Document:

Employment Agreement

 Exhibit 10.1 
  
 EMPLOYMENT AGREEMENT 
  
 This EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of July 15, 2005, by and between Radiologix, Inc., a Delaware corporation
(the “Company”), and Carol A. Gleber (“Employee”). 
  
 In consideration of the mutual covenants and conditions set forth herein, and other good and valuable consideration, the parties hereby agree as follows: 
  
 1. Employment. The Company hereby employs Employee in the capacity of Senior Vice President and Chief Operating Officer. Employee
accepts such employment and agrees to perform such services as are customary to such office and as shall from time to time be assigned to her by the Company. Employee shall report to the Company’s Chief Executive Officer. 
  
 2. Term. Employee’s employment hereunder shall commence on July 15, 2005
(the “Commencement Date”) and shall continue until terminated as provided in Section 5. Employee’s employment will be on a full-time basis requiring the devotion of such amount of her professional time as is necessary for
the efficient operation of the business of the Company. 
  

	3.	Compensation and Benefits. 

  
 3.1 Salary. For the performance of Employee’s duties hereunder, the Company shall pay Employee an annual salary of no less than $300,000,
payable (after deducting required withholdings) in accordance with the Company’s ordinary payroll practices. 
  
 3.2 Bonus. Employee will be a participant in all Company bonus or incentive compensation plans that are generally available to the
Company’s corporate officers.  
  
 3.3 Stock
Options. On the Commencement Date, the Company shall grant to Employee stock options for the purchase, at fair market value at the date of grant, of 250,000 shares of the Company’s Common Stock pursuant to the applicable plans and the terms
of stock option agreements under the Company’s 2004 Long-Term Incentive Compensation Plan (the “LTICP”). 
  
 3.4 Benefits. Employee shall be entitled to such medical, disability and life insurance coverage and such vacation, sick leave and holiday
benefits, if any, and any other benefits as are made available to the Company’s corporate officers, all in accordance with the Company’s benefits program in effect from time to time. 
  
 3.5 Reimbursement of Expenses. Employee shall be entitled to be
reimbursed for all reasonable expenses, including but not limited to expenses for travel, meals and entertainment, licenses and associated costs incurred by Employee in connection with and reasonably related to the furtherance of the Company’s
business; provided, however, that the Company may require as a condition to such reimbursements, that Employee comply with the Company’s expense reimbursement policies. 
  

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 3.6 Annual Review. The Company’s Board of Directors (or, if delegated by the Board of
Directors, the Company’s Compensation Committee or Chief Executive Officer) will, on an annual basis, review Employee’s performance and compensation hereunder (including salary, bonus and stock options and/or other equity incentives).

  

	4.	Change of Control. 

  
 4.1 Termination After a Change of Control Occurs. In the event of a Change of Control of the Company (as defined below), all options then granted
to Employee which are unvested at the date of the Change of Control will vest pursuant to the provisions of the Company’s LTICP. In lieu of the provisions of Section 5.2(b), if the Company terminates Employee’s employment hereunder
within one year following a Change of Control for any reason other than for Disability or Cause (each as defined below), or if Employee terminates her employment hereunder for Good Reason (as defined below) within one year following a Change of
Control, then the Company shall pay Employee, not later than the third business day after the effective date of such termination of employment, in addition to the amounts required under Section 5.2(a), a lump sum severance payment in an amount
equal to the sum of (i) the product of Employee’s then current annual salary for one year multiplied by two, plus (ii) the product of Employee’s most recent annual bonus payment received for the fiscal year immediately preceding
the Change of Control multiplied by two. 
  
 In addition, the
Company shall continue to provide Employee with the benefits described in Section 3.4 until the earlier of (i) the two-year anniversary of the effective date of Employee’s termination of employment or (ii) the date on which
Employee obtains substantially equivalent benefits from another party. 
  
 4.2 Definition. As used herein, a “Change of Control” of the Company shall be deemed to have occurred when: 
  
 (a) The acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or
more of either (A) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to
vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this Section 4, the following acquisitions shall not constitute a Change of Control:
(w) any acquisition directly from the Company; (x) any acquisition by the Company; (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary; or (z) any
acquisition by any corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (c) below; or 
  
 (b) During any period of two consecutive years (not including any period prior to the Effective Date) individuals who constitute the Board
on the Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or
nomination for election by the Company’s 

  

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shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
  
 (c) Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the
Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its Subsidiaries (each a “Business
Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and
Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of, respectively, the then outstanding shares of common stock and the combined voting
power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result
of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business
Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any employee benefit plan (or related trust) of the Company or such corporation resulting from such
Business Combination) beneficially owns, directly or indirectly, thirty percent (30%) or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power
of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (C) at least a majority of the members of the Board of Directors of the corporation resulting
from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
  
 (d) Approval by the shareholders of the Company of a
complete liquidation or dissolution of the Company. 
  
 For purposes of this section, (i) “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, and shall include a “group” as
defined in Section 13(d) thereof, (ii) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, including rules thereunder and successor provisions and rules thereto, and
(iii) “Effective Date” means the effective date of this Agreement; provided, however, that with respect to the treatment of stock options or other stock-based awards, “Effective Date” shall mean
the effective date of the plan under which such options or awards are granted, to the extent that the existence of a Change in Control is measured by reference to such effective date. 
  

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 4.3 Parachute Payment Provisions. Notwithstanding any other provision of this Agreement to the
contrary, if it is determined (as hereafter provided) that any payment made to Employee following a Change of Control, either alone or together with other payments or benefits, either cash or non-cash, that Employee has the right to receive from the
Company, including, but not limited to, accelerated vesting or payment of any deferred compensation, options, stock appreciation rights or any benefits payable to (or for the benefit of) Employee under any plan for the benefit of employees, would
constitute an “excess parachute payment” (as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”)), then such payment or other benefit shall be reduced so that the aggregate present
value of all payments and benefits, either cash or non-cash, to (or for the benefit of) Employee which are contingent on the change in control (as defined in Code Section 280G(b)(2)(A)) is One Dollar ($1.00) less than the amount which Employee
could receive without being considered to have received any parachute payment. The determination of the amount of any reduction required by this Section shall be made by an independent auditor selected by the Company and acceptable to Employee,
and such determination shall be conclusive and binding on the parties hereto. 
  
