Document:

Exhibit 10.3

 

Execution Copy

 

AGREEMENT

 

This Agreement is entered
into as of the 20th day of June, 2014, by and between Rock Creek Pharmaceuticals, Inc. (f/k/a Star Scientific, Inc.), with its
principal place of business at 2040 Whitfield Avenue, Suite 300, Sarasota, Florida 34243 (the “Company”), and David
M. Dean, an individual residing at 35 Hunting Ridge Road, Manakin-Sabot, Virginia 23103 (“Employee”).

 

RECITALS

 

WHEREAS, Employee
has been employed by the Company as Vice President of Sales and Marketing of the Company since November 1, 1999, pursuant to an
Executive Employment Agreement (“Executive Employment Agreement”) that is continuing on a month-to-month basis according
to its terms; and

 

WHEREAS, the
Company wishes to provide Employee with certain assurances inasmuch as Employee’s position with the Company is to be terminated
by the Company on a basis other than for cause as part of the Company’s transition of its business operations; and

 

WHEREAS, the
Company desires that Employee be available to provide certain consulting services to the Company, and Employee desires to provide
such services, pursuant to the terms set forth herein.

 

NOW THEREFORE,
in consideration of the premises, covenants and undertakings set forth herein, the parties hereby agree as follows:

 

1.                 
Employee’s Executive Employment Agreement will continue pursuant to its terms until June 30, 2014 (the “Separation
Date”), at which point Employee’s status as an employee will be terminated. Employee will not be required to continue
to provide services under his Executive Employment Agreement between the date of this Agreement and the Separation Date.

 

2.                 
On or within fourteen (14) days of the Separation Date, the Company shall pay Employee the amount of unreimbursed expenses
incurred by Employee and submitted to the Company for reimbursement. As of the Separation Date, Employee is entitled to payment
for fifty (50) days of accrued but unused vacation pay, totaling $56,730.77. This amount (less required deductions for taxes) shall
be paid by the Company to Employee in equal installments over the next four (4) pay periods following the Separation Date. Employee
acknowledges that he was not required to sign this Agreement, including the attached General Release and Waiver of Claims, in order
to receive payment of the same. In addition, the Company will pay to Employee eighteen (18) months of salary continuation payments.
The salary continuation payments will be calculated based on Employee’s yearly base compensation of $295,000 per year (i.e.,
1/12 of the yearly base compensation per month) and will be paid as set forth in Section 3 below.

 

    	 

    	 

    

 

Execution Copy

  

3.                 
During the first six (6) months following the Separation Date, the salary continuation payments will be paid in cash in
accordance with the Company’s customary payroll practices. Thereafter, the salary continuation payments will
be paid in four (4) quarterly installments, as set forth in and subject to the terms and conditions set forth in Appendix “A”
attached hereto.

 

4.                 
If Employee elects to continue his participation in the Company’s medical and dental plan through the provisions of
the Consolidated Omnibus Reconciliation Act (“COBRA”), the premiums for such continuation coverage will be payable
by Employee, provided that in such event, the Company will reimburse Employee, as additional compensation, the amount of such premiums
(but not to exceed the monthly Employer contribution to the Company’s medical and dental plans as in effect immediately prior
to the Separation Date) for such coverage for the eighteen (18) month period following the Separation Date. Such reimbursement
payments will be paid to Employee in accordance with the Company’s customary payroll practices.

 

5.                 
Further, as authorized by the Company’s 2000 Equity Incentive Plan or the Company’s 2008 Incentive Award Plan,
the Compensation Committee of the Board of Directors has approved, and the Company hereby exercises, its discretion to extend the
period during which Employee may exercise Stock Options issued to Employee for a period which is the lesser of three (3) years
from the Separation Date (the “Extended Period of Exercisability”) or the expiration date of any particular Stock Option
that would terminate earlier than the Extended Period of Exercisability, as reflected in the agreement attached hereto as Appendix
“B”. The Extended Period of Exercisability shall become effective on the date following Employee’s termination
of employment on which Employee shall have delivered the executed version of the General Release and Waiver of Claims attached
hereto as Appendix “C” (the “Release”) to the Company and shall not have terminated the Release
within the period permitted after execution.

 

6.                 
The Company agrees that the cessation of Employee’s employment with the Company pursuant to this Agreement was a mutual
cessation resulting from a transition in the business focus of the Company, and Employee was not terminated for “cause”
or any similar reason. The executive officers and directors of the Company as of the Separation Date do not have any actual knowledge
of acts or omissions by the Employee that would, to their knowledge, constitute improper action or conduct by Employee at any time
during his employment with the Company.

