Exhibit 10.1
This
Amendment to Employment Agreement (the “
Amendment”) is made and entered into as
of May 17, 2010, by and between Cardiogenesis Corporation, a California corporation (the
“
Company”) and
Paul McCormick, an individual (the “
Executive”).
RECITALS
WHEREAS, the Company and the Executive are party to an Employment Agreement, dated as of July
1, 2009 (the “Employment Agreement”); and
WHEREAS, the Company and the Executive desire to amend the Employment Agreement to amend the
Executive’s base salary effective July 1, 2010.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby
agree as follows:
1. Section 1(a) of the Employment Agreement is hereby amended and restated in its entirety as
follows:
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“Base Salary. For all of the services rendered by Executive hereunder,
Executive’s annual base salary shall be $250,000 until June 30, 2010 and $200,000
thereafter (as may be increased by the Board of Directors from time to time, the
“Base Salary”), payable in accordance with the Company’s ordinary payroll practices
(but in any event no less often than monthly). Such Base Salary shall not be reduced
during the term of this Agreement without the express written consent of Executive.
The Company agrees that Executive’s Base Salary and performance will thereafter be
reviewed at least annually by the Company to determine if an increase in
compensation is appropriate, which increase shall be in the sole discretion of the
Board of Directors of the Company.” |
2. Except as herein amended, all provisions of the Employment Agreement shall remain in full
force and effect.
3. This Amendment may be executed in one or more counterparts, each of which shall be deemed
an original and all of which shall constitute one instrument.
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