Document:

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                                                                    EXHIBIT 10.4

                         EXECUTIVE EMPLOYMENT CONTRACT

         THIS AGREEMENT made as of September 27, 2004 by and between PMC
Commercial Trust, a Texas Real Estate Investment Trust with its principal places
of business in Dallas, Collin County, Texas, hereinafter referred to as the
"CORPORATION," and Barry N. Berlin, hereinafter referred to as "EXECUTIVE."

                                WITNESSETH THAT:

         In consideration of the promises herein contained, the parties hereto
mutually agree as follows:

         1. Employment: The Corporation hereby employs the Executive as its
Chief Financial Officer with such powers and duties as may be specified by the
Board of Directors. The Executive hereby accepts employment upon the terms and
conditions as hereinafter set forth.

         2. Term: Subject to the provisions for termination as hereinafter
provided, the term of this Agreement shall begin immediately and shall terminate
on the earlier of (i) the Executive's seventieth (70th) birthday or (ii) July
31, 2007 or such later date as determined by the Board of Directors (the
"Term"). The Term of this Executive Employment Contract may be extended annually
by the Board of Directors.

         3. Compensation: For all services rendered by the Executive under this
contract, the Executive shall be paid an annual salary at a minimum at the
annual rate for the Executive effective as of September 30, 2004 (the "Minimum
Rate"). The Minimum Rate may be increased by the Board at its discretion. The
annual salary is payable pursuant to the normal payroll practices of the
Corporation.

         The Board of Directors may consider bonus compensation for the
Executive if the performance of the Corporation and the Executive justifies such
bonus compensation.

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         4. Authorized Expenses: The Executive is authorized to incur reasonable
expenses for the promotion of the business of the Corporation. The Corporation
will reimburse the Executive for all such reasonable expenses upon the
presentation by the Executive, from time to time, of an itemized account of such
expenditures.

         The Executive shall be entitled to such additional and other fringe
benefits as the Board of Directors shall from time to time authorize, including
but not limited to: A) health insurance coverage for the Executive, his wife and
dependent children; B) a monthly automotive allowance of $550, which the
Executive is to use to obtain an automobile to be available for company needs.
All operating expenses such as maintenance, insurance and fuel (excluding fuel
for company travel) will be the responsibility and expense of the Executive.

         5. Extent of Services: The Executive shall devote a substantial portion
of business time, attention and energies to the business of the Corporation, and
shall not, during the term of this Agreement, engage in any other business
activities, whether or not such activities are pursued for gain, profit or other
pecuniary advantage. This provision is not meant to prevent him from A) devoting
reasonable time to civic or philanthropic activities or B) investing his assets
in such form or manner providing that it does not require any substantial
services on the part of the Executive that will interfere with the Executive's
employment pursuant to this Agreement. Executive's employment is considered as
full-time.

         6. Working Facilities: The Executive shall be furnished with such
facilities and services suitable to his position and adequate for the
performance of his duties.

         7. Duties: The Executive is employed in an executive and supervisory
capacity and shall perform such duties consistent herewith as the Board of
Directors of the Corporation shall from time to time specify. Subject to the
provisions of Section 14 hereof, the precise services of

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the Executive may be extended or curtailed, from time to time, at the discretion
of the Board of Directors of the Corporation.

         8. Disclosure of Information: The Executive recognizes and acknowledges
that the Corporation's operating procedures or service techniques are valuable,
special and unique assets of the Corporation's business. The Executive will not,
during or after the term of his employment, disclose the list of the
Corporation's customer base or service techniques to any person, firm,
corporation, association or other entity for any reason or purpose whatsoever.
In the event of breach or threatened breach by the Executive of the provisions
of this paragraph, the Corporation shall be entitled to an injunction
restraining any such breach. Nothing herein shall be construed as prohibiting
the Corporation from pursuing any other remedies available to the Corporation
for such breach or threatened breach, including the recovery of damages from the
Executive.

