Exhibit 10.6


 


 





 


DIRECTOR
AGREEMENT


 


This
DIRECTOR AGREEMENT ("Agreement") is dated as of July 1, 2017, between IMMUDYNE, INC., a Delaware corporation (the "Company"),
and John R.    Strawn Jr. ("Director").The Company and the Director are hereinafter sometimes referred
to collectively as the "Parties" and individually as a "Party."


 


WITTNESSETH:


 


WHEREAS,
the Company desires to engage, and the Director agrees to provide services to the Company, and


 


WHEREAS,
the parties hereto desire to set forth the terms of Director's engagement with the Company;


 


NOW,
THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained, the Company and Director hereby
agree as follows:


 


	1.		Engagement
                                         and Location. The Company hereby appoints Director, and Director hereby accepts engagement
                                         by the Company, on the terms and conditions hereinafter set forth. Given the Director's
                                         personal circumstances, and circumstances at the Company, Director shall not be required
                                         to relocate.




	2.		Director's
                                         Duties. Director will serve as a Director of the Company and as Chairman of the Compensation
                                         and Audit Committees. Director's duties shall include those which are designated or assigned
                                         to him from time to time by the Board of Directors of the Company or the By-laws of the
                                         Company, provided those duties are of the type customarily discharged by a person holding
                                         the same or similar offices in a company of similar size and operations as the Company.




	3.		Term
                                         of Engagement. Subject to the provisions for termination hereof; the original term
                                         of this Agreement shall commence as of the date hereof and shall continue for a term
                                         of three (3) years. Subsections 6(f) through 6(j) and Sections 7 through 20 of this Agreement
                                         shall survive termination hereof for any reason whatsoever.




	4.		Compensation.
                                         For all services rendered by Director hereunder on behalf of the Company, and the covenants
                                         and agreements of Director set forth herein (including without limitation the covenant
                                         not to compete set forth in Section 8 hereof), the Company agrees to pay toDirector,and
                                         Director agrees to accept,the following compensation:







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	(a)		An
                                         annual retainer to be negotiated and agreed upon when the Company has the financial wherewithal
                                         to pay such a retainer;




	(b)		A
                                         ten year, fully vested option for 100,000 shares of Common Stock of the Company, such
                                         shares purchasable or exercisable on a cashless basis at an exercise price of $0.35 (thirty-five)
                                         per share; and




	(c)		Upon
                                         lmmudyne, Inc. achieving $4,000,000 in Pre-Tax Earnings, a ten year fully vested option
                                         for 75,000 shares of Common Stock of the Company, such shares purchasable or exercisable
                                         on a cashless basis at an exercise price of $0.25 (twenty-five cents) per share. "Pre-Tax
                                         Earnings" shall mean earnings of the Company determined prior to payment or deduction
                                         of federal or state income taxes, determined in accordance with generally accepted accounting
                                         principles, consistently applied. It is understood by the Parties that the total issuance
                                         (regarding this $4,000,000 milestone described above) is capped at a total of an option
                                         for 75,000 shares;




	(d)		Upon
                                         lmmudyne, Inc. achieving $5,000,000 in Pre-Tax Earnings, a ten year fully vested option
                                         for another 75,000 shares of Common Stock of the Company, such shares purchasable or
                                         exercisable on a cashless basis at an exercise price of $0.25 (twenty-five cents) per
                                         share. It is understood by the Parties that the total issuance (regarding this $5,000,000
                                         milestone described above) is capped at a total of an option for 75,000 shares;




	(e)		Upon
                                         lmmudyne, Inc. achieving $6,000,000 in Pre-Tax Earnings, a ten year fully vested option
                                         for another 75,000 shares of Common Stock of the Company, such shares purchasable or
                                         exercisable on a cashless basis at an exercise price of $0.35 (thirty-five cents) per
                                         share. It is understood by the Parties that the total issuance (regarding this $6,000,000
                                         milestone described above) is capped at a total of an option for 75,000 shares;




	(f)		Upon
                                         lmmudyne, Inc. achieving $7,000,000 in Pre-Tax Earnings, a ten year fully vested option
                                         for another 75,000 shares of Common Steele of the Company, such shares purchasable or
                                         exercisable on a cashless basis at an exercise price of $0.35 (thirty-five cents) per
                                         share. It is understood by the Parties that the total issuance (regarding this $7,000,000
                                         milestone described above) is capped at a total of an option for 75,000 shares;




