Document:

Blueprint

 

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

 

 

This Executive Employment Agreement (the
"Agreement")
is entered into as of January 1, 2017,
by and between Chandler D. Robinson ("Executive")
and Monopar Therapeutics Inc.
(the "Company").

 

Whereas, the Company desires to employ Executive as its
Chief Executive Officer effective as of January 1, 2017 (the
"Effective
Date"),
and Executive desires to serve in such
capacity, pursuant to the terms and conditions set forth in this
Agreement; and

 

 

Now, Therefore,
in consideration of the mutual
promises and covenants contained herein, it is hereby agreed by and
between the parties hereto as follows:

 

 

 

ARTICLE I

 

DEFINITIONS

 

 

For
purposes of the Agreement, the following terms are defined as
follows:

 

 

 

1.1. "Board" means the Board of Directors of the
Company.

 

 

1.2. 
"Cause"
means any of the following events
described below:

 

 

   (a) Executive's
conviction of a felony or other crime involving moral
turpitude;

 

 

   (b) any
willful act or acts of dishonesty undertaken by Executive and
intended to result in substantial gain or personal enrichment of
Executive, Executive's family or any third party at the expense of
the Company;

 

 

   (c) any
willful act of gross misconduct which is materially and
demonstrably injurious to the Company; and/or

 

 

   (d) Executive's
inability under applicable law to continue to work lawfully in the
United States.

 

 

For the purpose of this Agreement, no act, or
failure to act, by Executive shall be considered
"willful" if done, or omitted to be done, by him in good
faith and in the reasonable belief that his act or omission was in
the best interest of the Company and/or required by applicable
law.

 

 

1.3. "Change in Control"
means the occurrence of any of the
following events: (i) any sale or exchange of the capital stock by
the stockholders of the Company in one transaction or series of
related transactions where more than fifty percent (50%) of the
outstanding

 

 

 

voting
power of the Company is acquired by a person or entity or group of
related persons or entities; or (ii) any reorganization,
consolidation or merger of the Company where the outstanding voting
securities of the Company immediately before the transaction
represent or are converted into less than fifty percent (50%) of
the outstanding voting power of the surviving entity (or its parent
corporation) immediately after the transaction; or (iii) the
consummation of any transaction or series of related transactions
that results in the sale of all or substantially all of the assets
of the Company; or (iv) any "person" or "group" (as defined in the
Securities Exchange Act of 1934, as amended (the "Exchange Act")
becoming the "beneficial owner" (as defined in Rule 13d-3 under the
Exchange Act) directly or indirectly of securities representing
more than fifty percent (50%) of the voting power of the Company
then outstanding. Except that any change in the beneficial
ownership of the securities of the Company as a result of a private
financing of the Company that is approved by the Board, shall not
be deemed to be a Change in Control.

 

1.4.    
"Change
in Control
Multiple" shall mean one and a
half (1.5).

 

 

1.5. "Change in Control
Period" means that period
commencing on the consummation of a Change in Control and ending on
the first anniversary thereof.

 

 

1.6. "COBRA" means the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended.

 

 

1.7.    
"Code"
means the Internal Revenue Code of
1986, as amended.

 

 

1.8.    
"Company"
means Monopar Therapeutics
Inc. or any successor thereto.

 

 1.9. "Confidential Disclosure
Agreement" means the
Confidential Disclosure Agreement entered into between Executive
and the Company.

 

 

 

1.10.  
"Covered
Termination" means (a) an
Involuntary Termination Without Cause or (b)
a voluntary termination for Good Reason, provided that the
termination constitutes a Separation from Service.

 

 

1.11. "Good Reason"
means Executive's resignation as a
result of a Good Reason Condition. In order to resign for Good
Reason, Executive must provide written notice to the Company of the
existence of the Good Reason Condition within thirty (30) days of
the initial existence of such Good Reason Condition. Upon receipt
of such notice of the Good Reason Condition, the Company will be
provided with a period of thirty (30) days during which it may
remedy the Good Reason Condition and not be required to provide for
the payments and benefits described in Section 4 as a result of
such proposed resignation due to the Good Reason Condition
specified in the notice. If the Good Reason Condition is not
remedied within the period specified in the preceding sentence,
Executive may resign for Good Reason based on the Good Reason
Condition specified in the notice, provided
that

 

 

 

such
resignation must occur within sixty (60) days after the initial
existence of such Good Reason Condition.

 

 

 

1.12. "Good Reason Condition"
means that any of the following are
undertaken without Executive's express written
consent:

 

 

   
(a)     a material reduction in Executive's Base
Salary;

 

 

   
(b)    a material diminution in Executive's
responsibilities;

 

 

   
(c)    the Company's material breach of any material
term of this Agreement; or

 

 

   (d) a
requirement that Executive relocate to an office that would
increase Executive's one-way commute distance by more than fifty
(50) miles based on Executive's primary residence at the time such
relocation is announced.

 

 

1.13. "Involuntary Termination
Without Cause" means
Executive's dismissal or discharge by the Company other than for
Cause. The termination of Executive's employment as a result of
Executive's death or inability to perform the essential functions
of his job due to disability will not be deemed to be an
Involuntary Termination Without Cause.

 

 

1.14. "Separation from Service"
means Executive's termination of
employment or service where such termination of employment or
service constitutes a "separation from service" within the meaning
of Treasury Regulation Section l.409A-l(h).

 

 

ARTICLE II

 

EMPLOYMENT BY THE COMPANY

 

 

2.1. Position and Duties.
Subject to terms set forth herein, as
of the Effective Date, Executive shall serve as the Company's Chief
Executive Officer and perform such duties as are customarily
associated with the position of Chief Executive Officer and such
other duties as are assigned to Executive by the Board. During the
term of Executive's employment with the Company, Executive will
devote Executive's best efforts and substantially all of
Executive's business time and attention (except for vacation
periods and reasonable periods of illness or other incapacities
permitted by the Company's general employment policies, if any, or
as otherwise set forth in this Agreement) to the business of the
Company.

 

 

2.2. Employment at Will.
Both the Company and Executive shall
have the right to terminate Executive's employment with the Company
at any time, with or without Cause, and without prior notice. If
Executive's employment with the Company is terminated, Executive
will be eligible to receive severance benefits to the extent
provided in this

 

 

 

 

 

Agreement.

 

      2.3. Employment Policies.
The employment relationship between
the parties shall also be governed by the general employment
policies and practices of the Company, if any, including those
relating to protection of confidential information and assignment
of inventions, except that when the terms of this Agreement differ
from or are in conflict with the Company's general employment
policies or practices, this Agreement shall
control.

 

 

ARTICLE ID

COMPENSATION

 

 

     
3.1. Base Salary.
As of the Effective Date, Executive
shall receive for services to be rendered hereunder an annual base
salary of $300,000 ("Base Salary"),
payable on the regular payroll dates
of the Company, subject to increase in the sole discretion of the
Board.

