Document:

ex4_25.htm

Exhibit 4.25

 

 

EXECUTIVE EMPLOYMENT AGREEMENT  THIS EXECUTIVE EMPLOYMENT AGREEMENT (the "Agreement"), is effective as of January 1, 2016 (the "Effective Date"), by and between Midatech Pharma US, Inc., a Delaware corporation and wholly owned subsidiary of parent Midatech Pharma PLC, a public limited company organized under the laws of England and Wales (the "Company"), and David Benharris (the "Executive").   WITNES SETH:   WHEREAS, the Company wishes to employ the Executive, and the Executive desires to accept employment with the Company, upon the terms and conditions of this Agreement.  NOW, THEREFORE, in consideration of the foregoing, of the mutual promises herein, and of other good and valuable consideration, including the employment of the Executive by the Company and the compensation to be received by the Executive from the Company from time to time, and specifically the compensation to be received by the Executive pursuant to Section 4 hereof, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending legally to be bound, hereby agree as follows:  1.  Employment.   The Company hereby employs the Executive and the Executive hereby accepts employment as President of the Company upon the terms and conditions of this Agreement.  2.  Duties. The Executive shall faithfully perform all duties of the Company related to the position or positions held by the Executive, including but not limited to all duties set forth in this Agreement and/or in the Bylaws of the Company related to the position or positions held by the Executive and all additional duties that are prescribed from time to time by the Board of Directors of the Company (the "Board") or the Chief Executive Officer of the Company.  The Executive shall report to the Chief Executive Officer of Midatech Pharma plc. The Executive shall devote the Executive's full time and attention to the performance of the Executive's duties and responsibilities on behalf of the Company and in furtherance of its best interests; provided, however, that the Executive, subject to the Executive's obligations hereunder, shall also be permitted to make personal investments, perform reasonable volunteer services and, with the prior consent of the Company, serve on outside boards of directors for non-profit corporations. The Executive shall comply with all Company policies, standards, rules and regulations (the "Company Policies") and all applicable government laws, rules and regulations that are now or hereafter in effect.  The Executive acknowledges receipt of copies of all written Company Policies that are in effect as of the date of this Agreement.  3.  Term.   The Executive's employment by the Company shall commence on the Effective Date and shall be at-will, meaning either the Company or the Executive can terminate the Agreement at any time, for any or no reason, in accordance with provisions of Section 6 of the Agreement (the "Term").   4.  Place of Employment.   The Executive's regular workplace will not be the

 

  

  

  

 

 

Company's offices in Raleigh, NC and instead will be outside of the state of North Carolina; provided, however, Executive will be present at such offices as reasonably required by the Company. The location of the Company's offices may change at the discretion of the Company. For so long as the Executive's residence is more than fifty (50) miles from the Company's offices, the Company will pay the Executive's reasonable travel expenses to and from the Company's offices and reasonable lodging expenses while the Executive is at the Company's offices. The Executive's duties will involve travel, and upon request, Executive shall work at such place or places other than the Company's offices or the Executive's normal place of work, as may be reasonably specified by the Company.  The Company shall pay or reimburse reasonable travel, lodging, meal and related incidental costs of the Executive when the Executive is requested to travel or work at any location outside of the Company's offices or the Executive's normal place of work, consistent with the Company's travel policies in effect from time to time.  5.  Compensation, Benefits and Vacation. As compensation for the services rendered by the Executive under this Agreement, the Executive shall be entitled to receive the following (all payments are subject to applicable withholdings):  (a)  Base Salary. The Executive shall receive an annual salary of Two Hundred Eighty Thousand Dollars ($280,000.00) per year payable in accordance with the then-current payroll schedule of the Company (the "Base Salary").  The Executive's Base Salary may be increased from time to time by the Board.  (b)  Bonuses.   The Executive shall be eligible, at the Board's discretion, to participate in an annual bonus plan (the "Annual Bonus"). The Executive's target Annual Bonus shall be Fifty percent (50%) of the Executive's then-current annual Base Salary, apportioned between achievement of personal objectives and Company objectives as the Board may set from year-to-year.  The amount awarded, if any, shall be paid following completion of the Company's fiscal year and in any event no later than March 15th of the year immediately following the year in which the Company's fiscal year terminates. The Annual Bonus shall be less applicable taxes and withholding.  (c)  Benefits. The Executive shall be entitled to receive those benefits provided from time to time to other executive employees of the Company who reside in the country in which the Executive is domiciled, in accordance with the terms and conditions of the applicable plan documents, provided that the Executive meets the eligibility requirements thereof.   All such benefits are subject to amendment or termination by the Company without the consent of the Executive or any other employee of the Company. As of the Effective Date, the Executive shall be entitled to participate in the following plans and arrangements:   (i)  Health Insurance.   The Executive shall be eligible to receive  benefits under the health insurance plan currently made available by the Company.   (ii) 401 (k) Plan.   The Executive shall be eligible to participate in the Company's 401(k) Plan, if any, according to its terms. The foregoing notwithstanding, the Company shall make an annual contribution to the Executive's 401(k) plan (or such other similar retirement plan as the Executive may direct from time to time), in the amount of Twenty Eight

 

  

  

  

 

 

Thousand Dollars ($28,000.00), to be paid by March 15th of each year.   (iii)  Vacation.   The Executive shall be entitled to  20 days of paid  vacation each calendar year subject to the terms of the Company's vacation policy.   (iv)  Business Expenses.   The Company shall pay, or reimburse the  Executive for, all reasonable expenses incurred by the Executive directly related to conduct of the business of the Company in accordance with the Company's policies for the reimbursement or advancement of business expenses that are now or hereafter in effect.   (d)  Perquisites.  In addition to the Base Salary and Annual Bonus described hereinabove, the Executive shall be provided a company vehicle which shall be leased by the Company or one of the Company's vendors for the Executive's use. The vehicle shall be of a size and class as may be reasonably approved by the Company.  (e)  Equity Grant.  The Company may grant to the Executive such options or restricted stock units as may be decided by the Board of Directors or by the appropriate subcommittee thereof.  6.  Termination.  This Agreement and the Executive's employment by the Company shall be terminated by the first to occur of any of the following events:  (a)  Termination upon Notice. Without altering the at-will nature of Executive's employment, Executive and the Company agree to provide at least thirty (30) days advance written notice of termination of the Agreement; provided, however, that the Company reserves the right to terminate Executive's employment at any time during the notice period or to terminate the Executive's employment immediately upon notice, in which case the Company shall pay the Executive's Base Salary for either the full notice period or any remainder thereof, as appropriate. In the event the Company terminates the Executive pursuant to the terms hereof, the Executive shall be entitled to Severance under paragraph (d)(ii) below.   (b)  Termination by Executive for Good Reason.   The Executive may terminate this Agreement and Executive's employment by the Company for Good Reason. For purposes of this Agreement, "Good Reason" shall mean the existence, without Executive's consent, of any of the following events: (A) the Executive's duties and responsibilities or salary are substantially reduced  or diminished; (B) the Company materially breaches its obligations under this Agreement; or (C) the Executive's place of employment is relocated by more than 50 miles and the Executive resides within 50 miles of the immediately preceding place of employment and such relocation is done without the consent of the Executive. In addition to any requirements set forth above, in order for any of the above events to constitute Good Reason, the Executive must  (X) inform the Company of the existence of the event within 90 days of the initial existence of the event, after which date the Company shall have no less than 30 days to cure the event which otherwise would constitute Good Reason hereunder and (Y) the Executive must terminate employment with the Company for such "Good Reason" no later than two years after the initial existence of the event which prompted the Executive's termination.

