Employment and Stock Grant Agreement between Entest BioMedical Inc. and David R. Koos

Contract Categories: Human Resources › Employment Agreements
Summary

Entest BioMedical Inc. has entered into an agreement with David R. Koos, appointing him as President and CEO. As part of this agreement, Koos will receive 2,000,000 shares of the company's common stock, provided he remains in his roles for at least six months. If he resigns before this period, the shares must be returned. Koos is also restricted from selling or transferring the shares before the six-month vesting date. The agreement is governed by California law.

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EX-10.1 2 entest_ex10-1.htm entest_ex10-1.htm
Exhibit 10.1
 

 
Agreement by and between David R. Koos and Entest BioMedical Inc. (“Agreement”)
 
WHEREAS, Entest BioMedical, Inc. (“ENTB”), a Nevada Corporation, wishes to  secure the services of David R. Koos (“Koos”) as  ENTB’s  President and Chief Executive Officer (“CEO”)  
 
THEREFORE, it is agreed as follows:
 
As consideration for entering into this Agreement, Koos shall be issued 2,000,000 of ENTB’s Common Stock (“Stock”) under the following terms and conditions:
 
 
A)
In the event that Koos voluntarily resigns as either President or CEO of ENTB prior to a date that is six months from issuance (“Vesting Date”) the Stock shall be returned to the Corporation.
 
 
B)
Koos will not offer to sell, sell, transfer, pledge or otherwise dispose of the Bonus Shares prior to the Vesting Date 
 
The terms and conditions of this Agreement shall be governed by and construed in accordance with the laws of the State of California. Any action to enforce this Agreement shall be brought in the state courts located in San Diego County, State of California.
 
AGREED TO BY:
 
ENTB
KOOS
   
By: /s/David R. Koos
 /s/David R. Koos
   
Name: David R. Koos
  
Its: Chairman & CEO
  
   
   
Date: August 8, 2009
Date: August 8, 2009