Document:

Exhibit 10.23

    

    

    	
            Carrier

            13995 Pasteur Boulevard

            Palm Beach Gardens, FL  33410

          	
            

          

    

    

    Timothy McLevish

    [ADDRESS]

    [ADDRESS]

    

    

    September 6, 2019

    

    

    Dear Tim,

    

    

    I am pleased to confirm our offer of employment for you to join Carrier in the role of Executive Vice President & Chief Financial Officer within our Carrier Headquarters organization.  Your executive
      level will be E5.  You will report to David Gitlin, President & CEO, Carrier and you will be based in Palm Beach Gardens, Florida.

    

    

    Your starting base salary will be $800,000 per year and your start date will be on or about October 1, 2019.

    

    

    As a United Technologies Corporation (“UTC”) executive, you may receive cash awards under the company’s annual Incentive Compensation Plan (IC).  Individual awards,
      when made, are a function of individual and Carrier performance measured against previously established objectives and metrics.  Your target bonus opportunity is 100% of your annual base salary.  Incentive
      Compensation awards for 2019 are expected to be paid to active, eligible executives in February 2020.  Carrier will calculate your 2019 IC target assuming three months pro-ration based on your start date.

    

    

    You will be eligible to participate in the UTC Long Term Incentive Plan (the “LTIP”), beginning in 2020.  LTIP awards are typically granted in February of each year. 
      This program is designed to provide equity awards to key employees whose efforts and achievements contribute to the long term success of the company.  Your 2020 LTIP target opportunity is $3,500,000.  Awards
      are typically comprised of Restricted Stock Units (“RSUs”), Stock Appreciation Rights (“SARs”) and Performance Share Units (“PSUs”).

    

    

    You will receive a sign-on LTIP award valued at $4,000,000.  The sign-on award will vest after three years of employment
      and will be comprised of 25% RSUs and 75% SARs.

    

    

    You will also be entitled to a leased vehicle through UTC’s Executive Lease Vehicle Program (“ELVP”).  All fuel, maintenance, taxes, registration and car insurance are paid by UTC as part of this program. 
      Additional details regarding the ELVP program and the vehicle selection process will be provided under separate cover.

    

    

    In addition to your compensation, you will be eligible to participate in UTC Choice, the Corporation’s flexible benefits plan, after 30 days of employment.  This
      includes medical, dental, life insurance, and disability benefit programs for you and your eligible dependents.

    

    

    
      
        

    

    

    

    You will be eligible to participate in the UTC Savings Plan immediately and, after one year of service, will receive the Company match on your contributions at 60 cents on the dollar up to 6% of your
      compensation, subject to IRS limits.  You will be eligible to participate in the Savings Restoration Plan for compensation in excess of the IRS limits.  This plan replicates the savings plan with Company
      match on contributions at 60 cents on the dollar up to 6% of compensation.

    

    

    You will receive a Company Automatic Feature (CAF) Contribution, an enhanced Savings Plan feature where you will receive an automatic company contribution each pay period, regardless of your participation
      election to the Savings Plan.  The contribution will begin 45 days after your date of hire.  The contribution percentage will be based on your age as of December 31 of each calendar year.  You will automatically be enrolled into the Company Automatic Contribution Excess Plan once your pensionable earnings reach the annual IRS limit at the same contribution percentage.

    

    

    You will be eligible to participate in UTC’s annual Deferred Compensation Programs, which allow U.S based executives to defer up to 50% of base salary; 70% of incentive compensation and 100% of LTIP PSUs
      for a minimum of five years, and up to retirement.  Distribution elections can be made for lump sum or installment payments.

    

    

    You are eligible for five weeks of Vacation annually.  Because your start date is expected to be in October 2019, you will be eligible for six vacation days for the
      remainder of 2019.

