Document:

Exhibit
      10.5

     

                March
      17,
      2005

     

    Kathleen
      A. Browne      

    80
      Georgian Court

    Rochester,
      New York 14610

    

    Dear
      Kathleen,

    

    We
      are
      pleased to extend to you an offer of employment as the Chief Financial Officer
      of NaturalNano, Inc. (“the company”) effective on a part time consulting basis
      beginning April 4, 2005 (at an hourly rate of $60/hour) with the expectation
      that you will be available as a full time employee in advance of the public
      filings and the anticipated merger agreement specifically discussed during
      your
      interview. Your annual full time salary will be $120,000 which will be paid
      on a
      bi-weekly basis at the rate of $4615.38 in gross wages every two weeks. You
      will
      be entitled to four weeks vacation (20 days) annually, earned on a pro-rata
      basis of 1.67 days each month. You will be eligible for a review of this
      compensation package effective January 1, 2006.

    

    In
      addition to the statutory benefits defined by federal and local laws, (FICA,
      FUTA, New York State Disability Insurance and Workers Compensation) you will
      be
      entitled to the benefits available to other NaturalNano officers and employees.
      Currently this includes employer paid health and dental insurance coverage
      which
      you may elect at any time these benefits cease to be provided by your former
      employer. You will also be eligible for an initial grant of 200,000 stock
      options at grant price of $.10 per share. These shares will vest on a monthly
      basis (at the rate of 16,667 options per month) with the first vesting date
      of
      May 31, 2005 and continue each month thereafter until the entire grant has
      vested. Notwithstanding any provision herein to the contrary any unvested
      portion of the option shall immediately expire upon termination of employment
      for any reason. This option grant will be governed pursuant to the “NaturalNano,
      Inc. 2004 Stock Option Plan.”

    

    Your
      job
      responsibilities will include all financial matters of the company, including
      but not limited to: the maintenance of accounting systems and controls,
      preparation of budgets, financial statements, special reports and related
      analysis for: shareholder reporting as required under SEC regulations as well
      as
      the company’s Board of Directors and Audit Committee. You will report directly
      to Michael Riedlinger, President of NaturalNano and will be responsive to all
      levels of management and the Board as needed.

    
      
        
        

      

      
        1

        
          

        

      

       

    

    

    This
      agreement is terminable by you or the company upon ninety (90) days’ written
      notice or by us for cause or upon your death or disability. As a condition
      of
      your employment, you will be required to sign our standard non-disclosure
      agreement regarding confidential proprietary information obtained in the course
      of your employment. A copy of this agreement is attached to this letter for
      your
      reference.

    

    Please
      indicate your acceptance by signing below and returning a signed copy to my
      attention. I look forward to working with you at
      NaturalNano—WELCOME!!

    

    Regards,

     

    
      	 	 	 	 
	/s/
              Michael D.
              Riedlinger	 	 	 
	
              

              Michael
                Riedlinger

              President
                

              NaturalNano,
                Inc.

            	 	 	
            

    

    

    Agreed
      to
      and accepted   /s/
      Kathleen A.
      Browne                                
      Date: Effective 3/17/05 

     

    
      
        
        

      

      
        2

        
          

        

      

       

    

     

    September
      20, 2005

     

    Kathleen
      A. Browne      

    80
      Georgian Court

    Rochester,
      New York 14610

    

    RE: Amendment
      No. 1 to Employment Letter

    

    Dear
      Kathleen,

    

    This
      letter hereby amends your employment letter dated March 17, 2005.

    

    The
      first
      paragraph of the letter is hereby amendment to read as follows: 

    

    “We
      are
      pleased to extend to you an offer of employment as the Chief Financial Officer
      of NaturalNano, Inc. (“the Company”) effective on a part time consulting basis
      beginning April 4, 2005 (at an hourly rate of $60/hour) with the expectation
      that you will be available as a full time employee in advance of the public
      filings and the anticipated merger agreement specifically discussed during
      your
      interview. Your annual full time salary will be $135,000 which will be paid
      on a
      bi-weekly basis at the rate of $5,192.30 in gross wages every two weeks. You
      will be entitled to four weeks vacation (20 days) annually, earned on a pro-rata
      basis of 1.67 days each month. You will be eligible for a review of this
      compensation package effective January 1, 2006.”

