Document:

Converted by EDGARwiz

 

 

 

 

 

 Exhibit 10.1
 

 SEPARATION AGREEMENT AND RELEASE
 

 This Agreement is being entered into as of January 16, 2015, between Implant Sciences Corporation (“ISC”), on behalf of and for the benefit of itself and all related corporate entities, and their divisions, affiliates (which means all persons and entities directly or indirectly or indirectly controlling, controlled by or under common control with ISC), subsidiaries and all other related entities, and its and their directors, officers, employees, trustees, agents, successors and assigns (“ Company”) and Glenn D. Bolduc (“Employee”).    
 Employee has decided to resign his employment and position as Chief Executive Officer of ISC, and as a Director, and ISC has agreed to treat his resignation as an involuntary termination without cause under the terms of Section 5.2 of the Amended and Restated Employment Agreement (the “Employment Agreement”), dated June 25, 2013 between ISC and Employee. Both ISC and Employee desire to enter into this Separation Agreement and Release in accordance with the terms of the Employment Agreement.
 In consideration of the mutual promises contained in this Separation Agreement and Release, and intending to be legally bound, the parties agree as follows:
 
 1.
  Termination Date.  Employee’s last day of work shall be January 16, 2015.
 

 
 2.
 Compensation and Benefits.  ISC shall pay Employee such compensation and provide such benefits as required by the terms of Sections 5.2, 5.4, 4.3 and 3.2(b) of the Employment Agreement pursuant to a voluntary termination by the Company without cause.
 

 
 3.
 Resignations.  Employee hereby resigns his employment with ISC and further hereby resigns as a director of ISC. Employee also resigns as an employee, officer and director from any positions held with any subsidiaries of ISC.
 

 
 4.
 Change-in-Control.  Employee agrees to consent in writing to a modification of the Implant Sciences Corporation Change of Control Payment Plan (“CIC Plan”), by which his share will be reduced to 4% of the net sales price, as defined in the amended CIC Plan, and by which the share of all other participants will be 8.5%.
 

 
 5.
 Apartment.  Employee shall continue to have the use of the apartment leased by ISC in New York City through the end of the current lease, all lease obligations of said apartment, including but not limited to rent payments and utilities, to be paid by ISC.  
 

 

 
  

 6.
 Legal Fees.  ISC shall pay the firm of Bowditch & Dewey, LLP, Employee’s attorney, the sum of $40,000 towards legal fees related to this matter.
 

 
 7.
 Stock Options.  All stock option agreements applicable to Employee shall be amended to extend the exercise period, solely with respect to options which are vested thereunder as of the Termination Date, from the ninetieth day following such Termination Date to the dates of the original expiration of such options, respectively, so as to permit Employee to exercise solely those options which are vested as of the Termination Date through the expiration dates of said options.  Further, such stock option agreements shall be amended to provide for the ability to exercise the vested options on a cashless basis.  All other terms of such stock option agreements remain unchanged.  See attached schedule of vested shares per agreement.
 

 
 8.
 Cooperation.  Employee agrees to cooperate with executives and directors of ISC in order to effect a smooth transition in leadership. Further, Employee agrees not to disparage the Company and its products and services to vendors, customers, shareholders, and to third parties. ISC agrees that its directors and officers will not disparage Employee and his performance as chief executive officer to vendors, customers, shareholders and to third parties.
 

 
 9.
 Release of Claims. 
 

 (a)
 By signing this Agreement, Employee hereby agrees and acknowledges that, for good and valuable consideration, he is waiving his right to assert any and all forms of legal claims against the Company of any kind whatsoever, whether known or unknown, arising from the beginning of time through the date he executes this Agreement (the “Execution Date”). Except as set forth below, his waiver and release herein is intended to bar any form of legal claim, complaint or any other form of action (jointly referred to as “Claims”) against the Company seeking any form of relief including, without limitation, equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages, or any other form of monetary recovery whatsoever (including, without limitation, back pay, front pay, compensatory damages, emotional distress damages, punitive damages, attorneys fees and any other costs) against the Company, for any alleged action, inaction or circumstance existing or arising through the Execution Date. Notwithstanding the foregoing, this general release and waiver shall not serve to void Employee’s rights under the new CIC Plan referenced in Section 4 hereof, nor to affect his rights to indemnification for matters occurring prior to this date, to the extent provided by the Employment Agreement.
 

 2
 

 

 

 
 

 Without limiting the foregoing general waiver and release, Employee specifically waives and releases the Company from any Claim arising from or related to his prior employment relationship with the Company or the termination thereof, including, without limitation:
 
 **
 Claims under any state or federal discrimination, fair employment practices or other employment related statute, regulation or executive order (as they may have been amended through the Execution Date) prohibiting discrimination or harassment based upon any protected status including, without limitation, race, national origin, age, gender, marital status, disability, veteran status or sexual orientation. Without limitation, specifically included in this paragraph are any Claims arising under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act, the Americans With Disabilities Act and any similar Federal and state statute.
 
