Document:

First Amended and Restated Employment and Noncompetition Agreement - W. Eckman

 Exhibit 10.3 
  
 FIRST AMENDED AND RESTATED EMPLOYMENT 
 AND NONCOMPETITION AGREEMENT 
  
 This First Amended and Restated Employment and Noncompetition Agreement (this “Agreement”) is made as of March 25, 2003 (the “Effective Date”) by and between GEO SPECIALTY CHEMICALS, INC., an Ohio
corporation (“Company”), and WILLIAM P. ECKMAN (“Executive”). 
  
 WITNESSETH 
  
 WHEREAS,
Company and Executive are parties to that certain Employment and Noncompetition Agreement, dated as of March 25, 1997 (the “Original Employment Agreement”). The parties desire to amend and restate the Original Employment Agreement
such that this Agreement shall supersede and replace the rights and obligations of Company and Executive thereunder; 
  
 WHEREAS, the Company desires to employ Executive, and Executive desires to be employed by the Company to undertake such responsibilities as are necessary
to assist in running the businesses of the Company, all in accordance with the provisions of this Agreement; 
  
 WHEREAS, Executive has been an Officer of the Company and a Member of GEO Chemicals Limited, an Ohio Limited Liability Company and a shareholder of the
Company, and has valuable knowledge and experience pertaining to the business of the Company, and the parties desire to arrange for the continuation of his services to the Company; and 
  
 WHEREAS, as an inducement to the Company extending its employment arrangement with Executive, the parties also desire to
arrange for Executive’s undertaking not to compete with the Company. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is hereby agreed as follows: 
  
 1.    Employment. Subject to the provisions of Section 11 hereof, commencing as of the Effective
Date and continuing through five (5) years following the Effective Date (the “Renewal Term”), the Company hereby employs Executive as Executive Vice President, Chief Financial Officer, Secretary and Treasurer of the Company with
responsibility for the performance of such executive services and duties as shall be reasonably assigned to and requested of him by, and subject to the direction and supervision of, the Board of Directors of the Company. Subject to the provisions of
Section 11 hereof, commencing on March 25, 2008 and the 25th day of each March thereafter, the term of this Agreement shall be automatically extended for additional one (1) year period(s), on the same terms and conditions as contained herein, unless
either party gives written notice to the other party of his or its intention not to extend the employment hereunder at least ninety (90) days prior to March 25th of any year following the Renewal Term of this Agreement (the “Additional
Term(s)”) (the Renewal Term and the Additional Term(s), if any, are hereinafter referred to as the “Employment Period”). 
  

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 Executive hereby accepts such employment and agrees that he will, subject to the next following sentence, devote his full
time and undivided efforts to the business and affairs of the Company and serve the Company in its business and perform his duties to the best of his ability. Executive shall be permitted to hold a limited number of charitable trusteeships or board
positions provided that his responsibilities in connection therewith are reasonable in scope and do not adversely affect the ability of Executive to perform his duties hereunder. 
  
 2.    Salary and Bonus. (a) As compensation for his services during the Employment Period,
Executive shall receive a base salary at the rate of Two Hundred Seventy Five Thousand Dollars ($275,000) per year. The Company will make a good faith effort to adjust Executive’s salary to be consistent with the top quartile of similarly
situated executives. Such salary shall be subject to being increased, but not decreased, based upon an annual review, although any increase shall be at the sole discretion of the Board of Directors of the Company. Such salary shall be payable no
less frequently than in equal monthly installments. In the event Executive’s employment with the Company is terminated for any reason prior to the expiration of the Employment Period, other than a discharge without Cause, as defined in that
certain Shareholders Agreement, originally dated March 25, 1997, and amended and restated as of July 31, 1998, entered into by and among the Company, Charter Oak Partners, Charter Oak Capital Partners L.P., GEO Chemicals Limited, Executive, George
P. Ahearn and others, Executive’s receipt of such salary shall terminate immediately. In the event Executive is discharged without Cause such salary shall be payable to Executive as follows: (i) if such discharge occurs on or prior to the first
anniversary of the Effective Date, such salary shall be payable until the third anniversary of the Effective Date, (ii) if such discharge occurs between the first and third anniversaries of the Effective Date, such salary shall be payable until the
expiration of two (2) years from the date of discharge, and (iii) if such discharge occurs on or after the third anniversary of the Effective Date, such salary shall be payable until the later of the fifth anniversary of the Effective Date or for
one (1) year after the date of Executive’s discharge, whichever is later. 
  