 

  

  

  

 

 

(c)  Termination by the Company. The Company shall terminate this Agreement and the Executive's employment hereunder immediately upon one of the following occurances:   (i)  Death: upon the death of the Executive, in which case this  Agreement shall terminate immediately, provided that such termination shall not prejudice any benefits payable to the Executive's spouse or beneficiaries which are fully vested as of the date of death;  (ii)  Permanent Disability: if the Executive is Permanently Disabled,"  in which case this Agreement shall terminate immediately, provided that, such termination shall not prejudice any benefits payable to the Executive, the Executive's spouse or beneficiaries which are fully vested as of the date of the termination of this Agreement. For purposes of this Agreement, the Executive shall be considered "Permanently Disabled" when a qualified medical doctor mutually acceptable to the Company and the Executive or the Executive's personal representative shall have certified in writing that: (A) the Executive is unable, because of a medically determinable physical or mental disability, to perform substantially all of the Executive's duties, with or without a reasonable accommodation, for more than 180 calendar days measured from the last full day of work; or (B) by reason of mental or physical disability, it is unlikely that the Executive will be able, within 180 calendar days, to resume substantially all business duties and responsibilities in which the Executive was previously engaged and otherwise discharge the Executive's duties under this Agreement;   (iii)  Liquidation, Dissolution or Discontinuance of Company: upon the  liquidation, dissolution or discontinuance of business by the Company in any manner or the filing of any petition by or against the Company under any federal or state bankruptcy or insolvency laws, which petition shall not be dismissed within 60 days after filing; provided that, such termination shall not prejudice the Executive's rights as a stockholder or a creditor of the Company; or   (iv)  for Cause (as defined herein): "Cause" for the purposes of this  Agreement shall mean:   (A)  Any material breach of the terms of this Agreement by the  Executive, or the failure of the Executive to diligently and properly perform the Executive's duties for the Company or the Executive's failure to achieve the objectives specified by the Board, which breach or failure is not cured within 30 days after written notice thereof;   (B)  The Executive's misappropriation or unauthorized use of the  Company's  tangible  or  intangible  property,  or  any  other  similar  agreement  regarding confidentiality, intellectual property rights, non-competition or non-solicitation;   (C)  Any material failure to comply with the Company Policies or  any other policies and/or directives of the Board, which failure is not cured within 30 days after written notice thereof; provided, however, in the case of failure to comply with Company Policies related to harassment, unlawful discrimination, retaliation or workplace violence a 30 day cure period and written notice thereof is not required and termination may occur immediately upon the provision of notice;

 

  

  

  

 

 (D)  Any dishonest or illegal action (including, without limitation,  embezzlement) or any other action whether or not dishonest or illegal by the Executive which is materially detrimental to the interest and well-being of the Company, including, without limitation, harm to its reputation;   (E)  The Executive's failure to fully disclose any material conflict  of interest that the Executive may have with the Company in a transaction between the Company and any third party which is materially detrimental to the interest and well-being of the Company; or   (F)  Any adverse action or omission by the Executive which  would be required to be disclosed pursuant to public securities laws or which would limit the ability of the Company or any entity affiliated with the Company to sell securities under any Federal or state law or which would disqualify the Company or any affiliated entity from any exemption otherwise available to it.   (d) Obligations of the Company upon Termination.  (i)  Upon the termination of this Agreement (A) by the Executive upon  notice pursuant to paragraph 6(a) or (B) by the Company pursuant to paragraph 6(c)(i)-(iv), the Company shall have no further obligations other than to pay the Executive unpaid Base Salary earned by the Executive through the date of termination.   (ii)  Upon termination of this Agreement:  (A) by the Executive for Good  Reason pursuant to paragraph 6(b), or (B) by the Company upon notice pursuant to paragraph 6(a), provided that the Executive first executes and does not revoke a release and settlement agreement in a form acceptable to the Company within the time period specified (the "Release"), the Company shall provide the Executive with the following benefits (collectively, the "Severance"): (1) the Company shall pay the Executive the amount equal to six (6) months of Executive's then-current Base Salary (less all applicable withholdings and deductions), which shall be paid in equal installments in accordance with the current payroll schedule of the Company, commencing on the first regularly scheduled payroll date after the Release becomes effective; and (2) provided that the Executive properly elects continued health insurance coverage under the Company sponsored plan and provided further that such benefits continue to be offered, the Company shall pay for or reimburse the Executive for such continued health insurance coverage at the same average level and on the same terms and conditions which applied immediately prior to the date of the Executive's termination for the shorter of (a) six (6) months from the date of termination or (b) until the Executive obtains reasonably comparable coverage, provided, however, that notwithstanding the foregoing, if the Company's making such payments under this subsection (2) would violate the nondiscrimination rules applicable to non-grandfathered plans under the Affordable Care Act (the "ACA"), or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated thereunder, the parties agree to reform this section in a manner as is necessary to comply with the ACA.   (e) Precedence  of Surviving Term. The provisions  of Section 6(d)(ii)

 

  

  

  

 

 

notwithstanding, the Company acknowledges the existence of the Executive's Employment Agreement dated January 19, 2015, wherein Executive is provided a term of employment of three  (3) years.  As such, upon termination of this Agreement: (A) by the Executive for Good Reason pursuant to paragraph 6(b), or (B) by the Company upon notice pursuant to paragraph 6(a), and where such termination occurs prior to January 19, 2018, the Company shall pay to the Executive the greater of (i) one (1) times the Executive's then-current annual Base Salary, or (ii) the aggregate amount of the Executive's then-current annual Base Salary payments that would have otherwise been payable over the remaining balance of the term ending on January 19, 2018; provided however, that if such termination occurs on or before December 3, 2016, in addition to the payments set forth in Section 6(e)(i) and 6(e)(ii) hereinabove (whichever is greater), the Executive shall also be paid an amount equal to the Executive's then-current target Annual Bonus. In addition to the foregoing, and only if termination of the Executive occurs pursuant to this Section 6(e), the Company shall pay for or reimburse the Executive for such continued health insurance coverage at the same average level and on the same terms and conditions which applied immediately prior to the date of the Executive's termination for the shorter of (a) the period of time from the date of termination and ceasing on January 19, 2018, or (b) until the Executive obtains reasonably comparable coverage, provided, however, that notwithstanding the foregoing, if the Company's making such payments under this subsection would violate the nondiscrimination rules applicable to non-grandfathered plans under the Affordable Care Act (the "ACA"), or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated thereunder, the parties agree to reform this section in a manner as is necessary to comply with the ACA. For purposes of clarity only, this Section 6(e) shall become null and void if not triggered or otherwise duly exercised before January 19, 2018.  (f)  Resignation as Officer and Director. Upon termination of this Agreement and the Executive's employment hereunder for any reason by either party, the Executive shall be  deemed to have resigned from all offices and positions the Executive may hold with the Company at such time including without limitation Board membership and/or positions as an officer of the Company.   7. Confidentiality. (a)  The Executive acknowledges that as a result of his employment with the Company he will receive access to Confidential Information of the Company. "Confidential Information" includes, but is not limited to, trade secrets, intellectual property, confidential or proprietary information, and all other knowledge, information, documents or materials, owned, licensed, developed or possessed by the Company which pertains, in any manner, to the Company's actual or anticipated Business, operations, financial information, business methods, pricing strategies and techniques, existing and future business or strategic plans, research and development projects, inventions, discoveries, ideas, clients, agreements, employees, and sales and marketing information  and  activities,  and  shall  include,  without limitation,  software, documentation, drawings, engineering, memoranda, ideas, designs, inventions, processes, sales, client lists, business leads, notes, concepts, ideas and designs, or any other non-public information that a competitor of the Company could use to the competitive disadvantage of the Company and all other documentation, manuals, letters, pamphlets, drafts, memoranda, notes and other documents, writings or tangible things of any kind, whether in tangible or intangible form.

