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EXHIBIT 10.47    
    

 
  SEVERANCE AND RELEASE AGREEMENT    
    

        This Severance and Release Agreement ("Agreement") is made by and between Al Seck ("Employee") on the one hand, and MedicalCV, Inc. ("Company") on the
other hand. Employee and Company are jointly called the "Parties" in this Agreement. 

Recitals  

        A.    Employee
is currently the Vice President of Business Development. 

        B.    The
Company has agreed to provide Employee with certain benefits by means of and under the terms and conditions of this Agreement and consistent with the
MedicalCV, Inc. Severance Plan and Summary Plan Description ("Severance Plan"). 

        Based
on these recitals, the Parties agree as follows: 

Terms  

        1.     Employee's
employment with the Company shall terminate effective at the end of business on Wednesday, July 21, 2004 ("Termination Date"). 

        2.     Employee
has forty-five (45) days from the date he receives it to consider whether to sign this Agreement (not including the day he receives it), and
is advised in writing by this paragraph to consult an attorney as part of the consideration process. The 45-day consideration period thus expires at the end of the day on Tuesday,
September 7, 2004. If Employee signs this Agreement before the expiration of the 45-day period, he does so because he does not need additional time beyond the signature date to
decide whether to enter into this Agreement. Employee acknowledges that once he executes this Agreement, he may, if he chooses, revoke the Agreement within fifteen (15) days after the date on
which he signed. (The Parties agree that this 15-day revocation period includes, and is not in addition to, the seven-day consideration period required by the Age
Discrimination in Employment Act.) If Employee chooses to revoke, written notice of revocation must be delivered either in person, or mailed by certified mail, return receipt requested, and properly
addressed to: 

John
H. Jungbauer,

Vice President-Finance/Chief Financial Officer

MedicalCV, Inc.

9725 South Robert Trail

Inver Grove Heights, MN 55077 

If
mailed, the Agreement must be postmarked within the 15-day period. If Employee does not timely revoke his execution of this Agreement, then the sixteenth day following the date of his
execution will be the "Effective Date" of this Agreement. 

        3.     By
executing this Agreement, Employee represents that he understands the terms and effect of this Agreement and enters into it willingly, knowingly, and voluntarily. 

        4.     Provided
that Employee complies with his obligations and with the conditions under this Agreement (including but not limited to the performance of those duties set forth
in sections 6 through 14 below), and does not revoke this Agreement pursuant to section 2 above, Employee will be entitled to receive the payments and benefits set forth in section 5
below. 

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        5.     The
Company will provide the following compensation and benefits to Employee as consideration for his promises in this Agreement and his performance on those promises: 

        (a)   Employee
will continue to receive his base salary for the next 5 weeks ("Severance Period"), less appropriate deductions and withholding, mailed to Employee's last known
address of record at the Company (hereinafter "Severance Pay"). Severance Pay shall be mailed out in the usual amounts on the Company's standard paydays, and shall begin on the first payday that
occurs at least six days after the Effective Date. 

        (b)   Employee
will also receive an additional 5 weeks of base pay, less appropriate deductions and withholdings, as "Special Consideration" for which Employee is not
otherwise entitled under the Severance Plan. This Special Consideration shall be paid concurrently with and in the same manner as the Severance Pay described in paragraph 5(a) above. 

        (c)   The
Company shall further continue for the entire Severance Period to pay the employer's portion of Employee's group health care insurance, as Employee has elected to
receive such coverage prior to the Termination Date, in the manner set forth in the Company's Severance Plan, if Employee chooses to continue such coverage under COBRA (hereinafter, "COBRA Payments"). 

