Document:

Exhibit 10.26 Executive Employment Agreement

EXHIBIT 10.26

EXECUTIVE EMPLOYMENT AGREEMENT

CAMERON REYNOLDS

This Employment Agreement ("Agreement") is dated _____________________ (“Execution Date”) and made effective as of January 01, 2015 (“Effective Date”) between VolitionRx Limited, a Delaware corporation ("Company"), and Cameron Reynolds ("Executive"). The Company and Executive are sometimes referred to herein individually as a “Party” and collectively as the “Parties.

WITNESSETH:

WHEREAS, Executive has been a duly appointed as the ­­Chief Executive Officer of the Company by the Company’s Board of Directors and Executive has accepted such appointment; and 

WHEREAS, the Company desires that Executive be retained by the Company, and render services to the Company, and Executive is willing to be so employed and to render such services to the Company, all upon the terms and subject to the conditions contained herein in consideration for, among other things, the Company’s agreement to provide Executive with Confidential Information pursuant to the terms of this Agreement, and Executive’s receipt of Confidential Information pursuant to a relationship of trust and confidence and under conditions of confidentiality and non-use and non-disclosure.

AGREEMENT:

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. EMPLOYMENT. Subject to and upon the terms and conditions contained in this Agreement, the Company hereby agrees to employ Executive and Executive agrees to be employed by the Company, for the period set forth in paragraph 2 hereof, to render to the Company, its affiliates and/or subsidiaries the services described in paragraph 3 hereof.

2. TERM. Executive’s employment under this Agreement shall commence as of the Effective Date hereof and shall continue for an initial term of three (3) years. Upon the expiration of the initial term, this Agreement shall be automatically extended for successive periods of two (2) years (together the “Employment Term”).

3. DUTIES.

(a)

Executive shall serve as the Chief Executive Officer (“CEO”) of the Company, reporting directly to the Board of Directors of the Company (the “Board”). Executive shall be responsible for the management and running of the day-to-day operations of the Company and shall focus his time and energy in the business development, sales, and marketing for the Company (the “Services”). Executive agrees to devote Executive’s primary business time, attention, skills, and best efforts to the performance of the Services.

(b)

Executive shall perform all duties and services incident to the positions held by him. The Company retains the right, by unanimous decision of the Board, to change Executive's title and duties, as may be determined to be in the best interests of the Company; provided, however, that any such change in Executive's duties shall be consistent with Executive's training, experience, and qualifications.

(c)

Executive agrees to abide by all bylaws and policies of the Company, promulgated from time to time by the Company, as well as all state and federal laws, statutes and regulations.

4. BEST EFFORTS. Executive agrees to devote his best efforts and attention, as well as his energies and skill, to the performance of the Services and the discharge of the duties and responsibilities attributable to his position.

5. COMPENSATION. The Company will pay Executive the following compensation for his services under this Agreement:

(a)

Salary. Executive's initial base salary shall be Fifty Four Thousand Pounds Sterling (£54,000 GBP) per year ("Initial Base Salary"), which shall increase to One Hundred and Thirty Two Thousand Pounds Sterling (£120,000 GBP) per year (“Base Salary”) commencing the month following the up-listing of the Company to the NYSE MKT or NASDAQ. The Initial Base Salary and Base Salary (together the “Salary”) shall be payable in equal monthly instalments in Pounds Sterling in accordance with the Company's standard payroll practices and policies for executive officers. The Salary shall be reviewed annually and any increases will be approved by the Board of Directors, Compensation Committee.

(b)

Bonus. Executive shall receive a bonus of two thousand five hundred pounds sterling (£2,500 GBP) on the Effective Date.

(c)

Incentive Plan. Executive shall also be eligible to participate in the Company’s annual incentive plan for executives. The criteria for determining the amount of the bonus, and the conditions that must be satisfied to entitle Executive to receive the bonus for any year during the term of this Agreement shall be determined, in their sole discretion, by the Company’s Board of Directors or its Compensation Committee.

6. EXPENSES.

(a)

Reimbursement. Executive shall be reimbursed for all business expenses incurred by him in connection with the performance of the Services under this Agreement, subject to the production of receipts or other appropriate evidence of payment. In claiming expenses the Executive shall comply with the Company’s Travel and Expenses Policy or any other Expenses Policies implemented by the Company (as amended from time to time) a copy of which will be provided. The reimbursement of any such expense that is includible in gross income for federal income tax purposes shall be paid no later than the end of the calendar month following the calendar month in which the expense was incurred.

