Document:

ex_313288.htm

Exhibit 10.1

 

 

EXECUTIVE SERVICE AGREEMENT

 

 

 

 

 

 

 

 

PARTIES

 

 

 

LIQTECH HOLDING A/S

25121031

Bensh0j lndustrivej 24

9500 Hobro

(the "Company")

 

 

AND

 

2/8

 

 

SIMON SEIDELIN STADIL

Weidstrasse 40

6300 Zug

Schwitzerland (the "CFO")

 

have today made the following Executive Service Agreement (the "Agreement")

 

3/8

 

 

	 	
			1.

				
			POSITION

			

 

	 	
			1.1.

				
			The CFO will service as Chief Financial Officer of LiqTech International Inc. and LiqTech Holding A/S with effect from December 1st. 2021.

			

 

	 	
			1.2.

				
			As LiqTech International Inc. is listed on the Nasdaq stock exchange, the Audit Committee will prepare instructions for the Executive Management describing the CFO's duties and governing the distribution of work between the Board of Directors and the Executive Management.

			

 

 

	 	
			2.

				
			DUTIES AND RESPONSIBILITIES

			

 

	 	
			2.1.

				
			The CFO's duties and responsibilities comprise:

			

 

	 	
			o

				
			The CFO is subject to statutory rules and liability responsible to the Group CEO to perform the duties as CFO of LiqTech International Inc. The CFO is responsible for Company's complete financial controls and duties as assigned by the Group CEO of LiqTech International Inc.

			

 

	 	
			o

				
			The CFO shall appoint and dismiss the Company's financial staff and provides the financial staff with working areas and provide them with working authority.

			

 

	 	
			o

				
			The CFO shall be reported as CFO to the Danish Commerce and Companies Agency.

			

 

	 	
			2.2.

				
			The CFO must expect travel activity.

			

 

 

	 	
			3.

				
			OTHER OFFICES HELD DURING THE EMPLOYMENT

			

 

	 	
			3.1.

				
			The CFO may not without having obtained the written consent of the Group CEO in each individual case be an active or passive participant in any kind of position, employment or office - whether paid or unpaid.

			

 

	 	
			3.2.

				
			The CFO may not without having obtained the consent of the Group CEO be a shareholder, stakeholder or in any other way participate financially in any other undertaking. The CFO is, however, entitled to make investments in assets which are usually subject to such investment of funds.

			

 

	 	
			3.3.

				
			The CFO must, in compliance with any instructions given by Group CEO, join the Board of Directors of the Company's subsidiaries/consolidated companies.

			
	 	 	 
	 	 	The CFO will not be entitled to any separate fee for such Board positions.

 

 

	 	
			4.

				
			PLACE OF WORK

			

 

	 	
			4.1.

				
			The place of work is lndustriparken 22C, 2750 Ballerup.

			

 

	 	
			4.2.

				
			The CFO must expect that some of the duties entailed in his position are to be performed at the Company's other domiciles in Denmark and other countries.

			

 

 

	 	
			5.

				
			SALARY AND PENSION

			

 

	 	
			5.1.

				
			The CFO's annual salary is DKK 1,700,000 payable monthly in instalments of 1/12 on the last banking day of the month. Each year in December, the first time in 2022, the annual salary will be discussed with the Group CEO of LiqTech International Inc. and may or may not be adjusted.

			

 

4/8

 

 

	 	
			5.2.

				
			The Company pays pension contributions into a pension scheme chosen by the CFO. The Company's pension contribution amounts to 10% of the annual base salary, see the section above. The CFO's own contribution amounts to 5% of the annual salary. The pension contribution is payable monthly in instalments of 1/12 on the last banking day of the month.

			

 

 

	 	
			6.

				
			BONUS

			

 

	 	
			6.1.

				
			Depending on the achievement of certain targets the CFO is eligible to receive an annual bonus, which is earned and paid in accordance with a separate bonus agreement entered into by the Company and the CFO in connection with the budget planning for the financial year. The bonus agreement will allow the CFO to obtain up to 50% of the current annual salary.

			

 

	 	
			6.2.

				
			The CFO will be comprised by an individually agreed share grant agreement, which allow the CFO to obtain up to 50% of the current annual salary.

			

 

 

	 	
			7.

				
			COMPANY CAR

			

 

	 	
			7.1.

				
			The company provides a car to the CFO and will pay for all expenses related to the company car. The tax consequences for the CFO of the private disposal facilities listed above are treated by the Company according to applicable law.