         9. Vacations: The Executive shall be entitled each year to a vacation
in accordance with the vacation contract addendum dated effective July 1, 1999.

         10. Disability: If the Executive is unable to perform his services by
reason of illness or total incapacity, based on standards similar to those
utilized by the U.S. Social Security Administration, he shall receive his full
salary for one (1) year of said total incapacity through coordination of
benefits with any existing disability insurance program provided by the
Corporation ( a reduction in salary by that amount paid by any Corporation
provided insurance). Should said Executive be totally incapacitated beyond a
one-year period, so that he is not able to devote full time to his employment
with said Corporation, then this Agreement shall terminate.

         11. Death During Employment: If the Executive dies during the term of
employment and has not attained the age of seventy years, the Corporation and/or
any third party insurance

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provided by the Corporation, through a coordination of benefits, shall pay the
estate of the Executive a death benefit equal to two times the Executive's
annual salary. In the event the Executive receives death benefits payable under
any group life insurance policy issued to the Corporation, the Corporation's
liability under this clause will be reduced by the amount of the death benefit
paid under such policy. The Corporation shall pay any remaining death benefits
to the estate of the Executive over the course of twelve (12) months in the same
manner and under the same terms as the Executive would have been paid if he had
still been working for the Corporation. No later than one (1) month from the
date of death, the estate of the Executive will also be paid any accumulated
vacation pay. Such payments pursuant to this paragraph shall constitute the full
compensation of said Executive and he and his estate shall have no further claim
for compensation by reason of his employment by the Corporation.

         12. Assignment: The acts and obligations of the Corporation under this
Agreement shall inure to the benefit of and be binding upon the successors and
assigns of the Corporation.

         13. Invalidity: If any paragraph or part of this Agreement is invalid,
it shall not affect the remainder of this Agreement but the remainder shall be
binding and effective against all parties.

         14. Additional Compensation: If during the Term, this Agreement is
terminated by the Corporation (other than pursuant to the provisions of Section
15 hereof) or by the Executive due to "Constructive Discharge" then the
Executive shall receive termination pay in an amount equal to 2.99 times the
average of the last three years compensation. For purposes of this Agreement,
"Constructive Discharge" shall mean:

                -        Any reduction in salary below the Minimum Rate;

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                -        A material change diminishing the Executive's job
                         function, authority, duties or responsibilities, or a
                         similar change deteriorating Executive's working
                         conditions that would not be in accordance with the
                         spirit of this Agreement;

                -        A required relocation of Executive of more than 100
                         miles from Executive's current job location; or
                         requires Executive to travel away from Executive's
                         office in the course of discharging Executive's
                         responsibilities in excess of that typically required
                         of executives in similar positions.

                -        Any breach of any of the terms of this Agreement by the
                         Corporation which is not cured within 14 days following
                         written notice thereof by Executive to the Corporation.

The amount payable by the Corporation pursuant to this Section 14 shall be made
in one lump sum cash payment payable to the Executive no later than 30 days
following termination of this Agreement.

         15. Termination: The Corporation cannot terminate this agreement except
for: 1) the intentional, unapproved material misuse of corporate funds, 2a)
professional incompetence (i.e. the intentional refusal to perform or the
inability to perform the duties associated with Executive's position with the
Corporation in a competent manner, which is not cured within 15 days following
written notice to Executive) or 2b) willful neglect of duties or
responsibilities in either case not otherwise related to or triggered by the
occurrence of any event or events described in or prescribed by Section 14
hereof.

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         16. Indemnification: The Corporation hereby agrees to indemnify and
hold the Executive harmless from any loss for any corporate undertaking, as
contemplated in Section 7 hereof, whereby a claim, allegation or cause of action
shall be made against the Executive in the performance of his contractual duties
except for willful illegal misconduct. Said indemnification shall include but
not be limited to reasonable cost incurred in defending the Executive in his
faithful performance of contractual duties.

