Document:

EX-10.7

 Exhibit 10.7 

MELROSE COOPERATIVE BANK 

EXECUTIVE SPLIT DOLLAR AGREEMENT 

This EXECUTIVE SPLIT DOLLAR AGREEMENT (the
“Agreement”) is entered into as of this          day of                     , 2014,
by and between Melrose Cooperative Bank (“the Bank”) and Jeffrey Jones (“the Executive”). 
 The purpose of this
Agreement is to retain and reward the Executive by dividing the death benefits of certain life insurance policies which are owned by the Bank on the life of the Executive with the designated beneficiary of the Executive. The Bank will pay life
insurance premiums from its general assets. 
 ARTICLE 1 

GENERAL DEFINITIONS 

The following terms shall have the meanings specified: 

1.1 Administrator means the plan administrator described in Article 9. 

1.2 Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of
the Executive. Unless the Executive elects otherwise, the Executive’s “Beneficiary” shall be the person or persons designated as “beneficiaries” with respect to the Executive’s benefits payable under the Bank’s
non-qualified supplemental executive retirement plan. 
 1.3 Benefit Age means age 65. 

1.4 Change in Control means a change in control of the Bank as defined under Section 409A of the Code. 

1.5 Code means the Internal Revenue Code of 1986, as amended. 

1.6 Executive’s Interest means the benefit set forth in Section 2.2. 

1.7 Insurer means the insurance company issuing the Policy on the life of the Executive. 

1.8 Net Death Proceeds means the total death proceeds of the Policy minus the greater of: (i) the cash surrender value or
(ii) the aggregate premiums paid by the Bank. 
 1.9 Policy means the specific life insurance policy or policies issued by the
Insurer(s). 
 1.10 Termination of Employment means the Executive ceases to be employed by the Bank for any reason whatsoever, other
than because of a leave of absence approved by the Bank. For purposes of this Agreement, if there is a dispute about the employment status of the Executive or the date of the Executive’s Termination of Employment, the Bank shall have the sole
and absolute right to decide the dispute. 

 ARTICLE 2 

POLICY OWNERSHIP/INTERESTS 

2.1 Bank Ownership. The Bank is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Bank
shall be the beneficiary of any death proceeds remaining after the Executive’s Interest has been paid under Section 2.2 of this Agreement. 

2.2 Executive’s Interest. Except as provided in Section 2.4 below, if the Executive’s death occurs prior to both his:
(i) Termination of Employment and (ii) attainment of the Benefit Age, the Executive’s Beneficiary shall receive a death benefit in the amount of the lesser of: (i) $650,000; or (ii) the Net Death Proceeds. Such amount
is hereinafter referred to as the “Executive’s Interest,” and will be distributed to the Beneficiary in a cash lump within 90 days following the Executive’s date of death. 

Subject to the terms of this Agreement, the Bank hereby endorses the Executive’s Interest to the Executive and agrees to execute any
other or further documents that may be required to effectuate this Agreement. 
 2.3 Code Section 1035 Exchanges. The Executive
recognizes and agrees that the Bank may wish, after this Agreement is adopted, to exchange the Policy of life insurance on the Executive’s life for another contract of life insurance insuring the Executive’s life. Provided that the Policy
is replaced (or intended to be replaced) with a comparable policy of life insurance, the Executive agrees to provide medical information and cooperate with medical insurance-related testing required by a prospective insurer for implementing the
Policy or, if necessary, for modifying or updating the Policy. 
 2.4 Forfeiture of Executive’s Interest and Change in Control.
The Executive’s Interest will be forfeited upon the earlier of the Executive’s: (i) Termination of Employment with the Bank; or (ii) attainment of the Benefit Age. Notwithstanding the foregoing, in the event of a Change in
Control, the Executive’s Interest will be forfeited only upon the Executive’s attainment of the Benefit Age, regardless of whether the Executive is employed with the Bank or any successor on or after a Change in Control. 

