Document:

EXHIBIT 10.78

 

VORNADO REALTY TRUST 2002 OMNIBUS
SHARE PLAN

RESTRICTED STOCK AGREEMENT

 

RESTRICTED STOCK AGREEMENT made as of date
set forth on Schedule A hereto between VORNADO REALTY TRUST, a
Maryland real estate investment trust (the “Company”), and the employee
of the Company or one of its affiliates listed on Schedule A (the “Employee”).

 

RECITALS

 

A.                                   In
accordance with the Vornado Realty Trust 2002 Omnibus Share Plan (the “Plan”),
the Company desires in connection with the employment of the Employee, to
provide the Employee with an opportunity to acquire shares of the Company’s
common shares of beneficial interest, par value $0.04 per share (the “Common
Shares”), and thereby provide additional incentive for the Employee to
promote the progress and success of the business of the Company and its
subsidiaries.

 

B.                                     Schedule A
hereto sets forth certain significant details of the share grant herein and is
incorporated herein by reference. 
Capitalized terms used herein and not otherwise defined have the meanings
provided on Schedule A.

 

NOW, THEREFORE, the Company and the Employee
hereby agree as follows:

 

AGREEMENT

 

1.                                       Grant of
Restricted Stock.  On the terms and
conditions set forth below, as well as the terms and conditions of the Plan,
the Company hereby grants to the Employee such number of Common Shares as is
set forth on Schedule A (the “Restricted Stock”).

 

2.                                       Vesting
Period.  The vesting
period of the Restricted Stock (the “Vesting Period”) begins on the
Grant Date and continues until such date as is set forth on Schedule A as
the date on which the Restricted Stock is fully vested.  On the first Annual Vesting Date following
the date of this Agreement and each Annual Vesting Date thereafter the number
of shares of Restricted Stock equal to the Annual Vesting Amount shall become
vested, subject to earlier forfeiture as provided in this Agreement.  To the extent that Schedule A
provides for amounts or schedules of vesting that conflict with the provisions
of this paragraph, the provisions of Schedule A will govern.  Except as permitted under Section 10,
the shares of Restricted Stock for which the applicable Vesting Period has not
expired may not be sold, assigned, transferred, pledged or otherwise disposed
of or encumbered (whether voluntary or involuntary or by judgment, levy,
attachment, garnishment or other legal or equitable proceeding).

 

The Employee shall not have the right to
receive cash dividends paid on shares of Restricted Stock for which the
applicable Vesting Period has not expired. 
In

 

 

lieu thereof, the Employee shall have the
right to receive from the Company an amount, in cash, equal to the cash
dividends payable on shares of Restricted Stock for which the applicable
Vesting Period has not expired, provided the Employee is employed by the
Company on the payroll date coinciding with or immediately following the date
any such cash dividends are paid on the Restricted Shares.

 

The Employee shall have the right to vote the
Restricted Stock, regardless of whether the applicable Vesting Period has
expired.

 

3.                                       Forfeiture
of Restricted Stock.  If the
employment of the Employee by the Company terminates for any reason except
death, the shares of Restricted Stock for which the applicable Vesting Period
has not expired as of the date of such termination, shall be forfeited and
returned to the Company.  Upon the
Employee’s death, all of the shares of Restricted Stock (whether or not vested)
shall become fully vested and shall not be forfeitable.  Upon the occurrence of a Change in Control of
the Company, any shares of Restricted Stock for which the applicable Vesting
Period has not expired, shall become fully vested and shall not be
forefeitable.  For purposes of this
Restricted Stock Agreement, a “Change in Control” of the Company means
the occurrence of one of the following events:

 

(i) individuals who, on the Grant Date,
constitute the Board of Trustees of the Company (the “Incumbent Trustees”)
cease for any reason to constitute at least a majority of the Board of Trustees
(the “Board”), provided that any person becoming a trustee
subsequent to the Grant Date whose election or nomination for election was
approved by a vote of at least two-thirds of the Incumbent Trustees then on the
Board (either by a specific vote or by approval of the proxy statement of the
Company in which such person is named as a nominee for trustee, without
objection to such nomination) shall be an Incumbent Trustee; provided, however,
that no individual initially elected or nominated as a trustee of the Company
as a result of an actual or threatened election contest with respect to
trustees or as a result of any other actual or threatened solicitation of
proxies by or on behalf of any person other than the Board shall be an
Incumbent Trustee;

 