        (d)   All
federal, state or other taxes that are required by law to be paid by Employee in connection with this Agreement will be his sole responsibility and Employee agrees
that the Company will have no responsibility whatsoever with respect to these taxes, except as to fulfilling legally-required reporting and withholding obligations as to Severance Pay and Special
Consideration. Employee agrees that the Company has made no statements or representations to him regarding the taxability of COBRA Payments. Employee agrees to indemnify and hold the Company harmless
for a tax liability, interest, or penalties for any federal, state, or local taxes on any amount paid to him under section 5 of this Agreement and further agrees to reimburse the Company for
reasonable costs and attorney fees incurred in enforcing this provision. 

        6.     Employee,
on behalf of himself, his heirs, successors, agents, assigns, and all other persons who could assert a claim based on a relationship with Employee and/or
dealings with the Company, waives and releases and promises never to assert any or all claims that exist or might exist against the Company, its related business entities, and their current and
former: partners (whether general or limited), shareholders, Board members, directors, officers, employees, agents, attorneys, insurers, and assigns, prior to the Employee's signing of this Agreement.
These claims include, but are not limited to, claims arising under federal, state or local statutes, ordinances, regulations, rules, or common law, including but not limited to the following (as
amended): Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Americans with Disabilities Act; the Age Discrimination in Employment Act; the Family Medical Leave Act; the
Employee Retirement Income Security Act; any state statute or law governing employment, discrimination, or harassment in employment or governing termination of employment, including but not limited to
the Minnesota Human Rights Act, or similar state statutes or local ordinances; the law of contract and tort including but not limited to claims for defamation, fraud or misrepresentation, breach of
privacy, assault, battery, intentional or negligent infliction of emotional distress, promissory estoppel, or any quasi-contractual theory or any other theory arising under the common law; and any
claims for attorney's fees, costs, or disbursements, or any action in equity, all to the fullest extent permitted by law. Employee represents and warrants that he has not assigned any such claims to
anyone else. 

        Employee
acknowledges and agrees that he waives and releases any and all claims which he might have as to any form of separation pay, compensation, or stock or equity interest in the
Company, except as to stock in the Company already owned. Employee hereby acknowledges receipt of all vacation pay and compensation for work performed through the date of this Agreement. 

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        Employee
further agrees to the extent permitted by law not to sue or commence any legal or equitable actions against the Company, except to enforce this Agreement. Employee acknowledges
and agrees that the Severance Pay, Special Consideration, and COBRA Payment that he is receiving constitutes a fair, sufficient, and adequate consideration for promises in this Agreement. 

        7.     Within
the Severance Period and for forty-eight (48) months after the end of the Severance Period as measured by the mailing of the last Severance Pay check,
Employee will comply with any reasonable request by the Company or its attorneys to assist in connection with pending or future litigation or charges involving the Company, including but not limited
to matters involving any past or present agent or employee of the Company, involving another business entity, or involving any other Company-affiliated entity, parent, or successor. The Company will
reimburse Employee for all reasonable, out-of-pocket expenses incurred in providing such assistance, and pay $50.00 per hour for any of his time required in connection with any
pending or future litigation or charges involving the Company. 

        8.     During
a period of twelve (12) months from and after the Termination Date of Employee's employment, Employee shall not, anywhere within the geographic area in
which Company is conducting its businesses as of such date (the "Restricted Area"), directly or indirectly: 

        (a)   have
any ownership interest in, financial participation in, or become employed by any competitor of the Company in the Restricted Area; 

        (b)   call
upon, solicit, or attempt to take away any current or prospective customers or accounts of the Company, with whom the Employee became acquainted and/or had contact
with as a result of employment by the Company; 

        (c)   solicit,
induce or encourage any employee of the Company to violate any term of their employment contract with the Company, or to assist any other person or entity to do
so; or 

        (d)   solicit,
induce or encourage any employee of the Company to leave their employment with the Company while such person is employed by the Company, or to assist any other
person or entity to do so. 

The
foregoing competitive restrictions shall survive the termination of Employee's employment and shall be effective and enforceable for twelve (12) months following termination of Employee's
employment with the Company. 

