Document:

Employment Offer Letter

 EXHIBIT 10.14 
 

] 
 Jon. W. McGarity 
 President & CEO 
 August 3, 2007 
 Mark
R. Schonau 
 1748 East Queen Palm Drive 
 Gilbert, AZ 85234

 Dear Mark: 
 I am pleased to offer you the position of Chief
Financial Officer (CFO) at Insys Therapeutics, Inc. The salary offered for this position, at this time, is $175,000.00 per year. You are also eligible to receive a bonus potential of up to 50% of your base salary based on performance with 30%
guaranteed in the first year. As a full-time employee you will be eligible for health benefits and a 401K retirement plan. The attached “employment statement” summarizes your employment benefits. 
 On the first day of your employment you will be requested to sign a Confidentiality Agreement. If you are in agreement, please signify your acceptance of this offer of
employment by signing and returning this letter and the “offer statement” no later than August 6, 2007. It is understood that the job requires travel from time to time or as needed to meet business needs. 
 Mark, you are being offered a key position at Insys and we look forward to your active contribution to the success of our company. It is my hope that you will find your
employment at Insys a truly rewarding experience. 
 I look forward to welcoming you to Insys. Should you have any questions or concerns please do not
hesitate to contact me at (602) 910-2617 Ext # 9018. 
 Sincerely, 
  
 /s/ Jon W. McGarity 
 Jon W. McGarity 
 President and CEO 
 I hereby accept Insys Therapeutics Inc.’s offer as
described in this letter. 
  

					
	/s/ Mark R. Schonau	  		  	August 6, 2007
	Signature of Mark R. Schonau	  		  	Date

  

 1 

 INSYS THERAPEUTICS, INC. (“COMPANY”) 
 EMPLOYMENT OFFER STATEMENT (“OFFER STATEMENT”) 
 TO: Mark R. Schonau 
 DATE: August 3, 2007 
 POSITION: Chief Financial Officer (CFO) 
 START DATE: To Be Determined 
 COMPENSATION: 
  

	 SALARY 
	 $175,000.00 per annum 

  

	 BONUS 
	 Up to 50% bonus potential. 30% bonus is guaranteed first year 

  

	 EQUITY 
	 You shall receive 150,000 options. On an ongoing basis, you will participate in the annual employee stock option award program, to the extent such
awards are granted by the Board of Directors. 

  

	 	 50% of the options will be vested immediately upon your joining the company; the remaining 50% will vest per the following schedule:

 25%—September 2008 
 25%—September 1, 2009 
  

	 	 In order for any unvested options to vest, you must be an employee of the Company in good standing or reach terms that would complete the vesting.

  

	 	 The options shall be subject to all the terms and conditions of the Employee Stock Option Program adopted by the Company. Any Shares issued
pursuant to these paragraphs shall be subject to a prohibition on transferability until such time as an initial public offering of the Company’s stock is implemented by the Company. 

  

	 PAID TIME OFF: 
	 Your annual vacation time will be three weeks. You will have eight paid holidays and five personal/sick days. Please note that vacation time
unused for the calendar year cannot be carried over. After two years of complete service, four weeks will be approved. 

  

	 HEALTH INSURANCE: 
	 Effective on the first day following the first full month of employment but subject to any pre-existing condition clauses that may be applicable
to you or your family, Company Sponsored group medical and dental health coverage will be provided to you consistent with the Company health insurance benefits plan in place. 

  

 2 

	 BENEFITS: 
	 Effective on the first day of the first full month following the Start Date, long term
disability and life insurance at one and one-half (1- 1/2) times annual salary to a maximum of $300,000.00,
consistent with the Company benefits plan, shall be provided to you. These benefits are to be paid in full by the Company. 

  

	 RETIREMENT: 
	 Subject to all eligibility and waiting period requirements, you shall be entitled to participate in the 401(k) Plan. 

 

	 TERMINATION: 
	 Either you or the Company may terminate the “At-Will” employment upon thirty (30) days written notice to the other.

