Document:

imobolis_ex1003.htm

Exhibit 10.3

 

Employment Agreement

Introduction

This Agreement, made and entered into this  1st day of January, 2011, by and between Imobolis, Inc., a Nevada corporation, (hereinafter called “Employer”) and Julian Spitari, (hereinafter called “Employee”) an individual who has the education, training and experience in provides online posting of classified ads free to the public, both of whom agree as follows:

Section 1: Term

The term of this agreement shall be for an initial period of fifteen months from 1-1-2011 to 3-31-2012.  Thereafter, this Agreement shall automatically be renewable on its anniversary date for a one year term until terminated by either party as provided herein.

Section 2:  Duties and Authority

Employer agrees to employ the Employee as President, Secretary and CEO of Imobolis, Inc. a Nevada corporation to perform the functions and duties specified in the Nevada revised Code, and to perform other legally permissible and proper duties and functions.

Section 3: Compensation

 

The Employer agrees to pay Employee an annual base salary of $120,000 for the duration of this Agreement.  Thereafter, the base salary of the Employee will increase at a rate of at least three percent (3%) per year if renewed, subject to approval by the Company’s Board of Directors.  The Employer agrees to pay the Employee in equal installments on a bi-weekly basis during the term of this Agreement.

Section 4:  Health, Disability and Life Insurance Benefits

 

The Employer will not provide Health, Disability and Life Insurance Benefits to the employee.

Section 5:  Automobile and Monthly Expense Allowance

 

The employer will not provide Automobile and Monthly Expense Allowance.

The non-granting of this allowance does not waive the Employer’s obligation to reimburse the Employee at the standard IRS mileage rate for any business related use of a personal vehicle for official business, excepting that the Employee should always attempt to utilize a vehicle owned by the Employer to avoid such expense whenever possible.

Section 6:  Retirement

 

No retirement benefits are included in this or any other agreement.

 

 

  

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Section 7:  Terminations

For the purpose of this agreement, termination shall occur when:

1.  In the event of termination of employment, Employee shall be entitled to the compensation accrued and earned prior to the date of termination and one year’s base salary.

Section 8:  Severance

No Severance benefits are included in this or any other agreement.

Section 9: Resignation

In the event that the Employee voluntarily resigns his/her position with the Employer, the Employee shall provide a minimum of 30 days written notice unless the parties agree otherwise.

Section 10:  Performance Evaluation

Employer shall annually review the performance of the Employee in December subject to a process, form, criteria, and format for the evaluation which shall be mutually agreed upon by the Employer and Employee. The process at a minimum shall include the opportunity for both parties to:  (1) prepare a written evaluation, (2) meet and discuss the evaluation, and (3) present a written summary of the evaluation results.  The final written evaluation should be completed and delivered to the Employee within 30 days of the evaluation meeting.

Section 11:  Hours of Work

It is recognized that the Employee must devote a great deal of time outside the normal office hours on business for the Employer, and to that end Employee shall be allowed to establish an appropriate work schedule.

Section 12:  Outside Activities

The employment provided for by this Agreement shall be the Employee’s sole employment.  Recognizing that certain outside consulting opportunities provide indirect benefits to the Employer and the community, the Employee may elect to accept limited, consulting or other business opportunities with the understanding that such arrangements shall not constitute interference with nor a conflict of interest with his or her responsibilities under this Agreement.

Section 13:  Moving and Relocation Expenses

No moving or relocation expenses are included in this agreement

Section 14:  Home Sale and Purchase Expenses

No Home sale and purchase are included in this agreement

 

 

  

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Section 15:  Indemnification