ARTICLE 3 

PREMIUMS AND IMPUTED INCOME 

3.1 Premium Payment. The Bank shall pay any premiums due on the Policy. 

3.2 Economic Benefit. The Administrator shall determine the economic benefit attributable to the Executive based on the minimum amount
required to be imputed under applicable regulations of the Internal Revenue Service or any subsequent applicable authority. 
 3.3
Imputed Income. The Bank shall impute the economic benefit to the Executive on an annual basis, by adding the economic benefit to the Executive’s Form W-2, or if applicable, Form 1099. 

  
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 ARTICLE 4 

COMPARABLE COVERAGE 

The Bank may provide such benefit through a Policy purchased at, or prior to, the commencement of this Agreement, or may provide comparable
insurance coverage to the Executive through whatever means the Bank deems appropriate. If the Executive waives or forfeits his right to the Executive’s Interest, the Bank may choose to cancel the Policy on the Executive, or continue such
coverage and become the direct beneficiary of the entire death proceeds. 
 ARTICLE 5 

GENERAL LIMITATIONS 

No benefits shall be payable if the Insurer denies coverage for material misstatements of fact by the Executive on any application related to
the Policy or for any other reason, provided, however, that the Bank shall evaluate the reason for the denial, and upon advice of legal counsel and in its sole discretion, consider judicially challenging any denial. 

ARTICLE 6 

ASSIGNMENT 

The Executive may assign without consideration all interests in the Policy and in this Agreement to any person, entity or trust. If the
Executive transfers all of the Executive’s Interest in the Policy, then all of the Executive’s Interest in the Policy and in this Agreement shall be vested in the Executive’s transferee, who shall be substituted as a party hereunder,
and the Executive shall have no further interest in the Policy or in this Agreement. 
 ARTICLE 7 

INSURER 

The Insurer shall be bound only by the terms of the Policy. Any payments the Insurer makes or actions it takes in accordance with the Policy
shall fully discharge it from all claims, suits and demands of all entities or persons. The Insurer shall not be bound by or be deemed to have notice of the provisions of this Agreement. 

ARTICLE 8 

CLAIMS PROCEDURE 

8.1 Claims Procedure. Any person or entity who has not received benefits under this Agreement that he or she believes should be paid
(the claimant) shall make a claim for such benefits as follows: 
 8.1.1 Initiation of Written Claim. The claimant
initiates a claim by submitting to the Administrator a written claim for the benefits. 
 8.1.2 Timing of Administrator
Response. The Administrator shall respond to such claimant within 90 days after receiving the claim. If the Administrator determines that special circumstances require additional time for processing the claim, the Administrator can extend the
response period by an additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by
which the Administrator expects to render its decision. 

  
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 8.1.3 Notice of Decision. If the Administrator denies part of or the
entire claim, the Administrator shall notify the claimant in writing of such denial. The Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall be set forth with: 

(a) The specific reasons for the denial, 

(b) A reference to the specific provisions of this Agreement on which the denial is based, 

(c) A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is
needed, 
 (d) An explanation of the Agreement’s review procedures and the time limits applicable to such procedures, and 

(e) A statement of the claimant’s right, if any, to bring a civil action under the Employee Retirement Income Security Act of 1974
(“ERISA”) Section 502(a) following an adverse benefit determination on review. 
 8.2 Review Procedure. If the
Administrator denies part of or the entire claim, the claimant shall have the opportunity for a full and fair review by the Administrator of the denial, as follows: 

8.2.1 Initiation of Written Request. To initiate the review, the claimant, within 60 days after receiving the
Administrator’s notice of denial, must file with the Administrator a written request for review. 
 8.2.2 Additional
Submissions of Information Access. The claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim. The Administrator shall also provide the claimant, upon request and free
of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits. 

8.2.3 Considerations on Review. In considering the review, the Administrator shall take into account all materials and
information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 

8.2.4 Timing of Administrator Response. The Administrator shall respond in writing to such claimant within 60 days after
receiving the request for review. If the Administrator determines that special circumstances require additional time for processing the claim, the Administrator can extend the response period by an additional 60 days by notifying the claimant in
writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Administrator expects to render its decision. 

