Document:

2003 - 2004 Change of Control and Position Payment Plan

 Exhibit 10.28 
  
 MOORE MEDICAL CORP. 
  
 2003 – 2004 CHANGE OF CONTROL AND POSITION PAYMENT PLAN 
  

	1.	Purpose 

  
 The plan is designed to offer an incentive to participants to continue in the Company’s employ by providing for severance payments in the event of certain terminations of employment following a Change of Control.

  

	2.	Eligibility 

  
 The participants under this plan are the key employees of the Company entitled to participate pursuant to their employment agreements with the Company or otherwise selected as participants by the Compensation
Committee of the Board of Directors or the Board of Directors of the Company. 
  

	3.	Severance Payment Conditions 

  
 (a) Severance will be payable to a participant only if there is a “Change of Control” on or before December 31, 2004, followed
within twelve months by a termination of the participant’s employment with the Company (i) by the Company without Cause or (ii) by the participant due to the participant’s Change of Position. 
  
 (b) A “Change of Control” is: 
  
 (i) any merger or consolidation of the Company into or with
another corporation (other than a subsidiary of the Company) or entity, whether the acquirer is privately-held or publicly-traded, unless, immediately thereafter, the holders of common stock of the Company immediately prior thereto hold more than
50% of the voting capital stock of such other corporation or the voting equity interests of such entity, or 
  
 (ii) the acquisition by another person or group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934), whether
the acquirer is privately-held or publicly traded, of beneficial ownership (as defined in Rule 13d-3 under said Act) of 50% or more of the common stock of the Company, or 
  
 (iii) the sale by the Company of substantially all of its assets, whether the acquirer is privately-held or
publicly traded, unless, immediately after such sale, the holders of common stock of the Company immediately prior thereto hold more than 50% of the voting capital stock of the acquiring corporation or, if the acquiring person or entity is not a
corporation, more than 50% of the voting equity interests of such acquiring person or entity; or 
  
 (iv) the election or removal of directors constituting a majority of the directors of the Company 
  
 (x) as a result of a solicitation subject to Rule 14a-11
(or successor Rule) under the Securities Exchange Act of 1934 relating to the election removal of directors, or 

 (y) other than a result of the action of directors a majority of whom consist of
Continuing Directors; 
  
 (z) for purposes
hereof, a “Continuing Director” means a director 
  
 (i) for whose election the Company solicited proxies pursuant to a proxy statement under Regulation 14A of said Act, or 
  
 (ii) who was elected by action of the directors a majority of whom were elected as described in clause (i) hereof, or 
  
 (iii) who was elected by action of directors a majority of
whom were elected as described in clause (i) and/or clause (ii) hereof. 
  
 (c) A participant’s “Change of Position” is a substantial change in his or her duties. A participant will be considered to have had a substantial change in his or her duties only if: 
  
 (v) the duties of the participant are materially
diminished; or 
  
 (w) the participant’s
base salary or bonus opportunity is reduced; or 
  
 (x) the principal place of employment by the Company of the participant is changed to a location more than 75 miles travel from his or her residence; or 
  
 (y) the Company breaches any material term of an employment agreement between the Company and the
participant, if any; and 
  
 (z) within 90 days
after the occurrence of any of the events referred to in clause (x) or (y) of Section 3(c) hereof, he or she terminates his or her employment by the Company. 
  

(d) “Cause” means (i) a participant’s conviction of either a felony or of any crime in connection with his employment by
the Company; (ii) the willful and continued failure of a participant to perform substantially his or her duties to the Company (other than any such failure resulting from incapacity due to physical or mental illness) after a written demand for
substantial performance is delivered to the participant by the Company, which specifically identifies the manner in which the Company believes that the participant has not substantially performed his or her duties and the participant has not cured
to the reasonable satisfaction of the Company any such failure that is capable of being cured in all material respects within ten (10) days of receiving such written demand; or (iii) the willful engaging by the participant in gross misconduct that
is materially injurious to the Company 
  

	4.	Severance Amount; Etc. 

  
 Each participant’s severance amount will be an amount equal to the percentage of the sum of participant’s annualized W-2 gross salary plus pro rata bonus, but
not including Company-401(k) contribution, car allowance, or other Company provided benefits. Said percentage will be in accordance with the participant’s employment agreement with the Company or otherwise as determined by the Executive or
Compensation Committee when it designates an employee as a participant. For purposes hereof, the term “pro rata bonus” means the amount of any bonus that the participant would have been entitled to as of the end of the year of his
termination pursuant to Section 3(c) hereof, assuming annualization of the Company’s operating performance (as reported its quarterly reports on Form 10-Q 
  

