Employment Agreement between Innovative Clinical Solutions and Gary Gilheeney (CFO and Treasurer)

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Summary

Innovative Clinical Solutions offers Gary Gilheeney the position of Chief Financial Officer and Treasurer, with a base salary of $175,000, a $10,000 sign-on bonus, and eligibility for a 25% performance-based bonus. He will receive an initial grant of 100,000 shares, with options vesting over three years, and immediate vesting upon a change in company ownership. If terminated without cause or due to significant changes in his role, he will receive one year of base pay and COBRA premiums. The offer is contingent on successful reference checks and starts August 23, 1999.

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EX-10.23 3 ex-10_23.txt EXHIBIT 10.23 Exhibit 10.23 August 9, 1999 Mr. Gary Gilheeney 4 Caraway Drive Johnston, RI 02919 Dear Gary: We are very pleased to extend an offer of employment to you for the position of Chief Financial Officer and Treasurer of Innovative Clinical Solutions. The terms are as follows: Base Salary: $175,000 Sign-On Bonus $10,000 Bonus Potential: 25% bonus potential (based on both company division and personal performance metrics). Equity: a. An initial grant of 100,000 shares at market price. b. Options will be vested over a three year period in equal increments. If there is a material change in ownership of the company, all outstanding options will vest with change of control. Benefits: Innovative Clinical Solutions policies Severance: A. One year of base compensation and payment of COBRA premiums for termination by the company without cause. or B. One year base compensation and payment of COBRA premiums as a result of a material change in responsibilities, reporting relationships or location. These terms are contingent upon the successful completion of referencing. We are very excited about the prospect of working with you and look forward to you joining our team on August 23, 1999. Please sign and return this letter as your acceptance of these terms. Best Regards, Michael Heffernan I acknowledge and agree to the terms stated above. Gary Gillheeney