UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 7, 2021
REGNUM CORP. |
(Exact name of registrant as specified in its charter) |
Nevada |
| 333-222083 |
| 82-0832447 |
(State or other jurisdiction of incorporation) |
| (Commission File Number) |
| (IRS Employer Identifica-tion No.) |
| 600 Third Avenue, 10th New York, NY 10016 |
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| (Address of Principal Executive Offices) |
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(917) 647-1498
Registrant’s telephone number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
Effective April 7, 2021 (the “Closing Date”), Regnum Corp. (the “Company”), entered into that certain Management Agreement (the “Managment Agreement”) with SevenScore Pharmaceuticals LLC, a Delaware limited liability company (“SevenScore”), pursuant to which officers of the Company undertook management responsibilities for the operations of SevenScore.
The Management Agreement was entered into in contemplation of a proposed business combination between the Company and SevenScore. The Company and SevenScore propose to enter into a merger agreement, by which SevenScore will merge with and into the Company, with the Company continuing as the surviving entity.The equity holders, or members, of SevenScore will receive a majority of the shares of common stock of the Company in the merger, although such merger will not effect an additional change of control because Phoenixus AG, a stock corporation organized and existing under the laws of Switzerland (Phoenixus AG”) is the majority member and manager of SevenScore.
In addition, on April 7, 2021, the Company entered into a Consulting Agreement with Robert Stubblefield, the Company’s CFO (the “Consulting Agreement”).
The above descriptions of the Management Agreement and Consulting Agreement do not purport to be complete and are qualified in their entirety by reference to the Management Agreement and Form of Consulting Agreement, which are attached here to as Exhibit 2.1 and Exhibit 2.2, respectively, to this Current Report on Form 8-K.
Item 5.01 Changes in Control of Registrant.
On April 7, 2021, Wookey Technologies Corporation, a Delaware corporation, the previous majority shareholder of the Company, entered into a stock purchase agreement for the sale of 20,000,000 shares of Common Stock of the Company, to Phoenixus AG, an accredited investor. Phoenixus AG also acquired an additional 2,680,000 shares of common stock from three minority shareholders.In connection with the sale of such shares, an aggregate of 1,000,000 shares of common stock held by Gary Allen were returned to the Company for cancellation. As a result of the acquisition of 22,680,000 shares of common stock, and the cancellation of 1,00,000 shares, Phoenixus AG holds approximately 99% of the issued and outstanding shares of Common Stock of the Company, and as such it is able to unilaterally control the election of our board of directors, all matters upon which shareholder approval is required and, ultimately, the direction of the Company.
Also, on April 7, 2021, Mark Gustavson, Chief Executive Officer, Secretary and director of the Company, and Ross Meador, Vice President and General Counsel of the Company, resigned their positions with the Company. Upon such resignations, of Anne Kirby was appointed as Chief Executive Officer, President, Secretary and sole Director. Rob Stubblefield remains the Chief Financial Officer of the Company.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
The disclosures set forth in Item 5.01 above are incorporated by reference into this Item 5.02(a).
The business background descriptions of the newly appointed officer and director is as follows:
Anne Kirby - Chief Executive Officer and Director
For the last 5 years, Anne Kirby has been employed by Vyera Pharmaceuticals. During her tenure Anne has held multiple positions, most recently Executive Vice President of Commercial & Operations. Anne has a Bachelor of Science and Master of Business Administration, both from the University of Akron.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Regnum Corp. |
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Date: April 9, 2021 | By: | /s/ Anne Kirby |
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| Name: Anne Kirby |
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| Title: CEO |
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EXHIBIT 2.1
MANAGEMENT AGREEMENT
THIS MANAGEMENT AGREEMENT (this “Agreement”), dated as of April 7, 2021 (the “Effective Date”), is by and between Regnum Corp., a Nevada corporation (“RGMP”), and SevenScore Pharmaceticals LLC, a Delaware limited liability company (the “Company”).
