Document:

Exhibit 10.5

 

Newcourt Acquisition Corp

2201 Broadway, Suite 705

Oakland, CA 94612

 

March 4, 2021

 

Newcourt SPAC Sponsor LLC

2201 Broadway, Suite 705

Oakland, CA 94612

 

RE: Securities Subscription Agreement

 

Ladies and Gentlemen:

 

This agreement (the “Agreement”)
is entered into on March 4, 2021 by and between Newcourt SPAC Sponsor LLC, a Delaware limited liability company (the “Subscriber”
or “you”), and Newcourt Acquisition Corp, a Cayman Islands exempted company (the “Company”,
 “we” or “us”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber
has made to purchase Class B ordinary shares, $0.0001 par value per share, of the Company (“Class B Ordinary
Shares”), in the amount of 5,912,500 Class B Ordinary Shares (the “Shares”), up to 750,000 of
which are subject to forfeiture by you if the underwriters of the initial public offering (“IPO”) of units of
the Company (the “Units”), do not fully exercise their over-allotment option (the “Over-allotment Option”).
The Company and the Subscriber’s agreements regarding such Shares are as follows:

 

1.             Purchase
of Shares. For the sum of $25,000, which the Company acknowledges receiving in cash, the Company hereby issues the Shares to
the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject to forfeiture, on the terms and subject
to the conditions set forth in this Agreement. Concurrently with the Subscriber’s execution
of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s
name representing the Shares (the “Original Certificate”), or effect such delivery in book-entry form.

 

2.             Representations,
Warranties, and Agreements.

 

2.1            Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1        No
Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made
any recommendation or endorsement of the offering of the Shares.

 

2.1.2        No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (a) the formation and governing documents
of the Subscriber, (b) any agreement, indenture or instrument to which the Subscriber is a party, or (c) any law, statute,
rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber
is subject.

 

     

     

    

 

2.1.3        Organization
and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws
of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.
Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable against
Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent
conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of
equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

2.1.4        Experience,
Financial Capability and Suitability.

 

(a)            Subscriber
is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Shares
and (ii) able to bear the economic risk of its investment in the Shares for an indefinite period of time because the Shares
have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and therefore cannot
be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber
is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests.

 

(b)            Subscriber
must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration statement
under the Securities Act or (ii) an exemption from registration available with respect to such sale. Subscriber is able to
bear the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment in the Shares.

 

2.1.5        Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s
own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence investigation
and the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any
information or to make any representations which were not furnished pursuant to this Section 2 and Subscriber has
not relied on any other representations or information in making its investment decision, whether written or oral, relating to
the Company, its operations and/or its prospects.

 

2.1.6        Regulation
D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D promulgated under the Securities Act and acknowledges the sale contemplated hereby is being made in reliance on a
private placement exemption to “accredited investors” within the meaning of Section 501(a) of Regulation
D promulgated under the Securities Act or similar exemptions under state law.

 

2.1.7        Investment
Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and
not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The
Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the
meaning of Rule 502(c) of Regulation D promulgated under the Securities Act.

 

    	 	- 2 -	 

     

    

 

2.1.8        Restrictions
on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering
within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within
the meaning of section (a)(3) of Rule 144 promulgated under the Securities Act (“Rule 144”),
and Subscriber understands that the Certificates (as defined in Section 3.3) or book-entries representing the Shares
will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise
transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to (a) registration
under the Securities Act covering such offer, resale, pledge or other transaction or (b) an available exemption from registration.
Subscriber agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to
any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent
registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the
Company is a shell company, Subscriber may not be able to rely on Rule 144 promulgated under the Securities Act with respect
to the resale of the Shares until one year following consummation of the initial business combination of the Company, despite technical
compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9        No
Governmental Consents. No governmental, administrative or other third-party consents or approvals are required, necessary
or appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2           Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1        Organization
and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction in which the
failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results
or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

2.2.2        No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (a) the certificate of incorporation or by-laws
of the Company, (b) any agreement, indenture or instrument to which the Company is a party, or (c) any law, statute,
rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3        Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly
issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Subscriber
will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer
restrictions hereunder and other agreements to which the Shares may be subject which have been notified to the Subscriber in writing,
(b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due
to the actions of the Subscriber.

