Document:

Exhibit 10.7

EXHIBIT 10.7

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and effective as of January 1, 2007 between XENACARE HOLDINGS INC., a Florida corporation the “Corporation”), and ALAN XENAKIS, MD, an individual (“Executive”).

WHEREAS, Executive has been in the employ of the Corporation as its Chief Executive Officer, Chairman of the Board and Member of Compensation Committee.

WHEREAS, the Corporation desires to assure the continuation of Executive’s services in connection with its business and that of its subsidiaries and affiliates: 

THEREFORE, in consideration of the premises and convenants herein set forth, it is agreed as follows:

1. Employment. Corporation hereby employs Executive and Executive accepts such employment on the terms and conditions set forth herein.

2. Term of Employment. Subject to the provisions set forth herein, the term of Executive’s employment hereunder shall continue for seven (7) years until January 1, 2014.

3.

Duties. Executive shall be employed and perform duties similar to those that he is now performing on behalf of the Corporation. Executive shall be entitled to consult for any other entities and individuals of his choice, and perform such activities but not limited to writing books, articles, blogs, produce videos, television programs, pod-casts, CD’s, host Radio/TV specials, and/or talk shows, host websites, lecture, and teach in addition to performing his duties for the Corporation. The Executive may be allowed to live and perform his duties from anywhere in the world.

4.

Compensation. For all services be may render to the Corporation during the term of this Agreement, including services as officer, director or member of any committee of the Board of Directors of the Corporation and its subsidiaries, Executive shall receive the following compensation:

4.1

Executive shall receive a base salary at the rate of $12,000 per month paid bi-monthly in equal installments. The base salary may be increased at the discretion of senior management but not decreased. The Executive shall receive a minimum automatic base monthly salary raise each year of no less than 20% of the previous year. The Executives’ base salary shall always be equal to or greater but never less than any other senior executive or senior consultant’s base salary during terms of this agreement.

4.2

In the event the Company fails for any reason to pay Executive’s base salary as defined in Section 4.1, and Executive continues to serve in his capacity as Executive, then the Executive’s base salary

shall automatically have his monthly salary adjusted to his current monthly salary plus an additional $6,000 per month and Company shall pay interest of 18%, the maximum allowable in Florida, to Executive to accrue daily until employment ceases or Executive’s  base salary is paid, in full Partial payments  shall be first applied to back interest and then to principal balance.

4.3

In addition to the base salary set forth in section (4.1) and (4.2) above the Executive shall be entitled at a minimum to such bonus compensation (in cash, capital stock or other property) equivalent to the highest paid out bonus to any one Corporate Executive or Senior Consultant in a given year. This bonus structure shall continue through the term of this contract. In addition, the Board of Directors may award  the Executive the bonus at their discretion.

4.4

If during the course of this contract the Corporation enters into any licensing agreement where product license fees are paid to the company or any individual within the company the Executive shall receive 10% percent of that licensing fee as bonus for the term of the life of the license, including its renewal even if it exceeds the term of this agreement. 

4.5

The Company shall at that time of any/all mergers and acquisitions or other reasons for issuance of stock or the Effective Date of any/all mergers and acquisitions the Executive shall be issued/general warrants, shares, options of the Company’s stock (restricted, common or preferred) at least equal to their granted to any other senior executive of the Company as a result of the merger or acquisition or other action involving stock (restricted, common or preferred) during the term of the Executive’s employ and up to five years after the Executive has left the company and under no circumstances less than what is offered to any other senior member of the company. All equity based incentive compensation will vest immediately.

5. 

Benefits. During the term of this Agreement, Executive shall be entitled to the following executive benefits.

5.1

Executive shall be entitled to vacation time without reduction in salary, in accordance with the corporate policies.

5.2

During the period of his employment, Executive shall be reimbursed in accordance with the corporate policies, for traveling and other business expenses incurred in connection with the performance of his duties hereunder, subject to reasonable verification as required in order for the Corporation to comply with applicable laws and regulations and accounting practices.

5.3

Executive shall not be required to relocate and may live wherever he wishes.

5.4

Executive shall be provided paid health and dental insurance for himself and his family.

5.5

Executive shall be provided by the Corporation the cost of tax preparation and consultation.

5.6

The Executive shall be entitled to participate in such pension and profit sharing plans as the Corporation provides to its senior executives.

5.7

Executive shall be entitled to all other benefits of employment on terms no less favorable to Executive than the terms offered to other senior executive of the Company.

