Document:

ex_342945.htm

Exhibit 10.1

 

 

SENIOR EXECUTIVE EMPLOYMENT AGREEMENT

 

 

This Agreement is made as of the 12th day of January 2022, between the MITESCO, INC. a publicly traded company incorporated in the State of Delaware (“Employer”), and Jessica Finnegan, residing at                                                                    (“Employee”).

 

WHEREAS, the Employer, the authorized representative of the Employer, desires to employ Jessica Finnegan as the Vice President, Human Resources of Mitesco Inc.; and

 

WHEREAS, the parties have reached an agreement as to the terms of said employment as more fully set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the promises and the mutual covenants, terms and conditions as hereinafter set forth, the parties hereby agree as follows:

 

1. Nature of Services and Duties.  

 

a. Effective, not later than, March 1, 2022, Employee shall serve in the position of Vice President, Human Resources of Mitesco Inc.  

 

b. At all times during the term of this Agreement, Employee shall use his/her best efforts and apply his/her skill and experience to the proper performance of his/her duties hereunder and to achieve the goals set forth herein.  Employee shall be directly accountable to and work under the authority and direction of the Chief Executive Officer or any “Designee” the CEO shall direct the Employee to report to, and shall report through such offices as may be directed by the CEO, or their Designee, from time to time.  Employee shall perform such executive, managerial and administrative duties and services as are customary for a Vice President, Human Resources, including without limitation:

 

	 	
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			Create and deliver briefings to executives

			

	 	
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			Collaborating with management team to enhance the company’s vision and mission

			

	 	
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			Developing strategic HR plans and policies

			

	 	
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			Oversee an organization’s recruitment, interview, selection, and hiring processes

			

	 	
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			Plan employee benefit, payroll, health and safety programs

			

	 	
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			Establish an effective executive compensation plan and new employment agreements appropiste for a company of our size and stage

			

	 	
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			Serve as the liaison between the PEO and the company and employees on all HR/benefits/payroll related issues.

			

	 	
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			Facilitate and monitor the implementation of standardized human resource processes

			

	 	
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			Adhere to all internal policies and legal standards

			

	 	
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			Enhance systems (e.g. paper-based timesheets, grievance procedures)

			

	 	
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			Defend the organization from inquiries by Unions and Lawyers

			

	 	
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			Effectively structure benefits programs to attract and retain top talent

			

	 	
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			Work with technical team to design, integrate and implement human resource software systems for better efficiency

			

	 	
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			Recommend new and improved measures for performance evaluations

			

	 	
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			Duties as assigned

			

 

 

	
			844.383.8689

				
			601 Carlson PKWY, Suite 1050 Minnetonka, MN 55305

			

www.mitescoinc.com

 

 

 

 

 

2. Term.  

 

This Agreement shall be effective from March 1 , 2022, (“the Commencement Date”), or as agreed prior to March 1, 2022, through employees’ resignation, (“the Termination Date”), unless amended by subsequent written agreement of the parties or terminated as provided herein.  The Employee shall be considered a full-time employee as of the Commencement Date.

 

3. Compensation.  

 

(a)Employee shall be paid an annual base salary of Two-Hundred-Twenty-Five Thousand ($225,000) Dollars payable in accordance with the Employer’s standard payroll procedures, with a performance and salary review to be conducted annually, at which time the Employee’s salary shall be adjusted in accordance with applicable compensation policies.

 

(b)In addition, Employee shall be eligible to receive a bonus target of 25% of base compensation commencing fiscal year 2022, if approved by the Compensation Committee in its sole discretion.

 

(c)The Employee agrees that their Compensation will accrue from the Commencement Date of this agreement until such time as the Company, as determined by the Board, has sufficient funding.

 

(d)The Employee may receive certain awards of incentive stock options, and those awards are subject to certain vesting, or conditions, including, but not limited to the tenure of the Employee, or achievement of certain objectives, as more further defined in the award notice and the S8 policy and procedures, and generally under the terms as noted below:

 

1.Award of Incentive Stock Options.  

 

Mitesco, Inc. (the “Company”) hereby Awards incentive Stock Options of the Company pursuant to vesting terms.  The Stock Options are awarded by a authorization of the Board of Directors within 30 business days of employment start date and priced in accordance with the S-8 plan and the plan policies and procedures. Any violations of securities laws, or the provisions of the Code of Conduct will result in the immediate cancellation of any and all stock awards previously issued or authorized.

 

2.Vesting is as follows:

 

a) 125,000 options once the Employee has been with the Employer for 90 days from the effective date of this agreement;

 

b) 125,000 options once the Company (parent and VIEs and subsidiaries) has 130 full-time employees;

 

c) 125,000 options once the Employee has been with the Company for 365 days from the effective date of this agreement;

 

d) 125,000 options once the Employer files a 10K that reports $20,000,000 in Gross Revenue;

 

e) In the event of a change in control of the Company, any remaining unvested shares will immediately vest upon change of control of the Company.

