Document:

Document

Exhibit 10(jj)

STRICTLY PRIVATE AND CONFIDENTIAL

Kieran Murphy

December 21, 2021

SETTLEMENT AGREEMENT WITHOUT PREJUDICE AND SUBJECT TO 
CONTRACT

Dear Kieran:

Following our recent discussions, I am writing to confirm the terms that you have agreed with GE Healthcare UK Limited (the "Company") in connection with your departure from the Company.

Termination of Employment

1.Your employment with the Company will end by reason of retirement on 30 September 2023 (the "Departure Date"). You will continue to be paid your base salary and receive your contractual health and welfare benefits, as described in paragraph 2 below, up to the Departure Date, when all such benefits will cease. Your final salary payment will be adjusted to take account of any deduction or additional payment which is due from or to you under the  terms and conditions of FlexChoice, in relation to holiday for the current leave year, your health account (if you have one) and the cycle to work scheme (if you participate in this). Any such final salary adjustments do not constitute pensionable earnings.

2.From 1 January 2022 until the Departure Date, you will be placed on "garden leave," during which the following terms will apply:

•you will continue to receive your current base pay and your health and life benefits, but you shall not receive pension contributions except to the extent
required by applicable local law and you shall not be eligible to participate in the AEIP plan or receive any LTIP awards;

•all salary payments shall be subject to such deductions as the Company is obliged by law to make and you agree that the Company may also deduct from such payments any outstanding sums owed by you to the Company;

•you will not be required to attend work or carry out any duties unless otherwise instructed;

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•you should not contact any employees, customers, clients and/or suppliers of any GE company without prior approval;

•you will continue to be bound by the terms of your contract of employment, and continue to owe the Company duties commensurate with your position as a senior employee including, but not limited to, your duties of fidelity and confidentiaIity;

•you should ensure that you are readily contactable and able on reasonable notice to attend work if required;

in accordance with your ongoing obligations as a senior employee you shall not:

a.accept any employment or any other form of engagement with any third party that is competitive with the Company. For purposes of this provision, Competitive is defined as any work in the areas of imaging (and associated digital technology applications), contrast agents, life care solutions (monitoring, anaesthesia and MIC), image guided surgery, and horizonal technologies that integrate the GEHC portfolio digitally or diagnostics that integrate with current GEHC technologies. For purposes of clarifying the above, the term competitive shall not include (i) Pharma, Biopharma, genomics, digital pathology, or EMR/EHR and diagnostics that fall outside of the specific areas of interest of GE's POX businesses, long as it does not result in a direct competitive offering or feature set that directly competes with GEHC, or (ii) any non-competitive board or trustee positions, as long as you receive the Company's prior consent.

b.whether on your own behalf or in conjunction with any other person or third party, directly or indirectly, solicit or encourage any employee of a GE Group Company to terminate his or her employment relationship with such GE Group Company or accept any other employment outside of the GE Group;

c.whether on your own behalf or in conjunction with any other person or third party, directly or indirectly, solicit or encourage any customer or client of the GE Group to (i) terminate any commercial arrangement in place with any GE Group Company and/or (ii) enter into a commercial arrangement with any third party.

3.You acknowledge that the Company's decision to enter into the arrangements set out in this agreement, and in particular in relation to the duration of the garden leave period referred to at clause 2 above, are subject to and in reliance on the following conditions being met:

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a.you having complied with and not having materially breached any of the terms of this agreement and having returned a signed copy of the Advisor's Certificate attached at Schedule 1; and

b.you entering into the further agreement Second Settlement Agreement ('the Second Settlement Agreement') in the form attached at Schedule 3 on or within 7 days of the Departure Date and having returned a signed copy of the Advisor's Certificate in the form attached to that agreement.

4.In the event that, in breach of your obligations under this agreement, you fail to comply with either one of the conditions set out at clause 3 above, the Company reserves the right to (i) immediately terminate the arrangements set out in this agreement, and (ii) withhold from any outstanding monies, stock or stock options such sums at it considers to be reasonable and appropriate in order to compensate it and/or the GE Group in respect of any damages it or they suffer or may suffer as a consequence of such breach. Where these damages exceed or may exceed any amounts owed to you, the Company shall be entitled to recover any excess from you as a debt immediately on demand. For the avoidance of doubt, this clause shall not prevent the Company and/or any GE Group Company from seeking other appropriate legal remedies (including but not limited to injunctive relief) in the event that you breach one or more of the other provisions in this agreement.
Benefits
5.Your cover under the GE Medical Plan will cease upon the Departure Date. CIGNA may be able to arrange for you to continue to participate by paying your own subscription. To arrange for a quotation, you should contact Cigna.