Beyond that required under Federal, State or Local Law, Employer shall defend, save harmless and indemnify Employee against any tort, professional liability claim or demand or other legal action, whether groundless or otherwise, arising out of an alleged act or omission occurring in the performance of Employee’s duties as President, Secretary and CEO or resulting from the exercise of judgment or discretion in connection with the performance of program duties or responsibilities, unless the act or omission involved willful or wanton conduct.  The Employee may request and the Employer shall not unreasonably refuse to provide independent legal representation at Employer’s expense and Employer may not unreasonably withhold approval. Legal representation, provided by Employer for Employee, shall extend until a final determination of the legal action including any appeals brought by either party.  The Employer shall indemnify employee against any and all losses, damages, judgments, interest, settlements, fines, court costs and other reasonable costs and expenses of legal proceedings including attorneys’ fees, and any other liabilities incurred by, imposed upon, or suffered by such Employee in connection with or resulting from any claim, action, suit, or proceeding, actual or threatened, arising out of or in connection with the performance of his or her duties.  Any settlement of any claim must be made with prior approval of the Employer in order for indemnification, as provided in this Section, to be available.

Employee recognizes that Employer shall have the right to compromise and unless the Employee is a party to the suit which Employee shall have a veto authority over the settlement, settle any claim or suit; unless, said compromise or settlement is of a personal nature to Employee.  Further, Employer agrees to pay all reasonable litigation expenses of Employee throughout the pendency of any litigation to which the Employee is a party, witness or advisor to the Employer.  Such expense payments shall continue beyond Employee's service to the Employer as long as litigation is pending.  Further, Employer agrees to pay Employee reasonable consulting fees and travel expenses when Employee serves as a witness, advisor or consultant to Employer regarding pending litigation.

Section 16:  Bonding

Employer shall bear the full cost of any fidelity or other bonds required of the Employee under any law or ordinance if required.

Section 17:  Other Terms and Conditions of Employment

The Employer, only upon agreement with Employee, shall fix any such other terms and conditions of employment, as it may determine from time to time, relating to the performance of the Employee, provided such terms and conditions are not inconsistent with or in conflict with the provisions or bylaws of Imobolis, Inc.

 

A. Except as otherwise provided in this Agreement, the Employee shall be entitled to the highest level of benefits that are enjoyed by other employees.

 

Section 18:  Notices

Notice pursuant to this Agreement shall be given by depositing in the custody of the United States Postal Service, postage prepaid, addressed as follows:

 

	 	
(1)

	
EMPLOYER:

	
Imobolis, Inc.

	 	  	  	
8950 West Olympic Blvd.

	 	  	  	
Suite 350

	 	  	  	
Beverly Hills, Ca 90211

 

	 	
(2)

	
EMPLOYEE:

	
Julian Spitari

	 	  	  	
8950 West Olympic Blvd.

	 	  	  	
Suite 350

	 	  	  	
Beverly Hills, Ca 90211

Alternatively, notice required pursuant to this Agreement may be personally served in the same manner as is applicable to civil judicial practice.  Notice shall be deemed given as of the date of personal service or as the date of deposit of such written notice in the course of transmission in the United States Postal Service.

Section 19:  General Provisions

A. Integration.  This Agreement sets forth and establishes the entire understanding between the Employer and the Employee relating to the employment of the Employee by the Employer.  Any prior discussions or representations by or between the parties are merged into and rendered null and void by this Agreement.  The parties by mutual written agreement may amend any provision of this agreement during the life of the agreement. Such amendments shall be incorporated and made a part of this agreement.

B. Binding Effect. This Agreement shall be binding on the Employer and the Employee as well as their heirs, assigns, executors, personal representatives and successors in interest.

C. Effective Date.  This Agreement shall become effective on January 1, 2011.

D. Severability.  The invalidity or partial invalidity of any portion of this Agreement will not affect the validity of any other provision.  In the event that any provision of this Agreement is held to be invalid, the remaining provisions shall be deemed to be in full force and effect as if they have been executed by both parties subsequent to the expungement or judicial modification of the invalid provision.

 

 

  

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Section 20:  Death Benefit

Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

Section 21:  Restriction on Post-Employment Compensation

For a period of  ( 3 ) years after the end of employment, the Employee shall not control, consult to or be employed by any business similar to that conducted by the company, either by soliciting any of its accounts or by operating within Employer's general trading area.