 5. Termination. 
  
 5.1 Termination
Events. Employee’s employment hereunder will terminate upon the occurrence of any of the following events: 
  
 (a) Employee dies; 
  
 (b) the Company, by written notice to Employee or her personal representative, discharges Employee due to Employee’s
Disability (as defined below); 
  
 As used in this
Agreement, the term “Disability” shall mean that for a period of at least 120 days during any twelve consecutive month period on account of a mental or physical condition, Employee is unable to perform the essential functions of her
job for the Company, with or without reasonable accommodation. The determination of Employee’s Disability shall be made (a) by a medical physician selected or agreed to by the Company or (b) upon mutual agreement of the Company and
Employee or her personal representative. All costs relating to the determination of whether Employee has incurred a Disability shall be paid by the Company. Employee shall submit to any examination that is reasonably required by an examining
physician for purposes of determining whether a Disability exists. 
  
 (c) Employee is discharged by the Company for Cause (as defined below): 
  
 As used in this Agreement, the term “Cause” shall mean: 
  
 (i) Employee’s conviction of (or plea of guilty or nolo contendere to) (A) any felony or
(B) any misdemeanor involving fraud or dishonesty in connection with the performance of her duties hereunder or moral turpitude; or 
  

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 (ii) the willful and continued failure of Employee for a total of 10 days (which need not
be consecutive days) within any fiscal year of the Company to substantially perform her duties with the Company (other than any such failure resulting from illness or Disability) after a written demand for substantial performance from the Company is
delivered to Employee, which demand specifically identifies the manner in which it is claimed Employee has not substantially performed her duties, or 
  
 (iii) Employee has willfully engaged in misconduct which has, or can reasonably be expected to have, a direct and material adverse
monetary effect on the Company. 
  
 For purposes
of this Section, no act or failure to act on Employee’s part shall be considered “willful” unless Employee acted in bad faith or without a reasonable belief that Employee’s action or omission was in the best interest of the
Company. 
  
 (d) Employee is discharged by the
Company for any reason other than for Cause or Disability, which the Company may do at any time; 
  
 (e) Employee voluntarily terminates her employment due to either (i) a material default by the Company in the performance of any of
its obligations hereunder, or (ii) an Adverse Change in Duties (as defined below), which default or Adverse Change in Duties remains unremedied by the Company for a period of ten days following its receipt of written notice thereof from
Employee (which notice must reasonably describe the facts claimed by Employee to constitute the default or Adverse Change in Duties) (the reasons described in items (i) and (ii) of this paragraph being referred to herein as “Good
Reason”); or 
  
 (f) Employee
voluntarily terminates her employment for any reason other than Good Reason, which Employee may do at any time with at least 30 days’ advance notice. 
  
 As used in this Agreement, “Adverse Change in Duties” means an action or series of actions taken by the Company and/or the Board of
Directors of the Company, without Employee’s prior written consent, which results in: 
  
 (i) A change in Employee’s reporting responsibilities, titles, job or responsibilities which results in a material diminution of her
status, control or authority as Senior Vice President and Chief Operating Officer of the Company; or 
  
 (ii) The assignment to Employee of any positions, duties or responsibilities which are materially inconsistent with Employee’s
positions, duties and responsibilities or status with the Company; or 
  

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 (iii) A requirement by the Company that Employee be based or perform her duties anywhere
other than (i) at the Company’s corporate office location on the date of this Agreement, or (ii) if the Company’s corporate office location is moved after the date of this Agreement, at a new location that is more than 60 miles
from such prior location; or 
  
 (iv) A failure
by the Company to provide for Employee’s participation in any current or future benefits or plans at a level or to an extent commensurate with that of other corporate officers of the Company, taking into account the differing duties and
responsibilities of such executives and their contribution to the success of the Company, as determined in good faith by the Compensation Committee of the Board of Directors. 
  
 5.2 Effects of Termination. 
  

(a) Upon termination of Employee’s employment hereunder for any reason, the Company will promptly pay Employee all compensation
owed to Employee and unpaid through the effective date of termination (including without limitation salary and Employee’s properly documented expense reimbursements). 
  
 (b) In addition, if Employee’s employment is terminated under Sections 5.1(b), (d) or (e), then
the Company shall also pay Employee, not later than the third business day after the effective date of such termination of employment, a lump sum severance payment in an amount equal to Employee’s then current annual salary. 

 
 5.3 Noncompete After Termination. Immediately upon Employee’s
execution of this Agreement and on an on-going basis, the Company agrees that it shall provide to Employee confidential information and trade secrets of the Company and its business (“Confidential Information”).
In consideration of, among other things, the Company’s obligation to disclose confidential information to Employee and her receipt of that confidential information, Employee agrees that during her employment with the Company and for the one
year period following the termination of Employee’s employment hereunder for any reason, Employee will not, directly or indirectly, whether as an individual, employee, director, consultant, investor, stockholder, partner, agent, principal,
lender or advisor, or in any other capacity whatsoever, and whether personally or through other persons: 
  
 (i) provide services to any person, firm, corporation or other business enterprise whose primary business involves (A) owning or
operating diagnostic imaging centers or the provision of diagnostic imaging services, (B) providing administrative, management or other information services to radiology practices or (C) providing management services in the area of
radiology, in each case unless she obtains the prior written consent of the Company. The Company conducts business across the entire United States and, thus, to enforce the covenants herein, the geographic area for purposes of this restriction is
nationwide. 
  