 (b)    In addition to the base salary referred to in Section 2(a) hereof, and subject to the discretion of the Company’s Board of Directors, Executive will be eligible to receive bonus
compensation in each year of the Employment Period based upon the achievement of annual financial and non-financial executive goals as agreed between the Company’s Board of Directors and Executive. The parties shall seek to agree upon such
executive goals in writing each year concurrently with the determination of Executive’s salary. The executive goals for any period may be attached to this Agreement from time to time and marked Exhibit A. 
  
 3.    Expenses. The Company shall reimburse
Executive for reasonable expenses incurred by him on behalf of the Company in the performance of his duties during the Employment Period. Executive shall furnish the Company with such documentation as is requested by the Company in order for it to
comply with the Internal Revenue Code and regulations thereunder in connection with the proper deduction of such expenses. 
  
 4.    Benefits. During the Employment Period, Executive shall be entitled to participate in any employee benefit plans which
are maintained or established by the Company for its senior executives generally, subject, however, to all of the terms and conditions thereof, 
  

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 including any eligibility requirements therefor. In any event, the Company agrees to provide (i) medical insurance
coverage equal to that provided for other senior executive of the Company; (ii) life insurance coverage equal to two (2) times Executive’s base salary; and (iii) participation in the Company’s 401(k) plan or other standard retirement plan
maintained by the Company. In the event Executive’s employment with the Company is terminated for any reason prior to the expiration of the Employment Period, other than a discharge without Cause, Executive’s receipt of such benefits shall
immediately cease. In the event Executive is discharged without Cause, Executive shall receive such benefits for the amount of time he is eligible to receive payments of salary under Section 2(a) above, except that, in the event that, and for so
long as, he is unable to find suitable alternative employment, Executive shall be entitled to receive health care benefits from the Company, on a substantially equivalent basis, until the expiration of the Renewal Term. 
  
 5.    Vacations. During the Employment Period,
Executive shall be entitled to four (4) weeks of paid vacation per year. 
  
 6.    Nondisclosure. Except for information which is already in the public domain, which is publicly disclosed by persons other than Executive, which is required by law to be disclosed, or
which is required in order for Executive to properly perform his duties hereunder, Executive shall at all times during and after his employment with the Company hold in strictest confidence any and all confidential information within his knowledge
(whether acquired prior to or during his employment with the Company) concerning the products, processes, services, business, suppliers and customers of the Company. Such confidential information includes, without limitation, financial information,
sales and distribution information, price lists, the identity and lists of actual and potential customers and technical information, all to the extent that such information is not intended by the Company for public dissemination. 
  
 7.    Noncompetition. Commencing as of the
Effective Date and continuing through the date upon which payments cease to be made by the Company pursuant to Section 2(a) or one (1) year after the date of termination of his employment with the Company, whichever is later, Executive shall not,
without the prior written consent of the Company, (a) solicit business from or compete with the Company for the business of any customer of the Company as reflected on the books of the Company either as of the date hereof or as of the date of
Executive’s termination of employment with the Company, or (b) either directly or indirectly operate or perform any advisory or consulting services for, invest in (other than stock in a publicly-held corporation which is traded on a recognized
securities exchange or in an established over-the-counter market, provided that the ownership of such equity interest does not give Executive the right to control or substantially influence the policy or operational decisions of such corporation),
or otherwise become associated with in any capacity, any company, partnership, organization, proprietorship or other entity which develops, manufactures, prepares, sells or distributes products or performs services then in competition with the
products developed, manufactured, prepared, sold or distributed or services rendered by the Company anywhere in the markets in which the Company competes at any time during such period. 
  
 8.    Noninterference. Executive shall not, at any time during the Employment Period or within
one (1) year after the termination of his employment with the Company, whichever is later, without the prior written consent of the Company, directly or indirectly, induce or attempt 
  

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 to induce any employee, agent or other representative or associate of the Company to terminate its relationship with the
Company, or in any way directly or indirectly interfere with such a relationship or any relationship between the Company and any of its suppliers or customers. 
  

