|
Exhibit 10.10 TERMINATION AGREEMENT
This TERMINATION AGREEMENT
(the "Termination Agreement" ) is effective as of
June 23, 2008 (the "Effective Date" ), by and among
Mikhail Kvitnitsky ( "Kvitnitsky" ) and Accelerated
Innovation, LLC, a California limited liability company (the
"Company" ), with reference to the following facts:
A. Kvitnitsky entered into an
Employment Agreement effective as of January 31, 2005 (as
amended, the "Employment Agreement" ) with Accin Corporation
( "Accin" ), under which he served as Chief Executive
Officer of Accin. B. Accin
assigned the Employment Agreement to the Company on May 21,
2007, along with substantially all of the other assets of Accin, as
part of a transaction between Accin and Cardo Medical, LLC (
"Cardo" ) in which Cardo acquired a 37.5% interest in
Accelerated and Accin acquired a 62.5% interest in Accelerated (the
"Accelerated Interest" ).
C. Kvitnitsky and the Company
entered into an amendment of the Employment Agreement effective as
of June 6, 2008 to remove references to a shareholders
agreement of Accin. D. On the
Effective Dated, Cardo acquired the Accelerated Interest held by
Accin, and the Company became a wholly-owned subsidiary of Cardo.
E. As Kvitnitky serves as the
Chief Operating Officer of Cardo, and serves in the same capacity
for the Company (and not as the Chief Executive Officer of the
Company), the parties desire to terminate the Employment Agreement
as of the Effective Date. NOW
THEREFORE , in consideration of the foregoing recitals and the
mutual covenants and agreements set forth herein, and for
|