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 (ii) solicit business from, attempt to do business with, or do business with any customer
of the Company with whom the Company transacted business within the preceding 12 months, and for which Employee contacted, called on, serviced, did business with or had significant contact with during Employee’s employment with the Company.

  
 (iii) solicit, or attempt to encourage or
solicit, any individual to leave the Company’s employ for any reason or interfere in any other manner with the employment relationships between the Company and its current or prospective employees or any employee who has been employed by the
Company within ninety days preceding Employee’s termination. 
  
 (iv) directly or indirectly induce or attempt to induce any provider, payor, customer, supplier, distributor, licensee or other business relation of the Company to cease doing, or curtail, business with the Company or
in any way interfere with the existing business relationship between any such customer, supplier, distributor, licensee or other business relation and the Company. 
  
 If any restriction set forth in this paragraph is held to be unreasonable and/or unenforceable as written, Employee and the
Company agree that the restriction may be reformed to make it enforceable, and the restriction shall remain in full force and effect as reformed. 
  
 Employee acknowledges that the restrictions contained in this paragraph in view of the nature of the Company’s business, are reasonable and necessary
to protect the Company’s legitimate business interests and that any violation of this paragraph would result in irreparable injury to the Company, and that monetary damages may not be sufficient to compensate the Company for any economic loss
which may be incurred by reason of breach of the foregoing restrictive covenants. In the event of a breach or a threatened breach by Employee of any provision in this paragraph, the Company shall be entitled to a temporary restraining order and
injunctive relief restraining Employee from the commission of any breach, and to recover the Company’s attorneys’ fees, costs and expenses related to the breach or threatened breach. Nothing contained in this paragraph shall be construed
as prohibiting the Company from pursuing any other remedies available to it for any breach or threatened breach, including, without limitation, the recovery of money damages, attorneys’ fees, and costs. The restrictions in this paragraph shall
each be construed as independent of any other provisions in this Agreement, and the existence of any claim or cause of action by Employee against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the
enforcement of this Agreement. 
  
 If Employee violates any of the
restrictions contained in this paragraph, the restrictive period will be suspended and will not run in favor of Employee from the time of the commencement of any violation until the time when Employee cures the violation to the Company’s
satisfaction. 
  

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 6. General Provisions. 
  
 6.1 Assignment. Employee shall not assign or delegate any of her rights or obligations under this Agreement without the prior written consent of
the Company, and any attempted assignment without the Company’s consent shall be void ab initio. The Company may assign this Agreement to any successor of the Company or any purchaser of all or substantially all of the assets of the
Company. 
  
 6.2 Entire Agreement. This Agreement contains
the entire agreement between the parties with respect to the subject matter hereof and supersedes any and all prior agreements between the parties relating to such subject matter. In the case of any conflict between the terms of this Agreement and
any option agreement or similar instrument, the terms of this Agreement shall control. 
  
 6.3 Modifications. This Agreement may be changed or modified only by an agreement in writing signed by both parties hereto. 
  
 6.4 Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the
Company and its successors and permitted assigns and Employee and Employee’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person shall have become a party to this
Agreement and have agreed in writing to join and be bound by the terms and conditions hereof. 
  
 6.5 Governing Law. This Agreement is performable in whole or in part in Dallas County, Texas wherein exclusive venue shall lie for any proceeding, claim or controversy, and shall be governed by, and construed
in accordance with, the laws of the State of Texas, without giving effect to any conflict-of-laws principles. 
  
 6.6 Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the
remaining provisions shall nevertheless continue in full force and effect. 
  
 6.7 Further Assurances. The parties will execute such further instruments and take such further actions as may be reasonably necessary to carry out the intent of this Agreement. 
  
 6.8 Notices. Any notices or other communications required or permitted
hereunder shall be in writing and shall be deemed received by the recipient when delivered personally or, if mailed, five days after the date of deposit in the United States mail, certified or registered, postage prepaid and addressed, in the case
of the Company, to Radiologix, Inc., 3600 J.P. Morgan Chase Tower, 2200 Ross Avenue, Dallas, Texas 75201-2776, attention: General Counsel; and in the case of Employee, to the address shown for Employee on the signature page hereof. 
  
 6.9 No Waiver. The failure of either party to enforce any provision of
this Agreement shall not be construed as a waiver of that provision, nor prevent that party thereafter from enforcing that provision of any other provision of this Agreement. 
  

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 6.10 Legal Fees and Expenses. In the event of any disputes under this Agreement, each party
shall be responsible for its own legal fees and expenses which it may incur in resolving such dispute, unless otherwise prohibited by applicable law or a court of competent jurisdiction.  
  
 6.11 Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 
  
 6.12 Mediation. If a dispute arises out of or relating to this Agreement or its breach, and if the dispute cannot be settled through direct
discussions, then the parties agree to first endeavor to settle the dispute in an amicable manner by mediation, under the applicable provisions of Section 154.001, et seq., Texas Civil Practice & Remedies Code, as supplemented by the
rules of the Association of Attorney Mediators, before having recourse to any other proceeding or forum. The parties agree to conduct such mediation in Dallas County, Texas, through either an individual mediator agreed upon by the parties; or if the
parties cannot agree upon a mediator, through a mediator to be appointed by the American Arbitration Association in accordance with its rules governing mediation. The cost and expense of the mediation shall be borne equally by the parties. This
provision shall not prevent any of the parties from seeking injunctive relief or exercising any of the rights or remedies provided for in this Agreement. 
  
 6.13 Code Section 409A Compliance. Notwithstanding any other provisions of this Agreement to the contrary, the parties hereto agree that they
will in good faith amend this Agreement in any manner reasonably necessary in order to comply with Code Section 409A, as enacted by the American Jobs Creation Act of 2004, and the parties further understand and agree that any provision in this
Agreement that shall violate the requirements of Code Section 409A shall be of no force and effect after such amendment. 
  
