Document:

ex10-4.htm

     EXHIBIT 10.4

    SERVICES
AGREEMENT

     

    This
agreement (“Agreement”) sets forth the terms and conditions under which
COLLEGESTOCK, Inc. (“CollegeStock”) agrees to provide certain consulting
services, as more specifically set fourth hereinafter, to INVO Bioscience, Inc.
herein referred to as (“Client”).

    

    
      	
              1.  

            	
              Services.  CollegeStock
      will provide Client with the following
services:

            

    

    

    
      	
              (a)  

            	
              Detailed
      profile of client including benefits of investing in client; to be
      featured on CollegeStock.com for the duration of the
    contract.

            

    

    
      	
              (b)  

            	
              A
      minimum of one (1) 60 second placement featuring client on the Wide World
      of Stocks television show.

            

    

    
      	
              (c)  

            	
              A
      minimum of one (1) Micro Cap Movie featuring client to be broadcast on the
      internet to a minimum of 100,000
viewers.

            

    

    
      	
              (d)  

            	
              A
      detailed ‘Stock Wiki’ featured on www.Wikinvest.com for the duration of
      the contract.

            

    

    
      	
              (e)  

            	
              Management
      of clients twitter feed and additional social networking
      outlets.

            

    

    
      	
              (f)  

            	
              Prominent
      branding and advertising of client’s opportunity featured on the homepage
      of CollegeStock.com for the duration of the
  agreement.

            

    

    

    
      	
              2.  

            	
              Term.  This
      Agreement shall be for a period of one (1) year commencing September 1,
      2009 and terminating September 1,
2010.

            

    

    

    
      	
              3.  

            	
              Fees. Consultant
      shall be compensated as follows:

            

    

    

    
      	
              a.  

            	
              A
      retainer of 1 million shares of rule 144 restricted stock 50% due upon
      signing and the remainder by March 1,
2010.

            

    

    

    
      	
              4.  

            	
              Expenses.  Client
      shall reimburse Consultant for all reasonable, pre-approved expenses
      incurred by it in connection with this agreement.  Reimbursement
      shall be on a bi-weekly basis.

            

    

    

    
      	
              5.  

            	
              Compliance with
      Law.  Consultant agrees to provide services contemplated
      under this agreement in strict accordance with applicable laws and agrees
      to indemnify Client for specific damages only incurred by it as a result
      of Consultant’s negligent acts or blatant omissions in violation of such
      laws.

            

    

    

    
      	
              6.  

            	
              Governing Law.
      This agreement shall be interpreted under and governed by the laws of the
      State of Massachusetts without regard to conflicts of
  laws.

            

    

    

    
      	
              7.  

            	
              Arbitration. Any
      controversy, dispute or claim between the parties relating to this
      agreement shall be resolved by binding arbitration in accordance with the
      rules of the American Arbitration Association in the State of
      Massachusetts.  As to any and all disputes, the prevailing party
      shall be entitled to recovery of all costs including but not limited to
      attorney’s fees, court costs, costs of appeal, interest from day of
      breach, cost of preparation and all other costs allowed by the
      court.

            

    

    

    
      	
              8.  

            	
              Authority. By
      signing this Agreement, the signing party represents that he has
      unconditional authority to enter the Agreement on behalf of
      Client.

            

    

    

    
      	
              9.  

            	
              Confidentiality.
      This is the entire agreement between the parties pertaining to its subject
      matter and supersedes all prior agreements, representations and
      understandings of parties.  No modification of this agreement
      shall be binding unless agreed in writing by the parties.  If
      any term, condition or provision of this agreement shall be declared
      invalid or unenforceable, the remainder of this Agreement shall not be
      affected thereby and shall remain in force and
  effect.

            

    

    

    

    ACCEPTED
AND AGREED TO THIS 31st DAY
OF AUGUST 2009

    

    

    COLLEGESTOCK,
INC.

    

    

    

    By: /s/
Thomas
McCarthy             

          
Thomas
McCarthy, President

    

    

    

    INVO
BIOSCIENCE, INC.

    

    

    By: /s/Kathleen
Karloff                

           Kathleen
Karloff, CEOex10-1.htm

Exhibit 10.1

 

November 13, 2009

 

Personal and Confidential

 

Mr. Chris C. Dick

3043 Comfort Road

New Hope, PA 18938

 

Dear Chris,

 

This letter agreement (the “Agreement”) shall confirm the terms of your employment with Elite Pharmaceuticals, Inc., a Delaware corporation (the “Company”).

	  	  	  
	  	
1.
	
Commencing on November 13, 2009, at which time the Employment Agreement between you and Elite Pharmaceuticals, Inc. dated November 13, 2006 terminates, you shall continue as an employee of the Company under the terms of this agreement as President and Chief Operating Officer (the “COO”) and you shall have such powers and duties
as are commensurate with such position and as may be conferred upon you by the Company’s Chief Executive Officer (the “CEO”) and the Board of Directors of the Company. You will report directly to the CEO.

	  	  	  
	  	
2.
	
