Document:

ex10x6.htm

    Exhibit 10.6

     

    
      THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT, AS AMENDED, OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE
BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS.  NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED PURSUANT TO A VALID EXEMPTION THEREFROM UNDER THE SECURITIES
ACT.

      

      Warrant
No. [_____________]

      

      Issue
Date: [______________]

       

      WARRANT
TO PURCHASE SHARES OF COMMON STOCK

      

      OF

      

      ASPENBIO
PHARMA, INC.

      

      THIS
CERTIFIES that, for value received, Liolios Group, Inc., is entitled to purchase
from ASPENBIO PHARMA, INC., a Colorado corporation (the “Corporation”), subject
to the terms and conditions hereof, 5,000 shares (the “Warrant Shares”) of
common stock, no par value (the “Common Stock”).  This warrant,
together with all warrants hereafter issued in exchange or substitution for this
warrant, is referred to as the “Warrant” and the holder of this Warrant is
referred to as the “Holder.”  The number of Warrant Shares is subject
to adjustment as hereinafter provided.  Notwithstanding anything to
the contrary contained herein, this Warrant shall expire at 5:00pm EST on
[_______________], three years from Issue Date (the “Termination
Date”).

      

      1.  Exercise of
Warrants.   (a)  The Holder may, at any time
prior to the Termination Date, exercise this Warrant in whole or in part at an
exercise price per share equal to $[_____] per share, subject to adjustment as
provided herein (the “Warrant Price”), by the surrender of this Warrant
(properly endorsed) at the principal office of the Corporation, or at such other
agency or office of the Corporation in the United States of America as the
Corporation may designate by notice in writing to the Holder at the address of
such Holder appearing on the books of the Corporation, and by payment to the
Corporation of the Warrant Price in lawful money of the United States by check
or wire transfer for each share of Common Stock being purchased.  Upon
any partial exercise of this Warrant, there shall be executed and issued to the
Holder a new Warrant in respect of the shares of Common Stock as to which this
Warrant shall not have been exercised.  In the event of the exercise
of the rights represented by this Warrant, a certificate or certificates for the
Warrant Shares so purchased, as applicable, registered in the name of the
Holder, shall be delivered to the Holder hereof as soon as practicable after the
rights represented by this Warrant shall have been so exercised.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (b)          Holder
is granted “Cashless Exercise Rights”, whereby if notice of exercise by Holder
specifies that the exercise of this Warrant is made pursuant to this Section 1,
then the Company shall deliver to Holder, without payment by Holder of any
Exercise Price or any cash or other consideration, the number of Company Shares
computed using the following formula:

       

      
      

       

      
        	 	X =	Y(A-B)	 
	 	 	A	 

      

       

      Where:

      
        	
                 
      

              	
                X
      =

              	
                the
      number of Warrant Shares to be issued to the Holder pursuant to the
      exercise of this Warrant pursuant to this Section
  4;

              

      

      

      
        	
                 
      

              	
                Y
      =

              	
                the
      number of Shares that may be purchased upon exercise of this
      Warrant;

              

      

      

      
        	
                 
      

              	
                A
      =

              	
                the
      Market Price, as defined below, of one share of Common Stock;
      and

              

      

      

      
        	
                 
      

              	
                B
      =

              	
                the
      Exercise Price per share of Common
Stock.

              

      

      

      “Market
Price” of an security means the average of the closing prices of such security’s
sales on all securities exchanges on which such security may at the time be
listed based upon the average of the ten preceding business days prior to the
date of exercise, or, if there has been no sales on any such exchanges on any
day, the average of the highest bid and the lowest asked prices on all such
exchanges for such period, or, if on a day any such security is not listed, the
average of the representative bid and asked prices quoted in the NASDAQ System
as of 4:00pm Eastern Time.

      

      2. Reservation of Warrant
Shares.  The Corporation agrees that, prior to the expiration
of this Warrant, it will at all times have authorized and in reserve, and will
keep available, solely for issuance or delivery upon the exercise of this
Warrant, the number of Warrant Shares as from time to time shall be issuable by
the Corporation upon the exercise of this Warrant.

      

      3.  No Holder
Rights.  This Warrant shall not entitle the holder hereof to
any voting rights or other rights as a Holder of the Corporation.

