EXHIBIT 10.198 


 


EMPLOYMENT AGREEMENT


 


NATURALNANO, INC.


 


This EMPLOYMENT AGREEMENT
(this Agreement) is entered into effective as of January 1st, 2017 (the Effective Date) by and between Naturalnano, Inc. a Nevada
corporation (the “Company”) and COLM WRYNN (the “Executive”) under the following terms and conditions:


 


RECITALS:


 


WHEREAS, the Company
and Executive desire to set forth the terms and conditions on which (i) the Company shall employ Executive, (ii) Executive shall
render services to the Company, and (iii) the Company shall compensate Executive for such services; and


 


WHEREAS, in connection
with the employment of Executive by the Company, the Company desires to restrict Executive's rights to compete with the business
of the Company;


 


WHEREAS, the parties
acknowledge that the Executive's abilities and services are unique and essential to the prospects of the Company; and


 


WHEREAS, in light
of the foregoing, the Company desires to employ the Executive as Chief Executive Officer and the Executive desires to accept such
employment.


 


NOW, THEREFORE,
in consideration of the mutual promises, covenants and agreements hereinafter set forth, the parties hereto agree as follows:


 


1.             EMPLOYMENT.


 


The Company hereby employs
Executive and Executive hereby accepts employment with the Company upon the terms and conditions hereinafter set forth.


 


2.             TERM.



 


2.1           The
term of this Agreement (the Term) shall be for a period commencing on the Effective Date of this Agreement and shall continue for
a period of twenty-four (24) months from the date thereof, unless sooner terminated as provided in Paragraph 6. This two (2) year
period, as the same may be extended or terminated pursuant hereto, is hereinafter referred to as the Term.


 


2.2           For
purposes of extending the Term of the relationship between the Company and Executive, the parties agree to enter into good faith
negotiations within sixty (60) days prior to the end of the Term.


 



    	 	1	 



     


    

 


3.            COMPENSATION.


 


3.1          For all services
rendered by Executive under this Agreement, the Company shall pay Executive a base salary of One Hundred Twenty Thousand and 00/100
Dollars ($120,000.00) per annum in equal bi-monthly installments or 26 pay periods per year. (the Base Salary). The amount of the
Base Salary shall be reviewed on an annual basis by the Compensation Committee of the Company. No such change shall in any way
abrogate, alter, terminate or otherwise effect the other terms of this Agreement.


 


3.2           In
addition to the Base Salary, Executive shall be entitled to all other benefits of employment provided to the other employees of
the Company holding comparable positions within the Company, including but not limited to paid vacation, paid health insurance
for the Executive, spouse and dependents, paid life insurance to a maximum of base salary, paid mobile telephone in the Amount
of Two Thousand Four Hundred and 00/100 Dollars ($2,400.00),per annum paid car allowance in the Amount of Seven Thousand Two Hundred
and 00/100 Dollars ($7,200.00) per annum and participation in executive retirement and investment programs as instituted by the
Company.


 


3.3           Executive
shall be reimbursed for all reasonable "out-of-pocket" business expenses for business travel and business entertainment
incurred in connection with the performance of his or her duties under this Agreement (i) so long as such expenses constitute business
deductions from taxable income for the Company and are excludable from taxable income to the Executive under the governing laws
and regulations of the Internal Revenue Code and (ii) to the extent such expenses do not exceed the amounts allocable for such
expenses in budgets that are approved from time to time by the Company. The reimbursement of Executive's business expenses shall
be upon monthly presentation to and approval by the Company of valid receipts and other appropriate documentation for such expenses.


 


3.4           All
compensation shall be subject to customary withholding tax and other employment taxes as are required with respect to compensation
paid by a corporation to an employee.


 


4.             DUTIES
AND RESPONSIBILITIES.


 


4.1           Executive
shall, during the Term of this Agreement, devote his attention and expend his best efforts, energies, and skills, on a full-time
basis, to the business of the Company and any corporation controlled by or affiliated with the Company. For purposes of this Agreement,
the term the "Company" shall mean the Company and all Subsidiaries.


 


4.2           During
the Term of this Agreement, Executive shall serve as the President and Chief Executive Officer of the Company and in such other
capacity as determined by the Board of Directors. In the performance of all of his responsibilities hereunder, Executive shall
be subject to all of the Company’s policies, rules, and regulations applicable to its employees of comparable status and
shall report directly to, and shall be subject to, the direction and control of the Board of Directors and shall perform such duties
as shall be assigned to him by the Board of Directors. In performing such duties, Executive will be subject to and abide by, and
will use his best efforts to cause other employees of the Company to be subject to and abide by, all policies and procedures developed
by the Company’s Executive Officers, Board of Directors or its Executive Committee.


