On October 9, 2015 Regen entered into a written employment agreement with Dr. Lander whereby Dr. Lander Caven shall serve as President of Regen (“Agreement”). The Term of this Agreement shall commence on November 15, 2015 and shall expire on November 14, 2018.
Pursuant to the Agreement, Dr. Lander shall be paid salary at the rate of $16,667 per month . Pursuant to the Agreement Dr. Lander shall receive:
(a)1,000,000 newly issued Series A Preferred shares of Regen (“Signing Shares”). Signing Shares may not be sold, transferred, assigned, pledged or otherwise encumbered or disposed of by Dr. Lander (“Transfer Restriction”) until after a one year vesting period has expired.
(b) 10,000,000 newly issued Series A Preferred shares of Regen (“Incentive Shares”). Incentive shares shall vest to Dr. Lander two years from the date he is hired.
(c) 10,000,000 newly issued Series A Preferred shares of Regen (“Milestone Shares “) upon any of the following events having occurred during the employment by Regen of Dr. Lander:
A) two collaborations with pharmaceutical firms with annual revenues of $250,000,000 or greater over their last three fiscal years
B) an equity raise of $10,000,000 invested in the securities of Regen by sources introduced to Regen by Dr. Lander and who have not previously been introduced to Regen by any other entity.
C) Listing of Regen’s equity securities on any of the following markets:
i. Nasdaq Global Select Market
ii. Nasdaq Global Market
iii. Nasdaq Capital Market
iv. The New York Stock Exchange
v. NYSE MKT
d) sale of a portion of the Regen Intellectual Property portfolio for appropriate consideration
e) clearance of any Regen sponsored intellectual property through FDA phase II clinical trials.
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