Section 22:  Assistance in Litigation

Employee shall upon reasonable notice, furnish such information and proper assistance to the Company as it may reasonably require in connection with any litigation in which it is, or may become, a party either during or after employment.

Section 23:  Effect of Prior Agreements

This Agreement supersedes any prior agreement between the Company or any predecessor of the Company and the Employee, except that this agreement shall not affect or operate to reduce any benefit or compensation inuring to the Employee of a kind elsewhere provided and not expressly provided in this agreement.

Section 24:  Settlement by Arbitration

Any claim or controversy that arises out of or relates to this agreement, or the breach of it, shall be settled by arbitration in accordance with the rules of the American Arbitration Association. Judgment upon the award rendered may be entered in any court with jurisdiction.

Section 25:  Limited Effect of Waiver by Company

Should Company waive breach of any provision of this agreement by the Employee, that waiver will not operate or be construed as a waiver of further breach by the Employee.

Section 26:  Severability

If, for any reason, any provision of this agreement is held invalid, all other provisions of this agreement shall remain in effect. If this agreement is held invalid or cannot be enforced, then to the full extent permitted by law any prior agreement between the Company (or any predecessor thereof) and the Employee shall be deemed reinstated as if this agreement had not been executed.

Section 27:  Assumption of Agreement by Company's Successors and Assignees

The Company's rights and obligations under this agreement will inure to the benefit and be binding upon the Company's successors and assignees.

 

 

  

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Section 28:  Oral Modifications Not Binding

This instrument is the entire agreement of the Company and the Employee. Oral changes have no effect. It may be altered only by a written agreement signed by the party against whom enforcement of any waiver, change, modification, extension, or discharge is sought.

Section 29:  Governing Jurisdiction

This agreement shall be governed by and construed in accordance with the laws of the State of California.

Signed this 1st day of January, 2011.

 

	Imobolis, Inc.	 	 	Julian Spitari	 
	 	 	 	 	 
	
/s/ Julian Spitari

	 	 	
/s/ Julian Spitari

	 
	
 

	 	 	
 

	 
	
Julian Spitari, President / Secretary 

	 	 	
Julian Spitari, an individual

	 

 

 

 

 

 

 

 

 

 

 

5Unassociated Document

EXHIBIT 4.15

 

[Form of Restricted Stock Issuance Agreement dated February 1, 2010]

PEREGRINE PHARMACEUTICALS, INC.

[Plan Year] STOCK INCENTIVE PLAN

STOCK ISSUANCE AGREEMENT

This Stock Issuance Agreement (this “Agreement”) is entered into between Peregrine Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and [First and Last Name] (the “Grantee”), as of [Grant Date] (the “Date of Grant”).

 

RECITALS

 

A.    The Company has adopted the Peregrine Pharmaceuticals, Inc. [Plan Year] Stock Incentive Plan, as amended (the “Plan”), to allow the Company to make grants that will provide an incentive to attract and retain eligible individuals whose services are considered unusually valuable by providing them an opportunity to have a proprietary interest in the success of the Company.

 

B.    The Company believes that entering into this Agreement with Grantee is consistent with the above stated purposes.

 

C.          Any capitalized term not otherwise defined will have the meaning ascribed to it in the Plan.

 

NOW, THEREFORE, in consideration of the mutual covenants and conditions in this Agreement and for other good and valuable consideration, the Company and Grantee agree as follows:

 

1.    GRANT OF RESTRICTED SHARES.

 

Subject to the terms of this Agreement, pursuant to action taken by the Compensation Committee of the Company’s Board of Directors on [Grant Date], the Company hereby grants [Restricted Shares] shares (the “Restricted Shares”) of the Company’s common stock (the “Common Stock”) to Grantee.  The delivery of any documents evidencing the Restricted Shares granted pursuant to this Agreement shall be subject to the provisions of Section 3.E below.