 -2- 

 filed with the Securities and Exchange Commission for the quarter end next following the date of a participant’s
termination of employment), multiplied by a fraction the numerator of which is the number of calendar days elapsed during the year of termination to the date of termination and the denominator of which is 365. Payment of severance amounts will be
made within 45 days after the quarter-end during which the two conditions described in paragraph 3(a), above, occur. In no event shall the amount payable under this paragraph exceed an amount which would (when aggregated with any other amounts which
would be subject to the Section 280G or Section 162(m) provisions hereinafter referred to) result in any part of a payment otherwise to be made under this paragraph constituting a “parachute payment” under Section 280G of the Internal
Revenue Code of 1986, as amended, or a payment which, pursuant to Section 162(m) of said Code, would not be deductible by the Company as compensation for federal income tax purposes. 
  

	5.	Administration; Determinations 

  
 The plan will be administered by the Board’s Compensation Committee. All interpretations and implementations of the plan by the Committee not expressly inconsistent
with the plan will be final and binding on the Company and all participants. Neither this plan nor any participant’s rights or Company obligations thereunder can be changed orally. 
  

 -3-Waiver of Loan Covenant Default as of December 27, 2003

 Exhibit 10.29 
  
 March 23, 2004 
  
 Moore Medical Corp. 
 389 John Downey Drive 
 New Britain, Connecticut 06050 
 Attn: John Zinzarella 
  
 Ladies and Gentlemen: 
  
 Reference is hereby made to that certain Loan and Security Agreement dated as of January 26, 2001, as amended by each of (i)
that certain Amendment Agreement, dated as of March 27, 2003, (ii) that certain Second Amendment Agreement, dated as of August 8, 2003, and (iii) that certain Third Amendment Agreement, dated as of November 6, 2003 (as amended from time to time, the
“Loan Agreement”) by and between Moore Medical Corp. (the “Borrower”) and Fleet Capital Corporation (the “Lender”). Capitalized terms which are used herein without definition and which are defined
in the Loan Agreement shall have the same meanings herein as in the Loan Agreement. 
  
 Borrower has notified Lender that Borrower has failed to comply with clause (ii) of Paragraph 3 of Schedule 7.3 of the Loan Agreement for the two fiscal quarters ending December 27, 2003, and such failure has resulted
in an Event of Default under the Loan Agreement. As a result of such Event of Default, Borrower has requested that Lender waive such Event of Default. The Lender hereby waives the occurrence of such Event of Default as a result of the failure of the
Borrower to comply with clause (ii) of Paragraph 3 of Schedule 7.3 for the two fiscal quarters ending December 27, 2003. 
  
 The waiver set forth above shall be effective upon the payment by the Borrower to the Lender of a waiver fee in the amount of Ten Thousand Dollars
($10,000.00) on or before the date hereof, and shall be effective only for the event specified in the preceding paragraph occurring on or before December 27, 2003 and such waiver shall not entitle the Borrower to any future waivers in similar or
other circumstances. 
  
 If the foregoing terms are acceptable to
you, we would request that you indicate your agreement to those provisions by signing the counterpart of this letter enclosed herewith and returning such counterpart to us on or before the date set forth above. 
  

					
	 Yours sincerely,

	
	 FLEET CAPITAL CORPORATION

	
	 By:         /s/ Lisa Freeman

	          Its VP

 ACCEPTED and AGREED as of 
 the date of the above letter: 
  

					
	 MOORE MEDICAL CORP.

	
	 By:     /s/ John M. Zinzarella

	 	 	       Its

	 	 	       Duly Authorized

  

 -2-Employment Argeement date January 5, 2004(Paravato)

 Exhibit 10.8(h) 
  
 IRIS INTERNATIONAL, INC (“IRIS”) 
  
 KEY EMPLOYEE AGREEMENT 
 For 
  
 MARTIN G. PARAVATO 
  
 IRIS International, Inc., a Delaware corporation (the “Company”), agrees with you
as follows: 
  
 1. Position and Responsibilities. 
  
 1.1 The Company will employ you and you shall serve in an
executive capacity as CORPORATE VICE PRESIDENT, FINANCE AND CHIEF FINANCIAL OFFICER and perform the duties customarily associated with such capacity from time to time as the Company shall reasonably designate or as shall be reasonably appropriate
and necessary in connection with such employment. 
  
