ISYS » Topics » William R. Lewis Employment Agreement

This excerpt taken from the ISYS 8-K filed Aug 3, 2007.

William R. Lewis Employment Agreement

Effective July 30, 2007, the Company and Mr. Lewis entered into the Lewis Agreement, pursuant to which Mr. Lewis will be engaged as interim Chief Financial Officer of the Company. The Lewis Agreement will terminate three (3) months after the earliest occurrence of: (i) the

Company hiring a permanent Chief Financial Officer; (ii) the Company notifying Mr. Lewis of the termination of his employment without cause; or (iii) the Company notifying Mr. Lewis of the termination of his employment upon or following a “Change of Control,” as defined in the Lewis Agreement. The Company may also terminate Mr. Lewis for “Cause,” as defined in the Lewis Agreement.

Mr. Lewis’s base salary is Two Hundred Thousand Dollars ($200,000) per annum. The Company also agreed to compensate Mr. Lewis by granting him options to purchase twenty thousand (20,000) shares of common stock of the Company under the Company’s 2002 Stock Option Plan (as described in the Company’s Annual Report on Form 10-K filed with the SEC on December 14, 2006), which options have an exercise price of Twenty Three Dollars and fifty cents ($23.50) per share and shall vest at the rate of five thousand (5,000) shares on each of the following dates: July 30, 2007; August 1, 2007; September 1, 2007; and October 1, 2007. Following the termination of Mr. Lewis’s employment for the reasons described above (other than for Cause), all of his non-vested options (if any) shall be accelerated and the Company shall pay or reimburse Mr. Lewis and Mr. Lewis’s covered dependents for COBRA premiums up to and including the date that is eighteen (18) months following the termination date.

A copy of the Lewis Agreement is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference.

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