 



    	 	2	 



     


    

 


4.3           Executive
hereby agrees to promote and develop all business opportunities that come to his attention relating to current or anticipated future
business of the Company, in a manner consistent with the best interests of the Company and with his duties under this Agreement.


 


4.4           During
each year, Executive in the performance of his duties under this Agreement shall comply or cause compliance with the applicable
Annual Plan and shall not (except for emergency expenditures or special circumstances requiring an unanticipated expenditure) deviate
materially from any budget category set forth in the Annual Plan, incur any material additional expense or change materially the
manner of operation of the Company without the approval of the Board of Directors.


 


5.             RESTRICTIVE
COVENANTS.


 


5.1           Executive
acknowledges that (i) he has a major responsibility for the operation, administration, development and growth of the Company's
business, (ii) his work for the Company has brought him and will continue to bring him into close contact with confidential information
of the Company and its customers, and (iii) the agreements and covenants contained in this Paragraph 5 are essential to protect
the business interests of the Company and that the Company will not enter into this Agreement but for such agreements and covenants.
Accordingly, the Executive covenants and agrees as follows:


 


5.1(a)          During
the Term of this Agreement and for a period of two years thereafter , (the “Termination Period”), if applicable, the
Executive shall not other than in the performance of his duties disclose to anyone any information about the affairs of the Company,
including, without limitation, trade secrets, trade "know-how", inventions, customer lists, business plans, operational
methods, pricing policies, marketing plans, sales plans, identity of suppliers or customers, sales, profits or other financial
information, which is confidential to the Company or is not generally known in the relevant trade, nor shall the Executive make
use of any such information for his own benefit. Any technique, method, process or technology used by the Company shall be considered
a "trade secret" for the purposes of this Agreement.


 


5.1(b)          Executive
hereby agrees that all know-how, documents, reports, plans, proposals, marketing and sales plans, client lists, client files and
materials made by him or by the Company are the property of the Company and shall not be used by him in any way adverse to the
Company's interests. Executive shall not deliver, reproduce or in any way allow such documents or things to be delivered or used
by any third party without specific direction or consent of the Board of Directors of the Company. Executive hereby assigns to
the Company any rights which he may have in any such trade secret or proprietary information.


 



    	 	3	 



     


    

 


5.1(c)          Executive hereby agrees , that in light
of the unique nature and geographic reach of the Company’s activities that During the Term of this Agreement and for
a period of two years thereafter , (the “Termination Period”), if applicable, the Executive shall not compete with
the Company whether directly, or by stock interest or otherwise in any way in any business in which it is then engaged any place
in the United States.


 


5.2           If
any of the Restrictive Covenants, or any part thereof, is held to be invalid or unenforceable, the same shall not affect the remainder
of the covenant or covenants, which shall be given full effect, without regard to the invalid or unenforceable portions. Without
limiting the generality of the foregoing, if any of the Restrictive Covenants, or any part thereof, is held to be unenforceable
because of the duration of such provision or the area covered thereby, the parties hereto agree that the court making such termination
shall have the power to reduce the duration and/or area of such provision and, in its reduced form, such provision shall then be
enforceable.


 


5.3          The parties hereto intend to and hereby confer jurisdiction to enforce the Restrictive Covenants upon the courts of any jurisdiction
within the geographical scope of such Restrictive Covenants. In the event that the courts of any one or more of such jurisdictions
shall hold such Restrictive Covenants wholly unenforceable by reason of the breadth of such scope or otherwise, it is the intention
of the parties hereto that such determination not bar or in any way affect the Company's right to the relief provided above in
the courts of any other jurisdictions within the geographical scope of such Restrictive Covenants, as to breaches of such covenants
in such other respective jurisdictions, the above covenants as they relate to each jurisdiction being, for this purpose, severable
into diverse and independent covenants.