(ii) any “person” (as such term is defined in
Section 3(a)(9) of the Securities Exchange Act of 1934 (the “Exchange
Act”) and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange
Act) is or becomes, after the Grant Date, a “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing 30% or more of the combined voting power of the
Company’s then outstanding securities eligible to vote for the election of the
Board (the “Company Voting Securities”); provided, however,
that an event described in this paragraph (ii) shall not be deemed to be a
Change in Control if any of following becomes such a beneficial
owner:  (A) the Company or any majority-owned subsidiary of the
Company (provided that this exclusion applies solely to the ownership
levels of the Company or the majority-owned subsidiary), (B) any tax-qualified,
broad-based employee benefit plan sponsored or maintained by the Company or any
such majority-owned subsidiary, (C) any underwriter temporarily holding securities

 

2

 

pursuant to an offering of such securities, (D) any person pursuant to
a Non-Qualifying Transaction (as defined in paragraph (iii)), (E) (a) any of
the partners (as of the Grant Date) in Interstate Properties (“Interstate”)
including immediate family members and family trusts or family-only
partnerships and any charitable foundations of such partners (the “Interstate
Partners”), (b) any entities the majority of the voting interests of which
are beneficially owned by the Interstate Partners, or (c) any “group” (as
described in Rule 13d-5(b)(i) under the Exchange Act) including the Interstate
Partners (the persons in (a), (b) and (c) shall be individually and
collectively referred to herein as, “Interstate Holders”);

 

(iii) the consummation of a merger,
consolidation, share exchange or similar form of transaction involving the
Company or any of its subsidiaries, or the sale of all or substantially all of
the Company’s assets (a “Business Transaction”), unless immediately
following such Business Transaction (a) more than 50% of the total voting power
of the entity resulting from such Business Transaction or the entity acquiring
the Company’s assets in such Business Transaction (the “Surviving Corporation”)
is beneficially owned, directly or indirectly, by the Interstate Holders or the
Company’s shareholders immediately prior to any such Business Transaction, and
(b) no person (other than the persons set forth in clauses (A), (B), (C), or
(F) of paragraph (ii) above or any tax-qualified, broad-based employee benefit
plan of the Surviving Corporation or its affiliates) beneficially owns,
directly or indirectly, 30% or more of the total voting power of the Surviving
Corporation (a “Non-Qualifying Transaction”); or

 

(iv) Board approval of a liquidation or
dissolution of the Company, unless the voting common equity interests of an
ongoing entity (other than a liquidating trust) are beneficially owned,
directly or indirectly, by the Company’s shareholders in substantially the same
proportions as such shareholders owned the Company’s outstanding voting common
equity interests immediately prior to such liquidation and such ongoing entity
assumes all existing obligations of the Company to Employee under this Restricted
Stock Agreement.

 

4.                                       Certificates.  Each certificate issued in respect of the
Restricted Stock awarded under this Restricted Stock Agreement shall be
registered in the Employee’s name and held by the Company until the expiration
of the applicable Vesting Period.  At the
expiration of each Vesting Period, the Company shall deliver to the Employee
(or, if applicable, to the Employee’s legal representatives, beneficiaries or
heirs) certificates representing the number of Common Shares that vested upon
the expiration of such Vesting Period. 
The Employee agrees that any resale of the Common Shares received upon
the expiration of the applicable Vesting Period shall not occur during the “blackout
periods” forbidding sales of Company securities, as set forth in the then
applicable Company employee manual or insider trading property.  In addition, any resale shall be made in
compliance with the registration requirements of the Securities Act of 1933, as
amended, or an applicable exemption therefrom, including, without limitation,
the exemption provided by Rule 144 promulgated thereunder (or any
successor rule).

 

3

 

5.                                       Tax
Withholding.  The Company has
the right to withhold from cash compensation payable to the Employee all
applicable income and employment taxes due and owing at the time the applicable
portion of the Restricted Stock becomes includible in the Employee’s income
(the “Withholding Amount”), and/or to delay delivery of Restricted Stock
until appropriate arrangements have been made for payment of such
withholding.  In the alternative, the
Company has the right to retain and cancel, or sell or otherwise dispose of
such number of shares of Restricted Stock as have a market value determined at
date the applicable shares vest, approximately equal to the Withholding Amount
with any excess proceeds being paid to Employee.

 

6.                                       Certain
Adjustments.  In the event of
any change in the outstanding Common Shares by reason of any share dividend or
split, recapitalization, merger, consolidation, spin-off, combination or
exchange of shares or other corporate change, or any distribution to common
shareholders other than regular cash dividends, any shares or other securities
received by the Employee with respect to the applicable Restricted Stock for
which the Vesting Period shall not have expired will be subject to the same
restrictions as the Restricted Stock with respect to an equivalent number of
shares and shall be deposited with the Company.