7. EXECUTIVE BENEFITS.

(a)

Benefits. During the Employment Term, Executive shall be entitled to participate in such group term insurance, disability insurance, health and medical insurance benefits, life insurance and retirement plans or programs as are from time to time generally made available to executive employees of the Company pursuant to the policies of the Company; provided that Executive shall be required to comply with the conditions attendant to coverage by such plans and shall comply with and be entitled to benefits only to the extent former employees are eligible to participate in such arrangements pursuant to the terms of the arrangement, any insurance policy associated therewith and applicable law, and, further, shall be entitled to benefits only in accordance with the terms and conditions of such plans. The Company may withhold from any benefits payable to Executive all federal, state, local and other taxes and amounts as shall be permitted or required to be withheld pursuant to any applicable law, rule or regulation.

(b)

Vacation. Executive shall be entitled to 4 weeks paid vacation in accordance with the Company’s policies, as may be established from time to time by the Company for its executive staff, which shall be taken at such time or times as shall be mutually agreed upon by the Parties. Vacation time shall accrue if unused during the fiscal year.

(c)

Apartment. Executive shall be entitled to the use of a residential apartment in Namur, Belgium, as leased by the Company from time to time, for the Employment Term.

(d)

Directors' and Officers' Insurance. Effective as of the up-listing of the Company to the NYSE MKT or NASDAQ, the Company shall take all reasonable steps to ensure that Executive has been provided with adequate coverage under a directors' and officers' liability insurance policy.

8. DEATH AND DISABILITY.

(a)

Death. The Employment Term shall terminate on the date of Executive’s death, in which event the Company shall, within 30 days of the date of death, pay to his estate, Executive’s Salary, reimbursable expenses and benefits owing to Executive through the date of Executive’s death together with any benefits payable under any life insurance program in which Executive is a participant.

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(b)

Disability. The Employment Term shall terminate upon Executive’s Disability. For purposes of this Agreement, “Disability” shall mean that Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. The existence of a Disability shall be determined by the Board in good faith. In case of such termination, Executive shall be entitled to receive his Salary, reimbursable expenses and benefits owing to Executive through the date of termination within 30 days of the date of the Company’s determination of Executive’s Disability, together with any benefits payable under any disability insurance program in which Executive is a participant. Except as otherwise contemplated by this Agreement, Executive will not be entitled to any other compensation upon termination of his employment pursuant to this subparagraph 8(b).

9. TERMINATION OF EMPLOYMENT.

(a)

Termination “With Cause” By Company. The Company may terminate this Agreement at any time during the Employment Period for “Cause” upon written notice to Executive, upon which termination shall be effective immediately. For purposes of this Agreement, “Cause” means the following:

i.

Conviction of felony theft or embezzlement from the Company; or

ii.

The conviction for any major felony involving moral turpitude that reflects adversely upon the standing of the Company in the community.

(b)

Termination Without Cause By Company. The Company may terminate this Agreement at any time during the Employment Period without “Cause” either (i) upon six (6) months written notice to Executive; or (ii) if less than six (6) months written notice then subject to the payment of a lump sum equal to the balance of the Executive’s salary that would otherwise have been received between the date of termination and the completion of the six (6) month notice period.

(c)

Termination By Executive. Executive may terminate this Agreement at any time by providing the Company six (6) months written notice, with or without “Good Reason.”

(d)

Compensation upon Termination. In the event that the Company terminates the Executive’s employment hereunder due to a Termination “for cause,” the Executive shall be entitled to any Salary, reimbursable expenses and benefits owing to Executive through the day on which Executive is terminated plus 90 days. Except as otherwise contemplated by this Agreement, Executive will not be entitled to any other compensation upon termination “for cause” of this Agreement. If Executive is terminated “without cause” or if this Agreement is terminated by Executive, Executive is entitled any Salary, reimbursable expenses and benefits owing to Executive through the day on which Executive is terminated plus 90 days.

10. DISCLOSURE OF TRADE SECRETS AND OTHER PROPRIETARY INFORMATION.

(a)

Executive acknowledges that he is prohibited from disclosing any confidential information about the Company, including but not limited trade secrets, formulas, and financial information, to any party who is not a director, officer or authorized agent of the Company or its subsidiaries and affiliates. The Company will provide Executive with valuable confidential information belonging to the Company or its subsidiaries or its affiliates above and beyond any confidential information previously received by Executive and will associate Executive with the goodwill of the Company or its subsidiaries or its affiliates above and beyond any prior association of Executive with that goodwill. In return, Executive promises never to disclose or misuse such confidential information and never to misuse such goodwill.