 IN WITNESS WHEREOF, the Company and Employee have executed this Agreement, effective as of the day and year first above written. 
  

									
	COMPANY	 	 	 	 EMPLOYEE

			
	 RADIOLOGIX, INC.,
	 	 	 	 
				
	By:	 	 	 	 	 	 
	 Name:
 Title:
	 	 Sami S. Abbasi
 President and Chief Executive Officer
	 	 	 	 Name:
 Address:
	 	 Carol A. Gleber
 3010 Wren Lane
 Richardson, Texas 75082

  
  
  
  

 9Amended and Restated Employment Agreement of Michael L. McMullan

 Exhibit 10.1 
  
 AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
 BY AND BETWEEN 
 BANCSHARES OF FLORIDA, INC. 
 AND 
 MICHAEL L. McMULLAN 
  
 THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) is entered into this 1st day of February, 2005, by and between Bancshares of Florida, Inc. (“Bancshares” or “Employer”) and Michael L. McMullan
(“Employee”). Employer and Employee are collectively referred to herein as the “Parties.” 
  
 RECITALS 
  
 WHEREAS, Employer wishes to retain Employee as Bancshares’ Chief Executive Officer and President to perform the duties and responsibilities as are described in this Agreement and as the Employer’s Board of Directors
(“Board”) may assign to Employee from time to time; and 
  
 WHEREAS, Employee desires to become employed by the Employer and to serve as the Employer’s Chief Executive Officer and President in accordance with the terms and provisions of this Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual agreements contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto represent, warrant, undertake, covenant and agree as follows: 
  
 OPERATIVE TERMS 
  
 1. Employment and Term. Employer shall employ Employee pursuant
to the terms of this Agreement to perform the services specified in Section 2 herein. The initial term of employment shall be for a period of three years, commencing on January 1, 2005 (“Effective Date”). On each subsequent day,
so that until the daily renewals terminate, the term of the Agreement shall always be three years. The daily renewals shall automatically terminate on January 1, 2009, so that the latest possible termination date of this Agreement shall be
January 1, 2012. In addition, either Party may terminate the daily renewals of this Agreement at any time by giving the other Party written notice of its intent not to renew. Therefore, following any such elective termination of the daily
renewals, this Agreement shall terminate three years after the date of the elective termination. 
  
 The Board or its Compensation Committee shall, on at least a semi-annual basis, review Employee’s performance and this Agreement to determine if the
Agreement’s renewals should be continued. The Board’s or its Compensation Committee’s decision shall be included in its meeting minutes. 
  

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 2. Position, Responsibilities and Duties. During the term of this Agreement, Employee shall
devote all of his working time, attention, skill and best efforts to accomplish and faithfully perform all of the duties assigned to Employee on a full-time basis. Employee shall, at all times, conduct himself in a manner that will reflect
positively upon the Employer. Employee shall obtain and maintain such licenses, certificates, accreditations and professional memberships and designations as the Employer may reasonably require. Employee shall notify Employer prior to any
significant participation by him in any trade association or similar organization. Employee shall also have the specific duties prescribed in Schedule A. 
  

3. Compensation. During the term of this Agreement, Employee shall be compensated as described in Schedule B. 
  
 4. Payment of Business Expenses. Employee is authorized to
incur reasonable expenses in performing his duties hereunder. Employer will reimburse Employee for authorized expenses, according to the Employer’s established policies, promptly after Employee’s presentation of an itemized account of such
expenditures. 
  
 5. Illness or Incapacity.

  
 (a) Duration: Employee shall be
paid his full Base Salary for any period of his illness or incapacity for up to one year; provided, however, that Employer shall be responsible only for that portion of Employee’s Base Salary which is not covered through any disability
insurance provided by the Employer. If Employee’s illness renders him unable to perform his duties under this Agreement for a period longer than three consecutive months, at the end of such three-month period or any such time thereafter,
Employer may terminate Employee’s employment, at which time the provisions of Section 5(c) shall apply. 
  
 (b) Continuation of Coverages: Notwithstanding any contrary provision herein, following any termination of Employee’s
employment pursuant to Section 5(a), the Employer will continue any other life, health, and disability coverages for Employee substantially identical to the coverages maintained prior to Employee’s termination until the earlier of:

  

	 	(i)	Employee’s full time employment by another Person; 

  

	 	(ii)	one year after the date of such termination (with the exception of any disability insurance coverage in place, which shall be governed by the terms of such policy); or

  

	 	(iii)	the date of Employee’s death. 

  
 (c) Permanent Disability: In the event that Employee is terminated after having been deemed by Employer to be permanently
disabled, Employer shall continue to pay Employee his full Base Salary for an additional nine months and thereafter one-half of his Base Salary, up to a maximum of $125,000 per year, until the earlier of: 
  

	 	(i)	Employee’s full time employment by another Person; 

  

	 	(ii)	Employee’s attainment of the age of 75; or 

  

 Page 2 of 11 

	 	(iii)	the date of Employee’s death. 

  
 Provided, however, that Employer’s responsibility for paying Employee’s one-half year’s Base Salary shall be reduced by any amount actually
received by Employee from any disability insurance coverage provided by the Employer, Social Security Insurance, any bank-owned life insurance, supplemental retirement plan, or any other similar government or Employer-sponsored plan or program.

  
 6. Termination for Other than Illness or
Incapacity. 
  
 (a) Death:
This Agreement shall immediately terminate upon Employee’s death, in which instance Employer shall pay to Employee’s estate any compensation accrued, but not yet paid. 
  