 

2.2.4        No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company
that: (a) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this
Agreement or (b) question the validity or legality of any transactions or seeks to recover damages or to obtain other relief
in connection with any transactions.

 

    	 	- 3 -	 

     

    

 

3.             Forfeiture
of Shares.

 

3.1           Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the IPO
is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of the Shares
(such transferees, the “Initial Stockholders”)) shall forfeit any and all rights to such number of Shares (up
to an aggregate of 750,000 Shares, pro rata based upon the percentage of the Over-allotment Option exercised) such that
immediately following such forfeiture, the Subscriber (and all other Initial Stockholders prior to the IPO, if any) will own an
aggregate number of Shares (not including any Shares issuable upon exercise of any warrants or any Class A ordinary shares,
par value $0.0001 per share (the “Class A Ordinary Shares”, together with the Class B Ordinary Shares,
the “Ordinary Shares”) purchased by Subscriber or any other Initial Stockholder in the IPO or in the aftermarket)
equal to 20% of the issued and outstanding Shares immediately following the IPO.

 

3.2           Termination
of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after such
time the Subscriber (or Initial Stockholder or other successor in interest), shall no longer have any rights as a holder of such
forfeited Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.

 

3.3           Share
Certificates. In the event an adjustment to the original certificates representing the
Shares (the “Original Certificates”), if any, is required pursuant to this Section 3,
then the Subscriber shall return such Original Certificates to the Company or its designated agent as soon as practicable upon
its receipt of Notice (as defined in Section 6.2) from the Company advising Subscriber of such adjustment, following
which a new certificate representing the Shares (the “New Certificate” and together with the Original Certificates,
the “Certificates”), if any, shall be issued in such amount representing the adjusted number of Shares held
by the Subscriber. The New Certificate, if any, shall be returned to the Subscriber as soon as practicable. Any such adjustment
for any uncertificated securities held by the Subscriber shall be made in book-entry form.

 

4.             Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber
hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust
account, which will be established for the benefit of the Company’s public stockholders and into which substantially all
of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company
upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event the
Subscriber purchases Units in the IPO or Class A Ordinary Shares in the aftermarket, any additional Class A Ordinary
Shares included in the Units or Class A Ordinary Shares so purchased shall be eligible to receive any liquidating distributions
by the Company. However, in no event will the Subscriber have the right to redeem any Shares into funds held in the Trust Account
upon the successful completion of an initial business combination.

 

5.             Restrictions
on Transfer.

 

5.1            Securities
Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
Letter”) by and between Subscriber and the Company to be dated as of the closing of the IPO, Subscriber agrees not to
sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration
statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the offer and sale
of the Shares proposed to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably
satisfactory to the Company, that such registration is not required because such transaction is exempt from registration (i) under
the Securities Act and the rules promulgated thereunder by the Securities and Exchange Commission and (ii) with respect
to all applicable state securities laws.

 

    	 	- 4 -	 

     

    

 

5.2            Lock-up.
Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained in the
Insider Letter.

 

5.3           Restrictive
Legends. Any Certificates shall have endorsed thereon legends substantially as follows:

 

“THE OFFER AND SALE OF THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER
THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH OFFER, SALE, TRANSFER, PLEDGE OR OTHER DISPOSAL UNDER SUCH ACT OR SUCH LAWS
OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM
OF THE LOCKUP.”

 

5.4           Additional
Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary
dividend payable in a form other than Ordinary Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding shares of Ordinary Shares without receipt of consideration,
any new, substituted or additional securities or other property, which are by reason of such transaction distributed with respect
to any Shares subject to this Section 5 or into which such Shares thereby become convertible shall immediately be subject
to this Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such securities
or property shall be made to the number or class of Shares subject to this Section 5 and Section 3.