6.Willis Towers Watson will provide you separately with a statement of your accrued pension benefits up to the Departure Date and the options available to you.

7.You may continue to avail himself of the services of a financial planner until December 31, 2021

Bonus
8.You will remain eligible to participate in the 2021 AEIP bonus scheme, such amount to be determined and paid in the normal course per the rules of the scheme, subject to business approval. When assessing the value of any award your personal performance will be assessed at 100%, and you will be treated in the same way as other eligible employees in relation to the value of the pool funding. Any award will be paid on the normal bonus payment date subject to PAYE deductions and you shall be responsible for any further tax and employee's National Insurance contributions due   in   respect   of   
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any award. Nothing in this clause shall create a contractual entitlement to any bonus nor shall it affect the discretionary status of the plan.
Stock Options/RSUs/PSUs (a chart showing all outstanding equity is attached)

9.Stock Options. Any unvested stock options will vest and be exercisable in accordance with the terms of the respective awards.

10.RSUs. The restrictions on any RSUs (other than your September 3, 2020 Special RSU Award) will lapse (i.e, those RSUs will be vested) in accordance with the terms of the respective awards.

11.September 3, 2020 Special RSU Award.  Upon your departure day, 50% of your 2020 Special RSU Award will vest. For the avoidance of doubt, the other fifty percent (50%) of the RSUs granted on September 3, 2020 will be cancelled as of the Departure Date.

12.PSUs. The restrictions on any PSUs will lapse in accordance with the terms of their respective awards, contingent upon satisfying the performance conditions and other provisions set forth in such PSUs.

Expenses
13.You agree to reconcile and/or submit any outstanding expenses (cash and/or corporate credit card) in line with the Company's T&L procedure together with supporting receipts on or before the Departure Date. You acknowledge and agree that you will forfeit any right to recover any expenses not claimed for by the Departure Date.

Legal Fees
14.The Company will pay your reasonable legal fees up to a maximum of £4,500 (inclusive of VAT) incurred by you in obtaining advice on the terms of this agreement.   Payment will be made direct to your legal advisor upon receipt from your legal advisor of an invoice addressed to you but marked payable by the Company.
Return of Company Property
15.You confirm that you will return on or before the Departure Date all property belonging to the Company and the GE Group in your possession which may include but not limited to: computer, computer records, printer, laptop, blackberry, mobile phone, corporate credit card, security pass, keys, company car and any other property or documents (both hard copy and electronic form) belonging to or relating to the business of the Company or the GE Group and/or any customers or clients of the Company or the GE Group (together with all copies).
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Payment of Tax
16.You agree to be responsible for and to indemnify and keep indemnified the Company and the GE Group from and against all liabilities to taxation/PAYE and/or employee national insurance contributions in respect of any of the payments or benefits provided under the terms set out in this agreement (and any related interest, penalties, costs and expenses) other than in respect of tax which is actually deducted at source by the Company and any interest or penalties arising as a result of the Company's failure to account for such tax. The Company shall give you reasonable notice of any demand for tax which may lead to you incurring liabilities pursuant to this Clause and you shall have an opportunity, at your own expense to challenge any such demand provided that nothing in this clause shall prevent the Company from complying with its legal obligations with regard to HM Revenue and Customs or other competent body.
Continuing Obligations
17.You will continue to be bound by the terms of the Employee Innovation and Proprietary Information Agreement or equivalent Confidentiality/Non Disclosure Agreement signed by you when or after you were hired by the Company.

18.In particular, during your employment you had access to confidential information and trade secrets concerning the business, operations, processes and affairs of the Company and/or the GE Group and its suppliers, customers, agents and employees which is commercially sensitive and which, if disclosed, may cause significant damage to the Company or the GE Group ("Confidential Information"). You agree that you shall not directly or indirectly (except as authorised by the Company or as required by law) at any time after the Departure Date (howsoever arising), use or disclose to any person, company or other organisation (and shall use your best endeavours to prevent the publication or disclosure of) any Confidential Information or any information in respect of which the Company or any GE Group owes an obligation of confidentiality to a third party which may come to your knowledge during your employment or otherwise. This restriction shall not apply to any information that is already in, or comes into, the public domain other than through your direct or indirect unauthorised disclosure, solely or through any third party.