 

  

  

  

 

 

(b)  The Executive agrees that he will maintain the confidentiality of the Confidential Information at all times during and after the Executive's employment with the Company and will not, at any time, directly or indirectly, use any Confidential Information for his own benefit or for the benefit of any other person, reveal or disclose any Confidential Information to any person other than authorized representatives of the Company, except in the performance of the Executive's duties in the furtherance of the business of the Company or with the prior written consent of an authorized officer of the Company. The covenants in this Section VII will not apply to information that (1) is or becomes available to the general public through no breach of this Agreement by the Executive or (2) the Executive is required to disclose by applicable law or court order; provided, however, that the Executive will notify the Company in writing of such required disclosure as much in advance as practicable in the circumstances and cooperate with the Company to limit the scope of such disclosure.  (c)  Upon request during employment, and immediately upon the termination of Executive's employment with the Company for any reason, Executive will immediately turn over and return to the Company all Confidential Information in any form (including all copies and reproductions thereof) and all other property whatsoever of the Company in or under his possession or control.  (d)  The Executive hereby confirms and agrees that the Executive will not disclose or use any information received by the Company from third parties, except as required in connection with the work for the Company. The Executive also agrees not to improperly use or disclose any confidential information or trade secrets of any third party or former employer to whom the Executive owes an obligation of confidentiality. By execution of this Agreement, the Executive confirms that the performance under the terms of the Agreement does not breach the terms of any agreement by which the Executive is legally bound, and the Executive agrees not to become a party to any such agreement during the Term.  8.  Non-Competition and Non-Solicitation.  During his employment, the Executive shall not participate in or otherwise be directly or indirectly involved or engaged in any business activity, other than that of the Company, unless specifically approved by the Board. In addition, during his employment, the Executive shall not engage in any activity that is competitive with the Business of the Company. Executive further agrees that, except as otherwise approved in writing by the Company, during the Restricted Period, he will not, directly or indirectly:  (a)  engage in the Business in the Territory or market, sell or provide Products and Services in the Territory;  (b)  hold a position based in or with responsibility for all or part of the Territory, with any person engaging in the Business, whether as employee, consultant, or otherwise, in which Executive: (1) will have duties, or will perform or be expected to perform services for such person, that is or are the same as or substantially similar to the position held by Executive or those duties or services actually performed by Executive for the Company at the time of the termination of Executive's employment with the Company, or (2) in which Executive will use or disclose or is reasonably expected to use or disclose any Confidential Information of the Company for the

 

  

  

  

 

 

purpose of providing, or attempting to provide, such person with a competitive advantage with respect to the Business;  (c)  solicit any Customer for purposes of marketing, selling or providing Products and Services to such Customer;  (d)  accept as a customer any Customer for purposes of marketing, selling or providing Products and Services to such Customer;  (e)  induce, encourage, or attempt to induce or encourage any Customer to curtail or cancel their business with Company; or  (f)  induce, encourage, or attempt to induce or encourage any Company Employee to terminate his employment with the Company; provided, however, that the foregoing will not restrict the ability of the Executive to purchase or otherwise acquire up to one percent (1%) of any class of securities of any enterprise (but without otherwise participating in the activities of such enterprise) if such securities have been registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934.   (g)  As used in this Agreement, the following terms have the meanings given to such terms below:   (i)  "Business" means the business(es) in which the Company was  engaged at the time of the termination of the Executive's employment with the Company for any reason, including but not limited to the development and sale of oncology support and therapeutic compounds that directly compete in the same market segment(s) as those of the Company.   (ii)  "Customer" means any person or entity who is or was a customer or  client of the Company at the time of the termination of the Executive's employment with the Company for any reason or with whom the Executive had dealings or from whom the Executive received Confidential Information, or provided Confidential Information to, in the course of his employment with the Company.   (iii)  "Company Employee" means any person who is or was an  employee of the Company at the time of, or during the six (6) month period prior to, the termination of the Executive's employment with the Company for any reason.   (iv)  "Products  and Services" means the products and/or services  offered by the Company at the time of the termination of the Executive's employment with the Company for any reason.   (v)  "Restricted Period" means the period commencing on the date of  termination of the Executive's employment with the Company: (i) and ending on the twelve (12) month anniversary of such date if such termination is by the Company for Cause or by the Executive for any reason other than for Good Reason, or (ii) ending on the date which is the later of: (a) January 19, 2018, or (b) six (6) months from the date of termination  if Executive's

 

  

  

  

 

 

employment is terminated by the Company without Cause or by Executive with Good Reason; provided, however, the Restricted Period shall be tolled and shall not run during any time Executive is in violation of Section 8 of this Agreement to the extent the existence of such violation is mutually agreed by the parties or, in the absence of such mutual agreement, determined by court of competent jurisdiction or other third party, such as an arbitrator, as mutually agreed by the parties, it being the intent of the parties that the Restricted Period shall be extended for any period of time in which Executive is in violation of Section 8 of this Agreement.   (vi)  "Territory" means:  (i) the State of North Carolina, (ii) any other  State in which the Company does business at the time of the termination of the Executive's employment with the Company for any reason; (iii) the United States of America; and (iv) any other country in which the Company does business at the time of the termination of the Executive's employment with the Company for any reason.  9.  Work Product.  The Executive acknowledges and agrees that all work that the Executive performs for, or on behalf of, the Company and its clients, and all inventions or other work product that the Executive produces or develops in connection with his services for the Company ("Work Product"), shall be the property of the Company, and all copyrightable Work Product prepared by the Executive within the scope of the Executive's employment with the Company are "works made for hire" under the U.S. Copyright Act and shall be exclusively owned by the Company.  The Executive hereby assigns, transfers and conveys to the Company, without additional consideration, all of his other rights, title and interest in and to all Work Product made or conceived, in whole or in part, by the Executive within the scope of the Executive's employment by the Company, or that relates directly to, or involves the use of, Confidential Information.  The Company's ownership, including its copyright ownership, shall continue in full force and effect in perpetuity and shall not be impaired or impacted by the termination or expiration of this Agreement for any reason. The Executive will, without additional compensation, execute all assignments, oaths, declarations and other documents requested by the Company to effect and further evidence the foregoing assignment, transfer and conveyance, and agrees to provide all reasonable assistance to the Company (at the Company's expense) to provide all information, documentation and assistance to the Company in perfecting, enforcing, defending or protecting any or all of the Company's rights in all Work Product.   The Company is hereby irrevocably appointed the Executive's attorney-in-fact (which agency shall be deemed coupled with an interest) with full right, power and authority to execute, verify, acknowledge and deliver the same in the Executive's name and on the Executive's behalf.   10.  Representations and Warranties.  The Executive represents and warrants to the Company that the Executive's performance of this Agreement and as an employee of the Company does not and will not breach any noncompetition agreement or any agreement to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to the Executive's employment by the Company.  The Executive represents and warrants to the Company that the Executive has not entered into, and agrees not to enter into, any agreement that conflicts with or violates this Agreement.   The Executive represents and warrants to the Company that the Executive has not brought and shall not bring with the Executive to the Company, or use in the performance of the Executive's responsibilities for the Company, any