    

    

    Your position will be based in Palm Beach Gardens, Florida.  It is anticipated that you will rent a home in the area.  As such, you will be provided with the following relocation benefits in order to
      assist with your move:

    

    

    
      	
              •

            	
              Two home finding trips for a total of 10 days, for you and one individual

            

    

    

    

    
      	
              •

            	
              Reimbursement of actual costs of your interim living expenses for up to 60 days or until you move into your new home, whichever occurs first.  You also have the option to receive a lump sum cash allowance in lieu of the interim living
                expense reimbursement.  The cash allowance is based on 60 days at the government lodging rate in your move destination.

            

    

    

    

    
      	
              •

            	
              UTC will reimburse certain en-route expenses, such as airfare, from the departure location to the destination location incurred by you and your family members

              

            

    

     

    

    

    
      	
              •

            	
              Shipment of household goods and storage for up to 60 days, if needed

            

    

    

    

    This offer is contingent upon verification of your authorization to work in the United States of America and your satisfactory completion of our employment requirements including screening for the presence of illegal or unauthorized drugs, a
      background check and the completion of an Intellectual Property Agreement.  Upon your acceptance, you will receive a confirmation via e-mail with a link outlining arrangements for your drug screening and background check requirements.  This must be
      completed as soon as possible after offer acceptance, but not more than 30 days or less than five days in advance of your start date.  The drug test results must be confirmed prior to the announcement of your appointment and/or your start date,
      whichever is earlier.

    

    

    
      
        

    

    

    

    You will be contacted to review pre-employment requirements and on-boarding documents.  As proof of U.S. person status and work authorization, you are required to bring with you a U.S passport or other appropriate form(s) of identification as
      required for Export Control and I-9 form processing on your first day.  Copies of this documentation may be requested in advance to facilitate appropriate systems access on your first day.

    

    

    This offer of employment should not be construed as a contract.  Specifically, your employment with the Company will be “at will,” meaning that either you or the Company will be entitled to terminate your employment at any time for any reason,
      with or without cause, and with or without notice.  Any contrary representations, which may have been made to you, are superseded by this offer.

    

    

    Tim, I very much look forward to you joining Carrier and becoming part of our team.  Please acknowledge your acceptance of our offer by emailing the completed acceptance confirmation.

    

    

    If you have any questions at all please do not hesitate to call me at [PHONE NUMBER].

    

    

    Sincerely,

    

    

    Nadia Villeneuve

    Vice President & Chief Human Resources Officer

    Carrier

    

    

    To document your acceptance of this offer, please sign and date below, and email a scanned copy by September 10, 2019.

    

    

    	
            /s/ Timothy R. McLevish

          	
            9/6/2019

          	 
	
            Timothy McLevish

          	
            Dateex_171722.htm

 

Exhibit 10.1

 

INDEPENDENT CONTRACTOR AGREEMENT

 

This Independent Contractor Agreement ("Agreement") is made between InfuSystem, Inc., a California corporation ("Corporation") and Wesley W. Winnekins ("Contractor"), an independent contractor.

RECITALS UNDERLYING THIS AGREEMENT

 

	
			RECITAL A.

				
			Corporation is generally engaged in the business of providing Ambulatory Infusion Pumps and IV Delivery Systems;

			

 

	
			RECITAL B.

				
			Corporation desires to engage Contractor as an independent contractor as Interim Chief Financial Officer.

			

 

	
			RECITAL C.

				
			Contractor and Corporation desire to have their rights and obligations specified herein.

			

 

THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

 

Section 1. Scope of Engagement.

 

A.      Corporation retains the independent contractor services of Contractor to provide the Board of Directors, Chief Executive Officer, and Executive Management Team with recommendations regarding Corporate business matters.

 

B.      Contractor shall not make any representations regarding the services of Corporation apart from those which Contractor is specifically authorized to make by Corporation, or enter into any agreements, commitments or contracts on behalf of Corporation apart from those which Contractor is specifically authorized to make by Corporation in writing.

 

C.      In all dealings with outside counsel, outside accountants, customers, suppliers, public officials, regulators, investors and the general public, Contractor must adhere to the highest standards of business behavior, honesty, integrity, fair dealing and ethical conduct and in compliance with all applicable laws, rules and regulations and policies of Corporation and its affiliates. Contractor agrees to refrain from any business practice which may expose Corporation to legal action or liability or adversely affect the reputation or image of Corporation or its good will.