      

      4.  Transferability of
Warrant.  Prior to the Termination Date and subject to
compliance with applicable laws, this Warrant and all rights hereunder are
transferable, in whole or in part, at the office or agency of the Company by the
Holder in person or by duly authorized attorney, upon surrender of this Warrant
together with the Assignment Form annexed hereto properly endorsed for
transfer.

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      5.  Certain
Adjustments.  With respect to any rights that Holder has to
exercise this Warrant and convert into shares of Common Stock, Holder shall be
entitled to the following adjustments:

      

      (a)           Merger or
Consolidation.  If at any time there shall be a merger or a
consolidation of the Corporation with or into another corporation when the
Corporation is not the surviving corporation, then, as part of such merger or
consolidation, lawful provision shall be made so that the holder hereof shall
thereafter be entitled to receive upon exercise of this Warrant, during the
period specified herein and upon payment of the aggregate Warrant Price then in
effect, the number of shares of stock or other securities or property (including
cash) of the successor corporation resulting from such merger or consolidation,
to which the holder hereof as the holder of the stock deliverable upon exercise
of this Warrant would have been entitled in such merger or consolidation if this
Warrant had been exercised immediately before such merger or
consolidation.  In any such case, appropriate adjustment shall be made
in the application of the provisions of this Warrant with respect to the rights
and interests of the holder hereof as the holder of this Warrant after the
merger or consolidation.

      

      (b)           Reclassification,
Recapitalization, etc.  If the Corporation at any time shall,
by subdivision, combination or reclassification of securities, recapitalization,
automatic conversion, or other similar event affecting the number or character
of outstanding shares of Common Stock, or otherwise, change any of the
securities as to which purchase rights under this Warrant exist into the same or
a different number of securities of any other class or classes, this Warrant
shall thereafter represent the right to acquire such number and kind of
securities as would have been issuable as the result of such change with respect
to the securities that were subject to the purchase rights under this Warrant
immediately prior to such subdivision, combination, reclassification or other
change.

      

      (c)           Split or Combination of
Common Stock and Stock Dividend.  In case the

      Corporation
shall at any time subdivide, re-divide, recapitalize, split (forward or reverse)
or change its outstanding shares of Common Stock into a greater number of shares
or declare a dividend upon its Common Stock payable solely in shares of Common
Stock, the Warrant Price shall be proportionately reduced and the number of
Warrant Shares proportionately increased.  Conversely, in case the
outstanding shares of Common Stock of the Corporation shall be combined into a
smaller number of shares, the Warrant Price shall be proportionately increased
and the number of Warrant Shares proportionately
reduced.  Notwithstanding the foregoing, in no event will the Warrant
Price be reduced below the par value of the Common Stock.

      

      6.  Legend and Stop Transfer
Orders. Unless the Warrant Shares have been registered under the
Securities Act, upon exercise of any part of the Warrant, the Corporation shall
instruct its transfer agent to enter stop transfer orders with respect to such
Warrant Shares, and all certificates or instruments representing the Warrant
Shares shall bear on the face thereof substantially the following
legend:

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT, AS AMENDED, OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE
BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS.  NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT
REQUIRED PURSUANT TO A VALID EXEMPTION THEREFROM UNDER THE SECURITIES
ACT.

      

      7.  Vesting.  The
right to exercise this Warrant shall vest at the date of issuance and rights
shall be 100% vested and exercisable.

      

      8.  Registration
Rights.  This Warrant is subject to the REGISTRATION RIGHTS
ADDENDUM – LIOLIOS AGREEMENT attached hereto and made a part of the Warrant.

      

      9.  Miscellaneous.  This
Warrant shall be governed by and construed in accordance with the laws of the
State of Colorado.  All the covenants and provisions of this Warrant
by or for the benefit of the Corporation shall bind and inure to the benefit of
its successors and assigns hereunder.  Nothing in this Warrant shall
be construed to give to any person or corporation other than the Corporation and
the holder of this Warrant any legal or equitable right, remedy or claim under
this Warrant.  This Warrant shall be for the sole and exclusive
benefit of the Corporation and the holder of this Warrant.  The
section headings herein are for convenience only and are not part of this
Warrant and shall not affect the interpretation hereof.  Upon receipt
of evidence satisfactory to the Corporation of the loss, theft, destruction or
mutilation of this Warrant, and of indemnity reasonably satisfactory to the
Corporation, if lost, stolen or destroyed, and upon surrender and cancellation
of this Warrant, if mutilated, the Corporation shall execute and deliver to the
Holder a new Warrant of like date, tenor and denomination.