19.You agree to keep the terms of this agreement confidential and not disclose them to any persons (directly or indirectly) except to a professional adviser and your spouse/partner in confidence or except as may be required by law or by a competent regulatory authority or ordered by a court of competent jurisdiction or with the Company's prior written consent. You shall be entitled to discuss the circumstances of your departure (without reference to this agreement or its terms) with an employment agency or prospective employer for the purposes of discussing your employment history. The Company agrees to keep the terms of this agreement confidential and not disclose them to any persons (directly or indirectly) except to a professional adviser or except as may 
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be required by law or by a competent regulatory authority or ordered by a court of competent jurisdiction or on a need to know basis within the GE Group (including to bring the terms of the Agreement into force) or with your prior written consent.

20.You agree, subject to any obligations you may have under applicable law, not to make or cause to be made any statements that disparage, are inimical to or damage the reputation of the Company, the GE Group and/or any Third Party.

21.You agree that if you accept another position within the GE Group prior to the Departure Date then all commitments to make payments to you shall be null and void.

22.You agree to co-operate fully with the Company and/or any GE Group Company or its advisers (as a witness or otherwise) in relation to any internal investigation or other enquiry or any investigation or other enquiry by a regulatory authority in relation to the Company and/or any GE Group Company or any litigation brought by or against the Company or any GE Group Company in any case relating to matters with which you were involved during your employment with the Company. The Company shall reimburse any reasonable expenses incurred by you as a consequence of complying with your obligations under this clause, including loss of earnings, provided that such expenses are approved in advance by the Company.

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Resignation from offices
23.You agree that you shall resign either immediately or on such timeline as instructed from any office, trusteeship or position that you hold in the Company or on the Company or any Group Company's behalf.

24.You irrevocably appoint us to be your attorney in your name and on your behalf to sign, execute or do any such instrument or thing and generally to use your name in order to give us (or our nominee) the full benefit of the provisions of this clause.

Settlement
25.The arrangements set out in this agreement are in full and final settlement of all and any claims, costs, expenses or rights of action ("Claims") of any kind whatsoever or howsoever arising (whether arising under common law, statute or otherwise and whether arising in the United Kingdom or in any other country in the world or any claims arising under any directive or other legislation applicable in the United Kingdom by virtue of the United Kingdom's former membership of the European Union) which you have or may have against the Company or any director, officer, employee or agent (past or present) of the Company or any GE Group Company or the trustees of any retirement benefits scheme or employee benefit trust of any GE Group Company and whether arising directly or indirectly out of or in connection with your contract of employment with the Company, its termination or otherwise but excluding any claims by you to enforce this agreement, and any accrued pension rights and personal injury claims except where you are currently aware of any facts or circumstances which do or which may give rise to the claim, and in the case of personal injury, which may be brought under the discrimination legislation.

In particular, but without limitation, the waiver and release in this paragraph extends to any claim for damages for breach of contract and any statutory claims you have or may have for: unfair dismissal; a statutory redundancy payment; unlawful deductions from wages; payment in lieu of accrued holiday; equal pay or equality of terms; less favourable treatment/discrimination/harassment/detriment/victimisation  on the grounds of sex, race, nationality, colour or ethnic origin or age (the "Specific Claims"). The Specific Claims are claims which it is recognised that you have or may have arising out of the circumstances surrounding your employment and/or its termination.

26.The ‘Settlement’ clause above applies to all present and future Claims (including without limitation the Specific Claims) and shall have effect irrespective of whether or not you are or could be aware of such Claims at the date of this agreement and irrespective of whether or not such Claims are in the express
contemplation of you and the Company at the date of this agreement (including such Claims of which you become aware after the date of this agreement in whole or in part 
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as a result of the commencement of new legislation or the development of common law or which arise after the date of this agreement).