			

 

 

	 	
			8.

				
			OTHER EMPLOYEE BENEFITS

			

 

	 	
			8.1.

				
			The Company will, according to agreement with the CFO, make the following

			

 

	 	
			(a)

				
			mobile phone

			

 

	 	
			(b)

				
			computer

			

 

	 	
			(c)

				
			internet connection at the CFO's home address

			

 

	 	
			(d)

				
			relevant trade magazines

			

 

	 	
			freely available to the CFO and will pay all reasonable and usual costs incidental thereto.

			

 

	 	
			8.2.

				
			At the Company's request, and without any compensation being offered in this respect, the CFO must in the event that he is released from his duties immediately or at a time to be determined by the Company return all employee benefits, see above.

			

 

 

	 	
			9.

				
			INSURANCE

			

 

	 	
			9.1.

				
			In addition to compulsory insurance, the CFO is comprised by the following:

			

 

	 	
			(a)

				
			Preventive health plan or health insurance

			

 

	 	
			9.2.

				
			A detailed description of the scheme is available from the Company's employee handbook. Any tax consequences in this respect are irrelevant to the Company.

			

 

5/8

 

 

	 	
			10.

				
			TRAVEL AND ENTERTAINMENT EXPENSES

			

 

	 	
			10.1.

				
			The Company will make a company credit card available to the CFO for payment of the CFO's usual and reasonable travel and entertainment expenses incurred while in the service of the Company. The CFO shall regularly submit the required documentation of expenses incurred.

			

 

 

	 	
			11.

				
			EDUCATION AND TRAINING

			

 

	 	
			11.1.

				
			The CFO is entitled and obliged to stay up to date in terms or educalion and l1aining a11d Lu pa1licipale i11 relevant supplementary education and training programmes. The Company will, subject to agreement in each individual case, pay the costs incidental thereto.

			

 

 

	 	
			12.

				
			HOLIDAY

			

 

	 	
			12.1.

				
			The CFO is covered by the Holiday Act. The CFO is entitled to holiday with pay and to holiday supplements according to the Holiday Act applicable from time to time.

			

 

	 	
			12.2.

				
			The CFO is entitled to 5 five discretionary holidays per holiday year. The discretionary holidays will be granted proportionately in case of commencement of service during the holiday year.

			
	 	 	 
	 	 	Discretionary holidays must be taken as full days off and must be scheduled as per agreement with the Company.
	 	 	 
	 	 	Any discretionary holidays not taken cannot be transferred to the subsequent holiday year and will lapse without compensation at the end of the holiday year or on severance of service.

 

 

	 	
			13.

				
			SICKNESS

			

 

	 	
			13.1.

				
			The CFO is entitled to pay during sickness.

			

 

	 	
			13.2.

				
			In case of sickness rendering the CFO unable to perform his duties, the CFO must inform the Chairman of LiqTech Holding NS.

			

 

	 	
			13.3.

				
			The CFO is entitled to time off with pay to care for his own child under the age of 14 on the child's first full sick day. This right is conditional on the CFO not being able to make other arrangements to care for the child, including on the child's other parent not simultaneously exercising a similar right.

			

 

 

	 	
			14.

				
			TERMINATION

			

 

	 	
			14.1.

				
			The employment relationship may be terminated according to the notices applicable under the Salaried Employees Act, which have been mutually extended by 4 months. The Company may hence terminate the CFO's employment by giving the following notices plus 4 months to the end of a month:

			

 

	 	
			(a)

				
			Termination before the end of the fifth month: One month

			

 

	 	
			(b)

				
			Termination before the end of two years and nine months: Three months

			

 

	 	
			(c)

				
			Termination before the end of five years and eight months: Four months

			

 

	 	
			(d)

				
			Termination before the end of eight years and seven months: Five months

			

 

	 	
			(e)

				
			Termination after eight years and seven months: Six months

			

 

6/8

 

 

	 	
			14.2.

				
			The CFO may terminate his employment by giving 3 months' notice to the end of a month.

			

 

	 	
			14.3.

				
			The Company may terminate the employment of the CFO by giving one month's notice for effective termination at the end of a month, if the CFO has received salary during sickness absence for a total of 120 days within a period of 12 consecutive months, provided notice of termination is given immediately after the expiry of the 120 sick days and while the CFO is still ill.

			

 

 

	 	
			15.

				
			CONFIDENTIALITY AND DUTY TO RETURN MATERIAL

			

 

	 	
			15.1.