 **
 Claims under any other state or federal employment related statute, regulation or executive order (as they may have been amended through the Execution Date) relating to wages, hours or any other terms and conditions of employment. 
 
 **
 Claims under any state or federal common law theory including, without limitation, wrongful discharge, breach of express or implied contract, promissory estoppel, unjust enrichment, breach of a covenant of good faith and fair dealing, violation of public policy, defamation, interference with contractual relations, intentional or negligent infliction of emotional distress, invasion of privacy, misrepresentation, deceit, fraud or negligence.
 
 **
 Any other Claim arising under state or federal law.
 Employee acknowledges and agrees that, but for providing this waiver and release, he would not be receiving the economic benefits being provided to him under the terms of this Agreement. Employee further acknowledges that this release does not waive any claims he cannot by law waive and does not release any claims that arise after its execution.
 

 3
 

 

 

 
 It is the Company’s desire and intent to make certain that Employee fully understands the provisions and effects of this Agreement. To that end, Employee has been advised and given the opportunity to consult with legal counsel for the purpose of reviewing the terms of this Agreement. Also, because he is over the age of 40, the Age Discrimination in Employment Act (“ADEA”), which prohibits discrimination on the basis of age, allows him at least 21 days to consider the terms of this Agreement. ADEA also allows Employee to rescind his assent to this Agreement if, within seven days after Employee signs this Agreement, he delivers by hand or sends by mail (certified, return receipt and postmarked within such seven-day period) a notice of rescission to the Company. The eighth day following Employee’s signing of this Agreement is the Effective Date.
 Also, consistent with the provisions of Federal law, nothing in this release shall be deemed to prohibit Employee from challenging the validity of this release under the discrimination laws (the “Federal Discrimination Laws”) or from filing a charge or complaint of employment-related discrimination with the Equal Employment Opportunity Commission (“EEOC”) or any state fair employment practices agency, or from participating in any investigation or proceeding conducted by the EEOC or any state fair employment practices agency. Further, nothing in this release or Agreement shall be deemed to limit the Company’s right to seek immediate dismissal of such charge or complaint on the basis that Employee’s signing of this Agreement constitutes a full release of any individual rights under the Federal Discrimination Laws, or to seek restitution to the extent permitted by law of the economic benefits provided to Employee under this Agreement in the event that he successfully challenges the validity of this release and prevails in any claim under the Federal Discrimination Laws.
 
 (b)
 Upon acceptance of Employee’s resignation, and except and to the extent of any of Employee’s obligations as set forth herein, the Company hereby waives and releases any and all Claims (as above defined) against Employee from the beginning of time through the date of this Agreement.  
 
 10.
 Entire Agreement.  This documents sets forth the entire agreement between the parties and except as specifically stated herein supersedes all prior agreements and understandings, whether written or oral, relating to the Employee’s relationship with the Company.  
 

 
 11.
 Amendment.
 This Agreement may be amended or modified only by a written instrument executed both by an authorized officer of the Company and by the Employee.
 

 
 12.
 Governing law.  This agreement shall be construed, interpreted and enforced in accordance with the laws of the Commonwealth of Massachusetts.  Any legal action brought with respect to this matter shall be exclusively brought in the Commonwealth of Massachusetts.
 

 4
 

 

 

 
 

 
 13.
 Number of successors and assigns. This agreement may not be assigned but shall be binding upon and inure to the benefit of each of the parties and their successors and including any organization in which ISC may be merged or which may succeed to the ownership of all or substantially all of its assets or business. 
 

 
 14.
 No waiver.  No delay or omission by either party in exercising any right under this Agreement shall operate as a waiver of that or any other right.
 

 
 15.
 Severability. In case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall no way be affected or impaired thereby.
 

 
 16.
 Counterparts. This agreement may be exercised in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties have hereunto executed this Agreement as of the day and year first above written. 
 AGREED:
 By: /s/ Glenn D. Bolduc 
Glenn D. Bolduc
 

 Date signed: January 16, 2015
 

 IMPLANT SCIENCES CORPORATION
 By: /s/ William J. McGann
 William J. McGann
 

 Date signed: January 16, 2015
 

 

 

 5
 

 

 

 
 

 

 

 

 

 Implant Sciences Corporation
 Stock Grant
 November 14, 2014
 

 

 	 	 	 	 	 	 	 	 	 	 	 	
	 Employee
	 Grant Date
	 Term
	 Option Price
	 Vesting Rate
	 Option Type
	 Options
	 Exercised
	 Outstanding
	 Vested
	 Unvested
	 Stock Comp Expense

	 Glenn Bolduc
	 12/30/2008
	 10
	 $0.20
	 3 years
	 ISO
	 100,000
	 100,000
	 0
	 0
	 0
	  

	 Glenn Bolduc
	 12/30/2008
	 10
	 $0.20
	 3 years
	 ISO
	 70,000
	 70,000
	 0
	 0
	 0
	  

