Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.1

	 	 	 	 	 
	Northwest

	 	t (425) 608-3008
	 	www.nwbio.com
	Biotherapeutics, Inc.

	 	(800)-519-0755
	 	OTCBB: NWBO
	 

	 	f (425) 608-3009	 	 
	18701 120th Avenue NE
	 	 	 	 
	Suite 101
	 	 	 	 
	Bothell, WA 98011
	 	 	 	 

September 14, 2007

Dear Mr. Deasey:

The Board of Directors proposes to enter into an employment agreement effective October 1, 2007
with you for four years of service in the senior management of the Company, with the following key
terms:

	 	•	 	Title: Chief Financial Officer and Senior Vice President of Finance
	 
	 	•	 	Board of Directors seat: Effective October 1, pending BOD approval
	 
	 	•	 	Term: 4 years
	 
	 	•	 	Annual Salary: $275,000 (subject to potential increases based on annual review
by the Compensation Committee of the Board of Directors)
	 
	 	•	 	Location of Employment: Bethesda, MD
	 
	 	•	 	Bonuses: To be determined in the Board’s discretion for extraordinary and
unanticipated accomplishments.
	 
	 	•	 	Equity: Sufficient options to result in your holding 1.0% of the stock of the
Company, on a fully diluted basis (i.e., including all of the shares issuable under options
and warrants outstanding or reserved in the employee pool) immediately after Admission of
the AIM Placing Shares for trading. (The number of options is thus anticipated to be
approximately 769,208.) Vesting shall occur over a 4-year period as defined in the Stock
Option Grant Notice, with 25% vesting on the first anniversary of your full time employment
and the remaining 75% vesting monthly over the 36 months following the first anniversary.
	 
	 	•	 	Change in Control: For purposes of this agreement Change in Control shall mean
the merger or acquisition of the Company by another entity in whole or in part so as to
hold majority ownership of the Company. Upon such an event if it should occur in the first
year of employment which would be prior to vesting of the first 25% of options, this first
year vesting of 25% of options shall be accelerated and vested.
	 
	 	•	 	Termination: Employment will be at will. The Company may terminate your
employment with no notice “For Cause” or with 90 days notice “Without Cause.” “Cause” is
defined as, but not limited to, malfeasance, material non-performance or materially
inadequate performance of your duties following written notice or other communication
from the Board of such non-performance or inadequate performance and a reasonable period of
time to cure it one time.

 

 

 

	 	•	 	Notice of resignation: If you resign, you will give at least 60 days advance
notice if resignation is prior to October 1, 2009, and 30 days after October 1, 2009.
During the 60 or 30 days prior to departure, you will devote best efforts, in good faith,
to the Company’s business and any personnel transition. Failure to give the 60 or 30 days
notice will result in clawback of any bonuses paid to you and option vesting that occurred
in the 6 months prior to the resignation announcement.
	 
	 	•	 	Effect of termination or resignation on options: Vesting of your stock
options will cease upon the termination of your employment or resignation.

	 	•	 	If your employment is terminated For Cause, options which are already
vested as of the date of termination shall expire one business day after such
termination.
	 
	 	•	 	If your employment is terminated Without Cause, options will vest until the last
day of your employment and will be exercisable for up to 120 days following your
termination Without Cause, so long as you execute a separation and release
agreement reasonably acceptable to the Company.
	 
	 	•	 	If you resign or your 4 year contract expires, the vesting of your
options will cease on the last day of your employment. If your resignation
complies with the 60 — or 30-day notice, best efforts and good faith requirements
above, your options will be exercisable for 60 days following the last day of your
employment so long as you do not work for or with a Competing Company (as defined
below) in any capacity (employee, director, adviser, collaborator, etc.) during the
one year following the termination of your employment. The term “Competing
Company” means a business that is developing immunotherapies for cancer. If your
resignation does not comply with the notice, best efforts and good faith
requirements above, your options will expire one business day after your
resignation.

