposes of clauses (i) and (ii) of this definition, no act, or failure to act,
on the Executive's part shall be deemed "willful" unless done, or omitted to be
done, by the Executive not in good faith and without reasonable belief that the
Executive's act, or failure to act, was in the best interest of the
Company.  The Company shall notify the Executive in writing of any
employment termination purporting to be for Cause on or before the date of such
termination, which writing shall describe with specificity the conduct alleged
to constitute Cause for such termination.  Any purported termination
of employment by the Company for Cause which does not satisfy the applicable
requirements of this Section 15(F) shall be conclusively deemed to be a
termination of employment by the Company without Cause for purposes of this
Agreement.

    

                          (G)           A
"Change in Control" shall mean that any of the following events has
occurred:

    

    (i)           any
Person is or becomes the Beneficial Owner, directly
or     indirectly, of securities of the Company (not
including in the securities     beneficially owned by
such Person any securities acquired directly from
the     Company or its Affiliates) representing more
than 40% of the combined voting power of the Company's then outstanding
securities, excluding any Person who becomes such a Beneficial Owner in
connection with a transaction described in clause (A) of paragraph (iii) below;
or

    

    (ii)           the
following individuals cease for any reason to constitute a  majority
of the number of directors serving on the Board: individuals who, at the
beginning of any period of two consecutive years or less (not including any
period prior to the date of this Agreement), constitute the Board and any new
director (other than a director whose initial assumption of office is in
connection with an actual or threatened election contest, including but not
limited to a consent solicitation, relating to the election of directors of the
Company) whose appointment or election by the Board or nomination for election
by the Company's shareholders was approved or recommended by a vote of at least
two-thirds (2/3) of the directors then still in office who either were directors
at the beginning of such period or whose appointment, election or nomination for
election was previously so approved or recommended; or

    

    (iii)           there
is consummated a merger or consolidation of the Company or any Subsidiary with
any other corporation, other than (A) a merger or consolidation which would
result in the voting securities of the
Company     outstanding immediately prior to such
merger or consolidation continuing to     represent
(either by remaining outstanding or by being converted into voting securities of
the surviving entity or any parent thereof), in combination with the ownership
of any trustee or other fiduciary holding securities under an employee benefit
plan of the Company or any Subsidiary, at least 60% of the combined voting power
of the securities of the Company or such surviving entity or any parent thereof
outstanding immediately after such merger or consolidation, or (B) a merger or
consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no Person is or becomes the Beneficial Owner,
directly or indirectly, of securities of the Company (not including in
the     securities beneficially owned by such Person
any securities acquired directly from the Company or its Affiliates)
representing more than 40% of the combined voting power of the Company's then
outstanding securities; or

    

    (iv)           the
shareholders of the Company approve a plan of complete liquidation or
dissolution of the Company or there is consummated
an     agreement for the sale or disposition by the
Company of all or substantially all of the Company's assets, other than a sale
or disposition by the Company of all or substantially all of the Company's
assets to an entity, at least 60% of the combined voting power of the voting
securities of which are owned by shareholders of the Company in substantially
the same proportions as their ownership of the Company immediately prior to such
sale.

    

                          (H)           "Code"
shall mean the Internal Revenue Code of 1986, as amended
from time to time.

    

                          (I)           
"Company" shall mean AngioDynamics, Inc. and, except in determining under
Section 15(G) hereof whether or not any Change in Control of the Company has
occurred, shall include any successor to its business and/or assets which
assumes and agrees to perform this Agreement by operation of law, or
otherwise.

     

                          (J)           
“Compensable Termination” shall have the meaning set forth in Section
6.1.

    

                          (K)           "Disability"
shall be deemed the reason for the termination by the Company of the Executive's
employment, if, as a result of the Executive's incapacity due to physical or
mental illness, the Executive shall have been absent from the full-time
performance of the Executive's duties with the Company for a period of six
consecutive months or for six non-consecutive months within any period of 12
consecutive months.

    

                          (L)           "Exchange
Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time.

    
                      (M)          "Executive"
shall mean the individual named in the first paragraph of this
Agreement.

    

                          (N)           "Good
Reason" for termination by the Executive of the Executive's employment shall
mean the occurrence (without the Executive's express written consent) after any
Change in Control, of any one of the following acts by the Company, or failures
by the Company to act, unless, in the case of any act or failure to act
described in paragraph (i), (iii), (iv) or (vii) below, such act or failure to
act is corrected within thirty (30) calendar days after the Company’s receipt of
written notice thereof given by the Executive within thirty (30) calendar days
of such act or failure to act:

    

    (i)           the
assignment to the Executive of any duties inconsistent with the Executive's
status or position in the Company immediately prior to the Change in Control, or
a substantial adverse alteration in the nature, status or scope of the
Executive's responsibilities or authority from his responsibilities or authority
immediately prior to the Change in Control, or a reduction in his
title;

    

    (ii)          a
reduction by the Company in the Executive's annual base salary as in effect on
the date of this Agreement or as the same may be increased from time to
time;