WHEREAS, the Company desires to continue to receive financial and consulting services from RGMP, and to obtain the benefit of the experience of RGMP in business and financial management of companies engaged in businesses similar to the Company’s;
WHEREAS, RGMP desires to continue to provide financial and management consulting services to the Company and the compensation arrangements set forth in this Agreement are designed to compensate RGMP for such services;
NOW, THEREFORE, in consideration of the foregoing and the respective agreements hereinafter set forth, and the mutual benefits to be derived herefrom, RGMP and the Company agree as follows:
1. Engagement. The Company hereby engages RGMP as its financial and management consultant, and RGMP hereby agrees to provide financial and management consulting services to the Company, all on the terms and subject to the conditions set forth below.
2. Services of RGMP. RGMP hereby agrees during the term of this engagement to consult with the board of directors (the “Board”) and management of the Company and its subsidiaries in such manner and on such business, financial and operational matters as may be reasonably requested from time to time by the Board, including but not limited to:
(i) oversee and supervise the operations of the Company and its subsidiaries in accordance with policies established by the Board and usual and customary standards of efficient operation and maintenance;
(ii) assist in the preparation of operating budgets and business plans;
(iii) advise and assist the Company and its subsidiaries regarding their corporate and financial structure;
(iv) advise and assist the Company and its subsidiaries in formulating long-term business strategies;
(v) assist the Company in recruiting senior management;
(vi) advise and assist the Company in securing equity and/or debt financing and negotiating and structuring the terms of such financing;
(vii) assist the Company and its subsidiaries with mergers and acquisitions with, and of, third party entities;
(viii) advise and assist the Company in evaluating potential sale or exit opportunities, structuring and negotiating a sale of the Company, or leveraged recapitalization;
(ix) provide consulting services in connection with the business and operations of the Company as requested by the Board; and
(x) respond to Board requests concerning, and perform any other management services incidental to, the foregoing, or any other management or advisory services reasonably requested by the Board from time to time and to which RGMP agrees (such agreement not to be unreasonably withheld, conditioned or delayed).
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3. Personnel.
(i) RGMP shall provide and devote to the performance of this Agreement such employees, agents and representatives of RGMP, and for such time, as RGMP shall deem appropriate for the furnishing of the services required hereunder. Notwithstanding the generality of the foregoing, it is agreed that in the performance of its duties hereunder, subject to Section 3(ii) below, RGMP shall make available the following individuals to provide the described services:
(A) during the term of this Agreement, Anne Kirby shall serve as the Chairman of the Board and Chief Executive Officer of RGMP, and shall devote a sufficient amount of her business time to the performance of her duties during the term of this Agreement, consistent with past practice;
(B) other RGMP personnel, as appropriate, shall provide services and serve as consultants to the Company on a project-by-project, as-needed basis.
(ii) In the event that Ms. Kirby or any other employee of RGMP acting in an executive capacity for the Company is unable or unavailable to serve in the applicable capacities set forth in Section 3(i) above, RGMP shall provide a qualified individual to serve in such capacity, who must be reasonably satisfactory to the Board. If RGMP does not provide a qualified replacement reasonably acceptable to the Board within a reasonable period of time, the Company may fill such position with a person not affiliated with RGMP and deduct the costs of such person’s compensation (including cash and equity compensation) from RGMP’s compensation under this Agreement.
4. Management Fee. In consideration for the services to be provided by RGMP hereunder, RGMP and the Company shall determine in good faith a management fee in cash and equity securities of the Company that is commercially reasonable and consistent with market standards.
5. Expenses. The Company shall (i) promptly reimburse RGMP for all reasonable out-of-pocket fees and expenses as have been or may be incurred (before or after the date of this Agreement) by RGMP, its partners, shareholders, members, officers, employees, affiliates, counsel, agents and representatives in connection with RGMP’s engagement hereunder and the rendering of services hereunder (including, but not limited to, attorneys’ fees in connection with the negotiation and performance of this Agreement and fees and expenses incurred in attending Company-related meetings) and (ii) reimburse RGMP for all travel expenses in accordance with the Company’s “Travel and Entertainment Policy”. The Company shall reimburse RGMP for all reasonable and documented attorneys’ fees incurred by RGMP in connection with the negotiation of this Agreement as soon as practicable after the date hereof.