6. Termination. The employment of Executive may be terminated at any time by:

(i) Action of the Board of Directors at any time prior to the expiration of the seven year (7) duration by tendering to Executive full payment of all compensation due for the remainder of this Agreement as a condition concurrent with Notice of Termination.

7. Assignment, Change in Control

7.1 The rights and obligations of the Corporation under this Agreement shall inure to the benefit of and be binding upon the successor and assignees of the Corporation including in the event of a Change in Control. Change in Control shall mean any transaction or series of related transactions, whether involving the Corporation, the Holders of any class or series of its Stock (whether now or hereafter authorized), or both, resulting in any Person or group of Persons acting in concert who were not theretofore the Holder or Holders of Voting Securities enabling the Holder or Holders thereof to cast more than a majority of the votes which may be cast for the election of directors becoming the Holder or Holders of at least such amount of Voting Securities (for such purpose, treating instruments or Securities issued in such transaction which are convertible into or exchangeable or exercisable for Voting Securities as being so converted, exchanged or exercised upon issuance, regardless of the terms thereof).

8. Indemnity. To the fullest extent permitted by law, the Corporation shall indemnify Executive and hold him harmless for any acts or decisions made by him in good faith while performing services for the Corporation. In addition, to the fullest extent permitted by law, the Corporation shall pay all expenses, including attorneys’ fees, actually and necessarily incurred by Executive in connection with the defense of any action, suit or proceeding challenging such acts of decisions and in connection with any appeal thereon including the costs of settlement. This indemnification obligation shall survive the termination of the Executive’s employment hereunder.

9.

Miscellaneous.

9.1

The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver of any such provision nor prevent such party thereafter from enforcing such provision or any other provision of this Agreement. The rights granted both parties herein are cumulative and the election of one shall not constitute a waiver of such party’s right to insert all other legal remedies available under the circumstances.

9.2

Any notice to be given to the Corporation under the terms of this Agreement shall be addressed to the Corporation, at the address of its principal place of business, and any notice to be given to Executive shall be addressed to him at his home address last shown on the records of the Corporation, or such other address as either party may hereafter designate in writing to the other. Any notice shall be deemed duly given when mailed by registered of certified mail, postage prepaid, as provided herein.

9.3

The provisions of the Agreement are severable, and if any provision of this Agreement shall be held to be invalid or otherwise unenforceable, in whole or in part, the remainder of the provisions or enforceable parts thereof, shall not be affected thereby.

9.4

This Agreement supersedes all prior agreements and understandings between the parties hereto, oral or written, and may not be modified or terminated orally. No modification, termination or attempted waiver shall be valid unless in writing, signed by the party against whom such modification, termination or waiver is sought to be enforced.

9.5

This Agreement shall be interpreted construed and governed according to the laws of the State of Florida. The parties hereto consent to jurisdiction and venue in Broward County, Florida.

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

XENACARE HOLDINGS, INC.

By: Alan P. Xenakis, MD

Title: Chairman and CEO

ALAN XENAKIS, MD

 EXECUTIVEExhibit 10.8

EXHIBIT 10.8

Employment Agreement

THIS Employment AGREEMENT (“Agreement”) is made as of January 1, 2007 between XENACARE HOLDINGS, INC., a Florida corporation (the “Company”), and Frank Rizzo, an individual (the “Employee”) as President.

WHEREAS, the Company engages in the development of nutritional products from the raw material stage to distribution, and is seeking business relationships and business combinations with like companies; and

WHEREAS. Consultant is experienced in all aspects of business development, including but not limited to planning, implementation, employment issues, mergers and acquisitions and finance; and

WHEREAS, the Company recognizes that the employee is not in the business of stock brokerage, investment advice, activities which require registration under either the Securities Act of 1933 (hereinafter the “Act”) or the Securities and Exchange Act of 1934 (hereinafter the “Exchange Act”), underwriting, banking, is not an insurance Company, nor does he offer services to the Company which may require regulation under federal or state securities laws; and 

WHEREAS, the Company and the Employee wish to establish a business relationship to expand the Company’s business presence and defining Employee’s status with the Company as President.

THEREFORE, in consideration of the premises and covenants herein set forth, it is agreed as follows:

1. Engagement. Company hereby engages The Employee on the terms and conditions set forth herein.

1.1

The Employee will consult with the Company as its request in the areas of expertise at mutually acceptable times and places.

1.2

The Company shall not engage any other Employee specifically to perform the duties established herein as duties to be performed by Mr. Rizzo...