      

      IN
WITNESS WHEREOF, the Corporation has caused this Warrant to be executed by its
duly authorized officers under its seal, this __ day of
[____________].

      

       

       

      
        
          	 	ASPENBIO
      PHARMA, INC.	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	Name 	 	 
	 	Title 	 	 
	 	 	 	 

        

      

       

      
 

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      WARRANT
EXERCISE FORM

      

      To
Be Executed by the Holder in Order to Exercise Warrant

      

      
        	
                To: 

              	
                AspenBio
      Pharma, Inc.

                1585
      S. Perry Street

                
                  Castle
      Rock, CO  80104

                  Attention:  Chief Financial
  Officer

                

              

      

       

      Dated:____________

       

      The
undersigned, pursuant to the provisions set forth in the attached Warrant
No. ______, hereby irrevocably elects to purchase (check applicable
box):

       

      
        	
                 
      

              	
                o

              	
                _________
      shares of the Common Stock of AspenBio Pharma, Inc. covered by such
      Warrant; or

              

      

       

      
        	
                 
      

              	
                 ̈

              	
                the
      maximum number of shares of Common Stock covered by such Warrant pursuant
      to the cashless exercise procedure set forth in subsection 1(b) (if
      applicable).

              

      

       

      The
undersigned herewith makes payment of the full purchase price for such shares at
the price per share provided for in such Warrant.  Such payment takes
the form of (check applicable
box or boxes):

      
         

        
          	
                   
      

                	
                  o

                	
                  
                    $______
      in lawful money of the United States;
  and/or

                  

                

        

         

      

       

      
        	
                 
      

              	
                 ̈

              	
                if
      the provisions of subsection 1(b) of this Warrant are in effect, the
      cancellation of such portion of the attached Warrant as is exercisable for
      a total of _____ Warrant Shares (using a Fair Market Value of $_____ per
      share for purposes of this calculation);
and/or

              

      

       

      
         

        
          	
                   
      

                	
                  o

                	
                  
                    if
      the provisions of subsection 1(b) of this Warrant are in effect, the
      cancellation of such number of Warrant Shares as is necessary, in
      accordance with the formula set forth in subsection 1(b), to exercise
      this Warrant with respect to the maximum number of Warrant Shares
      purchasable pursuant to the cashless exercise procedure set forth in
      subsection 1(b).

                  

                

        

         

        
        

      

      The
undersigned hereby requests that certificates for the Warrant Shares purchased
hereby be issued in the name of:

      

      

       

      
        	 	 
	 	 

      

       

    

    
       

      
        	 	 
	 	 

      

       

       

       

      
        	 	 
	(please print or
      type name and address)	 

      

       

       

      
         

        
          	 	 
	(please insert
      social security or other identifying number)	 

        

         

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      and be
delivered as follows:

       

       

      
         

        
          	 	 
	 	 

        

         

         

        
          	 	 
	(please print or
      type name and address)	 

        

         

      

      
         

        
          	 	 
	(please insert
      social security or other identifying number)	 

        

         

       

      

      and if
such number of shares of Common Stock shall not be all the shares evidenced by
this Warrant Certificate, that a new Warrant for the balance of such shares be
registered in the name of, and delivered to, Holder.

       

       

      
        
          	 	 	 
	 	 	 	 
	
                   

                	
                   

                	 
	 	Signature
      of Holder	 
	 	 	 
	 	
                   

                  SIGNATURE
      GUARANTEE:

                   

                   

                	 
	 	 	 
	 	 	 	 
	 	 	 	 

        

      

       

      

 

      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT
FORM

      

      (To
assign the foregoing warrant, execute

      this
form.  Do not use this form to exercise the warrant.)