 

7.                 
The Company agrees to indemnify Employee to the fullest extent permitted by Section 145 of the General Corporation Law of
the State of Delaware and Article Tenth of the Company’s Tenth Amended and Restated Certificate of Incorporation with respect
to claims made based upon acts or omissions by Employee or others during his employment by the Company. The Company agrees that
its obligation to indemnify Employee in accordance with said Article Tenth and this Agreement shall not be diminished by any subsequent
amendment or rescission of said Article Tenth, and shall continue in full force and effect after this Agreement terminates in whole
or in part for any reason. The obligation to indemnify shall apply in any suit or proceeding in which Employee is called as a witness
or is required to answer questions or respond to interrogatories whether or not Employee is a named defendant. Employee’s
right to indemnification includes reasonable reimbursement for lost salary and expenses incurred in connection with Employee’s
participation in the type of matters described above. Subject to the right to indemnification, Employee agrees to reasonably cooperate
with the Company with respect to any current or future litigation and regulatory matters and to assist the Company in defending
against any such litigation and in responding to any regulatory matters.

 

    	 

    	 

    

 

Execution Copy

 

8.                 
The consideration referenced in Sections 2 through 5 of this Agreement is contingent on and subject to Employee
delivering and not revoking an executed form of the Release attached hereto as Appendix “C”, which will extinguish,
among other things, any obligation for the Company to otherwise pay Employee severance under any prior agreement or understanding.

 

9.                 
In consideration for the salary continuation payments and other benefits provided in Sections 2 through 5
of this Agreement, Employee agrees as follows:

 

		a)	To keep all trade secrets and commercially sensitive information (“Confidential
Information”), confidential in accordance with the terms and conditions of Section 6 of Employee’s Executive Employment
Agreement and to comply with the other provisions contained in Section 6 of his Executive Employment Agreement.

 

		b)	During and after termination of employment, Employee agrees not to make any
disparaging comment or statement about the Company, whether or not true, including any statements that could adversely affect the
conduct of the business of the Company, its plans, its proposals or its reputation.

 

		c)	To comply with the restrictions on competition set forth in Section 5 of
Employee’s Executive Employment Agreement prior to and following the termination of his employment.

 

10.             
As additional consideration for the agreements and payments by the Company set forth herein, the Employee agrees that, during
the eighteen (18) months following the Separation Date (the “Consulting Period”), he will provide consulting services
to the Company on matters that may be requested from time to time by the Company that relate to Employee’s former duties
and area of responsibility with the Company, principally sales and marketing matters (collectively, “Consulting Services”).
The Consulting Services may be performed telephonically or by email (at the option of Employee) and upon reasonable advance notice
to Employee and only when the Employee is available to provide the Consulting Services, in the Employee’s reasonable and
good faith discretion. Employee shall be available to perform the Consulting Services not more than five (5) hours per month during
the Consulting Period. Any request to provide Consulting Services shall be made only by the chief executive officer of the Company
in writing (and Employee will not provide Consulting Services at the direction of any other person), and the Company may terminate
the Consulting Period early at any time upon written notice to the Employee. Employee will be paid a consulting fee of $280.00
per calendar month during the Consulting Period for the provision of the Consulting Services plus an additional $140 per hour for
each hour of Consulting Services provided in excess of two (2) hours per calendar month.

 

    	 

    	 

    

 

Execution Copy

 

11.             
This Agreement and the terms of Employee’s Executive Employment Agreement, to the extent it governs Employee’s
conduct following termination of employment, contain the entire and only agreement between the parties with respect to Employee’s
termination as an employee of Company, and any oral or written representations, assurances, agreements or understandings regarding
Employee’s termination as an employee of Company other than those contained or referenced in this Agreement shall have no
force and effect. This Agreement may only be modified by a written agreement signed by both parties.

 

12.             
The Company agrees that Employee may retain, and as of the Separation Date the Company shall transfer to him, all of the
items of personal property listed on Appendix “D” hereto.

 

13.             
This Agreement shall be construed in accordance with the laws of Virginia without regard to its conflict of law principles.

 

 

 

 

[Signature page follows]

 

    	 

    	 

    

 

Execution Copy

 

In
witness whereof, the parties hereto executed this Agreement as of the date first written above.

 

 

	ROCK CREEK PHARMACEUTICALS, INC.	 	 
	(F/K/A STAR SCIENTIFIC, INC.)	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	By:	/s/ Michael J. Mullan	 	/s/ David M. Dean
	 	Michael J. Mullan, MBBS (M.D.), Ph.D.	 	David
M. Dean
	 	Chairman and CEO	 	 

 

    	 

    	 

    

 

Execution Copy

 

Appendix “A”

SEVERANCE PAYMENT AND STOCK GRANT TERMS

 

The
following terms apply to the salary continuation payments to be made to Employee pursuant to Sections 2 and 3 of
the Agreement. Capitalized terms that are used but not defined in the Agreement or in this Appendix “A”
shall have the meaning ascribed to them in the Plan (as defined below).

