Document:

Exhibit 10.2

     

    EXECUTIVE EMPLOYMENT
AGREEMENT

    

    This Executive Employment Agreement
(this “Agreement”) is made as of the 15th day of August, 2010 by and between
SensiVida Medical Technologies, Inc., a Delaware corporation (the “Company”),
and John Spoonhower, a natural person who resides in the State of New York
(“Executive”).

    

    WHEREAS, the Company wishes to employ
Executive as its Chief Technology Officer and Executive wishes to accept such
employment;

    

    WHEREAS, the Company and Executive wish
to set forth the terms of Executive’s employment and certain additional
agreements between Executive and the Company.

    

    NOW, THEREFORE, in consideration of the
foregoing recitals and the representations, covenants and terms contained
herein, the parties hereto agree as follows:

    

    
      	
               
      

            	
              1.

            	
              Employment
      Period

            

    

    

    The
Company will employ Executive, and Executive will serve the Company, under the
terms of this Agreement commencing August 15, 2010 (the “Commencement Date”) for
a term of three (3) years unless earlier terminated under Section 4
hereof.  The period of time between the commencement and the
termination of Executive’s employment hereunder shall be referred to herein as
the “Employment Period”.

    

    
      	
               
      

            	
              2.

            	
              Duties
      and Status

            

    

    

    The
Company hereby engages Executive as its Chief Technology Officer on the terms
and conditions set forth in this Agreement including the terms and conditions of
the Executive Proprietary Information, Inventions, and Non-Competition Agreement
attached hereto as Exhibit A and
incorporated herein. Executive agrees to perform such duties as are customarily
performed by similar executive officers at peer companies and as may be more
specifically enumerated from time to time by the Company’s Board of Directors
(the “Board”). During the term of the Employment Period, Executive shall
exercise such authority, perform such executive functions and discharge such
responsibilities as are reasonably associated with Executive’s position,
commensurate with the authority vested in Executive pursuant to this Agreement
and consistent with the governing documents of the Company.

    

    
      	
               
      

            	
              3.

            	
              Compensation
      and Benefits

            

    

    

    
      	
               
      

            	
              (a)

            	
              Salary.  During
      the Employment Period, the Company shall pay to Executive, as compensation
      for the performance of Executive’s duties and obligations under this
      Agreement, a base salary of $125,000 per annum (the “Annual Base Salary”),
      payable in accordance with the Company’s regular payroll
      practices.  Executive's Annual Base Salary shall be reviewed
      annually in accordance with the policies of the Company from time to time
      and may be subject to upward adjustment based upon, among other things,
      Executive's performance, as determined in the sole discretion of the
      Board. On each annual anniversary of the Commencement Date of this
      Agreement, Executive's Annual Base Salary shall be subject to an annual
      cost of living increase of not less than five percent (5%), provided, however, that
      the Board must make an affirmative determination that such a cost of
      living adjustment is
appropriate.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              Bonus.  During
      the Employment Period, Executive shall be eligible for a bonus to be paid
      in cash, stock or stock options or  a combination based on
      performance targets that shall be defined and agreed upon mutually by the
      Board and Executive. Cash and/or stock/stock option bonus payments will be
      determined and approved by the
Board.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Stock
      Options.  The Executive shall receive options (the
      “Options”) under the Company's 1999 Stock Incentive Plan to acquire
      400,000 shares of the Company’s common stock upon signing of this
      agreement, par value $.01 per share.  The Options shall vest as
      follows: 100,000 Options shall vest and become exercisable on August 14,
      2011, 100,000 Options shall vest and become exercisable on August 14,
      2012, and 200,000 Options shall vest and become exercisable on August 14,
      2013 subject to the terms and conditions described in the
      Agreement.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Equity.  Executive
      shall be eligible to receive awards of restricted stock, stock options,
      stock appreciation rights, phantom stock units and such other forms of
      equity compensation awards that may be authorized from time to time by the
      Board (collectively, “Equity”) under the Company’s equity compensation
      plans, such awards to be made by the Board from time to time in its sole
      discretion.  The Company shall reserve 5% of its authorized
      capital for its Equity compensation plans for directors, officers,
      employees, advisors, consultants and other
  personnel.