 (b) Termination for Cause: The Employer shall have the right, at any time, upon written notice
of termination satisfying the requirements of Section 8 herein, to terminate Employee’s employment hereunder, including termination for Cause as determined by the Board of Directors. A termination for Cause shall be effective immediately
upon effectiveness of a notice of termination. For the purpose of this Agreement, termination for “Cause” shall mean termination for: 
  
 (i) personal dishonesty resulting (directly or indirectly) in gain to or personal enrichment of Employee at the expense of Employer, breach of fiduciary
duty, violation of any significant law, rule or regulation, violation of a final cease-and-desist order, or personal default on indebtedness which is not corrected within 30 days from the date of default. 
  
 (ii) insubordination, conduct unbecoming of a senior officer of a financial
institution which could have a material negative reflection on the Employer, materially failing to perform the duties stated in Schedule A of this Agreement (i.e., failing to perform the essential duties of Employee’s position), 
  
 In the event Employee is terminated for cause for one of the
reasons listed in (i) or (ii), Employee shall have no right to compensation or other benefits for any period after such date of termination, other than compensation which was accrued, but not yet paid and (in the case of termination pursuant to
Section 5[a]) the continuation of coverages and salary as described in Section 5(b) and 5(c), or as provided below. 
  
 In the event Employee is terminated for cause for one of the reasons listed in (ii), Employee shall have five days to appeal such
termination in writing to the Board. If Employee fails to appeal the termination within such five day period, such termination shall become final and non-appealable. 
  
 If Employee does appeal a termination for cause for one of the reasons listed in (ii), Employer and Employee
shall submit the question of whether such termination was properly 
  

 Page 3 of 11 

 for cause to a single arbitrator pursuant to the rules of the American Arbitration Association. Such
arbitrator shall be mutually agreed upon by Employee and Employer. If Employee and Employer can not agree on the selection of an arbitrator, each of them shall select one arbitrator, who in turn shall select a third and the matter shall be submitted
to a panel of those three arbitrators. The decision of the arbitrator(s) shall be final, binding and non-appealable. 
  
 If the arbitrator(s) rule in favor of Employer, the termination for cause shall become final and non-appealable. If the arbitrator(s) rule
in favor of the Employee, the termination shall be deemed to not be a termination for cause, but rather a termination without cause, and Employee shall be entitled to severance benefits under Sections 6(f) and (g). 
  
 (c) Other Termination by Employer: If Employee
is terminated by Employer other than for Cause, Employee’s right to severance benefits under this Agreement shall be as set forth in Sections 6(f) and (g) herein. 
  
 (d) Termination for Good Reason: Employee may terminate his employment hereunder for Good
Reason by delivering a notice of termination (as defined in Section 8). For purposes of this Agreement, “Good Reason” shall mean a failure by Bancshares to comply with any material provision of this Agreement, which failure has not
been cured within 15 business days after a notice of such noncompliance has been given by the Employee to Bancshares. In the event Employee terminates his employment for Good Reason, he shall be entitled to severance benefits as set forth in
Sections 6(f) and (g). 
  
 (e) Termination
by Employee: Employee may terminate his employment hereunder and this Agreement for any reason, by providing a notice of termination (as defined in Section 8). In such event, Employee shall have no right to compensation or other
benefits after the date of termination, except for accrued but unpaid compensation. 
  
 (f) Severance Payment: If Employee is entitled to severance benefits under Sections 6(c) or (d), Employee shall be paid, as
severance, the total Base Salary (as defined in Schedule B) due for the remaining term of this Agreement, which shall not exceed three years. If, however, the remaining term of this Agreement is for a period of less than six months, the
amount of the severance payment shall be increased to six months’ total Base Salary (which is the maximum duration of the agreement not to compete imposed on Employee by Section 12[b]). Any such payments shall be made in substantially
equal semi-monthly installments on the 15th and last days of each month until paid in full and shall only be paid subject to Employee’s execution of a full release in favor of the Employer for any potential claims related to this Agreement or
to Employee’s employment with the Employer. 
  
 (g) Additional Severance Benefits: If Employee is entitled to severance benefits under Sections 6(c) or (d), the Employer shall maintain in full force and effect, for the continued benefit of the Employee any Employee benefit
plans and programs in which the Employee was entitled to participate immediately prior to the date of termination for the shorter of: 
  

	 	(i)	the remaining term of this Agreement; or 

  

	 	(ii)	the period of time ending on the date Employee becomes 

  

 Page 4 of 11 

	 	    	eligible for participation in a comparable plan provided by another employer; provided, however, that the Employee’s continued participation is possible under the general terms
and provisions of such plans and programs. 

  
 (h) Change-in-Control: In the event of a Change-in-Control (as defined in Schedule B), Employee shall be entitled to the Change-in-Control payment set forth in paragraph 7 of Schedule B, in
addition to any other benefits provided for in this Agreement. 
  
 7. Regulatory Provisions. Employer and Employee acknowledge that the laws and regulations governing the Parties require that the employment of Employee be governed by certain standards contained in those laws and regulations.
To that end, the Parties agree to be bound by the following provisions: 
  
 (a) Suspension/Temporary Prohibition: If the Employee is suspended and/or temporarily prohibited from participating in the conduct and affairs of any bank subsidiary of Bancshares by a notice served
under Sections 8(e) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. §1818[e][3] and [g][1]) Bancshares’ obligations under this Agreement shall be suspended as of the date of such service unless stayed by appropriate proceedings.
If the charges and the notice are dismissed, Bancshares may in its discretion: 
  

	 	(i)	pay the Employee all or part of his compensation withheld while the obligations under this Agreement are suspended; and 

  

	 	(ii)	reinstate (in whole or part) any of Bancshares’ obligations which were suspended. 

  
 (b) Permanent Prohibition: If the Employee is removed and/or permanently prohibited from
participating in the conduct and affairs of any bank subsidiary of Bancshares by an order issued under Sections 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. §1818[e][4] or [g][1]), all of Bancshares’ obligations under
this Agreement shall terminate as of the effective date of the order, but the Employee’s vested rights, if any shall not be affected. 
  
