SEC Contract Filing

Filing Date: 2016-08-22

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>ex10-5.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT, DATED DECEMBER 15, 2015, BETWEEN EXACTUS BIOSOLUTIONS, INC. AND TIMOTHY J. RYAN
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 10.5</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EMPLOYMENT AGREEMENT</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">THIS EMPLOYMENT AGREEMENT (the &#8220;Agreement&#8221;) is made and entered into on December 15, 2015 by and between <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Exactus BioSolutions Corporation</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">, a Delaware</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"> corporation</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">, having an address </font>of 4870 Sadler Rd Suite 300 Glen Allen VA 23238 (the &#8220;Company&#8221;), and Mr. Timothy J. Ryan (the &#8220;Executive&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS the Company is engaged in the business of developing, manufacturing, and distributing point-of-care diagnostic products to customers throughout the United States and Europe (the &#8220;Business&#8221;) and</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS the Company desires to employ the Executive as its Executive Vice-President.&#160;&#160;Executive will oversee corporate development activities focused in the areas of funding, investor relations and corporate communications and report to the President and Chief Executive Officer;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">AND THEREFORE in consideration of the mutual promises, terms, provisions and conditions set forth in this Agreement, the parties hereby agree as follows:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Employment</font>.&#160;&#160;Subject to the terms and conditions set forth in this Agreement, the Company hereby offers and the Executive hereby accepts employment with the Company.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Term</font>.&#160;&#160;The Executive&#8217;s employment hereunder shall commence effective as of December 15, 2015 (the &#8220;Effective Date&#8221;) and shall continue until terminated on the terms and conditions set forth herein.&#160;&#160;The Term of this Agreement is hereafter referred to as &#8220;the term of this Agreement&#8221; or &#8220;the term hereof.&#8221;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Capacity and Performance; Location</font>.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;During the term hereof, the Executive shall serve as the Executive-President of the Company.&#160;&#160;In addition, and without further compensation, the Executive shall be appointed to serve on the Board of Directors of the Company (the &#8220;Board&#8221;).&#160;&#160;So long as Execut