You shall receive an annual base salary equal to $175,000.00 which shall be payable in accordance with the Company’s payroll practices. In addition, you shall receive quarterly stock payments. The number of shares of restricted stock (OTCBB: ELTP) issued each quarter shall be calculated as the quotient of the quarterly amount due
of $6,250.00, divided by the average daily closing price of the Company’s common stock for the quarter just ended. The average daily closing price is calculated as the simple average of the closing price of each trading day in the quarter. The closing price shall be as posted on Google, Yahoo, Wall Street Journal or any similar data source. The stock will be registered on Form S-8 if deemed appropriate by Elite’s Board or otherwise included on the Company’s next Form S-1 or equivalent. These
stock payments shall be issued within 30 days after the end each quarter.

	  	  	  
	  	
3.
	
You may become eligible for cash and/or equity-based awards that may be granted by the Company in the future, with any such awards to be granted in the discretion of the Company and the CEO.

	  	  	 
	  	
4.
	
You shall receive 25 days paid vacation time during each calendar year, and pro rated for periods of less than a full calendar year; provided, that the timing and duration of any particular vacation shall not interfere with the business of the Company or the effective performance of your duties
hereunder, as reasonably determined in good faith by the CEO.

	  	  	  
	  	
5.
	
You continue to be entitled to participate in all health insurance plans maintained by the Company for its employees, subject to applicable eligibility requirements; provided nothing in the foregoing shall limit or restrict the Company’s discretion to amend, revise or terminate any benefit or plan without your notice or consent.

	  	  	  
	  	
6.
	
You shall receive a monthly automobile allowance in the amount of Seven Hundred Dollars ($700).

	  	  	  
	  	
7.
	
You shall receive a term life insurance policy in the amount of Five Hundred Thousand Dollars ($500,000) on the life of the Executive payable to the estate of the Executive in the event of the Executive’s death during the Term.

	  	  	  
	  	
8.
	
While you are employed by the Company, you agree to devote your best efforts to the interests of the Company and to not knowingly undertake or engage in any employment, occupation or business enterprise that is directly or indirectly adverse to the interest of the Company. You agree to observe in all material respects any and all rules
and policies that the Company may now or hereafter establish from time to time, governing the conduct of its employees or business.

	  	  	  
	  	
9.
	
You understand and agree that your employment with the Company is terminable at the will of either the Company or you. You may terminate your employment at any time with or without notice and the Company has a similar right to terminate your employment for any reason or no reason. You acknowledge that there have been no representations
or promises made to you that your employment will continue for a set period of time or that your employment will be terminated only under particular circumstances. You acknowledge that no representations, express or implied, may be made that are inconsistent with this policy and no one at the Company is authorized to make representations, express or implied, inconsistent with this policy.

  

1

  

 

	  	
10.
	
As a condition to entering into this Agreement and being employed by the Company you agree to execute and deliver the Proprietary Rights Agreement in the form attached hereto as Exhibit A (the “Proprietary Rights Agreement”), pursuant to which you shall agree that, among other
things, (a) all Proprietary Information (as defined in the Proprietary Rights Agreement) disclosed to you by the Company during your employment with the Company is the exclusive property of the Company or the party that disclosed or delivered such information to the Company, and (b) except as otherwise permitted under the Proprietary Rights Agreement, you shall be prohibited from using or disclosing any such Proprietary Information.

	  	  	  
	  	
11.
	
This Agreement and the Proprietary Rights Agreement contain the entire understanding between the Company and you with respect to the subject matter hereof and thereof. This Agreement may not be extended, varied, modified, supplemented, or otherwise changed except by written agreement signed by both you and an authorized officer of the Company.
A waiver by the Company of any right or provision under this Agreement shall not operate or be construed as a waiver of such right or provision at any other time. If a court of competent jurisdiction finds a portion of this Agreement unenforceable, such finding shall not affect enforcement of the other portions of this Agreement. Any portion found to be unenforceable shall be construed to be reformed to extend as far as is enforceable. This Agreement shall inure to the benefit of, and may be enforced by the successor
and assigns of, the Company. This Agreement is entered into under the laws of the State of New York and shall be governed by the laws of the State of New York. Any lawsuit or legal action or proceeding relating to this Agreement shall be brought in one of the state of federal courts sitting in the City and State of New York, and both you and the Company submit to the jurisdiction of such courts for that purpose.

	  	  	  
	  	
12.
	
You represent and warrant that you have had a full opportunity to seek legal advice and representation by an independent counsel of your own choosing in connection with this Agreement.

 

If you find the foregoing arrangement acceptable and believe that the foregoing accurately summarizes our understanding, please kindly so indicate by executing and dating the attached copy of this Agreement in the space provided and returning a copy to me.

	 	 	 	 	 	 	 	 
	 	 	  	 	Very truly yours,
	 	 	  	 	 	  	  	  
	 	 	  	 	Elite Pharmaceuticals, Inc.
	 	 	  	 	 	  	  	  
	 	 	  	 	
By:
	
 
	
/s/ Jerry Treppel
	
 

	 	 	  	 	 	  Name: Mr. Jerry Treppel
	 	 	  	 	 	  Title:   Chief Executive Officer
	 	 	  	 	 	  	  	  
	ACCEPTED & AGREED AS OF	 	 	  	  	  
	 	 	  	 	 	  	  	  
	 	
/s/ Chris C. Dick
	
 
	 	 	  	  	  
	Chris C. Dick	 	 	  	  	  

 

 

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