SEC Contract Filing

Filing Date: 2023-04-17

Document Content:
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<TYPE>EX-10.1
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<FILENAME>ex_501441.htm
<DESCRIPTION>EXHIBIT 10.1
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 11pt;"><b>Exhibit 10.1</b></p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">April 11, 2023</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Eric Lonnqvist</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Dear Eric -</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">We are pleased and excited to offer you employment with iCAD as Chief Financial Officer, reporting to Dana Brown, President &amp; CEO with a start date of April 17, 2023, under the following terms. We look forward to your contribution and hope that together we can turn our new and growing company into a world-class supplier of innovative and clinically relevant applications.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Your base salary will be equivalent to $250,000 annually, which will be paid in bi-weekly installments, subject to deductions for taxes and other withholdings as required by law or the policies of the company.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">You may be eligible for a 2023 prorated discretionary bonus up to 25% of your base salary, based on individual performance and company financials. Your annualized On-Target earnings will be $312,5000.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">You will be offered iCAD incentive stock options, subject to a 3-year vesting schedule of 1/3 per year and a 10-year expiration period. The incentive stock options will be issued to you upon your hire date at the amount of 100,000. You will be given written documentation explaining the incentive stock option plan in detail, upon approval.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">iCAD&#8217;s proprietary rights and confidential information are among the company&#8217;s most important assets. We must therefore ask that you sign, if you have not previously, the enclosed policies.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As is true for all iCAD employees, your employment with iCAD will be &#8220;at will&#8221;, meaning that either you or iCAD may terminate your employment at any time for any reason. Also, your employment is conditioned on you successfully completing and satisfactorily passing a pre-employment background check and possessing proper work authorization in the United States.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">To accept this offer, please sign this letter confirming your intended start date your new role in the line below. Please return the full and completed signed offer letter within 7 business days from the date of this offer. iCAD has the right to refuse any offer that is not returned in this outlined time period.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">If you have any questions, please feel free to me at 617.359.1600 or email me at <u>btesta@icadmed.com</u>. We look forward to having you begin work with us.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Sincerely,</p>

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