[EXHIBIT 10.3]
EMPLOYEE AGREEMENT
THIS EMPLOYEE AGREEMENT made as of March 14, 2008, by and
between Lightwave Logic, Inc., a Nevada corporation (the
"Company"), whose principal place of business is at ▇▇▇▇ ▇▇▇▇▇▇
▇▇., #▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇; and ▇▇▇▇▇ ▇▇▇▇▇▇
("Employee"), who resides at ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇
▇▇▇▇▇.
WHEREAS, the Company is in the process of developing
commercial prototypes of its high-activity, high- stability
organic polymers for commercial applications in the existing and
future electro-optical device markets.
WHEREAS, Employee is a renowned pioneer in the field of
optical computing.
WHEREAS, the Company has engaged Employee as its Optical
Computing Guru to assist it in developing its commercial
prototypes and to secure the benefit of Employee's unprecedented
expertise in the optical computing field.
WHEREAS, the Company wishes to procure the services of
Employee under the terms and conditions set forth and Employee
wishes to be employed on these terms and conditions.
WHEREAS, the parties to this Employee Agreement wish to
enter into a written expression of their relationship as Employer
and Employee.
THEREFORE, in consideration of the agreements contained in
this Employee Agreement, the parties, intending to be legally
bound, agree as follows:
ARTICLE 1
Employment
1.1. Employment. The Company agrees to employ Employee, and
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Employee accepts employment with the Company, on and subject to
the terms and conditions set forth in this Employee Agreement.
1.2. Term. Subject to the provisions for termination as
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provided in Article 9 of this Employee Agreement, the term of
this agreement (the "Term") shall begin on March 14, 2008 and
shall terminate 12 months thereafter. This Employee Agreement
may be renewed by mutual written agreement.
ARTICLE 2
Duties
2.1. Position and Duties. The Company agrees to employ
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Employee to act as its Optical Computing Guru. The Employee shall
be responsible for performing the duties as described on Appendix A
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attached hereto and made a part hereof. Employee agrees that he
will serve the Company faithfully and to the best of his ability
during the term of employment, under the direction of the board
of directors and officers of the Company. The Company and Employee
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may jointly from time to time to change the nature of Employee's
duties and job title.
2.2. Time Devoted to Work. The Company agrees to employ
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Employee on an as needed basis. "As needed" will be determined by
mutual agreement of Company and Employee. Employee may engage in
other business activities unrelated to the Company during the
term of this Employee Agreement so long as such other business
activities do not interfere with the terms and conditions of this
Employee Agreement.
2.3. Disclosure to the Company. Employee agrees that he
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will disclose to ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇., and to any other person or
persons as may be designated by the Company, full information
with respect to the processes, methods and formulae known to
Employee which are used or useful in connection with the business
of the Company and will instruct those persons in the operation,
use and practice of all such processes, methods and formulae.
Further, Employee agrees to hold in a fiduciary capacity for the
benefit of the Company and to disclose fully to the Company,
immediately upon origination or acquisition, any and all
inventions, discoveries, improvements, apparatus, processes,
compounds, formulae, patents, copyrights, and trademarks made,
discovered, developed or secured by him, solely or jointly with
others, or otherwise, during the term of his employment with the
Company, which may be directly or indirectly useful in, or relate
to the Company's electro-optical polymer technology. The Company
shall own all right, title and interest in and to such made,
discovered, developed or secured technology, as well as all
knowledge, designs, drawings, specifications, software,
instructions, coding and other similar materials.
2.4. Notes and Records. Employee agrees to keep complete,
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accurate and authentic accounts, notes, data and records of any
and all inventions, discoveries, improvements, apparatus,
processes, compounds, formulae, patents, copyrights and
trademarks made, discovered, developed or secured by him, solely
or jointly with others, or otherwise, during the term of his
employment by the Company and which may be directly or indirectly
useful in or relate to, the Company's electro-optical polymer
technology, which accounts, notes, data and records shall be the
property of the Company. Employee shall keep them in the manner
and form as reasonably requested by the Company during the term
of employment hereunder or as it later shall direct, and
surrender any and all of them promptly upon request of the
Company. Employee shall be entitled to keep as his own personal
property all such accounts, notes, data and records which do not
pertain or relate to the Company's electro-optical polymer
technology, however, Employee agrees that in the event that any
such accounts, notes, data and records are commingled with the
abovementioned accounts, notes, data and records which pertain or
relate to the Company's electro-optical polymer technology, then
all such commingled accounts, notes, data and records, even those
which do not pertain or relate to the Company's electro-optical
polymer technology, shall be the property of the Company.
