Document:

EXHIBIT 10.1

 

GENERAL SEVERANCE AGREEMENT

 

 

This General Severance Agreement (the “Agreement”)
is made as of the 12 day of February, 2013, between Enzon Pharmaceuticals, Inc., a Delaware corporation, with offices in Piscataway,
New Jersey (the “Company”), and Timothy G. Daly (“Executive”), a resident of [REDACTED].

 

BACKGROUND

 

A.This Agreement is intended to specify,
among other things, the financial arrangements that the Company will provide to the Executive upon Executive’s separation
from employment with the Company under any of the circumstances described herein.

 

B.Executive is employed by the Company
in the capacity of Vice President, Controller and Chief Accounting Officer, and, as such, is a key executive of the Company.

 

C.This Agreement is entered into by
the Company in the belief that it is in the best interests of the Company and its shareholders to provide stable conditions of
employment for Executive notwithstanding the possibility of, among other things, a threat or occurrence of certain types of change
in control, thereby enhancing the Company’s ability to attract and retain highly qualified people.

 

D.The Company believes that it is important
that it receive certain assurances with respect to its Confidential Information, proprietary information, intellectual property,
trade secrets and Executive’s work product, and that the Company receive certain protections with respect to Executive’s
activities following termination of Executive’s employment, and the Company is willing to offer Executive the compensation,
bonuses and other benefits set forth in this Agreement in order to obtain such assurances and protections.

 

TERMS

 

To assure the Company that it will have
the continued dedication of Executive notwithstanding the possibility, threat or occurrence of a bid to take over control of the
Company, and to induce Executive to remain in the employ of the Company, in consideration of the foregoing premises and for other
good and valuable consideration, the Company and Executive agree as follows:

 

1. Term of Agreement. The
term of this Agreement (“Term”) shall commence on the date hereof as first written above and shall continue through
the term of Executive’s employment with the Company; provided that in the event that there occurs, during
the Term, a Change in Control, as defined in Section 7(c) hereof, this Agreement shall continue in effect for a period of 12 months
beyond the date of such Change in Control.

 

(a)The
terms of the offer letter sent by the Company to the Executive dated November 22, 2011 (the “Offer Letter”),
shall be incorporated by reference into this Agreement and shall be an integral part hereof. The compensation payable to Executive
during each fiscal year of the Company beginning after the date of commencement of Executive’s employment shall be established
by the Chief Executive Officer following an annual performance review, but in no event shall the annual rate of Base Salary or
the Target Bonus set forth in the Offer Letter for any successive year of the Term be less than the highest annual rate of Base
Salary or Target Bonus, as applicable, in effect during the previous year of the Term.

 

    	 

    	 	

    
 

2. Severance upon Termination
without Cause or Termination by Executive for Good Reason in Connection with Change in Control. Subject to the limitation
set forth in Section 3 hereof, in the event the Company terminates Executive’s employment without Cause or in the event
of a Termination by Executive for Good Reason, and either such termination occurs within the period which commences 90 days before
and ends one (1) year following a Change in Control as defined in Section 7(c):

 

(a)Executive
shall receive his Base Salary through the date of termination;

 

(b)Executive
shall receive a pro rated portion of the Target Bonus (based on the Base Salary at the time of such termination) which would have
been payable to Executive for the fiscal year during which such termination occurs;

 

(c)Executive
shall receive cash payments equal to one (1) times his Base Salary at the time of such termination;

 

(d)Executive
shall continue to be entitled to any deferred compensation and other unpaid amounts and benefits earned and vested prior to Executive’s
termination;

 

(e)if
Executive and Executive’s Family Members have medical and dental coverage on the date of such termination under a group health
plan sponsored by the Company, the Company will reimburse Executive for the total applicable premium cost for medical and dental
coverage under COBRA for Executive and Executive’s Family Members for a period of twelve (12) months, commencing on
the date of such termination; provided, that the Company shall have no obligation to reimburse Executive for the premium cost of
COBRA coverage as of the date Executive and Executive’s Family Members become eligible to obtain comparable benefits from
a subsequent employer;

 

(f)the
Company shall provide Executive outplacement assistance, as determined by the Company in its discretion.

 

3. Effect of Change in Control.
In the event of a Change in Control as defined in Section 7(c), in addition to any other consequences provided for in this Agreement,

 

(a)all
options to acquire shares of the Company held by the Executive shall become fully vested immediately prior to the effective date
of the Change in Control. Executive shall have a reasonable opportunity to exercise all or any portion of such options prior to
the effective date of the Change in Control, and any options not exercised prior to the effective date of the Change in Control
shall terminate as of the effective date of the Change in Control and will be of no further force or effect. To the extent that
this section 3(a) is inconsistent with the provisions of the relevant plan and granting instruments under which such options were
issued, the Company and Executive agree that such inconsistent provisions are hereby superseded and the provisions of this Section
3(a) shall govern; and

 

    	2

    	 

    

(b)all
shares of restricted stock and/or restricted stock units awarded to Executive shall fully vest immediately prior to the Change
in Control.