         17. Entire Agreement: This contract may not be changed except in
writing and embodies the whole Agreement between the parties hereto and there
are no inducements, promises, terms, conditions or obligations made or entered
into by the Corporation or the Executive other than contained herein. This
Executive Employment Contract supercedes and replaces that certain Executive
Employment Contract dated September 17, 2003 between the Corporation and the
Executive.

         IN WITNESS WHEREOF, the parties here hereunto signed and sealed this
Agreement the date first above written.

Signed, Sealed and Delivered                    "Corporation"
In the presence of:                             PMC Commercial Trust

/s/ Angela J. Sparks
--------------------
                                                /s/ Lance B. Rosemore
                                                ---------------------------
                                                By:      Lance B. Rosemore
                                                         President

                                                         "EXECUTIVE"

/s/ Jan F. Salit
----------------
                                                /s/ Barry N. Berlin
                                                -----------------------
                                                By:      Barry N. Berlin,
                                                         Chief Financial Officer

                                                (CORPORATE SEAL)EX-10.1 EMPLOYMENT AGREEMENT DATED SEPT 27, 2004

 

Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

PARTIES

     This Employment Agreement (this “Agreement”) is entered into between
PolyMedica Corporation, a Massachusetts corporation having its principal place
of business at 11 State Street, Woburn, Massachusetts 01801 (the “Company”
(which term shall include the Company’s subsidiaries and affiliated entities))
and Patrick T. Ryan, an individual with an address at 686 Hale Street, Beverly
Farms, MA 01915 (the “Executive”).

TERMS OF AGREEMENT

     In consideration of this Agreement and the employment of the Executive by
the Company, the parties agree as follows:

     1. Employment.

          1.1 The Company hereby employs Executive, on a full-time basis, as
President and Chief Executive Officer of the Company. Executive’s principal
office will be located in eastern Massachusetts, unless Executive agrees to
relocate to another location. Executive hereby accepts said employment.
Executive shall use his best and most diligent efforts to promote the interests
of the Company; shall discharge his duties in a highly competent manner; and
shall devote his full business time and his best business judgment, skill and
knowledge to the performance of his duties and responsibilities hereunder.
Executive shall report directly to the Board of Directors (the “Board”) of the
Company.

          1.2 Nothing contained herein shall preclude Executive from devoting
incidental and insubstantial amounts of time to activities other than the
business of the Company and which are not inconsistent with the best interests
of the Company.

          1.3 Executive may serve on the Boards of Directors of other entities,
provided that such service does not interfere with the performance of his
duties on behalf of the Company under this Agreement and Executive obtains
prior approval from the Company’s Board of Directors.

     2. Term of Employment. The Company agrees to employ the Executive for a
twelve (12) month period commencing on the Employment Date (the “Employment
Period”). Notwithstanding the foregoing, the Company shall have the right to
terminate the Executive’s employment under this Agreement upon sixty (60) days’
written notice to Executive, subject to the Company’s obligation to pay
severance benefits as provided in Section 3.7 and the Executive shall have the
right to terminate his employment under this Agreement upon one-hundred and
eighty (180) days’ written notice to the Company. If Executive shall remain in
the employ of the Company beyond the Employment Period, in the absence of any
other express agreement between the parties, this Agreement shall continue on a
month-to-month basis (the “Extended Employment Period”).

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     3. Compensation and Benefits; Disability.

          3.1 Stock Option. On the Employment Date, the Company shall grant to
Executive a stock option for 450,000 shares of the Company’s Common Stock, at
the closing price of such stock on the date of grant as reported by the NASDAQ
National Market. Such option shall “vest” and become exercisable as to 25% of
the original number of shares subject to such option on the 1st anniversary of
the grant date, with the remaining option shares becoming exercisable at the
rate of 6.25% of the original number of shares subject to such option on each
December 31st, March 31st, June 30th, and September 30th thereafter until such
option is fully vested and shall have such other terms as are in the Company’s
standard form of Stock Option Agreement.