2.5. Patent Application. Employee agrees, at the request,
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and at the expense, of the Company, to make application in due
form for United States letters patent and foreign letters patent on
the inventions, discoveries, improvements, apparatus, processes,
compounds and formulae which may be directly or indirectly useful
in or relate to the Company's electro-optical polymer technology
and to assign to the Company all right, title and interest in the
inventions, discoveries, improvements, apparatus, processes, compounds,
formulae, and patent applications therefor or patents thereon
which may be directly or indirectly useful in or relate to, the
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Company's electro-optical polymer technology, and to execute at any
and all times, any and all instruments and do any and all acts
necessary or which the Company may deem desirable in connection with
any such application for letters patent or in order to establish
and perfect in the Company the entire right, title and interest to
the inventions, discoveries, improvements, apparatus, processes,
compounds, formulae, patent applications or patents which may be
directly or indirectly useful in or relate to, the Company's
electro-optical polymer technology, and also to execute any
instruments necessary or which the Company may deem desirable in
connection with any continuations, renewals or reissues or in the
conduct of any proceedings or litigation.
ARTICLE 3
Place of Employment
3.1. Place of Employment. Employee shall perform his
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duties under this Employee Agreement at ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇.
ARTICLE 4
Compensation of Employee
4.1. Base Compensation. For all services rendered by
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Employee under this Employee Agreement, the Company agrees to pay
Employee on a per diem basis at the rate of $400 per day, which
shall be payable to Employee not less frequently than monthly, or
as is consistent with the Company's practice for its other
employees.
4.2. Other Compensation. Prior to the date of this Employee
------------------
Agreement, Employee received other compensation as more fully
described on Appendix B, attached hereto and made a part hereof.
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4.3. Reimbursement for Business Expenses. Subject to the
-----------------------------------
approval of the Company, the Company shall promptly pay or
reimburse Employee for all reasonable business expenses incurred
by Employee in performing Employee's duties and obligations under
this Employee Agreement, but only if Employee properly accounts
for expenses in accordance with the Company's policies.
ARTICLE 5
Intentionally Left Blank
ARTICLE 6
Intentionally Left Blank
ARTICLE 7
Intentionally Left Blank
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ARTICLE 8
Maintenance of Liability Insurance
So long as Employee shall serve as an executive officer of
the Company pursuant to this Employee Agreement, the Company
shall obtain and maintain in full force and effect a policy of
director's and officer's liability insurance in reasonable
amounts from an established and reputable insurer. In all policies
of such insurance, Employee shall be named as an insured in such
manner as to provide Employee the same rights and benefits as are
accorded to the most favorably insured of the Company's officers
or directors.
Notwithstanding the above, the Company shall have no
obligation to obtain or maintain director's and officer's
liability insurance if the Company determines in good faith that
such insurance is not reasonably available, the premium costs for
such insurance are disproportionate to the amount of coverage
provided or the coverage provided by such insurance is so limited
by exclusions that there is insufficient benefit from such
insurance.
ARTICLE 9
Termination of Employment
9.1. Termination of Employment. Employee's employment
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hereunder shall automatically terminate upon (i) his death; (ii)
the expiration of the Term; or (iii) Employee voluntarily leaving
the employ of the Company.
9.2. Termination For Employee's Failure to Meet Performance Standard.
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Employee's employment with the Company shall terminate, at the Company's
discretion, upon 15 days prior written notice to Employee if the Company
terminates his employment hereunder for "cause". For purposes hereof,
"cause" shall include (i) Employee's willful malfeasance, misfeasance,
nonfeasance or gross negligence, (ii) any willful misrepresentation or
concealment of a material fact made by Employee in connection with this
Employee Agreement; (iii) the willful breach of any covenant made by
Employee hereunder; or (iv) the failure of Employee to meet the
performance standards more fully described in Appendix A attached hereto
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and made a part hereof.
