SEC Contract Filing

Filing Date: 2022-05-16

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_372256.htm
<DESCRIPTION>EXHIBIT 10.1 JORDEN EMPLOYMENT AGREEMENT
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>EMPLOYMENT AGREEMENT</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">This <b>EMPLOYMENT AGREEMENT</b> (this &#8220;Agreement&#8221;) executed on May 9, 2022 retroactive to April 1, 2022 (the &#8220;Effective Date&#8221;), is by and between Nuo Therapeutics, Inc., a Delaware corporation (together with its affiliates and subsidiaries, the &#8220;Company&#8221;), and David E. Jorden (the &#8220;Employee&#8221;).</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>WITNESSETH:</b>&nbsp;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>WHEREAS</b>, the Company and the Employee desire the Employee to continue serving the Company as its Chief Executive Officer and Chief Financial Officer; and</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>WHEREAS</b>, the parties desire to provide that the Employee be employed by the Company under the terms of this Agreement.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>NOW THEREFORE</b> in consideration of the mutual covenants contained herein as well as other good and valuable consideration, the Company and the Employee hereby agree as follows:</p>

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 <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">1.</p>
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 <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;text-align:justify;margin:0pt;"><u>Term of Employment; Office and Duties</u>.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing on the Effective Date of this Agreement and continuing through March 31, 2023 (the &#8220;Initial Term&#8221;), the Company shall employ the Employee as a senior executive of the Company with the title of Chief Executive Officer and Chief Financial Officer, with the duties and responsibilities prescribed for such office in the Bylaws of the Company and such additional duties and responsibilities consistent with such positions as may from time to time be assigned to the Employee by the Board of Directors of the Company (the &#8220;Board&#8221;). Employee agrees to perform such duties and discharge such responsibilities in accordance with the terms of this Agreement in a diligent and professional manner and in the best interest of the Company. Unless this Agreement is earlier terminated as provided for elsewhere herein, upon the expiration of the Initial Term, this Agreement shall automatically renew for successive additional one (1) year terms, unless either the Company or the Employee (collectively the &#8220;Parties&#8221; or individually the &#8220;Party&#8221;) gives the other Party written advance notice of an intent not to renew the Agreement at least ninety (90) days prior to its expiration. The Initial Term and all renewal terms, if any, are hereafter collectively referred to as the &#8220;Term&#8221;.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee shall devote all of the necessary business time, attention, and energies, as well as Employee&#8217;s best talents and abilities to the business of the Company in accordance with the Company&#8217;s instructions and directions. other than during vacations of four (4) weeks per year and periods of illness or incapacity; provided, however, tha