 

4. Limitation

 

(a)Anything
in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by
the Company to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of
this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Internal Revenue Code of 1986, as amended
(the “Code”) and the applicable regulations thereunder (the “Total Payments”), would be subject to the
excise tax imposed by Section 4999 of the Code, the following provisions shall apply:

 

(i)If
the Total Payments, reduced by the sum of (1) the Excise Tax and (2) the total of the Federal, state, and local income and employment
taxes payable by Executive on the amount of the Total Payments which are in excess of the Threshold Amount, are greater than or
equal to the Threshold Amount, Executive shall be entitled to the full benefits payable under this Agreement.

 

(ii)If
the Threshold Amount is less than (x) the Total Payments, but greater than (y) the Total Payments reduced by the sum of (1) the
Excise Tax and (2) the total of the Federal, state, and local income and employment taxes on the amount of the Total Payments which
are in excess of the Threshold Amount, then the Total Payments shall be reduced (but not below zero) to the extent necessary so
that the sum of all Total Payments shall not exceed the Threshold Amount. In such event, the Total Payments shall be reduced in
the following order: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the
Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits. To the extent any payment is to be made over
time (e.g., in installments, etc.), then the payments shall be reduced in reverse chronological order.

 

(b)For
the purposes of this Section 4, “Threshold Amount” shall mean three times Executive’s “base amount”
within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar ($1.00); and “Excise
Tax” shall mean the excise tax imposed by Section 4999 of the Code, and any interest or penalties incurred by Executive with
respect to such excise tax.

 

(c)The
determination as to which of the alternative provisions of this Section 4 shall apply to Executive shall be made by a nationally
recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting
calculations both to the Company and Executive within 15 business days of the date of termination, if applicable, or at such earlier
time as is reasonably requested by the Company or Executive. For purposes of determining which of the alternative provisions of
this Section 4 shall apply, Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income
taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes
at the highest marginal rates of individual taxation in the state and locality of Executive’s residence on the date of termination,
net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. Any
determination by the Accounting Firm shall be binding upon the Company and Executive.

 

    	3

    	 

    
 

5. Time of Payments. Subject
to Section 6, all payments made to Executive under any of the subsections of Section 2 which are based upon Executive’s
Base Salary or Target Bonus shall be paid in a lump sum on the first payroll date that occurs 30 days after the date of termination
of employment; provided, however, that in the event that the termination of employment occurs prior to a Change in Control, no
payments will be made until the consummation of the Change in Control. Upon the consummation of a Change in Control, such payments
will be made within 30 days thereafter.

 

6. Release. Notwithstanding
anything else herein to the contrary, Executive shall not be entitled to realize or receive any termination related benefits provided
for under this Agreement, including, without limitation, all post-termination payments and the acceleration of option or restricted
stock or restricted stock unit vesting schedules, unless Executive shall have executed and delivered to the Company a full release
(reasonably satisfactory to the Executive and the Company’s counsel) of all claims against the Company and its affiliates,
successors and assigns no later than 21 days after his date of termination.

 

7. Definitions

  

(a)“Base
Salary” means Executive’s annual base salary as established by the Board of Directors of the Company (“Board”)
or the Compensation Committee from time to time. Executive’s initial Base Salary is as set forth in the Offer Letter

 

(b)“Cause”
means:

 

(i)the
willful engaging by Executive in illegal conduct or gross misconduct which is demonstrably and materially injurious to the Company;
or

 

(ii)Executive’s
willful refusal or inability to perform the duties of his position as an executive employed by the Company (other than any such
failure resulting from illness or incapacity), which refusal is demonstrably and materially injurious to the Company; or

 

(iii)Executive’s
material breach of his obligations under this Agreement or any employment agreement between the Company and Executive, which breach
is demonstrably and materially injurious to the Company; or

 

(iv)Executive’s
failure, where applicable, to maintain Executive’s immigration status with the U.S. Immigration and Naturalization Service
or the Executive’s failure to maintain valid employment authorization to provide services to the Company.