9.    Disclosure of Proprietary Information. Executive will promptly disclose in writing to the Board each improvement,
discovery, idea and invention relating to the business of the Company made or conceived by Executive, either alone or in conjunction with others, while employed by the Company or during the Employment Period, or, one (1) year after the termination
of his employment with the Company, whichever is later, if such improvement, discovery, idea or invention results from or was suggested by such employment. Executive will not disclose any such improvement, discovery, idea or invention to any person,
except the Company. Each such improvement, discovery, idea or invention shall be the sole and exclusive property of, and is hereby assigned to, the Company and at the request of the Company, Executive will assist and cooperate with the Company and
any person or persons from time to time designated by the Company to obtain for the Company the grant of any letters patent in the United States and/or any foreign country, covering any such improvement, discovery, idea or invention, and will in
conjunction therewith execute such applications, statements, assignments or other documents, furnish such information and data and take all such other action (including without limitation the giving of testimony) as the Company may from time to time
reasonably request. Should Executive not be an employee of the Company at the time such cooperation and assistance is rendered, he shall be reimbursed for all reasonable and related out-of-pocket expenses incurred by him. 
  
 10.    Remedies. Executive acknowledges that
Sections 6, 7, 8 and 9 hereof were negotiated at arms’ length, with the advice of counsel and are required for the fair and reasonable protection of the Company. In the event of an alleged breach by Executive of his obligations under Sections
6, 7, 8 and 9, the Company shall give Executive written notice thereof, and Executive shall have thirty (30) days to cease such activities to the satisfaction of the Company before the Company may file any legal action pursuant to this Section 10.
Executive and the Company further acknowledge and agree that a continued breach of any of those obligations and agreements will result in irreparable and continuing damage to the Company for which there will be no adequate remedy at law, and
therefore, Executive and the Company agree that, in the event of any breach of said obligations and agreements, the Company and its successors and assigns shall be entitled to injunctive relief and such other and further relief, including monetary
damages, as is proper in the circumstances. It is further agreed that the running of the periods provided above in Sections 7, 8 and 9, respectively, shall be tolled during any period during which Executive shall be adjudged to have been in
violation of any of his obligations under such Sections. 
  
 11.    Termination. This Agreement shall terminate and, except for the obligations of the Company set forth in Sections 2 and 4 hereof and the obligations of Executive set forth in Sections 6, 7, 8 and 9, which
shall survive such termination, all rights and obligations of the Company and Executive hereunder shall be completely void upon the earliest to occur of the following: 
  
 (a) expiration of the Employment Period; 
  

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 (b) voluntary termination by Executive of his employment with the Company, a right
reserved to Executive hereunder; 
  
 (c)
discharge of Executive with or without good cause; 
  
 (d) the death of Executive; and 
  
 (e)
at the election of the Company, the disability of Executive, which, for purposes hereof, shall mean the inability of Executive for a continuous period of six (6) months to perform the essential functions of his position hereunder on an active full
time basis, with or without reasonable accommodations, by reason of disability or impairment of health. A certificate from a physician acceptable to both the Company and Executive to the effect that Executive is or has been disabled and incapable of
performing the essential functions of his position with or without reasonable accommodations for the Company as previously performed shall be conclusive of the fact that Executive is incapable of performing such reasonable services and is or has
been disabled for the purposes of this Agreement. 
  
 12.    Reformation of Agreement; Severability. In the event that any of Sections 6, 7, 8 or 9 shall be found by a court of competent jurisdiction to be invalid or unenforceable as against public policy, such court
shall exercise its discretion in reforming such provision to the end that Executive shall be subject to such restrictions and obligations as are reasonable under the circumstances and enforceable by the Company. In the event that any other provision
or term of this Agreement is found to be void or unenforceable to any extent for any reason, it is the agreed upon intent of the parties hereto that all remaining provisions or terms of the Agreement shall remain in full force and effect to the
maximum extent permitted and that the Agreement shall be enforceable as if such void or unenforceable provision or term had never been a part hereof. 
  
 13.    Assignment. This Agreement shall inure to the benefit of, and shall be binding upon, the Company, its successors and
assigns. Executive shall not assign this Agreement without the written consent of the Company, but this Agreement shall be binding upon Executive and his heirs, estate and personal representatives. 
  
 14.    Arbitration. In the event a dispute
concerning the terms and operation of this Agreement arises, and if the Company and Executive do not come to an agreement with respect to such dispute within thirty (30) days after the notice of said dispute is provided by either party under Section
15 hereof, the Company and Executive shall submit the dispute to arbitration in Cleveland, Ohio, under the commercial rules of the American Arbitration Association then in effect. Such arbitration shall be final and binding upon the parties and
enforceable in a court of competent jurisdiction. Judgment on such arbitration award, from which no appeal or review may be taken, may be entered in any court having jurisdiction and enforced accordingly. 
  
 15.    Notice. Any notice required to be given
under the terms of this Agreement shall be in writing, and mailed to the recipient’s last known address or delivered in person. If sent by 
  

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 registered or certified mail, such notice shall be effective when mailed; otherwise, it shall be effective upon delivery.

