Employment Agreement - Novoste Corp. and Raoul Bonan
Novoste Corporation
August 11, 1999
Dr. Raoul Bonan
9451 Cote St-Louis
Mirabel
Quebec, Canada J0N 1S0
Dear Raoul:
You have indicated to me that you desire to return to Montreal to engage
in the practice of medicine but desire to continue to serve us on a part-time
basis. We are thrilled that you will be able to continue to make such a
commitment to us. This letter is intended to set forth our mutual agreement as
to your continued employment.
You will become a part-time employee, commencing September 1, 1999 for a
one-year term. Your title will continue to be Vice President of Clinical Affairs
& Medical Officer, and you will report directly to the President. You will have
no direct reports. You will work on our behalf one week per month. Your
responsibilities will be defined by the President and include but not be limited
to serving as Chairman of the Quality Review Board. Further, we agree that you
may perform your responsibilities at our facilities or at any other place
considered mutually appropriate by us. Your work may require travel.
We will pay you $70,000, plus expenses, for the services rendered by you
during the term, payable in accordance with our normal bi-weekly payroll
periods, or $2,692.31 per pay period, less applicable withholdings and
deductions. You will not be eligible to participate either in the 1999 or 2000
Company Bonus Incentive Plan, and as a part-time employee you are not eligible
for insurance or pension benefits.
Obviously, your continued employment at Novoste, even on a part-time
basis, is subject to your receipt of proper work authorization from the
Immigration and Naturalization Service and your continuing to be in good
standing in your profession. Novoste will continue to assist you with the
renewal of your temporary visa (TN visa) as long as appropriate for employment
at Novoste. Part-time employment status will preclude your receiving permanent
work authorization in this country (green card).
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Dr. Raoul Bonan August 11, 1999 Page Two
The terms of your employment agreement dated April 17, 1998, except as
modified by this agreement, and the following agreements you have with us will
continue in full force and effect.
o Confidentiality and Arbitration Agreement
o Unfair Competition and Non-Solicitation Agreement
o Patent Agreement (as modified by Section 4 of your April 17, 1999
employment agreement, which provision will survive termination of that
employment agreement)
o Conflict of Interest Agreement
o Business Conduct Agreement.
We are proud of our association with you as a representative of Novoste
Corporation and look forward to a continued mutually beneficial relationship.
Best regards,
William A. Hawkins
President & CEO
Accepted:
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Dr. Raoul Bonan
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