 

2.    RIGHTS OF GRANTEE.

 

Subject to the provisions of this Agreement and the Plan, upon the issuance by the Company to Grantee of any Restricted Shares pursuant hereto, Grantee will become a stockholder with respect to all of the Restricted Shares granted to Grantee pursuant to Section 1 and will have all of the rights of a shareholder in the Company with respect to such Restricted Shares, including, without limitation, the right to receive notice of, attend and vote at meetings of the Company’s stockholders and to receive any dividend on such Restricted Shares that the Company may declare and pay from time to time; provided, however, that such Restricted Shares will be subject to the restrictions set forth in this Agreement.

 

3.    RESTRICTIONS ON COMMON STOCK SUBJECT TO THIS AGREEMENT.

 

 A.    Limitations on Transfer.

 

 Grantee agrees not to sell, transfer, pledge, exchange, hypothecate, grant any security interest in, or otherwise dispose of, any Restricted Shares before the date on which the restrictions lapse under Section 3.B, or enter into any agreement or make any commitment to do so.  Any attempted sale, transfer, pledge, exchange, hypothecation or disposition of the Restricted Shares shall be null and void, and the Company shall not recognize or give effect to such transaction on its books and records (including the books and records of the Company’s transfer agent) or recognize the person or persons to whom such sale, transfer, pledge, exchange, hypothecation or disposition has been made as the legal or beneficial owner of the Restricted Shares.

 

  

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 B.    Lapse of Restrictions.

 Subject to the other conditions in this Section 3, the restrictions on disposition of the Restricted Shares will lapse under the following schedule:

 

 Grantee shall automatically vest with respect to 20% of the Restricted Shares for each of the below milestones that is achieved during the term of this Agreement, up to a maximum of five (5) milestones, with the effective date of each such vesting being the date such milestone has been achieved.

	
Corporate Milestone

	
Measureable Event

	
Milestone Deadline

	
Successful FDA CMC Meeting Outcome

	
Upon shipment of PAX (bavituximab) material to first clinical site for use in clinical studies.  Milestone shall be based on the shipping date of PAX to the first clinical site.

	
June 30, 2010

	
Initiate Three (3) New Bavituximab Clinical Trials

	
Upon the third (3rd) new clinical trial initiated (1st site is open for enrollment).  Milestone shall be based on the date the 1st clinical site of the 3rd study is open for enrollment.

	
June 30, 2010

	
Extension of TMTI Government Contract

	
Upon government approval (contract amendment) to exercise option period one under TMTI contract dated June 30, 2008.  Milestone shall be based on the effective date of the contract amendment.

	
July 31, 2010

	
Complete Enrollment in Cotara Phase II Study

	
Dose 40th patient in Cotara Phase II study.  Milestone shall be based on the date that the 40th patient receives infusion of Cotara.

	
September 30, 2010

	
Initiate a Total of Six (6) New Bavituximab or Cotara Clinical Trials

	
Upon the sixth (6th) new clinical trial initiated (1st site is open for enrollment).  Milestone shall be based on the date the 1st clinical site of the 6th study is open for enrollment.

	
December 31, 2010

	
Successful Regulatory Inspections

	
Successfully complete all Avid regulatory inspection(s) with zero critical observations for inspections completed through 4/29/11.  In the event a regulatory inspection is ongoing as of April 29, 2011 with no definitive conclusion, such inspection shall not be considered into such milestone.  In the event Avid has not been inspected by any regulatory authorities during such period, such milestone shall not be deemed achieved.

	
April 29, 2011

	
Complete Enrollment in Bavituximab Registrational Phase II Clinical Trial

	
Upon last patient receiving initial treatment dose in bavituximab NSCLC second line docetaxel study.  Milestone shall be based on the date that the last patient receives initial treatment.

	
June 30, 2011

	
Continued Avid Business Success

	
Upon issuance of audited financial statements (date of audit opinion), Avid is deemed a break even stand-alone Company (zero or higher) based on third party and government revenue for FY’2011.  Break-even shall be calculated as follows:

Net income (loss)

Plus non-cash expenses

Minus non-government intercompany revenue

Plus raw material and supplies incurred on non-government intercompany revenue

	
July 15, 2011

  

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   C.    Accelerated Vesting.