 

D.      Contractor is not an employee of Corporation for any purpose whatsoever, shall not hold himself out to be an employee of Corporation, and shall be solely responsible for payment of all income and self-employment taxes for which Contractor may be liable as a result of compensation paid pursuant to this Agreement. Corporation will provide an annual statement of all compensation paid to Contractor on Form 1099. Any person employed or retained by Contractor is likewise not an employee of Corporation. Contractor has the sole responsibility for paying Contractor’s employees, making deductions and reporting compensation as required by law, and obtaining workers compensation insurance.

 

Page 1 of 10

 

 

Section 2. Term of Agreement.

 

A.      The term of this Agreement shall be effective Wednesday, February 5, 2020 for a minimum of 8 weeks ending on March 31, 2020, unless terminated by Corporation or Contractor at any time for any reason whatsoever, or the mutual written agreement of both parties.

 

B.      This Agreement does not guaranty Contractor any work or specific projects or a minimum number of hours. Corporation retains sole discretion over what work and/or projects, if any, may be offered to Contractor.

 

C.      Upon termination of this Agreement for any reason whatsoever, Contractor shall continue to be obligated to adhere to Sections 4, 5, 6, 7, 8, 9 & 11.

 

Section 3. Compensation and Directors and Officers Insurance

 

A.     Contractor shall be compensated in accordance with Exhibit A hereto.

 

Section 4.   Non-Disclosure of Confidential Information. 

 

Contractor acknowledges that, in and as a result of Contractor’s performing the duties hereunder, Contractor will be making use of, acquiring, creating and/or adding to confidential and proprietary information of a special and unique nature and value relating to the Corporation (“Corporation” for purposes of Section 4 of this Agreement shall include Corporation and its subsidiaries, affiliates and related parties, including, but not limited to, InfuSystem Holdings, Inc. and First Biomedical, Inc.), the contracts, pricing lists, marketing plans, business records, accounting records, sales reports, billing systems, inventory systems, financing and loan documents, bank records, financial records and statements, tax filings and records, account lists, territory reports, quotation forms, advertising and marketing methods and techniques, systems, methodologies, facts, data, patent and license information of Corporation, the computer systems, computer programs, software, web portal solutions, customer sales portal design, development, and programming of Corporation, the employee payroll information and records, employee and patient medical records, information contained in employee personnel files or other employee files of Corporation, and all other information concerning the business and/or affairs of Corporation (hereinafter "Confidential Information").

 

Page 2 of 10

 

 

	 	
			A.

				
			As an inducement for Corporation to enter into this Agreement, Contractor agrees that Contractor will not, at any time, either during the term of this Agreement or thereafter, divulge or communicate to any person, firm, corporation or entity whatsoever, directly or indirectly, or use for Contractor’s own benefit or the benefit of others, any Confidential Information which may be in Corporation’s possession or to which Contractor has access. Contractor further acknowledges that all records and all matters affecting or relating to the business and financial operation of Corporation are the property of Corporation and are material and confidential and greatly affect the effective and successful conduct of the business of Corporation and the goodwill of Corporation. Contractor hereby agrees that Contractor shall never divulge, disclose or communicate any such information to any person, firm, corporation or other entity during the term of this Agreement or thereafter, except:

			

 

	 	
			i.

				
			where necessary to perform responsibilities on behalf of the Corporation, and then in accordance with all limitations and the responsibilities of this position;

			

 

	 	
			ii.

				
			where necessary to comply with any legal obligation, such as a court order or subpoena, provided Contractor shall first promptly notify the Corporation prior to any such disclosure and permit Corporation to intervene to block such disclosure;

			

 

	 	
			iii.

				
			where necessary, to Corporation’s attorneys, provided that they shall have first been apprised of the limitations of this Agreement and shall have agreed to comply with and be bound by such limitations; or

			

 

	 	
			iv.

				
			where Contractor has obtained the express, prior written consent from the Corporation.