          3.2 Salary.

               (a) During the Employment Period, the Company shall pay Executive an
annualized base salary of $650,000 (“Base Salary”) payable in equal
installments pursuant to the Company’s customary payroll policies in force at
the time of payment (but in no event less frequently than monthly), less all
required and authorized payroll deductions and state and federal withholdings.
Executive’s Base Salary shall be reviewed annually.

          3.3 Bonus Payment. During the Employment Period, Executive may receive,
in the sole discretion of the Compensation Committee, an annual bonus payment,
if any, to be determined by the Compensation Committee.

          3.4 Executive Benefits. During the Employment Period, Executive shall be
entitled to participate in all benefit programs that the Company establishes
and makes available to its other executives and employees, if any, in
accordance with the relevant plan documents and requirements, including but not
limited to the following benefits:

               (a) Health Insurance. Health and dental insurance; and

               (b) Life Insurance. Life insurance on the life of Executive with an
Executive-directed beneficiary in the amount of 150% of Executive’s Base
Salary; and

               (c) Stock Based Compensation. Executive will be eligible to participate
in the Company’s Employee Stock Purchase Plan as set forth in said plan and,
for the period after April 1, 2005, be considered by the Compensation
Committee for grants or awards of stock options or other stock-based
compensation under the Company’s Stock Incentive Plan or similar plans from
time to time in effect. All such grants or awards shall be governed by the
governing Plan and shall be evidenced by the Company’s then standard form of
stock option, restricted stock or other applicable agreement.

          3.5 Vacation. During the Employment Period, Executive may take six weeks
of paid vacation during each year at such times as shall be consistent with the
Company’s vacation policies and (in the Company’s judgment) with the Company’s
vacation schedule for executives and other employees.

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          3.6 Disability. If during the Employment Period Executive shall become
ill, disabled or otherwise incapacitated so as to be unable to perform the
essential functions of his position with or without reasonable accommodation,
as may be required by state or federal law, (a) for a period in excess of
ninety (90) consecutive days or (b) for more than one hundred-twenty (120) days
in any twelve (12) month period, then the Company shall have the right to
terminate Executive’s Employment under this Agreement, in accordance with
applicable laws, on thirty (30) days’ notice to Executive. A determination of
disability shall be made by a physician satisfactory to both the Executive and
the Company, provided that if the Executive and the Company do not agree on a
physician, the Employee and the Company shall each select a physician and these
two together shall select a third physician, whose determination shall be
binding on all parties.

          3.7 Severance Pay. In the event that the Company terminates Executive’s
Employment under this Agreement without cause (i.e. other than pursuant to
Section 3.6 or Section 4 hereof) at any time (including during the Extended
Employment Period) or does not renew or extend the Executive’s Employment under
this Agreement without cause (i.e. other than consistent with Section 3.6 or
Section 4 hereof), and subject to the Executive’s execution and non-revocation
of a severance agreement and release drafted by and satisfactory to counsel for
the Company, the Company shall continue to pay Executive at his then current
Base Salary for the remainder of the Employment Period or for twenty-four (24)
months, whichever is longer (the “Severance Period”). Neither party shall be
entitled to any compensation or claim for good will or other loss suffered by
reason of termination of this Agreement. Notwithstanding the foregoing, the
Company’s obligations under this Section 3.7 shall cease immediately upon the
payment by the Company to the Executive of the lump sum payment described in
Section 4.2(a)(i) of the Executive Retention Agreement, dated as of the date
hereof by and between the Company and the Executive.

          3.8 Benefits During Severance Period. Except as otherwise required by
law, the Executive shall not be entitled to any employee benefits provided
under Section 3.4 after termination of Executive’s employment whether or not
severance pay is being provided, except that if severance pay is being provided
(i) the Company shall continue in full force and effect, at its expense, the
life insurance provided for in Section 3.4(b) for a period of twenty-four (24)
months after termination of Executive’s employment hereunder or until Executive
becomes employed, whichever first occurs, and (ii) the Company shall offer, at
its expense, continued health and dental insurance as required under the
Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) or other law
for a period of eighteen (18) months after termination of Executive’s
employment hereunder or until Executive becomes employed, whichever first
occurs. If Executive elects not to maintain health insurance pursuant to COBRA
or other law, the Company is under no obligation to reimburse Executive for his
otherwise elected coverage. Executive shall be obligated to give the Company
prompt notice of his subsequent employment and at that time, the Company’s
obligations pursuant to this Section 3.8, if any, shall cease.