            

    

     

    
      	
               
      

            	
              (e)

            	
              Other
      Benefits.  During the Employment Period, Executive shall
      be entitled to participate in all of the employee benefit plans, programs
      and arrangements of the Company in effect during the Employment Period
      which are generally available to senior executives of the Company, subject
      to and on a basis consistent with the terms, conditions and overall
      administration of such plans, programs and arrangements.  In
      addition, during the Employment Period, Executive shall be entitled to
      fringe benefits and perquisites comparable to those of other senior
      executives of the Company including, but not limited to, standard
      holidays, twenty (20) days of vacation for the first year of the
      Employment Period and an additional day of vacation for each year
      thereafter to a maximum of twenty-five (25) days, to be used in accordance
      with the Company’s vacation pay policy for senior
    executives.

            

    

     

    
      	
               
      

            	
              (f)

            	
              Business
      Expenses.  During the Employment Period, the Company
      shall promptly reimburse Executive for all appropriately documented,
      reasonable business expenses incurred by Executive in the performance of
      Executive’s duties under this Agreement, including telecommunications
      expenses and travel expenses.

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              4.

            	
              Termination
      of Employment

            

    

    

    
      	
               
      

            	
              (a)

            	
              Termination for
      Cause.  The Company may terminate Executive’s employment
      hereunder for Cause (defined below).  For purposes of this
      Agreement and subject to Executive’s opportunity to cure as provided in
      Section 4(c) hereof, the Company shall have Cause to terminate Executive’s
      employment hereunder if such termination shall be the result
      of:

            

    

    

    
      	
               
      

            	
              (i)

            	
              a
      material breach
      of fiduciary duty or material breach
      of the terms of this Agreement or any other agreement between Executive
      and the Company (including without limitation any agreements regarding
      confidentiality, inventions assignment and
    non-competition);

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      commission by Executive of any act of embezzlement, fraud, larceny or
      theft on or from the Company;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              substantial
      and continuing neglect or inattention by Executive of the duties of his
      employment or the willful misconduct or gross negligence of Executive in
      connection with the performance of such duties which remains uncured for a
      period of fifteen (15) days following receipt of written notice from the
      Board specifying the nature of such
breach;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              the
      commission and indictment by Executive of any crime involving moral
      turpitude or a felony; and

            

    

     

    
      	
               
      

            	
              (v)

            	
              Executive’s
      performance or omission of any act which, in the judgment of the Board, if
      known to the customers, clients, stockholders or any regulators of the
      Company, would have a material and adverse impact on the business of the
      Company.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Termination for Good
      Reason.  Executive shall have the right at any time to
      terminate Executive’s employment with the Company upon not less than
      thirty (30) days prior written notice of termination for Good Reason
      (defined below).  For purposes of this Agreement and subject to
      the Company’s opportunity to cure as provided in Section 4(c) hereof,
      Executive shall have Good Reason to terminate Executive’s employment
      hereunder if such termination shall be the result
  of:

            

    

     

    
      	
            	
              (i)

            	
              the
      Company’s material breach of this Agreement;
or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              A
      requirement by the Company that Executive perform any act or refrain from
      performing any act that would be in violation of any applicable
      law.

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              Notice and Opportunity to
      Cure.  Notwithstanding the foregoing, it shall be a
      condition precedent to the Company’s right to terminate Executive’s
      employment for Cause and Executive’s right to terminate for Good Reason
      that (i) the party seeking termination shall first have given the other
      party written notice stating with specificity the reason for the
      termination (“breach”) and (ii) if such breach is susceptible of cure or
      remedy, a period of fifteen (15) days from and after the giving of such
      notice shall have elapsed without the breaching party having effectively
      cured or remedied such breach during such 15-day period, unless such
      breach cannot be cured or remedied within fifteen (15) days, in which case
      the period for remedy or cure shall be extended for a reasonable time (not
      to exceed an additional thirty (30) days) provided the breaching party has
      made and continues to make a diligent effort to effect such remedy or
      cure. In case Executive is the party seeking termination, written notice
      should be provided to either the Company’s CEO, the Company’s President,
      or the Company's Chairman of the
Board.

            

    

    

    
      	
               
      

            	
              (d)

            	
              Voluntary
      Termination.  Executive, at Executive’s election, may
      terminate Executive’s employment upon not less than sixty (60) days prior
      written notice of termination other than for Good
  Reason.