				
			The CFO has been made aware of section 3 of the Marketing Practices Act regarding good marketing practices, which implies, among other things, that the CFO may not use knowledge of customers and special business methods in a new position, and of the Trade Secrets Act, which, among other things, contains a prohibition against unauthorised use or disclosure of trade secrets. In case of violation of these provisions, the CFO will be liable to pay an agreed penalty equivalent to three months' salary. Payment of such agreed penalty will not exempt the CFO from his obligations under the Marketing Practices Act and the Trade Secrets Act.

			

 

	 	
			15.2.

				
			The CFO must observe confidentiality with respect to any information of which the CFO becomes aware in connection with the performance of his duties as executive officer of the Company, unless, due to its nature, such information must be disclosed lo a third party. This duty of confidentiality also applies after the CFO has resigned his position with the Company.

			

 

	 	
			15.3.

				
			If the CFO resigns his position, irrespective of cause, any and all documents, material and equipment which belongs to the Company or any subsidiary, and which is in the CFO's possession, must be returned to the Company. The CFO cannot exercise any lien in any documents, material, equipment or any other items belonging to the Company.

			

 

 

	 	
			16.

				
			INTERNET AND USE OF E-MAIL

			

 

	 	
			16.1.

				
			For purposes of performing his duties, the CFO will have access to e-mail and internet through the Company's IT system. The CFO may use these facilities for personal purposes to a limited extent.

			

 

	 	
			16.2.

				
			The CFO's use of the IT system is registered on the Company's server, but the Company will not check the CFO's use of e-mails and internet on any regular basis. In special situations, for instance in the case of suspected abuse, for security reasons or in connection with the CFO's severance of service, the Company may, however, perform such check.

			

 

 

	 	
			17.

				
			INTELLECTUAL PROPERTY RIGHTS AND KNOW-HOW

			

 

	 	
			17.1.

				
			Know-how, patent rights, utility model rights, trademark rights, computer programs and the like which the CFO may contribute to conveying to the Company or develop during his employment, and which concern the Company, belong to the Company - whether or not the rights have been registered. The CFO is not entitled to separate remuneration in this respect, as this has been taken into account in the determination of the CFO's remuneration.

			

 

 

	 	
			18.

				
			MISCELLANEOUS

			

 

	 	
			18.1.

				
			The tax consequences for the CFO of his financial rights under the Agreement are irrelevant to the Company.

			

 

7/8

 

 

	 	
			18.2.

				
			The CFO has an obligation to familiarise himself with the guidelines which have been laid down by the Company, and which are regularly updated, including the employee handbook.

			

 

	 	
			18.3.

				
			In connection with the employment, the Company processes a range of personal data about the CFO. The Company will generally process the data for the purpose of ensuring that the Company complies with its obligations to the CFO under this Executive Service Agreement and the legislation which the Company is required to comply with or for the purpose of documenting the employment relationship history

			

 

 

	 	
			19.

				
			DISPUTE RESOLUTION

			

 

	 	
			19.1.

				
			Any dispute arising out of or in connection with this Agreement must be settled in accordance with the Rules of Arbitration Procedure of the Danish Institute of Arbitration.

			

 

	 	
			19.2.

				
			Each party appoints an arbitrator. The chairman of the arbitration tribunal is appointed by the institute. If a party has not appointed an arbitrator within 30 days of having requested or received notice of arbitration, such arbitrator will be appointed by the institute in accordance with the above-referenced rules.

			

 

8/8

 

 

	 	
			20.

				
			SIGNATURES

			

 

	 	
			20.1.

				
			This Agreement is executed in two original copies, both of which are to be signed by the parties. One of the copies is retained by the Company, while the other copy is given to the CFO.

			

 

 

For and on behalf of the Company

 

 

By: /s/ Sune Mathiesen                  

Name: Sune Mathiesen

Title: Group CEO

Date: November 23, 2021

 

9/8

 

 

By: /s/ Simon Seidelin Stadil         

Name: Simon Seidelin Stadil

Title:

Date: November 23, 2021

 

10ex_313411.htm

Exhibit 10.1

 

ADVISORY COMMITTEE MEMBER CONSULTING AGREEMENT

 

THIS ADVISORY COMMITTEE MEMBER CONSULTING AGREEMENT (“Agreement”)

 

is made as of November 11, 2021, by and between AMERICA GREAT HEALTH, a California corporation (the “Company”), and Dr. Kevin Buckman (“Consultant”).