  

	 EMPLOYMENT STATUS: 
	 “At Will” Employment; Nothing herein shall be construed to alter your status as an “At-Will” employee.

  

	 TECHNOLOGY & 
	 All intellectual property and technology developed as a result of projects pursued by Insys, 

	 INTELLECTUAL 
	 whether directly or indirectly, while employed at Insys Therapeutics, Inc. shall belong to the 

	 PROPERTY: 
	 Company. 

  

					
	Accepted: /s/ Mark R.
Schonau                                       
     	 		 	Approved: /s/ Jon W.
McGarity                                       
     
	                  Mark R. Schonau	 		 	Its: President &
CEO                                        
                

  

 3Promissory Note

 EXHIBIT 10.1 
 PROMISSORY NOTE 
  

			
	 $30,175.80
	  	Irvine, California
		  	September 1, 2007

  

	1.	Payment. 

 FOR VALUE RECEIVED, the undersigned, BIOLARGO, INC., formerly known as NUWAY MEDICAL, INC. (“Maker”), hereby promises to pay to the order of TROY & GOULD PROFESSIONAL CORPORATION, a California
corporation with its principal office at 1801 Century Park East, 16th Floor, Los Angeles, California 90067 (“Holder”), the amount of Thirty
Thousand One Hundred and Seventy Five Dollars and Eighty Cents ($30,175.80) – representing an amount of $25,592.14, plus interest thereon at the rate of five percent (5%) from November 1, 2004, to August 31, 2007, and six
(6%) from September 1, 2007, to September 1, 2008 – as follows: 
 By twelve (12) equal monthly installments
of $2,514.65, beginning on October 1, 2007, and ending on September 1, 2008 – an amortization schedule of such installment payments is attached as Exhibit “A.” 
  

	2.	Prepayment. 

 Maker may prepay the unpaid principal
balance due under the Note, in whole or in part, at any time without premium or penalty. In such instance, Maker shall have no obligation to pay unaccrued interest, and any further interest due shall be calculated based on the reduced principal
balance. 
  

	3.	Event of Default. 

 Any of the following constitutes
an “Event of Default”: 
 (a) Maker’s failure to pay any amount when due hereunder; 
 (b) Failure of any such payment to clear; or 
 (c) Maker goes into bankruptcy or makes an assignment for the benefit of creditors. 
  

	4.	Damages. 

 In the Event of Default, the following
shall be immediately due and payable without notice or demand by Maker: 
 (a) The principal amount under the Note, less any
payments made (“Default Balance”); plus 

 (b) Interest on the Default Balance at the rate of 10% per annum, which shall accrue
as of the date of default, and thereafter; plus 
 (c) All of Maker’s costs, expenses, and attorneys’ fees incurred
enforcing or arising from this Note (as set forth in Paragraph 7 below). 
  

	5.	Waivers. 

 Maker expressly grants to Holder the
right to release or to agree not to sue any other person, or to suspend the right to enforce this Note against such other person or to otherwise discharge such person; and Maker agrees that the exercise of such rights by Holder shall have no effect
on the liability of any other person, primarily or secondarily liable hereunder. Maker waives demand for payment, presentment for payment, protest, notice of protest, notice of dishonor, notice of nonpayment, notice of acceleration of maturity,
diligence in taking any action to collect sums owing hereunder, and any purported duty or obligation of Holder to effect, protect, perfect, retain, or enforce any security for the payment of this Note, or to proceed against any collateral before
otherwise enforcing this Note. 
  

	6.	Application of Payments. 

 Each payment made under
this Note shall be applied (i) first, to fees, costs and expenses incurred by Holder in enforcing or arising from this Note, (ii) second, to interest, and (iii) third, to the principal of this Note. 
  

	7.	Fees and Costs. 

 If any action, proceeding, or
motion is brought to enforce this Note, or otherwise arises out of or in connection with this Note, the prevailing party in any such action or proceeding or on any such motion, shall be entitled to recover reasonable attorneys’ fees and costs,
specifically including, but not limited to, non-statutory costs, incurred in connection therewith, specifically including, but not limited to, any post-judgment and appellate proceedings. 
  