(b)

Executive will not, during the Employment Term, directly or indirectly, as an Executive, employer, agent or manager, engage in or participate in any other business that is directly competitive with the Company’s business without written consent from the Board of Directors.

(c)

Executive will not, during the Employment Term and for a period of 2 months thereafter, directly or indirectly, work in the United States as an employee, employer, consultant, agent, manager, officer, or in any other individual or representative capacity for any person or entity who is competitive with the business of the Company.

(d)

Executive will not, during the Employment Term and for a period of 2 months thereafter, on his behalf or on behalf of any other business enterprise, directly or indirectly, under any circumstance other than at the direction and for the benefit of the Company, (i) solicit for employment or hire any person employed by the Company or any of its subsidiaries, or (ii) call on, solicit, or take away any person or entity who was a customer of the Company or any of its subsidiaries or affiliates during Executive’s employment with the Company, in either case for a business that is competitive with the business of the Company.

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(e)

If Executive breaches any provision of Section 10 of this Agreement, the Company shall provide Notice to Executive, in accordance with Section 13, herein, and shall provide Executive with 60 days to cure (the “Cure Period”) any breach before proceeding with any and all remedies available at law or in equity.

(f)

It is expressly agreed by Executive that the nature and scope of each of the provisions set forth above are reasonable and necessary. If, for any reason, any aspect of the above provisions as it applies to Executive is determined by a court of competent jurisdiction to be unreasonable or unenforceable under applicable law, the provisions shall be modified to the extent required to make the provisions enforceable. Executive acknowledges and agrees that his services are of unique character and expressly grants to the Company or any subsidiary or affiliate of the Company or any successor of any of them, the right to enforce the above provisions through the use of all remedies available at law or in equity, including, but not limited to, injunctive relief.

11. COMPANY PROPERTY.

(a)

Any patents, inventions, discoveries, applications, processes, models or financial statements designed, devised, planned, applied, created, discovered or invented by Executive during the Employment Term, regardless of when reduced to writing or practice, which pertain to any aspect of the Company’s or its subsidiaries’ or affiliates’ business as described above shall be the sole and absolute property of the Company, and Executive shall promptly report the same to the Company and promptly execute any and all documents that may from time to time reasonably be requested by the Company to assure the Company the full and complete ownership thereof.

(b)

All records, files, lists, including computer generated lists, drawings, documents, equipment and similar items relating to the Company’s business which Executive shall prepare or receive from the Company shall remain the Company’s sole and exclusive property. Upon termination of this Agreement, Executive shall promptly return to the Company all property of the Company in his possession.

12. CONSENT TO JURISDICTION AND VENUE. The Executive hereby consents and agrees that federal and state courts located in the State of Delaware shall have personal jurisdiction and proper venue with respect to any dispute between the Executive and the Company. In any dispute with the Company, the Executive will not raise, and hereby expressly waives, any objection or defense to any such jurisdiction as an inconvenient forum.

13. NOTICE. Except as otherwise expressly provided, any notice, request, demand or other communication permitted or required to be given under this Agreement shall be in writing, shall be deemed conclusively to have been given: (a) on the third business day following the day timely deposited with Federal Express (or other equivalent international courier), with the cost of delivery prepaid or for the account of the sender; (b) on the seventh business day following the day duly sent by certified or registered mail, postage prepaid; or (c) when otherwise actually received by the addressee on a business day (or on the next business day if received after the close of normal business hours or on any non-business day).

14. INTERPRETATION; HEADINGS. The parties acknowledge and agree that the terms and provisions of this Agreement have been negotiated, shall be construed fairly as to all parties hereto, and shall not be construed in favor of or against any party. The paragraph headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

15. SUCCESSORS AND ASSIGNS; ASSIGNMENT; INTENDED BENEFICIARIES. Executive’s rights, powers, duties or obligations hereunder may be assigned by Executive in Executive’s sole discretion. This Agreement shall be binding upon and inure to the benefit of Executive and his heirs and legal representatives and the Company and its successors. Successors of the Company shall include, without limitation, any corporation or corporations acquiring, directly or indirectly, all or substantially all of the assets of the Company, whether by merger, consolidation, purchase, lease or otherwise, and such successor shall thereafter be deemed “the Company” for the purpose hereof.

