EXHIBIT 10.34
Exhibit 10.34 Employment Agreement Between the Company and
Xxxxxx X. Xxxxxxx Dated May 5, 1997.
May 1, 1997
Xxxxxx X. Xxxxxxx
0000 X. Xxxxxxxx Xxx.
Xxxxxx, XX 00000
Dear Don:
On behalf of AMDL, Inc. we are pleased to offer you the position of Director,
Manufacturing, reporting to the Vice President of Operations. In this capacity,
functions reporting to you will include raw materials/production planning,
reagent production, labeling, vialing and kit assembly. Although our current
manufacturing organizational structure is still being finalized, you will
initially have three positions reporting directly to you.
With respect to compensation, your annual salary will be $70,000 per year,
including the following benefits:
. Paid Employee Group Medical Insurance (effective after 90 days)
. Vacation time accrued at the rate of:
1st through 3rd year; 1 day per month not to exceed 10 days.
4th and 5th year; 11/2 days per month not to exceed 15 days.
. Stock Options for 50,000 shares of AMDL common stock; vesting in eight
equal installments at the close of each 3 month period of the 1st two
years of continuous employment; having a strike price equal to the
closing bid price on May 1, 1997; and having a term of 3 years from the
date of vesting. These options will be offered under a plan 01 on other
terms to be approved by AMDL's Board of Directors.
. If AMDL in its sole discretion (other than for conduct amounting to
fraud, dishonesty or acts of moral turpitude; behavior inimical to the
interests of the AMDL; or any acts or omissions to act which are
determined by the Board of Directors to constitute gross negligence or
flagrant misconduct) terminates this employment relationship during the
1st year of its term, AMDL shall pay a severance amount equal to two
months salary.
We are all convinced that you could make a significant and key contribution to
AMDL's business strategy, particularly in the areas of quality assurance and GMP
compliance. We look forward to your joining the AMDL management team on May 5,
1997.
Best wishes,
--------------------------
Xxxxxx X. Xxxxx, Ph.D.
Vice President, Operations
Agreed to and accepted by:
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Xxxxxx X. Xxxxxxx Date
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