  
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 8.2.5 Notice of Decision. The Administrator shall notify the claimant in
writing of its decision on review. The Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall be set forth with: 

(a) The specific reasons for the denial, 

(b) A reference to the specific provisions of the Agreement on which the denial is based, 

(c) A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents,
records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits, and 
 (d) A
statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 
 ARTICLE 9 

ADMINISTRATION OF AGREEMENT 

9.1 Administrator Duties. This Agreement shall be administered by an Administrator, which shall consist of the Bank’s board of
directors or such committee as the board shall appoint. The Administrator shall also have the discretion and authority to: (i) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Agreement;
and (ii) decide or resolve any and all questions, including interpretations of this Agreement, as may arise in connection with the Agreement. 

9.2 Agents. In the administration of this Agreement, the Administrator may employ agents and delegate to them such administrative
duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel, who may be counsel to the Bank. 

9.3 Binding Effect of Decisions. The decision or action of the Administrator with respect to any question arising out of or in
connection with the administration, interpretation, and application of this Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this Agreement. 

9.4 Indemnity of Administrator. The Bank shall indemnify and hold harmless the members of the Administrator against any and all claims,
losses, damages, expenses, or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Administrator or any of its members. 

9.5 Information. To enable the Administrator to perform its functions, the Bank shall supply full and timely information to the
Administrator on all matters relating to the date and circumstances of the retirement, death, or Termination of Employment of the Executive and such other pertinent information as the Administrator may reasonably require. 

  
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 ARTICLE 10 

MISCELLANEOUS 

10.1 Binding Effect. This Agreement shall bind the Executive and the Bank and their beneficiaries, survivors, executors, administrators
and transferees, and any Policy beneficiary. 
 10.2 No Guarantee of Employment. This Agreement is not an employment policy or
contract. It does not give the Executive the right to remain an employee of the Bank, nor does it interfere with the Bank’s right to discharge the Executive. It also does not require the Executive to remain an employee nor interfere with the
Executive’s right to terminate employment at any time. 
 10.3 Applicable Law. The Agreement and all rights hereunder shall be
governed by and construed according to the laws of the Commonwealth of Massachusetts, except to the extent preempted by the laws of the United States of America. 

10.4 Entire Agreement. This Agreement (along with any beneficiary designation form, if applicable) constitutes the entire agreement
between the Bank and the Executive concerning the subject matter hereof. No rights are granted to the Executive under this Agreement other than those specifically set forth herein. 

10.5 Severability. If for any reason any provision of this Agreement is held invalid, such invalidity shall not affect any other
provision of this Agreement, and each such other provision shall continue in full force and effect to the full extent consistent with law. If any provision of this Agreement is held invalid in part, such invalidity shall not affect the remainder of
such provision, and the remainder of such provision, together with all other provisions of this Agreement shall continue in full force and effect to the full extent consistent with law. 

10.6 Headings. Section headings are included solely for convenience of reference and shall not affect the meaning or interpretation of
any provision of this Agreement. 
 10.7 Notices. All notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid, to the following addresses or to such other address as either party may designate by
like notice: (i) if to the Bank or to the Administrator for purposes of Article 8, the notice shall be sent to the Compensation Committee, Melrose Cooperative Bank, 638 Main Street, Melrose, MA 02176; and (ii) if to the Executive, the
notice shall be sent to the address of the Executive on the Bank’s records, and to such other or additional person or persons as either party shall have designated to the other party in writing by like notice. 

10.8 Amendment and Termination. This Agreement may not be terminated or amended except by an instrument in writing signed by the
parties hereto. 
 10.9 Successors. By an assumption agreement in form and substance satisfactory to the Executive, the Bank shall
require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to the Bank to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank would be required to
perform this Agreement if no succession had occurred. 

