CONSULTING AGREEMENT
THIS CONSULTINGAGREEMENT(the"Agreement")ismade andenteredinto thisdayofJune8,2015,(the"EffectiveDate")byandbetweenMicrolinBio,Inc.,a Delawarecorporationdulyorganizedunderlawandhavinganusualplaceofbusinessat 302AW.12thStreet,Suite114,NewYork,NY10014(hereinafterreferredtoasthe“Company")andSonyaZabludoffPalmer(hereinafterreferredtoasthe"Consultant")residing at4310TriasStSanDiego,CA92103.
WHEREAS, theCompanywishestoengagetheConsultanttoprovidethe servicesdescribedhereinandConsultantagreestoprovidetheservicesforthe compensationandotherwiseinaccordancewiththetermsandconditionscontainedin thisAgreement,
NOW THEREFORE,inconsiderationoftheforegoing,andforothergoodand valuableconsideration, thereceiptandsufficiencyofwhichareherebyacknowledged, accepted andagreedto,theCompanyandtheConsultant,intendingtobelegallybound, agreetothetermssetforthbelow.
1. TERM.CommencingasoftheEffectiveDate,andcontinuingforaperiodofone
(1) year(the“Term”),unlessearlierterminatedpursuanttoArticle4hereof,the Consultantagreesthathe/shewillserveasaconsultanttotheCompany.ThisAgreement mayberenewedorextendedforanyperiodasmaybeagreedbytheparties.
(a) Consultant'sdutiesandresponsibilitiesshallbetoprovidestrategic, scientific and technicaladviceand support to the company and itsCEO in thecompany’s preclinicaldevelopmentefforts,includingscientificplanning, experimentationdesign, dataanalysisandvendorselectionandmanagement.Inaddition,theconsultantshall assistindocumentpreparation,includingbusinessplans,corporatepresentation,S-1 document,financialmodelandotherrelatedmaterialandworkasrequestedbythe Company,theExecutivemanagementpersonnelorBoardofDirectors.TheConsultant shallreportdirectlytotheChairman(collectively,the“Duties”or“Services”).
(b) TheConsultantrepresentsandwarrantstotheCompanythathe/sheis undernocontractualorotherrestrictionsorobligationswhichareinconsistentwiththe executionofthisAgreement,orwhichwillinterferewiththeperformanceofhis/her Duties.Consultantrepresentsandwarrantsthattheexecutionandperformanceofthis Agreementwillnotviolateanypoliciesorproceduresofanyotherpersonorentityfor whichhe/sheperformsServicesconcurrentlywiththoseperformedherein.
(c) InperformingtheServices,Consultantshallcomply,tothebestofhis/her knowledge,withallbusinessconduct,regulatoryandhealthandsafetyguidelines establishedbytheCompanyforanygovernmentalauthoritywithrespecttothe Company’sbusiness.
(a) Subjecttotheprovisionshereof,theCompanyshallpayConsultanta hourlyconsultingfeeof$225perhour,paidmonthly(the"Consulting Fee"). The Consultantagrees todevoteaminimumoftwenty(20)hourspermonthforservicesto thecompany.TheConsultantshallsubmitabriefsummaryreporttotheCompanyofher activitiesforthemonthjustendedduringtheTermofthisAgreement.Additionally,the companywillissuetheoptiontopurchase10,000ofthecompany’soutstanding sharesat thetime ofthisagreement.Theseoptionsshallvestoverafour(4)yearperiodasfollows; twentyfivepercent(25%)ofthesharesshallvestonthefirstanniversaryofthis agreementandtheremainingsharesshallvestonamonthlybasisovertheremaining three-yearperiodonapro-ratabasis.TheConsultantacknowledgesthatthisistheonly formof compensation provide for his/her services.
(b) Consultant shall be entitled to prompt reimbursement for all pre-approved expensesincurred intheperformanceofhis/herDuties,uponsubmissionandapprovalof writtenstatementsandreceiptsinaccordancewiththethenregularproceduresofthe Company.
(c) TheConsultantagreesthatallServiceswillberenderedbyhim/herasan independentcontractorandthatthisAgreementdoesnotcreateanemployer-employee relationshipbetween theConsultantandtheCompany.TheConsultantshallhaveno righttoreceiveanyemployeebenefitsincluding,butnotlimitedto,healthandaccident insurance,lifeinsurance,sickleaveand/orvacation.Consultantagreestopayalltaxes including,self-employment taxesdueinrespectoftheConsultingFeeandtoindemnify the Company in the event the Company is required to pay any such taxes on behalf of the Consultant.
| 4. | EARLY TERMINATIONOFTHETERM. |
(a) IftheConsultantvoluntarilyceasesperforminghis/herDuties,becomes physically ormentallyunabletoperformhis/herDuties,oristerminatedforcause,then, ineachinstance,theConsultingFeeshallceaseandterminateasofsuchdate.Any termination“ForCause”shall bemadeingoodfaith.