 (c) Default Under FDIA: If any bank subsidiary of Bancshares is in default (as defined in Section 3[x][1] of the
Federal Deposit Insurance Act), all obligations under this Agreement shall terminate as of the date of default, but this subsection of this Agreement shall not affect the Employee’s vested rights if any. 
  
 8. Notice of Termination. 
  
 (a) Specificity: Any termination of
Employee’s employment by Employer or by Employee shall be communicated by written notice of termination to the other Party. For purposes of this Agreement, a “notice of termination” shall mean a dated notice which shall: 

 

	 	(i)	indicate the specific relevant termination provision in the Agreement; 

  

 Page 5 of 11 

	 	(ii)	set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Employee’s employment under the provision; and

  

	 	(iii)	set forth the date of termination, which shall be not less than 30 days nor more than 45 days after such notice of termination is given, unless another Section of the Agreement
requires or permits a different effective date. 

  
 (b) Delivery of Notices: All notices or resignations given or required to be given herein shall be in writing, sent by United States first-class certified or registered mail, postage prepaid, by way of
overnight carrier, or by hand delivery. If to Employee (or to the Employee’s spouse or estate upon the Employee’s death) notice shall be sent to Employee’s last-known address, and if to Employer, notice shall be sent to the
Employer’s corporate headquarters. All such notices shall be effective five days after having been deposited in the mail if sent via first-class, certified, or registered mail, or upon delivery if by hand delivery or if sent via overnight
carrier. Either Party, by notice in writing, may change or designate the place for receipt of all such notices. 
  
 9. Post-Termination Obligations. Employer shall pay to Employee such payments and benefits as are required pursuant to this Agreement;
provided, however, any such payments shall be subject to Employee’s post-termination cooperation. Such cooperation shall include the following: 
  
 (a) Employee shall furnish such information and assistance as may be reasonably required by Employer in connection with any litigation or
settlement of any dispute between Employer and a customer or other third parties (including without limitation serving as a witness in court or other proceedings); 
  
 (b) Employee shall provide such information or assistance to Employer in connection with any regulatory
examination by any state or federal regulatory agency; 
  
 (c) Employee shall keep the Employer’s trade secrets and other proprietary or confidential information secret to the fullest extent practicable, subject to compliance with all applicable laws; 
  
 (d) Employee shall return all Employer’s property,
including, but not limited to, keys, credit cards, manuals and other written materials. 
  
 (e) Employee shall execute a full release of all potential claims related to this Agreement or to Employee’s employment with the
Employer in favor of the Employer. 
  
 Upon submission of proper
receipts, Employer shall promptly reimburse Employee for any reasonable expenses incurred by Employee in complying with the provisions of this Section. 
  
 10. Indebtedness. If during the term of this Agreement, Employee becomes indebted to Employer or to one of Employer’s subsidiaries, for
any reason, Employer may, at its election, set off and collect any sums due Employee out of any amounts which Employer may owe Employee pursuant to the terms of this Agreement. Furthermore, upon the termination of this Agreement, all sums owed to
Employer by Employee shall become immediately due and payable. Employee shall 
  

 Page 6 of 11 

 pay all expenses and Attorneys’ Fees actually or necessarily incurred by Employer in connection with any collection
proceeding for Employee’s indebtedness. Notwithstanding any of the foregoing, any indebtedness to Employer or to one of Employer’s subsidiaries, secured by a mortgage on Employee’s residence shall not be subject to the foregoing
provisions, but shall be governed by the loan documents evidencing such indebtedness. 
  
 11. Maintenance of Trade Secrets and Confidential Information. Employee shall use his best efforts and utmost diligence to guard and protect all of the Employer’s (or any of Employer’s
subsidiaries) trade secrets and confidential information. Employee shall not, either during the term, or after termination, of this Agreement, for whatever reason, use in any capacity, or divulge or disclose in any manner, to any Person, the
identity of Employer’s (or any of Employer’s subsidiaries) customers, methods of operation, marketing or promotional methods, processes, techniques, systems, formulas, programs, trade secrets or other confidential information relating to
Employer’s (or any of Employer’s subsidiaries) business. Upon termination of this Agreement or Employee’s employment, for any reason, Employee shall immediately return and deliver to Employer or any of Employer’s subsidiaries,
all records and papers and all materials which bear employment trade secrets or confidential information. 
  
 12. Competitive Activities. 
  
 (a) Limitation on Outside Activities: Employee agrees that during the term of this Agreement, except with the express
consent of the Board, Employee will not, directly or indirectly, engage in, participate in, become a director of, render advisory or other services to, become employed by, or make any financial investment in any firm, corporation, business entity or
business enterprise competitive with or to any business of the Employer. Notwithstanding the foregoing, Employee shall not be precluded or prohibited from owning passive investments, including investments in the securities of other financial
institutions. Employee, however, shall be prohibited from making any investments or commitments of time, accepting any positions or participating in any activities which cause Employee to devote time to such investments, commitments, positions or
activities which interfere with Employee’s position with and obligations to Bancshares. 
  
 (b) Agreement Not to Compete: Employee acknowledges that by virtue of his employment with Employer, Employee will acquire an
intimate knowledge of the activities and affairs of Bancshares, including trade secrets and other confidential matters. Employee, therefore, agrees that during the term of this Agreement, and for a period of six months following the termination of
Employee’s employment hereunder, Employee shall not become employed, directly or indirectly, whether as an employee, independent contractor, consultant, or otherwise, with any federally-insured financial institution, financial holding company,
bank holding company, or other financial services provider located in Collier and Broward Counties, Florida, or with any Person whose intent it is to organize another such company or entity located in Collier and Broward Counties, Florida. Employee
acknowledges that this is the same duration of the minimum period that Employee would receive severance benefits under Section 6, if he is entitled to such benefits. 
  