2. Term of Engagement. Subject to the provisions set forth herein, the term of Consultant’s engagement hereunder shall continue for five (5) years. The Company may

terminate the Agreement at any time prior to its five-year duration by notifying The Employee in writing of such termination (“Notice of Termination”), and by tendering to Employee full payment of all consideration due for the remainder of this Agreement (“Termination Payment”) as a condition concurrent with Notice of Termination.

2.1 Alternately, the Emplpoyee may at his sole discretion elect to accept a one-time Termination Payment of the Company’s Common Stock under the following terms and conditions:

i. The number of shares to be issued shall be 120 percent of the amount equal to the Salary and health insurance premiums, and shall include payment in stock for any and all pay periods for which Employee would have camed his fee under this Agreement.

ii. The stock price to be used to calculate the number of shares to be issued shall be equal to the average closing price on the five trading days prior to the date the Termination Payment is due, if the Company is publicly trading. If the Company is private, the stock price to be used to calculate the number of shares to be issued shall be determined by an independent auditor employing generally accepted accounting principals for such determination.

iii. If the Company for any reason fails to make the Termination Payment within two (2) weeks after the Termination Date, then the payment due shall be equal to twice the number of shares (two hundred (200) percent of the shares), due on the termination date.

iv. The shares issued as alternate compensation shall be registered with the Securities and Exchange Commission on a Form S-8 or any applicable registration statement by which the shares may be registered in an expedient manner, including by not limited to an S-3 or piggyback rights to any pending SB-2, and shall be free trading shares at issuance.

v. In the event the Company opts to pay The Employee for the balance of his Agreement with the Company’s Common Stock, and Consultant so agrees, the Company shall also issue five warrants for each share of Common Stock issued pursuant to this Section 2.1, (the “Warrants”) to purchase shares of Common Stock issuable upon conversion. The exercise price for each block of five Warrants is fifty cents ($0.50) and shall be substantially the form annexed hereto as Exhibit A. The Employee shall be entitled to Registration Rights for the Common Stock underlying the Warrants immediately following the Company’s Notice of Termination to Consultant, and the election of both Parties to pay and accept Common Stock as the Termination

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Payment. The underlying shares of stock available upon exercise of said warrants shall receive piggyback registration to any current filing the Company is engaged in at the time it notifies consultant of its desire to pay the Termination Payment in Common Stock, or separately on a Form S-3 or any other applicable registration form to render the underlying shares free trading as soon as practicable.

3. Default.

3.1 For the purposes hereof, the following shall constitute an Event of Default (“Event of Default”): the failure of the Corporation to pay to Consultant any amount due under this Agreement within ten (10) days after it is due.

3.2 Upon the occurrence of an Event of Default, the total amount to be paid under this Agreement, including health insurance benefits of $10,000 per year, (the “Default Amount”) shall, at the option of Employee, become immediately due and payable without notice or demand. In such event, the Employee may forthwith give written notice to the Corporation, whereupon the Corporation shall, at its expense, promptly deliver payment to such place as the Employee may designate.

3.3 The Employee may elect to accept, in the Event of Default, shares of the Company’s Common Stock, governed by the following terms and conditions:

i. The number of shares to be issued shall be 120 percent of the amount equal to the Payroll and health insurance premiums, and shall include payment in stock for any and all pay periods for which Consultant would have earned his fee under this Agreement.

ii. The stock price to be used to calculate the number of shares to be issued shall be equal to the average closing price on the five trading days prior to the date the Termination Payment is due, if the Company is publicly trading. If the Company is private, the stock price to be used to calculate the number of shares to be issued shall be determined by an independent auditor employing generally accepted accounting principals for such determination.

iii. If the Company for any reason fails to make the default payment within two (2) weeks after Employee gives written notice to the Company that payment is due, then the payment due shall be equal to twice the number of shares (two hundred (200) percent of the shares), due on the date Employee gives written notice of payment due.

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iv. The shares issued as alternate compensation shall be registered with the Securities and Exchange Commission on a Form S-8 or any applicable registration statement by which the shares may be registered in an expedient manner, including by not limted to an S-3 or piggyback rights to any pending SB-2, and shall be free trading shares at issuance.

v. In the event the Company opts to pay Employee for the balance of his Agreement with the Company’s Common Stock, and Consultant so agrees, the Company shall also issue five warrants for each share of Common Stock issued pursuant to this Section 3.3, (the “Warrants”) to purchase shares of Common Stock issuable upon conversion. The exercise price for each block of five Warrants is fifty cents ($0.50) and shall substantially the form annexed hereto as Exhibit A Consultant shall be entitled to Registration Rights for the Common Stock underlying the Warrants immediately following the Notice of Default, and the election of both Parties to pay and accept Common Stock as the Default Payment. The underlying shares of stock available upon exercise of said warrants shall receive piggyback registration to any current filing the Company is engaged in at the time it notifies consultant of its desire to pay the Default Payment in Common Stock, or separately on a Form S-3 or any other applicable registration form to render the underlying shares free trading as soon as practicable.