	(g)		If
                                         the Company is prevented from issuing any of options or the stock due to pending
                                         litigation, or for any other reason, then the expiration date(s) will commence (or recommence,
                                         if applicable) when the Company's options or the stock relating thereto are no longer
                                         subject to current litigation, or any other contingency prohibiting the Company
                                         from issuing said options or stock. Alt shares resulting from the exercise of options
                                         shall have the same rights as all other shares of the Company's capital stock. Further,
                                         if the Company should split its stock prior to the granting or exercise of said options,
                                         then the options shall be split in a similar manner and the exercise price shalt be adjusted
                                         to prevent any dilution or increase in Director's interest in the Company's stock once
                                         the options are granted or exercised. Lastly, Director or his Estate will have the right
                                         to assign all his options, and the rights to his options. Director's options and the
                                         rights to his future options do not terminate with his death. The options may be exercised
                                         by his heirs and his assigns and their heirs; and




	(h)		Prompt
                                         reimbursement of all reasonable expenses incurred by Director in the performance of Director's
                                         duties during the term of this Agreement, subject to the presentation of appropriate
                                         vouchers and receipts in accordance with the Company's policies.



 






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	5.		Additional
                                         Benefits. Director shall be entitled to participate in or receive benefits under
                                         all benefit plans or programs generally available to directors of the Company to the
                                         extent that Director's position, tenure, salary, age, health and other qualifications
                                         make Director eligible to participate, subject to the rules and regulations applicable
                                         thereto.






	6.		Covenants
                                         of Director. For and in consideration of the engagement herein contemplated and the
                                         consideration paid or promised to be paid by the Company, Director does hereby covenant,
                                         agree and promise that during the term hereof, and thereafter to the extent specifically
                                         provided in this Agreement:









	(a)		Director
                                         will not actively engage, directly or indirectly, in any other business or venture that
                                         competes with the Company except at the direction or upon the written approval of the
                                         Company;






	(b)		Director
                                         will not engage, directly or indirectly, in the ownership, management, operation or control
                                         of, or employment by, any business of the type and character engaged in by the Company
                                         or any of its subsidiaries. Director may make personal investments in public companies,
                                         such as those made through or recommended by a stock broker;






	(c)		Director
                                         will truthfully and accurately make, maintain and preserve all records and reports that
                                         the Company may from time to time reasonably request or require;






	(d)		Director
                                         will obey all rules, regulations and reasonable special instructions applicable to Director,
                                         and will be loyal and faithful to the Company at all times, constantly endeavoring to
                                         improve Director's ability and knowledge of the business in an effort to increase the
                                         value of Director's services to the mutual benefit of the Parties;






	(e)		Director
                                         will make available to the Company any and all of the information of which Director has
                                         knowledge relating to the business of the Company or any of the Company's other subsidiaries
                                         and will make all suggestions and recommendations which Director feels will be of benefit
                                         to the Company;






	(f)		Director
                                         will fully account for all records or other property belonging to the Company of which
                                         Director has custody, and will deliver the same promptly whenever and however he may
                                         be reasonably directed to do so;






	(g)		Director
                                         recognizes that during the course of Director's engagement with the Company, Director
                                         has had and will have access to, and that there has been. and will be disclosed to him,
                                         information of a proprietary nature owned by the Company, including but not limited to
                                         records, customer and supplier lists and information, pricing information, data, formulae,
                                         design information and specifications, inventions, processes and methods, which is of
                                         a confidential or trade secret nature, and which has great value to the Company and is
                                         a substantial basis and foundation upon which the business of the Company is predicated.
                                         Director acknowledges that except for Director's engagement and the fulfillment of the
                                         duties assigned to Director, Director would not have had and would not have access to
                                         such information, and Director agrees that any and all confidential knowledge or information
                                         which may have been or may be obtained by or disclosed to Director in the course of Director's
                                         engagement with the Company, including but not limited to the information hereinabove
                                         set forth (collectively, the "Information"), will be held inviolate by Director,
                                         that Director will conceal the same from any and all other persons, including but not
                                         limited to competitors of the Company and its subsidiaries, and that Director will not
                                         impart the Information or any such knowledge acquired by Director as a director of the
                                         Company to anyone, either during Director's engagement by the Company or thereafter,
                                         except to employees, officers, directors or agents of the Company and its subsidiaries
                                         on a strict need-to-know basis in the performance of their duties for the Company or
                                         one of its subsidiaries. Director further agrees that during the term of this Agreement
                                         and thereafter, Director will not use the Information in competing with the Company,
                                         or in any other manner to Director's benefit and to the detriment of the Company or its
                                         subsidiaries;



 