27.It is expressly agreed that except as expressly provided for in this agreement the Company and any director, officer, employee or agent (past or present) of the Company or any GE Group Company or the trustees of any retirement benefits scheme or employee benefit trust of any GE Group Company   shall have no further obligation to you and you shall have no further entitlement under your contract of employment or under any profit sharing, incentive, bonus or share option arrangements, or otherwise save in respect of accrued pension rights.
Warranties and Representations
28.You hereby warrant and represent that:

a.you are not aware of any facts or circumstances which might give rise to any claim by you against the Company, the GE Group or any director, officer, employee or agent (past or present) of the Company or any GE Group Company or the trustees of any retirement benefits scheme or employee benefit trust of any GE Group Company other than those claims that you or your adviser on your behalf have expressly raised in open correspondence with the Company or the Company's adviser acting on its behalf;

b.you have not and will not commence any legal or arbitration proceedings of any nature against the Company, any successor of the Company, the GE Group or any director, officer, employee or agent (past or present) of the Company or any GE Group Company or the trustees of any retirement benefits scheme or employee benefit trust of any GE Group Company in any jurisdiction arising out of or in connection with your employment with the Company, any alleged continuation of your employment, its termination or otherwise save for the purposes of enforcing the terms of this agreement, in respect of any accrued pension rights or in respect of such personal injury claims as are specifically excluded from the 'Claims' in the Settlement clause above;

c.you have not committed any fundamental breach of your contract of employment which would entitle the Company to terminate your employment without  notice; and

d.you have disclosed to the Company any information in your possession concerning any and all  conduct involving  the Company or any GE Group 
Company that you have any reason to believe is or may be unlawful or violates company policy in any respect.

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29.You acknowledge that the Company has agreed the terms of this agreement in reliance on the warranties and representations set out in the 'Warranties and Representations' clause above.
Indemnity Clause
30.lf you breach any material provision of this agreement or pursue a claim against the Company or any Group Company or any successor of the Company arising out of your employment, any alleged continuation of your employment, or its termination, other than those that are specifically excluded under the Settlement clause above, you agree to indemnify the Company for any losses suffered as a result thereof, including (but not limited to) all reasonable legal and professional fees incurred.
Legal Advice
31.You confirm that: 

a.you have received advice from Peter De Maria of Doyle Clayton a relevant independent adviser for the purposes of Section 203 of the Employment Rights Act 1996, as to the terms and effect of this agreement and, in particular, its effect on your ability to pursue your rights before an employment tribunal including, without limitation, in relation to the Specific Claims;

b.the relevant independent adviser advised you that there was in force, at the time you received the advice referred to in this clause, a contract of insurance or an indemnity provided for members of a profession or professional body covering the risk of a claim by you in respect of any loss arising as a result of that advice; and

c.you will procure for the Company a certificate signed by the relevant independent adviser in the form attached hereto.

32.This agreement satisfies the conditions for regulating settlement agreements/contracts under the relevant provisions of the Employment Statutes.
Definitions
33.For the purposes of this agreement the following words and phrases shall have the meanings set out below:

a.“GE Group" includes any firm, company, business entity or other organisation:

•which is directly controlled by the Company; or
•which directly or indirectly controls the Company; or
•which is directly or indirectly controlled by a third party who also directly or indirectly controls the Company; or
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•of which the Company or any GE Group Company referred to above owns or has a beneficial interest (whether directly or indirectly) in 20% or more of the issued share capital or 20% or more of the capital assets.

b.“GE Group Company" and "GE Group Companies" have the corresponding meaning.

c.“Control” has the meaning set out in s.416 Income and Corporation Taxes Act 1988 (as amended).

d.“Employment Statutes" means Employment Rights Act 1996, Sex Discrimination Act 1975, Race Relations Act 1976 or the Disability Discrimination Act 1995 and any claim under the Trade Union and Labour Relations (Consolidation) Act 1992, the National Minimum Wage Act 1998, the Part-time Workers (Prevention of Less Favourable Treatment) Regulations 2000, the Working Time Regulations 1998, the Human Rights Act 1998, the Employment Relations Act 1999, the Transnational Information and Consultation of Employees Regulations 1999, the Fixed term Employees (Prevention of Less Favourable Treatment) Regulations 2002, the Employment Equality (Religion or Belief) Regulations 2003, the Employment Equality (Sexual Orientation) Regulations 2003, Part VIII of the Information and Consultation of Employees Regulations 2004, the European Public Limited-Liability Company Regulations 2004, the Transfer of Undertakings (Protection of Employment) Regulations 2006, the Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 and the Employment Equality (Age) Regulations 2006 and the Equality Act 2010.