4. Duties. Such employee shall be scheduled at mutually beneficial times and shall include all services ordinarily provided by Employee in the course of business. Such consultation shall not require Employee to travel outside of the State of Florida, unless Consultant agrees to such travel.

5. Compensation. For all services employee may render to the Company during the term of this Agreement and in consideration of the agreement to work with the Company, Consultant shall receive the following compensation:

5.1 Compensation:

(i)

A base fee of $144,000.00 annually, paid in equal installments on the 15th and on the last day of each month;

(ii)

Employee shall be reimbursed up to $10,000 per annum for health-related insurance and costs.

6. Trade Secrets. Employee agrees that it will not, during or after the termination of Employee’s engagement with the Company, furnish or make accessible to any person, firm,

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Company or any other entity any trade secrets, technical data, customer list, sales representatives, or know-how acquired during the term of engagement with the Company which relates to the past and current business, practices, methods, processes, programs, equipment or other confidential or secret aspects of the business of the Company, or its subsidiaries or affiliates or any portion thereof, without the prior written consent of the Company, unless such information shall have become public knowledge, other than being divulged or made accessible by employee.

7. Non-disclosure. During the term of engagement and for two (2) year after its termination, Employee will not, directly or indirectly, disclose the names of the Company’s customers, prospects or sales representatives or those of its subsidiaries and affiliates or attempt to influence such customers or representatives to cease doing business with the Company or its subsidiaries or affiliates.

Employee shall communicate and make known to the Company all knowledge possessed which it may legally impart relating to any methods, developments, designs, processes, programs, services, and ideas which concern in any way the business or prospects of the Company and its subsidiaries and affiliates from the time of entering this Agreement until the termination thereof.

8. Conflict of Interest. Employee agrees that during the term of engagement and any extensions thereof, Employee will comply with the policy of the Company with respect to the Company entering into, directly or indirectly, any transactions with any business organization or other entity in which Employee has a direct or indirect ownership interest.

9. Compensation. Employee is aware that this agreement involves a taxable event and that the Company is required to report such compensation to the Internal Revenue Service. The Company will issue a Form W2 to Employment for services rendered each year. Employee will be responsible for payment of all applicable income and other taxes from consulting compensation under this agreement.

10 Miscellaneous.

10.1 The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver of any such provision, nor prevent such party thereafter from enforcing such provision or any other provision of this Agreement. The rights granted both parties herein 

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are cumulative and the election of one shall not constitute a waiver of such party’s right to assert all other legal remedies available under the circumstances.

10.2 Any notice to be given to the Company under the terms of this Agreement shall be addressed to the Company, at the address of its principal place of business, and any notice to be given to Employee shall be addressed to its principal place of business as last shown on the records of the Company, or such other address as either party may hereafter designate in writing to the other. Any notice shall be deemed duly given when mailed by registered or certified mail, postage prepaid, as provided herein.

10.3 The provisions of the Agreement are severable, and if any provision of this Agreement shall be held to be invalid or otherwise unenforceable, in whole or in part, the remainder of the provisions, or enforceable parts thereof, shall not be affected thereby.

10.4 The rights and obligations of the Company under this Agreement shall inure to the benefit of and be binding upon the successors and assignees of the Company.

10.5 This Agreement supersedes all prior agreements and understandings between the parties hereto, oral or written, and may not be modified or terminated orally. No modification, termination or attempted waiver shall be valid unless in writing, signed by the party against whom such modification, termination or waiver is sought to be enforced.

11. Other.

This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original and all of which shall constitute the same instrument, but only one of which need be produced. 

This Agreement may be executed by fax. Any signature page delivered by a fax machine or facsimile copy machine shall be binding to the same extent as an original signature page, with regard to any agreement subject to the terms hereof or any amendment thereto. Any party who delivers such a signature page agrees to later deliver an original counterpart to any party which requests it.

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

					
	XENACARE HOLDINGS, INC.

	 

	By:

	

	 

	Secretary

	 

	 
	 
	 

	Frank W. Rizzo

	 

	By:

	

	 

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