	(h)		Director
                                         agrees that upon termination of Director's engagement hereunder Director will immediately
                                         surrender and tum over to the Company all books, records, forms, specifications, formulae,
                                         data, processes, papers and writings related to the business of the Company, and all
                                         other property belonging to the Company, together with all copies of the foregoing, it
                                         being understood and agreed that the same are the sole property, directly or indirectly,
                                         of the Company; and



 


	(i)		Director
                                         understands and acknowledges that the securities of the Company are publicly traded and
                                         subject to the Securities Act of 1933 and the Securities Exchange Act of 1934. As a result,
                                         Director acknowledges and agrees that (i) he is required under applicable securities
                                         laws to refrain from trading in securities of the Company while in possession of material
                                         nonpublic information and to refrain from. disclosing any material nonpublic information
                                         to anyone except as permitted by this Agreement in connection with the performance of
                                         Director's duties hereunder, and (ii) he will communicate to any person to whom he communicates
                                         any material nonpublic information that such information is material nonpublic information
                                         and that the trading and disclosure restrictions in clause (i) above also apply to such
                                         person.



 






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	7.		Termination
                                         for Cause. The Company may terminate the engagement of Director if the Board of the
                                         Directors of the Company determines that Director has:






	(a)		Materially
                                         breached any prov1smn hereof or habitually neglected the duties which Director was required
                                         to perform under any provision of this Agreement;




	(b)		Misappropriated
                                         funds or property of the Company or otherwise engaged in acts of dishonesty, fraud, misrepresentation
                                         or other acts of moral turpitude, even if not in connection with the performance of Director's
                                         duties hereunder, which could reasonably be expected to result in serious prejudice to
                                         the interests of the Company if Director were retained as a director;




	(c)		Secured
                                         any personal profit not completely disclosed to and approved by the Company in connection
                                         with any transaction entered into on behalf of or with the Company or any affiliate of
                                         the Company;




	(d)		Died,
                                         or become and remained incapacitated (either physically, mentally or otherwise) for a
                                         period of ninety (90) consecutive days such that Director is not able to substantially
                                         perform Director's duties hereunder; or




	(e)		Failed
                                         to carry out and perform duties assigned to Director in accordance with the terms hereof
                                         in a manner acceptable to the Board of Directors of the Company after a written demand
                                         for substantial performance is delivered to Director which identifies the manner in which
                                         Director has not substantially performed Director's duties, and provided further that
                                         Director shall be given a reasonable opportunity to cure such failure.






	 	 	For
                                         purposes of this section, no act, or failure to act, on the Director's part shall be
                                         considered "willful'' unless done, or omitted to be done, by him not in good faith
                                         and without reasonable belief that his action or omission was in the best interest of
                                         the Company. Notwithstanding the foregoing, the Director shall not be deemed to have
                                         been terminated For Cause under subsection (a) without (i) reasonable notice to the Director
                                         setting forth the reasons for the Company's intention to Terminate For Cause, (ii) an
                                         opportunity for the Director, together with his counsel, to be heard before the Board
                                         of Directors, and (iii) delivery to the Director of a notice of termination from the
                                         Board of Directors of the Company, finding that, in the good faith opinion of the Board
                                         of Directors, the Director was guilty of conduct set forth above in clause (a) of the
                                         preceding sentence and specifying the particulars thereof in detail. In the event of
                                         termination of Director's engagement for cause, Director shall be entitled to retain
                                         the vested Options for shares which have not been previously purchased, compensation
                                         through the date of termination and reimbursement of expenses properly incurred but not
                                         yet reimbursed.
	 	 	 
	8.		Covenant
                                         Not to Compete.· The Director recognizes that the Company has business good will
                                         and other legitimate business interests which must be protected in connection with and
                                         in addition to the Information, and therefore, in exchange for access to the Information,
                                         the specialized training and instruction which the Company will provide, the Company's
                                         agreement to engage the Director on the terms and conditions set forth herein, the Director
                                         agrees that during the term commencing with the date of engagement and ending three years
                                         after the date Director's engagement, Director will not, without the prior written consent
                                         of the Company, engage, directly or indirectly, in any business that competes with the
                                         Company or any of its subsidiaries in any territory in which the Company or any of its
                                         subsidiaries conducts business (determined as of the last date of Director's employment).
                                         It is mutually understood and agreed that if any of the provisions relating to the scope
                                         time or territory in this Section 8 are more extensive than is enforceable under applicable
                                         laws or are broader than necessary to protect the good will and legitimate business
                                         interests of the Company, then the Parties agree that they will reduce the degree and
                                         extent of such provisions by whatever minimal amount is necessary to bring such provisions
                                         within the am bit of enforceability under applicable law.