            

    

    

    
      	
               
      

            	
              (e)

            	
              Termination Upon Death or
      Permanent and Total Disability.  The Employment Period
      shall be terminated by the death of Executive.  The Employment
      Period may be terminated by the Board if Executive shall be rendered
      incapable of performing Executive’s duties to the Company by reason of any
      medically determined physical or mental impairment that can be reasonably
      expected to result in death or that can be reasonably be expected to last
      for a period of either (i) six (6) or more consecutive months from the
      first date of Executive’s absence due to the disability or (ii) nine (9)
      months during any twelve-month period (a “Permanent and Total
      Disability”).  If the Employment Period is terminated by reason
      of a Permanent and Total Disability of Executive, the Company shall give
      thirty (30) days’ advance written notice to that effect to
      Executive.

            

    

    

    
      	
               
      

            	
              (f)

            	
              Termination at the Election of
      the Company.  At the election of the Company, otherwise
      than for Cause as set forth in Section 4(a) above, upon not less than
      sixty (60) days prior written notice of
  termination.

            

    

    

    
      	
               
      

            	
              (g)

            	
              Termination for Business
      Failure.  Anything contained herein to the contrary
      notwithstanding, in the event the Company’s business is discontinued
      because continuation is rendered impracticable by substantial financial
      losses, lack of funding, legal decisions, administrative rulings,
      declaration of war, dissolution, national or local economic depression or
      crisis or any reasons beyond the control of the Company, then this
      Agreement shall terminate as of the day the Company determines to cease
      operation with the same force and effect as if such day of the month were
      originally set as the termination date hereof.  In the event
      this Agreement is terminated pursuant to this Section 4(g), the Company
      will give Executive fourteen (14) days’ advance written notice of
      termination and Executive will not be entitled to severance
      pay.

            

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              5.

            	
              Consequences
      of Termination

            

    

    

    
      	
               
      

            	
              (a)

            	
              By Executive for Good Reason
      or by the Company Without Cause.  In the event of a
      termination of Executive’s employment during the Employment Period by
      Executive for Good Reason pursuant to Section 4(b) or by the Company
      without Cause pursuant to Section 4(f) the Company shall pay Executive (or
      Executive’s estate) and provide Executive with the following, provided
      that Executive enter into a release of claims agreement agreeable to the
      Company and Executive:

            

    

    

    
      	
               
      

            	
              (i)

            	
              Cash
      Payment.  A cash payment, payable in equal installments
      over a six (6) month period after Executive’s termination of employment,
      equal to the sum of the following:

            

    

     

    
      	
               
      

            	
              (A)

            	
              Salary.  The
      equivalent of six (6) months of Executive’s then-current base salary (the
      “Severance Period”); plus

            

    

     

    
      	
               
      

            	
              (B)

            	
              Earned but Unpaid
      Amounts.  Any previously earned but unpaid salary through
      Executive’s final date of employment with the Company, and any previously
      earned but unpaid bonus amounts prior to the date of Executive’s
      termination of employment.

            

    

    

    
      	
               
      

            	
              (C)

            	
              Equity.  All
      Equity vested at time of termination shall be retained by Executive and
      all Equity that has not vested shall be accelerated and be deemed vested
      for purposes of this Section 5.

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Other
      Benefits.  The Company shall provide continued coverage
      for the Severance Period under all health, life, disability and similar
      employee benefit plans and programs of the Company on the same basis as
      Executive was entitled to participate immediately prior to such
      termination, provided that Executive’s continued participation is possible
      under the general terms and provisions of such plans and
      programs.  In the event that Executive’s participation in any
      such plan or program is barred, the Company shall use its commercially
      reasonable efforts to provide Executive with benefits substantially
      similar (including all tax effects) to those which Executive would
      otherwise have been entitled to receive under such plans and programs from
      which his continued participation is barred.  In the event that
      Executive is covered under substitute benefit plans of another employer
      prior to the expiration of the Severance Period, the Company will no
      longer be obligated to continue the coverage provided for in this Section
      5(a)(ii).

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              Other Termination of
      Employment.  In the event that Executive’s employment
      with the Company is terminated during the Employment Period by the Company
      for Cause (as provided for in Section 4(a) hereof) or by Executive other
      than for Good Reason (as provided for in Section 4(b) hereof), the Company
      shall pay or grant Executive any earned but unpaid salary, bonus, and
      Options through Executive’s final date of employment with the Company, and
      the Company shall have no further obligations to
  Executive.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Withholding of
      Taxes.  All payments required to be made by the Company
      to Executive under this Agreement shall be subject only to the withholding
      of such amounts, if any, relating to tax, excise tax and other payroll
      deductions as may be required by law or
  regulation.