 

  

  

  

 

 

materials or documents of a former employer which are not generally available to the public or which did not belong to the Executive prior to the Executive's employment with the Company, unless the Executive has obtained written authorization from the former employer or other owner for their possession and use and provided the Company with a copy thereof  11.  Indemnification by the Executive.   The Executive shall indemnify and hold harmless the Company, its directors, officers, stockholders, agents, and employees against all claims, costs, expenses, liabilities, and lost profits, including amounts paid in settlement, incurred by any of them as a result of the material breach by the Executive of any provision of this Agreement.  12.  Notices.  All notices, requests, consents, approvals, and other communications to, upon, and between the parties shall be in writing and shall be deemed to have been given, delivered, made, and received when: (a) personally delivered; (b) deposited for next day delivery by Federal Express, or other similar overnight courier services; (c) transmitted via telefacsimile or other similar device, as follows:   If to the Company:   Midatech Pharma PLC  65 Innovation Drive Milton Park  Abingdon  Oxfordshire, OX14 4RQ United Kingdom  Facsimile:  Attention: Chief Executive Officer   If to the Executive:  David Benharris  324 Spring Street  Wrentham, MA 02093  13.  Effect. This Agreement shall be binding on and inure to the respective benefit of the Company and its successors and assigns and the Executive and the Executive's personal representatives.  14.  Entire Agreement.  This Agreement constitutes the entire agreement between the parties with respect to the matters set forth herein and supersedes all prior agreements and understandings between the parties with respect to the same.  15.  Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision.    16. Amendment and Waiver. No provision of this Agreement, including the provisions

 

  

  

  

 

 

of this Section, may be amended, modified, deleted, or waived in any manner except by a written agreement executed by the parties.  17.  Section  409A Matters.  This Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended and the Treasury Regulations and other applicable guidance thereunder ("Section 409A"). To the extent that there is any ambiguity as to whether this Agreement (or any of its provisions) contravenes one or more requirements of Section 409A, such provision shall be interpreted and applied in a matter that does not result in a Section 409A violation. The Company makes no representation that this Agreement will be exempt from or compliant with Section 409A and makes no affirmative undertaking to preclude Section 409A from applying. Notwithstanding any provision of this Agreement to the contrary, in the event the Employee is a "specified employee" (as defined in Section 409A) on the termination date, any payment or benefit hereunder is determined to constitute nonqualified deferred compensation subject to Section 409A, then to the extent necessary to comply with Section 409A, such payment or benefit shall not be made, provided or commenced until six months after the Executive's termination of employment. Lump sum payments will be made, without interest, as soon as administratively practicable following the six-month delay. Any installments otherwise due during the six-month delay will be paid in a lump sum, without interest, as soon as administratively practicable following the six-month delay, and the remaining installments will be paid in accordance with the original schedule. For purposes of Section 409A, the right to a series of installment payments shall be treated as a right to a series of separate payments. Each separate payment in the series of separate payments shall be analyzed separately for purposes of determining whether such payment is subject to, or exempt from compliance with, the requirements of Section 409A.  18.  Governing Law. This Agreement will be governed by and construed according to the laws of the State of Delaware as such laws are applied to agreements entered into and to be performed entirely within North Carolina between North Carolina residents.  19.  Consent to Jurisdiction and Venue. Each of the parties agrees that any suit, action, or proceeding arising out of this Agreement may be instituted against it in the state or federal courts located in the county and state wherein the Company's US headquarters are located at the time of institution of the proceeding. Each of the parties hereby waives any objection that it may have to the venue of any such suit, action, or proceeding, and each of the parties hereby irrevocably consents to the personal jurisdiction of any such court in any such suit, action, or proceeding.  20.  Counterparts. This Agreement may be executed in more than one counterpart, each of which shall be deemed an original, and all of which shall be deemed a single agreement.  21.  Headings.  The headings herein are for convenience only and shall not affect the interpretation of this Agreement.   [The remainder of this page is intentionally left blank.]

 

  

  

  

 

 

 

IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the day and year first above written.    COMPANY:   MIDATECH PHARMA US, INC.    By: Printed Name: James Phillips, MD JP  Title: Director     EXECUTIVE:   David Benharrisex4_30.htm

Exhibit 4.30

 

 

 

 

MIDATECH LIMITED

 

AND

 

CRAIG COOK

 

 

 

 

 

	
 

 

 

CONTRACT OF EMPLOYMENT

 

 

 

 

 

 

  

  

  

 

CONTRACT OF EMPLOYMENT

 

THIS CONTRACT is made on the 1st day of September 2014 between:

 

	
(1)

	
MIDATECH LIMITED whose registered office is at Milton Park Innovation Centre, 99 Park Drive, Milton Park, Abingdon, Oxfordshire OX14 4RY (“the Company”); and

 

	
(2)

	
Craig Cook (“you”).

 

	
1.

	
START DATE

 

	
1.1

	
Your permanent employment with the Company will start on1st July 2014 (the Employment).

 

	
1.2

	
Your period of continuous employment with the Company began on 4th February 2014.

 

	
2.

	
PROBATIONARY PERIOD

 

	
2.1

	
You have successfully completed your probationary period.

 

	
3.

	
JOB TITLE/DUTIES

 

	
3.1

	
You are employed as Finance Director.  A non-exhaustive description of your duties is set out in Schedule 2.

 

	
3.2

	
You will report to Jim Phillips, CEO, or such other person as is nominated from time to time to be your manager (your Manager).  You will at all times act in the best interests of the Company and Group Company.

 

	
3.3

	
Your duties may be amended by the Company from time to time or you may be required to undertake different and/or additional duties in order to meet the Company’s business needs.

 

	
3.4

	
The Company reserves the right to appoint other persons to act jointly with you.

 

	
4.

	
PLACE OF WORK

 

	
4.1

	
Your normal place of work will be.Milton Park Innovation Centre, 99 Park Drive, Milton Park, Abingdon, OX14 4RY.  In the event the Company decides to relocate its activities within the Oxfordshire area, that new location will become your normal place of work.

 

	
4.2

	
The Company may from time to time require you to travel to and work at other places within the United Kingdom and overseas.

 

  

1

  

 

	
5.

	
HOURS OF WORK

 

	
5.1

	
Your normal hours of work are from 9.00 am to 5.00 pm Monday to Friday with one hour for lunch.  The nature of your duties is such that you may also be required to work different and/or additional hours to meet the Company’s business needs.