 

		1.	Payment, Grant and Vesting Schedules.

 

		(a)	As described in Section 3 of the Agreement,
during the first six (6) months following the Separation Date, the salary continuation payments will be paid in cash in accordance
with the Company’s customary payroll practices. Thereafter, the salary continuation payments will be paid in four (4) quarterly
installments (each, a “Quarterly Severance Payment”) as set forth below, but only so long as Employee is not then in
material breach of his obligations under Section 9 of the Agreement:

 

The
Company shall pay the Quarterly Severance Payments to Employee in, at the Company’s option, cash or shares of the Company’s
common stock. Such Quarterly Severance Payments shall be made on December 31, 2014, March 31, 2015, June 30, 2015, and September
30, 2015 (each, a “Grant Date”). In the event that the Company elects to pay a Quarterly Severance Payment in shares
of Company common stock, each such grant of shares of Company common stock (each, a “Severance Grant”, and the common
stock of the Company granted pursuant thereto, “Stock”) shall vest immediately on the applicable Grant Date, and the
number of shares of Stock to be granted to Employee on each Grant Date shall be equal to (i) the amount of the Quarterly Severance
Payment due on such Grant Date (i.e., $73,750.00) divided by (ii) the closing per-share bid price of the Company’s common
stock on the Trading Market on the first trading day immediately preceding the Grant Date; provided, however, that, notwithstanding
the foregoing schedule, all remaining Quarterly Severance Payments shall be payable and vest on the tenth (10th) business day following
a Change in Control (as defined in Section 409A) of the Company. In the event that the Company elects to pay a Quarterly Severance
Payment with a Severance Grant of Stock in lieu of cash, such Stock will, except as provided in the following paragraph (b), be
granted under the Company’s 2008 Incentive Award Plan or any other general stock award plan hereafter adopted by the Company
under which Employee is an eligible award recipient (the “Plan”), in which case such Stock granted under the Plan will
be issued without restrictive legend and shall be freely tradable. 

 

		(b)	To the extent that the shares issuable pursuant to a Severance Grant (A) would exceed the limitations
set forth in the Plan concerning (i) the aggregate number of shares of common stock of the Company that may be awarded to all persons
under the Plan at the time of the Severance Grant or (ii) the aggregate number of shares of common stock of the Company that may
be awarded to any one person in one (1) calendar year at the time of the Severance Grant, or (B) cannot otherwise be issued under
the Plan and the Company’s Registration Statement on Form S-8 due to the rules and regulations of the Securities and Exchange
Commission or the NASDAQ, then the Severance Grant may, at the option of the Company but only if Employee then has replacement
full-time employment with an annual base salary of at least $295,000, instead be issued in the form of shares of Company common
stock that are “restricted securities” under Rule 144 under the Securities Act of 1933, as amended, and the certificates
therefor shall bear an appropriate legend (“Restricted Securities”).

 

    	 

    	 

    

 

Execution Copy

 

		2.	Restrictions. Subject to any exceptions
set forth in the Agreement or the Plan, during the period prior to grant and vesting, neither the Stock nor the rights relating
thereto may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by Employee. Any attempt to
assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Stock or the rights relating thereto during the period
prior to grant and vesting shall be wholly ineffective. With respect to any shares that constitute “restricted securities”
as described in Section 1(b) of this Appendix “A”,
Employee represents that he is familiar with the limitations imposed by federal and state securities laws with respect to such
shares.

 

		3.	Rights as Shareholder; Dividends. After
grant and vesting, Employee shall be the record owner of the number of shares of common stock issued on the grant and vesting date
until such shares of common stock are sold or otherwise disposed of, and Employee shall be entitled to all of the rights of a shareholder
of the Company with respect to such shares including, without limitation, the right to vote such shares and receive all dividends
or other distributions paid with respect to such shares. The Company may issue stock certificates or evidence Employee’s
interest by using a book entry account with the Company’s transfer agent. 

 

		4.	No Right to Continued Service. Neither
the Plan nor the Agreement shall confer upon Employee any right to be retained in any position, as an employee, consultant, agent,
representative or director of the Company. 

 

		5.	Adjustments. If any change is made
to the outstanding common stock of the Company or the capital structure of the Company, if required, the shares of Stock shall
be adjusted or terminated in any manner as contemplated by Section 11 of the Plan.

 

		6.	Tax Liability and Withholding. Employee
shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to Employee
pursuant to the Plan, the amount of any required withholding taxes in respect of the Stock and to take all such other action as
the Company deems necessary to satisfy all obligations for the payment of such withholding taxes. Employee will be permitted to
satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means:

 

		(a)	tendering a cash payment;

 

    	 

    	 

    

 

Execution Copy

 

		(b)	selling a sufficient number of shares from
any award of stock to satisfy Employee’s tax obligations and remitting such funds to the Company promptly after such sale;
and/or

 

		(c)	such other means as approved by the Compensation
Committee in its sole discretion.