16. NO WAIVER BY ACTION. Any waiver or consent from the Company respecting any term or provision of this Agreement or any other aspect of the Executive’s conduct or employment shall be effective only in the specific instance and for the specific purpose for which given and shall not be deemed, regardless of frequency given, to be a further or continuing waiver or consent. The failure or delay of the Company at any time or times to require performance of, or to exercise any of its powers, rights or remedies with respect to, any term or provision of this Agreement or any other aspect of the Executive’s conduct or employment in no manner (except as otherwise expressly provided herein) shall affect the Company’s right at a later time to enforce any such term or provision.

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17. COUNTERPARTS; GOVERNING LAW; AMENDMENTS; ENTIRE AGREEMENT; SURVIVAL OF TERMS. This Agreement may be executed in two counterpart copies, each of which may be executed by one of the parties hereto, but all of which, when taken together, shall constitute a single agreement binding upon all of the parties hereto. This Agreement and all other aspects of the Executive’s employment shall be governed by and construed in accordance with the applicable laws pertaining in the State of Delaware (other than those that would defer to the substantive laws of another jurisdiction). Each and every modification and amendment of this Agreement shall be in writing and signed by the parties hereto, and any waiver of, or consent to any departure from, any term or provision of this Agreement shall be in writing and signed by each affected party hereto. 

18. ENTIRE AGREEMENT. The entire understanding and agreement between the Parties has been incorporated into this Agreement, and this Agreement supersedes all other agreements and understandings between Executive and the Company and Dolce with respect to the relationship of Executive with the Company or its affiliates or subsidiaries.

[Signature page follows.]

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

(“COMPANY”)

(“EXECUTIVE”)

VolitionRx Limited

/s/ Martin Faulkes

/s/ Cameron Reynolds

By: Martin Faulkes

By: Cameron Reynolds

Its: Chairman

6Exhibit 10.27 Consultancy Agreement

EXHIBIT 10.27

		
	DATED

	1st January 2015

	 
	 

(1) VOLITIONRX LIMITED

- and -

(2) BORLAUG LTD

___________________________________________

CONSULTANCY AGREEMENT

___________________________________________

Contents

			
	1

	Interpretation

	3

	2

	Term of engagement

	4

	3

	Duties

	4

	4

	Fees

	4

	5

	Expenses

	5

	6

	Bonus

	5

	7

	Other activities

	5

	8

	Confidential information and Company property

	5

	9

	Termination

	5

	10

	Obligations upon termination

	6

	11

	Status

	6

	12

	Intellectual Property Ownership

	6

	13

	Notices

	7

	14

	Entire agreement

	7

	15

	Variation

	7

	16

	Counterparts

	7

	17

	Third party rights

	7

	18

	Governing law and jurisdiction

	8

2

T H I S AGREEMENT is made the _____ day of  __________ 2011

B E T W E E N:

(1)

VOLITIONRX LIMITED incorporated and registered in  the State of Delaware, USA,  whose principal place of business is at 1 Scotts Road, #24-05 Shaw Centre, Singapore, 228208 (“Volition”); and

(2)

BORLAUG LTD incorporated and registered in England and Wales with company number 07481797 whose registered office is at 25 Hermitage Road, London, SE19 3QW,, UK (“Borlaug”)

IT IS HEREBY AGREED as follows:

1.

Interpretation

1.1

The definitions and rules of interpretation in this clause apply in this agreement (unless the context requires otherwise).

“Board”

means the board of directors of Volition (including any committee of the board duly appointed by it);

“Commencement Date”

means 01 January 2015;

“Company Property”

means all documents, books, manuals, materials, records, correspondence, papers and information (on whatever media and wherever located) relating to the business or affairs of Volition or any Group Company or its or their customers and business contacts, and any equipment, keys, hardware or software provided for Borlaug or the Individual's use by Volition during the Engagement, and any data or documents (including copies) produced, maintained or stored by Borlaug or the Individual on the computer systems or other electronic equipment of Volition, Borlaug or the Individual during the Engagement.

“Confidential Information”

means information in whatever form (including without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) relating to the business, customers, products, affairs and finances of Volition or any Group Company for the time being confidential to Volition or any Group Company and trade secrets including, without limitation, technical data and know-how relating to the business of Volition or any Group Company or any of its or their suppliers, customers, agents, distributors, shareholders, management or business contracts, and including (but not limited to) information that the Individual creates, develops, receives or obtains in connection with his Engagement, whether or not such information (if in anything other than oral form) is marked confidential.