 

 

R E C I T A L S :

 

A.    Company has formed an Advisory Committee to provide comprehensive suggestions, opinions and assistance for Company’s research and development and business activities.

 

B.    Company wishes to engage the services of Consultant, as a member of its Advisory Committee, to provide the services set forth below, and Consultant wishes to provide such services.

 

 

NOW, THEREFORE, in consideration of the covenants hereinafter stated, the parties agree as follows:

 

1.    Consulting Services. Consultant shall provide consulting services to Company (the “Services”) as a member of its Advisory Committee, to include:

 

a.    Attending (in person or telephonically) at least one (1) meeting each month with the Company’s executives and/or senior staff;

 

b.    Participating in conference calls with the Company’s executives and/or senior staff on an “on-call” basis during normal business hours;

 

c.    Responding promptly to any phone calls or emails sent by the Company’s executives and/or senior staff; and

 

d.    Assisting GOF Biotechnologies Inc. to apply for new drug approval from FDA and working on FDA issues as a Medical Advisor for FDA application.

 

2.    Consulting Compensation.

 

In consideration for entering into this Agreement and the Services rendered to the Company, Company shall provide Consultant with the following consulting compensation:

 

a.    For joining Company as a Medical Advisor to assist with projects: 500,000 warrants of AMERICA GREAT HEALTH to exercise at $0.01 per share within 24 months, which would include Consultant’s involvement with the nutritional products and medical devises;

 

b.    Incentives to assist FDA approval of oral insulin and Amylase X:

 

1)    Upon completion of IND Application: 500,000 warrants of AMERICA GREAT HEALTH exercise at $0.01 per share within 24 months;

 

1

 

 

2)    Upon completion of Phase 1 clinical trials: 500,000 Warrants of GOF Biotechnologies Inc. exercise at $0.01 per share within 24 months;

 

3)    Upon completion of Phase 2 clinical trials: 500,000 warrants of GOF Biotechnologies Inc. exercise at $0.01 per share within 24 months;

 

4)    Upon completion of phase 3 clinical trials: 250,000 warrants of GOF Biotechnologies Inc. exercise at $0.01 per share within 24 months;

 

5)    With an early exit strategy of sale of the company (GOF Biotechnologies Inc.) or license of oral insulin or Amylase X (exit at Phase 1 or 2 of clinicals): 500,000 warrants of GOF Biotechnologies Inc. exercise at $0.01 per share within 24 months.

 

3.   Proprietary Rights.

 

a.    Proprietary Rights Created Outside of Performance of Services. Any and all inventions, discoveries, processes, ideas, methods, designs and know-how, whether or not patentable, which Consultant may conceive or make either alone or in conjunction with others, prior to the term of this Agreement or during the term of this Agreement that were not developed in connection with the Services performed hereunder, shall remain the exclusive property throughout the world of Consultant.

 

b.    Proprietary Rights Created in Performance of Services. All work arising from the Services performed hereunder and all materials and products developed or prepared for Company by Consultant in connection with the Services performed hereunder are the exclusive property throughout the world of Company, and all right, title and interest therein shall vest in Company. All documentation and other copyrightable materials developed or prepared by Consultant in connection with the Services performed hereunder shall be deemed to be “works made for hire” in the course of the Services rendered hereunder. To the extent that title to any works arising from the performance of the Services hereunder may not, by operation of law, vest in Company, or such works may not be considered “works made for hire,” all right, title and interest therein, including, without limitation, all copyrights, are hereby irrevocably assigned to Company. Any and all inventions, discoveries, processes, ideas, methods, designs and know-how, whether or not patentable, which Consultant may conceive or make either alone or in conjunction with others, during the term of this Agreement, which in any way pertain to or are connected with the Services, shall be the sole and exclusive property throughout the world of Company; and Consultant, whenever requested to do so by Company or any subsidiary and/or affiliate thereof, at Company’s expense, and without further compensation or consideration, shall promptly execute any and all applications, assignments and other instruments and perform such acts which Company shall deem necessary or advisable in order to apply for and obtain copyrights, letters, patent and other applicable statutory protection throughout the world for said inventions, ideas and discoveries, and in order to assign and convey to Company the sole and exclusive right, title and interest throughout the world in and to said inventions, discoveries, processes, ideas, methods, designs and know-how, or any applications, copyrights or patents thereof.

