Document:

EX-10.23  MANAGEMENT SERVICES AGREEMENT

 

Exhibit 10.23

3104 Cherry Palm Drive, Suite 260

Tampa, FL 33619

Phone: (813)386-0058

Fax: (813)910-9585

December 1, 2004

Management Services Agreement

This agreement is entered into by and between The Butler Partnership, Inc., with its principal
place of business at 5307 Cannery Ct., Tampa, FL 33647, hereafter known as (BPI), and Rx
Development Resources, LLC, (“RXDR”) with its principal place of business at 3104 Cherry Palm Dr.
# 260, Tampa, FL 33647

In consideration of the mutual promises and covenants set forth below, the parties do mutually
agree as follows;

1. Scope of Work

BPI will provide management services to RXDR with respect to consultation including the service of
Barry Butler as Managing Member and CEO, and Lisa Butler as Vice President of Scientific
Communications.

2. Confidentiality

The management team provided by BPI must abide by all confidentiality agreements entered into by
RxDR.

3. Term

This agreement is in effect until modified by the Board of Directors of BPI in consultation with
the Managing Members of RxDR.

4. Remuneration

BPI will provide services in return for $12,000 per month through the end of April, 2005. It is
anticipated that the payment will increase to $23,333.33 per month, reflecting an annual payment
of $200,000 for the services of Barry Butler as CEO and an annual payment of $80,000 for Lisa
Butler as V.P. of Scientific Communications. This payment will be enhanced each month by a sum
equal to 8% of the payment plus $1,000. These funds are intended to offset the cost of employee
benefits and payroll taxes to BPI.

Through April of 2005, The BPI payment will be reduced by $4,000 per month to reflect the direct
payment of stock in Miravant Medical Technologies directly to Barry Butler in payment for work
provided by RxDR.

 

 

5. Management Bonus

BPI will receive a management bonus based on company performance. The bonus will be calculated
based on RxDR performance from December 15 of the previous year to December 15 of the current year.
The calculation will be based on the level of free cash flow in the business as follows:

0 - $100,000 = no bonus

Every $10,000 in free cash flow above $100,000 = $2,800 to a maximum of $140,000.

5. This Agreement shall be construed, interpreted and applied in accordance with laws in the
State of Florida.

In Witness whereof, the parties have executed this agreement

	 	 	 	 	 	 	 	 	 
	RxDR	 	 	 	BPI
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Barry Butler
	 	 	 	By:
	 	/s/ Barry Butler
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Barry Butler Partner/CEO	 	 	 	Barry Butler, President
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Roger Vogel	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Roger Vogel, MD Partner/CMO	 	 	 	 	 	 

Date: 12/1/04EX-10.24  MANAGEMENT SERVICES AGREEMENT

 

Exhibit 10.24

3104 Cherry Palm Drive, Suite 260

Tampa, FL 33619

Phone: (813)386-0058

Fax: (813)910-9585

December 1, 2004

Management Services Agreement

This agreement is entered into by and between Rogellen Partners, Inc. with its principal place of
business at 36 Sandy Hook Rd. N., Sarasota, FL 34242, hereafter known as (RPI), and Rx Development
Resources, LLC, (“RXDR”) with its principal place of business at 3104 Cherry Palm Dr. # 260, Tampa,
FL 33647

In consideration of the mutual promises and covenants set forth below, the parties do mutually
agree as follows;

1. Scope of Work

RPI will provide management services to RXDR including the services of Roger Vogel, MD as Managing
Member and CMO.

2. Confidentiality

The management team provided by RPI must abide by all confidentiality agreements entered into by
RxDR.

3. Term

This agreement is in effect until modified by the Board of Directors of RPI in consultation with
the Managing Members of RxDR.

4. Remuneration

RPI will provide services in return for $6,000 per month through the end of April, 2005. Beginning
in May, 2005, it is anticipated that the payment will increase to $10,000.00 per month, reflecting
an annual payment of $120,000 for the services of 60% of Dr. Roger Vogel’s time as Chief Medical
Officer of RxDR. This payment will be enhanced each month by a sum equal to 8% of the payment plus
$1,000. These funds are intended to offset the cost of employee benefits and payroll taxes to
Rogellen. It is understood that Dr. Vogel will continue to serve 40% of his time as a consultant
to Genaera, Inc. Any payments made to RxDR as remuneration for Dr. Vogel’s work with Genaera, Inc.
will be passed directly through to RPI.

5. Management Bonus

Rogellen will receive a management bonus based on company performance. The bonus will be
calculated based on RxDR performance from December 15 of the previous year to December 15 of the
current year. The calculation will be based on the level of free cash flow in the business as
follows:

 

 

0 - $100,000 = no bonus

Every $10,000 in free cash flow above $100,000 = $1,200 to a maximum of $60,000.