General
34. This agreement does not constitute an admission by the Company that it has breached any law or regulation, or that you have any claims against the Company or any director, officer, employee or agent (past or present) of the Company or any GE Group Company or the trustees of any retirement benefits scheme or employee benefit trust of any GE Group Company.
35.Those provisions in your contract of employment which are stated to apply after the termination of your employment, including but not limited to those listed in this agreement, are hereby restated and will continue in full force and effect.

36.This agreement contains the whole agreement between the parties relating to the subject matter of this agreement at the date of signing to the exclusion of any terms implied by law which may be excluded by contract and supersedes any previous written 
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or oral agreement between the parties in relation to the matters dealt with in this agreement.

37.Nothing in this agreement shall preclude you from making a protected disclosure in accordance with the Employment Rights Act 1996.

Governing Law and Jurisdiction
38.Any director, officer, employee or agent (past or present) of the Company or any GE Group Company or the trustees of any retirement benefits scheme or employee benefit trust of any GE Group Company (each a "Third Party") shall be entitled to enforce the benefits conferred on it by this agreement. No person who is not a Third Party shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement. The consent of a Third Party shall not be required for the variation or termination of this agreement, even if that variation or termination affects the benefit(s) conferred on any Third Party.
Please sign and return this letter, together with the signed Adviser's Certificate in the form attached. On both parties signing this letter, it will no longer be "without prejudice and subject to contract" and will become an open document evidencing a binding agreement between you and the Company.

Your Sincerely,

Kevin Cox
For and on behalf of GE Capital Europe Limited

I understand and agree to the terms set put above.

Kieran Murphy    Date

11celz_ex101.htm

EXHIBIT 10.1
     
 EMPLOYMENT AGREEMENT
  
 EMPLOYMENT AGREEMENT (this “Agreement”), dated as of February 9, 2022, (the “Effective Date”) by and between CREATIVE MEDICAL TECHNOLOGY HOLDINGS, INC., a Nevada corporation with its principal place of business at 211 E Osborn Road, Phoenix, AZ 85012 (the “Company”) and TIMOTHY WARBINGTON, an individual residing at 3008 W. Lupine Ave. Phoenix. AZ 85029 (“Executive”).
  
 W I T N E S S E T H:
  
 WHEREAS, the Company desires to employ Executive, and Executive desires to be employed by the Company, subject to the terms and conditions set forth below.
  
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements and covenants hereinafter set forth, the parties hereto agree as follows:
  
 1. Employment. The Company hereby employs Executive and Executive hereby accepts employment by the Company for the period and on the terms and conditions set forth in this Agreement.
  
 2. Position, Employment Duties and Responsibilities. Executive shall be employed as the Company’s Chief Executive Officer, and in such capacity shall have responsibility for the overall operations of the Company and its subsidiaries, and such other duties and responsibilities customarily associated with such position or reasonably imposed by the Company’s Board of Directors (the “Board”), and subject to the Company’s company policies and procedures. Throughout the term of this Agreement, Executive shall devote his entire working time to the performance of his duties hereunder in a manner which will faithfully and diligently further the business and interests of the Company. 
  
 3. [Reserved] 
  
 4. Compensation and Benefits.
  
 4.1 Base Salary. For all of the services rendered by Executive to the Company, the Company shall pay to Executive an annual base salary of three hundred thirty thousand dollars ($330,000), payable in reasonable periodic installments in accordance with the Company’s regular payroll practices in effect from time to time. The Executive’s base salary and performance will be reviewed by the Board on an annual basis and may be adjusted upward, but not downward, in the sole discretion of the Board based on such review.
  
 4.2 Cash Bonus. During the term of this Agreement, Executive shall be eligible to receive an annual cash bonus targeted at 30% of Executive’s base salary, which may be based on the achievement of goals mutually agreed to by the Executive and the Board from time to time. 
  
 4.3 Annual Option Award. During the term of this Agreement, Executive shall be entitled to receive an annual grant of an option to purchase a number of shares of common stock with a value as of the date of grant of 30% of Executive’s base salary (each, a “Stock Option”). Each Stock Option shall have an exercise price equal to the closing price of the common stock on the grant date, and shall vest immediately as to 25% of the shares subject to such Stock Option, and in three equal installments of 25% of the shares subject to such Stock Option on each of the next three annual anniversary dates of such Stock Option.
   
