Exhibit 10.1
RESTATEDANDAMENDEDEXECUTIVEEMPLOYMENTAGREEMENT
ThisRESTATED ANDAMENDED EXECUTIVEEMPLOYMENTAGREEMENT (the “Agreement”),iseffectiveOctober1,2015,byandbetweenProcyonCorporation,a Coloradocorporation ("Procyon")and ReginaW. Anderson(the"Executive").
WHEREAS,Procyonhas,priortothedateofthisAgreement,employedthe
Executive as itsChiefExecutiveOfficerand Chairman oftheBoard ofDirectors; and
WHEREAS,ProcyondesirestocontinuetoemploytheExecutiveonafull-time basis,andtheExecutivedesirestobesoemployedbyProcyon,pursuanttothetermsofthis Agreement;
NOW,THEREFORE,inconsiderationofthemutualcovenantscontainedherein,the
partiesagree asfollows:
ARTICLEI
EMPLOYMENTDUTIESANDBENEFITS
Section 1.1 Employment. Procyon herebyemploys theExecutive intheposition described on Schedule 1heretoasanexecutive officer ofProcyon, pursuanttothe termsof thisAgreement. TheExecutiveaccepts suchemploymentandagrees toperform thedutiesand responsibilities assignedto herpursuantto this Agreement.
Section1.2Dutiesand Responsibilities.TheExecutiveshallholdthepositionswithProcyonwhichare specified on Schedule 1,whichisattachedheretoandincorporatedhereinbyreference.TheExecutiveisemployedpursuanttothetermsof thisAgreementandagrees todevotefull-timetothebusinessofProcyon.TheExecutiveshallperformthedutiesset forth onSchedule 1 whileemployedasanexecutive officer,and such further dutiesas may bedeterminedandassigned to her from time-to-timebytheBoard ofDirectors ofProcyon.
Section1.3WorkingFacilities.TheExecutiveshallbefurnishedwithfacilitiesand servicessuitabletothepositionandadequate for the performanceof theExecutive'sduties underthisAgreement.TheExecutive'sdutiesshallberenderedatProcyon'soffices,orat suchotherplace orplacesastheExecutivemay designatewithProcyon'sapproval,which shall not beunreasonablywithheld.
Section1.4Vacations.The Executiveshallbeentitledeachyeartoareasonable vacationofnotlessthanfourweeksinaccordancewiththeestablishedpracticesofProcyon noworhereafterineffectforexecutivepersonnel,during whichtimetheExecutive'scompensationshallbepaidinfull.ShouldProcyonfromtime-to-timerequiretheExecutive to performjobduties duringvacationperiods, theExecutiveshall beentitled to compensatory vacation timeat a mutuallyagreeable time.
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Section 1.5 Expenses. The Executive isauthorized toincurreasonableexpenses for promoting thedomesticandinternational businessof Procyon inallrespects, includingexpenses forentertainment, travelandsimilar items.Procyonwillreimburse theExecutive forallsuchexpenses thatarereasonably relatedtoProcyon's businessand primarily forProcyon's benefit, uponthepresentationby theExecutive, from time-to-time, ofanitemizedaccount ofsuchexpenditures.Suchexpenses shallbereviewedandapprovedbyProcyon's Chief Financial Officer.
Section1.6Benefit Plans.Fromtheeffectivedate of thisAgreement,theExecutive shallbeentitledtoparticipateinallexistingbenefitplansprovidedtoProcyon'sexecutiveemployees,including,totheextentnow orhereafter in effect,medical,health,dental,vision, disability, lifeinsuranceand death benefit plans,inaccordancewiththeterms of such plans.
ARTICLEIICOMPENSATION
Section 2.1BaseSalary.Procyon shallpay totheExecutive abasesalary ofnotless thantheamountspecifiedonSchedule 1,subjecttoannual reviewandraisesinsuchbase salary. The basesalary maybechanged byaction ofProcyon's Boardof Directors,and suchchanges shall thereafter be included in the Executive's base salaryas defined for purposes of this AgreementandProcyon's bonus plan.