ARTICLE 10
Confidential Information
10.1. Disclosures While Employed by the Company.
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Employee acknowledges that, in performing the duties required by
this Employee Agreement, Employee will be making use of,
acquiring and adding to the confidential and proprietary
information of the Company and/or those persons or entities
directly or indirectly controlling or controlled by, or under
direct or indirect common control with, the Company (each an
"Affiliate" and collectively, the "Affiliates"), which (i) is of
a special nature and value, (ii) is not public information or is
not generally known or available to the Company's and/or the
Affiliates' competitors, (iii) is known only by the Company
and/or the Affiliates and those of their respective employees,
independent contractors, consultants, suppliers, customers or
agents to whom such data and information must be confided in
order to apply it to the uses intended, and (iv) relates to
matters such as, but not limited to, the Company's and the
Affiliates' respective methods of operation, internal structure,
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financial affairs, programs, software, equipment and techniques,
existing and contemplated facilities, products and services, know-
how, inventions, systems, devices (whether or not patentable),
methods, ideas, procedures, manuals, confidential studies and
reports, lists of suppliers and customers and prospective
suppliers and customers, financial information and practices,
plans, pricing, selling techniques, sales and marketing programs
and methods, names, addresses and telephone numbers of the
Company's and/or the Affiliates' suppliers and customers, credit
and financial data of the Company's and/or the Affiliates'
suppliers and customers, particular business requirements of the
Company's and/or the Affiliates' suppliers and customers, special
methods and processes involved in designing, producing and
selling the Company's and/or the Affiliates' products and
services, any other information related to the Company's and/or
the Affiliates' suppliers and customers that could be used as a
competitive advantage by the Company's and/or the Affiliates'
competitors if revealed or disclosed to such competitors or to
persons or entities revealing or disclosing same to such
competitors, and all "trade secrets" (as that term is defined in
O.C.G.A. s. 10-1-761, as amended) of the Company and/or the
Affiliates, all of which, together with any and all extracts,
summaries and photo, electronic or other copies or reproductions,
in whole or in part thereof, stored in whatever medium (including
electronic or magnetic), shall be deemed the Company's and/or the
Affiliates' exclusive property, as applicable, and shall be
deemed to be "Confidential Information." Employee acknowledges
that the Confidential Information has been and will continue to
be of central importance to the business of the Company and the
Affiliates, and that disclosure of it to, or its use by, others
could cause substantial loss to the Company and the Affiliates.
In consideration of Employee's employment hereunder, Employee
agrees that, at all times during the Term, and (i) with respect
to all Confidential Information constituting "trade secrets," for
so long thereafter as such Confidential Information continues to
constitute "trade secrets" (or for the period beginning on the
last day of the Term and ending five (5) years thereafter,
whichever is longer); and (ii) with respect to all Confidential
Information not constituting "trade secrets," for the period
beginning on the last day of the Term and ending five (5) years
thereafter, Employee shall not, directly or indirectly, use,
divulge or disclose to any person or entity, other than those
persons or entities employed or engaged by the Company who or
which are authorized to receive such information, any of such
Confidential Information, and Employee shall hold all of the
Confidential Information confidential and inviolate and will not
use such Confidential Information against the best interests of
the Company or any of the Affiliates.
10.2. Disclosures After Employment Terminates; Return of
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Records. Employee acknowledges and agrees that all supplier,
customer, employee and contractor files, contracts, agreements,
financial books, records, instruments and documents, supplier and
customer lists, memoranda, data, reports, sales documentation and
literature, software, rolodexes, telephone and address books,
letters, research, listings, and any other instruments, records
or documents relating or pertaining to (i) the customers or
suppliers of the Company and/or any of the Affiliates serviced by
or serving the Company, any of the Affiliates or Employee, (ii)
the duties performed hereunder by Employee, or (iii) the business
of the Company and/or any of the Affiliates (collectively, the
"Records") shall at all times be and remain the exclusive property
of the Company and/or the Affiliates, as applicable. Upon termination
of Employee's employment hereunder for any reason whatsoever, Employee
shall promptly return to the Company all Records (whether furnished by
the Company or any of the Affiliates or prepared by Employee),
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and Employee shall neither make nor retain, nor allow any third party
to make or retain, any photo, electronic or other copy or other
reproduction of any of such Records after such termination.
10.3 Assignment of Inventions and Works Made for Hire.
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Employee hereby irrevocably assigns and transfers, and agrees to
assign and transfer, to the Company all of Employee's right,
title and interest in and to any and all Inventions and Works
Made for Hire (each as hereinafter defined) made, generated or
conceived by Employee while working for TDON, whether alone or
with the assistance of others, whether or not made, generated or
conceived during normal business hours, and whether or not his
employment with the Company is hereafter terminated for any
reason whatsoever. For purposes of this Employee Agreement,
"Inventions" shall mean any and all discoveries, improvements,
innovations, ideas, formulae, devices, systems, software
programs, processes, products and any other creations similar
thereto which pertain or relate to the Company's electro-optical
polymer technology. For purposes of this Employee Agreement,
"Works Made for Hire" shall mean any and all "work made for
hire", as that term is defined in ▇▇▇▇▇▇▇ ▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇ Copyright Law, Title 17 of the United States Code, as
amended. Upon the Company's request, Employee will promptly
execute and sign any and all applications, assignments, and other
documents, and will promptly render all assistance, which may be
reasonably necessary for the Company to obtain patent, copyright
or any other form of intellectual property protection.