  
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 10.10 12 U.S.C. § 1828(k). Any payments made to the Executive pursuant to this
Agreement are subject to and conditioned upon compliance with 12 U.S.C. § 1828(k) and 12 C.F.R. Part 359 Golden Parachute and Indemnification Payments or any other rules and regulations promulgated thereunder. 

[Signature Page to Follow] 

  
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 IN WITNESS WHEREOF, the Bank
and the Executive have executed this Agreement as of the date first written above. 
  

									
	THE EXECUTIVE:	 		 	THE BANK:
	JEFFREY JONES	 		 	MELROSE COOPERATIVE BANK
					
	By:	 	 	 		 	By:	 	 
	Title: President and Chief Executive Officer	 		 	Title:	 	 

  
 8Unassociated Document

Exhibit 10.13

 

EMPLOYMENT AGREEMENT

This Employment Agreement (this “Agreement”), dated March 15, 2013, by and between Caldera Pharmaceuticals, Inc., a corporation organized under the laws of the State of Delaware with offices located at 278 DP Road, Suite D, Los Alamos, New Mexico 87544 (the “Corporation”) and Benjamin Warner, an individual with a residence at 903 Tewa Loop, Los Alamos, NM 87544 (the “Executive”).

1.                EMPLOYMENT; DUTIES

The Corporation hereby engages and employs Executive as the Chairman of the Board of Directors, Chief Executive Officer and President of the Corporation, and Executive hereby accepts such engagement and employment as Chairman of the Board of Directors, Chief Executive Officer and President of the Corporation, for the term of this Agreement as long as Executive desires to serve. It is expected that Executive will perform such duties commensurate with such titles and as the Board of Directors of the Corporation shall reasonably determine, and the employment duties of Executive will include reporting directly to the Board of Directors of the Corporation for the full time high quality performance of directing, supervising and having responsibility for all aspects of the operations and general affairs of the Corporation as directed by the Board of Directors.  Executive further agrees to serve without additional compensation as an officer or director of any subsidiaries of the Corporation upon request of the Board of Directors.

2.                TERM

The term (the “Term”) of Executive’s employment shall be five (5) years from the execution date of this Agreement unless terminated earlier under Section 6 of this Agreement. The parties may extend the Term for an additional five (5) year period upon mutual consent of Executive and the Board of Directors of the Corporation, upon terms to be agreed upon by the parties.

3.                COMPENSATION

(A)             As compensation for the performance of his duties on behalf of the Corporation, Executive shall receive the following:

(i)            Executive shall receive an annual base salary of Two Hundred Fifty Thousand Dollars ($250,000) for the Term (the “Base Salary”), payable semi-monthly.

(ii)          The Executive shall be eligible for an annual bonus payable in cash or equity.  Any bonus that may be awarded will be in the sole and absolute discretion of both the Compensation Committee and the Board of Directors of the Corporation.  The amount of such bonus shall depend on the achievement by the Executive and/or the Corporation of certain objectives to be established by the Board or the Compensation Committee in consultation with the Executive, along with such other factors the Board and Compensation Committee deems relevant.  Any bonus for a given fiscal year shall be payable in one lump sum upon approval by the Board of Directors of the Corporation or the Compensation Committee, which shall be obtained by the Corporation on or about January 31 of the following year.

 

  

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(iii)          Executive shall receive 185,000 stock options with a strike price of $1.50, vesting monthly at a rate of 15,417 options per month, starting on April 1, 2013.

(B)              The Corporation shall reimburse Executive for all normal, usual and necessary expenses incurred by Executive, including all travel, lodging and entertainment, against receipt by the Corporation, as the case may be, of appropriate vouchers or other proof of Executive’s expenditures and otherwise in accordance with such Expense Reimbursement Policy as may from time to time be adopted by the Corporation. The Corporation shall provide a computer, cellular phone and office for Executive.

(C)              The Corporation shall provide Executive with full advance indemnification to the extent permitted by Delaware law, including indemnification for activities at all subsidiaries.