      

      

      

      FOR VALUE
RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby
assigned to

       

      

      ________________________________________________________________
whose address is

      

      ______________________________________________________________________________

      

      ______________________________________________________________________________

      

       

      
        
          	 	
                  Dated:  _____________________,
      _______

                	 
	 	 	 	 
	
                   

                	
                  Holder's
      Signature

                	 	 
	 	 	 	 
	 	Holder's
      Address:  	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

        

      

      

      

       

      
        	Signature
      Guaranteed: 	 	 

      

      

      

      
 

      

      NOTE:  The
signature to this Assignment Form must correspond with the name as it appears on
the face of the Warrant, without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank or trust
Corporation.  Officers of corporations and those acting in a fiduciary
or other representative capacity should file proper evidence of authority to
assign the foregoing Warrant.ex10x12.htm

    Exhibit 10.12

     

    EXECUTIVE EMPLOYMENT
AGREEMENT

    

    

    THIS
AGREEMENT dated as of the 19th day
of January 2010, to be effective as of the 1st day of January 2010, by and
between, AspenBio Pharma, Inc., a Colorado corporation (the "Employer" or
"Company") and Gregory L. Bennett (the "Executive").  In consideration
of the mutual covenants contained in this Agreement, the Employer agrees to
employ the Executive and the Executive agrees to be employed by the Employer
upon the terms and conditions hereinafter set forth.

    

    ARTICLE
1

    TERM OF
EMPLOYMENT

    

    1.1  Initial
Term.  The initial term of employment hereunder shall commence
as of the effective day first written above ("Commencement Date") and shall
continue for a period of one year from that date, unless terminated earlier as
provided under Article 5.

    

    1.2  Renewal; Non- Renewal
Benefits to Executive.  At the end of the initial term of this
Agreement, and on each anniversary thereafter, the term of Executive's
employment shall be automatically extended one additional year unless, at least
30 days prior to such anniversary, the Executive shall have delivered to the
Employer written notice that the term of the Executive's employment hereunder
will not be extended.  The Employer shall have the right to provide
such non-renewal notice to Executive, on the same terms and
conditions.

    

    

    ARTICLE
2

    DUTIES OF THE
EXECUTIVE

    

    2.1  Duties.  The
Executive shall be employed with the title of Senior Vice President, Product
Development and Manufacturing, with responsibilities and authorities as are
customarily performed by such position including, but not limited to those
duties as may from time to time be assigned to Executive by the Board of
Directors of Employer. Executive’s responsibilities and authorities for
operating policies and procedures are subject to the general direction and
control of the Board of Directors.

    

    2.2  Extent and Place of
Duties.  Executive shall devote working time, efforts,
attention and energies to the business of the Employer on substantially full
time basis as may further be agreed upon between the parties from time to
time.  All such duties shall be performed working out of either the
Castle Rock, CO, offices of the Company or Executive’s home office in addition
to regular trips for business and meetings on behalf of the Company as the
Executive and the Company may reasonably agree.

    

     
 

    ARTICLE
3

    COMPENSATION OF THE
EXECUTIVE

    

    3.1  Salary.  As
compensation for services rendered under this Agreement, the Executive will
receive a salary of $225,000 per year.  Executive’s salary is payable
in accordance with Employer’s normal business practices. The parties agree that
the salary and compensation package will be reviewed at the end of the initial
year by the Compensation Committee of the Board of Directors.

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.2  Benefits.  Executive
shall be entitled to participate in all of Employer's employee benefit plans and
employee benefits, including any retirement, pension, profit-sharing, incentive
compensation, stock option, insurance, hospital or other plans and benefits
which now may be in effect or which may hereafter be adopted, it being
understood that Executive shall have the same rights and privileges to
participate in such plans and benefits as any other executive employee during
the term of this Agreement. Participation in any benefit plans shall be in
addition to the compensation otherwise provided for in this
Agreement.

    

    3.3  Expenses.  Executive
shall be entitled to prompt reimbursement for all reasonable expenses incurred
by Executive in the performance of his duties hereunder.

    

    

    ARTICLE
4

    NON-COMPETITION;
CONFIDENTIALITY

    

    4.1  During
the term of this Agreement, the Executive may make passive investments in
companies involved in industries in which the Company operates, provided any
such investment does not exceed a 5% equity interest, unless Executive obtains
consent to acquire an equity interest exceeding 5% by a vote of a majority of
the directors.

