EXHIBIT 10.7
EMPLOYMENT AGREEMENT
THIS
EMPLOYMENT AGREEMENT (“Agreement”), made on this 15th
day of September, 2009, by and between Whispering Oaks
International, Inc. d/b/a/ BioCurex, a Texas corporation, with its
principal office at 215-7080 River Road, Richmond BC V6X 1X5 Canada
(“Company”), and Denis R. Burger, Ph.D.
(“Employee”).
RECITALS:
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A. Employee
has been a valued employee of the Company since June
2009.
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B. The
Company possesses and will possess technology, which may benefit
significantly from the knowledge and skills of the
Employee.
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C. The
Company desires to continue Employee’s employment with the
Company as Executive Chairman under the terms stated in this
agreement.
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AGREEMENT:
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NOW, THEREFORE, in consideration
of the mutual benefits contained herein, the sufficiency of which
the parties acknowledge, the parties hereby agree as
follows:
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1.
Employment Term. The term of employment (“Term”)
shall commence on the date written above and shall continue until
December 31, 2013 (the “Final Date”), unless sooner
terminated in accordance with Section 12.
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2.
Duties. Employee shall be responsible to perform such duties
as assigned to him from time to time by the Board of Directors of
the Company (“Board”). Employee shall devote his best
efforts to the service of the Company throughout the Term. Employee
shall devote at least forty (40) hours per month to the affairs of
the Company. Employee and Company acknowledge and agree that (i)
Employee may hold certain offices within certain entities as set
forth on Exhibit A to this Agreement, (ii) Employee’s
devotion of reasonable amounts of time in such capacities, so long
as it does not interfere with his performance of services
hereunder, shall not conflict with the terms of this Agreement, and
(iii) Exhibit A may be amended from time to time by agreement of
the parties.
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3.
Compensation.
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(a)
During the Term the Company shall compensate Employee at an initial
annual compensation of $100,000USD, payable in accordance with
Company’s payroll practices in effect from time to time, and
less amounts required to be withheld under applicable law and
requested to be withheld by Employee. Employee’s annual
compensation shall be subject to review on an annual basis. The
Company may, but shall not be required to,
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pay bonus compensation to
Employee. Except as otherwise provided in this Agreement, the base
compensation shall be prorated for any period of service less than
a full month.
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(b)
Notwithstanding the previous paragraph, all compensation due to
Employee hereunder shall not be paid until the closing by the
Company of the sale of its equity securities wherein the Company
receives at least $3,000,000 in gross proceeds (a “Qualified
Offering”).
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4.
Expenses. The Company will reimburse Employee for all
expenses reasonably incurred by him in discharging his duties for
the Company, conditioned upon Employee’s submission of
written documentation in support of claimed reimbursement of such
expenses, and consistent with the Company’s expense
reimbursement policies in effect from time to time.
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5.
Benefits. Subject to eligibility requirements, Employee
shall be entitled to participate in such benefit plans and programs
as adopted by the Company from time to time.
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6.
Confidentiality.
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(a) In
the course of his employment with the Company, it is anticipated
that Employee may acquire knowledge (both orally and in writing)
regarding confidential affairs of the Company and confidential or
proprietary information including: (i) matters of a technical
nature, such as know-how, inventions, processes, products, designs,
chemicals, compounds, materials, drawings, concepts, formulas,
trade secrets, secret processes or machines, inventions or research
projects: (ii), markets, sales, suppliers, customers, plans for
future development, plans for future products, marketing plans or
strategies; and (iii) other information of a similar nature which
is not generally disclosed by the Company to the public, referred
to collectively hereafter as “Confidential
Information.” “Confidential Information” shall
not include information generally available to the public. Employee
agrees that during the term of this Agreement and thereafter, he
(1) will keep secret and retain in the strictest confidence all
Confidential Information, (2) not disclose Confidential Information
to anyone except employees of the Company authorized to received it
and third parties to whom such disclosure is specifically
authorized, and (3) not use any Confidential Information for any
purpose other than performance of services under this Agreement
without prior written permission from the Company.
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(b) If
Employee is served with any subpoena or other compulsory judicial
or administrative process calling for production or disclosure of
Confidential Information or if Employee is otherwise required by
law or regulation to disclose Confidential Information, Employee
will immediately, and prior to production or disclosure, notify the
Company and provide it with such information as may be necessary in
order that the Company may take such action as it deems necessary
to protect its interest.
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(c) The
provisions of this paragraph 6 shall survive termination of this
Agreement.
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7.
Non-competition.
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(a) Employee
agrees that during the Term and for a period of two (2) years
following termination of employment with the Company for any
reason, he will not directly or indirectly engage in any activity
directed toward the development, sale or marketing of any cancer
markers for screening, diagnostic, or follow-up
purposes.
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(b) Employee
agrees that during the Term and for a period of two (2) years
following termination of employment with the Company for any
reason, he will not directly or indirectly engage in any activity
as defined in any patents or patent applications filed or
Contemplated at any time during the Term. Patents or patent
applications “Contemplated” are those included,
recorded or discussed in the notebooks of researchers employed by
or performing services on behalf of the Company.
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(c) For
a period of two (2) years following termination of employment with
the Company for any reason, except with the express written consent
of the Company, Employee agrees to refrain from directly or
indirectly recruiting, hiring or assisting anyone else to hire, or
otherwise counseling to discontinue employment with the Company,
any person then employed by the Company or its subsidiaries or
affiliates.
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(d) The
provision of this paragraph 7 shall survive termination of this
Agreement and the term of employment.
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8.
Covered Work.
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(a) All
rights, title and interest to any Covered Work that Employee makes
or conceives (whether alone or with others) while consulting for
the Company, belong to the Company. This Agreement operates as an
actual assignment of all rights in Covered Work to the Company.
“Covered Work” means products and Inventions that
relate to the actual or anticipated business of the Company or any
of its subsidiaries or affiliates, or that result from or are
suggested by a task assigned to Employee or work performed by
Employee on behalf of the Company or any of its subsidiaries or
affiliates, or that were developed in whole or in part on the
Company time or using the Company’s equipment, supplies or
facilities. “Inventions” mean ideas, improvements,
designs, computer software, technologies, techniques, processes,
products, chemicals, compounds, materials, concepts, drawings,
authored works or discoveries, whether or not patentable or
copyrightable, as well as other newly discovered or newly applied
information or concepts. Attached hereto as Exhibit B is a
description of any product or Invention in which Employee had or
has any right, title or interest, which is not included within the
definition of “Covered Work.”
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(b) Employee
shall promptly reveal all information relating to Covered Work and
Confidential Information to an appropriate officer of the Company
and shall
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cooperate with the Company, and
execute such documents as may be necessary, in the event that the
Company desires to seek copyright, patent or trademark protection
thereafter relating to same.
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(c) In
the event that the Company requests that Employee assist in efforts
to defend any legal claims to patents or other right, the Company
agrees to reimburse Employee for a reasonable expenses Employee may
incur in connection with such assistance. This obligation to
reimburse shall survive termination of this Agreement and the term
of employment.
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(d) The
provisions of this paragraph 8 shall survive termination of this
Agreement and the term of employment.
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9.
Return of Inventions, Products and Documents. Employee
acknowledges and agrees that all Inventions, all products of the
Company and all originals and copies of records, reports,
documents, lists, drawings, memoranda, notes, proposals, contracts
and other documentation related to the business of the Company or
containing any information described in this paragraph shall be the
sole a
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