(D)              Executive shall be entitled to paid time off in accordance with the Corporation’s policies in effect on March 15, 2013. The Corporation shall provide Executive and his family with healthcare coverage pursuant to the Corporation’s healthcare insurance policy plan, five million dollars in life insurance benefitting his family, as well as any other benefits provided to executive officers.

4.                CONFIDENTIAL INFORMATION

(A)              Executive agrees that during the course of his employment or at any time thereafter, he will not disclose or make accessible to any other person, the Corporation’s products, services and technology, both current and under development, promotion and marketing programs, lists, trade secrets and other confidential and proprietary business information of the Corporation or any affiliates or any of their clients, except in the interest of the Corporation or in the course of the business of the Corporation. Executive agrees: (i) not to use any such information for himself or others except in the interest of the Corporation, and (ii) not to take any such material or reproductions thereof from the Corporation’s facilities at any time during his employment by the Corporation other than to perform his duties hereunder, which may include the use of computers, equipment, and facilities not owned by the Corporation, including those owned by Executive. Executive agrees immediately to return all such material and reproductions thereof in his possession to the Corporation upon request and in any event upon termination of employment.

(B)              In the event that Executive breaches any provisions of this Section 4 or there is a threatened breach, then, in addition to any other rights which the Corporation may have, the Corporation shall be entitled, without the posting of a bond or other security, to injunctive relief to enforce the restrictions contained herein. In the event that an actual proceeding is brought in equity to enforce the provisions of this Section 6, Executive shall not urge as a defense that there is an adequate remedy at law, nor shall the Corporation be prevented from seeking any other remedies which may be available. In addition, Executive agrees that in the event that he breaches the covenants in this Section 4, in addition to any other rights that the Corporation may have, Executive shall be required to pay to the Corporation any amounts he receives in connection with such breach.

 

  

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(C)              Executive recognizes that in the course of his duties hereunder, he may receive from the Corporation or others information which may be considered “material, non-public information” concerning a public company that is subject to the reporting requirements of the United States Securities and Exchange Act of 1934, as amended. Executive agrees not to:

(i)           Buy or sell any security, option, bond or warrant while in possession of relevant material, non-public information received from the Corporation or others in connection herewith, and

(ii)          Provide the Corporation with information with respect to any public company that may be considered material, non-public information, unless first specifically agreed to in writing by the Corporation.

5.                INVENTIONS DISCOVERED BY EXECUTIVE

Executive shall promptly disclose to the Corporation any invention, improvement, discovery, process, formula, or method or other intellectual property, whether or not patentable or copyrightable (collectively, "Inventions"), conceived or first reduced to practice by Executive, either alone or jointly with others, while performing services hereunder (or, if based on any Confidential Information, within one (1) year after the Term): (a) which pertain to any line of business activity of the Corporation, whether then conducted or then being actively planned by the Corporation, with which Executive was or is involved; (b) which is developed using time, material or facilities of the Corporation, whether or not during working hours or on the Corporation premises; or (c) which directly relates to any of Executive’s work during the Term, whether or not during normal working hours. Executive hereby assigns to the Corporation all of Executive’s right, title and interest in and to any such Inventions. During and after the Term, Executive shall execute any documents necessary to perfect the assignment of such Inventions to the Corporation and to enable the Corporation to apply for, obtain and enforce patents, trademarks and copyrights in any and all countries on such Inventions, including, without limitation, the execution of any instruments and the giving of evidence and testimony, without further compensation beyond Executive’s agreed compensation during the course of Executive’s employment. All such acts shall be done without cost or expense to Executive. Executive shall be compensated for the giving of evidence or testimony after the term of Executive’s employment at the rate of $2,000/day. Without limiting the foregoing, Executive further acknowledges that all original works of authorship by Executive, whether created alone or jointly with others, related to Executive’s employment with the Corporation and which are protectable by copyright, are "works made for hire" within the meaning of the United States Copyright Act, 17U.S.C.(S)101, as amended, and the copyright of which shall be owned solely, completely and exclusively by the Corporation. If any Invention is considered to be work not included in the categories of work covered by the United States Copyright Act, 17U.S.C.(S)101, as amended, such work is hereby assigned or transferred completely and exclusively to the Corporation. Executive hereby irrevocably designates counsel to the Corporation as Executive's agent and attorney-in-fact to do all lawful acts necessary to apply for and obtain patents and copyrights and to enforce the Corporation's rights under this Section.  This Section 7 shall survive the termination of this Agreement. Any assignment of copyright hereunder includes all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be known as or referred to as "moral rights" (collectively "Moral Rights"). To the extent such Moral Rights cannot be assigned under applicable law and to the extent the following is allowed by the laws in the various countries where Moral Rights exist, Executive hereby waives such Moral Rights and consents to any action of the Corporation that would violate such Moral Rights in the absence of such consent. Executive agrees to confirm any such waivers and consents from time to time as requested by the Corporation.

