Exhibit 10.1
EXECUTIVE EMPLOYMENT
AGREEMENT
This Executive
Employment Agreement is made on June 12, 2008 by and between
Crdentia Corp, a Delaware Corporation (the “Company”),
and Jean Stewart (“Executive”).
1. POSITION AND
RESPONSIBILITIES
Position .
Executive is employed by the Company to render services to the
Company in the position of Chief Operating Officer. Executive shall
perform such duties and responsibilities as are normally related to
such position in accordance with the standards of the industry and
any additional duties now or hereafter assigned to Executive by the
Company. To the extent not inconsistent with the express terms of
this Agreement, Executive shall abide by the rules, regulations,
and practices for the Company’s senior management as adopted
or modified from time to time in the Company’s sole
discretion.
Other Activities .
Except upon the prior written consent of the Company, Executive
will not, during the term of this Agreement, (i) accept any
other employment, or (ii) engage, directly or indirectly, in
any other business activity (whether or not pursued for pecuniary
advantage) that interferes with Executive’s duties and
responsibilities hereunder or create a conflict of interest with
Company.
No Conflict.
Executive represents and warrants that Executive’s execution
of this Agreement, Executive’s employment with the Company,
and the performance of Executive’s proposed duties under this
Agreement shall not violate any obligations Executive may have to
any other employer, person or entity, including any obligations
with respect to proprietary or confidential information of any
other person or entity.
2. COMPENSATION
AND BENEFITS
Base Salary. In
consideration of the services to be rendered under this Agreement,
the Company shall pay Executive a salary at an annual rate of Two
Hundred Twenty Five Thousand Dollars ($225,000) per year
(“Base Salary”). The Base Salary shall be paid in
accordance with the Company’s regularly established payroll
practice. Executive’s Base Salary will be reviewed from time
to time in accordance with the established procedures of the
Company for adjusting salaries for similarly situated employees and
may be adjusted in the sole discretion of the Company; provided,
however, that the Company may not reduce Executive’s Base
Salary unless the base salaries of all executive employees holding
the position of Vice President or above are reduced by the same
percentage as Executive’s Base Salary .
Benefits. Executive
shall be entitled to three (3) weeks paid vacation per
anniversary year to be taken at such time as agreed between the
Company and the Executive. Executive shall be eligible to
participate in the benefits made generally available by the Company
to similarly-situated executives, in accordance with the benefit
plans established by the Company, and as may be amended from time
to time in the Company’s sole discretion.
Stock. 600,000
Shares of Stock Grant or Stock Option as chosen by Executive. Terms
and conditions of such as outlined in the separate Stock
Agreement.
Expenses. The
Company shall reimburse Executive for reasonable business expenses
incurred in the performance of Executive’s duties hereunder
in accordance with the Company’s expense reimbursement
guidelines and it is understood; that at least initially you will
commute from Tucson, Arizona to Dallas, Texas.
3. TERMINATION BY
COMPANY
Termination for
Cause. The Company may terminate this Agreement for
cause. For purposes of this Agreement, “For Cause”
shall mean: (i) Executive is indited for or charged with
a felony crime involving dishonesty, breach of trust, or physical
harm to any person; (ii) Executive willfully engages in
conduct that is in bad faith and materially injurious to the
Company, including but not limited to, misappropriation of trade
secrets, fraud or embezzlement; (iii) Executive commits a
material breach of this Agreement, which breach (if curable) is not
cured within thirty days after written notice to Executive from the
Company; (iv) Executive willfully refuses to implement or
follow a lawful policy or directive of the Company (communicated to
the Executive by the Company’s President or Chief Executive
Officer) that is consistent with the terms of this Agreement, which
breach is not cured within thirty days after written notice to
Executive from the Company; or (v) Executive engages in
misfeasance or malfeasance demonstrated by a pattern of failure to
perform job duties diligently and professionally, which failure (if
curable) is not cured within thirty days after written notice to
Executive from Company. Except for the notices required above, the
Company may terminate Executive’s e