	 Glenn Bolduc
	 1/1/2009
	 10
	 $0.17
	 3 years
	 ISO
	 680,000
	 680,000
	 0
	 0
	 0
	  

	 Glenn Bolduc
	 9/7/2012
	 10
	 $1.40
	 (1)
	 ISO
	 115,333
	 0
	 115,333
	 115,333
	 0
	 $143,013

	 Glenn Bolduc
	 9/7/2012
	 10
	 $1.40
	 (1)
	 NQSO
	 5,327,157
	 0
	 5,327,157
	 5,327,157
	 0
	 $6,606,675

	 Glenn Bolduc
	 3/6/2014
	 10
	 $0.79
	 (2)
	 ISO
	 75,000
	 0
	 75,000
	 75,000
	 0
	 $51,750

	 Glenn Bolduc
	 7/2/2014
	 10
	 $1.10
	 (3)
	 ISO
	 218,863
	 0
	 218,863
	 72,954
	 145,909
	 $166,336

	 Glenn Bolduc
	 7/2/2014
	 10
	 $1.10
	 (3)
	 NQSO
	 81,137
	 0
	 81,137
	 27,046
	 54,091
	 $61,664

	  
	  
	  
	  
	  
	  
	 6,667,490
	 850,000
	 5,817,490
	 5,617,490
	 200,000
	 $7,028,438

 

 

 (1)
 – 50% immed / 50% I year
 (2)
 – Vest upon the latter of QPL and TSA Order
 (3)
 – 1/3 Vest upon the latter of QPL, IDIQ and Order, 1/3, 1/3exh_101.htm

EXHIBIT 10.1

 

January 12, 2015

 

 

Mr. Anthony Levinson

7475 Crompton Court

Atlanta, GA 30350

 

Dear Anthony,

 

American CareSource Holdings, Inc. is pleased to offer you the position of Chief Financial Officer.  In this position you will be reporting to Richard W. Turner, PhD, Chairman and Chief Executive Officer.  We have explained the duties of this position to you and you have assured us that you can perform this job with or without violating any legal obligations you may owe to any prior employer, including restrictions regarding confidential information, competitive job activities, and employee and/or customer solicitation.  The Company’s offer of employment is expressly conditioned on your assurances in this regard.  Accordingly, we recommend you consult with independent legal counsel of your own choosing, at your own expense, to ensure you can legally fulfill these assurances.

 

American CareSource prohibits all employees from using trade secrets or other confidential information (verbal, written, electronic or otherwise) they may have acquired from prior employers in the course of performing their American CareSource job duties.  The Company also prohibits employees from bringing any former employer’s confidential information or documents on to American CareSource property.  You agree, in accepting this offer, that you have been advised of the Company prohibitions and agree to comply with them at all times during your American CareSource employment.  You also understand and agree that, if at any point the Company determines that you have violated any of these requirements you may be immediately terminated with no entitlement to any further compensation or other financial benefits from the Company and the Company may seek any legal or equitable remedies it has available as a result of your acts or omissions.

 

The starting salary offered for this position is $225,000 annually, per the company’s normal schedule payroll process.  You will also be eligible for a bonus of up to 20% of base salary dependent on your individual performance and company profitability.

 

Your official start date for employment with American CareSource is tentatively scheduled for January 27, 2015, or earlier by mutual agreement at our Atlanta office.  This offer is not to be considered a contract guaranteeing employment for any specific duration.  As an at-will employee, both you and the company have the right to terminate your employment at any time. This offer is contingent on the successful passing of a drug screen and background check.

 

As part of your compensation, you will be offered the opportunity to participate in the Company’s Stock Option Plan subject to plan guidelines and Board of Directors’ approval.  We have targeted your initial participation at 75,000 options with a strike price set at the closing price on the day the Board of Directors approves the grant.  This grant will vest over five years, with annual vesting on the anniversary of the options being approved by the Board.

 

On your first day of employment, American CareSource will provide additional information about the objectives, policies, benefit programs, general employment conditions and completion of employment and benefit forms.  Your health and welfare benefits will be effective the first day of the month following your start date.

 

  

  

  

To fulfill federal identification requirements, please provide documents showing eligibility to work in the United States such as a passport, social security card, driver’s license or other documents.

 

We are pleased to have you join our organization as a member of what we feel is a company that offers each employee an opportunity for personal and professional development.  If you have any questions, please do not hesitate to contact me at 404-465-1000.  I look forward to working with you in the future and hope you will find your employment a rewarding experience.

 

 

Sincerely,

 

/s/Richard W. Turner, PhD

 

Richard W. Turner, PhD

 

Chairman and Chief Executive Officer

 

 

Please indicate your acceptance by your signature, and return this offer letter to me.  Thank you.

 

	
/s/Anthony Levinson 

 

	 	
January 12, 2015

 

	 
	Anthony Levinson	 	Date	 

 

 

By signing this offer of employment, I acknowledge that I have not entered into any non-compete agreements that would prevent me from working for American CareSource Holdings, Inc.

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