        9.     During
the Severance Period, Employee will fully comply with any reasonable request by the Company to provide information or guidance on any matter reasonably deemed by
the Company to fall within Employee's prior duties or knowledge or experience while at the Company. Such consultation shall not exceed four (4) hours in any calendar week, which shall be
scheduled in a manner promptly to fulfill the Company's needs, immediately before or after normal business hours or during normal business hours, on or off Company property, at the reasonable
discretion of the Company taking into account Employee's personal or business schedule. Employee agrees he is not entitled to any compensation for such consultations beyond what is set forth in
section 5 above. 

        10.   Employee
shall promptly transfer all of Employee's knowledge concerning all items which Employee was involved in administering and/or developing and any information
which he has sole knowledge or possession, and any unique or special information that would otherwise be difficult for the Company to access or re-create. Such information shall include,
but are not limited to, production and quality information and accounting and computer systems information. Employee shall make himself available for and provide further support regarding such items
pursuant to section 9 above. 

        11.   Employee
agrees to return promptly all files, documents, manuals or property of any kind, tangible or intangible, in Employee's possession or control relating to, or
constituting the property of the Company, its affiliates or customers including, but not limited to, all production and quality 

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records,
all accounting and computer systems records, all office keys, keys to Company vehicles, credit cards, security cards, office equipment, software, database information, cellular phones,
computer hardware, software products, agreements or Company products, models, samples, mock-ups, or prototypes. Employee will provide the Company with all passwords, codes, access cards,
or like articles or information necessary to access secured Company information. Employee also specifically agrees that he will not retain copies of any property returned to the Company. Employee
acknowledges that this obligation is continuing and agrees to promptly return to the Company any subsequently discovered property as described above. 

        12.   Neither
party to this Agreement will at any time disparage the other in any manner, fashion, or way, or in any place, forum or medium. Employee specifically agrees that
he will not at any time, or in any forum or fashion, disparage or otherwise make any untrue comment that casts in a negative light the Company's directors, officers, agents, employees, business,
operations, or products. 

        13.   The
terms of this Agreement are highly confidential. Employee will not at any time disclose to any third party, except his wife, attorney, accountant, or other
professional advisers, the fact or terms of this Agreement except as otherwise required by applicable law or by a valid subpoena. He will require that each person to whom he communicates such
information agree to be similarly bound to confidentiality. Employee agrees that if he is queried regarding the circumstances of his former employment or the termination of that employment, he will
state only that he and the Company came to a mutually agreeable arrangement regarding the ending of his employment. 

        14.   Employee
agrees that for the Severance Period and indefinitely thereafter to the fullest extent permitted by applicable law, he shall retain all "Confidential
Information" and "Trade Secrets" of the Company (as defined below) in strictest confidence, and shall not reveal Confidential Information or Trade Secrets to any third party, directly, or indirectly,
except with written permission of a Company executive or pursuant to a valid subpoena. Trade Secrets shall be defined by Minnesota Statutes Chapter 325C and shall include information that derives
independent, economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who could obtain economic value from its
disclosure or use, and is the subject of efforts that are reasonable under the circumstances to maintain its secrecy, or that is proprietary to or in the unique knowledge of the Company (including
information discovered or developed in whole or in part by Employee). Confidential Information shall include all information not a Trade Secret that is financial data or accounting information of the
Company; payroll and personal information; business plans, quality control information, manufacturing information, or R & D information; all processes, plans, designs, strategies, evaluations,
know-how, formulae, patterns, devices, and inventions; customer lists; compilations and summaries of confidential information, files, records, or documents; written or pictorial drafts;
drawings and product specifications (all to be broadly interpreted), that are otherwise the subject of reasonable efforts by the Company to protect dissemination outside of the Company or that are not
otherwise known or easily obtainable outside of the Company. 