 Employee further agrees that for a period of 12 months following the termination of Employee’s
employment hereunder for any reason, Employee shall not, directly or indirectly: (i) solicit the business of any then current customer (e.g., borrower or depositor) of the Employer or any of Bancshares’ subsidiaries, regardless of whether
or not Employee was 
  

 Page 7 of 11 

 responsible for generating such customer’s business for the Employer or any of Bancshares’
subsidiaries; or (ii) solicit any employees of Employer. 
  
 Employee hereby agrees that the duration of the anti-competitive covenant set forth herein is reasonable, and that its geographic scope is not unduly restrictive. 
  
 13. Remedies for Breach. 
  
 (a) Arbitration: The Parties agree that,
except for the specific remedies for Injunctive Relief as contained in Section 13(b), herein, any controversy or claim arising out of or relating to this Agreement, or any breach thereof, including, without limitation, any claim that this
Agreement or any portion thereof is invalid, illegal or otherwise voidable, shall be submitted to binding arbitration before and in accordance with the Rules of the American Arbitration Association. Judgment upon the determination and/or award of
such arbitrator may be entered in any court having jurisdiction thereof; provided, however, that this clause shall not be construed to permit the award of punitive damages to either Party. The prevailing party to said arbitration shall be entitled
to an award of reasonable Attorneys’ Fees. The venue for arbitration shall be in Collier County, Florida. 
  
 (b) Injunctive Relief: The Parties acknowledge and agree that the services to be performed by Employee are special
and unique and that money damages cannot fully compensate Employer in the event of Employee’s violation of the provisions of Sections 11 and 12 of this Agreement. Thus, in the event of a breach of any of the provisions of such Section, Employee
agrees that Employer, upon application to a court of competent jurisdiction, shall be entitled to an injunction restraining Employee from any further breach of the terms and provision of such Section. Should Employer prevail in an action seeking
such an injunction, Employee shall pay all costs and Attorneys’ Fees incurred by Employer in and relating to obtaining such injunction. Employee’s sole remedy, in the event of the wrongful entry of such injunction, shall be the dissolution
of such injunction and recovery of Attorneys’ Fees. Employee hereby waives any and all claims for damages by reason of the wrongful issuance of any such injunction. 
  
 (c) Cumulative Remedies: Notwithstanding any other provision of this Agreement, the injunctive
relief described in Section 13(b) herein and all other remedies provided for in this Agreement which are available to Employer as a result of Employee’s breach of this Agreement, are in addition to and shall not limit any and all remedies
existing at law or in equity which may also be available to Employer. 
  
 14. Assignment. This Agreement shall inure to the benefit of and be binding upon the Employee, and to the extent applicable, his heirs, assigns, executors, and personal representatives, and to the Employer, and to the extent
applicable, its successors, and assigns, including, without limitation, any Person which may acquire all or substantially all of Bancshares’ assets and business, or with or into which Bancshares may be consolidated or merged, and this provision
shall apply in the event of any subsequent merger, consolidation, or transfer. 
  
 15. Attorneys’ Fees. In the event that any claim or controversy hereunder is the subject of any litigation or arbitration between the Parties, the prevailing Party shall be entitled to an award of
all reasonable costs, including Attorneys’ Fees. 
  

 Page 8 of 11 

 16. Miscellaneous. 
  
 (a) Amendment of Agreement: Unless as otherwise provided herein, this Agreement may not be
modified or amended except in writing signed by the Parties. 
  
 (b) Certain Definitions: For purposes of this Agreement, the following terms whenever capitalized herein shall have the following meanings: 
  

	 	(i)	“Person” shall mean any natural person, corporation, partnership (general or limited), trust, association or any other business entity. 

  

 Page 9 of 11 

	 	(ii)	“Attorneys’ Fees” shall include the reasonable legal fees and disbursements charged by attorneys and their related travel and lodging expenses, court costs, paralegal
fees, etc. incurred in arbitration, mediation, settlement negotiations, discovery, trial, appeal or bankruptcy proceedings. 

  
 (c) Headings for Reference Only: The headings of the Sections and the Subsections herein are included solely for convenient
reference and shall not control the meaning or the interpretation of any of the provisions of this Agreement. 
  
 (d) Governing Law/Jurisdiction: This Agreement shall be construed in accordance with and governed by the laws of the State
of Florida. Any litigation involving the Parties and their rights and obligations hereunder shall be brought in the appropriate court in Collier County, Florida. 
  
 (e) Severability: If any of the provisions of this Agreement shall be held invalid for
any reason, the remainder of this Agreement shall not be affected thereby and shall remain in full force and effect in accordance with the remainder of its terms. 
  
 (f) Entire Agreement: This Agreement and all other documents incorporated or referred to
herein, contain the entire agreement of the Parties and there are no representations, inducements or other provisions other than those expressed in writing herein. No modification, waiver or discharge of any provision or any breach of this Agreement
shall be effective unless it is in writing signed by both Parties. A Party’s waiver of the other Party’s breach of any provision of this Agreement, shall not operate, or be construed, as a waiver of any subsequent breach of that provision
or of any other provision of this Agreement. 
  
 (g) Waiver: No course of conduct by Employer or Employee and no delay or omission of Employer or Employee to exercise any right or power given under this Agreement shall: (i) impair the subsequent exercise of any right or
power, or (ii) be construed to be a waiver of any default or any acquiescence in, or consent to, the curing of any default while any other default shall continue to exist, or be construed to be a waiver of such continuing default or of any
other right or power that shall theretofore have arisen. Any power and/or remedy granted by law and by this Agreement to any Party hereto may be exercised from time to time, and as often as may be deemed expedient. All such rights and powers shall
be cumulative to the fullest extent permitted by law. 
  