 

    	4

    	 

    
 

For purposes of this Section 7(b),
no act or failure to act on Executive’s part shall be deemed “willful” unless done, or omitted to be done, by
Executive not in good faith and without reasonable belief that Executive’s action of omission was in the best interest of
the Company. Notwithstanding the foregoing, with respect to the definitions of Cause set forth in clauses (i)-(iii) above, Executive
shall not be deemed to have been terminated for Cause unless and until the Company delivers to Executive a notice of such termination
for Cause. Such notice shall be in writing, addressed to Executive, labeled “Personal and Confidential,” and sent to
the address for Executive set forth in Section 10(i) hereof. Any such notice shall describe, with particularity, the conduct of
Executive forming the basis for such termination of employment. Any such notices shall become effective on the 30th
day following delivery thereof to Executive if Executive has not cured the conduct identified in such notice to the satisfaction
of the Company, provided, however, that the Company may elect to make such termination effective immediately,
in which case Executive’s employment shall terminate immediately upon delivery of the notice of termination, but the Company
shall continue to pay Executive his salary during such 30-day period and the last day of such 30-day period shall be deemed to
be the date of termination of his employment for purposes of any pro rata calculations and determination of post-termination periods
under this agreement.

 

(c)“Change
in Control” means the following:

 

(i)“Board
Change” which, for purposes of this Agreement, shall have occurred if, over any twenty-four month period, a majority
of the seats (other than vacant seats) on the Company’s Board were to be occupied by individuals who were neither (A) nominated
by at least one-half (1/2) of the directors then in office (but excluding, for purposes of determining directors then in office,
any director whose initial assumption of office occurs as a result of either an actual or threatened election contest, or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person (as defined herein) other than the Company
or its board of directors); nor (B) appointed by directors so nominated, or

 

(ii)the
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act
of 1934 (the “Exchange Act”), (a “Person”) of beneficial ownership (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) of a majority of the then outstanding voting securities of the Company; provided,
however, that the following acquisitions shall not constitute a Change of Control: (1) any acquisition by the Company, or (2) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled
by the Company, or (3) any acquisition pursuant to any public offering or private placement by the Company of its voting securities;
or

 

(iii)a
consolidation of the Company with another entity, or a merger of the Company with another entity in which neither the Company nor
a corporation that, prior to the merger, was a subsidiary of the Company shall be the surviving entity; or

 

    	5

    	 

    
 

(iv)a
merger of the Company following which either the Company or a corporation that, prior to the merger, was a subsidiary of the Company
shall be the surviving entity and a majority of the then outstanding voting securities of the Company is beneficially owned (within
the meaning of beneficial owner, as specified below) by a Person or Persons who were not “beneficial owners,” as defined
in Rule 13d-3 of the Exchange Act, of a majority of the voting securities of the Company outstanding immediately prior to such
merger; or

 

(v)a
voluntary or involuntary liquidation of the Company;

 

(vi)a
sale or disposition by the Company of at least 80% of its assets in a single transaction or a series of transactions (other than
a sale or disposition of assets to a subsidiary of the Company in a transaction not otherwise involving a Change in Control or
a change in control of such subsidiary).

 

Transactions in which the Executive
is part of the acquiring group do not constitute a Change in Control.

 

(d)“Good
Reason” means:

 

(i)any
material adverse change in Executive’s status or position as an officer of the Company, including, without limitation, any
diminution in Executive’s duties, responsibilities or authority as of the Effective Date or the assignment to Executive of
any duties or responsibilities that are inconsistent with Executive’s status or position; provided, however, that none of
the foregoing shall be deemed to have occurred by virtue of a change in Executive’s reporting relationship as long as Executive
maintains his then current duties and responsibilities;

 

(ii)a
material reduction in Executive’s then current Base Salary or Target Bonus;

 

(iii)a
material change in the geographic location at which Executive provides services to the Company; or

 

(iv)a
breach by the Company of any of its material obligations under this Agreement.

 

Prior to Executive being permitted
to terminate his employment for Good Reason hereunder, Executive must first notify the Company in writing of the first occurrence
of the good reason condition within 60 days of the first occurrence of such condition and the Company shall have failed to cure
any alleged condition described in subparagraphs (i) – (iii) above within the “Cure Period” (defined below).
For purposes of this Paragraph 7(d), the term “Cure Period” means the period commencing on the date of receipt of Executive’s
notice referred to in the preceding sentence and ending on the earlier of (A) 60 days thereafter or (B) two weeks prior to the
first anniversary of the relevant Change in Control.

 

    	6

    	 

    
 

(e)“Target
Bonus” means the performance based cash bonus as determined under the Company’s bonus plan for management (and
any successor bonus plan covering management). The amount of Executive’s annual Target Bonus is determined by the Board in
its discretion following consultation between the Chief Executive Officer and Executive prior to, or within 60 days after the commencement
of, each fiscal year. Executive’s initial Target Bonus is as set forth in the Offer Letter.

