SEC Contract Filing

Filing Date: 2018-06-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>nmus_ex101.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
<html><head><title>nmus_ex101.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.1</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>EXECUTIVE EMPLOYMENT AGREEMENT</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 33.75pt" align="justify">This Executive Employment Agreement (the &#8220;<b><i>Agreement</i></b>&#8221;), dated May 25, 2018, is between Nemus Bioscience, Inc. (the &#8220;<b><i>Company</i></b>&#8221;) and Douglas Cesario (&#8220;<b><i>Executive</i></b>&#8221;).</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>I. POSITION AND RESPONSIBILITIES</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>A. Position.</b> Executive is employed by the Company to render services to the Company in the position of Chief Financial Officer reporting directly to the Chief Executive Officer (the &#8220;Supervisor&#8221;), or such other individual stipulated by the Supervisor. Executive shall perform the duties and responsibilities as are normally related to such position in accordance with the standards of the industry within which the Company operates and any additional duties now or hereafter assigned to Executive by the Supervisor. Executive shall abide by the Company&#8217;s rules, regulations, and practices as adopted or modified from time to time in the Company&#8217;s sole discretion.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>B. Other Activities.</b> Except upon the prior written consent of the Company, Executive will not, during the term of this Agreement, (i) accept any other employment, or (ii) engage, directly or indirectly, in any other business activity (whether or not pursued for pecuniary advantage), that might interfere with Executive&#8217;s duties and responsibilities hereunder or create a potential conflict of interest with the Company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>C. No Conflict.</b> Executive represents and warrants that Executive&#8217;s execution of this Agreement, employment with the Company, and the performance of Executive&#8217;s proposed duties under this Agreement shall not violate any obligations Executive may have to any other person or entity, including any obligations with respect to proprietary or confidential information of any other person or entity.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>II. COMPENSATION AND BENEFITS</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>A. Base Salary.</b> In consideration of the services to be rendered under this Agreement, the Company shall pay Executive a salary at the rate of $250,000 per year (&#8220;<b><i>Base Salary</i></b>&#8221;). The Base Salary shall be paid in accordance with the Company&#8217;s regularly established payroll practice. Executive&#8217;s Base Salary will be reviewed from time to time in accordance with the established procedures of the Company for adjusting salaries for similarly situated employees and may be adjusted in the sole discretion of the Company.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>B. </b><b>Discretionary Bonus</b>. The Company will, within 90 days of the end of each calendar year, determine the annual bonus (the &#8220;<b><i>Discretionary Bonus</i></b>&#8221;), if any, payable to the Executive for that calendar year, based in part on the Executive&#8217;s achievement of milestones agreed to by the Board or the Compensation Committee of the Board. Within 90 days of the beginning of each calendar year, the Board or the Compensation Committee of the Board shall determine the Executive&#8217;s milestones and the amount of bonus potentially payable if one or more milestones are achieved for that year. The Company may determine the amount of the Discretionary Bonus in its sole discretion and it may pay the Discretionary Bonus in cash, shares of the Company or stock options of the Company, or any combination thereof, and it may pay the Discretionary Bonus in a lump sum or installments, equal or otherwise. Notwithstanding anything herein to the contrary, the Executive must be employed on the date(s) the Discretionary Bonus is to be paid to be eligible to receive the Discretionary Bonus, or portion thereof.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakf6126bb8-1f02-44e5-8f50-6d4877a87c21" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px"><b>C. </b><b>Stock Options.</b> Upon completion of a 90-day period from the Executive&#8217;s Start Date with the Company, Executive will be granted the option to purchase an aggregate of 1,195,073 shares of Common Stock of the Company at a per share exercise price equal $.245 (the closing market price on the Executive&#8217;s Start Date). The Executive&#8217;s Start Date was April 23, 2018 and the Date of Grant shall be July 23, 2018. The stock option agreement will provide, among other things, that, subject to Executive&#8217;s continued employment with the Company, the options shall vest 25% o