SEC Contract Filing

Filing Date: 2016-03-30

Document Content:
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<TYPE>EX-10.7
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<DESCRIPTION>EXHIBIT 10.7
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<div style="TEXT-ALIGN: right">Exhibit 10.7</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1">PROTOKINETIX, INCORPORATED</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1">DIRECTOR CONSULTING AGREEMENT</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 36pt">This DIRECTOR CONSULTING AGREEMENT (the &#8220;Agreement&#8221;) is made and entered into as of December 23, 2015 and made effective as of January 1, 2016 (the &#8220;Effective Date&#8221;), by and between ProtoKinetix, Incorporated, a Nevada corporation (&#8220;Company&#8221;), and Edward P. McDonough, an individual (the &#8220;Director&#8221;).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 36pt">WHEREAS, the Company is a bio-technology company in the business of developing anti-aging glycoproteins (&#8220;AAGP&#8221;) for the purpose of enhancing cell survival and health in various applications including transplant procedures, engraftment of tissue and cell preservation; and</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 36pt">WHEREAS, the Company and the Director entered into an agreement to perform directorial services for the Company due to his profession as a certified public accountant and his financial experience effective July 1, 2015 (the &#8220;Prior Director Agreement&#8221;); and</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 36pt">WHEREAS, the Company and the Director desire to supersede the Prior Consulting Agreement and enter into a new agreement to perform certain services for the Company and the Director has agreed to provide such services, on the terms and conditions set forth herein.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">AGREEMENT</font>:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 36pt">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Director agree as follows:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">1.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Services</u></font>.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">(a)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">General Services</font>.&#160; During the Term (as defined below) of this Agreement the Director will provide the Company with such services as specified herein on a proactive basis or as the Company may request, from time to time, as is normally expected of a director of a public company including but not limited to the following (the &#8220;Services&#8221;):</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; LINE-HEIGHT: 1; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(i)&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Act as chairman of the Company&#8217;s audit committee;</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; LINE-HEIGHT: 1; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(ii)&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Provide advice in the evaluation of qualified, capable, reputable individuals, to fill director and management positions and thereby attempt to develop a superior manageme