        15.   A
breach of any provision of paragraphs 7 through 14 by Employee, or by any of the persons listed in paragraph 13, will be deemed a material breach ("Material
Breach") of this Agreement. Such a Material Breach or any wrongdoing by Employee that harms or has the reasonable potential to harm the Company and that arises from Employee's misfeasance,
malfeasance, ill-will, or bad faith after the Termination Date ("Wrongdoing"), shall permit the Company to cease Severance Pay and to recover immediately from Employee all Severance Pay
previously paid to him. Employee specifically agrees that this section 15 does not nullify, obviate, or render unenforceable his release of claims set forth in section 6 or any other
promise in sections 7-14 and that the Company's COBRA Payments alone are sufficient consideration to support his release of claims, his covenant not to sue, and any and all other promises
made in this Agreement. This provision and cessation or recovery of Severance Pay shall not prevent the Company from pursuing any and all other remedies in equity or at law. 

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        Employee
also agrees that irreparable harm would result to the Company from a violation of the covenants in sections 7, 8, 9, 10, 11, 12, 13, or 14 and that such harm would be difficult
to measure in monetary terms. Employee therefore agrees that, in addition to any relief afforded by law, an injunction against such violation or violations may be issued against him. The parties
understand that both monetary damages and an injunction shall be proper modes of relief and are not to be considered mutually exclusive remedies. 

        16.   Employee
understands and agrees that his departure from the Company is part of a restructuring of the Company's management. 

        17.   This
Agreement and the documents it references constitute the entire agreement between the Parties with respect to the matters covered and supersede all prior and
contemporaneous agreements, representations, and understandings of the parties with respect to the subject matter of this Agreement, including but not limited to any previously-existing contract,
agreement, understanding, practice, or policy (oral or written) relating to separation or severance pay in the event of termination of employment, except that the benefit plans that Employee
participates in shall remain in full force and effect for as long as Employee participates in any such benefit plan. This Agreement may be amended only by written agreement, signed by the Party or
Parties to be bound by the amendment. Parole evidence will be inadmissible to show agreement by and between the parties to any term or condition contrary to or in addition to the terms and conditions
contained in this Agreement. 

        18.   Employee
acknowledges that he has received from the Company Attachment A to this Agreement, which includes among other things the following information regarding certain
employees, as required by law: job titles, ages, and status with regard to selection for this employment termination program. 

        19.   This
Agreement is made, and will be construed, under Minnesota law. 

        20.   If
any provision of this Agreement is held to be void, voidable, unlawful, or unenforceable, the remaining portions of this Agreement will continue in full force and
effect. Further, a Material Breach by or any Wrongdoing of Employee shall not obviate, void, or render unenforceable any other provision or promise of Employee contained in this Agreement, regardless
of whether the Company pursues the remedies available to it under this Agreement or otherwise. Notwithstanding the foregoing, if Employee's release of claims set forth in section 6 is held to
be invalid or unenforceable, then at its option the Company may declare the Agreement null and void and recover from Employee the payments and benefits provided to him under section 5 above. 

        21.   This
Agreement may be executed in counterpart originals with each counterpart to be treated the same as a single original. 

        22.   Employee,
by his signature below, states that he has read this Agreement in its entirety, fully understands its terms and its binding effect on him, and signs this
Agreement voluntarily and of his own free will. 

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Execution by Parties  

        The parties hereby agree to and execute this Agreement. 

	        Dated: August 6, 2004.	 	 	 
	

 	
 	

/s/ ALLAN R. SECK
 Al Seck
	

        Dated: July 2, 2004	
 	

 	

 
	

 	
 	

MedicalCV, Inc.
	