 

	
5.2

	
You will not be paid for overtime.  You have no right to time off in lieu of additional hours worked.  However, the Company may from time to time at its sole and absolute discretion grant time off in lieu but which shall not give rise to any right, expectation or entitlement to any future or further time off in lieu.

 

	
5.3

	
You agree that the limit on working time in Regulation 4(1) of the Working Time Regulations 1998 will not apply to your Employment.  You may give three months’ written notice to the Company if you wish to revoke your agreement to this opt-out.

 

	
6.

	
REMUNERATION AND BENEFITS

 

	
6.1

	
Your base salary will be £125,000 per annum, pro-rated, for the duration of the  contract.  You will be paid monthly in arrears by credit transfer to your bank account.  Your base salary is reviewable annually.

 

	
6.2

	
You will be eligible to participate in the Company’s discretionary bonus scheme.   Your bonus target will be 33% of base salary,,subject to the rules of the Scheme, as amended from time to time.  It is a condition of eligibility for any bonus that you are in employment and not subject to notice (whether served by you or by the Company) or any disciplinary proceedings at the date upon which payment is due to be made, which is normally on such date as the Company shall determine following the end of the end of the bonus year.

 

	
6.3

	
Neither eligibility to participate nor payment of bonus in respect of any previous period gives rise to any right, expectation or entitlement for you to receive any future payment or as to the amount of any such payment and you acknowledge and agree that the Company may exercise its discretion to award you a nil bonus.  The Company reserves the right to amend the terms of such scheme at any time, including during any bonus scheme year.

 

	
6.4

	
Any bonus paid will not be taken into account in calculating pension contributions under clause 10.

 

  

2

  

 

	
7.

	
BENEFITS

 

	
7.1

	
Effective 1st July 2014, you will be entitled to participate in  the Company’s private medical insurance scheme, subject always to the terms of the relevant scheme (including but not limited to eligibility for benefits) in force from time to time.

 

	
7.2

	
You acknowledge that:

 

	
  

	
7.2.1

	
the decision on whether, and if so, to what extent, benefits may be provided to you will be taken by any scheme insurer and that you will have no claim against the Company relating to the provision of such benefits.

 

	
  

	
7.2.2

	
You will not be eligible for such benefits in respect of which cover is not available from the Company’s chosen insurer or is only available from such insurer subject to additional premiums or conditions.

 

	
  

	
7.2.3

	
For the avoidance of doubt, the Company may dismiss you at any time, and for any reason in accordance with the terms of this Agreement, even if this results in you losing any current or prospective entitlement to any benefits.

 

	
  

	
7.2.4

	
The Company may vary or replace or withdraw the provision of such benefit schemes at its absolute discretion.

 

 

 

	
8.

	
SICKNESS

 

	
8.1

	
You have no entitlement to contractual sick pay.

 

	
8.2

	
You must you comply with the Company’s sickness reporting procedures from time to time in force, including to:

 

	
  

	
8.2.1

	
contact your Manager before 10am on the first day of your absence to inform him of the fact and reason for your absence;

 

	
  

	
8.2.2

	
thereafter keep your Manager updated as to the nature and estimated length of your absence and provide such further details as reasonably requested from time to time;

 

	
  

	
8.2.3

	
provide a statement of fitness for work if you are absent from work for any period of 8 consecutive days or more

 

	
8.3

	
Your qualifying days of employment for the purposes of Statutory Sick Pay (SSP) are Monday to Friday.

 

	
8.4

	
Any further payments will be at the Company’s sole and absolute discretion.

 

  

3

  

 

	
9.

	
HOLIDAYS

 

	
9.1

	
You are entitled to 28 days paid holiday or the pro rata equivalent in each holiday year, in addition to bank and public holidays.

 

	
9.2

	
The holiday year runs from January to December and holiday accrues at the rate of 2.33 days per month.

 

	
9.3

	
All holidays must be approved in advance by your Manager.  You will not normally be entitled to take more than 10 working days consecutive holiday.

 

	
9.4

	
Unused holiday entitlement may only be carried over into the next holiday year with the express written consent of the Company and no payment will be made in lieu of unused holiday entitlement.

 

	
9.5

	
In the holiday year in which your Employment starts and ends your holiday entitlement will be reduced to reflect the number of complete months which you work.

 

	
9.6

	
When your Employment ends, you will be paid for any holiday which has accrued during the holiday year in which your Employment terminates but which you have not taken by the termination of your Employment.  The Company reserves the right to deduct from any payments due to you an amount in respect of holidays taken in excess of your accrued entitlement.  Holiday pay will be calculated at the rate of 1/260ths of your annual salary per day.

 

	
9.7

	
The Company may require you to take any unused holiday during your notice period.

 

	
10.

	
PENSION

 

	
10.1

	
The Company will contribute on your behalf to an HMRC approved personal pension plan an amount equal to 10% per annum of your basic annual salary for the time being subject to you providing all relevant details to the Company.  That contribution will accrue monthly in arrears.

 

	
10.2

	
A contracting out certificate pursuant to the Pension Schemes Act 1993 is not in force in relation to your Employment.

 

	
11.

	
TERMINATION OF EMPLOYMENT

 

	
11.1

	
Your employment may be terminated prior to the termination date by the Company giving you six month’s written notice or you giving six month’s written notice to the Company.   Your employment will automatically terminate on the Termination Date, unless specifically agreed between you and the Company in writing.

 

	
11.2

	
At any time after either you or the Company give notice to terminate your Employment (or if you resign without giving the required notice and the Company does not accept your resignation) then the Company may exercise all or any of the following rights:

 

  

4

  

 

	
  

	
11.2.1

	
totally withdraw all of your powers and responsibilities and prohibit you from undertaking any work on behalf of the Company or any Group Company;

 

	
  

	
11.2.2

	
require you change your duties in whatever way it considers appropriate;

 

	
  

	
11.2.3

	
require you not to contact or communicate with any clients, suppliers or employees of the Company about the Company’s business or affairs;

 

	
  

	
11.2.4

	
prohibit you from entering any of the Company’s premises;

 

	
  

	
11.2.5

	
require you to comply with your obligations under clause 17 (Return of Property);

 

for a maximum period of your contractual notice period (the Garden Leave Period).

 

	
11.3

	
If the Company exercises the right in clause 11.2 you will continue to be paid your normal contractual salary and benefits as long as you comply with your obligations under this Contract.

 

	
11.4

	
During any Garden Leave Period you remain bound by your obligations under this Contract and in particular your duties of good faith and confidentiality and you will not:

 

	
  

	
11.4.1

	
do any work, whether paid or unpaid on your own behalf or for any third party during this time, without the express written consent of the Company;

 

	
  

	
11.4.2

	
make any comment to any person about the change to your duties, except to confirm that you are on garden leave.

 

	
11.5

	
The Company reserves the right to pay you base salary in lieu of all or part of your notice entitlement.

 

	
11.6

	
Nothing in this Contract prevents the Company from terminating your employment summarily and without notice or payment in lieu of notice if you are guilty of any fundamental or repudiatory breach of contract or of any breach set out in the disciplinary rules applicable to you from time to time as justifying summary termination.