	8.	Amendments/Modifications. 

 This Note may be
cancelled or amended only by a written cancellation or amendment signed by Holder and Maker. 
  

	9.	Financial Information. 

 Maker shall promptly
furnish Holder with summary information relating to such Maker’s financial condition, assets, and liabilities, and its ability to pay the unpaid balance of this Note, as Holder may from time to time reasonably request. 

	10.	Miscellaneous. 

 Further: (a) this Note shall
inure to the benefit of and bind the Maker of this Note, and also its respective representatives, predecessors, parent companies, subsidiaries, affiliated entities, transferees, successors, assigns, joint-ventures and partners; (b) the
individuals executing this Note represent and warrant that such person has all the necessary power and authority to execute this Note and bind Maker on this Note; (c) in the event that any provision of this Note should be held to be void,
voidable, or unenforceable, the remaining portions hereof shall remain in full force and effect; (d) any action, proceeding, or motion brought to enforce this Note, or otherwise arising out of this Note, shall be subject to the venue and
jurisdiction of the Superior Court of the County of Los Angeles, California; and (e) this Note may be brought into effect by facsimile signature, which shall be treated as an original. 
 IN WITNESS WHEREOF, Maker has executed this Promissory Note as of the date above. 
  

			
	BIOLARGO, INC. (formerly known as Nuway Medical, Inc.)
		
	By:	 	/s/ Dennis Calvert
		 	Dennis Calvert, CEO

 Exhibit “A” 
 TROY & GOULD, PC 
 Promissory Note 
 Amortization Schedule 
 The amount of $29,217.56, at an annual rate of 6%; payments are due each month for the term of 12 months. 
  

															
	 Date
	  	No.	  	Payment	  	6% Interest	  	Principal	  	Balance
	 09/01/07
	  		  			  			  			  	*$	29,217.56
	 10/01/07
	  	1	  	$	2,514.65	  	$	146.09	  	$	2,368.56	  	$	26,849.00
	 11/01/07
	  	2	  	$	2,514.65	  	$	134.25	  	$	2,380.40	  	$	24,468.60
	 12/01/07
	  	3	  	$	2,514.65	  	$	122.34	  	$	2,392.31	  	$	22,076.29
	 01/01/08
	  	4	  	$	2,514.65	  	$	110.38	  	$	2,404.27	  	$	19,672.02
	 02/01/08
	  	5	  	$	2,514.65	  	$	98.36	  	$	2,416.29	  	$	17,255.73
	 03/01/08
	  	6	  	$	2,514.65	  	$	86.28	  	$	2,428.37	  	$	14,827.36
	 04/01/08
	  	7	  	$	2,514.65	  	$	74.14	  	$	2,440.51	  	$	12,386.85
	 05/01/08
	  	8	  	$	2,514.65	  	$	61.93	  	$	2,452.72	  	$	9,934.13
	 06/01/08
	  	9	  	$	2,514.65	  	$	49.67	  	$	2,464.98	  	$	7,469.15
	 07/01/08
	  	10	  	$	2,514.65	  	$	37.35	  	$	2,477.30	  	$	4,991.85
	 08/01/08
	  	11	  	$	2,514.65	  	$	24.96	  	$	2,489.69	  	$	2,502.16
	 09/01/08
	  	12	  	$	2,514.65	  	$	12.49	  	$	2,502.16	  	$	—  
		  		  	 	 	  	 	 	  	 	 	  		
	 Accumulated totals
	  		  	$	30,175.80	  	$	958.24	  	$	29,217.56	  		
		  		  	 	 	  	 	 	  	 	 	  		

  

					
	 * Amount as of 10/31/04
	  	$	25,592.14	 
	 5% Interest from 11/1/04—8/31/07
	  	$	3,625.42	 
	 Total amount with interest 8/31/07
	  	$	29,217.56	*

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