  

	 	(i)	 	If to the Company, to: 

  
 GEO Specialty Chemicals, Inc. 
 c/o Charter Oak Partners 
 10 Wright Street 
 Building B 
 Westport, Connecticut 06880 
 Attn: Anthony J. Dowd 
 Telecopier: (203) 222-2720 
  

	 	(ii)	 	If to Executive, to: 

  
 William Eckman 
 GEO Chemicals, Inc. 
 401 South Avenue 
 Suite 3A 
 Lafayette, IN 47904 
  
 16.    Entire Agreement; Amendments; Waivers. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof. It may not be changed orally but only by a written
agreement signed by Executive and an officer of the Company specifically designated by the Board of Directors of the Company to execute such amendment. The terms or covenants of this Agreement may be waived only by a written instrument specifically
referring to this Agreement and executed by the party waiving compliance. The failure of the Company at any time or from time to time to require performance of any of Executive’s obligations under this Agreement shall in no manner affect the
Company’s right to enforce any provisions of this Agreement at a subsequent time; and the waiver by the Company of any right arising out of any breach shall not be construed as a waiver of any right arising out of any subsequent breach.

  
 17.     Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of Ohio. 
  
 [Signature on next page] 
  

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

  
  

	 	 	 	 	 GEO SPECIALTY CHEMICALS, INC.

				
	
	 	 	 	By:	 	

	WILLIAM P. ECKMAN	 	 	 	 	 	Title:

  

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 Exhibit A 
  

Executive Goals For Calendar Year 2003 
 Financial and Non-Financial 
  

	1.	 	General Terms 

  
 Bonus shall range from 0-100% of basic salary in effect. Bonus to be based upon achievement of both financial and non-financial goals. 
  

	2.	 	Financial Goals 

  
 Achievement of financial goals will be determined by the Board of Directors, in its discretion, and may represent up to 75% of the total bonus amount.

  

	 	•	 	Improving the cash position of the Company relative to 2002 

  

	 	•	 	Improving the EBITDA of the Company relative to 2002 

  

	 	•	 	Compliance with senior loan agreement leverage ratios throughout 2003 

  

	3.	 	Non-Financial Goals 

  
 Achievement of non-financial goals will be determined by the Board of Directors, in its discretion, and may represent up to 25% of the total bonus amount.
The non-financial goals for Executive will be: 
  

	 	•	 	To provide strategic direction to the Company with the objective of continuing profitability in order to meet all financial obligations 

  

	 	•	 	To provide visionary and effective leadership for all of the Company’s employees so they can understand and endorse the Company’s business plans and execute them in an
enthusiastic and efficient manner 

  

	 	•	 	To take the initiative to institute prudent actions to control costs, conserve capital, and optimize the working capital or cash required to run the Company’s business

  

	 	•	 	To set the highest standards for ethical business practices and conduct the Company’s business in compliance with all laws, particularly in the area of safety, environmental,
and community awareness 

  

	 	•	 	To provide the organizational tools to execute the Company’s business plans by instituting an effective planning process, responsible stewardship programs, employee training
and development techniques and appropriate incentive awards. 

  

 8Employment Contract dated April 1, 2003

 EXHIBIT 10.1 
 EMPLOYMENT AGREEMENT 
  
 This EMPLOYMENT AGREEMENT (the “Agreement”) is made effective as of April 1, 2003 by and between Senetek PLC, a company organized under the laws of England (the “Company”), and Wade H. Nichols (the “Employee”),
with reference to the following facts: 
  
 RECITALS:

  
 The Company desires to employ the Employee and the
Employee desires to be employed by the Company upon the terms of this Agreement. In consideration of the mutual covenants herein set forth, the parties agree as follows: 
  
 1. Employment: The Company hereby employs the Employee and the Employee hereby accepts employment by the Company as
the Company’s General Counsel and Executive Vice President Corporate Development or in such other capacities consistent with the Employee’s experience and competencies and of a level at least comparable to the positions specified above as
may be assigned to the Employee by the Chief Executive Officer of the Company. 
  
