SEC Contract Filing

Filing Date: 2019-03-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>3
<FILENAME>ex_137869.htm
<DESCRIPTION>EXHIBIT 10.9
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.9</b></font></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>EMPLOYMENT AGREEMENT</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">This Employment Agreement (&ldquo;<u>Agreement</u>&rdquo;) is effective as of September 12, 2018 (&ldquo;<u>Effective Date</u>&rdquo;), by and between DiaMedica USA, Inc. a Delaware corporation (the &ldquo;<u>Company</u>&rdquo;), and Harry Alcorn, an individual (&ldquo;<u>Executive</u>&rdquo;). The Company and Executive are sometimes referred to as the &ldquo;<u>Parties</u>&rdquo; or &ldquo;<u>Party</u>&rdquo; in this Agreement, and the Company may designate the parent company of the Company or a subsidiary to be the employer of the Executive.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In consideration of the mutual promises, covenants and agreements contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</p>

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 <p style="text-transform:uppercase;font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><b>1.</b></p>
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 <p style="text-transform:uppercase;font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><b>EMPLOYMENT AND DUTIES.</b></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Job Title and Responsibilities</u>. The Company hereby employs Executive, and Executive hereby agrees to be employed, as Chief Medical Officer (together with such other position or positions consistent with Executive&rsquo;s title as the Company&rsquo;s Chief Executive Officer may specify from time to time), reporting to the Company&rsquo;s Chief Executive Officer and will have such duties and responsibilities commensurate with such title. The Parties understand, acknowledge and agree that Executive may also serve in similar positions with the parent company of the Company or any subsidiary.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Full-Time Best Efforts</u>. Executive agrees to devote Executive&rsquo;s full professional time and attention to the business of the Company (and its subsidiaries, affiliates, or related entities) and the performance of Executive&rsquo;s obligations under this Agreement, and will at all times faithfully, industriously and to the best of Executive&rsquo;s ability, experience and talent, perform all of Executive&rsquo;s obligations hereunder. Executive shall not, at any time during Executive&rsquo;s employment by the Company, directly or indirectly, act as a partner, officer, director, consultant or Executive, or provide services in any other capacity to any other business enterprise that conflicts with the Company&rsquo;s business or Executive&rsquo;s duty of loyalty to the Company. Executive shall seek the written consent of the Company prior to accepting any outside board positions.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Duty of Loyalty</u>. Executive acknowledges that during Executive&rsquo;s employment with the Company, Executive has participated in and will participate in relationships with existing and prospective clients, customers, partners, suppliers, service providers and vendors of the Company that are essential elements of the Company&rsquo;s goodwill. The parties acknowledge that Executive owes the Company a fiduciary duty to conduct all affairs of the Company in accordance with all applicable laws and the highest standards of good faith, trust, confidence and candor, and to endeavor, to the best of Executive&rsquo;s ability, to promote the best interests of the Company.</p>

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