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	9.		Injunctive
                                         Relief. The Parties acknowledge that the remedies at law for breach of Director's covenants
                                         contained in Sections 6 and 8 of the Agreement are inadequate, and they agree that the
                                         Company shall be entitled, at its election, to injunctive relief (without the necessity
                                         of posting bond against such breach or attempted breach), and to specific performance
                                         of said covenants in addition to any other remedies at law or equity that may be available
                                         to the Company.






	10.		Business
                                         Opportunities. For as long as the Director shall be engaged by the Company and thereafter
                                         with respect to any business opportunities learned about through Director's engagement
                                         by the Company, the Director agrees that with respect to any future business opportunity
                                         or other new and future business proposal which is offered to, or comes to the attention
                                         of, the Director and which is in any way related to or connected with, the business of
                                         the Company or its affiliates, the Company shall have the right to take advantage of
                                         such business opportunity or other business proposal for its own benefit. The Director
                                         agrees to promptly deliver notice to the Chairman of the Board of Directors or the Chief
                                         Executive Officer of the Company in writing of the existence of such opportunity or proposal,
                                         and the Director may take advantage of such opportunity only if the Company does not
                                         elect to exercise its right to take advantage of such opportunity and if the pursuit
                                         thereof would not otherwise violate any provision of this Agreement.



 


	11.		Right
                                         of Offset. To the extent permitted by applicable law, all amounts due and owing to
                                         Director hereunder shall be subject to offset by the Company to the extent of any damages
                                         incurred by Director's breach of this Agreement. Director acknowledges and agrees that
                                         but for the right of offset contained in this Agreement, the Company would not have hired
                                         Director nor entered into this Agreement.



 


	12.		Obligations
                                         of Director. The obligations of Director hereunder are personal and may not be transferred
                                         or delegated by Director.



 


	13.		Amendment
                                         and Waiver. This instrument contains the entire agreement of the Parties and supersedes
                                         and replaces any prior agreements between the Company or any affiliate and Director,
                                         which prior agreements (if any) are hereby terminated, effective as of the commencement
                                         date of this Agreement, by mutual agreement of the Parties. This Agreement may not be
                                         changed orally but only by written documents signed by the Party against whom enforcement
                                         of any waiver, change, modification, extension or discharge is sought; however, the amount
                                         of compensation to be paid to Director for services to be performed for the Company hereunder
                                         may be changed from time to time by the Parties by written agreement without in any other
                                         way modifying, changing or affecting this Agreement or the performance by Director of
                                         any of the duties for the Company. Any such written agreement shall be, and shall be
                                         conclusively deemed to be, a ratification and confirmation of this Agreement, except
                                         as expressly set forth in such written amendment. The waiver by any Party of a breach
                                         of any provision of this Agreement shall not operate as or be construed to be a waiver
                                         of any subsequent breach thereof, nor of any breach of any other term or provision of
                                         this Agreement.






	14.		Notice.
                                         All notices and other communications hereunder shall be in writing and shall be deemed
                                         duly delivered (i) three business days after being received by registered or certified
                                         mail, return receipt requested, postage prepaid, or (ii) three business days after being
                                         sent for next business day delivery, fees prepaid, via a reputable nationwide overnight
                                         courier service, in the case of the Company, to its principal office address, and in
                                         the case of Director, to Director's residence address as shown on the records of the
                                         Company, or may be given by personal delivery thereof.






	15.		Severability.
                                         Whenever possible, each provision of this Agreement shall be interpreted in such manner
                                         as to be valid and enforceable under applicable law, but if any provision of this Agreement
                                         shall be invalid, unenforceable or prohibited by applicable law, then in lieu of declaring
                                         such provision invalid or unenforceable, to the extent permitted by law (a) the Parties
                                         agree that they will amend such provision to the minimal extent necessary to bring such
                                         provision within the ambit of enforceability, and (b) any court of competent jurisdiction
                                         may, at the request of either party, revise, reconstruct or reform such provision in
                                         a manner sufficient to cause it to be valid and enforceable.






	16.		Force
                                         Majeure. Neither of the Parties shall be liable to the other for any delay or failure
                                         to perform hereunder, which delay or failure is due to causes beyond the control of said
                                         Party, including, but not limited to: acts of God; acts of the public enemy; acts of
                                         the United States of America or any state, territory or political subdivision thereof
                                         or of the District of Columbia; fires; floods; epidemics, quarantine restrictions; strike
                                         or freight embargoes. Notwithstanding the foregoing provisions of this Section 18, in
                                         every case the delay or failure to perform must be beyond the control and without the
                                         fault or negligence of the Party claiming excusable delay.