“Engagement”

means the engagement of Borlaug by Volition on the terms of this agreement;

“Group” or “Group Company”

means Volition, its Subsidiaries or Holding Companies from time to time and any Subsidiary of any Holding Company from time to time;

“Individual”

means Jake Micallef or such other person agreed by the parties;

“Pre-Contractual Statement”

means any undertaking, promise, assurance, statement, representation, warranty or understanding (whether in writing or not) of any person (whether party to this agreement or not) relating to the Engagement other than as expressly set out in this agreement or any documents referred to in it;

“Services”

means the services as set out in Schedule 1 and as otherwise as directed by the Board;

“Termination Date”

means the date of termination of this agreement howsoever arising;

1.2

The headings in this agreement are inserted for convenience only and shall not affect its construction.

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1.3

A reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension, or re-enactment and includes any subordinate legislation for the time being in force made under it.

1.4

Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.

1.5

Unless the context otherwise requires, words in the singular include the plural and in the plural include the singular.

2.

Term of engagement

2.1

Volition shall engage Borlaug and Borlaug shall make available to Volition the Individual to provide the Services on the terms of this agreement.

2.2

The Engagement shall commence on the Commencement Date and shall continue unless and until terminated:

1.

as provided by the terms of this agreement;

2.

by Borlaug  giving to Volition not less than six (6) months prior written notice; or

3.

by Volition giving to Borlaug either (i) not less than six (6) month prior written notice; or (ii) if less than six (6) months written notice then subject to the payment to Borlaug of the fees that would otherwise have been received between the date of termination and the completion of the six (6) month notice period.

3.

Duties

3.1

During the Engagement Borlaug shall procure that the Individual shall:

1.

provide the Services with all due care, skill and ability and use his reasonable endeavours to promote the interests of Volition and any Group Company;

2.

unless the Individual is prevented by ill health or accident, devote four days a week  to the carrying out of the Services; and 

3.

promptly give to the Board all such information and reports as it may reasonably require in connection with matters relating to the provision of the Services or the business of Volition or any Group Company.

3.2

If the Individual is unable to provide the Services due to illness or injury Borlaug shall advise Volition of that fact as soon as reasonably practicable. For the avoidance of doubt, no fee shall be payable in accordance with clause 4 in respect of any period during which the Services are not provided.

3.3

Borlaug shall use its reasonable endeavours to ensure that the Individual is available on reasonable notice to provide such assistance or information as Volition may require.

3.4

Unless it or he has been specifically authorised to do so by Volition in writing: 

1.

neither Borlaug nor the Individual shall have any authority to incur any expenditure in the name of or for the account of Volition; and

2.

Borlaug shall not, and shall procure that the Individual shall not, hold itself out as having authority to bind Volition.

3.5

Borlaug shall procure that the Individual shall comply with all reasonable standards of safety and comply with Volition's health and safety procedures from time to time in force at the premises where the Services are provided and report to Volition any unsafe working conditions or practices.

4.

Fees

4.1

Volition shall pay Borlaug an initial fee of six thousand and fourteen pounds sterling (£6,014 GBP) per month exclusive of VAT (“Initial Fee”) which shall increase to eight thousand three hundred and thirty three pounds sterling (£8,333 GBP) per month exclusive of VAT (“Post Up Listing Fee”) commencing the month following the up-listing of the Company to the NYSE MKT or NASDAQ.. This amount will be payable monthly in arrears in Pounds Sterling directly into a nominated bank account.

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4.2

On the last working day of each month during the Engagement Borlaug shall submit to Volition an invoice which gives details of the days which the Individual has worked, the Services provided and the amount of the fee payable (plus VAT, if applicable) for the Services during that month.

4.3

Borlaug and the Individual shall be fully responsible for the payment of all relevant taxes in relation to the Service Fee as detailed in clause 11. 

4.4

Payment in full or in part of the fees claimed under clause 4 or any expenses claimed under clause 5 shall be without prejudice to any claims or rights of Volition or any Group Company against Borlaug or the Individual in respect of the provision of the Services.

5.

Expenses

5.1

Volition shall reimburse all reasonable expenses properly and necessarily incurred by Borlaug or the Individual in the course of the Engagement, subject to production of receipts or other appropriate evidence of payment.