 

  

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6.                TERMINATION

(A)              Executive’s employment hereunder shall continue as set forth in Section 2 hereof unless terminated upon the first to occur of the following events:

(i)                The Executive’s death.

(ii)           Just Cause, as defined below. In the event that the Corporation intends to terminate the employment of Executive by reason of Just Cause, the Corporation shall give the Executive written notice of the Corporation’s intention to terminate Executive’s employment, and such termination may be effective immediately, unless a cure period applies, in which case the termination date may not precede the expiration date of the applicable cure period. “Just Cause”, meaning the Executive’s:

 

(a)           gross insubordination; acts of embezzlement or misappropriation of funds; fraud; dereliction of fiduciary obligations;

(b)           conviction of a felony or other crime involving moral turpitude, dishonesty or theft;

(c)           willful unauthorized disclosure of confidential information belonging to the Corporation or entrusted to the Corporation by a client;

(d)           material violation of any provision of the Agreement, which is not cured by Executive within ninety (90) days of receiving written notice of such violation by the Corporation;

(e)           willful failure to perform his written assigned tasks, where such failure is attributable to the fault of Executive which is not cured by Executive within ninety (90) days of receiving written notice of such violation by the Corporation.

(iii)          “Without Just Cause”, meaning written notice by the Corporation to the Executive of a termination without Just Cause and other than due to death.

(iv)          Good Reason by the Executive. In the event that the Executive intends to terminate his employment for Good Reason, the Executive shall give the Corporation written notice of his intention to terminate his employment, and such termination may be effective immediately, unless a cure period applies, in which case the termination date may not precede the expiration date of the applicable cure period. “Good Reason”, meaning a reasonable determination by the Executive that the following has occurred:

(a)           a material breach by the Corporation of the terms of this Agreement, which breach is not cured within thirty (30) days after notice thereof from Executive; or

(b)           an assignment to Executive of any duties materially inconsistent with Executive’s position(including status, office, title and reporting requirements) authority, duties or responsibilities as contemplated by this Agreement which results in material diminution in such position, authority, duties or responsibilities, specifically excluding for this purpose an isolated and insubstantial action not taken in bad faith which is remedies by the Corporation after receipt of notice thereof given by Executive; or

(c)           a change in control which shall mean (a) any person becomes the beneficial owner (as term is defined in the Securities Exchange Act of 1934) directly or indirectly, of securities representing more than fifty percent (50%) of the total voting power of Company’s shares; or (b) a change in the composition of the Board of Directors as a result of which fewer than a majority of the directors are Incumbent Directors.  Incumbent Directors shall mean directors who are either directors of the Corporation on the date hereof or are elected by the Board of Directors with the affirmative vote of a majority of the Incumbent Directors at the time of election; or (c) the Corporation merges with another corporation after which a majority of the shares of the resulting entity are not held by shareholders of the Corporation prior to the merger.