 

 

    
3.2. Annual Bonus.
Executive is subject to an annual
bonus at the discretion of the Board.

 

 

 

    
3.3. Standard Company
Benefits. Executive shall be
entitled to all rights and benefits for which Executive is eligible
under the terms and conditions of the standard Company benefits and
compensation practices, if any, that may be in effect from time to
time and are provided by the Company to its executive employees
generally. Executive shall be entitled each year to four (4)
weeks leave for vacation at full pay, provided, that the maximum
amount Executive may have accrued at any point in time is four (4)
weeks (meaning that once Executive has accrued four (4)
weeks, Executive
will not accrue any additional
vacation time until he takes vacation and falls below the four (4)
week accrual cap). Executive shall also be entitled to reasonable
holidays and illness days with full pay in accordance with the
policies applicable to the Company and its affiliates, if any, from
time to time in effect. Employee acknowledges and agrees that in
order to maintain flexibility, the Company and its affiliates have
the right to amend or terminate any employee benefit plan at any
time. Until the Company obtains both retirement and healthcare
benefits for eligible employees, Executive shall be entitled to an additional cash payment of
at least

$6,250 per month or such greater amount as
determined by the Board; reduced, however, for any given month by
any employer contributions made for that month by the company to a
qualified retirement plan/account established by the company
for Executive.

 

 

    
3.4. Stock Options.
Subject to approval by the
Board, Executive
may be granted options to purchase
shares of the Company's common stock with an exercise price per
share as determined by the Compensation Committee or similar
function of the Board.

 

    
3.5. Expenses. The Company will reimburse Executive for
all reasonable and necessary expenses incurred by
Employee in connection with the Company's business,
provided at such expenses incurred and are properly
documented and accounted for m accordance with

 

 

 

the
policy of the Company and requirements of the Internal Revenue
Service.

 

 

 

ARTICLE IV

SEVERANCE AND CHANGE IN CONTROL BENEFITS

 

 

    4.1. Severance Benefits.
Upon Executive's termination of
employment, Executive shall receive any accrued but unpaid Base
Salary and other accrued and unpaid compensation, including any
Annual Bonus that has been earned with respect to a prior year, but
remains unpaid as of the date of the termination. If the
termination is due to a Covered Termination or permanent
disability, provided that Executive first returns all Company
property in his possession and, within sixty (60) days following
the Covered Termination, executes and does not revoke an effective
general release of all claims against the Company and its
affiliates in a form reasonably acceptable to the Company and
Executive (a
"Release of
Claims"), Executive shall also
be entitled to receive the following severance benefits described
in this Section 4.1.

 

 

    (a) Covered Termination Not Related
to a Change in Control. If
Executive's employment terminates due to a Covered Termination
which occurs outside of a Change in Control Period, Executive shall
receive the following:

 

 

 

    (i) An amount equal to twelve (12) months of
Executive's Base Salary payable in substantially equal installments
in accordance with the Company's normal payroll policies, if any,
less applicable withholdings, with such installments to commence as
soon as administratively practicable following the date the Release
of Claims is
not subject to revocation and, in any
event, within sixty (60) days following the date of the Covered
Termination.

 

 

    (ii) If Executive elects to receive continued
healthcare coverage pursuant to the provisions of COBRA, the
Company shall directly pay, or reimburse Executive for, the premium
for Executive and Executive's covered dependents through the
earlier of (i) the first anniversary of the date of Executive's
termination of employment and (ii) the date Executive and
Executive's covered dependents, if any, become eligible for
healthcare coverage under another employer's
plan(s). Notwithstanding the foregoing, (i) if any plan
pursuant to which such benefits are provided is not, or ceases
prior to the expiration of the period of continuation coverage to
be, exempt from the application of Section 409A of the Code under
Treasury Regulation Section 1.409A-l(a)(5), or (ii) the Company is
otherwise unable to continue to cover Executive under its group
health plans without penalty under applicable law (including
without limitation, Section 2716 of the Public Health Service Act),
then, in either case, an amount equal to each remaining Company
subsidy shall thereafter be paid to Executive in substantially
equal monthly installments. After the Company ceases to pay
premiums pursuant to this Section 4.l(a)(ii), Executive may, if
eligible, elect to continue healthcare coverage at Executive's
expense in accordance with the

 

 

 

provisions
of COBRA.

 

 

    (iii) All
of Employee's vested options or stock appreciation rights with
respect to the Company's common stock shall remain exercisable
until the first anniversary of Executive's termination of
employment (or, if earlier, the maximum period specified in the
award documents and plans governing such options or stock
appreciation rights, as applicable, assuming Executive's employment
had not terminated).

 

 

    (b) Covered Termination Related to
a Change in Control. If
Executive's employment terminates due to a Covered Termination that
occurs during a Change in Control Period, Executive shall receive
the following:

 

 

   
(i) Executive shall be entitled to receive an amount
equal to the Change in Control Multiplier multiplied by the sum of:
(i) Executive's Base Salary and (ii) Executive's target Annual
Bonus for the fiscal year of Executive's termination, in each case,
at the rate equal to the higher of (x) the rate in effect
immediately prior to Executive's termination of employment or (y)
the rate in effect immediately prior to the Change
in Control payable in a cash lump sum, less
applicable withholdings, as soon as administratively practicable
following the date the Release of Claims is not subject to
revocation and, in any event, within sixty (60) days following the
date of the Covered Termination.

 

 

 

   
(ii) If Executive elects to receive continued
healthcare coverage pursuant to the provisions of COBRA, the
Company shall directly pay, or reimburse Executive for, the premium
for Executive and Executive's covered dependents through the
earlier of (i) the date that is that number of years equal to the
Change in Control Multiplier following the date of Executive's
termination of employment and (ii) the date Executive and
Executive's covered dependents, if any, become eligible for
healthcare coverage under another employer's plan(s).
Notwithstanding the foregoing, (i) if any plan pursuant to which
such benefits are provided is not, or ceases prior to the
expiration of the period of continuation coverage to be, exempt
from the application of Section 409A of the Code under Treasury
Regulation Section l.409A-l(a)(5), or (ii) the Company is otherwise
unable to continue to cover Executive under its group health plans
without penalty under applicable law (including without
limitation, Section 2716 of the Public Health Service Act),
then, in either case, an amount equal to each remaining Company
subsidy shall thereafter be paid to Executive in substantially
equal monthly installments. After the Company ceases to pay
premiums pursuant to this Section 4.l(b)(ii), Executive may, if
eligible, elect to continue healthcare coverage at Executive's
expense in accordance with the provisions of
COBRA.