            

    

    

    
      	
               
      

            	
              (d)

            	
              No Other
      Obligations.  The benefits payable to Executive under
      this Agreement are not in lieu of any benefits payable under any employee
      benefit plan, program or arrangement of the Company, except as
      specifically provided herein, and Executive will receive such benefits or
      payments, if any, as he may be entitled to receive pursuant to the terms
      of such plans, programs and arrangements.  Except for the
      obligations of the Company provided by the foregoing and this Section 5,
      the Company shall have no further obligations to Executive upon his
      termination of employment.

            

    

    

    
      	
               
      

            	
              6.

            	
              Change
      of Control.

            

    

    

    
      	
               
      

            	
              (a)

            	
              In
      the event of a change in control of the Company, the Company shall pay
      Executive and provide him with the
following:

            

    

    

    
      	
               
      

            	
              (i)

            	
              Cash
      Payment.  A cash payment, payable in a lump sum at the
      time any change in control is consummated, equal to the sum of the
      following:

            

    

     

    
      	
               
      

            	
              (A)

            	
              Salary.  The
      equivalent of eighteen (18) months of Executive’s then-current base
      salary; plus

            

    

     

    
      	
               
      

            	
              (B)

            	
              Earned but Unpaid
      Amounts.  Any previously earned but unpaid salary through
      date of the change in control, and any previously earned but unpaid bonus
      amounts prior to the date of the change in
  control.

            

    

     

    
      	
               
      

            	
              (C)

            	
              Equity.  All
      Equity vested at time of the change in control shall be retained by
      Executive and all Equity that has not vested shall be accelerated and be
      deemed vested for purposes of this Section
6.

            

    

    

    
      	
               
      

            	
              (b)

            	
              As
      used in this Agreement, the term "change in control" shall mean the
      occurrence of any of the following
events:

            

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (i)

            	
              if
      any "person" or "group" of persons, as such terms are used in
      Sections 13 and 14 of the Securities Exchange Act of 1934, as amended
      (the “Exchange Act”), other than an employee benefit plan sponsored by the
      Company, becomes the "beneficial owner," as such term is used in
      Section 13 of the Exchange Act (without regard to any vesting or
      waiting periods) of common equity of the Company or any class of stock
      convertible into common equity of the Company, in an amount equal to
      twenty percent (20%) or more of the sum total of the common equity issued
      and outstanding immediately prior to such acquisition as if they were a
      single class and disregarding any equity raise in connection with the
      financing of such transaction;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              if
      any common equity is purchased pursuant to a tender or exchange
      offer;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              upon
      the dissolution or liquidation of the Company or the consummation of any
      merger or consolidation of the Company or any sale or other disposition of
      all or substantially all of its assets, if the stockholders of the Company
      immediately before such transaction own, immediately after consummation of
      such transaction, equity securities possessing less than fifty percent
      (50%) of the surviving or acquiring company;
or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              upon
      a turnover, during any two (2) year period, of the majority of the
      members of the Board, without the consent of the remaining members of the
      Board as to the appointment of the new
members.

            

    

     

    
      	
               
      

            	
              7.

            	
              Governing
      Law

            

    

    

    This Agreement and the rights and
obligations of the parties hereto shall be construed in accordance with the laws
of the State of New York, without giving effect to the principles of conflict of
laws.

    

    
      	
               
      

            	
              8.

            	
              Indemnity
      and Insurance

            

    

    

    The Company shall indemnify and save
harmless Executive for any liability incurred by reason of any act or omission
performed by Executive while acting in good faith on behalf of the Company and
within the scope of the authority of Executive pursuant to this Agreement and to
the fullest extent provided under the Bylaws, the Articles of Incorporation and
the Delaware General Corporation Law, except that Executive must have in good
faith believed that such action was in, or not opposed to, the best interests of
the Company, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe that such conduct was unlawful.

    

    The Company shall provide that
Executive is covered by any Directors and Officers insurance that the Company
provides to other senior executives and/or board members.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    
      	
            	
              9

            	
              Cooperation with the Company
      After Termination of
Employment

            

    

    

    Following termination of Executive’s
employment for any reason, Executive shall fully cooperate with the Company in
all matters relating to the winding up of Executive’s pending work on behalf of
the Company including, but not limited to, any litigation in which the Company
is involved, and the orderly transfer of any such pending work to other
employees of the Company as may be designated by the
Company.  Following any notice of termination of employment by either
the Company or Executive, the Company shall be entitled to such full time or
part time services of Executive as the Company may reasonably require during all
or any part of the sixty (60)-day period following any notice of termination,
provided that Executive shall be compensated for such services at the same rate
as in effect immediately before the notice of termination.