 (h) Pronouns: As used herein, words in the singular include the plural, and the masculine include the feminine and neuter gender, as appropriate. 
  
 (i) Recitals: The Recitals set forth at the beginning of this Agreement shall be deemed to be
incorporated into this Agreement by this reference as if fully set forth herein, and this Agreement shall be interpreted with reference to and in light of such Recitals. 
  
 (j) Amendment and Restatement: This Agreement amends and completely restates any other
employment agreements by and between Employee and Bancshares or any of its subsidiaries. By executing this Agreement, Employee completely releases Bancshares and all of its subsidiaries from any obligations under any such other Agreements.

  

 Page 10 of 11 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first
written above. 
  

					
	EMPLOYEE	 	BANCSHARES OF FLORIDA, INC.
			
	  

	 	By:	 	  

	Michael L. McMullan	 	 	 	Harry K. Moon, M.D.
	 	 	 	 	Chairman of the Compensation Committee

  

 Page 11 of 11 

 SCHEDULE A 
  

Employee’s duties shall specifically include, but not be limited to: 
  

	 	1.	making recommendations to the Board on a wide range of subjects, including: officer appointments and changes in organization, lending activities of subsidiary banks, new or
redesigned services, annual operating budget, salary and benefit administration, and physical plant renovations and acquisitions; 

  

	 	2.	developing, in conjunction with the Board and its committees, ongoing short and long term plans; 

  

	 	3.	developing and implementing strategies for profitability; 

  

	 	4.	meeting regularly with officers and other key staff; communicating policies and goals; and delegating responsibility for daily operations and administration;

  

	 	5.	keeping the Board of Directors informed of financial results of operations, the status of business, banking competition, and new business developments; 

  

	 	6.	reviewing and proposing revisions to Bancshares’ and its subsidiaries’ budgets to ensure that Bancshares’ is meeting its corporate goals and objectives;

  

	 	7.	monitoring Bancshares’ capital position and identifying and evaluating capital raising alternatives; 

  

	 	8.	ensuring that Bancshares and its subsidiaries meet their responsibilities and fulfill their duties under the federal securities laws, including the Sarbanes-Oxley Act of 2002;

  

	 	9.	identifying and evaluating expansionary opportunities for Bancshares; 

  

	 	10.	evaluating the job performance of Bancshares’ officers and the subsidiaries’ Presidents, and reporting on such performance to the Board or its Compensation Committee;

  

	 	11.	serving as a member of such Board committees as the Board may designate from time-to-time; 

  

	 	12.	making recommendations to the Compensation Committee regarding salary adjustments and performance bonuses for Bancshares’ officers and the Presidents of Bancshares’
subsidiaries. 

  

	 	13.	participating in professional associations; attending conventions; conferences, and seminars; and reading pertinent publications; 

  

	 	14.	maintaining close relationships with other bankers to be aware of new services or opportunities to increase profit or decrease expenses; and 

  

	 	15.	conducting and undertaking all other activities, responsibilities, and duties normally expected to be undertaken and accomplished by the Chief Executive Officer and President of a
financial institution holding company similar in size and operation to Bancshares’ business. 

 SCHEDULE B 
 COMPENSATION 
  

	1.	Base Salary: Employee shall receive an annual salary of $187,500 (the “Base Salary”). Employer may adjust the Base Salary from time to time based upon
the Board’s evaluation of Employee’s performance. In no event, however, will the Base Salary be reduced without Employee’s written concurrence. 

  

	2.	Performance Bonuses: Employee may receive an annual performance bonus at the discretion of the Board which shall not exceed 50% of the Base Salary.

  

	3.	Vacation: Employee is entitled to four weeks paid vacation time per year on a non-cumulative basis. 

  

	4.	Medical Benefits and Other Plans: Employee shall be permitted to participate in all medical and healthcare benefit plans provided by Bancshares to its officers.
Employee shall also be permitted to participate in all other benefit plans offered to Bank officers. 

  

	5.	Continuing Education: Employer will reimburse Employee for admission or attendance fees for pre-approved educational meetings or seminars offered by such
organizations as the Florida Bankers Association. 

  

	6.	Automobile Allowance: For the initial three-year term of the Agreement, Employee shall be entitled to use of a Bancshares-owned automobile in accordance with
the Employer’s policies. During any renewal period, Employer shall increase the Base Salary by no less than $6,000 to compensate Employee for his automobile-related expenses. For any business trips Employee is required to take from the county
where he is based, Employer shall reimburse Employee for any actually incurred gasoline expenses. 

  

	7.	Change in Control Payment: A “Change-in-Control” of the Employer shall mean the first to occur of any one or more of the following:

  

	 	(i)	any transaction, whether by merger, consolidation, asset sale, recapitalization, reorganization, combination, stock purchase, tender offer, reverse stock split, or otherwise, which
results in the acquisition of, or beneficial ownership (as such term is defined under rules and regulations promulgated under the Securities Exchange Act of 1934, as amended) by any person or entity or any group of persons or entities (other than
the group consisting of a majority of the directors currently serving on the Board of Directors as of the date of this Agreement) “acting in concert,” as contemplated by Section 225.41 of the Federal Reserve Board of Governors’
Regulation Y, of 25% or more of the outstanding shares of common stock of the Employer, or 

  

	 	(ii)	the sale of all or substantially all of the assets of the Employer; or 

  

	 	(iii)	the liquidation of the Employer or a material amount of Employer’s assets; 

  

	 	(iv)	a change in the majority of the members of the Employer’s Board of Directors, other than through new directors nominated or appointed by the Employer’s Nominating
Committee or Board of Directors; or 

	 	(v)	the takeover or control of all or substantially all of the operations of Employer, through any of the means specified above. 

  
 Upon the occurrence of a Change-in-Control, Employer shall pay to Employee a
lump sum equal to 2.9 times his then current Base Salary, plus the average of employee’s last two cash bonuses.

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