Document:

EXHIBIT 10.1
 

 

	
            January 21, 2005
 

 

 

Mr. Randall B. Riggs

2011 Lambert Cove

Birmingham, Alabama 35242

 

Dear Randy:

 

This letter agreement (the “Agreement”) will serve to confirm our agreement with respect to the terms and conditions of your employment by BioCryst Pharmaceuticals, Inc., a Delaware corporation (“BioCryst” or the “Company”).

 

	
            The terms and conditions of your employment are as follows:
 

 

1.             Term of Employment.  Subject to the terms and conditions of this Agreement, BioCryst hereby employs Mr. Randall B. Riggs (“you” or “Employee”), and you hereby accept such employment commencing on or before March 1, 2005.  You shall be employed to serve as BioCryst’s primary executive officer in charge of commercialization of the products of its research developments, reporting to the chief executive officer of BioCryst.  You shall have the title of Vice President, Business Development.  You shall devote your full business time and energies to the Company, and shall not engage in any other business activity that would interfere with,
or prevent you from carrying out, your duties and responsibilities under this Agreement.  You will be considered an executive officer of

the Company subject to the provisions of Section 16 of the Securities Exchange Act of 1934 relating to insider trading.

 

	
            2.
 	
            Basic Full-Time Compensation and Benefits.
 

 

(a)       (i)      As base salary for services rendered under this Agreement, you shall be entitled to receive from BioCryst, for the term of your full-time employment under this Agreement, an aggregate base salary of $255,000 per year which remuneration shall be payable in equal semi-monthly installments on the 15th and last business days of each month during the term of this Agreement.  This base salary will be reviewed annually by the Board of Directors and may be raised at the discretion of the Board.

 

(b)       In addition to the compensation set forth in (a) above, you shall be entitled to receive such other benefits and perquisites provided to other executive officers of BioCryst which benefits may include, without limitation, reasonable vacation, sick leave, medical and dental benefits, life and disability insurance, and participation in profit sharing or retirement plans.

 

	
            3.
 	
            Stock Options.
 

 

(a)       The Company will grant you an option (the “Option”) to acquire 80,000 shares of the Company’s common stock at a price determined based on the price of the Company’s common stock on your first day of work.  The Option will be granted under the Company’s existing stock option plan for employees and, except to the extent otherwise provided in this Agreement, shall be subject to the terms and provisions thereof.

 

(b)       The parties intend for the Option to qualify as “incentive stock options,” as that term is defined in Section 422 of the Internal Revenue Code of 1986, as amended (“Section 422”) to the fullest extent possible.  The parties understand that the portion of the Option, together with the portion of any other incentive stock option granted by BioCryst and its parent and subsidiary corporations, if any, which may become exercisable in any year in excess of an aggregate of $100,000 fair market value, determined as of the date the Option or such other option, as the case may be, was granted, may not be treated as an incentive stock option under Section 422.

 

(c)      The Option may be exercised and the common stock to be purchased pursuant thereto may be purchased by you as a result of such exercise only within the periods allowed under and otherwise in accordance with the Company’s policies regarding trading in its securities by employees and executive officers.

 

 

 

 

(d)      The Option shall be 25% exercisable one year after the date it is granted, and the remaining seventy-five percent (75%) shall vest and become exercisable at the rate of 1/48th per month, commencing with the thirteenth (13th) month after the date such Option is granted, and continuing to vest for the succeeding months until fully vested and exercisable.

 

(e)      In no event shall the period for exercising the Option exceed ten (10) years from the date the Option is granted.

 

4.             Term of Employment.   This offer is contingent upon confirmation of the education and experience information you have provided us.  Your employment with BioCryst is for all purposes “at will,” and this letter does not constitute an employment contract.  Instead, it sets forth the initial terms of your employment with BioCryst.

 

	
            5.
 	
            Confidentiality.
 

 

(a)       Confidentiality.  Except as the Company may otherwise consent in writing, or except as may be required by a court of competent jurisdiction or by proceedings therein, you shall not publish or otherwise disclose, disseminate or (other than for the benefit of the Company) make use of either during or subsequent to the time period of this Agreement, any information, knowledge or data of the Company or of its subsidiaries or affiliated companies or of its customers relating to customer lists, devices, techniques, plans, methods, trade secrets, know-how, inventions, discoveries, formulas, processes, machines and the selection, utilization and maintenance thereof, compositions, or business or financial plans or reports, or other matters which are of a secret or
confidential nature.  For purposes of this Agreement the terms “secret” and “confidential” are used in the ordinary sense and do not refer to official security classifications of any government or any agency thereof.

 

 (b)    Equitable Remedies.  You acknowledge and recognize that a violation of this paragraph 6 by you may cause irreparable and substantial damage and harm to BioCryst or its affiliates, could constitute a failure of consideration, and that money damages will not provide a full remedy for BioCryst for such violations.  You agree that in the event of his breach of this paragraph, BioCryst will be entitled, if it so elects, to institute and prosecute proceedings at law or in equity to obtain damages with respect to such breach, to enforce the specific performance of this paragraph by you, and to enjoin you from engaging in any activity in violation hereof.

