Exhibit 10.2
RESTATEDANDAMENDEDEXECUTIVEEMPLOYMENTAGREEMENT
ThisRESTATEDAND AMENDEDEXECUTIVEEMPLOYMENT AGREEMENT(the“Agreement”),iseffectiveOctober1,2015,byandbetweenAmerx HealthCare Corporation,aFloridacorporation(“Amerx”), ProcyonCorporation,a Coloradocorporation (“Procyon”)andJamesB. Anderson(the“Executive”).
WHEREAS,Amerxhas,priortothedateofthisAgreement,employedthe
Executive as its VicePresident ofOperations;and
WHEREAS,ExecutiveisemployedbyProcyonasits ChiefFinancial Officer;and
WHEREAS,Procyon,theparentcorporationofAmerx,hasagreedtoprovide some ofthe benefitsto Executiveunder this Agreement; and
WHEREAS,Amerxdesirestocontinuetoemploy theExecutiveonafull-time basis,andtheExecutivedesirestobesoemployedbyAmerx,pursuanttothetermsof this Agreement;
NOW,THEREFORE,inconsiderationofthemutualcovenantscontainedherein,
the partiesagreeas follows:
ARTICLEI
EMPLOYMENTDUTIESANDBENEFITS
Section1.1EmploymentAmerxherebyemploystheExecutiveinthepositiondescribed onSchedule1heretoasanexecutiveofficerofAmerx,pursuanttotheterms ofthisAgreement.TheExecutiveacceptssuchemploymentandagreestoperformthedutiesandresponsibilitiesassignedtohimpursuanttothisAgreement.
Section1.2DutiesandResponsibilities.TheExecutiveshallholdthepositionswithAmerxandProcyonwhicharespecifiedonScheduleI,whichisattachedheretoandincorporatedhereinbyreference.TheExecutiveisemployedpursuanttothetermsofthisAgreementandagreestodevotefull-timetothebusinessofAmerxandProcyon.TheExecutiveshallperformthedutiessetforthonSchedule1whileemployedasanexecutiveofficer,andsuchfurtherdutiesasmaybedeterminedandassignedtohimfromtime-to-time bytheChiefExecutiveOfficerortheBoardofDirectorsofProcyon,theparentcorporationofAmerx.
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Section1.3WorkingFacilities.TheExecutiveshallbefurnishedwithfacilitiesandservicessuitabletothepositionandadequatefortheperformanceoftheExecutive’sdutiesunderthisAgreement.TheExecutive’sdutiesshallberenderedatAmerx’soffices,oratsuchotherplaceorplacesastheExecutivemaydesignatewithAmerx’sapproval,whichshallnotbeunreasonablywithheld.
Section1.4Vacations.TheExecutiveshallbeentitledeachyeartoareasonablevacationofnotlessthanfourweeksinaccordancewiththeestablishedpracticesofProcyonnoworhereafterineffectforexecutivepersonnel,duringwhichtimetheExecutive’scompensationshallbepaidinfull.ShouldAmerxorProcyonfromtime-to-timerequiretheExecutivetoperformjobdutiesduringvacationperiods,theExecutiveshallbeentitledtocompensatoryvacationtimeat amutuallyagreeabletime.
Section1.5Expenses.TheExecutiveisauthorizedtoincurreasonableexpensesforpromotingthedomesticandinternationalbusinessofAmerxandProcyoninallrespects,includingexpensesforentertainment,travelandsimilaritems.AmerxorProcyon,asapplicable,willreimbursetheExecutiveforall such expenses that are reasonablyrelated to Amerx’sor Procyon’s businessandprimarily forAmerx’sand/orProcyon’sbenefit,upon the presentationby the Executive,fromtime-to-time, of an itemizedaccountof such expenditures.Suchexpenses shallbe reviewedandapproved byProcyon’s Chief Executive Officer.
Section1.6BenefitPlans.FromtheeffectivedateofthisAgreement,theExecutiveshallbeentitledtoparticipateinallexistingbenefitplansprovidedtoProcyon’sexecutiveemployees,including,totheextentnoworhereafterineffect,medical,health,dental,vision,disability,lifeinsuranceanddeathbenefitplans,inaccordancewiththetermsofsuchplans.
ARTICLEIICOMPENSATION
Section2.1BaseSalary. AmerxshallpaytotheExecutiveabasesalaryofnotless
thantheamountspecifiedonSchedule1,subjecttoannualreviewandraisesinsuchbasesalary.Thebasesalarymaybechangedbyactionof Procyon’sBoardofDirectors,andsuchchangesshallthereafterbeincludedintheExecutive’sbasesalaryasdefinedforpurposesofthisAgreementandProcyon’sbonusplan.