 1.2 Subject to Section 4 below, you will, to the best of your ability, devote your full time and best efforts to the performance of your duties hereunder and the business and affairs of the Company. You will report to the Company’s
Chief Executive Officer (“CEO”). You will also have primary responsibility for communicating with the Company’s Audit Committee and assisting the committee in discharging its duties. 
  
 1.3 You will duly, punctually and faithfully perform and
observe any and all rules and regulations which the Company may now or shall hereafter establish governing the conduct of its business, except to the extent that such rules and regulations may be inconsistent with your executive position.

  
 2. Term of Employment; Termination. 
  
 2.1 The commencement of your employment shall be January 1,
2004 (your “Start Date”). 
  
 2.2
Unless otherwise mutually agreed in writing, this Agreement and your employment by the Company pursuant to this Agreement shall be terminated on the earliest of: 
  
 (a) your death, or any illness, disability or other incapacity that renders you physically unable regularly
to perform your duties hereunder for a period in excess of one hundred twenty (120) consecutive days or more than one hundred eighty (180) days in any consecutive twelve (12) month period; 
  
 (b) thirty (30) days after you, for any reason, give written
notice to the Company of your resignation; or 
  

 Page 1 of 5 

 (c) immediately with cause or without cause only after one year from the start date,

  
 2.3 The determination regarding whether you
are physically unable regularly to perform your duties (as described in Section 2.2 (a)) shall be made by the Board of Directors. 
  
 2.4 Any notice required pursuant to this Section 2 shall be given in accordance with the provisions of Section 9 hereof. The exercise of
either party’s right to terminate this Agreement pursuant to subsections 2.2 (b) or (c) are not exclusive and shall not effect either party’s right to seek remedies. 
  
 2.5 You may be terminated with our without cause. If you are terminated without cause, you will be entitled
to certain severance benefits as described in this Agreement. You shall be deemed terminated “for cause” if, in the reasonable determination of the Company, you (a) commit an act that is fraudulent, dishonest or a material breach of the
Company’s policies, including wrongful disclosure of any trade secrets or other confidential information of the Company, or material breach of Section 4 of this Agreement or any material provision of the Proprietary Information Agreement (as
defined in Section 5), (b) are convicted of a felony under federal, state, or local law applicable to the Company or (c) intentionally refuse, without proper cause, to substantially perform duties after a demand for such performance has been
delivered in writing by the Company’s Chief Executive Officer or the Board of Directors, which notice shall specify the alleged instance of breach, and, shall provide you with reasonable time in which to remedy such breach. 
  
 3. Compensation; Benefits; and Investment Rights: 
  
 3.1 Company shall pay to you for the services to be rendered
hereunder a base salary at an annual rate of $200,000 subject to increases in accordance with the policies of the Company, as determined by its Board of Directors, in force from time to time, payable in installments in accordance with Company
policy. You shall also be entitled to all rights and benefits for which you shall be eligible under bonus, pension, group insurance, long-term disability, life insurance, profit-sharing and other Company benefits which may be in force from time to
time and provided specifically to you or for the Company’s executive officers generally. 
  
 3.2 You will be awarded a 5 year incentive stock option (ISO) to purchase 50,000 shares of the Company’s Common Stock at per share
price equal to the average fair market value of our common stock at the close of market for the ten trading days preceding your Start Date, such option to vest in three equal installments on the first, second and third anniversaries of your Start
Date. You will also be awarded a fully vested 5-year incentive stock option (ISO) to purchase 20,000 shares of the Company’s Common Stock at per share price, described above. The Company represents that the Board of Directors has acted 

  

 Page 2 of 5 

 
upon your option grant. The Company acknowledges that the option grants described in this Section 3.2 constitute a substantial inducement to you to accept
employment with the Company. In addition to the foregoing, at the anniversary date of your employment, you will be eligible for further option awards, commensurate with other senior executive officers, based on your performance as determined by the
CEO and the Compensation Committee of the Board of Directors. 
  
 3.3 You shall be eligible to participate in the Company’s ESPP Program as in effect from time to time. The ESPP Program currently provides that employees may purchase common stock of the Company at a 50% discount
from the market price in an aggregate amount up to 15% of your total cash compensation. 
  
 3.4 You shall also be eligible for an annual bonus of up to 50% of your salary to be determined by the CEO and Compensation Committee of
the Board of Directors in accordance to the Company Bonus Program. 
  