 

8. Indemnification. The Company
shall indemnify Executive and hold him harmless from and against any claim, liability and expense (including, without limitation,
reasonable attorney fees) made against or incurred by him in connection with his employment by the Company. Such indemnification
shall be provided in a manner and to an extent that is not less favorable to the Executive as the indemnification protection that
is afforded by the Company to any other officer of comparable title and that is consistent with industry custom and standards.

 

9. Section 409A.

 

(a)Anything
in this Agreement to the contrary notwithstanding, if at the time of Executive’s separation from service within the meaning
of Section 409A of the Code, the Company determines that Executive is a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this
Agreement on account of the Executive’s separation from service would be considered deferred compensation subject to the
20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i)
of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A)
six months and one day after the Executive’s separation from service, or (B) Executive’s death.

 

(b)To
the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation”
under Section 409A of the Code, and to the extent that such payment or benefit is payable upon Executive’s termination of
employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.”
The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions
set forth in Treasury Regulation Section 1.409A-1(h).

 

(c)The
parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision
of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner
so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably
requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations
in order to preserve the payments and benefits provided hereunder without additional cost to either party.

 

    	7

    	 

    

(d)The
Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions
of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an
exemption from, or the conditions of, such Section.

 

10. Miscellaneous.

 

(a)No
Funding of Severance. Nothing contained in this Agreement or otherwise shall require the Company to segregate, earmark or otherwise
set aside any funds or other assets to provide for any payments required to be made under Section 2 hereof, and the rights of Executive
to any benefits hereunder shall be solely those of a general, unsecured creditor of the Company.

 

(b)Beneficiaries.
In the event of Executive’s death, any amount or benefit payable or distributable to Executive pursuant to this Agreement
shall be paid to the beneficiary designated by Executive for such purpose in the last written instrument received by the Company
prior to Executive’s death, if any, or, if no beneficiary has been designated, to Executive’s estate, but such designation
shall not be deemed to supersede any beneficiary designation under any benefit plan of the Company.

 

(c)Entire
Agreement. This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof
and supersedes any prior understandings, agreements or representations, written or oral, relating to the subject matter hereof.

 

(d)Counterparts.
This Agreement may be executed in separate counterparts, each of which will be an original and all of which taken together shall
constitute one and the same agreement, and any party hereto may execute this Agreement by signing any such counterpart.

 

(e)Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable
law but if any provision of this Agreement is held to be invalid, illegal or unenforceable under any applicable law or rule, the
validity, legality and enforceability of the other provision of this Agreement will not be affected or impaired thereby.

 

(f)Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs,
personal representatives and, to the extent permitted by Section 10(g), successors and assigns. The Company will require its successors
to expressly assume its obligations under this Agreement.

 

(g)Assignability.
Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable
(including by operation of law) by either party without the prior written consent of the other party to this Agreement.

 

(h)Modification,
Amendment, Waiver or Termination. No provision of this Agreement may be modified, amended, waived or terminated except by an
instrument in writing signed by the parties to this Agreement. No course of dealing between the parties will modify, amend, waive
or terminate any provision of this Agreement or any rights or obligations of any party under or by reason of this Agreement. No
delay on the part of the Company in exercising any right hereunder shall operate as a waiver of such right. No waiver, express
or implied, by the Company of any right or any breach by Executive shall constitute a waiver of any other right or breach by Executive.

 

    	8

    	 

    

(i)Notices.
All notices, consents, requests, instructions, approvals or other communications provided for herein shall be in writing and delivered
by personal delivery, overnight courier, mail, electronic facsimile or e-mail addressed to the receiving party at the address set
forth herein. All such communications shall be effective when received.

 

Address for the Executive:

 

Timothy G. Daly

[REDACTED]

 

Address for the Company:

 

Enzon Pharmaceuticals, Inc.

20 Kingsbridge Road

Piscataway, NJ 08854

Attn: General Counsel

 

Any party may change the address
set forth above by notice to each other party given as provided herein.

 

(j)Headings.
The headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation
of this Agreement.

 

(k)Governing
Law. ALL MATTERS RELATING TO THE INTERPRETATION, CONSTRUCTION, VALIDITY AND ENFORCEMENT OF THIS AGREEMENT SHALL BE GOVERNED
BY THE INTERNAL LAWS OF THE STATE OF NEW JERSEY, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW PROVISIONS THEREOF.