 2. Duties and Powers: The Employee agrees to devote his full business time, attention, energies and abilities to the proper management and conduct of the Company’s business, provided that, subject
to Section 7.3, the Employee may serve on the Board of Directors, advisory committee of for-profit or not-for-profit business organizations at any one time during the Term subject to Board, such approval not to be unreasonably withheld, provided,
further, that such service does not interfere with or detract from the Employee’s services on behalf of the Company. The Employee cannot serve on the board or advisory committee of a competing company. The Employee shall have full power and
authority, subject to the 
  

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 By-laws of the Company and the direction of the Chief Executive Officer and the Board of Directors of the Company (the
“Board”), generally to manage, administer and conduct the business and affairs of the Company within the Employee’s area of responsibility, and shall have such other duties, powers and authority as are prescribed by the Chief
Executive Officer, the By-laws of the Company and the Board . During seventy (70) percent of each year during the Term the Employee shall be based in an owned or leased residence in the Napa, California area, and during the balance of each such year
the Employee shall be based in his current residence in Sagaponack, New York, in each case subject to business travel. The Employee shall relocate to the Napa, California area promptly following the Commencement Date (as defined in Section 3) and
shall initially reside in hotel accommodations. The Company shall pay airfare and expenses for not more than two (2) round-trips by the Employee’s wife to search for a residence and not more than six (6) one-way airfares per calendar year for
the Employee’s wife to travel between such California and New York residences to maintain the same. The Company shall not be responsible for any expenses of leasing or financing the purchase of a Napa area residence. However, once such
residence is acquired the Company shall reimburse the Employee’s reasonable expenses of moving household effects of the Employee from Long Island, New York to such residence in the Napa, California area in accordance with the Company’s
ordinary moving expense reimbursement policies. Should this employment contract not be extended at the end of two years or if the employee is terminated without cause, the company shall reimburse the employee’s reasonable expenses of moving
household effects of the employee from Napa, California to such residence selected by employee in accordance with the Company’s ordinary moving expense reimbursement policies but in an amount not greater than what was paid on the move out to
Napa, California. 
  
 3. Term: The term of employment of
the Employee by the Company pursuant to this Agreement (the “Term”) shall commence on March 1, 2003 (the “Commencement Date”) and shall continue until 
  

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 the second anniversary of the Commencement Date, unless the Employee’s employment is sooner terminated in accordance
with Section 5 or 6. Should the Employee continue in the employ of the Company following the expiration of the Term, such employment shall be on all of the terms and conditions of this Agreement except that the same shall be terminable by the
Employee or the Company upon sixty (60) days notice. 
  
 4.
Compensation: The Company hereby agrees to pay to the Employee an annual salary initially of $243,000. The Employee’s salary shall be subject to periodic increase from time to time in the discretion of the Chief Executive Officer and the
Compensation Committee of the Board. Such salary, as the same may be increased from time to time, shall not be reduced. Such salary shall be payable in installments according to the Company’s regular payroll practice, subject to withholding and
social security, unemployment and other taxes; provided that if the Employee’s employment terminates on any date other than on the last day of a pay period, then the compensation payable pursuant to this Section 4 for the pay period
during which employment terminated shall be prorated. 
  
 5.
Other Benefits 
  
 5.1 Management Bonus Plan:
Commencing with calendar year 2003, the Employee shall be eligible to participate in a Management Bonus Plan to be developed and administered by the Compensation Committee of the Board pursuant to which, for each calendar year, participants may
earn, based on Company and individual performance, up to a predetermined amount of a bonus fund measured by the extent to which the Company’s performance achieves objective financial performance criteria, all as determined by the Compensation
Committee, such bonus to be payable in cash and/or shares of the Company’s stock, all as determined by the Compensation Committee. In recognition of 
  

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 Employee’s services as a consultant, the Employee’s bonus for 2003 shall be calculated as if the Employee had
commenced service effective January 1, 2003, and shall not be prorated. 
  
 5.2 Vacation: The Employee shall accrue and be entitled to take three (3) weeks of paid vacation in each calendar year during the term. Upon any termination of the Employee’s employment, the Employee shall be entitled to be paid
for any accrued but unused vacation. 
  
 5.3 Expenses: The
Company shall reimburse the Employee for reasonable travel, entertainment and other business expenses incurred in connection with the performance of his duties hereunder, in accordance with the policy of the Company with respect thereto. 

 
 5.4 Employee Benefit Plans: The Employee shall be entitled to
participate, on the same terms as other employees of the Company of the Employee’s level, in any medical, dental or other health plan, pension plan, profit-sharing plan, and life or disability insurance plan that the Company may from time to
time adopt or maintain, any of which may be changed, terminated or eliminated by the Company at any time in its exclusive discretion. 
  