 

 

   
(iii) Each
outstanding equity award, including, without limitation, each stock
option and restricted stock award, held by Executive shall
automatically become vested and, if applicable, exercisable and any
forfeiture restrictions or rights of repurchase thereon shall
immediately lapse, in each case, with respect to one hundred
percent (100%) of the shares subject thereto. To the extent vested
after giving effect to the acceleration provided in
the

 

 

 

preceding
sentence, each stock option held by Executive shall remain
exercisable until the earlier of the original expiration date for
such stock option or the second anniversary of Executive's Covered
Termination.

 

 

    (c) Termination for Death or
Disability. If Executive's
employment is terminated due to death or permanent disability where
the Company makes a determination in good faith that, due to a
mental or physical incapacity, Executive has been unable to perform
his duties under this Agreement for a period of not less than six
(6) consecutive months or 180 days in the aggregate in any 12-month
period, Executive shall receive the following:

 

 

   
(i) An
amount equal to three (3) months of Executive's Base Salary payable
in substantially equal installments in accordance with the
Company's normal payroll policies, less applicable withholdings,
with such installments to commence as soon as administratively
practicable following the date the Release of Claims is not subject
to revocation and, in any event, within sixty (60) days following
the date of the Covered Termination.

 

 

 

   
(ii) If Executive (or in the event of death, his
designee) elects to receive continued healthcare coverage pursuant
to the provisions of COBRA, the Compan:Y shall directly pay, or
reimburse Executive for, the premium for Executive and Executive's
covered dependents through the earlier of (i) the three (3) month
anniversary of the date of Executive's termination of employment
and (ii) the date Executive and Executive's covered dependents, if
any, become eligible for healthcare coverage under another
employer's plan(s). Notwithstanding the foregoing, (i) if any plan
pursuant to which such benefits are provided is not, or ceases
prior to the expiration of the period of continuation coverage to
be, exempt from the application of Section 409A of the Code under
Treasury Regulation Section l.409A-l(a)(5), or (ii) the Company is
otherwise unable to continue to cover Executive under its group
health plans without penalty under applicable law (including
without limitation, Section 2716 of the Public Health Service Act),
then, in either case, an amount equal to each remaining Company
subsidy shall thereafter be paid to Executive in substantially
equal monthly installments. After the Company ceases to pay
premiums pursuant to this Section 4.l(b)(ii), Executive may,
if eligible, elect to continue healthcare coverage at
Executive's expense in accordance the provisions of
COBRA.

 

 

    4.2. 280G Provisions.
Notwithstanding anything in this
Agreement to the contrary, if any payment or distribution Executive
would receive pursuant to this Agreement or otherwise
("Payment")
would (a) constitute a
"parachute payment" within the meaning of Section 280G of the
Code, and (b) but for this sentence, be subject to the excise tax
imposed by Section 4999 of the Code (the "Excise Tax"), then such Payment shall either be (i) delivered in
full, or (ii) delivered as to such lesser extent which would result
in no portion of such
Payment being subject to the
Excise Tax, whichever of the foregoing amounts, taking
into account the applicable federal, state and local income taxes
and the Excise
Tax, results in the receipt by
Executive on an after-tax basis, of the largest payment,
notwithstanding

 

 

 

that all or some portion the Payment may be
taxable under Section 4999 of the Code. The accounting firm engaged
by the Company for general audit purposes as of the day
prior to the effective date of the Change in Control shall
perform the foregoing calculations. The Company shall bear all
expenses with respect to the determinations by such accounting firm
required to be made hereunder. The accounting firm shall provide
its calculations to the Company and Executive within fifteen (15)
calendar days after the date on which Executive's right to a
Payment is triggered (if requested at that time by the Company or
Executive) or such other time as requested by the Company or
Executive. Any good faith determinations of the accounting firm
made hereunder shall be final, binding and conclusive upon the
Company and Executive. Any reduction in payments and/or benefits
pursuant to this Section 4.2 will occur in the following
order: (1) reduction of cash payments; (2) cancellation of
accelerated vesting of equity awards other than stock
options; (3) cancellation of accelerated vesting of stock options;
and (4) reduction of other benefits payable to
Executive.

 

 

   
4.3. Section 409A.

 

 

    (a) Notwithstanding any provision to the contrary
in this Agreement, if Executive is deemed at the
time· of his Separation from Service to be a "specified
employee" for purposes of Section 409A(a)(2)(B)(i) of the Code, to
the extent delayed commencement of any portion of the benefits to
which Executive is entitled under this Agreement is required in
order to avoid a prohibited distribution under Section
409A(a)(2)(B)(i) of the Code which would subject Executive to a tax
obligation under Section 409A of the Code, such portion of
Executive's benefits shall not be provided to Executive prior to
the earlier of (i) the expiration of the six- month period measured
from the date of the Executive's Separation from Service or (ii)
the date of Executive's
death. Upon the expiration of the
applicable Code Section 409A(a)(2)(B)(i) period, all payments
deferred pursuant to this Section 4.3(a) shall be paid in a lump
sum to Executive, and any remaining payments due under
the Agreement shall be paid as otherwise provided
herein.

 

 

    (b) Any reimbursements payable to Executive pursuant to the Agreement shall be paid to
Executive no later than 30 days after Executive provides the
Company with a written request for reimbursement, and to the extent
that any such reimbursements are deemed to constitute "nonqualified
deferred compensation" within the meaning of Section 409A of the
Code (i) such amounts shall be paid or reimbursed to
Executive promptly, but in no event later than December 31
of the year following the year in which the expense is
incurred, (ii)
the amount of any such payments
eligible for reimbursement in one year shall not affect the
payments or expenses that are eligible for payment or reimbursement
in any other taxable year, and
(iii) Executive's right to such payments or reimbursement shall not
be subject to
liquidation or exchange for any other
benefit.

 

 

    (c) For
purposes of Section 409A of the Code (including, without
limitation, for purposes of Treasury Regulation Section
l.409A-2(b)(2)(iii)), Executive's right to receive

 

 

 

installment
payments under the Agreement shall be treated as a right to receive
a series of separate payments and, accordingly, each installment
payment hereunder shall at all times be considered a separate and
distinct payment.

 

 

    4.4. Mitigation. Executive shall not be required to mitigate
damages or the amount of any payment provided under this Agreement
by seeking other employment or otherwise, nor shall the amount of
any payment provided for under this Agreement be reduced by any
compensation earned by Executive as a result of employment by
another employer or by any retirement benefits received by
Executive after the date of the Covered Termination, or
otherwise.

 

 

ARTICLEV

 

PROPRIETARY INFORMATION OBLIGATIONS

 

 

 

   
5.1. Agreement. Executive agrees to continue to abide by the
Confidential Disclosure Agreement

 

   
5.2. Remedies. Executive's duties under the Confidential
Disclosure·Agreementshall survive termination of Executive's
employment with the Company and the termination of this Agreement.
Executive acknowledges that a remedy at law for any breach or
threatened breach by Executive of the provisions of the
Confidential Disclosure Agreement, as well as Executive's
obligations pursuant to Section 6.2 and Article 7 below, would be
inadequate, and Executive therefore agrees that the Company
shall be entitled to seek injunctive relief in case of any such
breach or threatened breach.