 

7.                                       No Right to
Employment.  Nothing herein
contained shall affect the right of the Company or any subsidiary to terminate
the Employee’s services, responsibilities and duties at any time for any reason
whatsoever.

 

8.                                       Notice.  Any notice to be given to the Company shall
be addressed to the Secretary of the Company at 888 Seventh Avenue, New York,
New York 10019 and any notice to be given the Employee shall be addressed to
the Employee at the Employee’s address as it appears on the employment records
of the Company, or at such other address as the Company or the Employee may
hereafter designate in writing to the other.

 

9.                                       Governing
Law.  This Restricted Stock Agreement
shall be governed by and construed and enforced in accordance with the laws of
the State of Maryland, without references to principles of conflict of laws.

 

10.                                 Successors
and Assigns.  This Restricted
Stock Agreement shall be binding upon and inure to the benefit of the parties
hereto and any successors to the Company and any successors to the Employee by
will or the laws of descent and distribution, but this Restricted Stock
Agreement shall not otherwise be assignable or otherwise subject to
hypothecation by the Employee.

 

11.                                 Severability.  If, for any reason, any provision of this
Restricted Stock Agreement is held invalid, such invalidity shall not affect
any other provision of this Restricted Stock Agreement not so held invalid, and
each such other provision shall to the full extent consistent with law continue
in full force and effect.  If any
provision of this Restricted Stock Agreement shall be held invalid in part,
such invalidity shall in no way affect the rest of such provision not held so
invalid, and the rest of such provision, together with all other provisions of
this Restricted Stock Agreement, shall to the full extent consistent with law
continue in full force and effect.

 

4

 

12.                                 Headings.  The headings of paragraphs hereof are
included solely for convenience of reference and shall not control the meaning
or interpretation of any of the provisions of this Restricted Stock Agreement.

 

13.                                 Counterparts.  This Restricted Stock Agreement may be
executed in multiple counterparts with the same effect as if each of the
signing parties had signed the same document. 
All counterparts shall be construed together and constitute the same
instrument.

 

14.                                 Miscellaneous.  This Restricted Stock Agreement may not be
amended except in writing signed by the Company and the Employee.  Notwithstanding the foregoing, this
Restricted Stock Agreement may be amended in writing signed only by the Company
to:  (a) correct any errors or
ambiguities in this Restricted Stock Agreement; and/or (b) to make such changes
that do not materially adversely affect the Employee’s rights hereunder.  This grant shall in no way affect the
Employee’s participation or benefits under any other plan or benefit program
maintained or provided by the Company. 
In the event of a conflict between this Restricted Stock Agreement and
the Plan, the Plan shall govern.

 

15.                                 CONFLICT
WITH EMPLOYMENT AGREEMENT.  If (and only if)
the Employee and the Company or its affiliates have entered into an employment
agreement, in the event of any conflict between any of the provisions of this
Agreement and any such employment agreement the provisions of such employment
agreement will govern.  As further
provided in Section 7, nothing herein shall imply that any employment
agreement exists between the Employee and the Company or its affiliates.

 

[signature page follows]

 

5

 

IN WITNESS WHEREOF, this Restricted Stock
Agreement has been executed by the parties hereto as of the date and year first
above written.

 

 

	
   

  	
  VORNADO REALTY TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Employee

  

 

6

 

SCHEDULE A
TO RESTRICTED STOCK AGREEMENT

 

(Terms being
defined are in quotation marks.)

 

	
  Date of Restricted Stock Agreement:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of Employee:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Number of Common Shares Subject to Grant:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Grant Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date on Which Restricted Stock is Fully Vested:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Vesting Period:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  “Annual Vesting Amount”

  Insert the number of Options that vest
  each year or other applicable vesting schedule.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  “Annual Vesting Date”

  (or if such date is not a business day, on the next succeeding business day):

  Insert the calendar date of each year on
  which Options will vest or other appropriate vesting schedule.

  	
   

  	
   

  

 

Initials of Company representative:                   

 

Initials of Employee:                   

 

7Exhibit
10.1

 

SEPARATION
AGREEMENT

 

In exchange for the
promises and covenants contained herein, Vital Images, Inc. (“Company”) and
Gregory Furness (“Employee”) hereby agree as follows:

 

1.                                       Definitions.  We intend all words used in this Separation
Agreement (“Agreement”) to have their plain meanings in ordinary English.  Specific terms we use in this Agreement have
the following meanings:

 

A.                                   Employee,
as used herein, shall include the undersigned Employee and anyone who has
obtained any legal rights or claims through the undersigned Employee.