6. Term. This Agreement will continue from the Effective Date through December 31, 2023 (the “Initial Term”), unless earlier terminated by either RGMP or the Company on ninety (90) days written notice. No termination of this Agreement shall affect the Company’s obligations with respect to any and all reasonable fees, costs and expenses incurred by RGMP in rendering services hereunder and not reimbursed by the Company as of the effective date of such termination or the Company’s indemnification and contribution obligations.
7. Confidentiality; Non-Solicitation. RGMP shall not at any time during or after the term of this Agreement, directly or indirectly, except as in good faith deemed necessary or desirable to perform any of its obligations hereunder, to defend its own rights or as required by applicable law or legal process, disclose or use for its own benefit or purposes or the benefit or purposes of any other person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise other than the Company and any of its subsidiaries or affiliates, any trade secrets, information, data, or other information, including, without limitation, relating to customers, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial data, manufacturing processes, financing methods, plans, or the business and affairs of the Company, or of any subsidiary or affiliate of the Company; provided, that the foregoing shall not apply to information which is generally known to the industry or the public (other than as a result of RGMP’s breach of this covenant) or information obtained by RGMP prior to March __, 2021 or not in connection with its performance of its obligations under this Agreement. RGMP agrees that upon termination of this Agreement, upon the Company’s request, it shall immediately return to the Company all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way relating to the business of the Company and its affiliates, except that RGMP may retain such personal notes, notebooks and diaries that do not contain confidential information of the type described above. For a period beginning on the date of this Agreement and ending one year after the date of termination of this Agreement, except in the event this Agreement is terminated by the Company without Cause or by RGMP for Good Reason, RGMP shall not in any capacity, either individually or in association with others, employ or solicit for employment (other than in any general solicitation) any person who is an employee of the Company or its affiliates at the level of vice president or higher immediately prior to such employment or during such solicitation.
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8. Liability. Neither RGMP nor any of its affiliates, directors, officers, employees, counsel, agents or representatives shall be liable to the Company or its subsidiaries or affiliates for any loss, claim, liability, damage or expense arising out of or in connection with the performance of services contemplated by this Agreement, other than any loss, claim, liability, damage or expense to the extent determined by the final judgment of a court of competent jurisdiction to have been caused from the gross negligence, fraud, bad faith or willful misfeasance of RGMP or its affiliates.
9. Indemnification; D&O Insurance. To the fullest extent permitted by applicable law, the Company shall indemnify and hold harmless RGMP and its affiliates, and each of their respective members, managers, directors, officers, employees, counsel, agents, representatives, contractors and affiliates (each such individual or entity to be referred to hereinafter as an “Indemnified Person”), from and against any loss, claim, damage or liability, joint or several, and any action in respect thereof, whether or not involving a third party, to which an Indemnified Person may be subject, insofar as such loss, claim, damage, liability or action relates to, arises out of or results from any Covered Event (as such term is defined below) or alleged Covered Event, and will reimburse such Indemnified Person upon request for all expenses (including, without limitation, reasonable attorneys’ fees and disbursements) incurred by such Indemnified Person in connection with investigating, defending or preparing to defend against any such loss, claim, damage, liability or action, as such expenses are incurred or paid. The term “Covered Event” shall mean (a) any action taken, or services performed, by an Indemnified Person, related to or consistent with the terms of this Agreement, or (b) any action taken, or omitted to be taken, by the Company or any of its managers, directors, officers, employees, agents or affiliates, in connection with any matter in which an Indemnified Person has been involved pursuant to this Agreement; provided, that the term “Covered Event,” with respect to an Indemnified Person, shall exclude any loss, claim, damage, liability or expense to the extent determined by the final judgment of a court of competent jurisdiction to have been caused from the gross negligence, fraud, bad faith or willful misfeasance of such Indemnified Person or any affiliate thereof. The Company shall cover the designees of RGMP under directors and officers’ liability insurance both during and, while potential liability exists, after the term of this Agreement in amounts reasonably requested by RGMP.
