SEC Contract Filing

Filing Date: 2020-12-09

Document Content:
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<TYPE>EX-10.1
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<FILENAME>brhc10017772_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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 <div style="text-align: right;"> <font style="font-weight: bold;">Exhibit 10.1</font><br>
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 <div style="text-align: center; font-weight: bold;"><u>EXECUTIVE EMPLOYMENT AGREEMENT</u></div>
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 <div style="text-align: justify; text-indent: 36pt;">This Executive Employment Agreement (the &#8220;Agreement&#8221;) is entered into as of January 1, 2021 (the &#8220;Effective Date&#8221;) by and between PDS Biotechnology Corporation, a Delaware corporation (the
 &#8220;Company&#8221;), and Seth L. Van Voorhees (&#8220;Executive&#8221;).</div>
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 <div style="text-align: center; font-size: 12pt;"><font style="font-size: 10pt;"><u>W</u></font><font style="font-size: 10pt;">&#160;<u>I</u>&#160;<u>T</u>&#160;<u>N</u>&#160;<u>E</u>&#160;<u>S</u>&#160;<u>S</u>&#160;<u>E</u>&#160;<u>T</u>&#160;<u>H</u> :</font></div>
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 <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the Company desires to employ Executive and Executive desires to be employed by the Company, in each case, subject to the terms and provisions of this Agreement.</div>
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 <div style="text-align: justify; text-indent: 36pt;">NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged,
 the Company and Executive hereby agree as follows:</div>
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 <div style="text-align: justify; text-indent: 36pt;"><u>Section 1.</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;"><u>Definitions</u></font><font style="font-weight: bold;">.</font></div>
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 <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;<u>Accrued Obligations</u>&#8221; shall mean (i) all accrued but unpaid Base Salary through the Date of Termination, (ii) any unpaid or unreimbursed business expenses incurred in accordance
 with Section 6 hereof, (iii) any accrued but unused vacation time through the Date of Termination, and (iv) all vested benefits (including, if applicable, equity awards) in accordance with the terms of the governing documents.</div>
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 <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;<u>Base Salary</u>&#8221; shall mean the salary provided for in Section 4(a) hereof, as adjusted from time to time.</div>
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 <div style="text-align: justify; text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;<u>Board</u>&#8221; shall mean the Board of Directors of the Company.</div>
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 <div style="text-align: justify; text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;<u>Confidentiality and Invention Assignment Agreement</u>&#8221; shall mean the Employee Confidentiality and Invention Assignment Agreement, executed by the Company and Executive and
 attached hereto as <u>Exhibit A</u>.</div>
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 <div style="text-align: justify; text-indent: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;<u>Cause</u>&#8221; shall mean (i) Executive&#8217;s failure, neglect, or refusal to perform in any material respect Executive&#8217;s duties and <font style="color: rgb(0, 0, 0);">responsibilities
 under this Agreement (in each case, except where due to a Disability, sickness or illness)</font>; (ii) any act of Executive that has, or could reasonably be expected to have, the effect of injuring the business of the Company <font style="color: rgb(0, 0, 0);">or its subsidiaries in any material respect; (iii) Executive&#8217;s conviction of, or plea of guilty or no contest to: (x) a felony or (y) any other criminal charge that has, or could be reasonably expected to have, an
 adverse impact on the performance of Executive&#8217;s duties to the Company or otherwise result in material injury to the reputation or business of the Company or any of its subsidiaries; (iv) Executive&#8217;s commission of an act of fraud or embezzlement
 against the Company or any of its subsidiaries; (v) any material violation by Executive of the policies of the Company, including but not limited to those relating to sexual harassment or business conduct, and those otherwise set forth in the
 manuals or statements of policy of the Company, as may be amended from time to time; (vi) Executive&#8217;s material violation of federal or state securities laws; or (vii) Executive&#8217;s material breach of this Agreement or material breach of the
 Confidentiality and Invention</font> Assignment Agreement.</div>
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