Exhibit 10.1
EMPLOYMENT AGREEMENT
This Employment Agreement (this "Agreement"), is made and entered into as of the
30th day of April, 2008 (the "Effective Date"), by and between INTERLEUKIN
GENETICS, INC., a Delaware corporation ("Employer" or the "Company"), and Eliot
Lurier, an individual ("Employee").
RECITALS
A.
Employer desires to obtain the benefit of the services of Employee
and Employee desires to render such services to Employer.
B.
The Board of Directors of Employer (the "Board") has determined
that it is in Employer's best interest to employ Employee and to provide certain
benefits to Employee.
C.
Employer and Employee desire to set forth the terms and conditions
of Employee's employment with Employer on the terms and subject to the
conditions of this Agreement.
AGREEMENT
In consideration of the foregoing recitals and of the mutual covenants and
conditions contained herein, the parties, intending to be legally bound, agree
as follows:
1.
TERM AND RENEWAL.
EMPLOYER AGREES TO EMPLOY EMPLOYEE, AND
EMPLOYEE AGREES TO SERVE EMPLOYER, IN ACCORDANCE WITH THE TERMS OF THIS
AGREEMENT, FOR A TERM (THE "TERM") BEGINNING ON THE EFFECTIVE DATE AND
CONTINUING FOR A PERIOD OF ONE (1) YEAR THEREAFTER UNLESS EARLIER TERMINATED IN
ACCORDANCE WITH THE PROVISIONS HEREOF.
ON THE FIRST AND EACH SUBSEQUENT
ANNIVERSARY OF THE EFFECTIVE DATE, THE TERM OF EMPLOYEE'S EMPLOYMENT HEREUNDER
WILL BE AUTOMATICALLY EXTENDED FOR AN ADDITIONAL PERIOD OF ONE (1) YEAR (EACH A
"SUBSEQUENT TERM") UNLESS EITHER EMPLOYEE OR EMPLOYER PROVIDES WRITTEN NOTICE TO
THE OTHER THAT SUCH AUTOMATIC EXTENSION WILL NOT OCCUR (A "NON-RENEWAL NOTICE"),
WHICH NOTICE IS GIVEN NOT LESS THAN SIXTY (60) DAYS PRIOR TO THE RELEVANT
ANNIVERSARY OF THE EFFECTIVE DATE, AND UNLESS EMPLOYEE'S EMPLOYMENT IS NOT
OTHERWISE EARLIER TERMINATED IN ACCORDANCE WITH THE PROVISIONS OF THIS
AGREEMENT.
THE INITIAL TERM AND ANY SUBSEQUENT TERM ARE REFERRED TO HEREIN
COLLECTIVELY AS THE "TERM."
2.
EMPLOYMENT OF EMPLOYEE.
(A)
SPECIFIC POSITION.
EMPLOYER AND EMPLOYEE HEREBY AGREE THAT,
SUBJECT TO THE PROVISIONS OF THIS AGREEMENT, EMPLOYER WILL EMPLOY EMPLOYEE AND
EMPLOYEE WILL SERVE AS AN EMPLOYEE OF EMPLOYER.
EMPLOYEE WILL REPORT DIRECTLY
TO THE CHIEF EXECUTIVE OFFICER, AND EMPLOYEE SHALL HAVE THE TITLE AND PERFORM
THE DUTIES OF CHIEF FINANCIAL OFFICER OF THE COMPANY, AND SUCH OTHER REASONABLE,
USUAL AND CUSTOMARY DUTIES OF SUCH OFFICE AS MAY BE DELEGATED TO EMPLOYEE FROM
TIME TO TIME BY THE CHIEF EXECUTIVE OFFICER OR THE BOARD, SUBJECT ALWAYS TO THE
POLICIES AS REASONABLY DETERMINED FROM TIME TO TIME BY THE BOARD.
(B)
PROMOTION OF EMPLOYER'S BUSINESS.
DURING THE TERM, EMPLOYEE SHALL
NOT ENGAGE IN ANY BUSINESS COMPETITIVE WITH EMPLOYER.
EMPLOYEE AGREES TO DEVOTE
HIS FULL BUSINESS TIME, ATTENTION, KNOWLEDGE, SKILL AND ENERGY TO THE BUSINESS,
AFFAIRS AND INTERESTS OF EMPLOYER AND MATTERS RELATED THERETO, AND SHALL USE HIS
BEST EFFORTS AND ABILITIES TO PROMOTE EMPLOYER'S INTERESTS; PROVIDED, HOWEVER,
THAT EMPLOYEE IS NOT PRECLUDED FROM DEVOTING REASONABLE PERIODS TO TIME
REQUIRED: (I) FOR SERVING AS A DIRECTOR, COMMITTEE MEMBER OR SCIENTIFIC EDITOR
OF ANY ORGANIZATION THAT DOES NOT COMPETE WITH EMPLOYER OR THAT