SEC Contract Filing

Filing Date: 2015-05-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.32
<SEQUENCE>2
<FILENAME>f10q033115_ex10z32.htm
<DESCRIPTION>EXHIBIT 10.32 EXECUTIVE CHAIRMAN'S AGREEMENT
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<TITLE>Exhibit 10.32 Executive Chairman's Agreement</TITLE>
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<DIV style="width:720px"><P style="margin:0px" align=center><B>EXECUTIVE CHAIRMAN&#146;S AGREEMENT</B></P>
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<P style="margin:0px; text-indent:48px" align=justify>This EXECUTIVE CHAIRMAN&#146;S AGREEMENT is dated March 31, 2015 (the &#147;Agreement&#148;) by and between VOLITIONRX LIMITED, a Delaware corporation (the &#147;Company&#148;), and DR. MARTIN CHARLES FAULKES, an individual resident in the United Kingdom (&#147;Dr. Faulkes&#148;).</P>
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<P style="margin:0px; text-indent:48px" align=justify>WHEREAS, the Board of Directors of the Company (the &#147;Board&#148;) previously appointed Dr. Faulkes as a member of the Board and as Executive Chairman of the Board effective as of October 6, 2011; and</P>
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<P style="margin:0px; text-indent:48px" align=justify>WHEREAS, Dr. Faulkes accepted such appointment and is willing to continue to serve as Executive Chairman of the Board on the terms set forth herein and in accordance with the provisions of this Agreement.</P>
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<P style="margin:0px; text-indent:48px" align=justify>NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:</P>
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<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; float:left">1.</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px" align=justify><U>Position</U>.&nbsp;&nbsp;Subject to the terms and provisions of this Agreement, Dr. Faulkes hereby agrees to continue to serve as Executive Chairman of the Board, <U>provided</U>, <U>however</U>, that Dr. Faulkes&#146; continued service on the Board shall be subject to any necessary approval by the Company&#146;s stockholders as required by applicable law and the Company&#146;s governing documents.</P>
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<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; float:left">2.</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px" align=justify><U>Duties</U>.&nbsp;</P>
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<P style="margin-top:0px; margin-bottom:-2px; text-indent:120px; width:144px; float:left">a)</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px" align=justify>During the Directorship Term (as defined herein), Dr. Faulkes shall make reasonable business efforts to attend all Board meetings in person or via conference call, Board and management conference calls as appropriate, &nbsp;make himself available to the Company at mutually convenient times and places, attend external meetings and presentations when agreed on in advance, as appropriate and convenient, and perform such duties, services and responsibilities, and have the authority commensurate to such position.</P>
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<P style="margin-top:0px; margin-bottom:-2px; text-indent:120px; width:144px; float:left">b)</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px" align=justify>In his role of Executive Chairman, Dr. Faulkes shall have the additional duties, responsibilities and authority of such position, as set forth in the bylaws of the Company and in the description of duties attached to this Agreement as Exhibit A, subject to the power of the Board to expand or limit such duties, responsibilities and authority. </P>
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<P style="margin-top:0px; margin-bottom:-2px; text-indent:120px; width:144px; float:left">c)</P>
<P style="margin:0px; padding-left:144px; text-indent:-2px" align=justify>Dr. Faulkes will use his best efforts to promote the interests of the Company and comply with his fiduciary duty obligations as imposed by Delaware law. The Company recognizes that Dr. Faulkes (i) is or may become a full-time executive employee of another entity and that his responsibilities to such entity must have priority and (ii) sits or may sit on the board of directors of other entities, subject to any limitations set forth by the Sarbanes-Oxley Act of 2002 and limitations provided by any exchange or quotation service on which the Company&#146;s common stock is listed or traded.&nbsp;&nbsp;Notwithstanding the same, Dr. Faulkes will provide the Company with prior written notice of any future commitments to such entities and use reasonable business efforts to coordinate his respective commitments so as to fulfill his obligations to the Company and, in any event, will fulfill his legal obligations as a Director. Other than as set forth above, Dr. Faulkes will not, without the prior notification to the Board, engage in any other business activity which could materially interfere or conflict with the performance of his duties, services and responsibilities hereunder or which is in violation of the reasonable policies established from time to time by the Company, <U>provided</U> that the foregoing shall in no way limit his activities on behalf of (i) any current employer and its affiliates or (ii) the board of directors of any entities on which he currently sits.&nbsp;&nbsp;At such time as the Board receives such notification, subject to compliance with applicable law, the Board may require the resignation of Dr. Faulkes if it determines that such business activity does in fact materially interfere with the performance of Dr. Faulkes&#146; duties, services and responsibilities hereunder.</P>
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