 

(l)Arbitration.
Any claim or controversy arising out of or relating to this Agreement or the breach hereof shall be settled by arbitration in accordance
with the laws of the State of New Jersey. Such arbitration shall be conducted in the State of New Jersey in accordance with the
rules then existing of the American Arbitration Association. Judgment upon the award rendered by the arbitrators may be entered
in any court having jurisdiction thereof. In the event of any dispute arising under this Agreement, the respective parties shall
be responsible for the payment of their own legal fees and disbursements.

    	9

    	 

    
 

(m)Third-Party
Benefit. Nothing in this Agreement, express or implied, is intended to confer upon any third party any rights, remedies, obligations
or liabilities of any nature whatsoever.

 

(n)Withholding
Taxes. The Company may withhold from any benefits payable under this Agreement or any other agreement all federal, state, city
or other taxes as shall be required pursuant to any law or governmental regulation or ruling. Executive hereby agrees to indemnify
and hold harmless the Company should the Company fail to withhold tax from any such payment from which tax is required to be withheld.

 

(o)No
Right to Continued Employment. Executive understands that this Severance Agreement is not an employment contract and nothing
contained herein creates any right to continuous employment with the Company, or to employment by the Company for any specified
period of time.

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first set forth above.

 

 

	 	ENZON PHARMACEUTICALS, INC.
	 	 
	 	 
	 	By: /s/ Andrew D. Rackear
	 	Andrew D. Rackear
 Vice President and General Counsel
	 	 
	 	 
	 	 
	 	 
	 	/s/ Timothy G. Daly
	 	TIMOTHY G. DALY

 

 

 

 

11EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is entered into as of 11th day of February 2013, by and between Focus Venture Partners Inc., a Nevada
corporation (the “Company”) and Theresa Carlise (“Executive”).

 

WITNESSETH:

 

WHEREAS, the Company
and Executive desire to enter into this Agreement to assure the Company of the continuing service of Executive and to set forth
the terms and conditions of Executive’s employment with the Company. The Company is actively engaged in raising capital.
The Executive’s services are an integral part of the process and the Company wishes to ensure Executive’s retention
so that her best efforts and exclusivity may be applied in achieving the Company’s objectives.

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants set forth herein, the parties agree as follows:

 

		1.	Term: The Company agrees to employ Executive and Executive hereby accepts such employment,
in accordance with the terms of this Agreement, commencing as of the date hereof and ending on February 28, 2014, unless this Agreement
is earlier terminated as provided herein. Notwithstanding any other provision of this Agreement, the Company shall have an obligation
to make payments to Executive for Base Salary, Additional Benefits and Bonuses, as defined below and as required by this Agreement.

 

		2.	Services and Exclusivity of Services: So long as this Agreement shall remain in effect,
Executive shall devote her full business time, energy and ability to the matters related thereto, in order to perform duties as
assigned by the Board of Directors of the Company (“Board”), Executive shall use Executive’s best efforts and
abilities to promote the Company’s interests and shall perform the services contemplated by this Agreement in accordance
with policies established by and under the direction of the Board. Executive agrees to serve without additional remuneration in
such executive capacities for one or more direct or indirect Affiliates of the Company as the Board may from time to time request,
subject to appropriate authorization by the Affiliate or Affiliates involved and any limitations under applicable law. Executive
agrees to faithfully and diligently promote the business, affairs and interests of the Company and its Affiliates.

 

Without the
prior express written authorization of the Board, Executive shall not, directly or indirectly, during the term of this Agreement
engage in any activity competitive with or adverse to the Company’s business, whether alone, as a partner, officer, director,
employee or significant investor of or in any other entity. (An investment of greater than 5% of the outstanding capital or equity
securities of an entity shall be deemed significant for these purposes.)

 

    	-1-

    	 

    

 

Executive represents to the Company
that Executive has no other outstanding commitments inconsistent with any of the terms of this Agreement or the services to be
rendered hereunder.

 

		3.	Duties and Responsibilities: In addition to her duties as discussed herein, Executive
shall serve as Chief Financial Officer of the Company for the duration of this Agreement. Executive’s duties as an Executive
shall be overall responsibility and authority, subject to authorities and limitations as established by the “Board”,
to implement and continue to develop the business strategies of the Company. In performance of executive’s duties Executive
shall report to and shall be subject to the direction of the Chief Executive Officer and/or the Board.