     4. Discharge for Cause. The Company may discharge Executive and terminate
his employment under this Agreement for cause without further liability to the
Company. As used in this Section 4, “cause” shall mean any or all of the
following:

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               (a) a good faith finding by the Board of Directors of any of the
following: failure of the Executive to perform his assigned duties for the
Company, dishonesty, gross negligence, misconduct, theft or embezzlement from
the Company, the intentional provision of services to competitors of the
Company or improper disclosure of proprietary information;

               (b) a good faith finding by the Board of Directors of a breach of any
material provision of the Company’s Code of Conduct or other policies and
procedures; provided that the breach is not cured within 10 days after a
written demand for cure is received by the Executive from the Board of
Directors of the Company which specifically identifies the manner in which the
Board of Directors believes the Executive has breached a material provision of
the Company’s Code of Conduct or other policies and procedures; or

               (c) indictment, conviction (or the entry of a pleading of guilty or nolo
contendere by Executive) of a fraud or felony or any criminal offense involving
dishonesty, breach of trust or moral turpitude during Executive’s employment;.

     In the event the Company exercises its right to terminate Executive’s
employment under this Section 4, Executive shall not be entitled to receive any
severance pay or other termination benefits.

     In the event that the Company terminates Executive’s employment without
cause but the Board of Directors determines subsequently that the Company had
the right to terminate his employment pursuant to this Section 4, the Company
may terminate the payment of all amounts to Executive pursuant to Sections 3.7
and 3.8, Executive shall return all previous payments made to him pursuant to
such Sections and any options held by him but not yet exercised shall cease to
be exercisable.

     5. Termination Without Cause. The Company may terminate Executive’s
Employment under this Agreement without cause without further liability to the
Company except as set forth in Section 3.7 and 3.8.

     6. Expenses. Pursuant to the Company’s customary policies in force at the
time of payment, Executive shall be promptly reimbursed for business related
expenses.

     7. Agreement Not to Compete and Invention and Non-Disclosure Agreement.
Executive acknowledges that he has executed contemporaneously with this
Agreement a Non-Competition and Non-Solicitation Agreement and an Invention and
Non-Disclosure Agreement with the Company (the “Additional Agreements”).
Executive acknowledges that the Additional Agreements, once executed, will
survive the termination of this Agreement.

     8. Arbitration. The Employee agrees that any dispute or controversy
arising out of or relating in any way to the Employee’s employment with and/or
termination from the Company (including, but not limited to, all claims,
demands or actions under any federal, state or local statute or regulation
regarding employment discrimination, and/or all claims, demands or actions
concerning the interpretation, construction, performance or breach of this
Agreement) shall be settled by arbitration held in Boston, Massachusetts in
accordance with the Rules of the American Arbitration Association, before an
arbitrator who shall have experience in the area of the matter in dispute.
Each party shall bear its own costs and attorneys’ fees in connection with

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any arbitration pursuant to this paragraph; provided that Executive will
be reimbursed for his attorneys’ fees if he prevails. Further provided,
however, that this paragraph shall not apply to any dispute or controversy
arising out of or relating in any way to the interpretation, construction,
performance or breach of the Additional Agreements, and no such dispute or
controversy shall be deemed to be arbitrable in the absence of the Company’s
written agreement.

     9. Notices. Any notice or communication given by any party hereto to the
other party or parties shall be in writing and personally delivered or mailed
by certified mail, return receipt requested, postage prepaid, to the addresses
provided above. All notices shall be deemed given when actually received. Any
person entitled to receive notice (or a copy thereof) may designate in writing,
by notice to the others, another address to which notices to such person shall
thereafter be sent.