 

B.                                     Company,
as used herein, shall at all times mean Vital Images, Inc., its parent company,
its subsidiaries, successors and assigns, its affiliated and predecessor
companies, their successors and assigns, their affiliated and predecessor
companies and the present or former directors, officers, employees,
representatives and agents (including, without limitation, its accountants and
attorneys) of any of them, whether in their individual or official capacities,
and the current and former trustees or administrators of any pension or other
benefit plan applicable to employees or former employees of Company, in their
official or individual capacities.

 

C.                                     Employee’s
Claims, as used herein, means all of the rights Employee has now to any
relief of any kind from Company whether or not Employee now knows about those
rights, arising out of his employment with Company, and his employment
termination, including, but not limited to, claims arising under the Age
Discrimination in Employment Act, as amended by the Older Worker Benefit
Protection Act; the Minnesota Human Rights Act; the Americans with Disabilities
Act; Title VII of the Civil Rights Act of 1964, as amended; claims under the
Family Medical Leave Act; or other federal, state or local civil rights laws;
claims under that certain Offer Letter dated January 30, 1997; claims
under that certain Change in Control Agreement between Company and Employee
dated May 11, 2000; claims for breach of contract; fraud or misrepresentation;
defamation, intentional or negligent infliction of emotional distress; breach
of covenant of good faith and fair dealing; promissory estoppel; negligence;
wrongful termination of employment; and any other claims for unlawful
employment practices.  Excluded from
Employee’s Claims are any rights or obligations Employee may have under those
certain Non-Statutory Stock Option Agreements and Incentive Stock Option
Agreements (collectively “Stock Option Agreements”), as set forth in Exhibit
A to this Agreement.

 

2.                                       Separation
Date.  Company and Employee mutually
agreed that Employee’s last day of employment with Company shall be February 8,
2005 (“Separation Date”).

 

3.                                       Company’s
Obligations and Separation Agreements. 
In consideration for Employee’s promises contained herein, specifically
including, but not limited to, the release of all claims by

 

 

Employee and Employee’s
promises to refrain from disclosing confidential information and trade secrets
of Company, Company agrees to pay Employee a separation payment of $105,333.28
(“Separation Payment”) which is equal to eight (8) months of Employee’s salary
calculated at Employee’s regular rate of pay as of the date of this Agreement.

 

The above payment
will be payable in a lump sum payment on the next regularly scheduled Company
payroll cycle after the expiration of the Rescission Periods, as hereinafter
defined.  The payment shall be direct
deposited into your account on record, unless otherwise specified by you.  The payment shall be subject to federal and
state withholding taxes and FICA.

 

A.                                   Incentive
Compensation Payment.  Company shall
pay Employee any earned payments for calendar year 2004 under that certain 2004
Incentive Compensation Plan.  Any
payments to which Employee is entitled under the 2004 Incentive Compensation
Plan shall be payable to Employee after a determination by Company that the
applicable Company, team and personal performance goals have been achieved for
calendar year 2004.  Any payments to
which Employee is entitled under the 2004 Incentive Compensation Plan shall be
paid to Employee at the same time as the Company makes payment to the other
participants of the 2004 Incentive Compensation Plan, but in any event payment,
if applicable, shall be made to Employee no later than March 31, 2005.  Any payment shall be subject to federal and
state withholding taxes and FICA.

 

B.                                     Medical
Insurance Benefits.  Company,
pursuant to federal and state law, will provide, for a period of eighteen (18)
months following the effective date of Employee’s termination (“COBRA Period”),
a continuation of the group medical and dental insurance coverage previously
provided to Employee by Company.  Through
December 31, 2005 or the date upon which Employee becomes covered under
any other group health plan (as an employee or otherwise which does not contain
any exclusion or limitation with respect to any preexisting condition of such
beneficiary), whichever is earlier (hereinafter “COBRA Payment Termination Date”),
Company will pay Employee’s entire portion of the premium for group medical and
dental insurance for coverage maintained by Employee during Employee’s
employment.  After the COBRA Payment
Termination Date, Employee will be required to pay for the entire amount of
such benefits for the remainder of the COBRA Period should Employee elect to
continue COBRA coverage.

 

C.                                     Outplacement.  Company will pay for 12 months of
outplacement assistance provided by Right Management Consultants
Executive Program as described in Exhibit B priced at $10,000.

 

D.                                    Non-Disparagement.  Company agrees that its senior officers,
directors and management shall not disparage or defame Employee in any respect.