 

Notwithstanding any action the
Company takes with respect to any or all income tax, social insurance, payroll tax, or other employee-based tax-related withholding
(“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains Employee’s responsibility
(except for the employer’s share of any payroll taxes) and the Company makes no representations or undertakings regarding
the treatment of any Tax-Related Items in connection with the award or vesting of the Stock or the subsequent sale of any shares
and does not commit to structure the Stock to reduce or eliminate Employee’s liability for Tax-Related Items. Employee agrees
to indemnify and hold harmless the Company from and against any and all liabilities and expenses arising from or relating to the
Tax-Related Items. If the Company elects to make a Severance Grant of Stock in lieu of paying a Quarterly Severance Payment in
cash, the Company’s obligation to make such Severance Grant will be contingent on Employee paying to the Company such amounts
as are necessary to satisfy the Company’s minimum federal, state, or local tax withholding obligations arising from such
Quarterly Severance Payment (the “Withholding Amount”), provided, however, that if the Severance Grant is made in Restricted
Shares and if Employee does not then hold sufficient unrestricted shares of Company common stock received from a prior Severance
Grant of Stock that can immediately be sold to fund the entire Withholding Amount, then an amount equal to the portion of the Withholding
Amount that cannot be satisfied with the proceeds from the sale of unrestricted shares of a prior Severance Grant of Stock will
be paid in cash by the Company in lieu of Stock.

 

		7.	Compliance with Law. The issuance and
transfer of shares of Stock shall be subject to compliance by Employee with all applicable requirements of federal and state securities
laws and with all applicable requirements of the NASDAQ. No shares of Stock shall be issued or transferred unless and until any
then applicable requirements of state and federal laws and regulatory agencies have been fully complied with. Except with respect
to the Plan, Employee understands that the Company is under no obligation to register the shares of common stock with the Securities
and Exchange Commission, any state securities commission or any stock exchange to effect such compliance.

 

		8.	Legends. A legend may be placed on
any certificate(s) or other document(s) delivered to Employee only in the event that Restricted Securities are issued to Employee
under Section 1(b) of this Appendix “A”.

 

		9.	Stock Subject to Plan. With respect
to any Stock granted under the Plan hereunder, the Agreement is subject to the Plan as approved by the Company’s shareholders.
The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the
event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable term or
provision of the Plan will govern. Employee acknowledges that the Plan is discretionary and may be amended, cancelled or terminated
by the Company at any time, in its discretion. The grant of the Stock in this Agreement does not create any contractual right or
other right to receive any stock or other awards in the future. 

 

    	 

    	 

    

 

Execution Copy

 

		10.	Acceptance. Employee hereby acknowledges
receipt of a copy of the Plan and the Agreement. Employee has read and understands the terms and provisions thereof, and accepts
the Stock award subject to all of the terms and conditions of the Plan and the Agreement. Employee acknowledges that there may
be adverse tax consequences upon the grant or vesting of the Stock or disposition of the underlying shares and that Employee has
been advised to consult a tax advisor prior to such grant, vesting or disposition.

 

		11.	Trading Market. For purposes hereof,
the term “Trading Market” means the Nasdaq Global Market; provided, however, that in the event the Company’s
common stock is no longer listed on the Nasdaq Global Market, then it will mean Nasdaq Capital Market, the New York Stock Exchange,
any marketplace of OTC Markets Group Inc., the OTC Bulletin Board, or any other market or exchange on which the Company’s
common stock is then listed or quoted.

 

		12.	Successors and Assigns. This Appendix
will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
set forth herein, this Appendix will be binding upon Employee and Employee’s beneficiaries, executors, administrators and
the person(s) to whom the Stock may be transferred by will or the laws of descent or distribution.

 

    	 

    	 

    

 

Execution Copy  

 

Appendix “B”

 

AMENDMENT TO STOCK OPTION AWARD AGREEMENT(S)

 

Reference is made to
certain Stock Option Award Agreement(s) (hereinafter the “Stock Option Agreement(s)”) dated: (i) January 31, 2011 for
350,000 Option Shares; and (ii) April 5, 2012 for 150,000 Option Shares entered into between Rock Creek Pharmaceuticals, Inc. (f/k/a
Star Scientific, Inc.) (the “Company”) and David M. Dean (the “Employee”).

 

As authorized pursuant
to the Company’s 2000 Equity Award Plan and/or 2008 Incentive Award Plan, the Company is hereby exercising its discretion
to extend the duration of the exercise period of the Stock Options issued under the Stock Option Agreement(s) for a period of three
years from the date of this Agreement or until the expiration date of the Stock Option Agreement(s), if that period is less than
the extended time period set forth immediately above (the “Extended Period of Exercisability”).

 

Except with respect
to any transfer by operation of law in connection with the death of Employee or as otherwise agreed to by the Board of Directors
of the Company or a committee thereof, the Stock Options may not be transferred, assigned, pledged or hypothecated in any way (whether
by operation of law or otherwise) nor shall the Stock Options be subject to execution, attachment or similar process. Upon any
attempt to transfer, assign, pledge, hypothecate or otherwise dispose of the Stock Options contrary to the provisions hereof, or
upon the levy of any attachment or similar process upon the Stock Options, the Stock Options shall, at the election of the Company,
become null and void.