 


6.             TERMINATION.


 


6.1           The
Company may terminate the Executive's employment under this Agreement at any time for Cause. "Cause" shall exist for
such termination if Executive (i) is adjudicated guilty of a felony by a court of competent jurisdiction, (ii) commits any act
of fraud or intentional misrepresentation in connection with his employment by the Company, (iii) has, in the reasonable judgment
of, and after a good faith investigation by, the Company, (a) engaged in serious and willful misconduct, which conduct has, or
would if generally known, materially adversely affect the goodwill or reputation of the Company and which conduct the Executive
has not cured or altered to the satisfaction of the Board of Directors within ten (10) days following written notice by the Company
to the Executive regarding such conduct, or (b) willfully and intentionally failed to perform his duties as specified to him by
the Board of Directors, which failure the Executive has not cured or rectified to the satisfaction of the Board of Directors within
ten (10) days following written notice by the Company, or (iv) has made any material misrepresentation to the Company under Paragraphs
4 and 5 hereof.


 


6.2           If
the Company terminates the Executive's employment under this Agreement pursuant to the provisions of Paragraph 6.1 hereof, the
Executive shall not be entitled to receive any compensation following the date of such termination.


 



    	 	4	 



     


    

 


6.3           If
Executive’s employment is terminated for any reason (whether by Executive or the Company) within thirty (30) days following
a change in Control of the Company (as defined below), Executive shall be entitled to the benefits provided in Section 6.5 below.
For purposes of this Agreement, a change in Control of the Company’
shall mean, , a cumulative change in the identity of a majority of the
members of the Company’s Board of Directors (provided, however, that the appointment of a new director upon the death or
resignation of a director by the remaining directors then in office shall not constitute a change in identity with respect to such
departed director).


 


6.5           Executive's
employment may be terminated by the Company "without cause" (for any reason or no reason at all) at any time by giving
Executive sixty (60) days prior written notice of termination, which termination shall be effective on the 60th day following such
notice. If Executive's employment under this Agreement is so terminated, the Company shall make a lump sum cash payment to Executive
on the date of termination of an amount equal to the remaining Base Salary payable through the remaining term. (i) a pro rata portion
of any Incentive Compensation, if any, earned for the year in which termination occurs prorated to the date of termination, plus
(ii) any unreimbursed expenses accruing to the date of termination. The Company shall also continue Executive’s benefits
through the remainder of the Term.


 


6.6           This Agreement shall
automatically terminate on the last day of the month in which Executive dies or becomes permanently incapacitated. "Permanent
incapacity" as used herein shall mean mental or physical incapacity, or both, reasonably determined by the Company's Board
of Directors based upon a certification of such incapacity by, in the discretion of the Company's Board of Directors, either Executive's
regularly attending physician or a duly licensed physician selected by the Company's Board of Directors, rendering Executive unable
to perform substantially all of his or her duties hereunder and which appears reasonably certain to continue for at least six consecutive
months without substantial improvement. Executive shall be deemed to have "become permanently incapacitated" on the date
the Company's Board of Directors has determined that Executive is permanently incapacitated and so notifies Executive. In the event
of a Termination under this Section 6.6, the provisions of Section 6.5 shall apply and the Company shall continue Executive’s
benefits, to the extent applicable, for members of Executive’s immediate family for the remainder of the Term.


 


6.7           Executive
may terminate his or her employment hereunder by giving the Company ten (10) days prior written notice, which termination shall
be effective on the 60th day following such notice. Voluntary termination shall not entitle the Executive to receive any compensation
following the date of termination.


 


6.8           At
the Company's option, Executive shall immediately leave the Company's premises on the date notice of termination is given by either
Executive or the Company. If the Company requests Executive to leave the Company following notice under Paragraph 6.6, it shall
fully compensate Executive (salary and benefits) through the 10th day following the date of Executive’s notice.


 



    	 	5	 



     


    

 


7.             MISCELLANEOUS.


 


7.1           The
Company may, from time to time, apply for and take out, in its own name and at its own expense, life, health, accident, disability
or other insurance upon the Executive in any sum or sums that it may deem necessary to protect its interests, and the Executive
agrees to aid and cooperate in all reasonable respects with the Company in procuring any and all such insurance, including without
limitation, submitting to the usual and customary medical examinations, and by filling out, executing and delivering such applications
and other instruments in writing as may be reasonably required by an insurance company or companies to which an application or
applications for such insurance may be made by or for the Company. In order to induce the Company to enter this Agreement, the
Executive represents and warrants to the Company that to the best of his knowledge the Executive is insurable at standard (non-rated)
premiums.