ARTICLE 11
Protective Covenants
Employee acknowledges that his specialized skills, abilities
and contacts are important to the success of the Company, and
agrees that he shall faithfully and strictly adhere to the
following covenants:
11.1. Non-competition. Employee acknowledges that by
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reason of the character and nature of the Company's business
activities and operations, and further by reason of the scope of
the territory in which Employee will perform the services under
this Employee Agreement, in order to protect the Company's
legitimate business interests it is necessary for Employee to
agree not to engage in certain specified activities in such
territory at any time during the Term of this Employment
Agreement and for a period of time thereafter. Therefore, at all
times during the Term, and for a period of one (1) year
thereafter, Employee will not, directly or indirectly, within the
Territory (as defined below), (a) for himself, in his capacity as
a Competing Business, (b) as a consultant, manager, supervisor,
employee or owner of a Competing Business (as defined below), or
(c) as an independent contractor for a Competing Business, engage
in any business in which Employee provides services which are the
same as or substantially similar to the services Employee is
providing hereunder. "Competing Business" shall mean any person,
business or entity who or which sells, markets or distributes
products and/or sells, furnishes or provides services
substantially the same as those sold, marketed, distributed,
furnished or supplied or expected to be sold, marketed,
distributed, furnished or supplied by the Company during the
Term. "Territory" shall mean the (i) the United States of
America; (ii) any market area that the Company conducts its
business; or (iii) any contemplated market area that the Company
intends to conduct its business within the following one (1) year
of the date of Employee's termination.
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"Contemplated Market Area" shall mean any market area which the
Company has evaluated, is evaluating, or expects to evaluate and the
Company has a reasonable expectation that the Company will conduct
business in such area. Employee agrees that he and the Company may
amend the definition of "Territory" from and after the date hereof
to reflect any significant contraction or expansion of the
geographical area in which he performs the services hereunder.
11.2 Non-solicitation of Customers. Employee agrees that all
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customers whose relationships are managed by Employee, or with
whom Employee has contact during the Term, are the Company's
customers, and that all fees and revenues produced from such
relationships or contacts are the exclusive property of the
Company. Employee hereby waives and releases all claims and
rights of ownership to such customer relationships, fees and
revenues. Furthermore, at all times during the Term and for a
period of one (1) year thereafter, Employee will not directly or
indirectly, on his own behalf or on behalf of any person, firm,
partnership, association, corporation, business organization,
entity or enterprise, solicit, call upon or attempt to solicit or
call upon, any customer or prospective customer of the Company,
or any representative of any customer or prospective customer of
the Company, with a view to the sale or provision of any product
or service competitive or potentially competitive with any
product or service sold or provided, or under development, by the
Company at any time during the shorter in duration of the Term
and the last one (1) year thereof; provided that the restrictions
set forth in this sentence shall apply only to customers or
prospective customers of the Company, or representatives of
customers or prospective customers of the Company, with which
Employee had contact at any time during the shorter in duration
of the Term and the last one (1) year thereof.
11.3 Non-solicitation of Employees and Independent Contractors.
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At all times during the Term and for a period of one (1) year
thereafter, Employee will not directly or indirectly solicit or encourage
any employee or independent contractor of the Company to leave such
employment or engagement with the Company, or directly or indirectly
employ or engage in any capacity any former employee or independent
contractor of the Company, unless such former employee or independent
contractor of the Company shall have ceased to be so employed or engaged
by the Company for a period of at least one (1) year immediately prior to
such action by Employee.
