Exhibit 10.4


 





 


EMPLOYMENT AGREEMENT


 


THIS AGREEMENT, made
effective July 1, 2016 (the "Effective Date"), between AVRA Medical Robotics Inc., a Florida corporation (hereinafter
referred to as the "Company"), and Barry F. Cohen, residing at 1600 SE 15th Street, #512, Ft. Lauderdale, FL 33316, USA
(hereinafter referred to as the "Employee").


 


WHEREAS, the Company
wishes to engage the services and expertise of the Employee on the terms and conditions hereinafter set forth, and the Employee
wishes to accept such an engagement;


 


NOW THEREFORE in
consideration of the covenants of each of the parties given to the other and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:


 


		1.	SERVICES



 


Effective as of the Effective
Date, the Company hereby engages the Employee and the Employee hereby accepts an engagement with the Company to serve as the Chief
Executive Officer of the Company (the “Services”). Employee shall bear such responsibilities as are customary for the
chief executive officer of a public company. The parties understand that the position will be full-time employment and that the
Employee shall devote sufficient time, attention and abilities to the business of the Company for the proper exercise of the Employee's
duties hereunder. Employee understands that the Services may, from time to time, entail extensive travel. Employee may assign the
compensation hereunder but not the responsibility to fulfill the services and responsibilities as per this Agreement. Employee
shall not be required to move his residence from the Ft. Lauderdale, Florida area.


 


		2.	REMUNERATION



 


The Company agrees to pay the Employee as set
out in Schedule A attached hereto.


 


		3.	CONFIDENTIALITY; OWNERSHIP OF DOCUMENTS; NON-COMPETE



 


3.1 Confidential Information. Employee
recognizes and acknowledges that by reason of this Agreement and service to the Company, he will have access to confidential information
of the Company and its affiliates, including, without limitation, information and knowledge pertaining to business methods, inventions,
innovations, designs, ideas, plans, trade secrets, proprietary information, advertising, sales and profit figures, contact lists,
and relationships between the Company and its affiliates, customers, clients, Employees, licensees, suppliers, and others who have
business dealings with the Company and its affiliates (“Confidential Information”). Employee acknowledges that such
Confidential Information is a valuable and unique asset and covenants that he will not, either during or at any time after the
Term of this Agreement, disclose any such Confidential Information to any person for any reason whatsoever without the prior written
authorization of the Company, unless such information is in the public domain through no fault of the Employee or except as, and
to the extent as, may be required by law.


 




     

     


    

 


3.2 Non-Competition 


 


a. Employee recognizes
that in his position as an Employee to the Company, he will acquire such information outlined in Section 3.1 hereof, and for good
and valuable consideration, including his engagement by the Company, he agrees that during the Term of this Agreement and for a
period of 12 months after termination of this Agreement, Employee will not, unless acting pursuant hereto or with the prior written
consent of the Company, directly or indirectly, manage, operate, join, control, or participate in the management, operation, control,
or be connected as an officer, director, employee, partner, principal, agent, representative, Employee, or otherwise with or use
or permit his name to be used in connection with, any business or enterprise engaged in the primary line of business in which the
Company is engaged in at the time of execution of this Agreement.


 


b. The foregoing restriction
shall not be construed to prohibit the ownership by the Employee of more than five percent (5%) of any class of securities of any
corporation that is engaged in any of the foregoing businesses having a class of securities registered pursuant to the Securities
Exchange Act of 1934, provided that such ownership represents a passive investment and that neither the Employee nor any group
of persons including the Employee in any way, either directly or indirectly, manages or exercises control of any such corporation,
guarantees any of its financial obligations, otherwise takes any part in its business, other than exercising his rights as a shareholder,
or seeks to do any of the foregoing.


 


3.3 Non-solicitation; Non-association.
The Employee hereby acknowledges and agrees that he, together with other Employees engaged by the Company, is likely to be exposed
to a significant amount of Confidential Information concerning the Company’s, business methods, operations, employment relationships,
and customers while engaged under this Agreement, that such information might be retained by the Employee and such other Employees
in tangible form or simply retained in their memory, and that the protection of the Company’s exclusive rights to such confidential
information and the benefits flowing from it can best be ensured by means of a restriction on the Employee’s activities after
termination of this Agreement. Therefore, the Employee agrees that for 12 months period following termination of this Agreement,
he shall not engage in the following activities:


 


(a) He shall not solicit,
divert, or initiate any contact (or attempt to solicit, divert, or initiate any contact) with any relationship of the Company
or any affiliate with whom Employee dealt (including any customers or vendors), for the purpose of doing business in the same
lines of business as the Company, and further will not solicit or initiate any contact with any potential relationship of the
Company or affiliate, that the Employee solicited or contacted while engaged by the Company. This provision does not restrict
Employee from developing relationships independently obtained outside of Employee’s position with the Company.