10. Independent Contractor. RGMP and the Company agree that RGMP shall perform services hereunder as an independent contractor, retaining control and direction over and responsibility for its own operations and personnel. Neither RGMP nor their directors, officers or employees shall be considered employees or agents of the Company or its subsidiaries as a result of this Agreement nor shall any of them have authority to contract in the name of or bind the Company, except as expressly agreed to in writing by the Company, including as provided in this Agreement.
11. Notices. Any notice, report or payment required or permitted to be given or made under this Agreement by one party to the other shall be deemed to have been duly given or made if personally delivered or, if mailed, when mailed by registered or certified mail, postage prepaid, to the other party at the following addresses (or at such other address as shall be given in writing by one party to the other):
If to RGMP:
RGMP Corporation
600 Third Avenue, 10th
New York, NY 10016
Telephone: (917) 647-1498
Attention: Anne Kirby
If to the Company:
SevenScore Pharmaceuticals LLC
600 Third Avenue, 10th Floor
New York, NY 10016
Telephone: (212) 202-5935
Attention: Anne Kirby
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12. Entire Agreement; Modification. Effective as of the Effective Date, this Agreement and the Grant Agreements shall (a) contain the complete and entire understanding and agreement of RGMP and the Company with respect to the subject matter hereof; and (b) supersede all prior and contemporaneous understandings, conditions and agreements, oral or written, express or implied, respecting the engagement of RGMP in connection with the subject matter hereof. This Agreement may be amended or modified, or any of the terms, covenants or conditions hereof may be waived, only by a written instrument executed by RGMP and the Company, or in the case of a waiver, by the party or parties waiving compliance. Any waiver by any party of any condition, or of the breach of any provision, term or covenant contained in this Agreement, in any one or more instances, shall not be deemed to be nor construed as a further or continuing waiver of any such condition, or the breach of any other provision, term or covenant of this Agreement.
13. Waiver of Breach. The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any subsequent breach of that provision or any other provision hereof.
14. Assignment. RGMP may assign its rights or obligations under this Agreement only with the express written consent of the Company, such consent not to be unreasonably withheld. The Company may not assign its rights or obligations under this Agreement. The Company hereby agrees to the assignment by RGMP of all of its rights and obligations under this Agreement to ZM Capital Advisors, LLC, a Delaware limited liability company (“ZM Capital”); provided, however, that RGMP shall remain liable for all of the obligations hereunder and under this Agreement. In the event RGMP elects to effect such assignment to ZM Capital, it shall cause ZM Capital to execute a joinder agreement to this Agreement in form and substance reasonably acceptable to the Company.
15. Successors. This Agreement and all the obligations and benefits hereunder shall inure to the successors and permitted assigns of the parties.
16. Failure to Pay. If for any reason the Company does not pay the Management Fee, or any other amount due under this Agreement when due, then such amount shall accrue interest at a rate of 1% per month and shall continue to be payable and shall be paid by the Company as soon as it can be paid. The preceding sentence shall not limit any other remedies of RGMP in the event amounts are not paid when due.
17. Counterparts. This Agreement may be executed and delivered by each party hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original and both of which taken together shall constitute one and the same agreement.
18. Choice of Law. This Agreement and any dispute arising hereunder shall be governed by and construed in accordance with the domestic laws of the State of Delaware, without giving effect to any choice of law or conflict of laws provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. Each party consents to the in personam jurisdiction of the Court of Chancery or other courts of the State of Delaware and the United States District Court located in the State of Delaware in connection with any claim or dispute arising under or in connection with this Agreement.
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19. Severability. If any provision of this Agreement is or becomes illegal, invalid or unenforceable under any law or regulation of any jurisdiction, it shall, as to such jurisdiction, be deemed modified to the least degree necessary to conform to the requirements of such law or regulation, or if for any reason it is not deemed so modified, it shall be illegal, invalid or unenforceable only to the extent set forth in the law or regulation without affecting the legality, validity or enforceability of such provision in any other jurisdiction or the remaining provisions of this Agreement.