     

    4.2  During
the term of this Agreement the Executive subject to Aspen Board approval, which
will not be unreasonably withheld, the Executive could join non-competitive
Boards as an Independent Board member as well, not to exceed a total of three
boards.

     

    4.3  Except as
provided in this Section 4 hereof, the Executive may not participate in any
business or other areas of business in which the Company is engaged during the
term of this Agreement without the consent from a majority of the
directors.

    

    4.4           a.           The
Executive recognizes and acknowledges that the information, business, list of
the Employer's customers and any other trade secret or other secret or
confidential information relating to Employer's business as they may exist from
time to time are valuable, special and unique assets of Employer's
business.  Therefore, Executive agrees as follows:

    

    (1)  That
Executive will hold in strictest confidence and not disclose, reproduce, publish
or use in any manner, whether during or subsequent to this employment, without
the express authorization of the Board of Directors of the Employer, any
information, business, customer lists, or any other secret or confidential
matter relating to any aspect of the Employer's business, except as such
disclosure or use may be required in connection with Executive's work for the
Employer.

    

    (2)  That upon
request or at the time of leaving the employ of the Employer the Executive will
deliver to the Employer, and not keep or deliver to anyone else, any and all
notes, memoranda, documents and, in general, any and all material relating to
the Employer's business.

    

    (3)  That the
Board of Directors of Employer may from time to time reasonably designate other
subject matters requiring confidentiality and secrecy which shall be deemed to
be covered by the terms of this Agreement.

    

    b.           In
the event of a breach or threatened breach by the Executive of the provisions of
this paragraph 4.4, the Employer shall be entitled to an injunction (i)
restraining the Executive from disclosing, in whole or in part, any information
as described above or from rendering any services to any person, firm,
corporation, association or other entity to whom such information, in whole or
in part, has been disclosed or is threatened to be disclosed; and/or (ii)
requiring that Executive deliver to Employer all information, documents, notes,
memoranda and any and all other material as described above upon Executive's
leave of the employ of the Employer.  Nothing herein shall be
construed as prohibiting the Employer from pursuing other remedies available to
the Employer for such breach or threatened breach, including the recovery of
damages from the Executive.

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    c.           Executive
hereby agrees that upon the execution of this Agreement he will sign the
Company’s standard forms of; Code of Conduct, Confidentiality, Insider Trading
Policy and Inventions agreements.

    

    4.5      Non-disparagement.  During
the Term of the Executive's employment hereunder and for five (5) years
thereafter; 1) the Executive shall not disparage, deprecate, or make any
comments or take any other actions, directly or indirectly, that a reasonable
person would expect at the time would have the effect of diminishing or
constraining the goodwill and good reputation of the Company or its officers,
directors, employees or services, and 2) the Employer shall not disparage,
deprecate, or make any comments or take any other actions, directly or
indirectly, that a reasonable person would expect at the time would have the
effect of diminishing or constraining the goodwill and good reputation of the
Executive, except in each case,  as may be required by
law.  For the Executive, this obligation includes, but is not limited
to, refraining from negative statements about the Company's methods of doing
business, the effectiveness of its business policies, and the quality of any of
its services or personnel. Further, Executive will refrain from criticizing, or
making (directly or indirectly), or encouraging any other(s) to make, any public
attack(s) against the Company or any of its officers, directors or
employees.  This specifically includes any such communications with any
newspaper or other news media.

    

    ARTICLE
5

    TERMINATION OF
EMPLOYMENT

    

    5.1  Termination.  The
Executive's employment hereunder may be terminated without any breach of this
Agreement only under the following circumstances:

    

    1.  By
Executive.  Upon the occurrence of any of the following events,
this Agreement may be terminated by the Executive by written notice to
Employer:

    

    (1)  if
Employer makes a general assignment for the benefit of creditors, files a
voluntary bankruptcy petition, files a petition or answer seeking a
reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any law, or there shall have been filed any petition or
application for the involuntary bankruptcy of Employer, or other similar
proceeding, in which an order for relief is entered or which remains undismissed
for a period of thirty days or more, or Employer seeks, consents to, or
acquiesces in the appointment of a trustee, receiver, or liquidator of Employer
or any material part of its assets;

    

    (2)  the sale
by Employer of substantially all of its assets or a change of control of over
50% of Employer;

    

    (3)  a
decision by Employer, approved by the Board to terminate its business and
liquidate its assets.