 

	
12.

	
RETIREMENT

 

	
12.1

	
There is no formal retirement age in force.

 

  

5

  

 

	
13.

	
CONFIDENTIALITY, INTELLECTUAL PROPERTY AND RESTRICTIONS

 

	
13.1

	
You will not, during your Employment or after it ends, use or disclose, directly or indirectly, to anyone other than in the proper course of your duties any Confidential Information.  For the purposes of this clause 13.1 and this Agreement, Confidential Information includes any confidential information relating to actual or potential clients, employees, officers, shareholders or agents of the Company, prices, pricing structures or policies, marketing information, intellectual property, business plans or dealings, technical data, financial information and plans, designs, formulae, product lines, research activities, advisors’ reports, lists of actual or potential clients of the Company any document marked “Confidential” or “Secret”, or any information which you have been told is confidential or which you might reasonably expect the Company to regard as confidential, or any information which has been given to the Company in confidence by potential clients or other persons.

 

	
13.2

	
The provisions of Schedule 43 (Intellectual Property Assignment) apply to you and you agree to enter into a separate deed in the terms of Schedule 3 if required by the Company.

 

	
13.3

	
The provisions of Schedule 4 (Restrictions) will apply to you after your Employment ends.

 

	
14.

	
SUSPENSION

 

	
14.1

	
The Company may suspend you on base salary and benefits for a reasonable period to investigate any allegations of misconduct or breach of the terms of your Employment.

 

	
14.2

	
During any period of suspension, you will provide whatever assistance the Company may require to allow it to complete its investigations and you must not take holiday during this time without the prior written consent of the Company.

 

	
15.

	
WORKPLACE RULES

 

	
15.1

	
In addition to the terms of this Contract, you are bound by such of the Company’s employment policies and procedures, notified to you from time to time, to the extent that these impose obligations on you.

 

	
16.

	
OTHER ACTIVITIES DURING EMPLOYMENT

 

	
16.1

	
During your Employment, you will not be involved, in any capacity, in providing services, directly or indirectly, to any other person in respect of any other trade, business or occupation unless you have first obtained the prior written consent of the Company.

 

  

6

  

 

	
17.

	
RETURN OF PROPERTY

 

	
17.1

	
At any time during the Employment, including during any Garden Leave Period, the Company may require you to return promptly to the Company:

 

	
  

	
17.1.1

	
all original and copy documents, software, data, Confidential Information or other material belonging to or relating to the business of the Company held in whatever medium (including electronically) which is your power, possession or control whether or not stored or held on equipment (including but not limited to any personal digital assistant (PDA), Blackberry, and/or mobile telephones) and whether or not such equipment belongs to the Company; and

 

	
  

	
17.1.2

	
any other property or material belonging to or relating to the business of the Company or any Group Company or belonging to any third party who has provided the property to the Company, which is in your possession or under your control.

 

	
17.2

	
During or at any time after the Employment ends, you will co-operate with any request from the Company to provide access (including passwords) to any computer, organiser or other equipment in your possession or under your control which contains information or materials relating to the Company or any of its clients, employees or suppliers.  This obligation applies to equipment owned by the Company, by you or anyone else.  You will permit the Company to inspect, copy or remove any material relating to the business of the Company.

 

	
18.

	
STATUTORY PARTICULARS

 

The statutory particulars of employment to which you are entitled under the Employment Rights Act 1996 are contained in this Contract and the attached Schedule 1.

 

	
19.

	
DATA PROTECTION

 

	
19.1

	
You consent to the Company and any Group Company holding and processing (both electronically and manually) personal data, including sensitive personal data (Data), relating to you for the purposes of business, personnel and pensions administration and management and for compliance with any laws and regulations applicable to the Company or any Group Company.

 

	
19.2

	
For the purposes of the Data Protection Act 1998 (DPA), the Company is not yet a Data Controller.  Should it become one the Company may process personal data during the course of your Employment to enable it to carry out its function properly.  You authorise the Company in accordance with the provisions of the DPA and any regulations made under it to process Data relating to you and, where appropriate, to transfer process and store such Data outside the European Economic Area (as defined from time to time).

 

  

7

  

 

	
20.

	
MONITORING OF OFFICE EQUIPMENT

 

	
20.1

	
You acknowledge and agree that the Company may monitor and /or record your use of office equipment, including your use of computer systems (including email and internet), telephones, mobile phones, facsimile machines and photocopiers.

 

	
20.2

	
You will only access and use the Company’s computer and electronic equipment for the purposes of the Company’s business.

 

	
21.

	
THIRD PARTIES

 

	
21.1

	
Only the parties to this Contract and any Group Company may enforce this Contract, subject to the terms of this Contract.

 

	
21.2

	
Pursuant to the Contracts (Rights of Third Parties) Act 1999, no other person may enforce the terms of this Contract against the Company.

 

	
22.

	
PRIOR AGREEMENTS

 

	
22.1

	
This Contract cancels and is in substitution for all previous agreements, understandings and arrangements (whether oral or in writing) in relation to any of the matters dealt with in it between you and the Company, all of which shall be deemed to have been terminated by mutual consent.

 

	
22.2

	
This Contract, and the documents specifically referred to in it, constitute the entire terms and conditions of your Employment with the Company.

 

	
23.

	
GROUP COMPANIES

 

	
23.1

	
In this Agreement Group Company means, in relation to the Company, any subsidiary or holding company, or any subsidiary of such a holding company (“holding company” and “subsidiary” having the meanings set out in section 1159 of the Companies Act 2006) or any subsidiary undertaking or parent undertaking or any subsidiary undertaking of such a parent undertaking (“parent undertaking”, “subsidiary undertaking” and “undertaking” having the meanings set out in sections 1161 and 1162 of the Companies Act 2006) and any reference to the Group shall be construed accordingly.

 

	
24.

	
GOVERNING LAW

 

This Agreement will be governed by and construed in accordance with the laws of England and each of the parties submits to the exclusive jurisdiction of the English courts.

 

IN WITNESS whereof the parties hereto have executed this Agreement as a Deed on the day and year first written above.

 

  

8

  

 

	
EXECUTED as a Deed by

	
)

	
MIDATECH LIMITED

	
)

	  	
)

	
Director/Secretary; and

	  
	
Director/Secretary

	  
	 	 
	
EXECUTED as a Deed by

	
)

	
Craig Cook

	
)

	
in the presence of:

	
)

 

	
Name

	  	 
	
Address

	  	 
	  	  	 
	  	  	 
	
Occupation

	  	 

 

  

9

  

 

Schedule 1

Statutory particulars

 

In addition to your terms of employment, the Company is required to notify you of the following particulars.  These do not form part of your terms of employment.

 

	
1.

	
Disciplinary Rules, Dismissal and Disciplinary Procedures

 

The disciplinary rules and the disciplinary and dismissals procedures applicable to you are available on the Company shared drive and specify to whom you can apply if dissatisfied with any disciplinary decision relating to you or any decision to dismiss you and the manner in which any such an application should be made.

 

	
2.

	
Grievance Procedures

 

The grievance procedure applicable to you is available from the Company Secretary and specifies to whom you can apply for the purpose of seeking redress of any grievance relating to your employment and the manner in which any such application should be made.  The grievance procedures do not have contractual force and effect unless otherwise stated.