 

5.5           Registration
Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely-tradable only after certain conditions are met or the offer and sale of the Shares
is registered under the Securities Act pursuant to that certain registration rights agreement to be dated as of the closing of
the IPO by and between Subscriber, the Company, and the other parties thereto (the “Registration Rights Agreement”)
prior to the closing of the IPO.

 

6.            Other
Agreements.

 

6.1           Further
Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary
to carry out the intent of this Agreement.

 

6.2           Notices.
All notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a “Notice”)
shall be in writing and addressed to the parties at the addresses set forth on the first page of this Agreement (or to such
other address that may be designated by the receiving party from time to time in accordance with this Section 6.2).
A Notice shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when
received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by
facsimile or email (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business
day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered
mail (in each case, return receipt requested, postage pre-paid).

 

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6.3           Entire
Agreement. This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially in the
form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies
the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes
all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict,
the express terms and provisions of this Agreement.

 

6.4           Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

6.5           Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.6           Successors
and Assigns; No Third-Party Beneficiaries. This Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective permitted successors and permitted assigns. This Agreement is for the sole benefit of the parties hereto
and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon
any other person or entity any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this
Agreement.

 

6.7           Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the
conflict of law principles thereof.

 

6.8           Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.9           Waivers
and Consents. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure,
breach, or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from
this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power,
or privilege. No Notice on a party not expressly required under this Agreement shall entitle the party receiving such Notice to
any other or further Notice in similar or other circumstances or constitute a waiver of the rights of the party giving such Notice
to any other or further action in any circumstances without such Notice.

 

6.10         Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

    	 	- 6 -	 

     

    

 

6.11         No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or
demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.12         Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.13         Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.14         Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include
any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
 “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have
independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.

 

6.15         Mutual
Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject
to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

    	 	- 7 -	 

     

    

 

7.             Voting
and Tender of Shares. The Subscriber agrees to vote the Shares in favor of an initial business combination that the Company
negotiates and submits for approval to the Company’s stockholders and the Subscriber shall not seek redemption with respect
to such Shares. Additionally, the Subscriber agrees not to tender any Shares in connection with a tender offer presented to the
Company’s stockholders in connection with an initial business combination negotiated by the Company.

 

8.             Indemnification.
Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses)
incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature Page Follows]

 

    	 	- 8 -	 

     

    

 

If the foregoing accurately sets forth our
understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

Very truly yours,

 

	 	Newcourt Acquisition Corp

 

 

	 	By:	  /s/ Marc Balkin

	 	Name: Marc Balkin
	 	Title: Chief Executive Officer

 

Accepted and agreed as of the date first written above.

 

Newcourt SPAC Sponsor LLC

 

 

	By:	/s/ Daniel Rogers	 
	 	Name: Daniel Rogers	 
	 	Title: Manager	 

 

[Signature Page to Subscription Agreement]ex_234433.htm

Exhibit 10.1

 

SENIOR EXECUTIVE EMPLOYMENT AGREEMENT

 

This Agreement is made as of the 14th day of March 2021, between the MITESCO, INC. a publicly traded company incorporated in the State of Delaware (“Employer”), and Phillip Keller, residing at XXXXXXXXXXXXXXXXX (“Employee”).

 

WHEREAS, the Employer, the authorized representative of the Employer, desires to employ Phillip Keller as the Chief Financial Officer of the Employer; and

 

WHEREAS, the parties have reached an agreement as to the terms of said employment as more fully set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the promises and the mutual covenants, terms and conditions as hereinafter set forth, the parties hereby agree as follows:

 

1. Nature of Services and Duties.  

 

a. Effective March 17, 2021, Employee shall serve in the position of Chief Financial Officer of Mitesco Inc.  