 

3. Restrictions on Transfer.

 

Governed by the Stock Option Plan, S-8 as filed with the SEC

 

4. Termination. 

 

Employee’s employment hereunder may be terminated by Employer under the following circumstances:

 

(a) A vote of the majority of the members of the Board of Directors;

 

(b) Upon any violations of the Securities laws;

 

(c) Upon incapacity or inability to perform all the duties set forth in this Agreement due to mental or physical disability;

 

	
			844.383.8689

				
			601 Carlson PKWY, Suite 1050 Minnetonka, MN 55305

			

www.mitescoinc.com

 

 

 

 

If Employee’s employment is terminated by virtue of any of the events described in paragraph (a), (b), or (c) Employee shall be entitled only to compensation though the date of such termination and any incentive stock options that have not vested shall be cancelled in accordance with the S-8 plan.

 

5. Confidentiality and Proprietary Information.

 

Employee acknowledges that he/she will be exposed to confidential information of the Employer, which includes confidential information of Mitesco, Inc., and other operations and activities.  Confidential information includes, but is not limited to, data relating to the Employer’s operations, customer information, financial data, computer programs, architectural drawings, marketing plans and information, operating procedures and the like, or any other information of the business affairs of Mitesco.

 

Employee shall not, directly or indirectly, use, disseminate, disclose, or in any way reveal or use beyond the scope of authority granted by the Employer all or any part of such Confidential Information, which he/she has been or will be exposed to, and shall use such Confidential Information only to the extent specifically authorized by the Employer.

 

Upon termination of this Agreement for any reason whatsoever, Employee shall turn over to the Employer all Confidential Information. Employee acknowledges that the Employer may exercise any and all remedies available to it at law or in equity to enforce this Agreement with respect to non-disclosure of any Confidential Information, which Employee has or will become privy to in the performance of its obligations under this Agreement.  The parties acknowledge that this provision shall survive the termination of the Agreement.

 

6. Work Product

 

Any programs, systems, plans, software, hardware, devices, and ideas developed by Employee or anyone in the Employee’s Department during the period of Employee’s employment from the date of original hire shall be the exclusive property of the Employer.

 

7. Covenant Not to Compete.  

 

(a)Employee agrees that during the terms of this Agreement he shall devote his full business time, energy, skill, labor, and attention to the affairs of the Employer and its affiliates or subsidiaries, shall promptly and faithfully do and perform all services pertaining thereto that are or may hereafter be required of him by the Employer, and shall not engage in any activities, directly or indirectly, involving a conflict of interest with the business or relations of the Employer or its affiliates or subsidiaries.

 

(b)Employee recognizes that the business of the Employer and its affiliates or subsidiaries are national and international in scope and that the services to be performed hereunder and the methods employed by the Employer or its affiliates or subsidiaries are such as will place Employee in close business and personal relationship with competing businesses of the Employer or its affiliates or subsidiaries.  Therefore, from and after the date of this Agreement and for one year after expiration of this Agreement or termination of this Agreement, Employee shall not, directly or indirectly, for his own benefit or for, with, or through any other person, company, or competitive company to Employer, within the states of Georgia own, manage consult, or be connected with, as owner, partner, joint venture, director, employee, officer, consultant, or in any other capacity whatsoever, engage in any business which is the same as, similar to or competitive with any business activities of the Employer.  “Business” is defined as any compounding retail pharmacy activity.  Employee acknowledges that the restrictive covenants (the “Restrictive Covenants’) contained in this Section are a condition of his employment and are reasonable and valid in geographical and temporary scope and in all other respects.  If any court determines that any Restrictive Covenants, or any part of the Restrictive Covenants, is invalid or unenforceable, the remainder of the Restrictive Covenants and parts thereof shall not thereby be affected and shall be given full effect, without regard to the invalid portion.  If any court determines that any of the Restrictive Covenants, or any part thereof, is invalid and unenforceable because of geographic or temporal scope of such provision, such court shall have the power to reduce the geographic or

 

	
			844.383.8689

				
			601 Carlson PKWY, Suite 1050 Minnetonka, MN 55305

			

www.mitescoinc.com

 

 

 

 

temporal scope of such provision, as the case may be, and, in its reduced form, such provision shall then be enforceable.

 

(c) If Employee breaches, or threatens to breach, any of the Restrictive Covenants, the Employer, in addition to and not in lieu of any other rights and remedies it may have at law or in equity, shall have the right to injunctive relief; it being acknowledged and agreed to by Employee that any such breach or threatened breach would cause irreparable and continuing injury to the Employer and that money damages would not provide an adequate remedy to the Employer.

 

8. Miscellaneous.

 

(a) Employee represents to Employer that there are no restrictions or agreements to which he is a party which would be violated by his execution of this Agreement and his employment hereunder.

 

(b) No amendment or waiver of any provision of this Agreement shall be effective unless in writing signed by both parties.

 

(c) Employee shall have no right to assign, transfer, pledge or otherwise encumber any of the rights, nor to delegate any of the duties created by this Agreement.