    

    In
      addition, two new paragraphs shall be added as follows:

    

    “You
      shall be eligible to receive a bonus of up to $20,000 upon completion of certain
      milestones which include the following: (i) the Company shall be listed and
      trading on the OTCBB; (ii) satisfaction of performance criteria established
      by
      the Board of Directors; and (iii) the Company shall demonstrate progress in
      achieving its milestones as more fully described in the Company’s business
      plan.”

    

    “In
      addition to the initial option grant of 200,000, you shall receive and
      additional incentive grant for 200,000 stock options at a grant price of $.10
      per share (“Incentive Stock Grant”). This Incentive Stock Grant shall vest one
      half on December 31, 2006 and the remaining one half on December 31, 2007.
      Notwithstanding any provision herein to the contrary any unvested portion of
      the
      Incentive Stock Grant shall immediately expire upon termination of employment
      for any reason. This option grant will be governed pursuant to the “NaturalNano,
      Inc. 2004 Stock Option Plan.”

    
      
        
        

      

      
        3

        
          

        

      

       

    

    September
      20, 2005

    Page
      Two

     

    All
      other
      terms and conditions of your employment will remain the same. Please let me
      know
      if you have any other questions and I look forward to working with you to make
      NaturalNano a success.

    

    Regards,
      

    
       

      
        	 	 	 	 
	/s/
                Michael D.
                Riedlinger	 	 	 
	
                

                
                  Michael
                    Riedlinger

                  President
                    

                  NaturalNano,
                    Inc.

                

              	 	 	
              

      

       

    

    Agreed
      to
      and accepted   /s/
      Kathleen A.
      Browne                                  
      Date: 9/21/05

     

    
      
        
        

      

      
        4Exhibit
      10.6

    

    September
      23, 2005

    

    Sarah
      Cooper

    250
      W. El
      Camino Real      

    Apt.
      2410

    Sunnyvale,
      California 94087-1378

    

    Dear
      Sarah,

    

    We
      are
      pleased to extend to you an offer of employment as the Chief Technology Officer
      of NaturalNano, Inc. (“the company”) effective October 1, 2005. Your annual full
      time salary will be $110,000 which will be paid on a bi-weekly basis at the
      rate
      of $4,230.76 in gross wages every two weeks. You will be entitled to four weeks
      vacation (20 days) annually, earned on a pro-rata basis of 1.67 days each month.
      You will be eligible for a review of this compensation package effective January
      1, 2006. In addition to your base salary, upon acceptance of this offer you
      shall receive a signing bonus in the amount of $7,000.00

    

    In
      addition to the statutory benefits defined by federal and local laws, (FICA,
      FUTA, applicable State Disability Insurance and Workers Compensation) you will
      be entitled to the benefits available to other NaturalNano officers and
      employees. Currently this includes employer paid health and dental insurance
      coverage. You will also be eligible for an initial grant of 300,000 stock
      options at grant price of $.10 per share. These shares will vest as follows:
      100,000 on the date of grant; 100,000 on March 1, 2006 and the remaining 100,000
      on March 1, 2007. Notwithstanding any provision herein to the contrary, any
      unvested portion of the option shall immediately expire upon termination of
      employment for any reason. This option grant will be governed pursuant to the
      “NaturalNano, Inc. 2004 Stock Option Plan.”

    

    Your
      job
      responsibilities will include the development of technology applications for
      the
      use of naturally occurring nanomaterials in medical and non-medical fields
      and
      writing and submitting related patent applications in coordination with the
      strategic plans of the company. You will report directly to me as the President
      of the company and as an officer of the company, will be expected to be
      responsive to the Scientific Advisory Board, the Board of Directors and other
      members of the management team as necessary.

    

    This
      agreement is terminable by you or the company upon ninety (90) days’ written
      notice or by us for cause or upon your death or disability. As a condition
      of
      your employment, you will be required to sign our standard non-disclosure
      agreement regarding confidential proprietary information obtained in the course
      of your employment. A copy of this agreement is attached to this letter for
      your
      reference.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    September
      23, 2005

    Page
      Two

     

    Please
      indicate your acceptance by signing below and returning a signed copy to my
      attention. I look forward to working with you at
      NaturalNano—WELCOME!!

    

    Regards,

    
      	 	 	 	 
	/s/ Michael
              D. Riedlinger        	 	 	 
	
              

              Michael
                Riedlinger

              President

              NaturalNano,
                Inc.

            	 	 	
            
	
            	 	 	
            

    

     

    Agreed
      to
      and accepted    /s/
      Sarah
      Cooper                         
      Date:
      10/12/05

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]