 3.5 You shall be entitled for four (4) weeks of paid vacation per year to be taken at such time as will not interfere with the performance of your duties. You will also be entitled to illness days during the term of
this Agreement consistent with the Company’s standard practice for its employees generally as in effect from time to time. 
  
 3.6 In the event you are terminated without cause any time pursuant to Section 2.2 ( c ) hereof, the Company shall pay you the equivalent
of twelve (12) months base salary following such termination. At the choice of the Company, payment may be in the form of a lump sum payment or through regular payroll payments over the twelve (12) month period. Termination without cause shall
include “constructive termination” which means a significant diminution of your fundamental responsibilities as Vice President, Finance and Chief Financial Officer or base compensation, or relocation outside Los Angeles or Ventura
counties. 
  
 4. Other Activities During Employment. 

 
 4.1 Except with the prior written consent of the
Company’s Board of Directors, you will not during the term of this Agreement undertake or engage in any other employment, occupation or business enterprise, other than ones in which you are a passive investor in non-competitive businesses. You
may engage in civic and not-for-profit activities so long as such activities do not materially interfere with the performance of your duties hereunder. 
  
 4.2 Except as permitted by Section 4.3, you will not acquire, assume or participate in, directly or indirectly, any position, investment
or interest, known by you to be adverse or antagonistic to, or competitive with, the Company, its businesses or prospects, financial or otherwise. 
  

 Page 3 of 5 

 4.3 During the term of your employment by the Company (except on behalf of the Company),
you will not directly or indirectly, whether as an officer, director, stockholder, partner, proprietor, associate, representative, consultant, or in any capacity whatsoever engage in, become financially interested in, be employed by or have any
business connection with any other person, corporation, firm, partnership or other entity whatsoever which were known by you to directly or indirectly complete with the Company, throughout the world, in any line of business engaged in (or planned to
be engaged in) by the Company; provided, however, that anything above to the contrary notwithstanding, you may own, as a passive investor, securities of any competitor corporation, so long as your direct holdings in any one such corporation shall
not in the aggregate constitute more than 1% of the publicly-traded voting stock of such corporation. 
  
 5. Proprietary Information and Inventions. You agree to sign and be bound by the provisions of the Company’s standard Confidentiality and
Non-Solicitation Agreement. 
  
 6. Remedies. Your duties under the
Confidentiality and Non-Solicitation Agreement shall survive termination of your employment with the Company. You acknowledge that a remedy at law for any breach or threatened breach by you of the provisions of the Confidentiality and
Non-Solicitation Agreement would be inadequate and you therefore agree that the Company shall be entitled to injunctive relief in case of any such breach or threatened breach. 
  
 7. Assignment. Neither this Agreement nor any rights or obligations hereunder may be assigned by the Company or by you.

  
 8. Severability. In case any one or more of the provisions
contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be
construed as if such invalid, illegal, or unenforceable provision had never been contained herein. If moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration,
geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 
  
 9. Notices. Any notice which the Company is required or may desire to give
you shall be given by personal delivery or registered or certified mail, return receipt requested, addressed to you at the address of record with the Company, or at such other place as you may from time to time designate in writing. Any notice which
you are required or may desire to give to the Company hereunder shall be given by personal delivery or by registered or certified mail, return receipt requested, addressed to the Company at its principal office, or at such other office as the
Company may from time to time designate in writing. The 

  

 Page 4 of 5 

 
date of personal delivery or the date of mailing any such notice shall be deemed to be the date of delivery thereof. 
  
 10. Waiver. If either party should waive any breach of any provisions of this
Agreement, he or it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 
  
 11. Complete Agreement; Amendments. The foregoing, together with the Confidentiality and Non-Solicitation Agreement, is the entire agreement of the
parties with respect to the subject matter hereof and thereof and may not be amended, supplemented, canceled or discharged except by written instrument executed by both parties hereto. 
  
 12. Headings. The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a
part hereof nor to affect the meaning thereof. 
  
 13. Choice of
Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the law of the State of California. 
  
 In Witness Whereof, the parties have executed this Key Employee Agreement on the day and year written below. 
  

			
	IRIS INTERNATIONAL, INC.
		
	By:	 	/s/ César M. García
	 	 	

	 	 	 César M. García
 President &
CEO

  
 Date: January 5, 2004 
  

			
	 Accepted and agreed to this
  
 5th day of January
2004

	
	/s/ Martin G. Paravato
	

	Martin G. Paravato

  

 Page 5 of 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]