 

6.             Company Policies.  Except as expressly set forth in this Agreement, your employment will be subject to all policies and procedures to which employees of the Company are generally subject.

 

	
            7.
 	
            Miscellaneous.
 

 

 (a)    Entire Agreement.  This Agreement, including the exhibits hereto, constitutes the entire agreement between the parties relating to your employment by BioCryst and there are no terms relating to such employment other than those contained in this Agreement.  No modification or variation hereof shall be deemed valid unless in writing and signed by the parties hereto.  No waiver by either party of any provision or condition of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at any time.

 

 (b)    Notices.  Any notice or other communication given or rendered hereunder by any party hereto shall be in writing and delivered personally or sent by registered or certified mail, postage prepaid, at the respective addresses of the parties hereto as set forth below.

 

 (c)    Captions.  The section headings contained herein are inserted only as a matter of convenience and reference and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof.

 

 (d)    Taxes.  All amounts to be paid to you hereunder are in the nature of compensation for your employment by BioCryst, and shall be subject to withholding, income, occupation and payroll taxes and other charges applicable to such compensation.

 

 (e)    Governing Law.  This Agreement is made and shall be governed by and construed in accordance with the laws of the State of Alabama without respect to its conflicts of law principles.

 

If the foregoing correctly sets forth our understanding, please signify your acceptance of such terms by executing this Agreement, thereby signifying your assent, as indicated below.

 

 

 

 

 

	
            Yours very truly,
 

 

	
            BIOCRYST PHARMACEUTICALS, INC.
 

 

                

	
            By:/s/Charles E. Bugg
 	
             

	
            Its: Chairman and Chief Executive Officer
 

 

	
            Address:
 

 

	
            2190 Parkway Lake Drive
 	
             

	
            Birmingham, Alabama 35244
 

 

 

AGREED AND ACCEPTED as of this  1st day of February, 2005.

 

                

	
            /s/ Randall B. Riggs
 
	
            Randall B. Riggs
 	
             

 

	
            Address:
 

 

	
            2011 Lambert Cove
 	
             

	
            Birmingham, Alabama 35242Marketing Agreement with Aurelius Consulting Group

EXHIBIT 10.41

	

Aurelius Consulting Group, Inc

Marketing Agreement

This AGREEMENT (the “Agreement”) made and entered into this 7th day of January, 2005, by and between Aurelius Consulting Group, Inc., located at Century Bank Building, 541 S. Orlando Ave, Suite 206, Maitland, Florida 32751 (hereinafter referred to as “ACG”) and Invisa, Inc. (hereinafter referred to as “The Company”), located at 4400 Independence Court, Sarasota, FL 34234.

WITNESSETH:

For and consideration of the mutual promises and covenants contained herein, the parties hereto agree as follows:

1. EMPLOYMENT

The Company hereby hires and employs ACG and employs ACG as an independent contractor; and ACG does hereby accept its position as an independent contractor to the Company upon the terms and conditions hereinafter set forth.

2. TERM

The initial term of this Agreement shall be for six (6) months (“Term”) from the date written above.

3. DUTIES AND OBLIGATIONS OF ACG

ACG shall have the following duties and obligations under this Agreement.

3.1 ACG will introduce the Company to its broker network; disseminate information about the Company; quantify book buying activity; and as appropriate organize teleconferences, city-wide broker conferences, and on-site due diligence meetings with select groups of brokers, micro-cap analysts and fund managers; and focus on creating consistent increases in daily trading activity.

3.2 ACG will be available to the Company to field any calls from firms, individual investors/shareholders and brokers inquiring about the Company.

3.3 At the Company’s request, strive to obtain the Company analyst coverage and/or investment banking sponsorship.

 

 

Century Bank Building, 541 S. Orlando Ave., Suite 206, Maitland, Florida 32751 (407)-644-4256, fax: (407) 644-0758

	 
	 	 	 
	

	 

3.4 ACG will report to the Company the results of its efforts no less frequently than quarterly, or as requested by the Company, and in sufficient detail, as to permit the Company to evaluate the effectiveness of ACG’s services.

3.5 After the first six months of service, the Company will have the right to continue or terminate the relationship with ACG; and thereafter the Company will have the right to evaluate ACG’s performance every ninety (90) days in order to determine whether to continue the relationship as set forth in this Agreement. 

3.6 The Company may terminate the Marketing Agreement with ACG by providing written notice thirty (30) days before the termination date, but only upon the completion of each subsequent three (3) months of service.

4. ACG’S COMPENSATION 

Upon the execution of this Agreement, the Company hereby covenants and agrees to pay ACG as follows during the Term hereof:

	4.1  	$2,000.00 per month, paid in quarterly installments of $6,000.00, the first installment being due within (5) five days of the execution of this agreement, and the second installment due within (5) five days after the (3) third month of service

	4.2  	100,000 warrants per each (3) months of service with an exercise price of .50 cents for, the first payment being due within (5) five days of the execution of this agreement.