ARTICLE 12
Construction
Employee acknowledges and agrees that the covenants and
agreements contained in Sections 10 and 11 of this Employee
Agreement are the essence of this Employee Agreement, and that
each of such covenants and agreements is reasonable and necessary
to protect and preserve the interests and business of the
Company. Employee further acknowledges and agrees that: (i) each
of such covenants and agreements is separate, distinct and
severable, not only from the other of such covenants and
agreements, but also from the remaining provisions of this
Employee Agreement, (ii) the unenforceability of any such
covenants or agreements shall not affect the validity or
enforceability of any other such covenants or agreements or any
other provision or provisions of this Employee Agreement, and
(iii) in the event any court of competent jurisdiction or
arbitrator, as applicable, determines, rules or holds that any such
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covenant or agreement hereof is overly broad or against the
public policy of the state, then said court or arbitrator, as the
case may be, is specifically authorized to reform and narrow said
covenant or agreement to the extent necessary to make said
reformed and narrowed covenant or agreement valid and enforceable
to the maximum enforceable restriction permitted by law.
ARTICLE 13
Remedies
It is specifically understood and agreed that (i) any breach
of any of the provisions of Section 10 or 11 of this Employee
Agreement is likely to result in irreparable injury to the
Company, (ii) the remedy at law alone will be an inadequate
remedy for such breach, and (iii) in addition to any other remedy
it may have for such breach, the Company shall be entitled to
enforce the specific performance of this Employee Agreement by
Employee and to seek both temporary and permanent injunctive
relief (to the extent permitted by law) without the necessity of
proving actual damages. Notwithstanding any other provision of
this Employee Agreement to the contrary, any and all obligations
of the Company to pay any compensation to Employee for any reason
shall cease and terminate upon the breach by Employee of any of
the obligations of Employee under Sections 10 or 11 of this
Employee Agreement.
ARTICLE 14
Existing Restrictive Covenants and Indemnification
Employee represents and warrants that (i) Employee is not a
party to or subject to any outstanding contract, agreement or
order whereby Employee is prohibited from entering into this
Employee Agreement, or any outstanding restrictive covenant or
non-competition agreement which would interfere with or prevent
Employee's employment hereunder as contemplated by this Employee
Agreement; (ii) Employee has performed any and all duties or
obligations that he may have under any contract or agreement with
a former Employer or other party, including, without limitation,
the return of all confidential materials; and (iii) Employee is
currently not in possession of any confidential materials or
property belonging to any such former Employer or other party.
Employee acknowledges and agrees that he shall advise the Company
in the event that his duties with the Company should be changed
or enlarged in such a manner as to conflict with any such prior
contract, agreement, order or restrictive covenant. Without
limitation on any other rights or remedies available to the
Company with respect to Employee's breach of his obligations
hereunder, Employee shall defend, indemnify and hold the Company,
the Affiliates, and each of their respective shareholders,
officers, directors, employees, counsel, agents, affiliates and
assigns (collectively, the "Company Indemnities") harmless from
and against any and all direct or indirect demands, claims,
payments, obligations, recoveries, deficiencies, fines,
penalties, assessments, actions, causes of action, suits, losses,
diminution in the value of assets of the Company, compensatory,
punitive, exemplary or consequential damages (including, without
limitation, lost income and profits and interruptions of
business), liabilities, costs, expenses, and interest on any
amount payable to a third party as a result of the foregoing,
whether accrued, absolute, contingent, known, unknown or otherwise
asserted against, imposed upon or incurred by Company Indemnities,
or any of them, by reason of or resulting from, arising out of,
based upon or otherwise in respect of (1) any conflict between
Employee's employment hereunder and any prior employment, duty,
contract, express or implied agreement, order or restrictive
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covenant, or (2) any misrepresentation by Employee
hereunder as to any facts which are the subject matter of any
conflict or violation of any prior contract, agreement, order or
restrictive covenant on the part of Employee.
ARTICLE 15
Notice to Future Employers
If Employee's employment hereunder terminates for any
reason, (i) Employee shall, during the five (5) year period after
the effective date of such termination, inform any subsequent
employers, business partners or colleagues of the existence and
provisions of Sections 11.1 and 11.2 of this Employee Agreement
and, if requested, provide a copy of such Sections of this
Employee Agreement to any such employer, business partner or
colleague; and the Company may, at any time, notify any future
employer, business partner or colleague of Employee of the
existence and provisions of Sections 11.1 and 11.2 of this
Employee Agreement.
ARTICLE 16
Notices
Any notice given under this Employee Agreement to either
party shall be made in writing. Notices shall be deemed given
when delivered by hand, document delivery service, or when mailed
by registered or certified mail, return receipt requested,
postage prepaid, and addressed to the party at the address set
forth below.
Employee address: ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
with a copy to:
________________
________________
________________
Company address: ▇▇. ▇▇▇ ▇▇▇▇▇▇▇
Lightwave Logic, Inc.