 


7.2           This
Agreement is a personal contract, and the rights and interests of the Executive hereunder may not be sold, transferred, assigned,
pledged or hypothecated except as otherwise expressly permitted by the provisions of this Agreement. The Executive shall not under
any circumstances have any option or right to require payment hereunder otherwise than in accordance with the terms hereof. Except
as otherwise expressly provided herein, the Executive shall not have any power of anticipation, alienation or assignment of payments
contemplated hereunder, and all rights and benefits of the Executive shall be for the sole personal benefit of the Executive, and
no other person shall acquire any right, title or interest hereunder by reason of any sale, assignment, transfer, claim or judgment
or bankruptcy proceedings against the Executive; provided, however, that in the event of the Executive's death, the Executive's
estate, legal representative or beneficiaries (as the case may be) shall have the right to receive all of the benefit that accrued
to the Executive pursuant to, and in accordance with, the terms of this Agreement.


 


7.3           The
Company shall have the right to assign this Agreement to any successor of substantially all of its business or assets, and any
such successor shall be bound by all of the provisions hereof.


 


8.             NOTICES.


 


All notices, requests, demands
and other communications provided for by this Agreement shall be in writing and (unless otherwise specifically provided herein)
shall be deemed to have been given at the time when mailed in any general or branch United States Post Office, enclosed in a registered
or certified postpaid envelope, addressed to the parties stated below or to such changed address as such party may have fixed by
notice:


 


	To the COMPANY:	Naturalnano, Inc.
	 	Attn:  Board of Directors
	 	13613 Gulf Boulevard
	 	Madeira Beach, Florida 33738


 



    	 	6	 



     


    

 


	Executive:	Colm Wrynn
	 	 
	 	______________
	 	 
	 	______________




 


9.           ENTIRE
AGREEMENT.


 


This Agreement supersedes
any and all Agreements, whether oral or written, between the parties hereto, with respect to the employment of Executive by the
Company and contains all of the covenants and Agreements between the parties with respect to the rendering of such services in
any manner whatsoever. Each party to this Agreement acknowledges that no representations, inducements, promises or agreements,
orally or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and that
no other agreement, statement or promise with respect to such employment not contained in this Agreement shall be valid or binding.
Any modification of this Agreement will be effective only if it is in writing and signed by the parties hereto.


 


10.          PARTIAL
INVALIDITY.


 


If any provision in this
Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless
continue in full force and effect without being impaired or invalidated in any way.


 


11.          ATTORNEYS'
FEES.


 


Should any litigation or
arbitration be commenced between the parties hereto or their personal representatives concerning any provision of this Agreement
or the rights and duties of any person in relation thereto, the party prevailing in such litigation or arbitration shall be entitled,
in addition to such other relief as may be granted, to a reasonable sum as and for its or their attorneys' fees in such litigation
or arbitration which shall be determined by the court or arbitration board.


 


12.          ARBITRATION.


 


The parties agree that any
disputes arising under this Agreement shall be resolved in as expeditious a manner as possible through binding arbitration administered
by JAMS in New York City, or such other place which is mutually agreed upon by the parties. Further, the parties
hereby waive any objection based on personal jurisdiction, venue or forum non conveniens in any arbitration or action brought under
this paragraph. The decision and award rendered by the arbitrators shall be final and binding. Judgment upon the award may be entered
in any court having jurisdiction thereof.


 



    	 	7	 



     


    

 


13.          GOVERNING
LAW.


 


This Agreement will be governed
by and construed in accordance with the laws of the State of Florida.


 


14.          BINDING
NATURE.


 


This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective representatives, heirs, successors and assigns.


 


15.          WAIVER.


 


No waiver of any of the provisions
of this Agreement shall be deemed, or shall constitute a waiver of any other provision, whether or not similar, nor shall any waiver
constitute a continuing waiver. No waiver shall be binding unless executed in writing by the party making the waiver.


 


16.          CORPORATE
APPROVALS.


 


The Company represents and
warrants that the execution of this Agreement by its corporate officer named below has been duly authorized by the Board of Directors
of the Company, is not in conflict with any Bylaw or other agreement and will be a binding obligation of the Company, enforceable
in accordance with its terms.


 


IN WITNESS WHEREOF,
the parties hereto have executed this Agreement the 16th day of February, 2017.


 





	THE COMPANY:	NATURALNANO, INC.	 
	 	 	 	 
	 	By:	/s/	 
	 	Name:	Colm Wrynn	 
	 	Its:	President	 
	 	 	 	 
	 	/s/	 
	 	COLM WRYNN	 


   








    	 	8