    

    
      	
            	
              10

            	
              Notice

            

    

    

    All notices, requests and other
communications pursuant to this Agreement shall be sent by overnight mail, by
fax with proof of transmission or by email with confirmed receipt to the
following addresses:

    

    If to Executive:

    

    Dr. John Spoonhower

    Phone:  

    Email: 

    

    If to the Company:

    

    SensiVida Medical Technologies,
Inc.

    150 Lucius Gordon Drive, Suite
110

    West
Henrietta, NY 14586

    Attn: Jose Mir, President

    Phone:  585-953-5559

    Fax: 585-272-0229

    Email: jmir51@gmail.com

    

    
      	
               
      

            	
              11

            	
              Waiver
      of Breach

            

    

    

    Any waiver of any breach of this
Agreement shall not be construed to be a continuing waiver or consent to any
subsequent breach on the part of either Executive or of the
Company.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              12

            	
              Non-Assignment
      / Successors

            

    

    

    Neither party hereto may assign his/her
or its rights or delegate his/hers or its duties under this Agreement without
the prior written consent of the other party; provided, however, that (i) this
Agreement shall inure to the benefit of and be binding upon the successors and
assigns of the Company upon any sale or all or substantially all of the
Company’s assets, or upon any merger, consolidation or reorganization of the
Company with or into any other corporation, all as though such successors and
assigns of the Company and their respective successors and assigns were the
Company; and (ii) this Agreement shall inure to the benefit of and be binding
upon the heirs, assigns or designees of Executive to the extent of any payments
due to them hereunder.  As used in this Agreement, the term “Company”
shall be deemed to refer to any such successor or assign of the Company referred
to in the preceding sentence.

    

    
      	
               
      

            	
              13

            	
              Severability

            

    

    

    To the extent any provision of this
Agreement or portion thereof shall be invalid or unenforceable, it shall be
considered deleted there from and the remainder of such provision and of this
Agreement shall be unaffected and shall continue in full force and
effect.

    

    
      	
               
      

            	
              14

            	
              Counterparts

            

    

    

    This Agreement may be executed in one
or more counterparts, each of which shall be deemed to be an original but all of
which together will constitute one and the same instrument.

    

    
      	
               
      

            	
              15

            	
              Arbitration

            

    

    

    Executive and the Company shall submit
to mandatory and exclusive binding arbitration, any controversy or claim arising
out of, or relating to, this Agreement or any breach hereof where the amount in
dispute is greater than or equal to $50,000, provided, however, that the
parties retain their right to, and shall not be prohibited, limited or in any
other way restricted from, seeking or obtaining equitable relief from a court
having jurisdiction over the parties.  In the event the amount of any
controversy or claim arising out of, or relating to, this Agreement, or any
breach hereof, is less than $50,000, the parties hereby agree to submit such
claim to mediation.  Such arbitration shall be governed by the Federal
Arbitration Act and conducted through the American Arbitration Association
(“AAA”) in the State of New York, before a single neutral arbitrator, in
accordance with the National Rules for the Resolution of Employment Disputes of
the American Arbitration Association in effect at that time.  The
parties may conduct only essential discovery prior to the hearing, as defined by
the AAA arbitrator.  The arbitrator shall issue a written decision
which contains the essential findings and conclusions on which the decision is
based.  Mediation shall be governed by, and conducted through, the
AAA.  Judgment upon the determination or award rendered by the
arbitrator may be entered in any court having jurisdiction
thereof.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              16

            	
              Entire
      Agreement

            

    

    

    This Agreement and all schedules and
other attachments hereto constitute the entire agreement by the Company and
Executive with respect to the subject matter hereof and, except as specifically
provided herein, supersedes any and all prior agreements or understandings
between Executive and the Company with respect to the subject matter hereof,
whether written or oral.  This Agreement may be amended or modified
only by a written instrument executed by Executive and the
Company.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

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

    

    
      
        
          
            	 
      	
                    SENSIVIDA
      MEDICAL TECHNOLOGIES, INC.