 

	
3.

	
Collective Agreements

 

There are no collective agreements affecting your employment.

 

  

10

  

 

Schedule 2

Duties

 

 

The following is a non-exhaustive summary of your job description and duties, subject to the provisions of clause 3 of your contract of employment:

 

 

Main Responsibilities

 

 

	
Planning

 

 

 

	
1.    Assist in formulating the company's future direction and supporting tactical initiatives

 

2.    Monitor and direct the implementation of strategic business plans

 

3.    Develop financial and tax strategies

 

4.    Manage the capital request and budgeting processes

 

5.    Develop performance measures that support the company's strategic direction

 

 

	
Operations

 

 

 

 

 

 

 

 

	
1.    Participate in key decisions as a member of the executive management team

 

2.    Maintain in-depth relations with all members of the management team

 

3.    Manage the accounting, human resources, investor relations, legal, tax, and treasury departments

 

4.    Oversee the financial operations of subsidiary companies and foreign operations

 

5.    Manage any third parties to which functions have been outsourced

 

6.    Oversee the company's transaction processing systems

 

7.    Implement operational best practices

 

8.    Oversee employee benefit plans, with particular emphasis on maximizing a cost-effective benefits package

 

9.    Supervise due diligence and negotiate Licences with CEO & BD team

 

10.  Manage all systems & IT

 

11.  Manage Human Resources

 

12.  Manage Facilities

 

 

 

  

11

  

 

	
Financial 

Information

 

	
1.    Oversee the issuance of financial information

 

2.    Personally review and approve all regulatory filings

 

3.    Report financial results to the board of directors

 

 

	
Risk Management

 

 

 

 

 

	
1.    Understand and mitigate key elements of the company's risk profile

 

2.    Monitor all open legal issues involving the company, and legal issues affecting the industry

 

3.    Construct and monitor reliable control systems

 

4.    Maintain appropriate insurance coverage

 

5.    Ensure that the company complies with all legal and regulatory requirements

 

6.    Ensure that record keeping meets the requirements of auditors and government agencies

 

7.    Report risk issues to the audit committee of the board of directors

 

8.    Maintain relations with external auditors and investigate their findings and recommendations

 

 

	
Funding

 

	
1.    Monitor cash balances and cash forecasts

 

2.    Arrange for debt and equity financing

 

3.    Invest funds

 

 

	
Third Parties

 

	
1.    Participate in conference calls with the investment community

 

2.    Maintain banking relationships

 

3.    Represent the company with investment bankers and investors

  

12

  

 

Schedule 3

Intellectual Property  & Assignment

 

THIS AGREEMENT dated xxxxxxx is made between:-

 

	
(1)

	
MIDATECH LIMITED whose registered office is at 6 St Andrew Street, London EC4A 3LX (the Company); and

 

	
(2)

	
Craig Cook (You).

 

	
  

	
RECITALS:

 

	
A

	
You are an employee of the Company and you carry out financial accounting and management on behalf of the Company.   In the course of your work you will gain knowledge of intellectual property and Technology that is owned and developed by the Company.

 

	
B

	
You wish to comply with the obligations set out in this Agreement and to assign to the Company all of your rights, title and interest in the Technology, and the Company wishes to take an assignment of the Technology, subject to and in accordance with the terms of this Agreement.

 

	
  

	
THIS ASSIGNMENT WITNESSES as follows:-

 

	
1.

	
ASSIGNMENT

 

	
1.1

	
In consideration of the payment of the sum of £1 (one pound sterling) now paid by the Company to you (receipt of which is acknowledged), and without prejudice to the other provisions of this Agreement you hereby assign and transfer to the Company absolutely all of your right, title and interest in and to the Technology.

 

	
1.2

	
The assignment effected by this clause 1 shall include, without limitation, the assignment and transfer of:-

 

	
  

	
1.2.1

	
all patents and other Intellectual Property that may be granted pursuant to any applications listed in the Schedule, as well as all patents or other intellectual property that may derive priority from or have equivalent claims to or be based upon the Technology in any country of the world (and including supplementary protection certificates, divisions, continuations, continuations in part, reissues and extensions), and the Technology shall be deemed to include all such items of property; and

 

	
  

	
1.2.2

	
all rights of action, powers and benefits arising from ownership of the Technology, including without limitation the right to apply for, prosecute and/or obtain patent and other intellectual property rights or protection throughout the world in respect of the Technology and the right to sue for damages and other legal and equitable remedies in respect of all causes of action arising prior to, on or after the date of this Assignment; and

 

  

13

  

 

	
  

	
1.2.3

	
all rights of ownership of any materials that form part of the Technology.

 

	
1.3

	
You shall execute such documents and give such assistance as the Company may require:-

 

	
  

	
1.3.1

	
to secure the vesting in the Company of all rights in the Technology;

 

	
  

	
1.3.2

	
to uphold the Company’s rights in the Technology; and

 

	
  

	
1.3.3

	
to defeat any challenge to the validity of, and resolve any questions concerning, the Technology.

 

	
2.

	
WARRANTIES, REPRESENTATIONS AND UNDERTAKINGS

 

	
2.1

	
You warrant, represent and undertake that:-

 

	
  

	
2.1.1

	
immediately prior to the assignment in clause 1 above, you have not been and you are not currently a party to any agreement or understanding, whether oral or written, which would in any manner be inconsistent with the assignment of rights provided for in this Assignment; and

 

	
  

	
2.1.2

	
during the term of this Assignment you shall not enter into any agreement or understanding, oral or written, nor engage in any activity, which would in any manner be inconsistent with the provisions of this Assignment.

 

	
3.

	
INTELLECTUAL PROPERTY RIGHTS

 

	
3.1

	
You acknowledge that in the course of your employment and as part of your duties you may conceive or make, individually or with others, certain Inventions and you may develop or produce, individually or with others, certain works in which copyright and/or unregistered design right will subsist in various media, including but not limited to electronic materials (collectively, Creative Works), and you agree that you will promptly disclose in writing to the Company all Inventions and Creative Works.

 

	
3.2

	
You acknowledge that any Inventions or Creative Works and any and all Intellectual Property subsisting or which may in the future subsist in such Inventions or Creative Works whether or not conceived or made during working hours, including, without limitation, those which:

 

	
  

	
3.2.1

	
relate in any manner to the business of the Company or any Group Company or to its actual or demonstrably anticipated activities; or

 

	
  

	
3.2.2

	
result from or are made in the course of your employment by the Company; or

 

  

14

  

 

	
  

	
3.2.3

	
involve the use of any equipment, supplies, facilities, confidential information, documents, Intellectual Property or time of the Company or any other Group Company,

 

will on creation vest in and be the exclusive property of the Company in the United Kingdom or any other part of the universe and where the same does not automatically vest as aforesaid you agree to assign the same to the Company (or as it may direct) or in the case of any future copyright in the same you hereby assign such copyright to the Company.

 

	
3.3

	
You agree that, without limitation to the foregoing:

 

	
  

	
3.3.1

	
any Invention disclosed by you to a third person or described in a patent or registered design application filed by you or on your behalf; and

 

	
  

	
3.3.2

	
any Creative Work disclosed to a third person, published or the subject of an application for copyright or other registration filed by you or on your behalf,

 

during or within six months following termination of your employment will be presumed to have been written, developed, produced, conceived or made by you during the Employment, unless proved by you to have been written, developed, produced, conceived or made by you following the termination of the Employment.