 

E.                                      Remedies.  Company acknowledges that any breach of its
promise set forth in Section 3.D. will cause Employee irreparable harm for
which there is no adequate remedy at law and Company therefore consents to the
issuance of any injunction in favor of Employee enjoining the breach of the
promise set forth in Section 3.D.

 

 

4.                                       Employee
Obligations.  As material inducement
to Company in entering into this Agreement and providing the consideration
described in Section 3, Employee hereby agrees as follows:

 

A.                                   Release.  Employee agrees to release all Employee’s
Claims.  Employee acknowledges that the
money and promises received and to be received by Employee are in exchange for
the release of Employee’s Claims.

 

B.                                     Covenant
Not To Sue.  Employee agrees that he
will not initiate any litigation to pursue claims which Employee released in
this Section 4.A.  This covenant
does not apply to litigation challenging the validity of this Section 4.A.  Further, Employee agrees to pay Company’s
attorneys fees if Employee breaches the covenant not to sue contained in this Section 4.B.  

 

C.                                     Company
Property.  Employee will return all
property belonging to Company no later than the Separation Date, whether such
property is currently on or off the premises of Company, including, without
limitation, any and all computer hardware or computer software, unless
otherwise set forth herein.  Employee
shall be allowed to retain the Company’s laptop computer issued to him after
all of the Company’s confidential and proprietary information and software
contained on the laptop computer has been removed from the laptop computer and
returned to the Company, through the direction of the Company’s Director of
Information Technology, to take place no later than                                 .
Employee shall be allowed to retain the Company’s cellular telephone issued to
Employee upon proof that all financial responsibility for service to the
cellular telephone has been transferred directly to Employee, no later than                                        .

 

D.                                    Confidentiality.  Employee acknowledges and reaffirms his
continuing obligations to Company pursuant to that certain Employee Patent and
Confidential Information Agreement and Attachment dated February 4, 1997
by and between Employee and Company, a copy of which is attached hereto as Exhibit
C to this Agreement.

 

E.                                      Non-Disparagement.  Employee agrees that he shall not disparage
or defame Company in any respect.

 

F.                                      Cooperation.  Employee agrees to cooperate fully with
Company and assist Company through the Separation Date with the Company’s
reasonable requests of Employee, including without limitation, providing Company
with requested information related to Employee’s performance of his job duties
as Chief Financial Officer and assisting Company in its compliance with Section 404
of the Sarbanes Oxley Act of 2002.

 

G.                                     Expense
Reimbursement.  Employee shall have
until February 15, 2005 to submit Employee’s last expense report.  Company reserves its rights to review and
deny payment

 

 

on any expenses submitted
by Employee that do not comply with Company policies and procedures regarding
expense reimbursement.

 

H.                                    Remedies.  Employee acknowledges that any breach of any
of the promises set forth in Sections 4.C, 4.D. and 4.E will cause Company
irreparable harm for which there is no adequate remedy at law and Employee
therefore consents to the issuance of any injunction in favor of Company
enjoining the breach of any of those promises by any court of competent
jurisdiction.  If any promise made by
Employee in this Section 4 should be held to be unenforceable because of
its scope or duration, or the area or subject matter covered thereby, Employee
agrees that the court making such determination shall have the power to reduce
or modify the scope, duration, subject matter or area of that promise to the
extent that allows the maximum scope, duration, subject matter or area permitted
by applicable law.  Employee further
agrees that the remedies provided for herein are in addition to, and are not to
be construed as replacements for, or a limitation of, rights and remedies
otherwise available to Company.

 

5.                                       Employee’s
Understandings. Employee acknowledges and represents that:

 

A.                                   Employee
understands that he has the right to consult with an attorney regarding the
meaning and effect of this Agreement.

 

B.                                     Employee
also understands that he has a period of at least twenty-one (21) calendar days
from the date on which he receives an unsigned copy of this Agreement in which
to consider whether or not to sign this Agreement and that, having been advised
of that entitlement, he may elect to sign this Agreement between February 8,
2005 and February 15, 2005, which is more than twenty-one (21) calendar
days from the date on which he received an unsigned copy of this
Agreement.  Any revisions to this
Agreement after January 11, 2005 shall not alter Employee’s twenty-one
(21) calendar days in which to consider whether or not to sign this Agreement.