20. Section 409A. Notwithstanding anything to the contrary contained in this Agreement, in the event that one or more payments under this Agreement are subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and would cause RGMP to incur any additional tax or interest under Section 409A of the Code or any regulations or Treasury guidance promulgated thereunder, the Company shall, at no additional cost to the Company, after consulting with RGMP and receiving RGMP’s approval, reform and appropriately adjust such provision; provided that the Company agrees to maintain, to the maximum extent practicable without any such additional cost to the Company, the original intent and economic benefit to RGMP of the applicable provision without violating the provisions of Section 409A of the Code.
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IN WITNESS WHEREOF, the parties hereto have caused this Management Agreement to be duly executed and delivered on the date and year first above written.
| REGNUM CORP. |
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| By: | /s/ Anne Kirby |
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| Name: | Anne Kirby | |||||
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| SEVENSCORE PHARMACETICALS LLC |
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| By: | /s/ Averill L Powers |
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| Name: | Averill L Powers |
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EXHIBIT 2.2
CONSULTING AGREEMENT
This Consulting Agreement (“Agreement”) is made by and between Robert J. Stubblefield (“Consultant”) and Regnum Corp. (“Regnum,” together with its affiliates, subsidiaries, and successors, the “Company”). The Company and Consultant are collectively referred to herein as “Parties,” in singular or plural usages, as required by context.
WHEREAS:
The Company wishes to retain Consultant to perform the duties of Chief Financial Officer (“CFO”) for the Company on a part time, consulting basis subject to the terms of this Agreement, and Consultant wishes to be retained on that basis.
NOW THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties expressly agree to the terms and conditions contained in this Agreement.
IT IS HEREBY AGREED AS FOLLOWS:
1. Term. This Agreement shall commence on April 7, 2021 (the “Start Date”) and Consultant shall provide the services detailed below for a period of 90 days from the Start Date (the “Expiration Date”; the period from the Start Date to the Expiration Date, the “Initial Term”). The Parties may agree to extend the Initial Term up to three times for an additional 30-day period each not to exceed 180 days total (the “Extended Term;” together with the Initial Term, the “Term”), or to terminate the Agreement sooner as provided below.
2. Services To Be Provided. In his capacity as CFO, Consultant will be responsible for the accounting and finance function of the Company, including any filings to be filed with the SEC and other governmental/non-governmental agencies (the “Services”). Consultant agrees to devote his best efforts to promote the Company’s interests, and to give the Company the benefit of his experience, knowledge and skills through the proper and faithful performance of all duties customarily discharged by a CFO for a company doing the type of business engaged in by the Company and any additional duties assigned to him from time to time by the Chief Executive Officer and/or the Board of the Company. Consultant shall comply with all applicable laws, statutes and regulations in performing the Services, and agrees to use his best efforts and comply with all fiduciary and professional standards in the performance of his duties hereunder. Consultant will devote such time, attention and skill to his duties under this Agreement as he deems necessary; Consultant shall control the manner and means in which he performs the Services. Consultant represents and warrants to the Company that, at all times prior to the Start Date when he has served as the Company’s Treasurer and/or CFO, and at all times during the Term, he either acted or will act, as applicable, in the best interests of the Company's shareholders.
Nothing herein shall be deemed to preclude the Company from retaining the Services of other persons or entities undertaking the same or similar services as the Services or from independently developing or acquiring materials or programs that are similar to, or competitive with, the Services.
3. Compensation.
a. In consideration of the performance of the Services and of the acceptance by Consultant of the restrictive covenants set out in this Agreement, the Company will pay Consultant a flat fee of $3,750.00 on a monthly basis.
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b. Consultant shall invoice the Company for the Services on a monthly basis. The Company shall discharge any valid invoice within 14 days of receipt of the valid invoice.