Section 2.2BonusandBonusPlanParticipation.TheExecutive shallbeentitled to receivecertain shortterm incentive bonuses,asdescribed,andpursuant totheconditions set forth,inSchedule 1.The Executive shallalsobeentitled toreceive bonusesinaccordance withtheprovisions of theProcyon-wide bonus planas in effect fromtimeto time.
ARTICLEIII
TERMOFEMPLOYMENTANDTERMINATION
Section 3.1 Term and Nature of Employment. ThisAgreement shallbefor atermof oneyear,commencing onitseffective date,subject, however,toterminationduringsuch periodasprovidedin thisArticleandapprovalof theBoardofDirectors ofProcyon initsannualmeeting. NothingcontainedinthisAgreementshallbe construedtoconstitute a promiseofemployment totheExecutive forafixedterm. Executive'semploymentunder thisAgreement is strictly "atwill,"andmaybeterminatedbythe ExecutiveorProcyon, uponthirtydays written notice,foranyreasonornoreason, withor withoutcause.
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Section 3.2 Renewal of Term.Subject to Procyon’sBoard of Directors’approval, Executive'semployment shall beextended for oneadditionalyearatthe end ofeachyearof the term, orextended term, of this Agreement onthe same termsandconditionsascontained inthisAgreement, unlesseither Procyonor the Executive shall,prior totheexpiration of the initialterm orofany renewal term,give written noticeofthe intentionnotto renew this Agreement.
Section 3.5 Termination. Intheevent oftermination ofthisAgreementby the Executive orProcyon forany reason,includingterminationbydeath ordisability ofthe Executive,Procyonshallbeobligated tocompensate theExecutive foranyaccruedvacation timenottakenandanyearnedbutunpaidbase salaryandanyearned but unpaidbonuses up tothedate oftermination.
Section 3.6 Options.Any optionsgranted totheExecutive topurchase stockof Procyon shallbecome fully vested onthedate oftheinvoluntary termination ofthis Agreement. Thisprovision shallserveasacontractual modificationofany optiongrants oragreements between the Executiveand Procyon, whether suchgrants or agreements shall pre- dateorpostdate thisAgreement,andishereby incorporatedbyreference intoeach such
optiongrant oragreement.
ARTICLEIV
GENERALMATTERS
Section4.1GoverningLaw.ThisAgreementshallbegovernedbythelawsofthe
StateofFloridaand shallbe construed inaccordancetherewith.
Section4.2NoWaiver.NoprovisionofthisAgreementmaybewaivedexceptbyanagreementinwritingsignedbythewaivingparty.Awaiverofanyterm orprovision shallnot be construedas awaiverof anyotherterm orprovision.
Section4.3Amendment.ThisAgreementmaybeamended,alteredorrevokedatany time,inwholeorinpart,byfiling withthisAgreementawritteninstrumentsetting forthsuchchanges, signedbyeachofthe parties.
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Section4.4Benefit.ThisAgreementshallbebindingupontheExecutiveand
Procyon,and shallnot beassignablebyProcyonwithouttheExecutive's writtenconsent.
Section 4.5 Construction. Throughout thisAgreement the singular shallinclude the plural, and theplural shallinclude thesingular,and the masculineandneuter shallincludethe feminine,wherever thecontext so requires.
Section4.6Text toControl.Theheadingsofarticlesandsectionsare includedsolely forconvenienceofreference.Ifanyconflictbetweenany headingandthetextofthis Agreementexists, the text shallcontrol.
Section 4.7 Severability. IfanyprovisionofthisAgreement isdeclaredbyanycourt ofcompetent jurisdiction tobeinvalidforany reason, suchinvalidityshallnotaffect the remainingprovisions. On thecontrary, such remaining provisions shall be fully severable,and this Agreement shall be construedandenforcedas if such invalid provisions had not been included intheAgreement.