 

C.                                     Employee
understands that he may rescind (that is, cancel) within seven (7) calendar
days of signing the Agreement the provisions of Section 4.A. of this
Agreement with respect to claims arising under the Age Discrimination in
Employment Act (“ADEA Rescission Period”) and that he may rescind within
fifteen (15) calendar days of signing the Agreement the provisions of Section 4.A.
of this Agreement with respect to claims arising under the Minnesota Human
Rights Act (“MHRA Rescission Period”) (collectively, “Rescission Periods”).  To be effective, rescission must be in
writing, delivered to Company at 3300 Fernbrook Lane North, Suite 200,
Plymouth, MN  55447, ATTN:  Cindy Edwards, within the applicable
rescission period, or sent to Company, at such address, by certified mail,
return receipt requested, postmarked within the applicable rescission period.

 

6.                                       Disclosure
of Terms and Conditions of Agreement. 
Company retains the right to disclose the terms and conditions of this
Agreement, including without limitation, payment of severance, to third
parties, as required by applicable law.

 

 

7.                                       Cancellation
of Agreement By Company.  If Employee
exercises his right of rescission under Section 5.C. of this Agreement,
Company will have the right, exercisable by written notice delivered to
Employee, to terminate this Agreement in its entirety, in which event Company
will have no obligation whatsoever to Employee hereunder.  If Employee exercises his right of rescission
under Section 5.C. of this Agreement, and Company does not exercise its
right to terminate this Agreement hereunder, the remaining provisions of this
Agreement (including specifically the remaining provisions of Section 4 of
this Agreement) shall remain valid and continue in full force and effect.

 

8.                                       Performance
By Employee.  Nothing contained
herein shall operate as a waiver or an election of remedies by Company should
Employee fail to perform any duty or obligation imposed upon him
hereunder.  Notwithstanding anything
contained herein to the contrary, this Agreement and the duties and obligations
of Employee hereunder shall continue in full force and effect irrespective of
any violation of any term or provision of this Agreement by Employee.

 

9.                                       No
Admission Of Liability.  The parties
agree that this Agreement shall not be considered an admission of liability by
Company.  Company expressly denies that
it is in any way liable to Employee or that it has engaged in any wrongdoing
with respect to Employee.

 

10.                                 Employee
Acknowledgments.  Employee
acknowledges and represents that:  (a) he
has read this Agreement and understands its consequences; (b) he has received
adequate opportunity to read and consider this Agreement; (c) he has determined
to execute this Agreement of his own free will and acknowledges that he has not
relied upon any statements or explanations made by Company regarding this
Agreement; and (d) the promises of Company made in this Agreement constitute
fair and adequate consideration for the promises, releases and agreements made
by Employee in this Agreement.

 

11.                                 Entire
Agreement.  This Agreement, including
any exhibits attached hereto or documents expressly referred to herein,
contains the entire agreement between Company and Employee and supersedes and
cancels any and all other agreements, whether oral or in writing, between
Company and Employee with respect to the matters referred to herein, including
without limitation, the termination of that certain Offer Letter dated January 30,
1997 and that certain Change in Control Agreement dated May 11, 2000.

 

12.                                 Governing
Law.  This Agreement shall be
construed and enforced in accordance with the laws of the State of Minnesota.

 

13.                                 Effective
Date.  This Agreement was originally
offered to Employee on or about January 11, 2005.  Employee shall have until the close of
business on February 15, 2005 to accept this Agreement but in no event can
Employee accept the Agreement prior to February 8, 2005.  If Employee desires to accept this Agreement,
Employee shall execute the Agreement between February 8, 2005 and February 15,
2005 and return the same to Company at the address set forth in Section 4.C.
hereof.  If Employee does not so accept
this Agreement, this Agreement, and the offer contained herein, shall be null
and void as of the close of business on February 15 2005.

 

 

14.                                 Counterparts.  This Agreement may be executed in
counterparts with an executed counterpart to be delivered to the other
party.  Each such executed counterpart
shall be deemed an original but shall constitute one and the same instrument.

 

 

	
   

  	
  VITAL IMAGES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
  02/07/05

  	
   

  	
  By:

  	
   /s/ Jay D. Miller

  
	
   

  	
   

  	
  Its:

  	
    CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
  02.14/05 

  	
   

  	
   

  	
  /s/
  Gregory S. Furness

  
	
   

  	
   

  	
   

  	
   

  	
  Gregory
  Furness

  
	
   

  	
   

  

 

 

Exhibit A

 

1.                                       Incentive
Stock Option Agreement dated February 5, 2004.

 

2.                                       Non-Statutory
Stock Option Agreement dated February 5, 2004.

 

3.                                       Incentive
Stock Option Agreement dated February 6, 2003.

 

4.                                       Non-Statutory
Stock Option Agreement dated February 6, 2003.

 