 

The Stock Option Agreement(s)
are hereby ratified and confirmed and the parties acknowledge that they are in full force and effect, as provided herein and this
instrument shall be deemed to be a part of such Stock Option Agreement(s). If this instrument is inconsistent with any provision
of the Stock Option Agreement(s), this instrument shall control.

 

Executed as of this 20 day of June, 2014.

 

	 	ROCK CREEK PHARMACEUTICALS, INC.
	 	(F/K/A STAR SCIENTIFIC, INC.)
	 	 	 
	 	 	 
	 	By	/s/ Michael J. Mullan
	 	 	Michael J. Mullan, MBBS (M.D.),
Ph.D.
	 	 	Chairman and CEO
	 	 	 
	 	 	 
	 	By	/s/ David M. Dean
	 	 	David M. Dean

 

    	 

    	 

    

 

Execution Copy

  

Appendix “C”

 

GENERAL RELEASE AND WAIVER OF CLAIMS

 

1. For and in consideration
of the payments and other benefits due to David M. Dean (“Employee”) pursuant to the Agreement, dated as of
June 20, 2014, (the “Severance Agreement”), by and between Rock Creek Pharmaceuticals, Inc. (f/k/a Star Scientific,
Inc.) (the “Company”) and Employee, and for other good and valuable consideration, part or all of which consideration
Employee is not otherwise entitled to receive, Employee irrevocably and unconditionally releases (gives up) any and all claims
of any kind arising out of, or related to, his employment with the Company, its affiliates and subsidiaries (collectively, with
the Company, the “Affiliated Entities”), or arising out of or related to Employee’s separation from employment
with the Affiliated Entities, which Employee currently has against the Released Parties, whether known or unknown to Employee,
by reason of facts which have occurred on or prior to the date that Employee has signed this General Release and Waiver of Claims
(“Release”), except for (a) any contractual or statutory rights to indemnification to which Employee would be
entitled by virtue of his employment by the Company or by virtue of the terms and conditions of the Agreement to which this document
is attached as Appendix “C,” or (b) any of the claims identified in Paragraph 2. Subject to Paragraph 2, such
released claims include, without limitation, any and all claims relating to the foregoing under federal, state or local laws pertaining
to employment, including, without limitation, the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964,
as amended, 42 U.S.C. Section 2000e et. seq., the Fair Labor Standards Act, as amended, 29 U.S.C. Section 201
et. seq., the Americans with Disabilities Act, as amended, 42 U.S.C. Section 12101 et. seq., the
Reconstruction Era Civil Rights Act, as amended, 42 U.S.C. Section 1981 et. seq., the Rehabilitation Act of
1973, as amended, 29 U.S.C. Section 701 et. seq., the Family and Medical Leave Act of 1992, 29 U.S.C. Section 2601
et. seq., and any and all state or local laws regarding employment discrimination and/or federal, state or local
laws of any type or description regarding employment, including but not limited to any claims arising from or derivative of Employee’s
employment with the Affiliated Entities, as well as any and all such claims under state contract or tort law. As used herein, “Released
Parties” means the Company, or any of its divisions, affiliates, subsidiaries, parents, branches, predecessors, successors,
assigns, and, with respect to such entities, their officers, directors, trustees, employees, agents, shareholders, administrators,
general or limited partners, representatives, attorneys, insurers and fiduciaries, past, present and future.

 

2. This Release does
not release any claims that the law does not permit Employee to release, including any future claims. This Release does not (a)
limit or affect Employee’s right to challenge the validity of this Release under the ADEA or Older Workers Benefit Protection
Act or (b) preclude Employee from filing an administrative charge or otherwise communicating with any federal, state or local government
office, official or agency. Employee promises never to seek or accept any damages, remedies or other relief for Employee personally
with respect to any claim released herein.

 

    	 

    	 

    

 

Execution Copy

 

3. Employee has read
this Release carefully and acknowledges that he has had a chance to review the listing of information regarding the Company’s
restructuring attached hereto as Exhibit “1” and which has been provided to meet the requirements of the Older
Workers Benefit Protection Act (“OWBPA”). Employee further acknowledges that Employee has been given at least forty-five
(45) days after termination of employment to consider this Release and has been advised to consult with an attorney and any other
advisors of Employee’s choice prior to executing this Release, and Employee fully understands that by signing below Employee
is voluntarily giving up any right which Employee may have to sue or bring any of the claims released above against the Released
Parties. Employee also understands that Employee has a period of seven (7) days after signing this Release within which to revoke
this agreement, with a signed, written revocation delivered to Park A. Dodd, III, the Company’s Chief Financial Officer,
and that neither the Company nor any other person is obligated to make any payments or provide any other benefits to Employee pursuant
to the Agreement until seven (7) days have passed since Employee’s signing of this Release without Employee’s signature
having been revoked other than any accrued obligations or other benefits payable pursuant to the terms of the Company’s normal
payroll practices or employee benefit plans. However, notwithstanding the foregoing, the Company agrees to make payments to Employee
through the date of termination, regardless of whether Employee executes this Release or revokes the Release within seven (7) days
thereafter. Finally, Employee has not been forced or pressured in any manner whatsoever to sign this Release, and Employee agrees
to all of its terms voluntarily.