                  
	 
      	 
      
	 
      	
                    By:

                  	/s/
      Jose Mir
	 
      	
                    Name:  Jose
      Mir

                  
	 
      	
                    Title:  President

                  
	 
      	 
      
	 
      	
                    EXECUTIVE

                  
	 
      	 
      
	 
      	      
                    /s/
      John Spoonhower

                  
	 
      	
                    John
      Spoonhower

                  

          

        

      

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    Exhibit
A

    

     Proprietary
Information and Non-Competition Agreement

    

    For
purposes of this Agreement, the term "Proprietary
Information" shall mean all knowledge and information which the Executive
has acquired or may acquire as a result of, or related to, his relationship with
the Company concerning the Company's business, finances, sales and marketing
plans, operations, strategic planning, current or proposed products or services,
software, methodologies, algorithms, flow charts and logic diagrams, technical
specifications and data, proprietary technology, trade secrets, cost and pricing
policies, methods of doing business, customer names and profiles, confidential
business information, know-how, techniques, and strategies and
Services.  Notwithstanding the foregoing sentence, such Proprietary
Information does not include (i) information which is or becomes publicly
available through no action or fault of the Executive (except as may be used or
disclosed in violation of this Agreement), (ii) information acquired by the
Executive from a source other than the Company or any of its Executives or other
consultants, which source acquired such information directly from the Company
without a breach of any confidentiality obligation between such source and the
Company, (iii) information that is known to the Executive without restriction
from his own independent sources as evidenced by the Executive’s written
records, and which was not acquired, directly or indirectly, from the Company or
its partners, and (iv) information developed or obtained by the Executive
unrelated to the services performed by the Executive for the Company and
discovered from sources other than the Company.

    

    
      	
               
      

            	
              1.

            	
              During
      Term of Employment

            

    

    

    At all
times while this Proprietary Information and Non-Competition Agreement (this
"Agreement") is in force and after its expiration or termination, Executive
agrees to refrain from disclosing the customer lists, trade secrets, inventions,
or other Proprietary Information of SensiVida Medical Technologies, Inc. (the
"Company"). All Proprietary Information generated by Executive during the Term
of Employment as set forth in Executive's Employment Agreement with the Company
will be the property of Company and to be surrendered to the Company by
Executive upon termination as described in Section 4 of this Agreement. In
addition, Executive shall not engage, directly or indirectly, as an Executive,
officer, director, partner, manager, consultant, agent, owner (other than a
minority shareholder or other equity interest of not more than 1% of a company
whose equity interests are publicly traded on a nationally recognized stock
exchange or over-the-counter) or in any other capacity, in any competition with
the Company or any of its subsidiaries.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              2.

            	
              Subsequent
      to Employment

            

    

    

     After
expiration or termination of this agreement, Executive agrees not to compete
with the Company for a period of 2 years in the area of minimally invasive
medical diagnostics or disclose the Company’s Proprietary Information as
described in Section 1. All Company material generated by Executive during
employment will be surrendered to the Company as described Section 4. In
addition, Executive shall not in
any capacity (whether in the capacity as an Executive, officer, director,
partner, manager, consultant, agent or owner (other than a minority shareholder
or other equity interest of not more than 1% of a company whose equity interests
are publicly traded on a nationally recognized stock exchange or
over-the-counter), directly or indirectly advise, manage, render or perform
services to or for any person or entity which is engaged in a business
competitive to that of the Company or any of its subsidiaries.

    

    
      	
               
      

            	
              3.

            	
              Non-solicitation

            

    

    

    For a 2
year period following the termination of Executive’s employment for any reason
or without reason, Executive shall not solicit or induce any person who was an
Executive of the Company or any of its subsidiaries on the date of Executive’s
termination or within three months prior to leaving his or her employment with
the Company or any of its subsidiaries to leave their employment with the
Company.

    

    
      	
               
      

            	
              4.

            	
              Return
      of Documents

            

    

    

    Immediately
upon termination of employment, Executive will return to the Company, and so
certify in writing to the Company, all the Company’s or any of its subsidiaries’
papers, documents and other property, including information stored for use in or
with computers and software applicable to the Company’s and its subsidiaries’
business (and all copies thereof), which are in Executive’s possession or under
Executive’s control, regardless whether such papers, documents or other property
contain Confidential Information or Trade Secrets.

    

    
      	
               
      

            	
              5.