	 	•	 	Outside activities: During the term of this Agreement, you shall not engage in
any outside business activities except with express prior approval of the Board. It is
recognized that you have limited transitional activities with your former employer and the
Company acknowledges that these transitional activities are not in conflict with this
specific clause.
	 
	 	•	 	Non-competition: You agree not to work for or with any Competing Company (as
defined above) for 1 year after resignation, termination for cause or expiration of your
employment with the Company. You must execute a non-competition agreement with the Company
providing for this arrangement.
	 
	 	•	 	Assignment of inventions; confidentiality: All inventions conceived or
developed by you during your employment by the Company must be assigned to the Company.
You must also execute the Company’s standard invention assignment agreement and a limited
power of attorney enabling the Company to make filings and take actions necessary to
implement your assignments of inventions. You must also execute the standard
confidentiality agreement.

 

 

 

	 	•	 	Vacation and sick leave: 4 weeks of vacation, no carryover (use it or lose it)
except in special circumstances with prior Board approval and then only up to 2 weeks; 2
weeks of sick leave, to be used only for sickness and medical appointments for yourself or
family members.

The Board hopes that you will find these terms agreeable. If so, please indicate your acceptance
by countersigning below. We look forward to your continued important role in the Company for the
next several years.

Sincerely,

	 	 	 
	NWBT BOARD OF DIRECTORS

	 	I have read and accept this employment offer:
	By:

	 	By:
	 
	 	 
	 
	 	 
	 

	 	 
	Name: Alton L. Boynton

	 	Name:
	Title: President & CEO
	 	 
	Date: September 14, 2007

	 	Date:exrestatedcertofinc.htm

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      RESTATED
        CERTIFICATE OF INCORPORATION

      

      IFSA
        Strongman, Inc., a corporation
        organized and existing under the laws of the State of Delaware, hereby certifies
        as follows:

      

      1.           The
        number of shares of Common Stock authorized to be issued is hereby increased
        from 100,000,000 to 200,000,000 shares.  It was incorporated on March
        30, 2004.

      

      2.           Pursuant
        to Section 242 and 245 of the General Corporation Law of the State of Delaware,
        this Restated Certificate of Incorporation restates and integrates and further
        amends the provisions of the Certificate of Incorporation of this
        corporation.

      

      3.           The
        text of the Restated Certificate of Incorporation as heretofore amended or
        supplemented is hereby restated and further amended to read in its entirety
        as
        follows:

      

      CERTIFICATE
        OF INCORPORATION

      OF

      IFSA
        STRONGMAN, INC.

      

      ARTICLE
        I.  NAME

      

      The
        name of the corporation is IFSA
        Strongman, Inc. (the “Corporation”).

      

      ARTICLE
        II.  REGISTERED OFFICE

      

      The
        address of the Corporation’s
        registered office in the State of Delaware is The Corporation Trust Company,
        1209 Orange Street, in the City of Wilmington, in the County of New Castle,
        in
        the State of Delaware.  The name of the registered agent at such
        address is Corporation Trust Company.

      

      ARTICLE
        III.  PURPOSE

      

      The
        purpose or purposes of the
        corporation is to engage in any lawful act or activity for which corporations
        may be organized under the General Corporation Law of Delaware.

      

      ARTICLE
        IV. CAPITAL STOCK

      

      The
        Corporation is authorized to issue two classes of shares to be designated,
        respectively, “Preferred Stock” and “Common Stock.”  The number of
        shares of Preferred Stock authorized to be issued is Ten Million
        (10,000,000).  The number of shares of Common Stock authorized to be
        issued is Two Hundred Million (200,000,000).  The Preferred Stock and
        the Common Stock shall each have a par value of $0.001 per share.

      

      (a)           Provisions
        Relating to the Common Stock.  Each holder of Common Stock is
        entitled to one vote for each share of Common Stock standing in such holder’s
        name on the records of the Corporation on each matter submitted to a vote
        of the
        stockholders, except as otherwise required by law.

