SEC Contract Filing

Filing Date: 2017-11-14

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>gtbp_ex10-1.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT WITH ANTHONY CATALDO
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&#xA0; <font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Exhibit 10.1</font><br></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">EMPLOYMENT
AGREEMENT</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">This
Employment Agreement (the &#x201C;Agreement&#x201D;) is made and
entered into by and among GT Biopharma, Inc. (the "Parent"),
Georgetown Translational Pharmaceuticals, Inc. (the
&#x201C;Subsidiary&#x201D; and together with the Parent, the
&#x201C;Companies&#x201D; and each, a &#x201C;Company&#x201D;) and
Kathleen Clarence-Smith ("Executive") as of September 1, 2017 (the
"Effective Date").</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">WHEREAS</font>, each Company is desirous of
employing Executive, and Executive wishes to be employed by each
Company in accordance with the terms and conditions set forth in
this Agreement.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">NOW,
THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES
AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT OF WHICH IS
HEREBY ACKNOWLEDGED, IT IS MUTUALLY AGREED AS FOLLOWS:</font></div>
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<div style="margin-left: 12px; text-indent: 12px"><font style="font-family: Times New Roman; font-size: 13px">1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Position and Duties</font>: Executive shall be
employed by each Company as its Chief Executive Officer ("CEO")
reporting to the Board of Directors of each Company. CEO agrees to
devote the necessary business time, energy and skill to her duties
at each Company, and will be permitted engage in outside consulting
and/or employment provided said services do not materially
interfere with Executive&#x2019;s obligations to each Company under
the terms of this Agreement. Executive agrees to advise the Board
of Directors of the Parent of any outside services, and such
Board&#x2019;s approval of Executive&#x2019;s participation in any
such outside services shall not be unreasonably withheld or
delayed. If such Board does not affirmatively approve of any such
outside engagements within thirty (30) days after Executive informs
the Board, the Board&#x2019;s approval shall be deemed to have been
given. The duties of Executive under this Agreement shall include
all those duties customarily performed by a CEO as well as
providing advice and consultation on general corporate matters,
particularly related to shareholder and investor relations,
assisting the Parent with respect to raising equity and other
financing for the Companies, and other projects as may be assigned
by either Company&#x2019;s Board of Directors on an as needed basis.
During the term of Executive's employment, Executive shall have the
right to serve on boards of directors of other for-profit or
not-for-profit entities provided such service does not materially
adversely affect the performance of Executive's duties to each
Company under this Agreement, and are not in conflict with the
interests of each Company. For the avoidance of doubt, without any
approval, Executive shall have the right to serve on boards of
directors of, and otherwise provide services to, the entities as
described on <font style="text-decoration: underline">Exhibit
A</font>.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">In
addition to Executive&#x2019;s appointment as Chief Executive
Officer of each Company, Executive shall be nominated to stand for
election to the Board of Directors of each Company at each of its
scheduled shareholders meeting so long as Executive remains as CEO
of either Company. As a member of each Company's Board, Executive
shall continue to be subject to the provisions of each Company's
bylaws and all applicable general corporation laws relative to her
position on the Board. In addition to each Company's bylaws, as a
member of the Board, Executive shall also</font></div>
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