 5.5 Car Allowance: Employee shall be entitled to a car allowance in the gross amount of $600.00 per month. 
  
 5.6 Stock Options: The Chief Executive Officer shall recommend to the
Compensation Committee of the Board that promptly after the date hereof and prior to the Commencement Date the Employee be granted (subject to invalidation if the Employee fails to commence employment) stock options to purchase 150,000 American
Depositary Shares representing Common Stock of the Company 
  

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 at an exercise price equal to the market price of the American Depositary Shares on the date of grant pursuant to the
Company’s Stock Option Scheme 1. In addition, during the Term the Employee shall be considered for grants of stock options from time to time pursuant to the Company’s Stock Option Scheme 1, or such other stock option plan for executives of
the Company as may succeed it, the grant of any such stock options and the terms thereof to be solely within the discretion of the Chief Executive Officer and the Compensation Committee. 
  
 6. Termination 
  
 6.1 By the Company for Cause: The Company may terminate this Agreement and the Employee’s employment for cause, effective immediately on the
day it gives notice of such termination to the Employee. “Cause” for this purpose shall be defined as insobriety; conviction of a misdemeanor involving moral turpitude or a felony; illegal business practices in connection with the
Company’s business; misappropriation of the Company’s assets; willful violation of Company policies; excessive absence of the Employee from his employment during usual working hours for reasons other than vacation, disability or sickness;
or any material breach by the Employee of any term or provision of this Agreement including without limitation any failure to perform his duties hereunder in accordance with the directions of the CEO. On such termination for cause, the Employee
shall be entitled only to his compensation hereunder to the date of such termination, and shall not be entitled to any other compensation, including, without limitation, any severance compensation. 
  
 6.2 Disability: If the Employee becomes unable fully to perform the
Employee’s duties hereunder because of legal disability (including an injunction or similar order or decree of a court of competent jurisdiction preventing or substantially impairing the performance of his duties hereunder), 
  

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 the Company may terminate this Agreement by written notice to the Employee effective on the date stated in the notice. In
addition, except as otherwise required by applicable law, if the Employee becomes unable fully to perform the Employee’s duties hereunder because of physical or mental injury or illness and such inability continues for a period of six
consecutive months or eight months in any twelve month period, the Company may terminate this Agreement by written notice to the Employee effective at the end of such six month or twelve month period, and the Employee shall not be entitled to any
compensation or other payment after the effective date of such notice, provided that Employee shall be entitled to disability benefits under any Company-provided disability benefit plan. 
  
 6.3 Death: In the event of the Employee’s death during the term
of this Agreement, this Agreement shall automatically terminate on the date of death, and the Employee’s legal representative shall be entitled to receive payment of the Employee’s compensation hereunder to the date of the Employee’s
death, and shall not be entitled to any other compensation or payment, provided, however, that Employee’s designated beneficiary shall be entitled to death benefits under any Company-provided life insurance plan or program in which the
Employee participated on the date of death. 
  
 6.4 Other
Termination: The Company reserves the full right and authority to terminate the Employee’s employment otherwise than as provided in Section 6.1, 6.2 or 6.3, for any reason or without reason. The Employee also reserves the full right and
authority to terminate the Employee’s employment in the event of a material breach by the Company of the terms of this Agreement, provided (A) that the Employee shall give the Company fifteen days’ prior written notice of such
breach and the Company shall have the right to cure such breach during such period or (B) in the event that the Compensation Committee of the Board shall not approve and implement the recommendations of management referred to in the first two
sentences of Section 5.6. If the Company or the Employee so 
  

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 terminates the Employee’s employment, the Employee shall be entitled to receive (subject to compliance with the
terms of Section 7) continued payment of the Employee’s compensation under Section 4, at the rate in effect on the date of termination, for a period of the balance of the contract provided that there is at least twelve months remaining on the
employee’s contract. If the remaining time period is less than 12 months then payment shall be six months, in lieu of any and all other benefits provided under this Agreement other than as provided in any benefit plans of the Company in which
the Employee then participates. Provided that the Company complies with its obligations of timely payment of compensation as set forth herein, the Employee hereby waives, to the fullest extent permitted by law, any and all other claims or causes of
action, whether statutory, contractual, tortuous or other, based upon arising out of such termination of employment. If employee tenders his resignation on his own accord, the Company shall not have any obligation with respect to future payments.

