As far as Liscouski and Zapata, did you notice this agreement they snuck in that was signed in October 7 by Liscouski and Turmelle? It makes sure Liscouski gets an extra $300K no matter what happens in bankruptcy court or with Zapata. It implies he is losing out in not going to L3, which means McGann must be getting a great deal of money to go there. This is in the 10Q that got filed recently:
AGREEMENT
This Agreement (“Agreement”), dated of September , 2016, is made by and between Implant Sciences Corporation, with a principal place of business at 500 Research Drive, Unit 3, Wilmington, MA 01887; and ROBERT LISCOUSKI, an individual, with an address at (“Liscouski”).
WHEREAS, Implant Sciences Corporation (hereinafter “IMSC”) is in the process of selling its ETD business to a third party.
WHEREAS, IMSC is in the process of acquiring the equity and/or assets of Zapata Industries, SAS (“Zapata”).
WHEREAS, it is the desire to have Zapata as IMSC’s operating business.
WHEREAS, Liscouski is the President and a director of IMSC, and is assisting with the sale of the ETD business, and is assisting in the acquisition of Zapata, and he will remain the Chairman of IMSC.
WHEREAS, all the employees of IMSC, aside from Liscouski, will have been retained by the buyer of the ETD business and Liscouski is forgoing significant financial gain by remaining with IMSC
WHEREAS, in consideration for Liscouski’s continued employment at IMSC and/or Zapata, IMSC agrees to compensate Liscouski according to the terms set our herein.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, IMSC and Liscouski agree as follows:
1.
Transaction Fee. Liscouski has been to date, and continues to be, an integral part of the IMSC team and in consideration of this continued work for IMSC and the Zapata transaction, IMSC hereby agrees: (i) pay Liscouski the sum of, Three Hundred Thousand Dollars ($300,000). This shall occur upon completion of the sale of the ETD business and purchase by IMSC of Zapata substantially in accordance with the terms of that certain Letter of Intent between IMSC and Zapata dated July 22 nd , 2016 (the “Transaction”) which shall be formalized into a formal agreement.
2.
Liquidation Payment. In the event that the sale of the ETD business is not completed for any reason whatsoever or the bankruptcy court in IMSC’s contemplated bankruptcy proceeding negates the payment set forth in paragraph 1 above, IMSC agrees to pay Liscouski the sum of Three Hundred Thousand ($300,000) upon the liquidation of IMSC assets and the final winding up of IMSC’s affairs (the “Liquidation Payment”).
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written.
Implant Science Corporation
a Massachusetts Corporation
By: /s/ Michael C. Turmelle
Name: Michael C. Turmelle
Title: Chairman
Date: 10/7/16
ROBERT LISCOUSKI
By: /s/ Robert P. Liscouski
Name: Robert P. Liscouski
Title: President
Date: 8 October 2016