    

    2.  Death.  This
Agreement shall terminate upon the death of Executive.

    

    3.  Disability.  The
Employer may terminate this Agreement upon the disability of the
Executive.  Executive shall be considered disabled (whether permanent
or temporary) if he is incapacitated to such an extent that he is unable to
perform substantially all of his duties for Employer that he performed prior to
such incapacitation.

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.  Other
Termination.  The Employer may terminate the Executive’s
employment hereunder for any reason.

    

    

    5.2  Notice of
Termination.  Any termination of the Executive's employment by
the Employer or by the Executive (other than termination pursuant to subsection
5.1.2 above) shall be communicated by written Notice of Termination to the other
party.

    

    5.3  Date of
Termination.  "Date of Termination" shall mean (i) if the
Executive's employment is terminated by his death, the date of his death; (ii)
if the Executive's employment is terminated for Other Termination event (“Other
Termination Event”), the date on which a Notice of Termination is received by
the Executive; and (iii) if the Executive's employment is terminated for any
other reason stated above, the date specified in a Notice of Termination by
Employer or Executive, which date shall be no less than 30 days following the
date on which Notice of Termination is given.

    

    5.4  Compensation Upon
Termination.

    

    1.  Following
the termination of this Agreement pursuant to Section 5.1, the Executive shall
be entitled to compensation only through the Date of Termination; provided,
however, that Executive may be entitled to severance as set forth in this
Section 5.4.

    

    2.  Following
the termination of this Agreement pursuant to Section 5.1.2, Employer shall pay
to Executive's estate the compensation which would otherwise be payable to
Executive for the six months following his death.

    

    3.  In the
event of disability of the Executive as described in Section 5.1.3, if Employer
elects to terminate this Agreement, Executive shall be entitled to receive
compensation through the Date of Termination plus the compensation which would
otherwise be payable to Executive for the six months following such termination
for his disability.

     

    4.  If
Executive is terminated by Employer for any reason other than death or
disability as set forth in this Article 5, then Executive is entitled to
severance payments equal to six months compensation following the date of
Termination, under this Agreement. Such amounts being payable over such six
month periods’ normal payroll cycles; provided, however, that all such payments,
including in a lump sum if applicable, shall be fully paid by March 15 in the
year following the year of termination or, if applicable, otherwise so as not to
be subject to Section 409A of the Internal Revenue Code and furthermore
provided, however, that the Executive shall be obligated to execute a customary
release of claims in order to receive such severance payments.

    

    5.  If
Executive terminates this Agreement as set forth in Section 5.1.1., then
Executive is entitled to severance payments equal to six months compensation
following the date of Termination, under this Agreement. Such amounts being
payable over such six month periods’ normal payroll cycles; provided, however,
that all such payments, including in a lump sum if applicable, shall be fully
paid by March 15 in the year following the year of termination or, if
applicable, otherwise so as not to be subject to Section 409A of the Internal
Revenue Code and furthermore provided, however, that the Executive shall be
obligated to execute a customary release of claims in order to receive such
severance payments.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.5  Other Termination
Provisions.  Executive agrees that upon termination of this
Agreement and upon reasonable request by the Board of Directors, Executive shall
resign from any then effective Board, Officer or Committee Employer
positions.

     

     

    5.6  Remedies.  Any
termination of this Agreement shall not prejudice any other remedy to which the
Employer or Executive may be entitled, either at law, equity, or under this
Agreement.

     

    

    

    ARTICLE
6

    INDEMNIFICATION

    

    To the
fullest extent permitted by applicable law, Employer agrees to indemnify, defend
and hold Executive harmless from any and all claims, actions, costs, expenses,
damages and liabilities, including, without limitation, reasonable attorneys'
fees, hereafter or heretofore arising out of or in connection with activities of
Employer or its employees, including Executive, or other agents in connection
with and within the scope of this Agreement or by reason of the fact that he is
or was a director or officer of Employer or any affiliate of
Employer.  To the fullest extent permitted by applicable law, Employer
shall advance to Executive expenses of defending any such action, claim or
proceeding.  However, Employer shall not indemnify Executive or defend
Executive against, or hold him harmless from any claims, damages, expenses or
liabilities, including attorneys' fees, resulting from the gross negligence or
willful misconduct of Executive.  The duty to indemnify shall survive
the expiration or early termination of this Agreement as to any claims based on
facts or conditions which occurred or are alleged to have occurred prior to
expiration or termination.