  
 6.5 Merger; Sale of Assets: This Agreement shall not be
terminated by any reorganization, merger or consolidation of the Company, any sale of all of substantially all of the assets of the Company, or the adoption by the stockholders of the Company of a plan relating to the liquidation or dissolution of
the Company in connection with any such other transaction (collectively, a “Corporate Event”), if a surviving or resulting corporation or other entity or person continues (or resumes after a period of not more than sixty days) the business
of the Company. In any such event, if the business of the Company is so continued or so resumed, this Agreement shall be binding on and shall inure to the benefit of the corporation or other entity or person surviving or resulting or to which such
assets shall have been transferred, and the Employee shall be assigned duties with respect to that part or division of such corporation or other entity or person that continues the business of the Company that are comparable to the Employee’s
duties with respect to the Company immediately prior to such 
  

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 transaction. If, in any such event, the business of the Company is not so continued or so resumed, or the Employee is not
assigned duties comparable to the Employee’s duties immediately prior to such transaction, such event shall be deemed to constitute termination pursuant to Section 6.4, except as otherwise provided in Section 6.6. 
  
 6.6 Hostile Change of Control: In the event of (a) any Corporate
Transaction following which those persons who were stockholders of the Company immediately prior to such Corporate Transaction hold less than a majority of the voting power of the surviving or resulting corporation or other legal entity, or (b) any
acquisition by any individual or group acting in concert of a controlling bloc of the voting securities of the Company, or (c) any change in the Board such that a majority of the members have served less than twelve months and were not elected or
nominated for election by a majority of members who have served for at least twelve months, then unless any such event described in clause (a), (b) or (c) was approved in advance by a majority of members of the Board of Directors who have served for
at least twelve months or were elected or nominated for election by a majority of members who have served for at least twelve months, if within twelve months after such event the Employee’s employment is terminated as provided in Section 6.4,
then in lieu of the severance provided for in Section 6.4, the Company shall pay to the Employee in a lump sum an amount equal to the lesser of (i) two times the sum of the Employee’s compensation during the calendar year of the Term in which
the Employee received the highest total cash compensation, or (ii) the maximum amount that could be paid to the Employee without causing any payments made to the Employee with respect to such event to constitute an “excess parachute
payment” as such term is defined in Section 280G(b)(1) of the Internal Revenue Code or any successor provision thereof. 
  
 7. Trade Secrets. Patents. Competition. Etc. 
  

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 7.1 Trade Secrets: The Employee acknowledges that as an officer and employee of the Company he has
had and will have access to and has and will become acquainted with various trade secrets and other proprietary and confidential information of the Company (the “Trade Secrets”), which may consist of, among other things, designs,
equipment, devices, patterns electronically recordable data or concepts, computer programs, software and hardware, software and hardware enhancements, modifications and improvements, secret inventions, processes, compilations of information, books,
papers, records and specifications, names, buying habits and practices of customers or potential customers of the Company, marketing methods, operating practices and related data, names of vendors and suppliers, costs of materials, prices the
Company obtains or has obtained or at which it sells or has sold its products or services, manufacturing and sales costs, lists or other written records used in the Company’s business, compensation paid to Company employees and consultants and
other terms of employment, all of which are owned by the Company and are regularly used or contemplated to be used in the business of the Company. 
  
 The Employee agrees that he will not at any time, whether during or subsequent to the term of his employment by the Company, without the specific written
consent of the Company in the particular case, directly or indirectly use, disclose or communicate to any person or entity any Trade Secrets, for any purpose, except such as have been publicly disclosed through no act or omission of the Employee.
The Employee further acknowledges and agrees that this Section 7 prohibits and precludes any use of Trade Secrets by him or by any person obtaining any Trade Secrets directly or indirectly from him in competition with the Company. 
  
 The Employee further agrees that all written materials, including without
limitation files, 
  

 9 

 records, documents, drawings and specifications, and all equipment and devices and all other items relating to the
business of the Company, whether prepared by or with the assistance of the Employee or otherwise coming into his possession, control or knowledge, are and shall remain the exclusive property of the Company and shall not be removed from the premises
of the Company under any circumstances. On termination of his employment with the Company for any reason, the Employee agrees to deliver promptly to the Company all of the foregoing which are or have been in his possession or under his control.

  
 7.2 Inventions, Designs and Patents: The Employee
agrees that he will promptly and fully inform and disclose to the Company all inventions, designs, improvements and discoveries which he conceives, alone or together with others, during the term of this Agreement which relate to the existing or
contemplated business of the Company (“Inventions”). All Inventions are and shall remain the exclusive property of the Company. The Employee agrees to assist the Company to obtain any and all patents, trademarks, service marks and
copyrights relating to Inventions and to execute all documents and do all things necessary to obtain letters patent and trademark, service mark and copyright registrations, to vest the Company with full and exclusive title to each Invention, all as
and to the extent the Company may request. 
  