4. Preservation of Company Confidential Information. Consultant agrees at all times:
a. To hold confidential and not disclose to any third party any Confidential Information (as defined below), except such information which is now or hereafter becomes publicly available other than through breach of this Agreement; and
b. Not to put to commercial use or use in any way other than in connection with the Services any Confidential Information disclosed to Consultant or any Confidential Information developed by Consultant pursuant to this Agreement.
c. As used herein, “Confidential Information” includes any non-public information Consultant receives directly or indirectly from the Company or acquired or developed in the course of his consultancy and any other non-public information received or developed by, or disclosed to, Consultant during the course of or arising out of his previous employment with the Company, including by way of example only, trade secrets (including organizational charts, employee information such as credentials, skill sets and background information), financial records and data, ideas, inventions, methods, designs, formulas, systems, improvements, prices, discounts, business affairs, products, product specifications, manufacturing processes, data and know-how and technical information of any kind whatsoever, unless such information has been publicly disclosed by authorized officials of the Company. The term Confidential Information also includes Consultant’s notes, reports, summaries, analyses, compilations, forecasts, studies, interpretations, memoranda and other materials and/or work product based on Confidential Information. In the event information which is non-public becomes public due to disclosure by Consultant which is not authorized by the Company, such information shall be deemed non-public for purposes of this Agreement.
5. Intellectual Property; Work Product. Consultant agrees that all intellectual property, including but not limited to all deliverables, writings, documents, data, video recordings, audio recordings, electronic recordings, and other materials that Consultant makes (or participates in making), conceives, discovers or develops at any time as a result of or in connection with Consultant’s performance of the Services or incorporating any Confidential Information received by Consultant pursuant to this Agreement, in any and all media or forms of expression, together with any associated improvements, technology, designs, ideas, processes, techniques, know-how and data, whether or not patentable, patents, copyrights, trademarks and trade secrets (collectively, the “Work Product”) shall be the sole and exclusive property of the Company. If by operation of law or any other reason any of the Work Product, including all related intellectual property rights, is not deemed to be a work for hire or is not otherwise owned in its entirety by the Company automatically upon creation thereof, then Consultant hereby assigns to the Company, without additional consideration, all right, title, and interest in and to such Work Product, including all related intellectual property rights. To the extent, if any, that this Section 5 does not provide the Company with full ownership, right, title, and interest throughout the world in and to the Work Product, Consultant irrevocably agrees to grant, and does hereby grant, the Company an exclusive, perpetual, irrevocable, transferable, unlimited, fully paid-up, royalty-free, worldwide license to make, have made, use, reproduce, market, modify, make derivative works from, publicly perform, publicly display, offer to sell, sell or otherwise exploit such Work Product, with the right to sublicense each and every such right. To the extent Consultant’s moral rights, if any, in the Work Product cannot be assigned, Consultant hereby waives, to the fullest extent permitted by law in any jurisdiction where moral rights exist, any and all moral rights that Consultant may have in any Work Product and consents to any action of the Company that would violate such moral rights in the absence of such consent. Consultant also hereby waives any and all rights that Consultant may have in certain resale proceeds of certain of any Work Product that may be deemed to be literary works.
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6. Independent Contractor. Consultant shall perform his duties as an independent contractor and not as an employee. Nothing herein shall create nor be deemed to create an employment relationship between Consultant and the Company.
7. No Benefits. The Parties agree that by virtue of the provision of the Services under this Agreement, Consultant shall not be entitled to any Company benefits pursuant to this Agreement, including but not limited to life insurance, death benefits, accident and health insurance, qualified pension or retirement plan or other benefits.
8. Liability for Taxes. Consultant shall not be considered an employee of the Company for purposes of any Federal, state or local laws regarding employment-related taxes including, but not limited to, reporting, paying, withholding or remitting any income tax, FICA, FUTA, unemployment insurance, social security, workers' compensation, disability insurance or any laws or regulations which may impute any obligation or liability to the Company by reason of an employment relationship. Consultant acknowledges and agrees that he shall pay all taxes, fees and levies or other charges of any type imposed by any Federal, state or local governmental authority on any fees that Consultant receives under this Agreement.