            	
              No
      Conflicts

            

    

    

    To the
extent that they exist, Executive will not disclose to the Company or any of its
subsidiaries any of Executive’s previous employer’s confidential information or
trade secrets.  Further, Executive represents and warrants that
Executive has not previously assumed any obligations inconsistent with those of
this Agreement and that employment by the Company does not conflict with any
prior obligations to third parties.  In addition, Executive and the
Company agree that it is important for any prospective employer to be aware of
this Agreement, so that disputes concerning this Agreement can be avoided in the
future.  Therefore, the Executive agrees that, following termination
of employment with the Company, the Company may forward a copy of this
Non-Competition Agreement to any future prospective or actual employer, and the
Executive releases the Company from any claimed liability or damage caused to
the Executive by virtue of the Company’s act in making that prospective or
actual employer aware of this Agreement (and any related Exhibits
hereto).

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              6.

            	
              Agreement
      on Fairness.

            

    

    

    Executive
acknowledges that:  (i) this Agreement has been specifically bargained
between the parties and reviewed by Executive, (ii) Executive has had an
opportunity to obtain legal counsel to review this Agreement, and (iii) the
covenants made by and duties imposed upon Executive hereby are fair, reasonable
and minimally necessary to protect the legitimate business interests of the
Company, and such covenants and duties will not place an undue burden upon
Executive’s livelihood in the event of termination of Executive’s employment by
the Company and the strict enforcement of the covenants contained
herein.

    

    
      	
               
      

            	
              7.

            	
              Equitable
      Relief and Remedies.

            

    

    

    Executive
acknowledges that any breach of this Agreement will cause substantial and
irreparable harm to the Company for which money damages would be an inadequate
remedy.  Accordingly, the Company shall in any such event be entitled
to seek injunctive and other forms of equitable relief to prevent such breach
and the prevailing party shall be entitled to recover from the other, the
prevailing party’s costs (including, without limitation, reasonable attorneys’
fees) incurred in connection with enforcing this Agreement, in addition to any
other rights or remedies available at law.

    
      
         

      

      
        14ex10-1.htm

 

 

Exhibit 10.1

 

FIRST AMENDMENT TO MARCH 5, 2010

EMPLOYMENT AGREEMENT

This First Amendment to March 5, 2010, Employment Agreement (“Amendment”) is made and entered into effective as of the 27th day of August 2010, by and between West Bancorporation, Inc. and David D. Nelson.

WHEREAS, West Bancorporation, Inc. and David D. Nelson are parties to an employment agreement that became effective on March 5, 2010 (the “Agreement”),

WHEREAS, West Bancorporation, Inc. and David D. Nelson desire to amend the Agreement,

NOW, THEREFORE, it is mutually agreed as follows:

1.           Amendment to Paragraph 4.  Paragraph 4 of the Agreement is hereby deleted in its entirety and replaced and superseded by the following:

4.  For 2011 and after, you shall be eligible to receive a performance bonus of up to one-half of the amount of your Base Salary for each calendar year worked in accordance with the Company's senior executive bonus plan then in effect ("Performance Bonus").  The amount, if any, of such bonus shall be determined by the Board in its sole discretion.  Any Performance Bonuses awarded while the Company is participating in the Department of the Treasury’s TARP program will be paid in long-term restricted stock.  The stock restrictions shall include (1) a vesting period of not more than the longer of three years from the grant date or the time of repayment of all TARP funds and (2) a requirement that you be employed by the Company on each vesting date.  To the extent not precluded by law or any TARP restriction, each Performance Bonus shall fully vest if you become permanently and fully disabled or die or in the event of a change in control of the Company or a sale of substantially all of the Company’s operating assets.  The Board’s Compensation Committee has the sole discretion to impose stock restrictions under the West Bancorporation, Inc. Restricted Stock Compensation Plan.

2.           Amendment to Paragraph 5.  Paragraph 5 of the Agreement is hereby deleted and replaced and superseded by the following:

5.  As consideration for your agreement to join the Company and enter into this Agreement, you will be paid $125,000.

3.           No Other Modifications.  Except as herein modified, the Agreement remains in effect as originally executed.

4.           Entire Agreement.  This Amendment shall be affixed to the Agreement and become a part thereof.

5.           Binding Agreement.  The undersigned hereby agree and consent to be bound by the terms of the Agreement, as hereby amended.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of August 27, 2010.

	
/s/ David R. Milligan

	  	
/s/ David D. Nelson

	  
	
David R. Milligan

	  	
David D. Nelson

	  
	
Chairman, Board of Directors

	  	  	  
	
West Bancorporation, Inc.

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