 

 

ARTICLE VI OUTSIDE ACTIVITIES

 

 

 

    6.1. Other Activities.

 

 

   
(a) Executive
shall not, during the term of this Agreement undertake or engage in
any other employment, occupation or business enterprise, other than
ones in which Executive is a passive investor, unless he obtains
the prior written consent of the Board.

 

   
(b) Executive may engage in civic and not-for-profit
activities so long as such activities do not materially interfere
with the performance of Executive's duties hereunder. In addition,
Executive shall be allowed to serve as a member of the board of
directors of up to two (2) other for profit entities at any time
during the term of this Agreement, which service shall not
materially interfere with the performance of Executive's duties
hereunder; provided, however, that the Board may require that
Executive resign from one or both of such director positions if it
can reasonably and in good faith demonstrate that such
resignation(s) would be in the best interests of the Company in a
significant and material way.

 

 

 

   
6.2. Competition.
Executive agrees that, from the date
hereof until a period of twelve (12) months following the date of termination of
Executive's employment with the Company, Executive will not
directly or indirectly, either as an employee, employer,
consultant, agent, principal, partner, corporate officer, director,
or in any other individual or representative capacity, engage or
participate in any "Competitive Business" anywhere in the United
States of America.
As used herein, a "Competitive
Business" is defined as any business developing uPAR antibodies to
treat cancer, or clonidine to treat oral
mucositis.

 

 

ARTICLE VII NONINTERFERENCE

 

 

In addition to Executive's obligations under the
Confidential Disclosure Agreement, Executive
shall not for a period of one (1) year following Executive's
termination of employment for any reason, either on Executive's own
account or jointly with or as a manager, agent, officer,
employee, consultant, partner, joint venturer, owner or
stockholder or otherwise on behalf of any other person, firm or
corporation,
directly or indirectly solicit or
attempt to solicit away from the Company any of its officers or
employees or offer employment to any person who is an officer or
employee of the Company;provided,
however, that a general
advertisement to which an employee of the Company responds shall in
no event be deemed to result in a breach of this Article 7.
Executive also agrees not to harass or disparage the Company or its
employees, clients,
directors or agents or divert or
attempt to divert any actual or potential business of the Company.
The provisions of this Article 7 shall survive the termination or
expiration of the applicable Executive's employment
with the Company and shall be fully enforceable thereafter. If it
is determined by a court of competent jurisdiction in any state
that any restriction in this Article 7 is excessive in duration or
scope or is unreasonable or unenforceable under the laws of that
state, it is the intention of the parties that such restriction may
be modified or amended by the court to render it enforceable to the
maximum extent permitted by the law of that
state.

 

 

ARTICLE VIII GENERAL PROVISIONS

 

 

    8.1. Notices. Any notices provided hereunder must be in writing
and shall be deemed effective upon the earlier of personal delivery
(including personal delivery by facsimile) or the third day after
mailing by first class mail, to the Company at its primary office
location and to Executive at Executive's address as listed on the
Company payroll.

 

 

    8.2. Tax Withholding.
Executive acknowledges that all
amounts and benefits payable under this
Agreement are subject to deduction and withholding to the extent
required by applicable law.

 

 

 

Severability.
Whenever possible, each
prov1s1on of this Agreement will be interpreted in such manner as
to be effective and valid under applicable law, but if
any

 

 

 

 

provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or
rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or any other
jurisdiction, but this Agreement will be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or
unenforceable provisions had never been contained
herein.

 

    8.3. Waiver. If either party should waive any breach of any
prov1s1ons of this Agreement, they shall not thereby be deemed to
have waived any preceding or succeeding breach of the same or any
other provision of this Agreement. ·

 

 

    8.4. Complete Agreement.
This Agreement constitutes the entire
agreement between Executive and the Company and is the complete,
final, and exclusive embodiment of their agreement with regard to
this subject matter, and will supersede all prior agreements,
understandings, discussions, negotiations and undertakings, whether
written or oral, between the parties with respect to the subject
matter hereof, including without limitation, the Prior Agreement.
This Agreement is entered into without reliance on any promise or
representation other than those expressly contained herein or
therein. and cannot be modified or amended except in a writing
signed by an officer·-of
the. Company and Executive.

 

 

    8.5. Counterparts.
This Agreement may be executed in
separate counterparts, any one of which need not contain signatures
of more than one party, but all of which taken together will
constitute one and the same Agreement.

 

    8.6. Headings. The headings of the sections hereof are inserted
for convenience only and shall not be deemed to constitute a part
hereof nor to affect the meaning thereof.

 

 

    8.7. Successors and Assigns.
This Agreement is intended to bind and
inure to the benefit of and be enforceable by Executive and the
Company, and their respective successors, assigns, heirs, executors
and administrators, except that Executive may not assign his rights
or delegate his duties or obligations hereunder without the prior
written consent of the Company.

 

 

 

    8.8. Arbitration.
Unless otherwise prohibited by law or
specified below, all disputes, claims and causes of action, in law
or equity, arising from or relating to this Agreement or its
enforcement, performance, breach, or interpretation shall be
resolved solely and exclusively by final and binding arbitration
held in Illinois in conformity with the then­ existing
employment arbitration rules and Illinois law. The arbitrator
shall: (a) provide adequate discovery for the resolution
of the dispute; and (b) issue a written arbitration decision, to
include the arbitrator's essential findings and conclusions and a
statement of the award. However, nothing in this section is
intended to prevent either party from obtaining injunctive relief
in court to prevent irreparable harm pending the conclusion of any
such arbitration. The Company shall bear the costs of any such
arbitration.

 

 

 

 

 

    8.9. Executive
Acknowledgement. Executive
acknowledges that (a) he has consulted with or has had the
opportunity to consult with independent counsel of his own
choice concerning this Agreement, and has been advised
to do so by the Company, and (b) that he has read and understands
the Agreement, is fully aware of its legal effect and has entered
into it freely based on his own judgment.

 

 

    8.10. Choice
of Law. All questions concerning the construction, validity and
interpretation of this Agreement will be governed by the law of the
State of Illinois without regard to the conflicts of law provisions
thereof.

 

 

 

In Witness Whereof,
the parties have executed this
Agreement as of the date first written

 

above.

 

 

On behalf of Monopar Therapeutics
Inc.

 

 

 

 

 
/s/ Christopher M.
Starr

 
Christopher M.
Starr, Ph.D.