Section 4.8 Authority. The officerexecuting thisAgreement onbehalf ofProcyon has beenempoweredand directed to do sobytheBoard ofDirectors ofProcyon.
Section4.9EffectiveDate.TheeffectivedateofthisAgreementshallbeOctober
1,2015.
| PROCYONCORPORATION | | EXECUTIVE: |
| | | |
| By: /s/ James B. Anderson | | /s/ Regina W. Anderson |
| James B. Anderson | | Regina W. Anderson |
| ChiefFinancialOfficer | | ChiefExecutiveOfficerand |
| | | Chairmanofthe BoardofDirectors |
| | | |
| By: /s/ Fred W. Suggs, Jr. | | |
| FredW.Suggs,Jr. | | |
| Director,MemberoftheProcyon | | |
| CorporationCompensationCommittee | | |
| | | |
| By: /s/ Joseph R. Treshler | | |
| JosephR.Treshler | | |
| Director,MemberoftheProcyon | | |
| CorporationCompensationCommittee | | |
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FY 2016
PROCYONCORPORATION
RESTATEDANDAMENDED EXECUTIVE EMPLOYMENTAGREEMENT
Schedule 1
Salary andBenefit Statement
| Executive: | ReginaW. Anderson | Date: October 1,2015 |
| Position: | ProcyonCorporation:ChiefExecutiveOfficer/ChairmanoftheBoard |
| | |
| Reportingto: | ProcyonBoardofDirectors |
| | |
| AnnualBase Salary: | $158,000,annually |
| | |
| Benefits: | AsoutlinedinthisExecutiveEmploymentAgreementandthecurrent Procyon Corporation EmployeeHandbook. |
| | |
| Term: | As described inSection 3.1 oftheExecutiveEmploymentAgreement. ThetermsoftheShortTermGrowthIncentiveBonusdescribedbelowshallbereviewedannually,andanyamendmenttheretobemadewith themutualagreementoftheBoardofDirectorsandtheExecutive. |
| | |
| Dutiesand Responsibilities: | Provide oversight ofProcyonoperations;presideoverProcyonBoardmeetingsasChairmanoftheBoard;provideoversightofAmerxHealthCareCorporation(thewholly-ownedsubsidiaryofProcyon)executiveofficers;buildcompanyteamandcorporateculturethroughHRresponsibilities;overseecorporatefinancialreporting;maintainshareholdercommunications;communicatecorporatenewsandevents;direct,implementandmanagecompliancewithSECrulesandregulations;developandcoordinatemarketingeffortsforAmerxHealthCare;andsuchothermattersasdeterminedfromtimetotime by the Board. |
| | |
| Short Term Profit Incentive Bonus: | Executive willbeentitled toanannual short-term incentive bonus,payableasset forthbelow,based onaccomplishing thefollowingbenchmarks, whichshallbebaseduponProcyon'snetincomebefore NOLprovided fiscal2016consolidatedcompany net salesexceed $3,000,000. |
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| · | 3%Incentive: Executiveto bepaid 3%ofProcyon'snet income beforeNOLfor the fiscalyear provided net salesexceed $3,000,000. |
| | · | The Short TermIncentiveBonuswillbepaidbyProcyon tothe ExecutiveinSeptemberoftheapplicableyear,afterthecloseofthe fiscalyearend. |
| APPROVED: | | |
| | | |
| PROCYONCORPORATION: | | EXECUTIVE: |
| | | |
| By: /s/ James B. Anderson | | /s/ Regina W. Anderson |
| James B. Anderson | | Regina W. Anderson |
| ChiefFinancialOfficer | | |
| | | |
| | | |
| By: /s/ Fred W. Suggs, Jr. | | |
| FredW.Suggs,Jr. | | |
| Director,MemberoftheProcyon | | |
| CorporationCompensationCommittee | | |
| | | |
| By: /s/ Joseph R. Treshler | | |
| JosephR.Treshler | | |
| Director,MemberoftheProcyon | | |
| CorporationCompensationCommittee | | |
EffectiveDate: October1, 2015
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