     10. Miscellaneous.

          10.1 Entire Agreement. This Agreement contains the entire understanding
of the parties in respect of its subject matter and supersedes all prior
agreements and understandings between the parties with respect to such subject
matter; provided that nothing in this Agreement shall affect Executive’s or the
Company’s obligations under the Additional Agreements.

          10.2 Amendment; Waiver. This Agreement may not be amended, supplemented,
cancelled or discharged, except by written instrument executed by the party
affected thereby. No failure to exercise, and no delay in exercising, any
right, power or privilege hereunder shall operate as a waiver thereof. No
waiver of any breach of any provision of this Agreement shall be deemed to be a
waiver of any preceding or succeeding breach of the same or any other
provision.

          10.3 Binding Effect; Assignment. The rights and obligations of this
Agreement shall bind and inure to the benefit of any successor of the Company
by reorganization, merger or consolidation, or any assignee of all or
substantially all of the Company’s business and properties. Executive’s rights
or obligations under this Agreement may not be assigned by Executive; except
that Executive’s right to compensation to the earlier of date of death or
termination of actual employment shall pass to Executive’s executor or
administrator.

          10.4 Headings. The headings contained in this Agreement are for reference
purposes only and shall not affect the meaning or interpretation of this
Agreement.

          10.5 Applicable Law. This Agreement shall be interpreted and construed by
the laws of the Commonwealth of Massachusetts, without regard to conflict of
laws provisions. Executive hereby irrevocably submits and acknowledges and
recognizes the jurisdiction of the courts of the Commonwealth of Massachusetts,
or if appropriate, a federal court located in Massachusetts (which courts, for
purposes of this Agreement, are the only courts of competent jurisdiction),
over any suit, action or other proceeding arising out of, under or in
connection with this Agreement or the subject matter hereof.

          10.6 Other Agreements. Executive has provided the Company with a copy of
any and all restrictive covenants and agreements that he is bound by with any
previous employer or other party to refrain from using or disclosing any trade
secret or confidential or proprietary

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information in the course of his employment with the Company, or to
refrain from competing, directly or indirectly, with the business of such
previous employer or any other party. Employee further represents that his
performance of all the terms of this Agreement and as an employee of the
Company does not and will not breach any agreement to keep in confidence
proprietary information, knowledge or data acquired by him in confidence or
trust prior to his employment with the Company.

          10.7 Further Assurances. Each of the parties agrees to execute,
acknowledge, deliver and perform, or cause to be executed, acknowledged,
delivered or performed, at any time, or from time to time, as the case may be,
all such further acts, deeds, assignments, transfers, conveyances, powers of
attorney and assurances as may be necessary or proper to carry out the
provisions or intent of this Agreement.

          10.8 Severability. If any one or more of the terms, provisions, covenants
or restrictions of this Agreement shall be determined by a court of competent
jurisdiction to be invalid, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated. If,
moreover, any one or more of the provisions contained in this Agreement shall
for any reason be determined by a court of competent jurisdiction to be
excessively broad as to duration, geographical scope, activity or subject, it
shall be construed by limiting or reducing it so as to be enforceable to the
extent compatible with then applicable law.

EXECUTION

     The parties hereof execute this Agreement as a sealed instrument,
whereupon it becomes binding in accordance with its terms.

	 	 	 	 	 
	 	 	POLYMEDICA CORPORATION
	 
	 	 	 	 
	 	 	/s/ Samuel L. Shanaman

By: Samuel L. Shanaman
	 	 	Title: Chairman
	 
	 	 	 	 
	

	 	Date:
	 	September 27, 2004
	

	 	 	 	
 

	 	 	 
	AGREED TO AND ACCEPTED:
	 
	 	 
	/s/ Patrick T. Ryan

Patrick T. Ryan
	 
	 	 
	Date:

	 	September 27, 2004
	

	 	
 

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