 Notwithstanding the provisions of Section 3.B hereof, all of the Restricted Shares, to the extent not already vested, shall fully vest on the first to occur of the following dates: (i) the effective date of a Change of Control (as that term is defined in the Plan), and (ii) the date on which Grantee ceases to be employed by the Company on account of his or her death or Disability (as that term is defined in the Plan); provided, however, that the restrictions on the disposition of the Restricted Shares will not lapse unless Grantee is employed by the Company or any Subsidiary (as that term is defined in the Plan) as of the date the restrictions expire.

 

 D.    Forfeiture of Restricted Shares.

 Notwithstanding the provisions of Section 3.B hereof, if Grantee is an employee of the Company on the Date of Grant, and Grantee’s employment is terminated by the Company or Grantee for any reason other than death or Disability (as that term is defined in the Plan) on or after the Date of Grant but prior to the lapse of any of the restrictions pursuant to Sections 3.B above, Grantee shall forfeit the Restricted Shares that are at that time subject to restrictions.

 

 E.    Issuance of Certificates.

 The Company shall only be required to issue stock certificates representing those Restricted Shares whose restrictions have lapsed in accordance with the provisions of this Agreement.  Within sixty (60) days following the lapse of restrictions on the Restricted Shares, the Company shall issue to Grantee a stock certificate representing such Restricted Shares.  Notwithstanding the foregoing, the Company may electronically transfer any vested Restricted Shares to the Grantee in accordance with the instructions provided by Grantee.

 

4.     SECURITIES ACT.

 

 A.    Registration.

 

 The Company has the right, but not the obligation, to cause any of the Restricted Shares issued or issuable hereunder to be registered under the appropriate rules and regulations of the Securities and Exchange Commission.

 

 B.    Condition on Delivery of Stock.

 

The Company will not be required to deliver any Restricted Shares issuable hereunder if, in the opinion of counsel for the Company, the issuance would violate the Securities Act of 1933 or any other applicable federal or state securities laws or regulations.  The Company may require Grantee, prior to or after the issuance of any Restricted Shares hereunder, to sign and deliver to the Company a written statement, in form and content acceptable to the Company in its sole discretion, that Grantee (i) is acquiring the shares for investment and not with a view to the sale or distribution thereof,  (ii) will not sell any of such shares or any other Common Stock of the Company that Grantee may then own or hereafter acquire except with the prior written approval of the Company, and (iii) will comply with the Securities Act of 1933, the Securities Exchange Act of 1934 and all other applicable federal and state securities laws and regulations.

 

5.    REPRESENTATIONS OF GRANTEE.

 

In connection with Grantee’s receipt of the Restricted Shares, Grantee hereby represents and warrants to the Company as follows:

 

  

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   A.    Further Limitations on Disposition.

 

 Grantee understands and acknowledges that Grantee may not make any disposition, sale, or transfer (including transfer by gift or operation of law) of all or any portion of the Restricted Shares except as provided in this Agreement.  Moreover, Grantee agrees to make no disposition of all or any portion of the Restricted Shares unless and until:  (i) there is then in effect a registration statement under the Securities Act of 1933 covering such proposed disposition and such disposition is made in accordance with said Registration Statement; (ii) the resale provisions of Rule 701 or Rule 144 are available in the opinion of counsel to the Company; or (iii)(A) Grantee notifies the Company of the proposed disposition and has furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, (B) Grantee furnishes the Company with an opinion of Grantee’s counsel to the effect that such disposition will not require registration of such Restricted Shares under the Securities Act, and (C) such opinion of Grantee’s counsel shall have been concurred with by counsel for the Company and the Company shall have advised Grantee of such concurrence.

 

   B.    Determination of Fair Market Value.

 

 Grantee understands Fair Market Value of the Restricted Shares shall be determined in accordance with the Plan.