			

 

Page 3 of 10

 

 

B.     Contractor agrees that any books, manuals, Board Materials, Business Plans, Presentations or other written or electronic evidence and/or forms of Confidential Information, including, but not limited to emails, computer files and all other electronic media, shall only be used by Contractor during the term of this Agreement and constitute the property of Corporation. Contractor is only authorized to use these materials while undertaking Contractor’s responsibilities under this Agreement. All of these materials must be returned to Corporation by Contractor upon Contractor’s separation from Corporation for any reason whatsoever. 

 

Section 5. Covenants against Competition. 

 

Contractor acknowledges that Contractor’s duties as herein described are of a special character which have a unique value to Corporation, the loss of which could not be adequately compensated by damages in an action at law. In view of the unique value to Corporation of the Contractor's duties for which Corporation has contracted hereunder, because of the Confidential Information to be retained by or disclosed to Contractor as set forth above and as a material inducement to Corporation to enter into this Agreement, Contractor covenants and agrees that, unless Corporation and its successors and assigns shall cease to engage in business:

 

A.     During the term of this Agreement and for a period of one (1) year thereafter, Contractor shall not, directly or indirectly solicit customers of the Corporation for purposes of selling a product or service provided by Corporation (“Corporation” for purposes of Sections 5(A)-(C) of this Agreement shall include Corporation, its parent company, subsidiaries, affiliates and related parties, including, but not limited to, InfuSystem Holdings, Inc. and First Biomedical, Inc.), or divert the customers of Corporation from doing business with Corporation, and further, shall not induce any individual or entity to refrain from referring customers or work to Corporation. For purposes of this Section 5(A), the customers of Corporation shall include:

 

	 	
			i.

				
			any individual, business or governmental entity which purchased goods or services from Corporation at any time prior to the execution of the Agreement or during the term of the Agreement;

			

 

	 	
			ii.

				
			any individual, business or governmental entity whose name appears on a list of prospective customers maintained by Corporation which list was existing at any time prior to the execution of the Agreement or during the term of the Agreement;

			

 

	 	
			iii.

				
			any suppliers, distributors, vendors or other entities which provided goods or services to Corporation at any time prior to the execution of the Agreement or during the term of the Agreement; and

			

 

	 	
			iv.

				
			any non-profit organizations, large customer facilities or referral sources which did any business with, or referred any customers to, Corporation at any time prior to the execution of the Agreement or during the term of the Agreement.

			

 

Page 4 of 10

 

 

B.     During the term of this Agreement and for a period of one (1) year thereafter, Contractor shall not, directly or indirectly, own, manage, operate, join, control, accept employment with, or participate in the ownership, management, operation or control of, or act as an employee, agent or consultant to, or be connected in any manner with, any business which is competitive with Corporation and its businesses of providing biomedical infusion pumps or Rental, Sales and Service of biomedical pumps and related supplies and services in any states, territories or provinces of the United States, Canada, or any other countries in which Corporation has conducted business at any time prior to the cessation of Contractor’s provision of services to Corporation, for any reason whatsoever.

 

C.     During the term of this Agreement and for a period of three (3) years thereafter, regardless of the reason for the cessation of Contractor provision of services to Corporation, Contractor shall not, directly or indirectly, solicit for employment or employ any employees, agents or independent contractors of Corporation or its assigns, unless previously agreed to in writing by Corporation or its assigns.

 

Section 6. Contractor's Review of Sections 5 and 6 

 

A.     Contractor has carefully read and considered the provisions of Sections 5 and 6 hereof and, having done so, agrees that the restrictions set forth in such Sections are fair and reasonable and are reasonably required for the protection of the interests of Corporation, its officers, directors and employees. Contractor acknowledges that the restrictions set forth in Sections 5 and 6 hereof will not unreasonably restrict or interfere with Contractor’s ability to obtain future employment.