      
        
           

        

        
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      (b)           Provisions
        Relating to Preferred Stock.  The Board of Directors (the “Board”)
        is authorized, subject to limitations prescribed by law and the provisions
        of
        this Article IV, to provide for the issuance of the shares of Preferred Stock
        in
        accordance with Sections 102(a) and 151(a) of the General Corporation Law
        of
        Delaware, in one or more series, and by filing a certificate pursuant to
        the
        applicable law of the State of Delaware, to establish from time to time the
        number of shares to be included in each such series, and to fix the designation,
        powers, preferences and rights of the shares of each such series and the
        qualification, limitations or restrictions thereof.

      .

      

      ARTICLE
        V. BOARD OF DIRECTORS

      

      (a)           Number.  The
        number of directors constituting the entire Board shall be as fixed from
        time to
        time by vote of a majority of the entire Board, provided, however, that the
        number of directors shall not be reduced so as to shorten the term of any
        director at the time in office.

      

      (b)           Classified
        Board.  The Board shall be divided into three classes, as nearly equal
        in numbers as the then total number of directors constituting the entire
        Board
        permits with the term of office of one class expiring each year.  At
        the first annual meeting of the stockholders, directors of the first class
        will
        be elected to hold office for a term expiring at the next succeeding annual
        meeting, directors of the second class will be elected to hold office for
        a term
        expiring at the second succeeding annual meeting, and directors of the third
        class will be elected to hold office for a term expiring at the third succeeding
        annual meeting.

      

      (c)           The
        election of directors need not be by written ballot.

      

      ARTICLE
        VI. BYLAWS

      

      In
        furtherance and not in limitation of the powers conferred by statute, the
        Board
        is expressly authorized to make, alter, amend or repeal the Bylaws of the
        Corporation.

      

      ARTICLE
        VII. LIABILITY

      

      To
        the
        fullest extent permitted by the Delaware General Corporation Law as the same
        exists or as may hereafter be amended, no director of the Corporation shall
        be
        personally liable to the Corporation or its stockholders for or with respect
        to
        any acts or omissions in the performance of his or her duties as a director
        of
        the Corporation.  Any amendment or repeal of this Article VII will not
        eliminate or reduce the affect of any right or protection of a director of
        the
        Corporation existing immediately prior to such amendment or repeal.

      

      ARTICLE
        VIII. SPECIAL VOTING REQUIREMENTS

      

       The
        following actions, when
        submitted to the stockholders of the Corporation for their consideration,
        shall
        require the affirmative vote of at least 66-2/3% of the outstanding Common
        Stock
        of the Corporation: amendment of Sections (a), (b), or (c) of Article V of
        the
        Certificate of Incorporation.  The foregoing voting requirements shall
        not otherwise be deemed to affect the

      
        
           

        

        
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      voting
        rights granted by this Certificate of Incorporation, by By-Laws, or the Delaware
        General Corporation Law, to the Board.

      

      ARTICLE
        IX. STOCKHOLDER MEETINGS

      

      Meetings
        of stockholders may be held within or without the State of Delaware, as the
        Bylaws may provide.  The books of the Corporation may be kept outside
        the State of Delaware at such place or places as may be designated from time
        to
        time by the Board or in the Bylaws of the Corporation.

      

      ARTICLE
        X. AMENDMENT OF CERTIFICATE OF INCORPORATION

      

      The
        Corporation reserves the right to amend, alter, change or repeal any provision
        contained in this Certificate of Incorporation, in the manner now or hereafter
        prescribed by statute, and all rights conferred upon stockholders herein
        are
        granted subject to this reservation.

      

      I,
        THE
        UNDERSIGNED, being the President and Secretary of IFSA Strongman, Inc. pursuant
        to the General Corporation law of the State of Delaware, do make this
        certificate, hereby declaring and certifying, under penalties of perjury,
        that
        this is my act and deed and the facts herein stated are true, and accordingly
        have hereunto set my hand this 26th day of October, 2007.

      

      

      /S/
        Jussi
        Laurimaa                                                                

      
        	
                 

              	
                Jussi
                  Laurimaa

              

      

      
        
           

        

        
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