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Section 2.2 Bonus and Bonus Plan Participation. The Executive shallbeentitled to receivecertain short termand longtermincentivebonuses, as set forth, andpursuantto theconditionssetforth,inSchedule1.TheExecutiveshallalsobeentitledtoreceive incentivebonusesinaccordance withtheprovisions oftheProcyon-wide bonusplanasin
effect fromtimetotime.
ARTICLEIII
TERMOFEMPLOYMENTANDTERMINATION
Section 3.1 Term and Nature of Employment. ThisAgreementshallbefor atermofoneyear,commencingonitseffectivedate,subject,however,toterminationduringsuchperiodasprovidedinthisArticleandapprovaloftheBoardofDirectorsofProcyoninitsannualmeeting.NothingcontainedinthisAgreementshallbeconstruedtoconstitute apromiseof employmenttotheExecutivefora fixedterm.Executive'semploymentunderthisAgreementisstrictly"atwill,"andmaybeterminated bytheExecutive,AmerxorProcyon,uponthirtydayswrittennotice,foranyreasonornoreason,withorwithoutcause.
Section 3.2 Renewal of Term. SubjecttoProcyon’sBoardofDirectors’approval,Executive'semploymentshallbeextended foroneadditionalyear atthe endofeachyearof theterm,orextendedterm, ofthisAgreementonthe same termsand conditions ascontained in thisAgreement, unless either Amerx,Procyonorthe Executiveshall,priorto the expirationof theinitial termorof anyrenewalterm, givewrittennoticeof the intention not torenewthisAgreement.
Section 3.5Termination.Intheeventoftermination ofthisAgreementby the Executive orProcyon orAmerxforanyreason, includingterminationbydeath or disabilityoftheExecutive, Amerxshallbeobligated tocompensate theExecutive foranyaccrued vacation timenottakenandanyearnedbutunpaid basesalaryandanyearned but unpaid bonuses up to the date oftermination.
Section 3.6 Options. AnyoptionsgrantedtotheExecutivetopurchasestockof ProcyonshallbecomefullyvestedonthedateoftheinvoluntaryterminationofthisAgreement.Thisprovisionshallserveas acontractualmodificationofanyoptiongrantsoragreementsbetweentheExecutiveandProcyon, whether suchgrants oragreements shall pre-date or postdate thisAgreement,andis hereby incorporatedbyreference intoeach suchoptiongrant oragreement.
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ARTICLEIVGENERALMATTERS
Section4.1GoverningLaw.ThisAgreementshallbegovernedbythelawsofthe
StateofFloridaand shallbe construed inaccordancetherewith.
Section 4.2 No Waiver. Noprovision ofthisAgreement maybewaivedexceptbyanagreement inwriting signedby thewaivingparty. Awaiver ofany termorprovision shall not be construedasawaiverofany other term or provision.
Section4.3Amendment.ThisAgreementmaybeamended,alteredorrevokedatany time,inwholeorinpart, by filingwiththisAgreementawritteninstrumentsetting forth suchchanges, signedbyeach of theparties.
Section 4.4 Benefit. ThisAgreement shallbebinding upontheExecutive,Procyonand Amerx,andshallnotbeassignablebyProcyonorAmerx withouttheExecutive's writtenconsent.
Section 4.5 Construction. Throughout this Agreement the singular shallinclude the plural,and the pluralshallinclude the singular,andthe masculineandneuter shallinclude thefeminine,wherever the context so requires.
Section4.6TexttoControl.Theheadingsofarticlesandsectionsareincluded solelyforconvenienceofreference.Ifanyconflictbetweenanyheadingand the textof this Agreementexists, thetext shallcontrol.
Section 4.2 Severability. IfanyprovisionofthisAgreementisdeclared byanycourtofcompetentjurisdictiontobeinvalidforanyreason,suchinvalidityshallnotaffecttheremainingprovisions.Onthecontrary,suchremainingprovisionsshallbefullyseverable,andthisAgreementshallbeconstruedandenforcedasifsuchinvalidprovisionshadnotbeenincludedintheAgreement.
Section 4.8 Authority. Theofficerexecuting thisAgreement onbehalf ofProcyonandAmerx hasbeenempoweredanddirected todoso by theBoard ofDirectorsofProcyon.
Section 4.9 EffectiveDate.Theeffective date ofthis Agreement shallbeOctober1,
2015.