 

B.     It is the belief of the parties that the best protection which can be given to Corporation which does not in any manner infringe on the rights of Contractor to conduct any unrelated business, is to provide for the restrictions described above. In the event any of said restrictions shall be held unenforceable by any court of competent jurisdiction, the parties hereto agree that it is their desire that such court shall substitute a reasonable judicially enforceable limitation in place of any limitation deemed unenforceable and, as so modified, the covenant shall be as fully enforceable as if it had been set forth herein by the parties. In determining this limitation, it is the intent of the parties that the court recognize that the parties hereto desire that this covenant not to compete be imposed and maintained to the greatest extent possible.

 

Page 5 of 10

 

 

C.     In the event of a breach of Sections 5 or 6, Corporation, in addition to and not in limitation of any other rights, remedies or damages available to Corporation at law or in equity, shall be entitled to a permanent injunction, in order to prevent or restrain any such breach by Contractor, or by Contractor's partners, agents, representatives, servants, employers, employees and/or any and all persons directly or indirectly acting for or with Contractor.

 

Section 7. Intellectual Property.

 

A.     Contractor assigns, and agrees to assign, to Corporation all rights, title and interest in and to all creations which are or may become legally protectable or recognized as forms of intellectual property rights, including all works, whether registrable or not, in which copyright, design right or any form of intellectual property rights may subsist, including, but not limited to all innovations, inventions, improvements, marks, grants, designs, processes, methods, formulas, techniques, and computer programs (all referred to as “Intellectual Property"), which Contractor, either solely or jointly, conceives, makes or reduces to practice during the time that this Agreement is in effect, which relate to or touch upon Contractor’s services to Corporation, or any aspect of Corporation’s business, including but not limited to anything related to Confidential Information. All such Intellectual Property shall be the absolute property of Corporation. Contractor shall make and maintain written records of and promptly and fully disclose to Corporation all such Intellectual Property. Any intellectual property, including any registered patents, owned by Contractor prior to the date hereof, or unrelated to the engagement hereunder, shall remain the sole property of Contractor.

 

B.     During and after termination of Contractor’s services under this Agreement, Contractor and his agents and employees shall perform all useful or necessary acts to assist Corporation, as it may elect, to file patent, design, mark and copyright applications in the United States and foreign countries to protect or maintain rights in the Intellectual Property, and also perform all useful or necessary acts to assist Corporation in any related proceedings or litigation as to such Intellectual Property.

 

Page 6 of 10

 

 

Section 8. Public Statements.

 

Contractor shall not make any public statements or disclosures regarding the Corporation, this Agreement or the termination of same which are not pre-approved in writing by Corporation. Contractor shall further not make any public statement that would libel, slander, disparage, denigrate or criticize Corporation, its parent company, subsidiaries and affiliates or any of their respective past or present officers, directors, employees or agents. Notwithstanding this Section, nothing contained herein shall limit or impair the ability of any party to provide truthful testimony in response to any validly issued subpoena. Nothing in this Agreement prohibits Contractor from reporting possible violations of federal or state law or regulation to any government agency or entity, including the EEOC, DOL, Department of Justice, Securities and Exchange Commission or making other disclosures that are protected under the whistleblower provisions of applicable law.

 

Section 9. No Assignment.

 

A.     This Agreement is personal to Contractor and Contractor may not assign nor delegate any of the rights or obligations hereunder.

 

B.     Corporation may, without Contractor’s consent, assign this Agreement to any parent, subsidiary or affiliate of Corporation, to any successor in interest to the business of any of Corporation, or to a purchaser of all or substantially all of the assets of Corporation.

 

Section 10. Partial Invalidity.

 

If any term of this Agreement is determined by a Court of competent jurisdiction to be unenforceable, the remainder of the provisions, or the application of such term to persons/circumstances other than those to which it is held unenforceable, shall remain in full force and effect. In such event, this Agreement shall be construed as if such unenforceable provisions were omitted.

 

Section 11. Miscellaneous.

