SEC Contract Filing

Filing Date: 2020-04-20

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>rmti-ellison8xkexhibit101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="s53B03947D4DB5498D8808A64A2AFED6C"></a></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Exhibit 10.1 - Execution Version</font></div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Employment Agreement (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is made as of April 17, 2020 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;), by and between Rockwell Medical,&#160;Inc., a Delaware corporation (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and Russell H. Ellison MD (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Executive</font><font style="font-family:inherit;font-size:12pt;">&#8221;), subject to the terms and conditions defined in this Agreement.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;WHEREAS, the Company and Executive desire that Executive be employed by the Company to act as the Company&#8217;s President and Chief Executive Officer, subject to the terms and conditions set forth in this Agreement.&#160; Executive&#8217;s employment shall also be subject to such policies and procedures as the Company may from time to time implement and that are provided to the Executive;</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;NOW, THEREFORE, in consideration of the covenants contained herein, and for other valuable consideration, the Company and Executive hereby agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-top:16px;text-align:justify;text-indent:0px;"><font style="padding-top:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;">&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Certain Definitions</font><font style="font-family:inherit;font-size:12pt;">.&#160; Certain definitions used herein shall have the meanings set forth on </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit&#160;A</font><font style="font-family:inherit;font-size:12pt;">&#32;attached hereto.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Executive&#8217;s Duties and Obligations</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Duties; Start Date</font><font style="font-family:inherit;font-size:12pt;">.&#160; Executive shall serve as the Company&#8217;s President and Chief Executive Officer effective on April 17, 2020, or such other mutually agreeable date (such date being referred to herein as the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Commencement Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;). Executive shall report to the Board of Directors (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Board</font><font style="font-family:inherit;font-size:12pt;">&#8221;) of the Company. Executive shall have those duties and responsibilities customarily associated with the position of CEO of a public-traded company of the size and nature of the Company, and such other additional duties and responsibilities consistent with Executive&#8217;s position as may, from time to time, be assigned to Executive by the Board. Executive shall continue to serve on the Board of the Company so long as Executive continues to be employed by the Company. </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">At-Will Employment</font><font style="font-family:inherit;font-size:12pt;">. Executive&#8217;s employment shall be on an at-will basis, meaning that either party may terminate this employment arrangement at any time and without cause. The term of this Agreement shall be from the Effective Date through the applicable date of termination (the &#8220;</font><font style="fo