 
Executive
Chairman

 

 

 

Accepted and Agreed:

 

 

/s/ Chandler D. Robinson

Chandler D.
RobinsonBlueprint

 

 

 

 

AMENDED
AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

 

 

 

This
Amended and Restated Executive Employment Agreement (the
“Agreement”) is
entered into as of November 1, 2017, by and between Chandler D.
Robinson (“Executive”) and Monopar
Therapeutics Inc. (the “Company”) and replaces in its
entirety the Executive Employment Agreement by and between
Executive and the Company dated January 1, 2017.

 

 

Whereas, the Company desires to retain
the employment of Executive as its Chief Executive Officer
effective as of November 1, 2017 (the “Effective Date”), and Executive
desires to serve in such capacity, pursuant to the terms and
conditions set forth in this Agreement; and

 

 

Now, Therefore, in consideration of the
mutual promises and covenants contained herein, it is hereby agreed
by and between the parties hereto as follows:

 

 

ARTICLE
I DEFINITIONS

 

 

 

For
purposes of the Agreement, the following terms are defined as
follows:

 

 

1.1. “Board”
means the Board of Directors of the Company.

 

 

1.2. “Cause”
means any of the following events described below:

 

 

(a) Executive’s
conviction of a felony or other crime involving moral
turpitude;

 

 

(b) any
willful act or acts of dishonesty undertaken by Executive and
intended to result in substantial gain or personal enrichment of
Executive, Executive’s family or any third party at the
expense of the Company;

 

 

(c) any
willful act of gross misconduct which is materially and
demonstrably injurious to the Company; and/or

 

 

(d) Executive’s
inability under applicable law to continue to work lawfully in the
United States.

 

 

For the
purpose of this Agreement, no act, or failure to act, by Executive
shall be considered “willful” if done, or omitted to be
done, by him in good faith and in the reasonable belief that his
act or omission was in the best interest of the Company and/or
required by applicable law.

	

 

 

 

 

 

 

1.3. “Change
in Control” means the occurrence of any of the
following events: (i) any sale or exchange of the capital stock by
the stockholders of the Company in one transaction or series of
related transactions where more than fifty percent (50%) of the
outstanding voting power of the Company is acquired by a person or
entity or group of related persons or entities; or (ii) any
reorganization, consolidation or merger of the Company where the
outstanding voting securities of the Company immediately before the
transaction represent or are converted into less than fifty percent
(50%) of the outstanding voting power of the surviving entity (or
its parent corporation) immediately after the transaction; or (iii)
the consummation of any transaction or series of related
transactions that results in the sale of all or substantially all
of the assets of the Company; or (iv) any “person” or
“group” (as defined in the Securities Exchange Act of
1934, as amended (the “Exchange Act”) becoming the
“beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act) directly or indirectly of securities representing
more than fifty percent (50%) of the voting power of the Company
then outstanding. Except that any change in the beneficial
ownership of the securities of the Company as a result of a private
financing of the Company that is approved by the Board, shall not
be deemed to be a Change in Control.

 

 

 

1.4. “Change
in Control Multiple” shall mean one and a half
(1.5).

 

 

1.5. “Change
in Control Period” means that period commencing on the
consummation of a Change in Control and ending on the first
anniversary thereof.

 

 

 

1.6. “COBRA”
means the Consolidated Omnibus Budget Reconciliation Act of 1985,
as amended.

 

 

 

1.7. “Code”
means the Internal Revenue Code of 1986, as amended.

 

 

1.8. “Company”
means Monopar Therapeutics Inc. or any successor
thereto.

 

 

 

1.9. “Confidential
Disclosure Agreement” means the Confidential
Disclosure Agreement entered into between Executive and the
Company.

 

 

 

    1.10.   
“Covered
Termination” means (a) an Involuntary Termination
Without Cause or

 

(b) a
voluntary termination for Good Reason, provided that the
termination constitutes a Separation from Service.

 

 

1.11. “Good
Reason” means Executive’s resignation as a
result of a Good Reason Condition. In order to resign for Good
Reason, Executive must provide written notice to the Company of the
existence of the Good Reason Condition within thirty (30) days of
the initial existence of such Good Reason Condition. Upon receipt
of such notice of the Good Reason Condition, the Company will be
provided with a period of thirty (30) days during which it may
remedy the Good Reason Condition and not be required to provide for
the

	

 

 

 

 

payments and
benefits described in Section 4 as a result of such proposed
resignation due to the Good Reason Condition specified in the
notice. If the Good Reason Condition is not remedied within the
period specified in the preceding sentence, Executive may resign
for Good Reason based on the Good Reason Condition specified in the
notice, provided that such resignation must occur within sixty (60)
days after the initial existence of such Good Reason
Condition.

 

 

1.12. “Good
Reason Condition” means that any of the following are
undertaken without Executive’s express written
consent:

 

 

(a)   
a
material reduction in Executive’s Base Salary;

 

 

(b)

a material
diminution in Executive’s responsibilities;

 

 

(c)

the Company’s
material breach of any material term of this Agreement;
or

 

 

(d)     
a requirement that Executive relocate to an office that would
increase Executive’s one-way commute distance by more than
fifty (50) miles based on Executive’s primary residence at
the time such relocation is announced.

 

 

1.13. “Involuntary
Termination Without Cause” means Executive’s
dismissal or discharge by the Company other than for Cause. The
termination of Executive’s employment as a result of
Executive’s death or inability to perform the essential
functions of his job due to disability will not be deemed to be an
Involuntary Termination Without Cause.

 

 

1.14. “Separation
from Service” means Executive’s termination of
employment or service where such termination of employment or
service constitutes a “separation from service” within
the meaning of Treasury Regulation Section
1.409A-1(h).

 

 

 

ARTICLE
II EMPLOYMENT BY THE COMPANY

 

 

 

2.1. Position
and Duties. Subject to terms set forth herein, as of the
Effective Date, Executive shall serve as the Company’s Chief
Executive Officer and perform such duties as are customarily
associated with the position of Chief Executive Officer and such
other duties as are assigned to Executive by the Board. During the
term of Executive’s employment with the Company, Executive
will devote Executive’s best efforts and substantially all of
Executive’s business time and attention (except for vacation
periods and reasonable periods of illness or other incapacities
permitted by the Company’s general employment policies, if
any, or as otherwise set forth in this Agreement) to the business
of the Company.

	

 

 

 

 

2.2. Employment
at Will. Both the Company and Executive shall have the right
to terminate Executive’s employment with the Company at any
time, with or without Cause, and without prior notice. If
Executive’s employment with the Company is terminated,
Executive will be eligible to receive severance benefits to the
extent provided in this Agreement.

 

 

2.3. Employment
Policies. The employment relationship between the parties
shall also be governed by the general employment policies and
practices of the Company, if any, including those relating to
protection of confidential information and assignment of
inventions, except that when the terms of this Agreement differ
from or are in conflict with the Company’s general employment
policies or practices, this Agreement shall control.

