SEC Contract Filing

Filing Date: 2019-11-13

Document Content:
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<TYPE>EX-10.1
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<FILENAME>ex10-1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>EXECUTIVE
EMPLOYMENT AGREEMENT</U></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
EMPLOYMENT AGREEMENT (the &ldquo;Agreement&rdquo;), made this ___ day of _____, 2019 (the &ldquo;Effective Date&rdquo;), is entered
into by and between Document Security Systems, Inc. (the &ldquo;Company&rdquo;) and <B>Frank D. Heuszel</B> (the &ldquo;Executive&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<U>Term of Employment</U>. The Company agrees to employ Executive, and Executive agrees to work for the Company, upon the terms
set forth in this Agreement, for the period commencing on July 15, 2019 (the &ldquo;Commencement Date&rdquo;) and ending on July
15, 2020 (the &ldquo;Term&rdquo;). This Agreement shall terminate in accordance with the provisions of Section 4, below.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<U>Title; Capacity</U>. The Company will employ Executive, and Executive agrees to work for the Company, as its <B>Chief Executive
Officer</B> to perform the duties and responsibilities inherent in such position and such other duties and responsibilities consistent
with such position (<I>including travel, as required</I>) as the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;)
shall from time to time assign to him. Executive shall report directly to the Board and shall be subject to the supervision of
and shall have such authority as is delegated to him by, the Board, which authority shall be sufficient to perform his duties
hereunder. Executive shall be a full time employee and shall devote his best efforts in the performance of the foregoing, provided
(i) that he may accept board memberships or participate in charitable and similar organizations which are not in conflict with
his primary obligations to the Company, further provided that such activities shall be approved by the Board, which approval shall
not be unreasonably withheld; and (ii) that he may perform related services as described in Section 6.6 below.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
<U>Compensation, Benefits and Equity</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1
<U>Salary</U>. The Company shall pay Executive an annual base salary of One-Hundred Sixty-Five Thousand and no/100 dollars ($165,000.00)
less applicable payroll withholdings, which shall be payable in accordance with the Company&rsquo;s customary payroll practices
(the &ldquo;Base Salary&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2
<U>Cash Performance Bonus</U>. The Executive is eligible for a cash performance bonus with an aggregate potential annual bonus
of up to One-Hundred Sixty-Five Thousand and no/100 dollars ($165,000.00) (the &ldquo;Cash Bonus&rdquo;). The Cash Bonus will
be calculated based upon the sum of 3% of Gross Revenue Growth and 5% of Net Revenue Change, capped at 100% of annualized Base
Salary.</FONT></P>

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