5.2

In claiming expenses Borlaug or the Individual shall comply with Volition’s Travel and Expenses Policy or any other Expenses Policies implemented by Volition (as amended from time to time) a copy of which will be provided.

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Bonus

6.1

Borlaug may be entitled to an option package to be decided by the Board of Volition in its absolute discretion, to be applied in accordance with the directions of Borlaug.

7.

Other activities

Nothing in this agreement shall prevent Borlaug or the Individual from being engaged, concerned or having any financial interest in any capacity in any other business, trade, profession or occupation during the Engagement. However, Borlaug or the Individual may not be involved in any capacity with a business which does or could compete with the business of the Company without the prior written consent of the Board

8.

Confidential information and Company property

8.1

Borlaug acknowledges that in the course of the Engagement it and the Individual will have access to Confidential Information. Borlaug has therefore agreed to accept the restrictions in this clause 8.

8.2

Borlaug shall not, and shall procure that the Individual shall not (except in the proper course of its or his duties), either during the Engagement or at any time after the Termination Date, use or disclose to any third party (and shall use its reasonable endeavours to prevent the publication and disclosure of) any Confidential Information. This restriction does not apply to:

1.

any use or disclosure authorised by Volition or required by law; or 

2.

any information which is already in, or comes into, the public domain otherwise than through Borlaug's or the Individual's unauthorised disclosure.

8.3

At any stage during the Engagement, Borlaug will promptly upon request return to Volition all and any Company Property in its or the Individual's possession.

9.

Termination

9.1

Notwithstanding the provisions of clause 2.2, Volition may terminate the Engagement with immediate effect without notice and without any liability to make any further payment to Borlaug (other than in respect of amounts accrued prior to the Termination Date) if at any time:

1.

Borlaug or the Individual commits any gross misconduct affecting the business of Volition or any Group Company; 

2.

Borlaug or the Individual commits any serious or repeated breach or non-observance of any of the provisions of this agreement or refuses or neglects to comply with any reasonable and lawful directions of Volition; 

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3.

the Individual is convicted of any criminal offence (other than an offence under any road traffic legislation for which a fine or non-custodial penalty is imposed); or

4.

Borlaug or the Individual is, in the reasonable opinion of the Board, negligent or incompetent in the performance of the Services; 

5.

Borlaug makes a resolution for its winding up, makes an arrangement or composition with its creditors or makes an application to a court of competent jurisdiction for protection from its creditors or an administration or winding-up order is made or an administrator or receiver is appointed in relation to Borlaug; 

6.

Borlaug or the Individual commits any fraud or dishonesty or acts in any manner which in the opinion of Volition brings or is likely to bring the Individual, Borlaug or Volition or any Group Company into disrepute or is materially adverse to the interests of Volition or any Group Company.

9.2

The rights of Volition under clause 9.1 are without prejudice to any other rights that it might have at law to terminate the Engagement or to accept any breach of this agreement on the part of Borlaug as having brought the agreement to an end. Any delay by Volition in exercising its rights to terminate shall not constitute a waiver thereof.

10.

Obligations upon termination

On the Termination Date Borlaug shall, and shall procure that the Individual shall:

1.

immediately deliver to Volition all Company Property which is in its or his possession or under its or his control; and

2.

delete any information relating to the business of Volition or any Group Company stored on any magnetic or optical disk or memory and all matter derived from such sources which is in its or his possession or under its or his control outside the premises of Volition.

11.

Status

11.1

The relationship of Borlaug (and the Individual) to Volition will be that of independent contractor and nothing in this agreement shall render it (nor the Individual) an employee, worker, agent or partner of Volition.

11.2

This agreement constitutes a contract for the provision of services and not a contract of employment and accordingly Borlaug shall be fully responsible for and shall indemnify Volition for and in respect of:

1.

any income tax, national insurance and social security contributions and any other liability, deduction, contribution, assessment or claim arising from or made in connection with either the performance of the Services or any payment or benefit received by the Individual in respect of the Services, where such recovery is not prohibited by law. Borlaug shall further indemnify Volition against all reasonable costs, expenses and any penalty, fine or interest incurred or payable by Volition in connection with or in consequence of any such liability, deduction, contribution, assessment or claim other than where the latter arise out of Volition's negligence or wilful default;

2.

any liability arising from any employment-related claim or any claim based on worker status (including reasonable costs and expenses) brought by the Individual against Volition arising out of or in connection with the provision of the Services. 