 

 

 

ARTICLE
III COMPENSATION

 

 

 

 
3.1.  Base Salary. As of the
Effective Date, Executive shall receive for services to be rendered
hereunder an annual base salary of $375,000 (“Base Salary”), payable on the
regular payroll dates of the Company, subject to increase in the
sole discretion of the Board.

 

 

 

 
3.2    Retention Bonus.
Executive shall be paid a one-time retention bonus of $3,813.97
(gross before taxes) payable with Executive’s next regular
paycheck.

 

 

3.3. Annual
Bonus. Executive is subject to an annual bonus at the
discretion of the Board, which bonus is initially being targeted
for up to 50% of the annualized amount of Base Salary.

 

 

3.4. Standard
Company Benefits. Executive shall be entitled to all rights
and benefits for which Executive is eligible under the terms and
conditions of the standard Company benefits and compensation
practices, if any, that may be in effect from time to time and are
provided by the Company to its executive employees generally.
Executive shall be entitled each year to four (4) weeks leave for
vacation at full pay, provided, that the maximum amount Executive
may have accrued at any point in time is four (4) weeks (meaning
that once Executive has accrued four (4) weeks, Executive will not
accrue any additional vacation time until he takes vacation and
falls below the four (4) week accrual cap). Executive shall also be
entitled to reasonable holidays and illness days with full pay in
accordance with the policies applicable to the Company and its
affiliates, if any, from time to time in effect. Employee
acknowledges and agrees that in order to maintain flexibility, the
Company and its affiliates have the right to amend or terminate any
employee benefit plan at any time. Until such time as the Company
obtains healthcare benefits for eligible employees and Executive
elects to opt in to such benefits, Executive shall be entitled to
an additional salary of at least $4,583.33 per month or such
greater amount as determined by the Board.

	

 

 

 

 

3.5. Stock
Options. Subject to approval by the Board, Executive may be
granted options to purchase shares of the Company’s common
stock with an exercise price per share as determined by the
Compensation Committee or similar function of the
Board.

 

 

3.6. Expenses.
The Company will reimburse Executive for all reasonable and
necessary expenses incurred by Employee in connection with the
Company’s business, provided that such expenses incurred and
are properly documented and accounted for in accordance with the
policy of the Company and requirements of the Internal Revenue
Service.

 

 

ARTICLE
IV

SEVERANCE
AND CHANGE IN CONTROL BENEFITS

 

 

4.1. Severance
Benefits. Upon Executive’s termination of employment,
Executive shall receive any accrued but unpaid Base Salary and
other accrued and unpaid compensation, including any Annual Bonus
that has been earned with respect to a prior year, but remains
unpaid as of the date of the termination. If the termination is due
to a Covered Termination or permanent disability, provided that
Executive first returns all Company property in his possession and,
within sixty (60) days following the Covered Termination, executes
and does not revoke an effective general release of all claims
against the Company and its affiliates in a form reasonably
acceptable to the Company and Executive (a “Release of Claims”), Executive
shall also be entitled to receive the following severance benefits
described in this Section 4.1.

 

 

(a) Covered
Termination Not Related to a Change in Control. If
Executive’s employment terminates due to a Covered
Termination which occurs outside of a Change in Control Period,
Executive shall receive the following:

 

 

(i) An
amount equal to twelve (12) months of Executive’s Base Salary
payable in substantially equal installments in accordance with the
Company’s normal payroll policies, if any, less applicable
withholdings, with such installments to commence as soon as
administratively practicable following the date the Release of
Claims is not subject to revocation and, in any event, within sixty
(60) days following the date of the Covered
Termination.

 

 

(ii) If
Executive elects to receive continued healthcare coverage pursuant
to the provisions of COBRA, the Company shall directly pay, or
reimburse Executive for, the premium for Executive and
Executive’s covered dependents through the earlier of (i) the
first anniversary of the date of Executive’s termination of
employment and (ii) the date Executive and Executive’s
covered dependents, if any, become eligible for healthcare coverage
under another employer’s plan(s). Notwithstanding the
foregoing, (i) if any plan pursuant to which such benefits are
provided is not, or ceases prior to the expiration of the period of
continuation coverage to be, exempt from the application of Section
409A of the

	

 

 

 

 

Code
under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the
Company is otherwise unable to continue to cover Executive under
its group health plans without penalty under applicable law
(including without limitation, Section 2716 of the Public Health
Service Act), then, in either case, an amount equal to each
remaining Company subsidy shall thereafter be paid to Executive in
substantially equal monthly installments. After the Company ceases
to pay premiums pursuant to this Section 4.1(a)(ii), Executive may,
if eligible, elect to continue healthcare coverage at
Executive’s expense in accordance with the provisions of
COBRA.

 

 

(iii) All
of Employee’s vested options or stock appreciation rights
with respect to the Company’s common stock shall remain
exercisable until the first anniversary of Executive’s
termination of employment (or, if earlier, the maximum period
specified in the award documents and plans governing such options
or stock appreciation rights, as applicable, assuming
Executive’s employment had not terminated).

 

 

(b) Covered
Termination Related to a Change in Control. If
Executive’s employment terminates due to a Covered
Termination that occurs during a Change in Control Period,
Executive shall receive the following:

 

 

(i) Executive
shall be entitled to receive an amount equal to the Change in
Control Multiplier multiplied by the sum of: (i) Executive’s
Base Salary and (ii) Executive’s target Annual Bonus for the
fiscal year of Executive’s termination, in each case, at the
rate equal to the higher of (x) the rate in effect immediately
prior to Executive’s termination of employment or (y) the
rate in effect immediately prior to the Change in Control payable
in a cash lump sum, less applicable withholdings, as soon as
administratively practicable following the date the Release of
Claims is not subject to revocation and, in any event, within sixty
(60) days following the date of the Covered
Termination.

 

 

(ii) If
Executive elects to receive continued healthcare coverage pursuant
to the provisions of COBRA, the Company shall directly pay, or
reimburse Executive for, the premium for Executive and
Executive’s covered dependents through the earlier of (i) the
date that is that number of years equal to the Change in Control
Multiplier following the date of Executive’s termination of
employment and (ii) the date Executive and Executive’s
covered dependents, if any, become eligible for healthcare coverage
under another employer’s plan(s). Notwithstanding the
foregoing, (i) if any plan pursuant to which such benefits are
provided is not, or ceases prior to the expiration of the period of
continuation coverage to be, exempt from the application of Section
409A of the Code under Treasury Regulation Section 1.409A-1(a)(5),
or (ii) the Company is otherwise unable to continue to cover
Executive under its group health plans without penalty under
applicable law (including without limitation, Section 2716 of the
Public Health Service Act), then, in either case, an amount equal
to each remaining Company subsidy shall thereafter be paid to
Executive in substantially equal monthly installments. After the
Company ceases to pay premiums pursuant to this Section 4.1(b)(ii),
Executive may, if eligible, elect to continue

	

 

 

 

 

healthcare coverage
at Executive’s expense in accordance with the provisions of
COBRA.