(v)           “Without Good Reason”, meaning written notice by the Executive to the Corporation of a termination without Good Reason.

 

(B)              If the Executive’s employment hereunder is terminated for any reason, the Executive or his estate as the case may be, will be entitled to receive the accrued base salary, vacation pay, expense reimbursement and any other entitlements accrued by Executive under Section 3, to the extent not previously paid (the sum of the amounts described in this subsection shall be hereinafter referred to as the “Accrued Obligations”);  provided ,  however , that if Executive’s employment is terminated (1) by the Corporation without Just Cause or by the Executive for Good Reason then in addition to paying the Accrued Obligations, the Corporation shall continue to pay the Executive his then-current base salary and continue to provide benefits to the Executive at least equal to those which he had at the time of termination for a period the longer of the remainder of the Term or of one year after termination (“Severance”) and Executive shall have the right to exercise any vested options until the earlier of the expiration of the severance or the expiration of the term of the option, or (2) by reason of death, then in addition to paying the Accrued Obligations, Executive or his heirs shall have the right to exercise any vested options until the expiration of the term of the option. Subject to the provisions of the next sentence, if the Executive is entitled to receive Severance under this Agreement, the Severance will be provided in the form of salary continuation, payable in accordance with the normal payroll practices of the Corporation.

 

  

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7.                NOTICES

Any notice or other communication under this Agreement shall be in person or in writing and shall be deemed to have been given (i) when delivered personally against receipt therefor; (ii) one (1) day after being sent by Federal Express or similar overnight delivery; (iii) three (3) days after being mailed registered or certified mail, postage prepaid, return receipt requested, to either party at the address set forth above, or to such other address as such party shall give by notice hereunder to the other party; or (iv) when sent by facsimile, followed by oral confirmation and with a hard copy sent as in (ii) or (iii) above.

8.                SEVERABILITY OF PROVISIONS

If any provision of this Agreement shall be declared by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced in whole or in part, such provision shall be interpreted so as to remain enforceable to the maximum extent permissible consistent with applicable law and the remaining conditions and provisions or portions thereof shall nevertheless remain in full force and effect and enforceable to the extent they are valid, legal and enforceable, and no provision shall be deemed dependent upon any other covenant or provision unless so expressed herein.

9.                ENTIRE AGREEMENT MODIFICATION

This Agreement contains the entire agreement of the parties relating to the subject matter hereof, and the parties hereto have made no agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth herein. No modification of this Agreement shall be valid unless made in writing and signed by the parties hereto.

10.              BINDING EFFECT

The rights, benefits, duties and obligations under this Agreement shall inure to, and be binding upon, the Corporation, its successors and assigns, and upon Executive and his legal representatives. This Agreement constitutes a personal service agreement, and the performance of Executive’s obligations hereunder may not be transferred or assigned by Executive.

11.              NON-WAIVER

The failure of either party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement shall not be construed as a waiver or relinquishment of future compliance therewith, and said terms, conditions and provisions shall remain in full force and effect. No waiver of any term or condition of this Agreement on the part of either party shall be effective for any purpose whatsoever unless such waiver is in writing and signed by such party.

12.              GOVERNING LAW, DISPUTE RESOLUTION

This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New Mexico of the United States of America without regard to principles of conflict of laws.  The State of New Mexico shall be the exclusive jurisdiction for any disputes arising under this Agreement and the Parties hereby consent to such jurisdiction.

13.              HEADINGS

The headings of paragraphs are inserted for convenience and shall not affect any interpretation of this Agreement.

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

Corporation:

	
CALDERA PHARMACEUTICALS, INC.

	
 

	
 

	
 

	
 

	
By:

	
/s/ Edward Roffman, director

	
 

	
Title:

	
Authorized agent

	
 

	
 

	
 

	
 

	
Executive:

	
 

	
 

	
 

	
 

	
 

	
/s/ Benjamin Warner

	
 

	
 

	
BENJAMIN WARNER

	
 

 

 

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