 Notwithstanding the
foregoing provisions of this Section 7.2, this Section 7.2 shall not apply to an Invention developed entirely on the Employee’s own time without using the Company’s equipment, supplies, facilities, or trade secret information except for
those Inventions that result from any work performed by the Employee for the Company. The Employee acknowledges that this paragraph constitutes the notification contemplated by California Labor Code section 2872. 
  

 10 

 7.3 Competition and Solicitation: The Employee agrees that the Employee will not at any time
during employment by the Company directly or indirectly own other than a passive investment interest in, or be connected as an officer, employee, agent, independent contractor, consultant, partner, shareholder or principal with, any corporation,
partnership, proprietorship, association, or other entity or person engaged in developing, producing, designing, providing, soliciting orders for, selling, distributing or marketing products or services that directly or indirectly compete with the
Company’s products, services or business. 
  
 The Employee
further agrees that the Employee will not at any time during employment by the Company and for a period of one year following termination (voluntary or involuntary, whether or not for cause) of the Employee’s employment with the Company,
directly or indirectly, and whether or not for compensation, interfere with the business of the Company in any manner, including, without limitation (a) by diverting or attempting to divert from the Company any business in which the Company is
engaged or contemplates engaging, or (b) by inducing any employee of the Company to leave the Company’s employ or any consultant or other independent contractor for the Company to change or terminate any relationship between that person and the
Company. 
  
 7.4 Injunctive Relief: The Employee
acknowledges and agrees that failure to perform any of the Employee’s covenants in this Section 7 would cause irreparable injury to the Company and cause damages to the Company which would be difficult or impossible to quantify or redress with
money damages. Accordingly, without limiting any remedies that may be available with respect to any breach of this Agreement, upon a showing by the Company of a breach or threatened breach of this Section 7 by the Employee, the Employee consents to
the entry of an injunction to restrain any breach of this Section 7. 
  

 11 

 7.5 Infringement: The Employee represents and warrants that the Employee does not possess and will
not knowingly use, in connection with the Employee’s employment by the Company, any trade secrets or other confidential or proprietary information or intellectual property in which any other person has any right, title or interest and that the
Employee’s employment by the Company as contemplated hereby will not infringe or violate the rights of any other corporation, partnership, firm, proprietorship, association or other person. 
  
 7.6. Survival: The representations, warranties and agreements in this
Section 7 shall survive any cancellation, termination, rescission or expiration of this Agreement and any termination of the Employee’s employment with the Company. 
  
 8. Severability: The invalidity or unenforceability of any provision hereof shall in no way affect the validity or
enforceability of any other provision hereof. 
  
 9.
Notices: Except as otherwise specifically provided herein, any notice, consent, demand or other communication to be given under or in connection with this Agreement shall be in writing and shall be deemed duly given on the date delivered
personally or transmitted by facsimile transmission, or one day after being deposited with Federal Express or other nationally recognized delivery service for overnight delivery, or three days after being mailed by first class mail, charges or
postage prepaid, properly addressed, if to the Company, at its principal office, and, if to the Employee, at his address set forth following his signature below. Either party may change such address from time to time by notice to the other.

  

 12 

 10. Governing Law: This Agreement shall be governed by and construed and interpreted in accordance
with the laws of the State of California. 
  
 11.
Assignment: Except as otherwise specifically provided herein, neither party shall assign this Agreement or any rights hereunder without the consent of the other party, and any attempted or purported assignment without such consent shall be
void; provided that the Employee’s consent shall not be required hereby for any of the transactions to which Section 6.5 hereof refers. This Agreement shall otherwise bind and inure to the benefit of the parties hereto and their
respective successors, assigns, heirs, legatees, devisees, executors, administrators and legal representatives. 
  
 12. Entire Agreement: This Agreement contains the entire agreement of the parties and supersedes all prior or contemporaneous negotiations,
correspondence, understandings and agreements between the parties regarding the subject matter of this Agreement. This Agreement may not be amended or modified except in writing signed by both parties and supported by new consideration. 

 
 13. Upon execution of this agreement the employee shall tender his
resignation from Senetek PLC’s Board of Directors effective immediately. 
  
 IN WITNESS WHEREOF, this Agreement has been duly executed by or on behalf of the parties hereto as of the date first above written. 
  

	Senetek PLC
		
	 By
	 	  

	 	 	 Frank J. Massino
 Chairman & CEO

	 
		
	 	 	

	 	 	 Wade H. Nichols
 P.O. Box 751
 Sagaponack, New York 11962

  

 13

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