 

4. Notwithstanding
anything else herein to the contrary, this Release shall not affect: (i) the Company’s obligations under any compensation
or employee benefit plan, program or arrangement (including, without limitation, obligations to Employee under any stock option,
stock award or agreements or obligations under any pension, deferred compensation or retention plan) provided by the Affiliated
Entities where Employee’s compensation or benefits are intended to continue or Employee is to be provided with compensation
or benefits, in accordance with the express written terms of such plan, program or arrangement, beyond the date of Employee’s
termination; or (ii) rights to indemnification or liability insurance coverage Employee may have under the by-laws of the
Company or applicable law or the terms of the Agreement of which this Release is Appendix “C.”

 

If Employee does not
timely revoke this Release as provided herein, it will become enforceable, final and binding on the eighth day after Employee signs
it (regardless of whether Company has signed it yet). Thereafter, the Release may not be changed or modified except in a writing
signed by both parties.

 

 

	Date: June 20, 2014	/s/ David M. Dean 
	 	David M. Dean

 

    	 

    	 

    

 

Execution Copy

   

EXHIBIT “1”

 

 

	 	Job Title	Age	No. Selected	No. Not Selected
	1	Vice President of Sales & Marketing	 54	1	0

 

 

    	 

    	 

    

 

Execution Copy

  

Appendix “C”

 

		1.	Employee’s laptop, iPad, and iPhone currently in
his possession (provided that the Company shall make a copy of all data thereon and shall have the right to remove Company applications
or Company-licensed applications therefrom).

		2.	Anatabloc memorabilia in Employee’s possession.

		3.	Personal items in Employee’s office as of date
hereof.Filed by OTC Filings Inc. - www.otcedgar.com - Cannabis Science, Inc. - Exhibit 10.1

  
 MANAGEMENT AGREEMENT 
 
 
  
 THIS AGREEMENT (the "Agreement") effective as of the twenty-fifth (25th) day of June, 2014 (the “Effective Date”), entered into between Cannabis Science, Inc. a Nevada Corporation, with its principal offices located at 6946 North Academy Blvd Suite B #254, Colorado Springs, Colorado 80918 (the “Company” or “CBIS”) and Richard Ogden, Ph.D., with mailing address of RORR Inc., P.O. Box 397, Moran, WY 83013(the “Consultant” or "CSO") in connection with the provision of the Consultant’s services to the Company.
  
 WHEREAS:
  
 A.      The Company is in the business of developing, manufacturing, marketing and distributing legal cannabinoid products worldwide;
  
 B.      The Company wishes to continue to engage the services of the Consultant as an independent contractor of the Company to continue to serve as its Chief Scientific Officer and ex officio member of its scientific advisory board pursuant to a new agreement; and
  
 C.      The Company and the Consultant have agreed to enter into a consulting agreement for their mutual benefit that supersedes any and all existing agreements between the parties.
  
 THIS AGREEMENT WITNESSES THAT in consideration of the premises and mutual covenants contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound hereby, agree as follows:
  
 1.         ENGAGEMENT AS A CONSULTANT
  
 1.1       The Company hereby continues to engage the Consultant as an independent contractor of the Company, to undertake the duties and title of Chief Scientific Officer (CSO) and ex officio member of the Scientific Advisory Board and agrees to exercise those powers as requested by the Company or its subsidiaries from time to time, (collectively the “Services”) and the Consultant accepts such engagement on the terms and conditions set forth in this Agreement.  It is anticipated that the Company's CEO will provide specific projects and timelines for the Consultant to begin a more active role in the development, research, and study of the Company's pharmaceutical and other products as a part of the Services.  In addition, the parties agree as stated above that this Agreement supersedes any and all existing agreements between the parties.
  
 2.         TERM OF THIS AGREEMENT
  
 2.1       The term of this Agreement shall begin as of the Effective Date and shall continue for a period of two (2) years, or until terminated earlier pursuant to other relevant Sections herein (the “Term”).  The parties may to agree to continue thereafter to extend the term of this Agreement by mutually agreed terms and conditions.
  
  	                  

	              

  
 3.         CONSULTANT SERVICES
  
 3.2              The Consultant shall undertake and perform the duties and responsibilities commonly associated with acting in the capacity of CSO and ex officio member of the Scientific Advisory Board, defined more specifically above as the Services.
   