 

 

(iii) Each
outstanding equity award, including, without limitation, each stock
option and restricted stock award, held by Executive shall
automatically become vested and, if applicable, exercisable and any
forfeiture restrictions or rights of repurchase thereon shall
immediately lapse, in each case, with respect to one hundred
percent (100%) of the shares subject thereto. To the extent vested
after giving effect to the acceleration provided in the preceding
sentence, each stock option held by Executive shall remain
exercisable until the earlier of the original expiration date for
such stock option or the second anniversary of Executive’s
Covered Termination.

 

 

(c) Termination
for Death or Disability. If Executive’s employment is
terminated due to death or permanent disability where the Company
makes a determination in good faith that, due to a mental or
physical incapacity, Executive has been unable to perform his
duties under this Agreement for a period of not less than six (6)
consecutive months or 180 days in the aggregate in any 12-month
period, Executive shall receive the following:

 

 

(i) An
amount equal to three (3) months of Executive’s Base Salary
payable in substantially equal installments in accordance with the
Company’s normal payroll policies, less applicable
withholdings, with such installments to commence as soon as
administratively practicable following the date the Release of
Claims is not subject to revocation and, in any event, within sixty
(60) days following the date of the Covered
Termination.

 

 

 

(ii) If
Executive (or in the event of death, his designee) elects to
receive continued healthcare coverage pursuant to the provisions of
COBRA, the Company shall directly pay, or reimburse Executive for,
the premium for Executive and Executive’s covered dependents
through the earlier of (i) the three (3) month anniversary of the
date of Executive’s termination of employment and (ii) the
date Executive and Executive’s covered dependents, if any,
become eligible for healthcare coverage under another
employer’s plan(s). Notwithstanding the foregoing, (i) if any
plan pursuant to which such benefits are provided is not, or ceases
prior to the expiration of the period of continuation coverage to
be, exempt from the application of Section 409A of the Code under
Treasury Regulation Section 1.409A-1(a)(5), or (ii) the Company is
otherwise unable to continue to cover Executive under its group
health plans without penalty under applicable law (including
without limitation, Section 2716 of the Public Health Service Act),
then, in either case, an amount equal to each remaining Company
subsidy shall thereafter be paid to Executive in substantially
equal monthly installments. After the Company ceases to pay
premiums pursuant to this Section 4.1(b)(ii), Executive may, if
eligible, elect to continue healthcare coverage at
Executive’s expense in accordance the provisions of
COBRA.

 

 

4.2. 280G
Provisions. Notwithstanding anything in this Agreement to
the contrary, if any payment or distribution Executive would
receive pursuant to this Agreement or

	

 

 

 

 

otherwise
(“Payment”)
would (a) constitute a “parachute payment” within the
meaning of Section 280G of the Code, and (b) but for this sentence,
be subject to the excise tax imposed by Section 4999 of the Code
(the “Excise
Tax”), then such Payment shall either be (i) delivered
in full, or (ii) delivered as to such lesser extent which would
result in no portion of such Payment being subject to the Excise
Tax, whichever of the foregoing amounts, taking into account the
applicable federal, state and local income taxes and the Excise
Tax, results in the receipt by Executive on an after-tax basis, of
the largest payment, notwithstanding that all or some portion the
Payment may be taxable under Section 4999 of the Code. The
accounting firm engaged by the Company for general audit purposes
as of the day prior to the effective date of the Change in Control
shall perform the foregoing calculations. The Company shall bear
all expenses with respect to the determinations by such accounting
firm required to be made hereunder. The accounting firm shall
provide its calculations to the Company and Executive within
fifteen (15) calendar days after the date on which
Executive’s right to a Payment is triggered (if requested at
that time by the Company or Executive) or such other time as
requested by the Company or Executive. Any good faith
determinations of the accounting firm made hereunder shall be
final, binding and conclusive upon the Company and Executive. Any
reduction in payments and/or benefits pursuant to this Section 4.2
will occur in the following order: (1) reduction of cash payments;
(2) cancellation of accelerated vesting of equity awards other than
stock options; (3) cancellation of accelerated vesting of stock
options; and (4) reduction of other benefits payable to
Executive.

 

 

4.3.

Section 409A.

 

 

(a) Notwithstanding
any provision to the contrary in this Agreement, if Executive is
deemed at the time of his Separation from Service to be a
“specified employee” for purposes of Section
409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of
any portion of the benefits to which Executive is entitled under
this Agreement is required in order to avoid a prohibited
distribution under Section 409A(a)(2)(B)(i) of the Code which would
subject Executive to a tax obligation under Section 409A of the
Code, such portion of Executive’s benefits shall not be
provided to Executive prior to the earlier of (i) the expiration of
the six- month period measured from the date of the
Executive’s Separation from Service or (ii) the date of
Executive’s death. Upon the expiration of the applicable Code
Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to
this Section 4.3(a) shall be paid in a lump sum to Executive, and
any remaining payments due under the Agreement shall be paid as
otherwise provided herein.

 

 

(b) Any
reimbursements payable to Executive pursuant to the Agreement shall
be paid to Executive no later than 30 days after Executive provides
the Company with a written request for reimbursement, and to the
extent that any such reimbursements are deemed to constitute
“nonqualified deferred compensation” within the meaning
of Section 409A of the Code (i) such amounts shall be paid or
reimbursed to Executive promptly, but in no event later than
December 31 of the year following the year in which the expense is
incurred, (ii)

	

 

 

 

 

the
amount of any such payments eligible for reimbursement in one year
shall not affect the payments or expenses that are eligible for
payment or reimbursement in any other taxable year, and (iii)
Executive’s right to such payments or reimbursement shall not
be subject to liquidation or exchange for any other
benefit.

 

 

(c) For
purposes of Section 409A of the Code (including, without
limitation, for purposes of Treasury Regulation Section
1.409A-2(b)(2)(iii)), Executive’s right to receive
installment payments under the Agreement shall be treated as a
right to receive a series of separate payments and, accordingly,
each installment payment hereunder shall at all times be considered
a separate and distinct payment.

 

 

4.4. Mitigation.
Executive shall not be required to mitigate damages or the amount
of any payment provided under this Agreement by seeking other
employment or otherwise, nor shall the amount of any payment
provided for under this Agreement be reduced by any compensation
earned by Executive as a result of employment by another employer
or by any retirement benefits received by Executive after the date
of the Covered Termination, or otherwise.

 

 

ARTICLE
V

PROPRIETARY
INFORMATION OBLIGATIONS

 

 

5.1. Agreement.
Executive agrees to continue to abide by the Confidential
Disclosure Agreement.

 

 

5.2. Remedies.
Executive’s duties under the Confidential Disclosure
Agreement shall survive termination of Executive’s employment
with the Company and the termination of this Agreement. Executive
acknowledges that a remedy at law for any breach or threatened
breach by Executive of the provisions of the Confidential
Disclosure Agreement, as well as Executive’s obligations
pursuant to Section 6.2 and Article 7 below, would be inadequate,
and Executive therefore agrees that the Company shall be entitled
to seek injunctive relief in case of any such breach or threatened
breach.