9. Termination.
a. Following the Initial Term, this Agreement shall be terminable by either party, with or without breach, and for any reason and without prior notice. During the Initial Term, the Company may discontinue the Services with written notice to Consultant, upon receipt of which Consultant shall no longer hold the title or perform the role of CFO. Notwithstanding the above, the Company shall compensate Consultant for the entirety of the Initial Term pursuant to Section 3.a.
b. In the event either party terminates this Agreement, the Company’s sole liability to Consultant shall be to pay Consultant for any unpaid amounts earned and accrued hereunder through the date of termination.
c. In the event that the parties wish to extend this Agreement beyond the Expiration Date, the parties will mutually agree in writing to the extension no later than 10 days prior to the Expiration Date. If the parties do not mutually agree to extend this Agreement as of 10 days prior to the Expiration Date, this Agreement will terminate on the Expiration Date.
10. Consultant’s Representations/Warranties and Covenants. Consultant represents, warrants and covenants to the Company the following:
a. Consultant has the full power and authority to enter into this Agreement without the consent or approval of any other person; and
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b. Consultant’s execution, delivery and performance of this Agreement will not violate or cause a breach of any existing employment, consultant or any other agreement, covenant, promise or any other duties by which Consultant is bound, including confidentiality obligations or covenants not to compete including any present or previous employer except Regnum Corp.
11. Assignment. The rights and obligations of the Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company. The rights and obligations of Consultant are non-assignable.
12. Limitation of Liability.
a. Neither party is assuming any liability for the actions or omissions of the other party except as stated in this Agreement.
b. Neither party shall be liable for consequential, special, incidental or indirect losses including, without limitation, (i) loss of profits, revenue or goodwill; (ii) loss of business or (iii) loss of anticipated savings.
13. Non-Disparagement. Consultant agrees, during the term of this Agreement and thereafter, not to engage in any form of conduct or make any statements or representations that disparage, portray in a negative light, or otherwise impair the reputation, goodwill or commercial interests of the Company, or its past, present and future subsidiaries, divisions, affiliates, successors, officers, directors, attorneys, agents and employees.
14. Enforcement of Agreement; Injunctive Relief. Consultant acknowledges that violation of this Agreement will cause immediate and irreparable damage to the Company, entitling it to injunctive relief. Consultant specifically consents to the issuance of temporary, preliminary, and permanent injunctive relief to enforce the terms of this Agreement. In addition to injunctive relief, the Company is entitled to all money damages available under the law.
15. Controlling Law and Venue. Consultant agrees that the constructions, interpretation and performance of this Agreement shall be governed by the laws of State of New York (without giving effect to the principles of conflict of laws that would result in the application of the laws of another jurisdiction). It is agreed that any controversy, claim or dispute between the parties, directly or indirectly, concerning this Agreement or the breach thereof shall only be resolved in the courts of the State of New York. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OF PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.
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16. Entire Agreement; Amendment. Consultant agrees that this Agreement constitutes the entire agreement between him and the Company with respect to the matters contemplated by this Agreement, and that this Agreement supersedes any and all prior and/or contemporaneous written and/or oral agreements relating to such matters. Consultant acknowledges that this Agreement may not be modified except by written document, signed by him and a duly authorized officer of the Company.
17. Counterparts. This Agreement may be executed and delivered in two or more counterparts by facsimile, electronic mail (including .pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this Agreement.
18. Notices. Any notices required to be sent by a party under this Agreement shall be given in writing, at the address for each party set forth below.
[Signatures on the next page]
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IN WITNESS WHEREOF, the Company and Consultant have duly executed and delivered this Agreement as of the day first written above.
CONSULTANT
Robert J. Stubblefield
Address: 56 Idlewood Drive, South San Francisco, CA 94080
REGNUM CORP.
By:
Name: Anne Kirby
Title: CEO
Address: 600 Third Avenue, 10th Floor, New York, NY 10016
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