	4.3  	Consulting fee of $50,000 for the introduction of any entity introduced by ACG who provides funding to INSA of $1 million or more. 

5. ACG’S EXPENSES AND COSTS 

 

The Company shall pay all reasonable costs and expenses incurred by ACG, its officers, employees and agents, in carrying out its duties and obligations pursuant to the provision of this Agreement, excluding ACG’s general and administrative expenses and costs, but including and not limited to the following costs and expenses; provided all costs and expense items in excess of $500.00 (Five Hundred U.S. Dollars) in any month must be approved by the Company in writing prior to ACG’s incurring same: 

 

5.1 Travel expenses, including but not limited to transportation, lodging and food expenses, when such travel is conducted on behalf of the Company.

 

5.2 Seminars, expositions, money and investment shows.

 

5.3 Radio and television time and print media advertising costs, when applicable. 

 

 

Century Bank Building, 541 S. Orlando Ave., Suite 206, Maitland, Florida 32751 (407)-644-4256, fax: (407) 644-0758

	 
	 	 	 
	

	 

 

5.4 Subcontract fees and costs incurred in preparation of research reports, when applicable.

 

5.5 Cost of on-site due diligence meetings, if applicable.

 

5.6 Printing and publication costs of brochures and marketing materials which are not supplied by the Company. 

 

6. COMPANY’S DUTIES AND OBLIGATIONS

 

The Company shall have the following duties and obligations under this Agreement: 

 

6.1 Cooperate fully and timely with ACG so as to enable ACG to perform its obligations under this Agreement.

 

6.2 The Company will act diligently and promptly in reviewing materials submitted to it from time to time by ACG and inform ACG of any inaccuracies of     which it is aware contained therein prior to the dissemination of such materials.

 

6.3 Give full disclosure of all material facts concerning the Company to ACG and update such information on a timely basis. 

 

7. NONDISCLOSURE 

 

Except as may be required by law, or in the course of the Company’s normal business, the Company shall not disclose the contents and provisions of this Agreement to any individual or entity without ACG’s consent. 

 

The Company shall instruct its officers, directors, employees, agents and affiliates of this obligation. If the Company shall provide any information to ACG for background or other purposes which it shall identify as confidential or non-public information, ACG shall not disclose such information to any party, except as may be required by law pursuant to a written opinion of competent counsel, during the term of this Agreement and for a period of one year thereafter, and ACG shall inform its employees, agents, officers, directors and agents of this obligation.

 

8. MISCELLANEOUS

 

8.1. Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing, and shall be deemed to have been duly given when delivered personally or sent by registered or certified mail, return receipt request, postage prepaid to the parties hereto at their addresses indicated hereinafter.

 

Century Bank Building, 541 S. Orlando Ave., Suite 206, Maitland, Florida 32751 (407)-644-4256, fax: (407) 644-0758

	 
	 	 	 
	

	 

 

Either party may change his or its address for the purpose of this paragraph by written notice similarly given. 

 

8.2 Entire Agreement. This Agreement represents the entire agreement between the Parties in relation to its subject matter and supersedes and voids all prior agreements between such Parties relation to such subject matter. 

 

8.3 Amendment of Agreement. This Agreement may be altered or amended, in whole or in part, only in writing signed by both Parties.

 

8.4 Waiver. No waiver of any breach or condition of its Agreement shall be deemed to be a waiver of any other subsequent breach or condition, whether or a like or different nature, unless such shall be signed by the person making such waivers and/or which so provides by its terms. 

 

8.5 Captions. The captions appearing in this Agreement are inserted as matter of convenience and for reference and in no way affect this Agreement, define, limit or describe its scope or any of is provisions. 

 

8.6 Situs. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without reference to the conflict of laws provisions thereof.

 

8.7 Benefits; Assignment. This Agreement shall inure to the benefit of and be binding upon the Parties hereto, their successors and permitted assigns. This Agreement may not be assigned by either Party without the written consent of the other Party.

 

8.8 Currency. In all instances, references to monies used in this agreement shall be deemed to be United States dollars.

 

9. COUNTERPARTS

 

This Agreement may be executed in counterpart and by fax transmission, each counterpart being deemed an original.

 

 

 

Century Bank Building, 541 S. Orlando Ave., Suite 206, Maitland, Florida 32751 (407)-644-4256, fax: (407) 644-0758

	 
	 	 	 
	

	 

 

IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year first above written.

 

INVISA, INC.

 

By:    /s/ Herbert M. Lustig

    Duly Authorized

 

Herbert M. Lustig        

Print Name 

 

CONFIRMED AND AGREED

 

AURELIUS CONSULTING GROUP, INC.

By:    /s/ Dave Gentry              /s/ L. Wayne Johnson

    Duly Authorized                Witness 

 

Dave Gentry                 L. Wayne Johnson    

Print Name                  Print Name 

 

Century Bank Building, 541 S. Orlando Ave., Suite 206, Maitland, Florida 32751 (407)-644-4256, fax: (407) 644-0758

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