Exhibit 10.17
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (“ Agreement ”) entered into as of this 1st day of July, 2001 between
Palomar Medical Technologies, Inc., a Delaware corporation (the “ Company ”), and Joseph P. Caruso, an
individual (the “Executive ”),
WITNESSETH THAT:
WHEREAS, the Company desires to employ Executive as its President and Chief Operating Officer for the
period and upon and subject to the terms herein provided; and
WHEREAS, the Company desires to be assured that Executive will not compete with the Company for the
period and within the geographical areas hereinafter specified; and
WHEREAS, Executive is willing to agree to be employed by the Company for the period and upon and
subject to the terms herein provided; and
WHEREAS, Executive does not desire to work for the Company in a position lower than that of President
and Chief Operating Officer and is willing to agree not to compete with the Company;
NOW, THEREFORE, in consideration of the premises, the parties hereto covenant and agree as follows:
Section 1 . Term of Employment; Compensation . The Company agrees to employ Executive from July 1,
2001 until June 30, 2003 (the “Term”) as its President and Chief Operating Officer, with the responsibilities
normally associated with such position (the “ Executive Position ”). The Company will pay Executive for his
services during the term of his employment hereunder at an annual rate of Two Hundred Fifty Thousand
Dollars ($250,000.00) subject to increases thereafter as determined by the Company’s Board of Directors and
Compensation Committee, payable in arrears, in equal installments, in accordance with standard Company
practice, but in any event not less often than monthly, subject only to such payroll and withholding deductions
as are required by law. Thereafter, this Agreement shall be automatically renewed for successive periods of two
(2) years, unless you or the Company shall give the other party not l