 	 
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 4.4 Employee Benefits. Executive shall be entitled to participate in and be provided with such benefit plans and programs offered to and or made available to the Company’s employees from time to time, including, without limitation, health, dental, vision, life, accident or disability insurance, savings, retirements, or other benefit plans or programs, as long as the plans and programs are kept in force by the Company and provided that the Executive meets the eligibility requirements and other terms, conditions and restrictions of the respective plans and programs. The Company reserves the right to change, alter or terminate any benefit plan in its sole discretion. The cost of these plans, including, but not limited to, the premiums related to the health and dental insurance plans will be borne by the Company. 
  
 In addition, Executive shall be entitled to paid holidays in accordance with the Company’s regular policy and twenty days of vacation in each calendar year and reasonable absences for illness. 
  
 4.5 Expense Reimbursement. During the period of employment pursuant to this Agreement, Executive will be reimbursed for reasonable expenses incurred for the benefit of the Company in accordance with the general policy of the Company which are approved in advance by the Company and for which the Executive provides the Company with appropriate receipts and other documentation.
  
 4.6 Deductions. All references herein to compensation to be paid to Executive are to the gross amounts thereof which are due hereunder. The Company shall have the right to deduct therefrom all taxes which may be required to be deducted or withheld under any provision of the law (including, without limitation, social security payments, income tax withholding and any other deduction required by law) now in effect or which may become effective at any time during the term of this Agreement. 
  
 5. Term; Severance. 
  
 5.1 Term. This Agreement shall be for an initial period of three (3) years beginning on the Effective Date (the “Initial Term”), and shall automatically continue following the Initial Term for successive periods of three years unless either the Executive or the Company delivers a written notice of termination to the other party at least 30 days prior to the start of any such renewal period (as so extended, the “Term”).  
  
 5.2 Severance. In the event that (a) the Company terminates Executive’s employment under this Agreement for any reason other than (i) for “Cause” under Section 7, or (ii) Executive’s death or Disability, or (b) Executive terminates his employment under this Agreement for Good Reason (as defined below), Executive shall be entitled to receive severance payments consisting of continuing payments of Executive’s then monthly base salary under Section 4.1 and annual bonuses under Section 4.2  for two years; provided in each case Executive is then in compliance with his obligations under Section 8 of this Agreement.
   
 	 
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 5.3 Good Reason. For the purposes hereof, “Good Reason” shall mean the occurrence of any of the following events without Executive’s consent: (i) a material reduction in Executive’s base salary below that provided for under Section 4.1, or (ii) the termination or material reduction of any material employee benefit or perquisite enjoyed by the Executive (other than in connection with the termination or reduction of such benefit or perquisite to all executives of the Company or as may be required by law).  Notwithstanding the foregoing, following written notice from the Executive of any of the events described above, the Company shall have thirty (30) calendar days in which to cure the alleged conduct.  If the Company fails to cure, the Executive’s termination shall become effective on the 31st calendar day following such written notice.
  
 5.4 Disability. For the purposes hereof, “Disability” shall mean the Executive becomes incapacitated or disabled so as to be unable to substantially perform the services required of Executive pursuant to this Agreement for a period of ninety (90) or more consecutive days, or one hundred and twenty (120) or more non-consecutive days, in any twelve (12) month period.
  
 6. Termination for Cause. The Company may discharge Executive at any time for Cause or upon Executive’s death or Disability (subject to applicable legal requirements). For purposes of this Agreement, “Cause” means (a) gross negligence or willful and serious misconduct, that is, or could reasonably be expected to be, injurious to the operations, financial condition, or business reputation of the Company or its subsidiaries, (b) repeated or prolonged absence from work during normal business hours for reasons other than disability or leave of absence approved by the Company, (c) conviction of a felony offense involving moral turpitude, (d) commission of fraud or dishonesty in connection with the Company’s business, (e) a material breach of any other provision of this Agreement or willful violation of any express direction or any reasonable rule or regulation established by the Board from time to time, after, in each case under this clause (e) which is capable of curing, written notice is provided to Executive and Executive has failed to cure such acts or action after a period of thirty (30) days. In the event of any termination pursuant to this Section 6, the Company shall have no further obligations or liabilities hereunder after the date of such discharge (other than as set forth in Section 7.1 below).
  
 7. Consequences Upon Termination.
  
 7.1 Payment of Compensation Owed. Upon the termination of Executive’s employment and this Agreement for any reason whatsoever, the Company shall promptly pay to Executive all compensation owed to Executive.
  