5. This Agreement shall be construed, interpreted and applied in accordance with laws in the State
of Florida.

In Witness whereof, the parties have executed this agreement

	 	 	 	 	 	 	 	 	 
	RxDR	 	 	 	Rogellen Partners, Inc.
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Barry Butler
	 	 	 	By:
	 	/s/ Roger Vogel
	 

	 	 
	 	 	 	 	 	 
	Barry Butler Partner/CEO	 	 	 	Roger Vogel, MD, President
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Roger Vogel	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Roger Vogel, MD Partner/CMO	 	 	 	 	 	 

Date: 1 DEC 04EX-10.25  PROMISSORY NOTE

 

Exhibit 10.25

PROMISSORY NOTE

	 	 	 
	$12,500.00

	 	February 7, 2006

     FOR VALUE RECEIVED, and intending to be legally bound, Tenby Pharma Inc. (the “Maker”), hereby
unconditionally and irrevocably promises to pay to the order of Randy Milby (the “Payee”), in
lawful money of the United States of America, the sum of twelve thousand five hundred dollars
($12,500.00) on or before the earlier of (i) December 31, 2010 or (ii) the date that the Maker (or
a wholly owned subsidiary of the Maker) consummates a merger or similar transaction with an
operating business (the “Maturity Date”).

     Interest shall accrue on the outstanding principal balance of this Promissory Note on the
basis of a 360-day year daily from the date of issuance until paid in full at the rate of four
percent (4%) per annum, and shall be due and payable at the Maturity Date, or the prepayment date,
if any, whichever is earlier. This Promissory Note may be prepaid in whole or in part at any time
or from time to time prior to the Maturity Date.

     For purposes of this Promissory Note, an “Event of Default” shall occur if the Maker shall:
(i) fail to pay the entire principal amount of this Promissory Note when due and payable, (ii)
admit in writing its inability to pay any of its monetary obligations under this Promissory Note,
(iii) make a general assignment of its assets for the benefit of creditors, or (iv) allow any
proceeding to be instituted by or against it seeking relief from or by creditors, including,
without limitation, any bankruptcy proceedings.

     In the event that an Event of Default has occurred, the Payee or any other holder of this
Promissory Note may, by notice to the Maker, declare this entire Promissory Note to be forthwith
immediately due and payable, without presentment, demand, protest or further notice of any kind,
all of which are hereby expressly waived by the Maker. In the event that an Event of Default
consisting of a voluntary or involuntary bankruptcy filing has occurred, then this entire
Promissory Note shall automatically become due and payable without any notice or other action by
Payee. Commencing five days after the occurrence of any Event of Default, the interest rate on
this Note shall accrue at the rate of 8% per annum.

     The nonexercise or delay by the Payee or any other holder of this Promissory Note of any of
its rights hereunder in any particular instance shall not constitute a waiver thereof in that or
any subsequent instance. No waiver of any right shall be effective unless in writing signed by the
Payee, and no waiver on one or more occasions shall be conclusive as a bar to or waiver of any
right on any other occasion.

     Should any part of the indebtedness evidenced hereby be collected by law or through an
attorney-at-law, the Payee or any other holder of this Promissory Note shall, if permitted by
applicable law, be entitled to collect from the Maker all reasonable costs of collection,
including, without limitation, attorneys’ fees.

 

 

     All notices and other communications must be in writing to the address of the party set forth
in the first paragraph hereof and shall be deemed to have been received when delivered personally
(which shall include via an overnight courier service) or, if mailed, three (3) business days after
having been mailed by registered or certified mail, return receipt requested, postage prepaid. The
parties may designate by notice to each other any new address for the purpose of this Promissory
Note.

     Maker hereby forever waives presentment, demand, presentment for payment, protest, notice of
protest, and notice of dishonor of this Promissory Note and all other demands and notices in
connection with the delivery, acceptance, performance and enforcement of this Promissory Note.

     This Promissory Note shall be binding upon the successors and assigns of the Maker, and shall
be binding upon, and inure to the benefit of, the successors and assigns of the Payee.

     This Promissory Note shall be governed by and construed in accordance with the internal laws
of the State of New York. All disputes between the Maker and the Payee relating in any way to this
Promissory Note shall be resolved only by state and federal courts located in New York County, New
York, and the courts to which an appeal therefrom may be taken.

     IN WITNESS WHEREOF, the undersigned Maker has executed this Promissory Note as of February 7,
2006.

	 	 	 	 	 	 	 
	 	 	MAKER:	 	 
	 
	 	 	 	 	 	 
	 	 	TENBY PHARMA INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Randy Milby	 	 
	 

	 	 	 	 

     Name: Randy Milby
	 	 
	 

	 	 	 	     Title: President	 	 

2

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