 

	
3.4

	
You hereby irrevocably waive any rights which you may have in the Inventions or the Creative Works which are or have been conferred on you by chapter IV of Part I of the Copyright, Designs and Patents Act 1988 headed “Moral Rights” and by any other laws of a similar or equivalent nature in any of the countries of the world.

 

	
3.5

	
You will also, at the Company’s request and expense, execute specific assignments of any Inventions or Creative Work and execute, acknowledge and deliver such other documents and take such further action as the Company may require, at any time during or subsequent to the period of your employment, to vest or evidence title in Inventions or Creative Works in the Company (or as it may direct) and to obtain, maintain and defend the Intellectual Property in the Inventions or Creative Works in any and all countries or to otherwise give effect to the provisions of this agreement.

 

	
3.6

	
You hereby irrevocably appoint the Company to be your attorney in your name and on your behalf to execute and do any such instrument or thing and generally to use your name for the purpose of giving to the Company or its nominee the full benefit of the provisions of this clause 3 and you acknowledge in favour of any third party that a certificate in writing signed by any Director or the Secretary of the Company that any instrument or act falls within the authority hereby conferred shall be conclusive evidence that such is the case.

 

	
3.7

	
You shall not knowingly do or permit to be done any act or omit to do any thing which might imperil, jeopardise or prejudice any of the rights referred to in this clause 3 or which might invalidate or prejudice any application made by the Company for Intellectual Property.

 

  

15

  

 

	
4.

	
DEFINITIONS

 

	
4.1

	
In this Assignment, the following definitions apply:

 

	
  

	
4.1.1

	
Intellectual Property shall include: all patents, rights to inventions, copyright and related rights, trade marks and service marks, trade names and domain names, rights in get-up, rights to goodwill and to sue for passing off and unfair competition, rights in designs, rights in computer software, database rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications (and rights to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist, now or in the future, in any part of the world;

 

	
  

	
4.1.2

	
Inventions shall include any inventions, ideas, discoveries, developments, writings, designs, drawings, improvements or innovations, whether or not patentable or capable of registration, and whether or not recorded in any medium;

 

	
  

	
4.1.3

	
Technology means Inventions and developed technology, material and know-how relating to the exploitation of gold nanoparticle technology.

 

	
5.

	
GENERAL

 

	
5.1

	
This Agreement and undertaking shall be binding upon your heirs, executors, administrators, successors and/or shall ensure to the benefit of any heirs, executors, administrators, successors and/or assigns of the Company.

 

	
5.2

	
Your obligations under clauses 1.2, 1.3, 2, 3 and 5.1 shall continue in force without limit of time.

 

	
5.3

	
This Agreement shall be governed by English Law, and you and the Company submit to the jurisdiction of the English Courts in respect of any dispute arising in connection therewith.

 

 

IN WITNESS whereof the parties hereto have executed this Agreement as a Deed on the day and year first written above.

 

  

16

  

 

 

	
EXECUTED as a Deed by

	
)

	
MIDATECH LIMITED

	
)

	  	
)

	
Director/Secretary; and

	  
	
Director/Secretary

	  
	 	 
	
EXECUTED as a Deed by

	
)

	
CRAIG COOK

	  
	 	 
	
in the presence of:

	
)

 

	
Name

	  	 
	
Address

	  	 
	  	  	 
	  	  	 
	
Occupation

	  	 

 

  

17

  

 

Schedule 4

 Restrictions after employment ends

 

	
1.

	
You agree that, during the Restricted Period, you will not act in competition with the Company or any Group Company, directly or indirectly, in any capacity by:

 

	
1.1

	
soliciting or enticing away from the Company or any Group Company any Customer or Prospective Customer;

 

	
1.2

	
doing business with, or otherwise dealing with, any Customer or Prospective Customer;

 

	
1.3

	
soliciting or enticing away from the Company or any Group Company any Key Employee;

 

	
1.4

	
interfering with the arrangements between the Company or any Group Company and any Supplier.

 

	
2.

	
The Company accepts, as trustee for each Group Company, the benefit of all undertakings given by you in this Schedule to any Group Company.

 

	
3.

	
The provisions of this Schedule shall apply only in respect of services with which you were either materially involved or in respect of which you had access to Confidential Information or for which you were responsible at any time during the Relevant Period.

 

	
4.

	
The provisions of this Schedule are severable and if any provision or identifiable part is held to be unenforceable by any court of competent jurisdiction, then such unenforceability shall not affect the enforceability of the remaining provisions or identifiable parts of this Schedule.

 

	
5.

	
For the purposes of this Schedule, the following words have the meanings set out below:

 

Confidential Information includes the material described in clause 13 (Confidentiality) of the Agreement;

 

Customer means any person with whom the Company or any Group Company

 

	
(a)

	
has, at the Termination Date, arrangements in place pursuant to which the Company or any Group Company supplies goods or services; or

 

	
(b)

	
with whom the Company or any Group Company has been in the habit of dealing at any time during the Relevant Period; or

 

	
(c)

	
in relation to whom you had access to Confidential Information at any time during the Relevant Period; and, in any event

 

  

18

  

 

	
(d)

	
with whom you had personal contact or dealings in the course of your Employment at any time during the Relevant Period;

 

Key Employee means any person who is employed or engaged to provide services personally at the Termination Date by the Company or any Group Company, and who, during the Relevant Period, had material contact with you; and

 

	
(a)

	
who reported to you; or

 

	
(b)

	
who had material contact with customers or suppliers of the Company or any Group Company in the course of your Employment; or

 

	
(c)

	
who was a member of the Board or reported directly to a member of the Board; or who was a member of the senior management team of the Company or any Group Company; or

 

	
(d)

	
whose job duties involved research and development to a material extent.

 

Prospective Customer means any person to whom, at the Termination Date, the Company or any Group Company has offered to supply goods or services, or to whom the Company or any Group Company has provided details of the terms on which it would or might be willing to supply goods or services, or with whom the Company or any Group Company has had any negotiations or discussions regarding the possible supply of goods or services; and in each case:

 

	
(a)

	
with whom you had personal contact or dealings in the course of the Employment at any time during the Relevant Period; or

 

	
(b)

	
in relation to whom you had access to Confidential Information at any time during the Relevant Period.

 

Relevant Period means, where you are prohibited from undertaking any work on behalf of the Company or any Group Company in accordance with clause 11.2 (Garden Leave), the period of two years immediately before the start of the Garden Leave Period (as defined in the Agreement); and otherwise, the period of two years ending on the Termination Date, [and in either case, the period of the your Employment if you have been employed by the Company for less than two years.]

 

Restricted Period means the period of 6 months immediately following the Termination Date, reduced by a period equal to the length of any Garden Leave Period imposed in accordance with clause 11.2.1 (Garden Leave).

 

Supplier means any person with whom the Company or any Group Company has, at the Termination Date, arrangements in place for the supply of goods or services to the Company or any Group Company on preferential terms.

 

Termination Date means the date on which the Employment ends for whatever reason, whether lawful or not.

 

 

19

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