 7.2 Return of Property. Upon the termination of Executive’s employment and this Agreement for any reason whatsoever, Executive shall promptly return to the Company all Confidential Materials (as defined below) in his possession or within Executive’s control, all keys, credit cards, business card files and other property belonging to the Company.
   
 	 
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 8. Nondisclosure.
  
 8.1 Definitions. The following terms used in this Agreement shall have the respective meanings hereby assigned to them as follows:
  
 (a) “Confidential Information” means all information of the Company and its subsidiaries which is not generally known or available to the public (whether or not in written or tangible form), the knowledge of which could benefit a competitor, including without limitation, all of the following types of information:
  
 (i) information pertaining to Personnel;
  
 (ii) research, projections, financial information, and cost and pricing information;
  
 (iii) product or service development plans and marketing strategies; and
  
 (iv) trade secrets, or other knowledge or processes of, or developed by, the Company or any of its subsidiaries.
  
 (b) “Confidential Materials” means any and all documents, materials, programs, recordings or any other tangible media (including, without limitation, copies or reproductions of any of the foregoing) in which Confidential Information may be contained.
  
 (c) “Personnel” means any and all employees, contractors, agents, brokers, consultants or other individuals rendering services to the Company or any of its subsidiaries for compensation in any form, whether employed by or independent of the Company or any of its subsidiaries.
  
 8.2 Confidential Information.
  
 (a) Duty to Maintain Confidentiality. Executive shall maintain in strict confidence and safeguard all Confidential Information. Executive covenants that Executive will become familiar with and abide by all policies and rules issued by the Company now or in the future dealing with Confidential Information.
  
 (b) Covenant Not to Disclose, Use or Exploit. Executive shall not, directly or indirectly, disclose to anyone or use or otherwise exploit for the benefit of anyone, other than the Company and its subsidiaries, any Confidential Information.
  
 (c) Confidential Materials. All Confidential Materials are and shall remain the exclusive property of the Company. No Confidential Materials may be copied or otherwise reproduced, removed from the premises of the Company, or entrusted to any person or entity (other than the Personnel entitled to such materials by authorization of the Company) without prior written permission from the Company. Notwithstanding the foregoing, Executive may copy Confidential Information and remove such Confidential Information from the Company’s premises to Executive’s residence, in each case, in the ordinary course of business in the discharge of Executive’s duties and obligations under this Agreement.
   
 	 
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 8.3 Company Property. Any and all writings, improvements, processes, procedures and/or techniques which Executive may make, conceive, discover or develop, either solely or jointly with any other person or persons, at any time during the term of this Agreement, whether during working hours or at any other time and whether at request or upon the suggestion of the Company or any subsidiary thereof, which relate to any business now or hereafter carried on or contemplated by the Company or any subsidiary thereof, including developments or expansions of its present fields of operations, shall be the sole and exclusive property of the Company. Executive shall make full disclosure to the Company of all such writings, improvements, processes, procedures and techniques, and shall do everything necessary or desirable to vest the absolute title thereto in the Company. Executive shall not be entitled to any additional or special compensation or reimbursement regarding any and all such writings, improvements, processes, procedures and techniques. 
  
 9. Remedies.
  
 9.1 Equitable Relief. The parties acknowledge that the provisions and restrictions of Section 8 of this Agreement are reasonable and necessary for the protection of the legitimate interests of the Company and Executive. The parties further acknowledge that the provisions and restrictions of Section 8 of this Agreement are unique, and that any breach or threatened breach of any of these provisions or restrictions by Executive will provide the Company with no adequate remedy at law, and the result will be irreparable harm to the Company. Therefore, the parties agree that upon a breach or threatened breach of the provisions or restrictions of Section 8 of this Agreement by Executive, the Company shall be entitled, in addition to any other remedies which may be available to it, to institute and maintain proceedings at law or in equity, to recover damages, obtain specific performance or a temporary or permanent injunction, without the necessity of establishing the likelihood of irreparable injury or proving damages and without being required to post bond or other security.
  
 9.2 Modification of Restrictions. If the scope of activity restricted in Article 8 should be adjudged unreasonable in any proceeding, then the scope of the restricted activity shall be modified, or any or all of the foregoing, so that such restrictions may be enforced in such area and for such time as is adjudged to be reasonable. 
  
