Exhibit
10.1
Dated 1st day
of January, 2006
Chief Financial Officer Service
Contract
between
Global Pharmatech, Inc.
and
Joseph Levinson
This Contract
was made between the following two parties on 1 January,
2006:
(1) Global
Pharmatech, Inc., duly incorporated under the laws of the State of
Delaware ("Party A"); and
(2) Joseph
Levinson, ("Party B").
Both parties have entered into the following
agreement through friendly negotiations on the principle of
equality and mutual benefits in order to confirm and regulate the
relationship between Party A as the appointor and Party B as the
appointee in respect of the service.
Article 1 Appointment
1.1 Party A shall appoint Party B as chief
financial officer of Party A in accordance with the terms of this
Contract.
1.2 Party B agrees to be appointed as chief
financial officer of Party A in accordance with the terms of this
Contract.
Article 2 Duties
2.1 Party B’s duties, powers and
responsibilities as Chief Financial Officer shall be those which
are customary for such position, as may be determined from time to
time by the Board of Directors (the “Board”) and CEO of
Party A. Party B shall report to the Board and CEO, and agrees to
perform and discharge such duties well and faithfully and to be
subject to the supervision and direction of the Board and of
CEO.
2.2 The position of Chief Financial Officer is a
part-time position. Party B agrees to devote approximately 50 hours
per month or approximately 150 hours per quarter to work for Party
A. Party B will not engage in any activity that might conflict with
the interests of Party A.
2.3 Party B agrees to abide by the policies and
regulations of Party A from time to time.
In addition,
Party B confirms that he owes a fiduciary and diligence obligation
to Party A and that he shall not engage in any activities in
competition with Party A's business or carry out any activities
detrimental to the interests of Party A.
Article 3 Service Fees
3.1 From the Effective Date, the fees to be
received by Party B for the performance of his services under this
Contract shall be US $3,000.00 per month, to be paid monthly. Party
B should spend 40 to 60 hours per month working for Party A
during the period of his appointment.
3.2. Party B shall be granted the option to purchase
Party A's stock of 30,000 shares, pending approval of Party
A's Board of Directors.
Article 4 Non-Competition
4.1 During the period of appointment with Party A,
Party B agrees not to engage in any business that individually
develops any of the products developed by Party A including all
products approved by the FDA, products marketed by Party A prior
to, during, or under development during the period of appointment.
Party B shall be entitled to employment outside of Party A under
the terms and provisions of this clause including, but not limited
to, similar companies so long as any products developed by similar
companies are not in direct competition with Party A's
products.
Article 5 Confidentiality
Liability
5.1 Party B is aware that he will gain access to
secret information possessed by members of Party A's Group and/or
kept in custody by members of Party A's Group (hereinafter referred
to as "Confidential Information") in the performance of his duties
hereunder, including, but not limited to, documents, materials,
data, information, plans and insider information. Party B confirms
that such Confidential Information is solely owned by members of
Party A's Group and/or is kept in custody by members of Party A's
Group.
5.2 Whether during the term of this Contract or
within any time after the termination of Party B's appointment,
P