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| PROCYONCORPORATION | | AMERX HEALTHCARE CORPORATION |
| | | |
| By: /s/ Regina W. Anderson | | /s/ Justice W. Anderson |
| Regina W. Anderson | | Justice W. Anderson |
| Chiefi Executive Officer | | President |
| | | |
| | | |
| By: /s/ Fred W. Suggs, Jr. | | /s/ Joseph R. Treshler |
| FredW.Suggs,Jr. | | Joseph R. Treshler |
| Director,MemberoftheProcyon | | Director, Member of the Procyon |
| CorporationCompensationCommittee | | Corporation Compensation Committee |
| | | |
| | | |
| EXECUTIVE: | | |
| | | |
| /s/ James B. Anderson | | |
| James B. Anderson | | |
| | |
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FY 2016
PROCYONCORPORATION AMERX-HEALTH CARE CORPORATION
RESTATEDANDAMENDED EXECUTIVE EMPLOYMENTAGREEMENT
Schedule 1
Salary andBenefit Statement
| Executive: | James B. Anderson | October 1, 2015 |
| Position: | AmerxHealthCareCorporation:VicePresidentofOperations |
| | ProcyonCorporation: ChiefFinancialOfficer |
| | |
| Reportingto: | ReginaW.Anderson, Chief ExecutiveOfficer,ProcyonCorporation |
| | JusticeW.Anderson,President, AmerxHealth Care |
| | ProcyonCorporation BoardofDirectors |
| | |
BaseSalary: | $130,000,annually |
| | |
| Benefits: | As outlinedinthisExecutive Employment Agreement. |
| | |
| Term: | As describedinSection 3.1 ofthe Executive EmploymentAgreement. Theterms of theAmerxSalesIncentiveandProfitBonuses described below shall reviewedannually,andanyamendment theretoto be madewiththe mutualagreement of Procyon, Amerxand the Executive. |
| | |
| Benefits: | As outlined in this Executive Employment Agreement and the current Procyon Corporation Employee Handbook. |
| | |
| Term: | As describedinSection 3.1 ofthe Executive EmploymentAgreement. Theterms of theAmerxSalesIncentiveandProfitBonuses described below shall reviewedannually,andanyamendment theretoto be madewiththe mutualagreement of Procyon, Amerxand theExecutive. |
| | |
| Responsibilities: | Procyon Corporation - title: Chief Financial Officer |
| • | Overseeand Manageallfinancialrecordkeeping, quarterlyandannual financial reporting,SEC filings, quarterly,annual auditsand payroll. |
| | | |
| | • | Amerx Health Care Corporation -title: VicePresident of Operations |
| | | |
| | • | Management, supervisionandcoordination ofaccounting staff, weekly/monthly financial reportingandaccuracy ofun-audited reporting of financials. |
| | | |
| | • | SupporttheManagement,supervisionandcoordinationof sourcingand manufacturing ofall Amerxproducts. |
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| • | Managementandsupervision ofdaily operation ofadministrative support staff andwarehouse staff. |
| | | |
| | • | Oversight ofIT operations, performance and proficiencies. |
| | | |
| | • | DirectandOverseeallFDA regulatory requirements,SOP, qualitycontrols, testing,filingand documentation ofmanufacturing process. |
| Profit Incentive: | The profitincentive willbebasedonaudited fiscalyear2016. |
| | |
| | |
| Profit Bonus for Amerx: | If Amerx profit is $250,000 or more, but less than $500,000, the Executive will receive a cash payment equal to 2.4% of the total profit. |
| | |
IfAmerxprofitis$500,000 ormore,butless than$750,000, the
Executive willreceive acashpaymentequal to3%ofthetotalprofit.
| | If Amerx profit is $500,00 or more, but less than $750,000, the Executive will receive a cash payment equal to 3% of the total profit. |
| | |
| | If Amerx profit is $750,000 or more, but less than $1,000,000, the Executive will receive a cash payment equal to 3.25% of the total profit. |
| | |
| | |
| | If Amerx profit is $1,000,000 or more, the Executive will receive a cash payment equal to 3.4% of the total profit. |
| | |
| | The Profit Incentive Bonus for Amerx will be paid by Amerx to Executive after the close of the fiscal year end. |
| APPROVED: | | |
| | | |
| PROCYONCORPORATION | | EXECUTIVE: |
| | | |
| By: /s/ Regina W. Anderson | | /s/ James B. Anderson |
| Regina W. Anderson | | James B. Anderson |
| Chief ExecutiveOfficer | | |
| | | |
| | | |
| By: /s/ Fred W. Suggs, Jr. | | AMERX HEALTH CARE CORPORATION |
| FredW.Suggs,Jr. | | |
| Director,MemberoftheProcyon | | By: /s/ Justice W. Anderson |
| CorporationCompensationCommittee | | Justice W. Anderson |
| | | President |
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| | | |
| By:/s/ Joseph R. Treshler | | |
| Joseph R. Treshler | | |
| Director, Member of the Procyon | | |
| Corporation Compensation Committee. | | |
Effective: Date: October 1, 2015
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