 10. Consideration for Restrictive Covenants. Executive acknowledges that the execution of this Agreement and compliance with it by the Company shall constitute fair and adequate consideration for Executive’s compliance with the restrictive covenants contained in the respective sections of this Agreement.
  
 11. Miscellaneous.
  
 11.1 Governing Law. This Agreement, its interpretation, performance and enforcement, and the rights and remedies of the parties hereto, shall be governed and construed by the laws of the State of Nevada applicable to contracts to be performed wholly within Nevada, without regard to principles of conflicts of laws and without the aid of any canon, custom or rule of law requiring construction against the drafter.
  
 	 
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 11.2 Waiver. A waiver by any party of any condition or the breach of any term, covenant, representation or warranty contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall not be deemed or construed as a further or continuing waiver of any such condition or the breach of any other term, covenant, representation, or warranty set forth in this Agreement.
  
 11.3 Entire Agreement. This Agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and contemporaneous understandings, inducements or conditions, express or implied, written or oral, between the parties with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof.
  
 11.4 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by courier service, by telecopy or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at their addresses set forth in the preamble to this Agreement (or at such other address for a party as shall be specified in a notice given in accordance with this Section 11.4).
  
 11.5 Headings. The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.
  
 11.6 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.
  
 11.7 Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
  
 11.8 Amendment or Termination. No agreement shall be effective to change, modify, waive, release, amend or terminate this Agreement, in whole or in part, unless such agreement is in writing, refers expressly to this Agreement and is signed by the party against whom enforcement of the change, modification, waiver, release, amendment or termination is sought. 
  
 	 
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 11.9 Code Section 409A. 
  
 (a) This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder (and any applicable transition relief under Section 409A of the Code). Nevertheless, the tax treatment of the benefits provided under the Agreement is not warranted or guaranteed. Neither the Company nor its directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by Executive as a result of the application of Section 409A of the Code.
  
 (b) Notwithstanding anything in this Agreement to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred Compensation”) would otherwise be payable or distributable hereunder, or a different form of payment of such Non-Exempt Deferred Compensation would be effected, by reason of Executive’s termination of employment, such Non-Exempt Deferred Compensation will not be payable or distributable to Executive, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such termination of employment meet any description or definition of “separation from service” in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition). This provision does not affect the dollar amount or prohibit the vesting of any Non-Exempt Deferred Compensation upon a termination of employment. If this provision prevents the payment or distribution of any Non-Exempt Deferred Compensation, or the application of a different form of payment, such payment or distribution shall be made at the time and in the form that would have applied absent the non-409A-conforming event. 
  
 (c) Notwithstanding anything in this Agreement to the contrary, if any amount or benefit that would constitute Non-Exempt Deferred Compensation would otherwise be payable or distributable under this Agreement by reason of Executive’s separation from service during a period in which he is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Company under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): (i) the amount of such Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period immediately following Executive’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following Executive’s separation from service (or, if Executive dies during such period, within 30 days after Executive’s death) (in either case, the “Required Delay Period”); and (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period. For purposes of this Agreement, the term “Specified Employee” has the meaning given such term in Code Section 409A and the final regulations thereunder.
  
 (d) Each payment of termination benefits under Section 5.2(a) of this Agreement shall be considered a separate payment, as described in Treas. Reg. Section 1.409A-2(b)(2), for purposes of Section 409A of the Code. 
  
 (e) If Executive is entitled to be reimbursed for any taxable expenses under Section 4.5 hereof, and such reimbursements are includible in Executive’s federal gross taxable income, the amount of such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred. No right of Executive to reimbursement of expenses under Section 4.5 6 hereof shall be subject to liquidation or exchange for another benefit.
  
 (f) The Company shall have the sole authority to make any accelerated distribution permissible under Treas. Reg. Section 1.409A-3(j)(4) to Executive of deferred amounts, provided that such distribution meets the requirements of Treas. Reg. Section 1.409A-3(j)(4).
  
 [Signature Page Follows]
    
 	 
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above.
   
 	  
	 CREATIVE MEDICAL TECHNOLOGY HOLDINGS, INC.
	  

	  
	  
	  
	  

	  
	 By
	 /s/ Donald Dickerson
	  

	  
	 Name:
	 Donald Dickerson
	  

	  
	 Title:
	 Chief Financial Officer
	  

	  
	  
	  
	  

	  
	  
	 /s/ Timothy Warbington
	  

	  
	  
	 TIMOTHY WARBINGTON
	  

   
 	 
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