 

Executive agrees to observe and
comply with the rules and regulations of the company as adopted by the Board respecting the performance of Executive’s duties
and agrees carry out and perform orders, directions and policies of the Company and its Board as they may be, from time to time,
stated either orally or in writing. The Company agrees that the duties which may be assigned to Executive shall be usual and customary
duties of the position(s) to which Executive may from time to time be appointed or elected and shall not be inconsistent with the
provisions of the charter documents of the Company or applicable law. Executive shall have such corporate power and authority as
shall reasonably be required to enable Executive to perform the duties required in any office that may be held, subject to the
limitations on such powers imposed by the Chief Executive Officer or the Board.

 

		4.	Compensation: During the term of this Agreement,
the Company agrees to pay Executive a base salary at the rate of $120,000.00 per year from the date hereof to February 28, 2014,
plus up to a 30% discretionary bonus at the discretion of the Board.

 

		5.	Restricted Stock: The Company agrees to issue to the Executive 300,000 restricted
shares of its common stock vesting over 36 months. All shares of restricted stock awarded pursuant to this Agreement will be granted
subject to the terms and conditions on the actual certificate as issued at the time of signing this Agreement. Executive shall
be eligible under the plan as approved by the Board of Directors to receive such shares. Such shares shall be subject to adjustments
such as stock splits and other modifications such that the number of shares stated above shall adjust according to such forward
or reverse splits in the Company’s stock.

 

		6.	Additional Benefits: The Company agrees to provide the following “Additional
Benefits” to Executive:

 

		a)	medical plan coverage for Executive, at the expense of the Company, with such coverage or comparable
coverage to continue following the termination of the agreement (other than for “Cause” or without “Good Reason”
as each term is defined in this Agreement) until Executive is eligible for Medicare; and an

 

    	-2-

    	 

    

 

		b)	auto allowance for Executive in the amount of $1,000 per month;

 

		c)	Executive shall be eligible for three weeks paid vacation, during the term of this agreement. Should
such vacation not be taken during the term of this Agreement then said amount shall accrue and the amount due thereunder will be
made due and payable at the end of the term of the initial agreement.

 

		7.	Termination: This Agreement and all obligations
hereunder (except the obligations contained in Sections 6, 9, 10, 11 and 12 (Additional Benefits, Confidential Information, Non-Competition,
Non-Solicitation of Customers Noninterference of Executives) which shall survive any termination hereunder) shall terminate upon
the earliest to occur of any of the following:

 

		a)	Expiration of Term: The expiration of the term provided for in Section 1 or the voluntary
termination by Executive or retirement from the Company in accordance with the normal retirement policies of the Company.

 

		b)	Death or Disability of Executive: The death or disability of Executive. For the purposes
of this Agreement, disability shall mean the absence of Executive performing Executive’s duties with the Company on a full-time
basis for a period of six months period, as a result of incapacity due to mental or physical illness which is determined to be
total and permanent by a physician selected by the Company or its insurers and acceptable to Executive or Executive’s
legal representative (such agreement as to acceptability not to be withheld unreasonably). If Executive shall become disabled,
Executive’s employment may be terminated by written notice from the Company to Executive.

 

		c)	For Cause or Without Good Reason: The Company may terminate Executive’s employment
and all of Executive’s rights to receive Base Salary and Bonuses hereunder for Cause or upon the resignation of Executive
without Good Reason.

 

Notwithstanding the foregoing,
Executive shall not be terminated for Cause pursuant to this Section 7(c) unless and until Executive has received notice of a proposed
termination for Cause and Executive has had an opportunity to be heard before at least a majority of the members of the Board.
Executive shall be deemed to have had such an opportunity if given written or telephonic notice at least 72 hours in advance of
a meeting. The initial determination that Cause or Good Reason exists shall be made by the Board. Any dispute regarding such determination
shall be resolved in accordance with Section 20 of this Agreement.

 

    	-3-

    	 

    

 

		d)	Without Cause or With Good Reason: Notwithstanding any other provision of this Section 7,
the Board shall have the right to terminate Executive’s employment with the Company without Cause, and executive shall have
the right to resign with Good Reason at any time. If the Company terminates the Executive without cause or Executive terminates
with Good reason then the Company shall pay six (6) months’ severance, payable in a lump sum or over the course of six (6)
months at the discretion of the Company.

 

		8.	Business Expenses: During the term of this Agreement, the Company shall reimburse
Executive promptly for business expenditures made and substantiated in accordance with policies, practices and procedures established
from time to time by the Company generally with respect to other employees and incurred in the pursuit and furtherance of the Company’s
business and good will. The Company understands that the Executive will maintain her primary residence elsewhere and any reasonable
related travel fees incurred on behalf of Executive for business purposes, relating but not limited to corporate housing, hotel
accommodations, airfare and car rental.