 

A.      This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective heirs, devisees, legatees, personal representatives, successors and assigns.

 

B.      Any action or suit against Corporation arising out of this Agreement, including, but not limited to, claims arising under State or Federal civil rights statutes, must be brought within 180 days of the event giving rise to the claims or be forever barred. Contractor expressly waives any limitation periods to the contrary.

 

C.      This Agreement specifically supersedes any and all negotiations, discussions, proposed drafts and previous agreements relating to Contractor's provision of services during the term. Contractor specifically acknowledges that Contractor is not entitled to deferred compensation, dividends or any ownership interest of any kind in Corporation or any related companies or assets not expressly referenced herein and expressly waives any claims as to same.   

  

Page 7 of 10

 

 

D.      The prevailing party shall have the right to collect from the other party the reasonable attorney fees, costs and expenses incurred in enforcing the Agreement.

 

E.      Any notices desired or required to be given hereunder, shall be in writing and shall be deemed to have been sufficiently given or served for all purposes, if hand-delivered, sent by certified or registered mail, return receipt requested, postage prepaid, or via overnight delivery service, freight prepaid, to Contractor's last known address.

 

F.      This Agreement sets forth the entire understanding of the parties and shall not be changed or terminated orally. The terms of this Agreement can only be changed through a written instrument signed by the CEO or Board Chairman of the Corporation. The waiver by Corporation of a breach of any provision of this Agreement by Contractor shall not operate or be construed as a waiver of any subsequent breach by Contractor.

 

G.      The parties acknowledge that they jointly drafted this Agreement, that no party can be properly referred to as the drafter of same and that none of the language contained herein can be properly construed against either party as the drafter of same.

 

H.      The section headings as herein used are for convenience of reference only and in no way define, limit or describe the scope or intent of any provision of this Agreement.

 

I.      This Agreement shall be governed by and construed and enforced under the laws of the State of Kansas.

 

J.      The parties expressly agree that the Johnson County Circuit Court in the State of Kansas or the United States District Court for the District of Kansas shall have exclusive jurisdiction over any disputes arising out of this Agreement and that venue is only appropriate in such courts.

 

K.     This Agreement shall become effective only upon execution by both parties. The submission of this Agreement for review to Contractor shall not be construed to be a binding offer.

 

L.     This Agreement may be executed simultaneously in two or more counterparts, each of which together shall constitute one and the same instrument and may be delivered via facsimile or email.

 

Page 8 of 10

 

 

	INFUSYSTEM, INC.	 	
			 

				
			CONTRACTOR 

				
			 

			
	 	 	 	 	 	 
	By:	/s/ Jeannine Sheehan 	 	 	/s/Wesley W. Winnekins	 
	 	Jeannine Sheehan	 	 	Wesley W. Winnekins	 
	 	Chief Administrative Officer	 	 	 	 
	 	 	 	 	 	 
	DATE: February 5, 2020 	 	 	DATE: February 5, 2020	 
	 	 	 	
			 

				
			 

				
			 

				
			 

			

Page 9 of 10

 

 

EXHIBIT A

 

It is agreed that the rate of compensation for this interim assignment will be set at $300.00 per hour for agreed upon services provided. All invoices shall be submitted directly to Jeannine Sheehan via email and will be paid within 15 days of receipt and supporting documentation.

 

In addition to the agreed upon compensation, if a company issued laptop is needed, the Company can provide one to the Contractor for the duration of the assignment as well as an InfuSystem email address for company-related correspondence.

 

Key responsibilities:

 

	 	
			●

				
			Partnership with the Finance & Accounting organization to complete, approve and sign the annual report and related SEC certifications and filings.

			

 

	 	
			●

				
			Light participation in and approval of the Company’s annual proxy statement.

			

 

	 	
			●

				
			Partnership with Internal Audit Manager on matters of significance.

			

 

	 	
			●

				
			Minimal oversight for Finance & Accounting team (day-to-day direction and oversight will be provided by CEO and CAO).

			

 

 

Page 10 of 10

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