SEC Contract Filing

Filing Date: 2016-11-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>bpsr_ex101.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
<html><head><title>bpsr_ex101.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%" scroll="yes"><p style="MARGIN: 0px" align="right"><strong>EXHIBIT 10.1</strong></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center"><b>E</b><b>M</b><b>P</b><b>L</b><b>OYMENT AGREEMENT</b></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">This Employment Agreement (the "<b>Agreement</b>") is made and entered into as of November 4, 2016 (the &ldquo;<b>Effective Date</b>&rdquo;), by and between Ian T. Bothwell (the "<b>Executive</b>") and Biotech Products Services and Research, Inc., a Nevada corporation (the "<b>Company</b>").</p><p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>WHEREAS</b>, the Company desires to employ the Executive on the terms and conditions set forth herein; and</p><p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>WHEREAS</b>, the Executive desires to be employed by the Company on such terms and conditions.</p><p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>NOW, THEREFORE</b>, in consideration of the mutual covenants, promises and obligations set forth herein, the parties agree as follows:</p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="justify"><b>1. <font style="MSO-TAB-COUNT: 1"></font></b><u>Term</u>. The Executive's employment hereunder shall be effective as of the Effective Date and shall continue until the third anniversary thereof, unless terminated earlier pursuant to <b>Section 5</b> of this Agreement; <i>provided that</i>, on such third anniversary of the Effective Date and each annual anniversary thereafter (such date and each annual anniversary thereof, a "<b>Renewal Date</b>"), the Agreement shall be deemed to be automatically extended, upon the same terms and conditions, for successive periods of one year, unless either party provides written notice of its intention not to extend the term of the Agreement at least 90 days' prior to the applicable Renewal Date. The period during which the Executive is employed by the Company hereunder is hereinafter referred to as the "<b>Employment Term</b>".</p><p style="MARGIN: 0px" align="justify"><b></b>&nbsp;</p><p style="MARGIN: 0px" align="justify"><b>2. <font style="MSO-TAB-COUNT: 1"></font></b><u>Position and Duties</u>.</p><p style="MARGIN: 0px" align="justify"><b></b>&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>2.1 </b><u>Position</u>. During the Employment Term, the Executive shall serve as the <u>Chief </u><u>Financial Officer</u> of the Company, reporting to the Chief Executive Officer of the Company (the &ldquo;<b>Supervisor</b>&rdquo;). In such position, the Executive shall have such duties, authority and responsibility as shall be determined from time to time by Supervisor of the Company, which duties, authority and responsibility are consistent with the Executive's position. The Company will seek to have the formal appointment of Executive to the Board of Directors (the &ldquo;<b>Board</b>&rdquo;) within ninety (90) days of the execution of this Agreement. The Company shall take all proper and legal actions to have Executive elected and remain a member of the Board during the Employment Term, subject to state and federal law and the bylaws of the Company, during the Employment Term, as long as Executive beneficially owns at least 3% of the common stock of the Company. At any time that the Executive elects not to serve on the Board, then the Executive&rsquo;s right to a full voting seat on the Board will no longer exist and instead will be subject to the determination of the Board.</p><p style="MARGIN: 0px" align="justify"><b></b>&nbsp; <table id="pagebreak25786cb3-3b90-49e7-b13d-a97610bfe5a4" 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; TEXT-ALIGN: center">1</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>2.2 </b><u>Duties</u>. During the Employment Term, the Executive shall devote substantially all of his business time and attention to the performance of the Executive's duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict or interfere with the performance of such services either directly or indirectly without the prior written consent of the Board, provided however, the Executive shall be permitted to engage in the outside activities listed on <b><u>Schedule A</u></b> attached hereto. Notwithstanding the foregoing and the outside activities listed on <b><u>Schedule A</u></b> attached hereto, the Executive will be permitted to (a) with the prior written consent of the Board (which consent can be withheld by the Board in its discretion) act or serve as a director, trustee, committee member or principal of any type of business, civic or charitable organization as long as such activities are disclosed in writing to the Executive&rsquo;s Supervisor, and (b) purchase or own less than five percent (5%) of the publicly traded securities of any corporation; <i>provided that</i>, such ownership represents a passive investment and that the Executive is not a controlling person of, or a member of a group that controls, such corporation; provided further that, the activities described in clauses (a) and (b) do not interfe