 

b. At all times during the term of this Agreement, Employee shall use his/her best efforts and apply his/her skill and experience to the proper performance of his/her duties hereunder and to achieve the goals set forth herein.  Employee shall be directly accountable to and work under the authority and direction of the Chief Executive Officer or any “Designee” the CEO shall direct the Employee to report to, and shall report through such offices as may be directed by the CEO, or their Designee, from time to time.  Employee shall perform such executive, managerial and administrative duties and services as are customary for a Chief Financial Officer and such further executive duties as may be specified from time to time by the Chairman, or their Designee, including without limitation:

 

i. Securities and Exchange Commission (SEC) reporting and compliance

 

ii. Taxation Management

 

iii. Accounting and Audit Management

 

iv. Bookkeeping

 

v. Financing / Capital Raising and Capital Structure Management

 

vi. Banking, Investment, and Treasury Management

 

vii. Rick management and Insurance

 

2. Term.  

 

This Agreement shall be effective from March, 17 2021, (“the Commencement Date”), through employees’ resignation, (“the Termination Date”), unless amended by subsequent written agreement of the parties or terminated as provided herein.  The Employee shall be considered a full-time employee as of the Commencement Date.

 

 

 

 

3. Compensation.  

 

(a) Employee shall be paid an annual base salary of Two Hundred Fifty Thousand ($250,000) Dollars payable in accordance with the Employer’s standard payroll procedures, with a performance and salary review to be conducted annually, at which time the Employee’s salary shall be adjusted in accordance with applicable compensation policies.

 

(b) In addition, Employee shall be eligible to receive a bonus target of 25% of base compensation commencing fiscal year 2021, if approved by the Compensation Committee in its sole discretion.

 

(c) The Employee agrees that their Compensation will accrue from the Commencement Date of this agreement until such time as the Company, as determined by the Board, has sufficient funding.

 

(d) The Employee may receive certain awards of incentive stock options, and those awards are subject to certain vesting, or conditions, including, but not limited to the tenure of the Employee, or achievement of certain objectives, as more further defined in the award notice and the S8 policy and procedures, and generally under the terms as noted below:

 

1.Award of Incentive Stock Options.  

 

Mitesco, Inc. (the “Company”) hereby Awards incentive Stock Options of the Company pursuant to vesting terms.  The Stock Options are awarded by a authorization of the Board of Directors within 30 business days of employment start date and priced in accordance with the S8 plan and the plan policies and procedures.

 

2.Vesting is as follows:

 

a) 250,000 options once the Employee has been with the Employer for 90 days from the effective date of this agreement;

 

b) 250,000 options once the Company completes a capital raise of a least $10,000,000;

 

c) 250,000 options once the Employee has been with the Company for 365 days from the effective date of this agreement;

 

d) 250,000 options once the Employer files a 10K that reports $20,000,000 in Gross Revenue;

 

e) In the event of a change in control of the Company, any remaining unvested shares will immediately vest upon change of control of the Company.

 

3. Restrictions on Transfer.

 

Governed by the Stock Option Plan, S8 as filed with the SEC

 

4. Termination. 

 

Employee’s employment hereunder may be terminated by Employer under the following circumstances:

 

(a) A vote of the majority of the members of the Board of Directors;

 

(b) Upon any violations of the Securities laws;

 

(c) Upon incapacity or inability to perform all the duties set forth in this Agreement due to mental or physical disability;

 

If Employee’s employment is terminated by virtue of any of the events described in paragraph (a), (b), or (c) Employee shall be entitled only to compensation though the date of such termination and any incentive stock options that have not vested shall be cancelled in accordance with the S8 plan.

 

5. Confidentiality and Proprietary Information.

 

Employee acknowledges that he/she will be exposed to confidential information of the Employer, which includes confidential information of Mitesco, Inc., and other operations and activities. Confidential information includes, but is not limited to, data relating to the Employer’s operations, customer information, financial data, computer programs, architectural drawings, marketing plans and information, operating procedures and the like, or any other information of the business affairs of Mitesco.

 

 

 

 

Employee shall not, directly or indirectly, use, disseminate, disclose, or in any way reveal or use beyond the scope of authority granted by the Employer all or any part of such Confidential Information, which he/she has been or will be exposed to, and shall use such Confidential Information only to the extent specifically authorized by the Employer.