 

   C.    Section 83(b) Election.

 

 Grantee understands that Section 83 of the Internal Revenue Code of 1986 (the “Code”) taxes as ordinary income the difference between the amount paid for the Restricted Shares and the Fair Market Value of the Restricted Shares as of the date any restrictions on the Restricted Shares lapse.  In this context, “restriction” means the restrictions set forth in Section 3.

 

6.    NONTRANSFERABILITY OF AGREEMENT.

 

Grantee may not assign or transfer Grantee’s rights under this Agreement, nor may Grantee subject such rights (or any of them) to execution, attachment, garnishment or similar process.  In the event of any such occurrence, this Agreement, and all of Grantee’s rights hereunder, will automatically be terminated and will thereafter be null and void.

 

7.    FEDERAL AND STATE TAXES.

 

Grantee may incur certain liabilities for federal, state or local taxes in connection with the issuance and/or vesting of the Restricted Shares hereunder.  The Company and the Grantee agree that the Company shall pay any federal, state, local or foreign employment or income taxes due upon the vesting of the Restricted Shares (or otherwise). The amount to be paid by the Company to the applicable taxing authorities for the required income tax withholding shall be “grossed up” and calculated by taking the Fair Market Value of the Restricted Shares that have vested on each vesting date and multiplied by the required tax withholding rates at the then current applicable federal and state income tax bonus withholding rates and dividing such result by sixty percent (60%).  The amount so calculated shall be treated and reported as bonus compensation paid to Grantee in the year in which paid by the Company.

 

8.    ADJUSTMENT OF SHARES.

 

The number of Restricted Shares issued to Grantee pursuant to this Agreement will be adjusted in accordance with the Plan in the event of a change in the Company’s capital structure.  Such number of shares may also be adjusted based on any withholding of compensation by the Company as provided in the last sentence of Section 7 hereof.

 

  

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9.    AMENDMENT OF THIS AGREEMENT; TERMINATION.

 

This Agreement may only be amended with the written approval of Grantee and the Company.  Notwithstanding the foregoing sentence, the Company may at any time, upon written notice to Grantee, (i) amend or terminate the Plan, or (ii) terminate this Agreement; provided, however, that termination of this Agreement by the Company will be with respect to future issuances of Restricted Shares only, and will have no effect on Grantee’s or the Company’s rights and obligations hereunder, including, outstanding restrictions on the sale, transfer, pledge, exchange, hypothecation or disposition of the Restricted Shares issued to Grantee hereunder before the effective date of such termination.

 

10.    GOVERNING LAW.

 

This Agreement shall be governed in all respects, whether as to validity, construction, capacity, performance, or otherwise, by the laws of the State of California, without giving effect to choice of law rules.

 

11.    SEVERABILITY.

 

If any provision of this Agreement, or the application of any such provision to any person or circumstance, is held to be unenforceable or invalid by any court of competent jurisdiction or under any applicable law, the parties hereto will negotiate an equitable adjustment to the provisions of this Agreement with the view to effecting, to the greatest extent possible, the original purpose and intent of this Agreement, and in any event, the validity and enforceability of the remaining provisions of this Agreement will not be affected thereby.

 

12.    ENTIRE AGREEMENT.

 

This Agreement and the provisions of the Plan applicable hereto constitute the entire, final and complete agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, promises, understandings, negotiations, representations and commitments, both written and oral, between the parties hereto with respect to the subject matter hereof.  Neither party hereto will be bound by or liable for any statement, representation, promise, inducement, commitment or understanding of any kind whatsoever not expressly set forth in this Agreement or in the Plan.

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized representative and Grantee has signed this Agreement as of the day and year first written above.

	 	 
PEREGRINE PHARMACEUTICALS , INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ 	 
	 	 	 
Steven W. King

	 
	 	 	President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	 
GRANTEE:

	 
	 	 	 	 
	 	 	 	 
	 	 	 
Signature

	 
	 	 	 	 
	 	 	 
Name:  [First and Last Name]

	 

 

                                                                  

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