This Employment Agreement (this Agreement) is between Myomo, Inc. (Myomo or the Company), a Delaware corporation with offices at 137 Portland St., 4th Floor, Boston, MA 02114, and Paul R. Gudonis, an individual (Executive) residing at 56 Masconomo St., Manchester, MA 01944.
W I T N E S S E T H:
WHEREAS, Myomo desires to continue to employ Executive as its Chief Executive Officer, and Executive desires to be so employed;
NOW, THEREFORE, in consideration of the mutual covenants and undertakings herein contained, Myomo agrees to continue to employ Executive, and Executive accepts continued employment with Myomo on the terms and conditions set forth in this Agreement, to which the parties agree as follows:
(a) Term. The term of the Agreement will be for three (3) years, commencing on January 1, 2021 and ending on December 31, 2023, subject to earlier termination pursuant to the terms and conditions discussed in paragraph 4 below, or extension upon the written agreement of the parties hereto (the Term). The parties commit to engage in discussions about whether this Agreement will be renewed on or before the 90th day prior to expiration (the Additional Term). Unless the Agreement is expressly renewed in writing, it shall not renew, subject to the notice, severance and restrictive covenant provisions provided for in paragraphs 4(g) and 5 below, and the arbitration provisions in paragraph 8 and Exhibit A, which shall survive the termination of this Agreement.
(b) Position and Duties. During the Term, the Executives title shall be Chief Executive Officer. Executive shall report to the Board of Directors. Executives duties and responsibilities shall include: developing and achieving the companys strategy and business plan, overseeing the operations of the company, communicating with investors and such other duties and responsibilities as may be assigned or delegated to him from time to time by the Board of Directors of Myomo (hereinafter the Services). Executive shall comply with all federal, state and local laws, rules and regulations in the performance of his duties under this Agreement.
(c) Outside Work. During the Term of this Agreement, Executive agrees to faithfully, diligently, and to the best of his ability, devote his entire business time and best efforts, energies, skills and experience to the discharge of his duties and responsibilities hereunder. Executive will not take any other employment or be involved in any other business for remuneration, except as approved by the Board of Directors. Executive shall not involve himself in any activities which would prevent him from devoting his full attention and energies to the requirements of his position at Myomo, but may reasonably be engaged in civic and charitable endeavors.