 

		9.	Confidential Information: Executive acknowledges that the nature of Executive’s
engagement by the Company is such that Executive shall have access to information of a confidential nature. Such information includes
financial, legal, or any other secret or confidential information relating to the business affairs of the Company or its Affiliates
(the “Confidential Information”). Executive shall keep all such Confidential Information in confidence during the term
of this Agreement and at any time thereafter and shall not disclose any of such Confidential Information to any other person, except
to the extend such disclosure is (i) required by applicable law, (ii) lawfully obtainable from other sources, or (iii) authorized
in writing by the Company. Upon termination from Executive’s employment from the Company, Executive shall deliver to the
Company all documents, records, notebooks, work-papers and all similar material containing any of the foregoing information, whether
prepared tbe the Executive the Company or anyone else.

 

		10.	Non-Competition:  In order to protect the confidential information Executive agrees
that during the term of the Executive’s employment Executive shall not directly or indirectly, whether as owner, partner,
shareholder, agent, employee, creditor, otherwise promote, participate or engage in any activity or other business competitive
with the Company’s business.

 

		11.	Non-Solicitation of Customers: Executive agrees that for a period of one year after
the termination of employment with the Company, Executive will not on behalf of any other individual, association or entitiy, call
on any of the Customers of the Company or any Affiliate of the Company for the purposes of soliciting or inducing any of such Customers
to acquire (or providing to any of such customers) any product or services provided by the Company or any Affiliate of the Company,
nor will the Executive in any way, directly or indirectly as agent or otherwise in any other manner solicit, influence or encourage
such customers to take away or to divert or direct their business to executive or any other person or entity by or with which Executive
is employed associated, affiliated or otherwise related if such business is competitive with the Company.

 

    	-4-

    	 

    

 

		12.	Noninterference with Executives: In order to protect the Confidential Information,
Executive agrees that during the term hereof and for a period of one year thereafter, Executive will not directly or indirectly,
induce or entice any employee of the Company or its affiliates to leave such employment or cause anyone else to leave such employment.

 

		13.	Indemnity: To the fullest extend permitted by applicable law and the bylaws of the
Company, as from time to time in effect, the Company shall indemnify Executive and hold Executive harmless for any acts or decisions
made in good faith while performing services for the Company, and the Company shall use its best efforts to obtain coverage for
Executive (provided the same may be obtained at reasonable cost) under any liability insurance policy or policies now in force
or hereafter obtained during the term of this Agreement that cover other officers of the Company having comparable or lesser status
and responsibility. The Company will pay and, subject to any legal limitations, advance all expenses, including reasonable attorneys’
fees and costs of court approved settlements, actually and necessarily incurred by Executive in connection with the defense of
any action, suit or proceeding and in connection with any appeal thereon, which has been brought against Executive by reason of
Executive’s service as an officer or agent of the Company or of any Affiliate of the Company.

 

		14.	Severability: If any provision of this Agreement
is held to be unenforceable for any reason, it shall be adjusted rather than voided, if possible, to achieve the intent of the
parties to the extent possible. In any event, all other provisions of this Agreement shall be deemed valid and enforceable to
the extent possible.

 

		15.	Succession: This Agreement shall inure to the benefit of and be binding upon the
Company and its successors and assigns and any such successor or assignee shall be deemed substituted for the Company under the
terms of this Agreement for all purposes. As used herein, “successor” and “assignee” shall include any
person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly
acquires the stock of the Company or to which the Company assigns this Agreement by operation of law or otherwise. The obligations
and duties of Executive hereunder are personal and otherwise not assignable. Executive’s obligations and representations
under this Agreement will survive the termination of Executive’s employment, regardless of the manner of such termination.

 

    	-5-

    	 

    

 

		16.	Notices: Any notice or other communication
provided for in this Agreement shall be in writing and sent if to the Company to its office at:

 

Focus Venture Partners, Inc.

1866 Leithsville Rd. #225

Hellertown, PA 18055

 

if to Executive at:

 

754 Shady Lane

Pittsburgh, PA 15228

 

or at such other address as the
Company may from time to time in writing designate, and if to Executive at such address as Executive may from time to time in writing
designate.

 

		17.	Entire Agreement: This Agreement contains
the entire agreement of the parties relating to the subject matter hereof and supersedes any prior agreements, undertakings, commitments
and practices relating to Executive'’ employment by the Company.

 

		18.	Amendments: No amendment or modification
of the terms of this Agreement shall be valid unless made in writing and duly executed by both parties.

 

		19.	Waiver: No failure on the part of any party
to exercise or delay in exercising any right hereunder shall be deemed a waiver thereof or of any other right, nor shall any single
or partial exercise preclude any further or other exercise of such right or any other right.