 	
 	

By:	

/s/ LAWRENCE L. HORSCH
 Lawrence L. Horsch

Chairman of the Board/Acting CEO

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ATTACHMENT A*    

	Decisional Unit:	 	Fulltime Vice Presidents and Division Presidents**

	Positions Being Terminated and Thus Eligible for Severance

and Release Agreement
 
	 	Age

	Vice President of Business Development	 	55
	President of Heart Valve Division	 	57

	Positions Not Being Terminated and Thus Not Offered Severance Agreement and Release
 
	 	Age

	President of New Technologies Division	 	59
	Vice President-Finance/Chief Financial Officer	 	55
	Vice President of Regulatory Affairs	 	57
	Vice President of Medical Affairs	 	48

	*
	This
Attachment was prepared as of July 21, 2004, but it is subject to change and may be affected by future employment decisions. If you have any questions regarding this
information please contact John H. Jungbauer, Vice President-Finance/Chief Financial Officer, or his designee, at (651) 234-6699.

	**
	Vice
President of Clinical Product Development has resigned effective July 31, 2004 and thus is not included on this chart. 

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EXHIBIT 10.47

SEVERANCE AND RELEASE AGREEMENT

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Exhibit 10.1  

 
 

AMENDMENT TO THE
  UNITED COMMUNITY BANKS, INC.
  2000 KEY EMPLOYEE STOCK OPTION PLAN    
    

        THIS AMENDMENT is hereby made and entered into this 5th day of March, 2004, by  UNITED COMMUNITY BANKS,
 INC. (the "Company") to be effective as of the date set forth hereinbelow. 

        W I T N E S S E T H: 

WHEREAS, effective December 8, 1999, the Company adopted the United Community Banks, Inc. 2000 Key Employee Stock
Option Plan (the "Plan") to provide grants of stock options and other equity awards to employees who are responsible for the future growth and continued success of the
business; and 

        WHEREAS, the shareholders approved the Plan at their shareholder meeting in 2000; and 

        WHEREAS, the Company now desires to amend the Plan in the manner hereinafter provided; 

        NOW, THEREFORE, for and in consideration of the premises and other good and valuable consideration, the Plan is hereby amended as follows: 

        1.

        Subject
to the approval of the shareholders of the Company, the Plan is amended by adding the following Section 4.4 to
Article 4 thereof: 

        "4.4    Increase in Number of Shares.    Subject to adjustment as provided in
Section 4.3, in addition to the number of Shares heretofore granted under the Plan pursuant to Section 4.1, 1,100,000 Shares shall be available for grant of Awards under the Plan.
Notwithstanding anything to the contrary in Section 4.1 and in addition to any adjustments pursuant to Section 4.3, if after December 31, 2003 the number of total issued and
outstanding Shares is increased, other than as the result of a corporate capitalization, reorganization, partial or complete liquidation of the Company, or other transaction subject to
Section 4.3, the maximum number of Shares for which Awards may be granted under the Plan shall be increased by 6% of such increase. Outstanding Shares shall for the purposes of such calculation
include the number of Shares into which other securities or instruments issued by the Company are currently convertible (e.g., convertible preferred stock or convertible debentures, but not
outstanding options to acquire stock). In addition to the number of Shares already granted as ISOs under the Plan pursuant to Section 4.1, 1,100,000 Shares shall be available for grant of ISOs
under the Plan. 

        2.

        Section 6.1 and Section 8.1 of the Plan are amended so that the maximum
number of Shares subject to Options and the maximum number of Shares of Restricted Stock or Stock Awards that can be granted under the Plan during any calendar year to any individual is 100,000
Shares. 

        3. 

        Except
as hereby modified, the Plan shall remain in full force and effect in accordance with its terms. 

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        IN WITNESS WHEREOF, the Company has executed this Amendment as of the day and year first written above. 

	 	 	UNITED COMMUNITY BANKS, INC.
	

 	
 	

By:	

/s/  REX S. SCHUETTE      
	 	 	 	

	 	 	Name:	Rex S. Schuette
	 	 	 	

	 	 	Title:	Executive V.P. & CFO
	 	 	 	

	 	 	 	 

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AMENDMENT TO THE UNITED COMMUNITY BANKS, INC. 2000 KEY EMPLOYEE STOCK OPTION PLAN

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