 

9. Governing Law.

 

This Agreement is subject to and shall be interpreted in accordance with the laws of the State of Delaware.

 

EXECUTED, as of the date first written above.

 

 

 

EMPLOYER

 

Lawrence Diamond

 

 

By: ________________________________

 

Date: ______________________________

 

 

 

EMPLOYEE

 

Jessica Finnegan

 

 

By: ____________________________

 

Date: ______________________________

 

 

	
			844.383.8689

				
			601 Carlson PKWY, Suite 1050 Minnetonka, MN 55305

			

www.mitescoinc.comEX-10.97

  Exhibit 10.97

   

  $619,883.46

  Las Vegas, Nevada

  January 10, 2022

   

  	
	PROMISSORY NOTE

   

  FOR VALUE RECEIVED, the undersigned, APPLIANCESMART, INC. ("Maker"),

  whose address is 6080 E. Main St, Columbus, Ohio, 43212, promises to pay to the order of LIVE VENTURES INCORPORATED ("Holder"), whose address is 325 E. Warm Springs Road, Suite 102, Las Vegas, Nevada, 89119, or at such other place as Holder may designate from time to time in writing, the sum of Six Hundred Nineteen Thousand Eight Hundred Eighty-Three Dollars and Forty Six Cents ($619,883.46), together with interest on the unpaid principal balance under this promissory note (the "Note") at the rates set forth below from the date of this Note until paid, according to the terms and conditions that are set forth in this Note.

   

  1.Payments. Maker shall pay Holder the entire principal balance outstanding and accrued interest thereon within sixty (60) months of the date of this Note, no later than January 31 2027 (“Maturity Date”). Further, Holder may accelerate the entire unpaid balance of this Note upon the occurrence of an event of default as described in section 5 below.

   

  2.Interest. Interest shall accrue on the unpaid principal balance of this Note at the rate of five percent (5%) per annum.

   

  3.Prepayments. Maker may pay the outstanding principal balance of this Note at any time, in whole or in part, without premium or penalty.

   

  4.Application of Payments. All payments and prepayments that are made under this Note shall be applied first toward the payment and satisfaction of any costs of enforcement incurred by Holder in connection with this Note, second to accrued but unpaid interest, and third toward reduction of the principal balance.

   

  5.Default. Maker shall be in default under this Note if Maker fails to make payment under this Note in full by the Maturity Date and the breach is not cured within fifteen (15) days after Holder notifies Maker of the breach. Upon the occurrence of a default: (i) the entire unpaid principal amount of this Note shall be immediately due and payable; (ii) from the date of default until the default is cured, the interest rate that accrues on the unpaid principal balance of this Note shall increase by two and a half percent (2.5%) per annum above the interest rate contained in section 2 of this Note; and (c) Maker shall pay all costs and expenses that are incurred by Holder (including, but not limited to, a reasonable attorney's fee) to collect past due amounts, whether the costs and expenses are incurred with or without suit, before or after judgment, on appeal or in any bankruptcy or insolvency proceeding.

   

  6.Waiver. Maker: (a) waives any homestead or similar exemption; and (b) agrees that Holder may, without impairing any future right to insist on strict and timely compliance with the terms of this Note, grant any number of extensions of time for the scheduled payments of any amounts due, and may make any other accommodation with respect to the indebtedness evidenced by this Note. No delay or omission on the part of Holder in exercising any right hereunder shall 

  

  operate as a waiver of such right or any other rights under this Note. A waiver on any one occasion shall not be construed as a bar to, or waiver of, any such right and remedy or either of them, on any future occasion. TO THE FULLEST EXTENT PERMITTED BY LAW, MAKER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS: (A) UNDER THIS NOTE OR ANY OTHER LOAN DOCUMENT OR (B) ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH THIS NOTE OR ANY OTHER LOAN DOCUMENT, AND MAKER AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY.

   

  7.Liability of Parties under Note. Maker and any other makers, sureties, guarantors and indorsers hereof (and each party comprising one of the foregoing): (a) waive presentment for payment, protest, demand and notice of dishonor and nonpayment of this Note and all other requirements necessary to hold them liable under this Note; (b) consent to any and all extensions of time, renewals, waivers or modifications that may be granted by Holder, on one or more occasions, with respect to the payment or other provisions of this Note; (c) shall be jointly and severally liable for all obligations of Maker under this Note; and (d) shall be obligated as makers and not merely as accommodation parties or guarantors.

   

  8.Interpretation. The provisions of this Note: (a) shall be interpreted and governed in accordance with the local laws of the State of Nevada; and (b) shall be deemed to be independent and severable. The invalidity or partial invalidity of any one provision or portion of this Note shall not affect the validity or enforceability of any other provision of this Note. Time is the essence of this Note.

   

  		
	 
	Maker:

	 
	 

	 
	 

	 
	Name: Kent Randall

	 
	Its: In-House Counsel

	 
	 

   

   

   

   

   

   

   

   

   

   

   

   

   

  			
	Promissory Note
	2
	Live Ventures/Appliance Smart

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