 

Upon termination of this Agreement for any reason whatsoever, Employee shall turn over to the Employer all Confidential Information. Employee acknowledges that the Employer may exercise any and all remedies available to it at law or in equity to enforce this Agreement with respect to non-disclosure of any Confidential Information, which Employee has or will become privy to in the performance of its obligations under this Agreement. The parties acknowledge that this provision shall survive the termination of the Agreement.

 

6. Work Product

 

Any programs, systems, plans, software, hardware, devices, and ideas developed by Employee or anyone in the Employee’s Department during the period of Employee’s employment from the date of original hire shall be the exclusive property of the Employer.

 

7. Covenant Not to Compete.  

 

(a) Employee agrees that during the terms of this Agreement he shall devote his full business time, energy, skill, labor, and attention to the affairs of the Employer and its affiliates or subsidiaries, shall promptly and faithfully do and perform all services pertaining thereto that are or may hereafter be required of him by the Employer, and shall not engage in any activities, directly or indirectly, involving a conflict of interest with the business or relations of the Employer or its affiliates or subsidiaries.

 

(b) Employee recognizes that the business of the Employer and its affiliates or subsidiaries are national and international in scope and that the services to be performed hereunder and the methods employed by the Employer or its affiliates or subsidiaries are such as will place Employee in close business and personal relationship with competing businesses of the Employer or its affiliates or subsidiaries.  Therefore, from and after the date of this Agreement and for one year after expiration of this Agreement or termination of this Agreement, Employee shall not, directly or indirectly, for his own benefit or for, with, or through any other person, company, or competitive company to Employer, within the states of Georgia own, manage consult, or be connected with, as owner, partner, joint venture, director, employee, officer, consultant, or in any other capacity whatsoever, engage in any business which is the same as, similar to or competitive with any business activities of the Employer.  “Business” is defined as any compounding retail pharmacy activity.  Employee acknowledges that the restrictive covenants (the “Restrictive Covenants’) contained in this Section are a condition of his employment and are reasonable and valid in geographical and temporary scope and in all other respects.  If any court determines that any Restrictive Covenants, or any part of the Restrictive Covenants, is invalid or unenforceable, the remainder of the Restrictive Covenants and parts thereof shall not thereby be affected and shall be given full effect, without regard to the invalid portion.  If any court determines that any of the Restrictive Covenants, or any part thereof, is invalid and unenforceable because of geographic or temporal scope of such provision, such court shall have the power to reduce the geographic or temporal scope of such provision, as the case may be, and, in its reduced form, such provision shall then be enforceable.

 

(c) If Employee breaches, or threatens to breach, any of the Restrictive Covenants, the Employer, in addition to and not in lieu of any other rights and remedies it may have at law or in equity, shall have the right to injunctive relief; it being acknowledged and agreed to by Employee that any such breach or threatened breach would cause irreparable and continuing injury to the Employer and that money damages would not provide an adequate remedy to the Employer.

 

 

 

 

8. Miscellaneous.

 

(a) Employee represents to Employer that there are no restrictions or agreements to which he is a party which would be violated by his execution of this Agreement and his employment hereunder.

 

(b) No amendment or waiver of any provision of this Agreement shall be effective unless in writing signed by both parties.

 

(c) Employee shall have no right to assign, transfer, pledge or otherwise encumber any of the rights, nor to delegate any of the duties created by this Agreement.

 

9. Governing Law.

 

This Agreement is subject to and shall be interpreted in accordance with the laws of the State of Delaware.

 

 

EXECUTED, as of the date first written above.

 

 

 

EMPLOYER

 

Lawrence Diamond

 

 

By: ________________________________

 

Date: ______________________________

 

 

 

EMPLOYEE

 

Phillip Keller

 

 

By: ____________________________

 

Date: ______________________________

 

	
			844.383.8689

				
			601 Carlson PKWY, Suite 1050 Minnetonka, MN 55305

			
	
			www.mitescoinc.com

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