    

    

    ARTICLE
7

    GENERAL
PROVISIONS

    

    7.1  Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Colorado.

    

    7.2  Arbitration.  Any
controversy or claim arising out of or relating to this Agreement or the breach
thereof shall be settled by arbitration in the City and County of Denver,
Colorado in accordance with the rules then existing of the American Arbitration
Association and judgment upon the award may be entered in any court having
jurisdiction thereof.

    

    7.3  Entire
Agreement.  This Agreement supersedes any and all other
Agreements, whether oral or in writing, between the parties with respect to the
employment of the Executive by the Employer.  Each party to this
Agreement acknowledges that no representations, inducements, promises, or
agreements, orally or otherwise, have been made by either party, or anyone
acting on behalf of any party, that are not embodied in this Agreement, and that
no agreement, statement, or promise not contained in this Agreement shall be
valid or binding.

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    7.4  Successors and
Assigns.  This Agreement, all terms and conditions hereunder,
and all remedies arising herefrom, shall inure to the benefit of and be binding
upon Employer, any successor in interest to all or substantially all of the
business and/or assets of Employer, and the heirs, administrators, successors
and assigns of Executive.  Except as provided in the preceding
sentence, the rights and obligations of the parties hereto may not be assigned
or transferred by either party without the prior written consent of the other
party.

    

    7.5  Notices.  For
purposes of this Agreement, notices, demands and all other communications
provided for in this Agreement shall be in writing and shall be deemed to have
been duly given when delivered or mailed by United States registered mail,
return receipt requested, postage prepaid, addressed as follows:

    

    

    Executive:

    Gregory L. Bennett

    700
Wessex Place

    Milpitas,
CA 95035

    Email:
gbennett700@gmail.com

    

    Employer:

    AspenBio Pharma, Inc.

    Attn: Chairman

    1585 South Perry Street

    Castle Rock, CO 80104

    Fax: 303/ 798-8332

    

    

    or to
such other address as either party may have furnished to the other in writing in
accordance herewith, except that notices of change of address shall be effective
only upon receipt.

    

    7.6  Severability.  If
any provision of this Agreement is prohibited by or is unlawful or unenforceable
under any applicable law of any jurisdiction as to such jurisdiction, such
provision shall be ineffective to the extent of such prohibition without
invalidating the remaining provisions hereof.

    

    7.7  Section
Headings.  The section headings used in this Agreement are for
convenience only and shall not affect the construction of any terms of this
Agreement.

    

    7.8  Survival of
Obligations.  Termination of this Agreement for any reason
shall not relieve Employer or Executive of any obligation accruing or arising
prior to such termination.

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    7.9  Amendments.  This
Agreement may be amended only by written agreement of both Employer and
Executive.

    

    7.10   
Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall
constitute an original but all of which, when taken together, shall constitute
only one legal instrument.  This Agreement shall become effective when
copies hereof, when taken together, shall bear the signatures of both parties
hereto.  It shall not be necessary in making proof of this Agreement
to produce or account for more than one such counterpart.

    

    7.11   
Fees and
Costs.  If any action at law or in equity is necessary to
enforce or interpret the terms of this Agreement, the prevailing party shall be
entitled to reasonable attorneys’ fees, costs and necessary disbursements in
addition to any other relief to which that party may be entitled.

    

    

    IN
WITNESS WHEREOF, Employer and Executive enter into this Executive Employment
Agreement effective as of the date first set forth above.

    

    

     

    
      
        	 	AspenBio
      Pharma, Inc. - "EMPLOYER"	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Daryl
      J. Faulkner	 
	 	 	Name:
      Daryl J. Faulkner	 
	 	 	Title:
      Executive Chairman	 
	 	 	 	 

      

    

     

    
      

       

      
        
          	 	Gregory
      L. Bennett - "EXECUTIVE"	 
	 	 	 	 
	
                   

                	
                  Signed    
      

                	/s/ Gregory
      L. Bennett	 
	 	 	Gregory
      L. Bennett, Individually

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