 




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(b) He shall not directly
solicit the employment of or hire any employee or Employee of the Company or affiliate and will not attempt to persuade any employee
or Employee to leave the employment or consulting relationship of the Company or such affiliate.


 


3.4 Equitable Relief.


 


(a)      Employee acknowledges that the restrictions
contained in Article 3 hereof are reasonable and necessary to protect the legitimate interests of the Company and that any violation
of such restrictions would result in irreparable injury to the Company. If the period of time or other restrictions specified in
Article 3 should be adjudged unreasonable at any proceeding, then the period of time or such other restrictions shall be reduced
by the elimination or reduction of such portion thereof so that such restrictions may be enforced in a manner adjudged to be reasonable.
Employee acknowledges that the Company shall be entitled to preliminary and permanent injunctive relief for a violation of any
such restrictions without having to prove actual damages or to post a bond; Company shall also be entitled to an equitable accounting
of all earnings, profits and other benefits arising from such violation, which rights shall be cumulative and in addition to any
other rights or remedies to which Company may be entitled in law or equity.


 


(b)      Employee agrees that until the expiration
of the covenants contained in Sections 3.2 and 3.3 of this Agreement, the Company may provide a copy of the covenant contained
in such Sections to any business or enterprise (i) that Employee may directly or indirectly own, manage, operate, finance, join,
control, or participate in the ownership, management, operation, financing, control, or control of, or (ii) with which he may be
connected as an officer, director, employee, partner, principal, agent, representative, Employee, or otherwise, or in connection
with which he may use or permit his name to be used.


 


		4.	TERM and TERMINATION



 


4.1      The term of this Agreement shall continue
for 48 months from the Effective Date and may be renewed annually thereafter by mutual written consent (“Term”). Upon
expiration of the Term without renewal, the relationship between the parties will be at will but all other provisions of this Agreement
shall be applicable. This agreement may be terminated by either Employee or Company for cause or willful or gross negligence by
either party. The Board of Directors of the Company may at any time remove the Employee from the position of Chief Executive Officer,
which removal shall not be deemed a termination of the Agreement.


 


4.2      Employee’s obligations, and those
of Employee’s employees, agents, successors and assignees, if any pursuant to Section 3 (Confidentiality; Ownership of Documents,
Non-Compete), 5 (Indemnification), and 8 (Governing Law and Dispute Resolution) shall survive completion of Services, and the expiration
or termination of this Agreement.


 




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		5.	REPRESENTATION AND WARRANTIES; INDEMNIFICATION



 


5.1   The Employee warrants and represents that
he is duly qualified to perform his duties hereunder, and further covenants that in performing his duties hereunder, he will not
engage in activity that is in violation of applicable laws or subject the Company to liability thereunder. The Employee further
warrants that his execution of this Agreement and the performance of services hereunder does not violate any agreement to which
Employee is a party nor give any prior employer, partner, associate or any other person any legal or equitable rights against the
Employee or the Company.


 


5.2     This
Agreement is conditional on the Company’s commitment to obtain a directors’ and officers’ insurance policy as
soon as commercially reasonable, and the Company signing an Indemnification Agreement satisfactory to the Employee. To the fullest
extent permitted by applicable law, the Company agrees that it will not voluntarily change the terms of such D&O Insurance
or the Indemnification Provisions to the detriment of the Employee at anytime while he is entitled to benefit of such D&O Insurance
or Indemnification Provisions. Additionally, the Employee shall be entitled to such indemnification by the Company as is prescribed
in the laws of the State of Florida or in the Charter or Bylaws of the Company.


 


		6.	NOTICES



 


Any notices delivered or received between either
party shall be deemed to have been received:


 


(a)       if it was delivered in person, on the date
it was delivered;


 


(b)       if it was sent by electronic facsimile transmission,
on the date it was delivered;


 


(c)       if it was sent by registered mail, on the
day it was received to the following address:


 


Avra Medical Robotics Inc.