(b) ThisAgreementmaybeterminatedwithoutcausebyeitherpartyuponnot lessthanfifteen(15)dayspriorwrittennoticebyeitherpartytotheother.
(c) Upon terminationunderSections 4(a)or4(b), neitherpartyshall haveany furtherobligations underthisAgreement,exceptfortheobligationswhichbytheirterms survivethisterminationasnotedinSection16hereof.Uponterminationand,inany case,upontheCompany’srequest,theConsultantshallreturnimmediatelytothe CompanyallConfidentialInformation, ashereinafter defined,andcopiesthereof.
5. RESTRICTEDACTIVITIES.DuringtheTermandforaperiodoffive(5)yearthereafter,Consultantwillnot,directlyorindirectly:
(i) solicitorrequestanyemployeeoforconsultanttotheCompanyto leavetheemployoforceaseconsultingfortheCompany;
(ii) solicitorrequestanyemployeeoforconsultanttotheCompanyto jointheemployof,orbeginconsultingfor,anyindividualorentitythat researches,develops,marketsorsellsproductsthatcompetewiththoseof theCompany;
(iii) solicitorrequestanyindividualorentitythatresearches,develops, marketsorsellsproductsthatcompetewiththoseoftheCompany,to employorretainasaconsultantanyemployeeorconsultantofthe Company;or
(iv) induceorattempttoinduceanysupplierorvendorofthe Companytoterminateorbreachanywrittenororalagreementor understanding withtheCompany.
(a) Definitions.ForthepurposesofthisArticle6,thetermssetforthbelow shallhavethefollowingmeanings:
(i) ConceptandIdeas.Thoseconceptsandideasdisclosedbythe CompanytoConsultantorwhicharefirstdevelopedbyConsultantduringthe courseoftheperformanceofServiceshereunderandwhichrelatetothe Company'present,pastorprospectivebusinessactivities,services, andproducts, allofwhichshallremainthesoleandexclusivepropertyoftheCompany.The Consultantshallhavenopublicationrightsandallofthesameshallbelong exclusivelyto the Company.
(ii) ConfidentialInformation.For the purposes ofthisAgreement, ConfidentialInformation shallmeanandcollectivelyinclude:allinformation relating tothebusiness, plansand/ortechnologyoftheCompanyincluding,but notlimitedtotechnicalinformationincludinginventions, methods,plans, processes,specifications, characteristics,assays, rawdata,scientificpreclinicalor clinicaldata,records,databases,formulations, clinical protocols,equipment design,know-how,experience,andtradesecrets;developmental,marketing,sales, customer,supplier,consultingrelationshipinformation,operating, performance,andcostinformation;computerprogramming techniqueswhetherin tangibleorintangibleform,andallrecordbearingmediacontainingordisclosing theforegoinginformationandtechniquesincluding,writtenbusinessplans, patentsandpatentapplications,grantapplications, notes,andmemoranda, whetherinwritingorpresented,storedormaintainedinorbyelectronic, magnetic,orothermeans.
Notwithstanding theforegoing,theterm“ConfidentialInformation” shall notincludeanyinformationwhich:(a)canbedemonstratedtohavebeeninthe publicdomainorwaspubliclyknownoravailablepriortothedateofthe disclosuretoConsultant;(b)canbedemonstratedinwritingtohavebeen rightfullyinthepossessionofConsultantpriortothedisclosureofsuch informationtoConsultant bytheCompany;(c)becomespartofthepublicdomain orpubliclyknownoravailablebypublicationorotherwise,notduetoany unauthorizedactoromissiononthepartofConsultant;or(d)issuppliedto Consultantbyathird partywithoutbinder ofsecrecy,so longasthat suchthird party has no obligation to the Company or any of its affiliated companies to maintain such information in confidence.
(b) Non-DisclosuretoThirdParties.ExceptasrequiredbyConsultant's Duties, Consultantshallnot,atanytimenoworinthefuture,directlyorindirectly,use, publish,disseminateorotherwisediscloseanyConfidentialInformation,Concepts,or IdeastoanythirdpartywithoutthepriorwrittenconsentoftheCompanywhichconsent may bedenied ineach instanceand allof thesame, togetherwith publicationrights, shall belongexclusivelytotheCompany.
(c) Documents,etc.Alldocuments,diskettes,tapes,proceduralmanuals, guides,specifications, plans,drawings,designsandsimilarmaterials,listsofpresent,past orprospectivecustomers,customerproposals,invitationstosubmitproposals,pricelists anddatarelatingtothepricingoftheCompany'productsandservices,records, notebooksand allothermaterialscontainingConfidentialInformation orinformation aboutConceptsorIdeas(includingallcopiesandreproductionsthereof),thatcomeinto Consultant'spossession orcontrolbyreasonofConsultant'sperformanceofthe relationship, whetherpreparedbyConsultant or others:(a)arethe propertyofthe Company, (b) will not be used by Consultant in any way other than in connection with the performance of his/her Duties, (c) will not be provided or shown to any third party by Consultant,(d) willnotberemovedfromtheCompany'sorConsultant’spremises (except asConsultant'sDutiesrequire),and(e)atthetermination(forwhateverreason), of Consultant's relationshipwiththeCompany,willbeleftwith,orforthwithreturnedby Consultant totheCompany.