 3.3              In providing the Services the Consultant shall:
  
 ·         comply with all applicable local statutes, laws and regulations;
 ·         not make any misrepresentation or omit to state any material fact which results in a misrepresentation regarding the business of the Company; 
 ·         not disclose, release or publish any information regarding the Company without the prior written consent of the Company; and
 ·         not employ any person in any capacity, or contract for the purchase or rental of any service, article or material, nor make any commitment, agreement or obligation whereby the Company shall be required to pay any monies or other consideration without the Company's prior written consent. 
  
 4.         COMPENSATION
  
 4.1       Compensation in Shares.  As consideration for the provision of the Services for the Term, the Company shall compensate and issue to the Consultant one million five hundred thousand (1,500,000) Rule 144 shares of the Company (the "Compensation").  It is expected that these shares shall be issued within forty-five (45) days of the Effective Date.

 5.         DEBTS AND EXPENSES
  
 5.1       The parties agree that the Compensation hereunder shall be inclusive of any and all fees or expenses incurred by the Consultant on the Consultant’s own behalf pursuant to this Agreement including but not limited to the costs of rendering the Services.  In addition, the parties agree that any debts of the Company to the Consultant existing prior to the execution of this Agreement are fully satisfied through the Compensation herein. Notwithstanding the foregoing, the Company shall reimburse the Consultant for any bona fide expenses incurred by the Consultant on behalf of the Company in connection with the provision of the Services provided that the Consultant submits to the Company an itemized written account of such expenses and corresponding receipts of purchase in a form acceptable to the Company within 10 days after the Consultant incurs such expenses. However, the Company shall have no obligation to reimburse the Consultant for any single expense in excess of five hundred dollars ($500) or three thousand dollars ($3,000.00) in the aggregate without the express prior written approval of the Company’s Board of Directors.
  
 6.         CONFIDENTIALITY
  
 6.1       The Consultant shall not disclose to any third party without the prior consent of the Company any financial or business information concerning the business, affairs, plans and programs of the Company its Directors, officers, shareholders, employees, or Consultants (the "Confidential Information").  The Consultant shall not be bound by the foregoing limitation in the event (i) the Confidential Information is otherwise disseminated and becomes public information or (ii) the Consultant is required to disclose the Confidential Informational pursuant to a subpoena or other judicial order.  As a material inducement to the Company entering into this Agreement, the Consultant shall, at the Company’s request, execute a new confidentiality and non-disclosure agreement in a form mutually agreed upon by the Company and the Consultant.
  
  	  2                

	              

  
 7.         GRANTS OF RIGHTS AND INSURANCE
  
 7.1       The Consultant agrees that the results and proceeds of the Services under this Agreement, although not created in an employment relationship, shall, for the purpose of copyright only, be deemed a work made in the course of employment under the Canadian law or a work-made-for-hire under the United States law and all other comparable international intellectual property laws and conventions.  All intellectual property rights and any other rights (including, without limitation, all copyright) which the Consultant may have in and to any work, materials, or other results and proceeds of the Services hereunder shall vest irrevocably and exclusively with the Company and are otherwise hereby assigned to the Company as and when created.  The Consultant hereby waives any moral rights of authors or similar rights the Consultant may have in or to the results and proceeds of the Consulting Services hereunder.
  
 7.2       The Company shall have the right to apply for and take out, at the Company's expense, life, health, accident, or other insurance covering the Consultant, in any amount the Company deems necessary to protect the Company's interest hereunder.  The Consultant shall not have any right, title or interest in or to such insurance.
  
 8.         REPRESENTATIONS AND WARRANTIES
  
 8.1       The Consultant represents, warrants and covenants to the Company as follows: 
  
 (a)    the Consultant is not under any contractual or other restriction which is inconsistent with the execution of this Agreement, the performance of the Services hereunder or any other rights of the Company hereunder;
  
 (b)   the Consultant is not under any physical or mental disability that would hinder the performance of his duties under this Agreement;
  
 9.         INDEMNIFICATION
  
 9.1       the Consultant shall indemnify and hold harmless the Company, its partners, financiers, parent, affiliated and related companies, and all of their respective individual shareholders, directors, officers, employees, licensees and assigns from and against any claims, actions, losses and expenses (including legal expenses) occasioned by any breach by the Consultant of any representations and warranties contained in, or by any breach of any other provision of, this Agreement by the Consultant.
  
 9.2       the Company shall indemnify and hold harmless the Consultant, its partners, financiers, parent, affiliated and related companies, and all of their respective individual shareholders, directors, officers, employees, licensees and assigns from and against any claims, actions, losses and expenses (including legal expenses) occasioned by any breach by the Company of any representations and warranties contained in, or by any breach of any other provision of, this Agreement by the Company.
  
 10.        NO OBLIGATION TO PROCEED  
  
 10.1     Nothing herein contained shall in any way obligate the Company to use the Services hereunder or to exploit the results and proceeds of the Services hereunder.
  
  	 3                

	              

  
 11.       MUTUAL RIGHT OF TERMINATION  
  
 11.1      The Company and the Consultant shall each have the right to terminate this Agreement at any time in its sole discretion by giving not less than sixty (60) days written notice. The Parties may, however, terminate this Agreement by mutual written consent at any time.
  