 



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	17.		Authority
                                         to Contract. The Company warrants and represents that it has full authority to enter
                                         into this Agreement and to consummate the transactions contemplated hereby and that this
                                         Agreement is not in conflict with any other agreement to which the Company is a party
                                         or by which it may be bound. The Company hereto further warrants and represents that
                                         the individuals executing this Agreement on behalf of the Company have the full power
                                         and authority to bind the Company to the terms hereof and have been authorized to do
                                         so in accordance with the Company's corporate organization.



 


	18.		Mediation.
                                         In the event of any dispute arising under or pursuant to this Agreement, the Parties
                                         agree to attempt to resolve the dispute in a commercially reasonable fashion before instituting
                                         any arbitration or litigation (with the exception of emergency injunctive relief as set
                                         forth in Paragraph 9). If the Parties are unable to resolve the dispute within thirty
                                         (30) days, then the Parties agree to mediate the dispute with a mutually agreed upon
                                         mediator in Houston, Texas. If the Parties cannot agree upon a mediator within ten (10)
                                         days after either party shall first request commencement of mediation, each party will
                                         select a mediator within five (5) days thereof, and those mediators shall select the
                                         mediator to be used. The mediation shall be scheduled within thirty (30) days following
                                         the selection of the mediator. If the mediation does not resolve the dispute, then Paragraph
                                         20 shall apply. The Parties further agree that any applicable statute of limitations
                                         will be tolled for the period of time from the date mediation is requested until fourteen
                                         (14) days following the mediation.






	19.		Recovery
                                         of Litigation Costs. If any legal action or other proceeding is brought for the enforcement
                                         of this Agreement or any agreement or instrument delivered under or in connection with
                                         this Agreement, or because of an alleged dispute, breach, default or misrepresentation
                                         in connection with any of the provisions of this Agreement, the successful or prevailing
                                         Party or Parties shall be entitled to recover reasonable attorneys' fees and other costs
                                         incurred in that action or proceeding, in addition to any other relief to which it or
                                         they may be entitled.



 


	20.		Arbitration.
                                         Any and all disputes or controversies whether of law or fact and of any nature whatsoever
                                         arising from or respecting this Agreement shall be decided by arbitration by the American
                                         Arbitration Association in accordance with its Commercial Rules






except
as modified herein.


 


	(a)		The
                                         arbitrator shall be elected as follows: in the event the Company and the Director agree
                                         on one arbitrator, the arbitration shall be conducted by such arbitrator. In the event
                                         the Company and the Director do not so agree, the Company and the Director shall each
                                         select one independent, qualified arbitrator and the two arbitrators so selected shall
                                         select the third arbitrator (the arbitrator(s) are herein referred to as the "Panel").
                                         The Company reserves the right to object to any individual arbitrator who shall be employed
                                         by or affiliated with a competing organization.




	(b)		Arbitration
                                         shall take place at Houston, Texas, or any other location mutually agreeable to the Parties.
                                         At the request of either Party, arbitration proceedings will be conducted in the utmost
                                         secrecy; in such case all documents, testimony and records shall be received, heard and
                                         maintained by the arbitrators in secrecy, available for inspection only by the Company
                                         or the Director and their respective attorneys and their respective experts who shall
                                         agree in advance and in writing to receive all such information in secrecy until such
                                         information shall become generally known. The Panel shall be able to award any and all
                                         relief, including relief of an equitable nature, provided that punitive damages shall
                                         not be awarded. The award rendered by the Panel may be enforceable in any court having
                                         jurisdiction thereof.




	(c)		Reasonable
                                         notice of the time and place of arbitration shall be given to all Parties and any interested
                                         persons as shall be required by law.



 


	21.		Governing
                                         Law. This Agreement and the rights and obligations of the Parties shall be governed
                                         by and construed and enforced in accordance with the substantive laws (but not the rules
                                         governing conflicts of laws) of the State of Texas.






	22.		Multiple
                                         Counterparts. This Agreement may be executed in multiple counterparts each of which
                                         shall be deemed to be an original but all of which together shall constitute but one
                                         instrument.






	23.		Prior
                                         Agreements. The Company represents and warrants to Director, and Director represents
                                         and warrants to the Company, that Director and the Company have fulfilled all of the
                                         terms and conditions of all prior agreements to which Director may be or has



 



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been
a party.


 


 


EXECUTED
as of the day and year first above set forth.


 


 


	IMMUDYNE, INC.	 	DIRECTOR
	 	 	 
	/s/ Mark McLaughlin	 	/s/ John Strawn
	 	 	 
	 	 	 






 





 



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