5.                                       Incentive
Stock Option Agreement dated March 12, 2002.

 

6.                                       Non-Statutory
Stock Option Agreement dated March 12, 2002.

 

7.                                       Incentive
Stock Option Agreement dated February 8, 2001.

 

8.                                       Non-Statutory
Stock Option Agreement dated February 8, 2001.

 

9.                                       Incentive
Stock Option Agreement dated May 11, 2000.

 

10.                                 Non-Statutory
Stock Option Agreement dated May 11, 2000.

 

11.                                 Incentive
Stock Option Agreement dated May 12, 1999.

 

12.                                 Incentive
Stock Option Agreement dated August 7, 1998.

 

13.                                 Incentive
Stock Option Agreement dated February 24, 1998.

 

14.                                 Incentive
Stock Option Agreement dated May 20, 1997.

 

 

EXHIBIT B

 

CAREER SERVICES

 

	
  EXECUTIVE SERVICE

  Access: 12 months

  	
   

  	
  Executive Service is a flexible
  program designed to help executives plan and implement a career strategy,
  assess opportunities, and successfully redeploy professional expertise and
  skills to achieve their career goals as quickly as possible.

  

 

Consulting

•                                          Career
Consulting: Access to Career Management Consultants for guidance and advice during the job search process.  Includes the determination of short- and
long-term career objectives and an implementation plan for a focused campaign.

 

•                                          Spouse/Partner
Consulting: Limited adult family support in consulting process, if required.

 

•                                          Leadership
Development: Assessments to help the candidate identify and develop skills to
position himself or herself for success in the next job.

 

Logistics & Support

•                  Professional
Environment and Support Services: Scheduled work space; long distance telephone
and fax services; voicemail; resumé design and production; stationery and
envelopes; word processing; mailing; access to copiers and personal computers.

 

Learning
Center

•                                          Career
Assessment: An effective change process begins with the examination of
motivators, strengths, interests and values. 
This module demonstrates how to identify ideal job and work environments
including occupational options and industries to consider.  Equipped with this knowledge, participants
can develop an articulate presentation statement.

 

•                                          Resumé
Development: An overview of the elements needed to produce a professional
resume including the purpose of the resume and reasons for using different
resume formats.  Discusses resume options
as well as resume supplements and professional reference listings.

 

•                                          Self-Marketing:
This module demonstrates the power of planning to target best-fit
opportunities.  Candidates learn to
distinguish between proactive and reactive search strategies.  Examines traditional job search methods,
including executive recruiters, job ads and postings, and career fairs will be
examined.  Also reviews non-traditional
options such as executive temporary and interim assignments.

 

•                                          Networking
Strategies: Building a network of strategic contacts is essential to moving the
job campaign forward.  This module
explains the fundamentals involved in building this network.  It focuses on pre-meeting planning and
conducting productive information and referral meetings.

 

 

•                                          Interviewing
Strategies: Explores the dynamics of the interview process, various
interviewing styles and selection techniques. 
Participants learn to practice for the interview, anticipate sensitive
and difficult questions, and formulate responses.

 

•                                          Negotiating
Strategies: This session explores the various techniques for effective
negotiating.  Examines verbal and
non-verbal protocols during the negotiation process in addition to the
interviewer/interviewee roles. 
Candidates review the techniques for negotiating a mutually beneficial
agreement with the potential employer.

 

•                  Enrichment:
Special events held in the Learning Center. 
They differ from month-to-month and office-to-office.  Offices typically offer some regularly (i.e.
financial planning, career mapping, etc.) and some as needed (i.e.
entrepreneurship, consulting networking, work/life balance, leadership,
executive recruiters, working in the not-for-profit sector, etc).

 

Job
Search Communications

•                                          Research
and Intelligence Resources: Advice and guidance from the Marketplace Resource
Consultant on how to effectively use online databases and printed materials to
gather information on industry trends, company performance, wage/salary
surveys, and executive backgrounds.

 

•                                          Right-from-HomeÔ:  Our proprietary website features complete
access to assessments, online consulting, eLearning modules, targeted market
and job search links.  Candidates have
access to Right’s proprietary job bank to reach advertised positions.  Also, they can apply, online, to various
vocational sites.  This service is
accessible from any computer with an Internet connection.  Candidates also have access to Right’s alumni
website upon program completion.

 

	
  RIGHT

  
	
  MANAGEMENT
  CONSULTANTS

  
	
   

  
	
  MANAGING THE
  HUMAN SIDE OF CHANGE

  

 

Bio-Vascular,
Inc.

