EXHIBIT 10.21
Confidential
EMPLOYMENT
AGREEMENT
This Employment
Agreement (“Agreement”), effective as of the 18, day of
June 2007 (“Effective Date”), is entered into by and
between Bovie Medical Corporation, a Delaware corporation, with its
principle business address at 7100 30 th Avenue N, St. Petersburg, Florida 33710
(hereinafter referred to as “the Company”), and Gary D.
Pickett (hereinafter referred to as “the Employee”),
and is approved by the Bovie Medical Corporation Board of Directors
on the ____ day of __________ 2007.
WITNESSETH:
WHEREAS, the
Company is a corporation existing and authorized to do business in
Delaware and Florida; and
WHEREAS, the
Company is desirous of securing Employee’s services and
Employee is willing to provide such services under the terms and
conditions set forth in this Agreement.
NOW, THEREFORE,
for and in consideration of the mutual covenants contained herein,
the sufficiency of which is hereby acknowledged, Company and
Employee (each, a “Party,” and collectively, the
“Parties”) agree as follows:
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EMPLOYMENT
OF EMPLOYEE : The Company
hereby agrees to employ the Employee, and the Employee hereby
agrees to accept said employment pursuant to the terms and
conditions of this Agreement.
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DUTIES : The Employee shall render, as a full-time
employee, professional services as Chief Financial Officer of the
Company, reporting to Company’s Chief Operating Officer (or
his designee), and shall perform such additional duties as may be
assigned to the Employee by the Board of Directors of the
Company. The Employee agrees to devote all of his time
and efforts to the performance of his duties hereunder, except for
customary vacations and reasonable absences due to illness, or
other incapacity, as set forth herein, and to perform all of his
duties to the best of his professional ability and to comply with
such reasonable policies, standards, and regulations of the Company
as are from time to time established by the Board of Directors of
the Company. Nothing contained herein shall be construed so as to
prohibit or prevent the Employee from engaging in any business
activity as long as such activities do not conflict or interfere
with the satisfactory performance of his duties hereunder, or which
compete, directly or indirectly, with Company or its
Affiliates. "Affiliate(s)," as to either
Party, means any other person or entity that, directly or
indirectly, controls, is under common control with, or is
controlled by, that Party. For purposes of this definition,
"control" (including, with its correlative meanings, the terms
"controlled by" and "under common control with"), as used with
respect to any person or entity, shall mean direct or indirect
ownership of more than Fifty Percent (50%) of the voting stock or
(partnership) shares of such person or entity.
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TERM :
The Employee’s initial term of employment under this
Agreement shall commence on the Effective Date and shall continue
until two (2) years thereafter, or until terminated as hereinafter
provided (the “Term”). Subject to the
approval of the Company’s Board of Directors, the Term of
this Agreement shall be automatically extended for continuous terms
of one (1) year unless the Company provides the Employee with
advance written notice of its intention not to renew this Agreement
of at least three hundred and sixty-five (365) days.
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PLACE OF
EMPLOYMENT : Unless
expressly approved otherwise by the Company Board of Directors,
during the Term, the Employee will permanently reside and work in
the Tampa Bay, Florida area.
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COMPENSATION : For all services rendered to the Company, the
Employee agrees to accept as total compensation the sum computed as
follows, payable in accordance with the Company’s standard
payroll procedures, established and approved by the Company Board
of Directors, as amended:
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During the
Term, the Employee shall receive the sum equal to Ninety Thousand
U.S. Dollars (US$90,000) per year, payable in accordance with the
standard payroll practices of the Company.
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Employment
Agreement – Gary D. Pickett (06.18.07)
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Page 1 of 5
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Bonuses: Shall
be determined from time to time by the Company Board of Directors
at its discretion.
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VACATION/SICK : The Employee shall be entitled to a vacation
with full pay, of three (3) weeks (fifteen (15) working days),
during each 12-month period of Employee’s employment
hereunder. The scheduling of any vacation shall be coordinated with
the Company so that the needs of the Company are met to the extent
reasonably possible. The Employee may be entitled to such further
paid vacation as may be approved in writing by the Board of
Directors of the Company. Any accrued vacation not taken by the
Employee during a year shall be available for use in subsequent
year. The Employee may elect to receive a cash payment
for one (1) week’s vacation, in lieu of taking such vacation,
every calendar year during the Term. The Employee shall
be granted sick time in accordance with Company policy, as outlined
in the Company’s Employee Handbook, as amended.
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REIMBURSEMENT OF BUSINESS EXPENSES
: The Company agrees to pay, either
directly or indirectly, by payment to the Employee, for all the
Employee’s approved entertainment, travel and miscellaneous
business expenses incurred by him during the course of his
employment. Employee shall be entitled, on approved
business-related travel, coach airline tickets on domestic travel
and business class airline tickets on international travel, and a
full size rental automobile. As a prerequisite to any payment or
reimbursement by the Company for business expenses, the Employee
shall submit receipts of all such expenses to the Company, and the
Company’s obligation to effect payment or reimbursement of
such expenses shall be only to the extent of such
receipts.
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ADDITIONAL
BENEFITS : The Company
shall obtain and pay for group medical and dental insurance for the
Employee and his dependents, under such insurance program and plan
that the Board of Directors of the Company deems appropriate. The
Company shall obtain and pay for term life insurance in the amount
of $50,000.00 for the Employee under such insurance program and
plan that the Board of Directors of the Company deems appropriate.
The Company shall further provide a disability plan upon such terms
and conditions that are, at a minimum, equal to or better than
those maintained by the Company as of the Effective
Date.
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PROPERTY
DEFINED : The Employee
understands and agrees that Company Intellectual Property, files,
customer files, correspondence, e-mails, memos, legal files,
research files, engineering files, development materials, notes,
analyses, compilations, studies, interpretations and other
documents (regardless of form or medium) and information, form
files, forms, examples, test data, samples, and all briefs and
memoranda, and other work product, related in any way to Company
customers, products, plans, designs, concepts, ideas, research,
development, know-how, costs, prices, finances, marketing plans,
business opportunities, or personnel are the sole and exclusive
property of the Company (collectively “Company
Property”); and the same shall remain in the possession of
the Company and shall constitute the property of the Company
irrespective of who prepared the same. The Employee shall not
remove, photocopy, photograph or in any other manner duplicate,
translate, compile, summarize, transmit, convey, or remove, said
Company Property. “Intellect
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