3259 Progress Drive, Suite 126, Orlando, FL
32826


 


By
email: acschauer@avramedical.com


Attention:
Chris Schauer, CFO


By
Facsimile: 407-849-2719


 


Barry
F. Cohen


1600
SE 15th Street, #512, Ft. Lauderdale, FL 33316


 


By
email: bfc@barryfcohen.com


 




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		7.	MODIFICATION OF AGREEMENT



 


Any modification of this Agreement must be made
in writing and signed by the Employee and the Company, or it shall have no effect and shall be void.


 


		8.	GOVERNING LAW



 


8.1 This Agreement shall be governed by and
construed in accordance with the laws of the State of Florida, without giving effect to any conflict of law rules otherwise.


 


8.2 Any and all disputes
arising hereunder, including disputes arising from or relating to termination and the grounds therefor, including all grounds arising
from statutory claims alleging discrimination or violations of federal, state or local civil rights law, or otherwise, shall be
resolved by binding arbitration in Florida before a single arbitrator in accordance with the arbitration rules of the American
Arbitration Association (the “AAA”) applicable to arbitration then in effect. Notice of the demand for arbitration
by either party shall be given in writing to the other party to this Agreement. On such demand, the dispute shall be heard by arbitration
before a single arbitrator selected pursuant to the AAA rules. Any award rendered by the arbitrator shall be conclusive and binding
on the parties hereto; provided, however, that any such award shall be accompanied by a written opinion of the arbitrator giving
the reasons for the award. The arbitrator shall be entitled to award equitable relief. Each party shall pay its own expenses of
arbitration, including attorneys’ fees. Nothing herein shall prevent the Company from seeking and obtaining preliminary equitable
relief from a court pursuant to Section 3.5.


 


8.3 The parties hereby
submit to the jurisdiction of the federal and state courts located in Florida for the purpose of an order to compel arbitration,
for preliminary relief in aid of arbitration or for a preliminary injunction to maintain the status quo or prevent irreparable
harm prior to the appointment of the arbitrators, and to the non-exclusive jurisdiction of the aforementioned courts for the enforcement
of any award issued hereunder, and waive any right to stay or dismiss any such actions or proceedings brought before any such court
on the basis of forum non conveniens or improper venue.


 


		9.	HEADINGS



 


The headings utilized in
this Agreement are for convenience only and are not to be construed in any way as additions or limitations of the covenants and
agreements contained in this Agreement.


 


		10.	GENERAL MATTERS



 


10.1 The waiver by any party hereto of a breach
of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach of the same or of any
other provisions of this Agreement.


 




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10.2       This Agreement shall be binding upon the
parties hereto and shall enure to the benefit of and be enforceable by each of the parties hereto and their respective successors
and assigns, except that the duties and responsibilities of Employee hereunder are of a personal nature and shall not be assignable
or delegable in whole or in part by the Employee without prior written consent of the Company.


 


IN WITNESS WHEREOF the parties hereto have
executed this Agreement as of the 1st day of August 2016.


 


Avra Medical Robotics Inc.,


 


	By:	/s/
    A. Christian Schauer	 
	Name: A.
    Christian Schauer	 
	Title: CFO	 


 


	/s/ Barry F. Cohen	 
	Barry F. Cohen	 


 




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SCHEDULE "A"


 


REMUNERATION 


 


		·	As full consideration for performance
of the services by the Employee, the Company shall (i) pay the Employee a base salary of $10,000 (ten thousand dollars) monthly,
beginning with the July 2016 payment, which rate shall be inclusive of all claims by the Employee for his services. The base salary
shall increase to $15,000 per month beginning with the July 2017 payment. However, Employee agrees to accrue his salary from the
Effective Date through and including December 2016 and allows the Board of Directors to decide on whether to convert any or all
accrued salary into Company restricted common shares. Beginning on the Effective Date, normal direct business expenses will be
covered, including business class travel on flights over 5 hours. 



 


		·	Beginning on the Effective Date, Employee
will receive a $500 per month vehicle expense stipend to help mitigate the costs of the frequent travel required to visit the Orlando
office and University of Central Florida from the Employee’s home.



 


		·	Bonus to be as determined by the Board
of Directors with the following factors applying equally: achievement of company goals and plans, capital raising, hiring of key
employees in key locations. Bonus can be paid out quarterly if approved by the Board of Directors. 



 


		·	Employee will also be granted an option
pursuant to the Company’s Equity Incentive Plan (the “Plan”) to purchase 1,000,000 (one million) restricted shares
of the Company’s common stock, with an exercise price of $0.10 per share, and a Start Date of Aug 15, 2016. All 1,000,000
shares will be fully vested on Aug 15, 2016. 



 


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