 

		20.	Governing Law: This Agreement, and the legal
relations between the parties, shall be governed by and construed in accordance with the laws of the State of Pennsylvania without
regard to conflicts of law doctrines, and any court action arising out of this Agreement shall be brought in any court of competent
jurisdiction within the State of Pennsylvania.

 

		21.	Arbitration: Executive may, if he desires,
submit any claim for payment under this Agreement or any dispute regarding the interpretation of this Agreement to arbitration.
This right to select arbitration shall be solely that of Executive, and Executive may decide whether or not to arbitrate in his
discretion. The “right to select arbitration” does not impose on Executive a requirement to submit a dispute for arbitration.
Executive may, in lieu of arbitration, bring an action in appropriate civil court. Executive retains the right to select arbitration,
even if a civil action (including, without limitation, an action for declamatory relief) if brought by the Company prior to the
commencement of arbitration. If arbitration is selected by Executive after a civil action concerning Executive’s dispute
has been brought by a person other than Executive, the Company and Executive shall take such actions as are necessary or appropriate,
including dismissal of the civil action, so that the arbitration can be timely heard. Once arbitration is commenced, it may not
be discontinued without the unanimous consent of all parties to the arbitration.

 

    	-6-

    	 

    

 

Any Claim for arbitration may
be submitted as follows: If Executive disagrees with an interpretation of this Agreement by the Company, or disagrees with the
calculation of his benefits under this Agreement, such claim may be filed in writing with an arbitrator of Executive’s choice
who is selected by the method described in the next four sentences. The first step of the selection shall consist of Executive
submitting in writing a list of five potential arbitrators to the Company. Each of the five arbitrators must be either (1) a member
of the National Academy of Arbitrators located in the state of Executive’s principal residence or (2) a retired California
Superior Court or Appellate Court judge. Within one week after receipt of the list, the Company shall select one of the five arbitrators
as the arbitrator of the dispute in question. If the Company fails to select an arbitrator in a timely manner, Executive then shall
designate one of the five arbitrators as the arbitrator of the dispute in question.

 

The arbitration hearing shall
be held within seven days (or as soon thereafter as possible) after the selection of the arbitrator. No continuance of said hearing
shall be allowed without the mutual consent of Executive and the Company. Absence from or non-participation at the hearing by any
party shall not prevent the issuance of an award. Hearing procedures that will expedite the hearing may be ordered at the arbitrator’s
discretion, and the arbitrator may close the hearing in his sole discretion when he decides he has heard sufficient evidence to
justify issuance of an award.

 

The arbitrator’s award
shall be rendered as expeditiously as possible and in no event later than one week after the close of the hearing. In the event
the arbitrator finds that Executive is entitled to the benefits he claimed, the arbitrator shall order the Company to pay such
benefits, in the amounts and at such time as the arbitrator determines. The award of the arbitrator shall be final and binding
on the parties. The Company shall thereupon pay Executive immediately the amount that the arbitrator orders to be paid in the manner
described in the award. The award may be enforced in any appropriate court as soon as possible after its rendition. If any action
is brought to confirm the award, no appeal shall be taken by any party from any decision rendered in such action.

 

If the arbitrator determines
either that Executive is entitled to the claimed benefits or that the claim by Executive was made in good faith, the arbitrator
shall direct the Company to pay to Executive, and the Company agrees to pay to Executive in accordance with such order, an amount
equal to Executive’s expenses in pursuing the claim, including attorneys’ fees.

 

		22.	Counterparts: This Agreement and any amendment
hereto may be executed in one or more counterparts. All of such counterparts shall constitute one and the same agreement and shall
become effective when a copy signed by each party has been delivered to the other party.

 

    	-7-

    	 

    

 

		23.	Headings: Section and other headings contained
in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this
Agreement.

 

		24.	Representation By Counsel; Interpretation:
The Company and Executive each acknowledges that each party to this Agreement has been represented by counsel in connection with
this Agreement and the matters contemplated by this Agreement. Accordingly, any rule of law, including but not limited to Section
1654 of the California civil Code, or any legal decision that would require interpretation of any claimed ambiguities in this
Agreement against the party that drafted it has no application and is expressly waived. The provision of this Agreement shall
be interpreted in a reasonable manner to effect the intent of the parties.

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first above written.

 

	 	THE COMPANY:
	 	 
	 	Focus Venture Partners, Inc.
	 	 
	 	/s/ Chris Ferguson
	 	By:	Chris Ferguson
	 	Its:	Chief Executive Officer and President
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Theresa Carlise
	 	Theresa Carlise

 

    	-8-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}]]