    (iii)         a
significant reduction in compensation, benefits or reimbursements provided under
any employment, compensation, employee benefit or reimbursement plan or program
in which the Executive is a participant which is not replaced with substantially
equivalent compensation, benefits or reimbursements under another plan, program
or arrangement at substantially the same cost (if any) to the Executive;

     

    (iv)         the
Company fails to pay or provide any amount or benefit that the Company is
obligated to pay or provide under this Agreement or any other employment,
compensation, benefit or reimbursement plan, agreement or arrangement of the
Company to which the Executive is a party or in which the Executive
participates;

     

    (v)          the
Company fails to pay the Executive a bonus, for each fiscal year of Employer
that terminates following a Change in Control and during the Term, at least
equal to 80% of the Applicable Average Bonus;

     

    (vi)         the
relocation of the Executive's principal place of employment to a location which
increases the Executive's one-way commuting distance by more than 40 miles, or
the Company's requiring the Executive to travel on business other than to an
extent substantially consistent with the Executive's business travel obligations
prior to the Change in Control;

     

    (vii)        a
significant adverse change occurs, whether of a quantitative or qualitative
nature, in the indemnification protection provided to the Executive for acts and
omissions arising out of his service on behalf of the Company or any other
entity at the request of the Company; or

     

    (viii)       The
Company fails to obtain the assumption of this Agreement pursuant to
Section 9.1.

     

    The
Executive's right to terminate the Executive's employment for Good Reason shall
not be affected by the Executive's incapacity due to physical or mental illness.
The Executive's continued employment shall not constitute consent to, or a
waiver of rights with respect to, any act or failure to act constituting Good
Reason hereunder.

    

                          (O)           "Person"
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified
and used in Sections 13(d) and 14(d) thereof, except that such term shall not
include (i) the Company or any of its subsidiaries, (ii) a trustee or other
fiduciary holding securities under an employee benefit plan of the Company or
any of its Affiliates, (iii) an underwriter temporarily holding securities
pursuant to an offering of such securities, or (iv) a corporation owned,
directly or indirectly, by the shareholders of the Company in substantially the
same proportions as their ownership of stock of the Company.

    

                          (P)           "Potential
Change in Control" shall be deemed to have occurred if the event set forth in
any one of the following paragraphs shall have occurred:

    

    (i)           the
Company enters into an agreement, the consummation of which would result in the
occurrence of a Change in Control;

    

    (ii)           the
Company or any Person publicly announces an intention to take or to consider
taking actions which, if consummated, would constitute a Change in
Control;

    

    (iii)           any
Person becomes the Beneficial Owner, directly or indirectly, of securities of
the Company representing 15% or more of either the then outstanding shares of
common stock of the Company or the combined voting power of the Company's then
outstanding securities (not including in the securities beneficially owned by
such Person any securities acquired directly from the Company or its
Affiliates); or

    

    (iv)           the
Board adopts a resolution to the effect that, for purposes of this Agreement, a
Potential Change in Control has occurred.

    

                          (Q)           "Retirement"
shall be deemed the reason for the termination by the Executive of the
Executive's employment if such employment is terminated in accordance with the
Company's retirement policy, including early retirement, generally applicable to
its salaried employees.

    

                          (R)           “Separation
from Service” means termination of employment with the Company. However, the
Executive shall not be deemed to have a Separation from Service if he continues
to provide services to the Company in a capacity other than as an employee and
if he is providing services at an annual rate that is fifty percent or more of
the services he rendered, on average, during the immediately preceding three
full calendar years of employment with the Company (or if employed by the
Company less than three years, such lesser period) and the annual remuneration
for his services is fifty percent or more of the annual remuneration earned
during the final three full calendar years of employment (of if less, such
lesser period); provided, however, that a Separation from Service will be deemed
to have occurred if his service with the Company is reduced to an annual rate
that is less than twenty percent of the services he rendered, on average, during
the immediately preceding three full calendar years of employment with the
Company (or if employed by the Company less than three years, such lesser
period) or the annual remuneration for his services is less than twenty percent
of the annual remuneration earned during the three full calendar years of
employment with the Company (or if less, such lesser period).

    

                       
   (S)           “Separation
from Service Date” shall have the meaning set forth in Section 6.2
hereof.

    

                          (T)           "Severance
Payments" shall have the meaning set forth in Section
6.1 hereof.

    

                          (U)           "Subsidiary"
means a corporation or other form of business association
of which shares (or other ownership interests) having more than 50% of the
voting power are owned or controlled, directly or indirectly, by the
Company.

    

                          (V)           "Term"
shall mean the period of time described in Section 2 hereof (including any
extension or continuation described therein).

     

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

    

    

                                                          ANGIODYNAMICS,
INC.

    

    

    

                                                          By: 
/s/ D. Joseph
Gersuk

                                                          Name: 
D. Joseph Gersuk

                                                          Title:     Executive
Vice President and CFO

    

    

                                                          /s/ Johannes
Keltjens
                                                      Johannes
Keltjens

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