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EXHIBIT 10.51 EMPLOYMENT CONTRACT

Executive Employment Agreement

EXHIBIT 10.51  EMPLOYMENT CONTRACT | Document Parties: AMARILLO BIOSCIENCES INC You are currently viewing:
This Executive Employment Agreement involves

AMARILLO BIOSCIENCES INC

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Title: EXHIBIT 10.51 EMPLOYMENT CONTRACT
Date: 3/26/2007
Industry: Biotechnology and Drugs    

EXHIBIT 10.51  EMPLOYMENT CONTRACT, Parties: amarillo biosciences inc
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Exhibit 10.51

EMLOYMENT CONTRACT

 

This Employment Contract (“Contract”) is entered into by and between Amarillo Biosciences, Inc., a Texas corporation (“Employer”) and Martin J. Cummins (“Employee”). ABI and its controlled subsidiaries shall be hereinafter collectively referred to as “ABI Companies”. Employer hereby employs Employee, and Employee accepts employment, on the following terms and conditions.

 

ARTICLE I

TERM OF EMPLOYMENT

 

1.01. By this Contract, Employer employs Employee, and Employee accepts employment with Employer starting September 10, 2006, and with such ABI Companies as Employer shall designate, until this Contract shall have been terminated by either party by the serving of three months’ advance, written notice of such termination upon the other party.

 

ARTICLE II

COMPENSATION

 

2.01. As compensation for all services rendered under this Contract, Employee shall be paid by Employer a salary of ONE HUNDRED TWENTY FIVE THOUSAND DOLLARS ($125,000.00) per year, payable at least monthly during the term of this Contract. The amount paid is to be prorated for any partial employment period. Furthermore, Employee recognizes that Employer may experience periodic cash shortages, and in such event, Employee will accept partial (no more than 50%) payment in Employer’s voting common stock, which stock shall be registered by Employer on Form S-8, or other suitable registration statement.

 

ARTICLE III

DUTIES OF EMPLOYEE

 

3.01. Employee is employed as Director of Clinical and Regulatory Affairs of Employer, and shall work at the corporate offices in Amarillo, Texas. Employee shall perform the duties of as Director of Clinical and Regulatory Affairs, as such duties may be further set fourth in the Bylaws of Employer, or by resolution of the Board of Directors of Employer. Employee shall devote his entire productive time, ability, attention and energies to the business of Employer during the term of this Contract, and during such time, Employee shall not directly or indirectly render any services of a business, commercial or professional nature to any other person or organization, whether or not for compensation, without the prior consent of the Board of Directors of Employer. Consent is hereby granted to Employee to continue an ongoing project called Orange County Lipworks, LLC with his brother Matthew.

 

 

 


 

 

 

ARTICLE IV

EMPLOYEE’S OBLIGATIONS AS TO INSURANCE

 

4.01. Employee agrees to submit to physical examination as may be required for the obtaining by Employer of insurance on Employee’s life, and agrees to consent to the issuance of a policy or policies of insurance on his life, such policies to be owned by Employer, and naming Employer as beneficiary. Upon termination of Employee’s employment for any reason, and if requested by Employee, Employer shall assign any such policy to Employee, so that Employee shall have the option of keeping the policy in force at Employee’s expense. The forgoing notwithstanding, Employer shall be entitled to retain the accumulated cash value of any such policy.

 

ARTICLE V

EMPLOYEE BENEFITS

 

5.01. If Employer provides hospital, surgical, medical, dental, group life insurance, or other fringe benefits to its employees, or any of them, at any time during the term of this Contract, Employee shall be entitled to participate in such benefits, on terms and conditions at least as favorable as those accorded to other employees of Employer, subject to insurability.

 

ARTICLE VI

REIMBURSEMENT OF EXPENSES INCURRED BY EMPLOYEE

 

6.01. Employee is authorized to incur reasonable business expenses for promoting the business of Employer, including expenditures for entertainment and travel. Employer will reimburse Employee for all such expenses upon Employee’s presentation of written expense vouchers, itemizing such expenditures.

 

ARTICLE VII

PROPERTY RIGHTS OF PARTIES

 

7.01. Employee has had access to and become familiar with, and during the term of continued employment, will continue to have access to and become familiar with, various trade secrets, consisting of formulas, devices, secret inventions, processes, compilations of information, records, and specifications owned by ABI Companies and regularly used in the operation of ABI Companies. Employee shall not disclose any such trade secrets directly or indirectly nor use them in any way either during the term of this Contract or at any time thereafter except as required in the course of his employment. All files, records, documents, drawings, specifications, equipment and similar items relation to the business of ABI Companies, whether or not prepared by Employee, shall remain the exclusive property of ABI Companies and shall not be removed from the premises of Employer under any circumstances, except in pursuit of the trade and business of ABI Companies.

 

 

 


 

 

 

7.02. On the termination of employment or whenever requested by Employer, Employee shall immediately deliver to Employer all property in Employee’s possession or under Employee’s control belonging to ABI Companies, including but not limited to all accounting records, computer terminals and tapes, disks, or other data storage mechanisms, accounting machines, and all office furniture and fixtures, supplies and other personal property in the possession or under the control of Employee, in good condition, ordinary wear and tear excepted, and including without limitation all correspondence files, research data, and patent information or data, of every sort.

 

7.03.     Employee hereby promises and agrees to convey and assign to Employer any and all other rights or interests he may now have in and to trade secrets, formulas, devices, inventions, processes, patents, applica-tions, continuations, copyrights, trademarks, compilations of information, records, specifications, rights, interests and data of every other sort, affecting or pertaining directly or indirectly to the business of ABI Companies as now conducted, or to the patents, trade secrets, and other rights not owned by ABI Companies. In further clarification of the preceding sentence, it is not Employee's intenti


 
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