12.

Intellectual Property Ownership

12.1

Borlaug

 and Volition shall retain all right, title and interest in any patent, patent application, trade secret, know-how and other intellectual property that was owned by such party prior to the date of the commencement of the consultancy agreement between Borlaug and Belgian Volition S.A. (Volition’s subsidiary) and no license grant or assignment, express or implied, is intended by, or shall be inferred from this Agreement.

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12.2

All rights to any inventions and discoveries, know-how, trade-secrets and all intellectual property rights inherent thereto (“Inventions”), whether patentable or not, conceived by

Borlaug

, or any third party who assists in performing the Services, whether jointly or solely with others in connection with the Services, arising out of the performance of any obligations under this Agreement (“Client Invention”) shall vest and reside with Volition.  

Borlaug

 without any additional consideration shall cause each inventor of the same to promptly take any actions deemed necessary by Volition to assign and transfer any and all such rights to Client Inventions to Volition and permit Volition to record, perfect and maintain such rights.

12.3

Borlaug

 warrants that it has enforceable written agreements or policies with all of its employees and directors who receive Volition’s confidential information under this Agreement assigning to

Borlaug

 ownership of all Inventions created in the course of their employment.

12.4

All data generated or arising from the performance of the Services shall be the exclusive property of Volition.

13.

Notices

13.1

Any notice given under this agreement shall be in writing and signed by or on behalf of the party giving it and shall be served by delivering it personally, or sending it by pre-paid recorded delivery or registered post to the relevant party at its registered office for the time being or by sending it by fax or email to the fax number or email address notified by the relevant party to the other party. Any such notice shall be deemed to have been received:

1.

if delivered personally, at the time of delivery;

2.

in the case of pre-paid recorded delivery or registered post, 5 business days from the date of posting;

3.

in the case of fax or email, at the time of transmission.

13.2

In proving such service it shall be sufficient to prove that the envelope containing such notice was addressed to the address of the relevant party and delivered either to that address or into the custody of the postal authorities as a pre-paid recorded delivery or registered post or that the notice was transmitted by fax to the fax number, or by email to the email address of the relevant party.

14.

Entire agreement

Each party on behalf of itself (and in the case of Volition, as agent for any Group Companies) acknowledges and agrees with the other party (Volition acting on behalf of itself and as agent for each Group Company) that:

1.

this agreement constitutes the entire agreement and understanding between Borlaug and Volition and any Group Company and supersedes any previous agreement between them relating to the Engagement (which shall be deemed to have been terminated by mutual consent);

2.

in entering into this agreement neither party nor any Group Company has relied on any Pre-Contractual Statement; and

3.

the only remedy available to it or arising out of or in connection with any Pre-Contractual Statement shall be for breach of contract. Nothing in this agreement shall, however, operate to limit or exclude any liability for fraud.

15.

Variation 

No variation of this agreement shall be valid unless it is in writing and signed by or on behalf of each of the parties.

16.

Counterparts

This agreement may be executed in any number of counterparts, each of which, when executed, shall be an original, and all the counterparts together shall constitute one and the same instrument.

17.

Third party rights

17.1

A person who is not a party to this agreement shall not have any to enforce any term of this agreement. 

17.2

The rights of the parties to terminate, rescind or agree any variation, waiver or settlement under this agreement is not subject to the consent of any person that is not a party to this agreement.

7

18.

Governing law and jurisdiction

18.1

This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with English law. 

The parties irrevocably agree that the courts of the State of Delaware, USA, shall have non-exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims).

THIS AGREEMENT has been executed and delivered by or on behalf of Volition and Borlaug on the date at the top of page 1

		
	Executed by VOLITIONRX LIMITED

 acting by

/s/ Cameron Reynolds

Cameron Reynolds

CEO

	Executed by BORLAUG LTD 

acting by

/s/ Jake Micallef

Jake Micallef

Director

8

SCHEDULE 1

SERVICES

1.

Borlaug will manage Volition’s Intellectual Property portfolio. Borlaug will also file new patent families as required by Volition and the Volition group.

2.

Borlaug will provide Project Management for Volition’s diagnostic development programmes and provide summary project reports and financial projections.

3.

Borlaug will identify and pursue business development opportunities, partnerships, joint ventures and collaborations for Volition and the Volition group.

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