EXHIBiT 10.1
Interim Executive Advisory Agreement
This Interim Executive Advisory Agreement (this “Agreement”), dated as of January 10, 2024, is entered by and between Rapid Deployment LLC (“RD”), located at 515 N. State Street, 14th Floor, Chicago IL 60654, and CytoDyn Inc. (“CD”), located at 1111 Main Street, Suite 660, Vancouver, Washington 98660. For purposes of this Agreement, all references to “CD” shall be deemed to include CytoDyn Inc. and its Affiliates (defined below) and their respective successors and assigns.
Recitals
A.RD serves as a private advisor to companies to assist with locating, assessing, recommending and engaging interim executives, fractional or project executives, advisors, consultants and board members (any such person introduced to CD by RD, a “Candidate”, and the Candidate once engaged by CD pursuant to this Agreement, the “Interim Executive”).
B.CD and RD have had discussions regarding CD’s need for an interim executive, and RD identified and introduced an Interim Executive to CD for engagement by CD upon the terms and conditions contained in this Agreement.
C.CD has interviewed the Interim Executive and determined that it wishes to engage the Interim Executive through RD to provide services and functions consistent with those described in Exhibit A. The term “Interim Executive” shall apply to the one executive as described in Exhibit A.
NOW, THEREFORE, in consideration of the mutual promises and covenants hereinafter set forth, the parties hereto agree as follows:
1. | Search and Engagement. |
2. | Fees and Payment. |
3. | Communication with Interim Executives and Candidates. |
4. | Qualification of Interim Executives. RD does not make any representation, warranty or guarantee that it shall be able to identify or introduce to CD an interim executive who meets CD’s needs or requirements. RD is not responsible for qualifying any Candidate selected by CD. CD shall be solely responsible for reviewing any Candidate’s qualifications in order to determine that such Candidate is qualified and |
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suitable in all respects for CD's needs. RD shall not be responsible for the Interim Executive’s performance of any services for or on behalf of CD or for the actions, omissions or negligence of the Interim Executive. CD shall be solely responsible for the performance of the Interim Executive’s services to CD. The Interim Executive providing services to CD may withdraw from the engagement for any reason at any time without liability by providing CD written or verbal notice. CD is solely responsible to confirm that any Interim Executive selected has no conflicts of interest. CD affirms that it is not engaging any Interim Executive as an investment banker or broker-dealer. |
5. | Buyout of this Agreement. If CD desires to hire, employ or otherwise engage any Interim Executive on a full-time, permanent, part-time or other basis not specifically contemplated under this Agreement, CD shall pay RD a fee equal to 30% of the forward-looking 12-month total gross compensation to be paid by CD to such Interim Executive, including all cash, equity and performance-based compensation (all of which, for purposes of calculating such fee, shall be deemed earned) (the “Buyout Fee”). If the CD and Interim Executive further agree to assumption of any liabilities or acquisition of assets owned by the Interim Executive, CD shall pay to RD 3% of the value of assets or liabilities assumed or purchased in addition to the Buyout Fee. The Buyout Fee shall be paid by CD to RD upon the earlier of (a) the first day of such employment or engagement of the Interim Executive or (b) the date of execution of an agreement between CD and the Interim Executive. RD shall have the right to inspect and audit the terms of such arrangement for purposes of determining the amount of the Buyout Fee owed to RD. |
6. | Term and Termination. This Agreement shall commence on the date of this Agreement Exhibit A and shall automatically renew on a month-to-month basis unless terminated on the earlier of: (a) thirty days from the date CD notifies RD in writing that no additional services of the Interim Executive are desired or (b) thirty days from the date RD notifies CD in writing that this Agreement is terminated. Upon termination of this Agreement, CD shall pay any outstanding amounts due RD and any unused portion of any expenses advanced to RD shall be returned to CD. Without limiting the foregoing, RD shall have the right to suspend, and cause the Interim Executive to suspend, all services to be provided by RD or the Interim Executive in connection with this Agreement or the SOW to the extent any amount payable by CD pursuant to this Agreement is not paid when due. |
7. | Control of Workplace. CD acknowledges and agrees that RD does not control the workplace in which the Interim Executive is to perform services for CD. CD shall be solely responsible for all decisions related to strategic, operational or other matters concerning CD’s business and the services of the Interim Executive, including the supervision and scheduling of any Interim Executive. |
8. | D&O Insurance. If the Interim Executive shall provide services to CD as a director or officer of CD, then CD shall maintain during the period that the Interim Executive holds such position as officer or director (and for a tail period of not less than six years thereafter), directors and officers liability insurance against acts, errors or omissions of the Interim Executive. CD shall maintain such directors and officers insurance in the amount of not less than $5,000,000 and shall cause Interim Executive to be named as an “additional insured” party. CD shall deliver a certificate of such insurance as of the date hereof and upon any subsequent request of RD. |
9. | Compliance with Laws, Rules and Regulations. CD shall comply with all federal, state, provincial and local laws, rules and regulations that govern or relate to the Interim Executive providing services to CD, including those relating to the workplace or its employees. |
10. | Indemnification; Limited Liability. |
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11. | Resolution of Disputes. |
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12. | Attorneys’ Fees, Costs and Expenses. The prevailing party shall be entitled to reimbursement by the other party for all attorneys’ fees, costs and other expenses incurred by the prevailing party in enforcing its rights under this Agreement. This liability shall be in addition to any other remedy which may be available to such party. The obligations under this Section 12 shall survive the termination of this Agreement. |
13. | Confidentiality. RD shall hold as confidential and not disclose to any person or entity any confidential or proprietary information regarding CD which RD receives, other than to any Candidate or any employee, representative or agent of RD. RD shall not use such confidential or proprietary information for any purpose other than in connection with providing services in connection with this Agreement and providing services to CD. Notwithstanding the foregoing, RD may disclose any such information as may be required by law. Upon successful completion of services, RD may solicit testimonials from CD officers or board members, and if approved by CD, may publish testimonials in marketing materials. |
14. | Media Release. With prior approval from CD, RD may, at its own expense, create, promote and publish testimonials or other announcements describing its services and the services of the interim executive in connection with services provided to CD at the conclusion of the engagement, which may include written statements, video or photograph. |
15. | Miscellaneous. |
IN WITNESS WHEREOF, the parties, through their duly authorized officers, have executed this Agreement as of the day and year written above.
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CYTODYN INCRapid Deployment LLC
By: __________________________By: ___________________________
NameOlivia Wagner
Title:_________________________President
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