SEC Contract Filing

Filing Date: 2019-03-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>basa_ex10z1.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
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<TITLE>Employment Agreement</TITLE>
<META NAME="author" CONTENT="Owner">
<META NAME="date" CONTENT="03/11/2019">
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<P style="margin:0px; font-size:11pt">&nbsp;</P>
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<P style="line-height:12.7pt; margin-top:0.933px; margin-bottom:0px; font-size:11pt" align=right><B>EXHIBIT 10.1</B></P>
<P style="line-height:12.7pt; margin-top:28.067px; margin-bottom:0px; font-size:11pt" align=center><B><U>EMPLOYMENT AGREEMENT</U></B></P>
<P style="line-height:12.6pt; margin-top:15.533px; margin-bottom:0px; padding-right:43.2px; text-indent:52.8px; font-size:11pt">EMPLOYMENT AGREEMENT, dated as of February 1st, 2019, by and between Basanite, Inc., a Nevada corporation (the &quot;Company&quot;), and Dave Anderson (&quot;Executive&quot;).</P>
<P style="line-height:12.6pt; margin-top:15.267px; margin-bottom:0px; padding-right:72px; text-indent:52.8px; font-size:11pt">IN CONSIDERATION of the premises and the mutual covenants set forth below, the parties hereby agree as follows:</P>
<P style=margin-top:15.533px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:52.8px; width:67.2px; font-size:11pt; float:left"><B>1.</B></P>
<P style="line-height:12.6pt; margin:0px; padding-left:4.8px; padding-right:43.2px; text-indent:-2px; font-size:11pt"><B>Employment. </B>The Company hereby agrees to employ Executive as the Executive Vice President and Chief Operations Officer (&quot;COO&quot;) of the Company, and Executive hereby accepts such employment, on the terms and conditions hereinafter set forth. The Company and Executive also agree that Executive shall be required to enter into a separate non-competition agreement (&quot;Non-Compete&quot;) and confidentiality and inventions agreement (&quot;Inventions Agreement&quot;) as a condition of Executive's employment. The Non-Compete and the Inventions Agreement may be combined into a single agreement.</P>
<P style=margin-top:15.733px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:52.8px; width:67.2px; font-size:11pt; clear:left; float:left"><B>2.</B></P>
<P style="line-height:12.6pt; margin:0px; padding-left:4.8px; padding-right:52.8px; text-indent:-2px; font-size:11pt"><B>Term. </B>The period of employment of Executive by the Company under this Agreement (the &quot;Employment Period&quot;) shall commence on the date hereof (the &quot;Commencement Date&quot;) and shall continue for three (3) consecutive years. The Employment Period shall automatically extend for one year on the first anniversary of the Commencement Date (the &quot;First Anniversary&quot;) unless either the Company or Executive provides written notice to the other not to further extend the Employment Period. The Employment Period may be sooner terminated by either party in accordance with Section 6 of this Agreement.</P>
<P style=margin-top:15.467px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:52.8px; width:67.2px; font-size:11pt; clear:left; float:left"><B>3.</B></P>
<P style="line-height:12.6pt; margin:0px; padding-left:4.8px; padding-right:52.8px; text-indent:-2px; font-size:11pt"><B>Position and Duties. </B>During the Employment Period, Executive shall serve as COO, and shall report solely and directly to the CEO and the Board (as defined below). Executive shall have those powers and duties normally associated with the position of COO of entities comparable to the Company and such other powers and duties as may be prescribed by the CEO or the Board; provided, that such other powers and duties are consistent with Executive's position as COO of the Company.</P>
<P style="line-height:12.6pt; margin-top:0.067px; margin-bottom:0px; padding-right:43.2px; font-size:11pt; clear:left">Notwithstanding the foregoing, Executive's powers shall be limited as set forth in the Company's certificate of incorporation and by-laws, the Company's authorization and delegation of authority policies, and resolutions adopted by the Board. Executive shall devote his full working time, attention and energies during normal business hours (other than absences due to illness or vacation) to satisfactorily perform his duties for the Company. Notwithstanding the above, Executive shall be permitted, to the extent such activities do not substantially interfere with the performance by Executive of his duties and responsibilities hereunder to (i) manage Executive's personal, fmancial and legal affairs and (ii) to serve as a member of board of directors of other entities with the prior consent of the Board (it being expressly understood and agreed that Executive's continued service in any such capacity to any other entity as of the Commencement Date shall be deemed not to interfere with the performance by Executive of his duties and responsibilities under this Agreement).</P>
<P style=margin-top:15.467px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:12.6pt; margin-top:0px; margin-bottom:-2px; text-indent:52.8px; width:67.2px; font-size:11pt; float:left"><B>4.</B></P>
<P style="line-height:12.6pt; margin:0px; padding-left:4.8px; padding-right:57.6px; text-indent:-2px; font-size:11pt"><B>Place of Performance. </B>The principal place of employment of Executive shall be at the Company's principal executive offices in Florida; provided, that Executive may be required to travel on Company business during the Employment Term.</P>
<P style=margin-top:15.533px;margin-bottom:-1pt;font-size:1pt /><P style="line-height:12.75pt; margin-top:0px; margin-bottom:-2px; text-indent:52.8px; width:67.2px; font-size:11pt; clear:left; float:left"><B>5.</B></P>
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