 

EXHIBIT C

 

EMPLOYEE PATENT AND

CONFIDENTIAL INFORMATION AGREEMENT

AND ATTACHMENT

 

In consideration of my
employment by BIO-VASCULAR, INC., its successors and assigns, hereinafter
referred to as the Company, and in consideration of the payment of salary or
wages during the continuance of such employment, I hereby agree:

 

1.                                       I
shall, both during my employment and after termination, hold in a confidential
capacity any proprietary or financial information, and will not disclose to
anyone else, any and all information which I now have or may acquire respecting
confidential activities of the Company.

 

2.                                       I
will disclose promptly and fully in writing to the Company, or its nominee, all
inventions, improvements, or discoveries, whether patentable or unpatentable,
made or conceived by me during the period of my employment, either solely or
jointly with others, either in the course of such employment or with the use of
the Company’s time, material, or facilities, or directly related to the
business of the Company.  I will assign
to the Company all right, title, and interest in and to all such inventions,
improvements, or discoveries, and in and to any patents resulting
therefrom.  SEE ATTACHMENT.

 

3.                                       I
will assist the Company at its expense during and subsequent to my employment
in every proper way: (a) to obtain for its own benefit patents for such
inventions in any and all countries, and (b) in any controversy or legal
proceeding relating to such inventions, improvements, or discoveries, or to the
patents resulting therefrom.

 

4.                                       I
will not use or disclose, directly or indirectly, to any unauthorized person
without prior written permission to the Company at any time during or
subsequent to my employment, any knowledge which I acquire respecting the
Company’s inventions, technical information, designs, methods, trade secrets,
customers, contracts, bids, or other confidential information acquired in
connection with my employment.

 

5.                                       I
hereby recognize that the Company now has and hereafter shall have and retain
the exclusive right in any and all trademarks, trade names, product names,
character names and advertising material either belonging to, prepared for or
used by any of them, whether or not originated, prepared, published or produced
in whole or in part by me, and I shall not at any time claim any right, title
or interest in any thereof.

 

6.                                       Upon
leaving the employment of the Company, I will return to the Company, all
written and graphical material; any copies, abstracts, or summaries of any
papers or documents,

 

 

tools and equipment
(other than that owned by me) in my possession or under my control relating to
the business of the Company.

 

7.                                       All
inventions, improvements, or discoveries claimed to have been made or conceived
by me during the first year following the termination of my employment by the
Company and related to the Company’s business shall be presumed to have been
made or conceived during the period of employment and shall be subject to the
provisions of this Agreement unless I can establish the contrary to the
reasonable satisfaction of the Company or of a court of competent jurisdiction.

 

8.                                       I
represent that, except as stated on the reverse of this Agreement, I have no
presently effective agreements with or obligations to others in conflict with
the foregoing.  I have listed on the
reverse of this Agreement all inventions, improvements, discoveries, and
patents heretofore made, conceived, or acquired by me in which I have any right
or interest.  I hereby waive any and all
rights which I may have relating to technical information, inventions, and
discoveries, except those rights based upon valid patents listed on the reverse
hereof.

 

9.                                       In
the event any provisions of this Agreement shall be held invalid by a court of
law, it shall be considered to be severable; and all other provisions shall
continue in full force and effect.

 

The provisions of this
Agreement shall be binding upon my heirs, executors, administrators, or other
legal representatives or assigns.

 

 

	
  WITNESSED:

  	
  AGREED TO:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Gregory S. Furness

  
	
   

  	
  Employee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  February 4, 1997

  
	
   

  	
  Date

  
	
   

  	
   

  
	
  ACCEPTED AND AGREED TO:

  	
   

  
	
  BIO-VASCULAR, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  	
   

  	
   

  
				

 

 

ATTACHMENT TO
EMPLOYEE PATENT

AND CONFIDENTIAL INFORMATION AGREEMENT

 

NOTICE TO EMPLOYEE

 

This NOTICE is given to
the Employee pursuant to Minnesota Statutes Annotated, 181.78 to further define
paragraph 2 of the Agreement.

 

The Agreement of the
Employee to assign all invention rights to the Company does not apply to an
invention which no equipment, supplies, facility or trade secret information of
the Employee’s own time, and (1) which does not relate (a) directly to the
business of the Company; or (b) to the Company’s actual or demonstrably
anticipated research or development; or (2) which does not result from any work
performed by the Employee for the Company.

 

A copy of this Notice
will be given to Employee upon request.

 

I have read and
understand this NOTICE:

 

 

	
  /s/ Gregory S. Furness

  	
   

  
	
  EMPLOYEE

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