 12.        COMPANY DEFAULT/BREACH/CURE
  
 12.1      No act or omission of the Company hereunder shall constitute an event of default or material breach of this Agreement unless the Consultant shall first notify the Company in writing setting forth such alleged breach or default and the Company shall cure said alleged breach or default within 10 days after receipt of such notice (or commence said cure within said ten (10) days if the matter cannot be cured in ten (10) days, and shall diligently continue to complete said cure within sixty (60) days). 
  
 13.        COMPANY'S REMEDIES  
  
 13.1      The services to be rendered by the Consultant hereunder and the rights and privileges herein granted to the Company are of a special, unique, unusual, extraordinary and intellectual character which gives them a peculiar value, the loss of which cannot be reasonably or adequately compensated in damages in an action at law, it being understood and agreed that a breach by the Consultant of any of the provisions of this Agreement shall cause the Company irreparable injury and damages.  The Consultant expressly agrees that the Company shall be entitled to seek injunctive and/or other equitable relief to prevent a breach hereof the Consultant.  Resort to such equitable relief, however, shall not be construed as a waiver of any other rights or remedies which the Company may have in the premises for damages or otherwise.
  
 14.       INDEPENDENT CONTRACTORS  
  
 14.1     Nothing herein shall be construed as creating a partnership, joint venture, or master-servant relationship between the parties for any purpose whatsoever.  Except as may be expressly provided herein, neither party may be held responsible for the acts either of omission or commission of the other party, and neither party is authorized, or has the power, to obligate or bind the other party by contract, agreement, warranty, representation or otherwise in any manner.  It is expressly understood that the relationship between the parties is one of independent contractors. 
  
  	 4                

	              

  
 15.       MISCELLANEOUS PROVISIONS
  
 (a)    Time.  Time is of the essence of this Agreement.
  
 (b)   Presumption.  This Agreement or any section thereof shall not be construed against any party due to the fact that said Agreement or any section thereof was drafted by said party.
  
 (c)    Titles and Captions.  All article, section and paragraph titles or captions contained in this Agreement are for convenience only and shall not be deemed part of the context nor affect the interpretation of this Agreement.
  
 (d)   Further Action.  The parties hereto shall execute and deliver all documents, provide all information and take or forbear from all such action as may be necessary or appropriate to achieve the purposes of this Agreement.
  
 (e)    Savings Clause.  If any provision of this Agreement, or the application of such provision to any person or circumstance, shall be held invalid, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby.
  
 (f)    Assignment.  The Company may assign this Agreement, in whole or in part, at any time to any party, as the Company shall determine in its sole discretion; pro­vided that, no such assignment shall relieve the Company of its obligations hereunder unless consented to by the Consultant in writing.  
  
 (g)   Notices.  All notices required or permitted to be given under this Agreement shall be given in writing and shall be delivered, either personally or by express delivery service, to the party to be notified.  Notice to each party shall be deemed to have been duly given upon delivery, personally or by courier, addressed to the attention of the officer at the address set forth heretofore, or to such other officer or addresses as either party may designate, upon at least ten days written notice, to the other party. 
  
 (h)   Entire agreement.  This Agreement contains the entire understanding and agreement among the parties.  There are no other agreements, conditions or representations, oral or written, express or implied, with regard thereto.  This Agreement may be amended only in writing signed by all parties.  
  
 (i)     Waiver.  A delay or failure by any party to exercise a right under this Agreement, or a partial or single exercise of that right, shall not constitute a waiver of that or any other right.
  
 (j)     Counterparts.  This Agreement may be executed in duplicate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement.  In the event that the document is signed by one party and faxed or otherwise transmitted electronically to another the parties agree that a faxed or electronic signature shall be binding upon the parties to this agreement as though the signature was an original.
  
 (k)   Successors.  The provisions of this Agreement shall be binding upon all parties, their successors and permitted assigns. 
  
 (l)     Counsel.  The parties expressly acknowledge that each has been advised to seek separate counsel for advice in this matter and has been given a reasonable opportunity to do so.
  
 (m) Governing Law.This Agreement will be governed by, and will be construed in accordance with, the laws of the State of Nevada, without regard to its conflict of law rules.

[Signature Page Follows]
  
 
 	 5               

	              

  
 IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the date first written above.
  
 CANNABIS SCIENCE, INC.                                                         
  
 Per:  /s/ Dorothy H. Bray                                                                                                    
 ___________________________________________                                                          
 Dorothy H. Bray, Ph.D.
 Director, President, & Chief Executive Officer                                   
  
 Chad S. Johnson
 _______________________________________                                                          
 Chad S. Johnson, Esq.
 Director, Chief Operating Officer & General Counsel
  
  
  
  
 Chief Scientific Officer:
  
 Per: /s/ Richard Ogden
 ________________________________
 Richard Ogden, Ph.D.
  
  
  	  6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}]]