 

 

ARTICLE
VI OUTSIDE ACTIVITIES

 

 

 

6.1.

Other
Activities.

 

 

(a) Executive
shall not, during the term of this Agreement undertake or engage in
any other employment, occupation or business enterprise, other than
ones in which Executive is a passive investor, unless he obtains
the prior written consent of the Board.

 

 

 

(b) Executive
may engage in civic and not-for-profit activities so long as such
activities do not materially interfere with the performance of
Executive’s duties

	

 

 

 

 

hereunder. In
addition, Executive shall be allowed to serve as a member of the
board of directors of up to two (2) other for profit entities at
any time during the term of this Agreement, which service shall not
materially interfere with the performance of Executive’s
duties hereunder; provided, however, that the Board may require
that Executive resign from one or both of such director positions
if it can reasonably and in good faith demonstrate that such
resignation(s) would be in the best interests of the Company in a
significant and material way.

 

 

6.2.

Competition. Executive agrees that, from
the date hereof until a period of twelve (12) months
following the date of termination of Executive’s employment
with the Company, Executive will not directly or indirectly, either
as an employee, employer, consultant, agent, principal, partner,
corporate officer, director, or in any other individual or
representative capacity, engage or participate in any
“Competitive Business” anywhere in the United States of
America. As used herein, a “Competitive Business” is
defined as any business developing uPAR antibodies to treat cancer,
or clonidine to treat oral mucositis.

 

 

ARTICLE
VII NONINTERFERENCE

 

 

In
addition to Executive’s obligations under the Confidential
Disclosure Agreement, Executive shall not for a period of one (1)
year following Executive’s termination of employment for any
reason, either on Executive’s own account or jointly with or
as a manager, agent, officer, employee, consultant, partner, joint
venturer, owner or stockholder or otherwise on behalf of any other
person, firm or corporation, directly or indirectly solicit or
attempt to solicit away from the Company any of its officers or
employees or offer employment to any person who is an officer or
employee of the Company; provided,
however, that a general advertisement to which an employee
of the Company responds shall in no event be deemed to result in a
breach of this Article 7. Executive also agrees not to harass or
disparage the Company or its employees, clients, directors or
agents or divert or attempt to divert any actual or potential
business of the Company. The provisions of this Article 7 shall
survive the termination or expiration of the applicable
Executive’s employment with the Company and shall be fully
enforceable thereafter. If it is determined by a court of competent
jurisdiction in any state that any restriction in this Article 7 is
excessive in duration or scope or is unreasonable or unenforceable
under the laws of that state, it is the intention of the parties
that such restriction may be modified or amended by the court to
render it enforceable to the maximum extent permitted by the law of
that state.

 

 

ARTICLE
VIII GENERAL PROVISIONS

 

 

 

8.1. Notices.
Any notices provided hereunder must be in writing and shall be
deemed effective upon the earlier of personal delivery (including
personal delivery by facsimile) or the third day after mailing by
first class mail, to the Company at its primary office location and
to Executive at Executive’s address as listed on the Company
payroll.

	

	

 

 

 

 

 

8.2. Tax
Withholding. Executive acknowledges that all amounts and
benefits payable under this Agreement are subject to deduction and
withholding to the extent required by applicable law.

 

 

 

8.3. Severability.
Whenever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to
be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity,
illegality or unenforceability will not affect any other provision
or any other jurisdiction, but this Agreement will be reformed,
construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provisions had never been contained
herein.

 

 

8.4. Waiver.
If either party should waive any breach of any provisions of this
Agreement, they shall not thereby be deemed to have waived any
preceding or succeeding breach of the same or any other provision
of this Agreement.

 

 

 

8.5. Complete
Agreement. This Agreement constitutes the entire agreement
between Executive and the Company and is the complete, final, and
exclusive embodiment of their agreement with regard to this subject
matter, and will supersede all prior agreements, understandings,
discussions, negotiations and undertakings, whether written or
oral, between the parties with respect to the subject matter
hereof, including without limitation, the Prior Agreement. This
Agreement is entered into without reliance on any promise or
representation other than those expressly contained herein or
therein, and cannot be modified or amended except in a writing
signed by an officer of the Company and Executive.

 

 

8.6. Counterparts.
This Agreement may be executed in separate counterparts, any one of
which need not contain signatures of more than one party, but all
of which taken together will constitute one and the same
Agreement.

 

 

 

8.7. Headings.
The headings of the sections hereof are inserted for convenience
only and shall not be deemed to constitute a part hereof nor to
affect the meaning thereof.

 

 

8.8. Successors
and Assigns. This Agreement is intended to bind and inure to
the benefit of and be enforceable by Executive and the Company, and
their respective successors, assigns, heirs, executors and
administrators, except that Executive may not assign his rights or
delegate his duties or obligations hereunder without the prior
written consent of the Company.

 

 

8.9. Arbitration.
Unless otherwise prohibited by law or specified below, all
disputes, claims and causes of action, in law or equity, arising
from or relating to this Agreement or its enforcement, performance,
breach, or interpretation shall be resolved solely and

	

	

 

 

 

 

 

 

exclusively by final and binding arbitration held
in Illinois in co onnity with the then­ existing employment
arbitration rules and Illinois law. The arbitrator shall: (a)
provide adequate discovery for the resolution of the dispute;
and (b)
issue a written arbitration decision,
to
include the arbitrator's essential
findings and conclusion and a statement of the award. However,
nothing in this section is intended to prevent either party from
obtaining injunctive relief in court to prevent irreparable harm
pending the inclusion of any such arbitration. The Company
shall

bear the costs of any such arbitration.
I

 

8.10. Eiecutive
Acknowledgement. Executive acknowledges that (a)
he has consulted with or has
had the opportunity
to consult with independent counsel of his own choice concerning
this Agreement, and has
been advised to do so
by the Company, and (b) that he has read and understands the
Agreement, is fully aware of its legal effect, and has entered into
it freely based on his own judgment.

 

 

8.11. Choice of Law.
All questions
concerning the construction, validity and interpretation of this
Agreement will be governed by the law of the State of Illinois
without regard to the conflicts of law provisions
thereof.

 

 

 

In Witness
Whereof, the parties have
executed this Agreement as of the date first written above.

 

 

On
behalf of Monopar Therapeutics Inc.

 

 

 

/s/ Christopher M.
Starr

Christopher M.
Starr

Executive
Chairman

 

 

 

Accepted
and Agreed:

 

 

 

/s/ Chandler D. Robinson

Chandler
D. Robinson

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00276-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00276-of-00352.parquet"}]]