 

2

 

 

4.   Confidentiality.

 

All inventions, ideas and discoveries which shall become Company’s property pursuant to Paragraph 3 (Proprietary Rights.) hereof shall be held secret and confidential by Consultant. Further, during and after the performance by Consultant of the Services and the term of this Agreement, Consultant will not use or disclose or allow anyone else to use or disclose to any third party any “Confidential Information” (as defined below) relating to Company, its products, its research and development, its supplies or customers and the Services to be provided hereunder except as may be necessary in the performance of the Services or as may be authorized in writing in advance by an appropriate officer of Company. Consultant acknowledges that the foregoing limitation expressly prohibits any use or disclosure of any Confidential Information by Consultant pursuant to lectures or scientific or technical papers or publications.“Confidential Information” includes any trade secrets, confidential information, knowledge, data or other information of Company relating to products, processes, know-how, designs, formulas, test data, customer lists, business plans, marketing plans and strategies, pricing strategies or other subject matter pertaining to any business of Company or any clients, customers, consultants, licensees or affiliates. “Confidential Information” shall not include any information which is publicly available at the time of disclosure or subsequently becomes publicly available through no fault of Consultant. All written information, drawings, documents and other materials prepared by Consultant in the performance of the Services hereunder shall be Company’s sole and exclusive property, and will be delivered to Company upon expiration or termination of this Agreement, together with all Confidential Information, if any, that may have been furnished to Consultant hereunder.

 

5.   Other Agreements.

 

Consultant hereby represents that Consultant is not a party to any other agreements or commitments that would hinder Consultant’s performance of the Services, other than those disclosed to Company in advance of the execution of this Agreement.

 

6.   Term and Termination.

 

This Agreement shall commence on the date hereof and, unless earlier terminated as provided below, shall continue until one (1) year from the date hereof and shall automatically renew for additional one (1) year periods for up to three (3) subsequent years unless terminated earlier in accordance with the terms of this Agreement. Either party shall have the right to terminate this Agreement without cause upon thirty (30) days’ prior written notice to the other party. The provisions of Paragraphs 3 (Proprietary Rights) and 4 (Confidentiality)shall survive and continue after expiration or termination of this Agreement.

 

7.   Independent Contractor.

 

Consultant is an independent contractor. Consultant shall not be deemed for any purpose to be an employee or agent of Company, and neither party shall have the power or authority to bind the other party to any contract or obligation. Company shall not be responsible to

 

3

 

 

Consultant or any governing body for any payroll-related taxes or insurance related to the performance of the terms of this Agreement.

 

8.   Disclosure.

 

Consultant acknowledges and agrees that Company may publicly disclose that Consultant is a member of Company’s Advisory Board. Consultant agrees and authorizes Company to disclose and publicize Consultant's name, photos, resume and published scientific research achievements through websites, company brochures, media and other public channels.

 

9.   Assignment.

 

Consultant may not assign any of his obligations hereunder without the prior written consent of Company, which may be withheld in its sole discretion.

 

10.   Notices.

 

All notification and communications hereunder shall be in writing. All notifications made to Company under this Agreement shall be made to the following address:

 

America Great Health

1609 W. Valley Blvd. #338

Alhambra, CA 91803

Attn: Richard Jiang

 

All notifications made to Consultant shall be made to Consultant at the address set forth opposite Consultant’s name on the signature page hereof.

 

11.   Governing Law.

 

This Agreement shall be governed by and construed in accordance with the laws of the State of California.

 

12.   Modifications.

 

No modification, amendment, supplement to or waiver of this Agreement shall be binding upon the parties hereto unless made in writing and duly signed by both parties.

 

13.   Severability.

 

In the event any one or more of the provisions of this Agreement is held to be invalid or otherwise unenforceable, the enforceability of the remaining provisions shall be unimpaired.

 

14.   Entire Agreement.

 

4

 

 

This Agreement contains the entire agreement between the parties, and supersedes any and all prior and contemporaneous oral and written agreements.

 

15.   Counterparts.

 

This Agreement may be executed in separate counterparts and shall become effective when the separate counterparts have been exchanged between the parties.

 

 

 

 

 

 

 

[Signatures appear on the following page.]

 

 

5

 

 

 

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

 

 

AMERICA GREAT HEALTH

 

 

/s/ Mike Wang                        

Mike Wang, CEO

12/02/2021

 

 

CONSULTANT:

 

/s/ Kevin Buckman                 

Dr. Kevin Buckman

12/02/2021

 

 

Address: 5937 Cumberland, Stockton, CA 95219

Cell: 209.610.5000

Email: DrBuckman@gmail.com

 

 

6

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