▇▇▇▇ ▇▇▇▇▇▇ ▇▇., #▇▇
▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
with a copy to:
▇▇▇▇▇ ▇. ▇▇▇▇, Esq.
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇
Each party may designate a different address for receiving
notices by giving written notice of the different address to the
other party. The written notice of the different address will
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be deemed given when it is received by the other party.
ARTICLE 17
Binding Agreement
17.1. Company's Successors. The rights and obligations
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of the Company under this Employee Agreement shall inure to the
benefit of and shall be binding upon the successors and assigns
of the Company.
17.2. Employee's Successors. This Employee Agreement
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shall inure to the benefit and be enforceable by Employee's
personal representatives, legatees, and heirs. If Employee dies
while amounts are still owed, such amounts shall be paid to
Employee's legatees or, if no such person or persons have been
designated, to Employee's estate.
ARTICLE 18
Waivers
The waiver by either party of a breach of any provision of
this Employee Agreement shall not operate or be construed as a
waiver of any subsequent breach.
ARTICLE 19
Entire Agreement
19.1. No Other Agreements. This instrument contains the
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entire agreement of the parties pertaining to the employment of
Employee by the Company. The parties have not made any
agreements or representations, oral or otherwise, express or
implied, to pertaining to the employment of Employee by the
Company other than those specifically included in this Employee
Agreement.
19.2. Prior Agreements. This Employee Agreement
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supersedes any prior employee agreements pertaining to or
connected with or arising in any manner out of the employment of
Employee by the Company. All such agreements are terminated and
are of no force or effect whatsoever.
ARTICLE 20
Amendment of Agreement
No change or modification of this Employee Agreement shall
be valid unless it is in writing and signed by the party against
whom the change or modification is sought to be enforced. No
change or modification by the Company shall be effective unless
it is approved by the Company's Board of Directors and signed by
an officer specifically authorized to sign such documents.
ARTICLE 21
Severability of Provisions
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If any provision of this Employee Agreement is invalidated
or held unenforceable, the invalidity or unenforceability of that
provision or provisions shall not affect the validity or
enforceability of any other provision of this Employee Agreement.
ARTICLE 22
Assignment of Agreement
Other than as otherwise provided for in this Employee
Agreement, so long as Employee is an Employee pursuant to this
Employee Agreement, the Company shall not assign this Employee
Agreement without Employee's prior written consent, which consent
shall not be unreasonably withheld. Employee may not assign this
Employee Agreement.
ARTICLE 23
Governing Law and Venue
All questions regarding the validity and interpretation of
this Employee Agreement shall be governed by and construed and
enforced in all respects in accordance with the laws of the State
of Delaware. The sole and proper venue shall be New Castle
County, Delaware.
ARTICLE 24
Arbitration of Disputes
If a dispute arises out of or relates to this Employee
Agreement, or the breach thereof, and if the dispute cannot be
settled through negotiation, the parties agree first to try in
good faith to settle the dispute by mediation administered by the
American Arbitration Association under its Employment Mediation
Rules before resorting to arbitration, litigation or some other
dispute resolution procedure.
IN WITNESS, the parties have executed this Employee
Agreement in duplicate on the date and year first above written.
Employee,
▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
----------------------- --------------------------
Witness ▇▇▇▇▇ ▇▇▇▇▇▇
Lightwave Logic, Inc.,
/s/▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ By: /s/▇▇▇ ▇▇▇▇▇▇▇
----------------------- -----------------------
Witness ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇,
Chief Executive Officer
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Appendix A
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I. Duties of Employee
Employee, as the Company's Optical Computing Guru, subject
to the control of the Chief Executive Officer and the Board of
Directors, shall be responsible for:
A. Designing optical Internet and optical computing
architectures uniquely matched to the Company's electro-optical
polymer capabilities.
B. Such other powers and duties as may be prescribed by the
Chief Executive Officer or the Board of Directors which are
reasonably agreed upon by Employee.
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Other Compensation
Options: 501,000
Grant Date: 11/17/07
Expiration Date: 11/16/12
These options will vest over 3 years as follows:
41,750 on 2/17/08
41,750 on 5/17/08
41,750 on 8/17/08
41,750 on 11/17/08
41,750 on 2/17/09
41,750 on 5/17/09
41,750 on 8/17/09
41,750 on 11/17/09
41,750 on 2/17/10
41,750 on 5/17/10
41,750 on 8/17/10
41,750 on 11/17/10
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