(d) Patents,etc.TheConsultantagreesthattheCompanyisandshallremain theexclusiveowneroftheConfidentialInformationandConceptsandIdeas. Any interestinpatents,patentapplications,inventions,technologicalinnovations,trade
names, trademarks,servicemarks,copyrights,copyrightableworks, developments, discoveries,designs,processes, formulas,know-how,dataandanalysis,whether registrable ornot("Developments"),whichConsultant,asaresultofrenderingServices totheCompanyunderthisAgreement,mayconceiveordevelop,shall:(i)forthwithbe broughttotheattentionoftheCompanybyConsultantand(ii)belongexclusivelytothe Company.NolicenseorconveyanceofanysuchrightstotheConsultantisgrantedor impliedunderthisAgreement.
(e) Assignment.TheConsultant hereby assigns and,totheextentanysuch assignmentcannotbemadeatpresent,herebyagreestoassigntotheCompany,without furthercompensation, allof his/herright,titleandinterestinandtoallConcepts,Ideas, andDevelopments. TheConsultant willexecutealldocumentsandperformalllawful actswhichtheCompanyconsidersnecessaryoradvisabletosecureitsrightshereunder andtocarryouttheintentofthisAgreement.
7. EQUITABLERELIEF.Consultant agrees thatanybreachofArticles5and6 abovebyhim/herwouldcauseirreparabledamagetotheCompanyandthat,intheevent ofsuchbreach,theCompanyshallhave,inadditiontoanyandallremediesoflaw,the right to aninjunction, specific performanceor other equitablerelief toprevent the violationor threatened violationofConsultant'sobligationshereunder.
8. WAIVER.AnywaiverbytheCompanyofabreachofanyprovisionofthis Agreementshallnotoperateorbeconstruedasawaiverofanysubsequentbreachofthe sameoranyotherprovisionhereof.AllwaiversbytheCompanyshallbeinwriting.
9. SEVERABILITY;REFORMATION.In case anyoneormoreofthe provisionsorpartsofaprovisioncontainedinthisAgreementshall,foranyreason,be heldtobeinvalid,illegalorunenforceableinanyrespect,suchinvalidity,illegalityor unenforceability shallnotaffectanyotherprovisionorpartofaprovisionofthis Agreement;andthisAgreementshall,tothefullestextentlawful,bereformedand construedasifsuchinvalidorillegalorunenforceableprovision,orpartofaprovision, hadneverbeencontainedherein,andsuchprovisionorpartreformedsothatitwouldbe valid,legalandenforceabletothemaximumextentpossible.Withoutlimitingthe foregoing,ifanyprovision(orpartofprovision)containedinthisAgreementshallfor anyreasonbeheldtobeexcessivelybroadastoduration,activityorsubject,itshallbe construed by limiting and reducing it, so as to be enforceable to the fullest extent compatible with then existing applicable law.
10. ASSIGNMENT.TheCompanyshallhavetherighttoassignitsrightsand obligationsunderthisAgreementtoapartywhichassumestheCompany'obligations hereunder.Consultant shallnothavetherighttoassignhis/herrightsorobligations underthisAgreementwithoutthepriorwrittenconsentoftheCompany.ThisAgreement shallbebindinguponandinuretothebenefitoftheConsultant'sheirsandlegal representativesinthe eventofhis/herdeathordisability.
11. HEADINGS.Headings and subheadings are for convenience only and shall not be deemed to be a part of this Agreement.
12. AMENDMENTS.This Agreement may be amended or modified, in whole or in part, only by an instrument in writing signed by all parties hereto.
13. NOTICES.Any notices or other communications required hereunder shall be in writing and shall be deemed given when delivered in person or when mailed, by certified or registered first class mail, postage prepaid, return receipt requested, addressed to the parties at their addresses specified in the preamble to this Agreement or to such other addresses of which a party shall have notified the others in accordance with the provisions of this Section 13.
14. COUNTERPART S.This Agreement may be executed in two or more counterparts, each of which shall constitute an original and all of which shall be deemed a single agreement.
15. GOVERNING LAW.This Agreement shall be construed in accordance with and governed for all purposes by the laws of the state of New York applicable to contracts executed and wholly performed within such jurisdiction. Any dispute arising hereunder shall be referred to and heard in only a court located in New York.
16. SURVIVAL.The provisions of Sections 5 to 9 and 15 to 16 of this Agreement shall survive the expiration of the Term or the termination of this Agreement. This Agreement supersedes all prior agreements, written or oral, between the Company and the Consultant relating to the subject matter of this Agreement.
EXECUTED, under seal, effective as of the Effective Date.
MICROLIN BIO, INC. By:/s/ Joe Hernandez Joe Hernandez Executive Chairman Hereunto Duly Authorized | CONSULTANT /s/ Sonya Zabludoff Palmer Sonya Zabludoff Palmer |
