Document:

exhibit10_1.htm

Exhibit 10.1

SHAREHOLDERS’ AGREEMENT OF TRANSPHENE, INC. 

THIS SHAREHOLDERS’ AGREEMENT (the “Agreement”) is entered into as of the 5th day of January 2015 in Santa Barbara, California by and among Transphene, Inc., a Nevada corporation (the “Company”), Kaustav Banerjee, an individual (“Banerjee”), and Carbon Sciences, Inc., a Nevada corporation (“CSI,” and collectively with Banerjee, the “Shareholders”), with respect to the following facts:

RECITALS

WHEREAS, the Shareholders are the record owners of the shares (collectively, the “Shares”) of the Company’s common stock noted in Schedule 1 of this Agreement.

WHEREAS, the Shareholders desire to enter into an agreement which provides for disposition of the Shares owned by a Shareholder in the event that any Shareholder seeks to dispose of his Shares.

WHEREAS, the Shareholders also wish to agree to certain other matters regarding the Shares and the Company.

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

	
  

	
1.

	
VOTING COVENANT.

For so long as the Shareholders and their transferees own the Shares, at any annual or special shareholders meeting, and whenever the shareholders of the Company act by written consent with respect to election of directors, each Shareholder agrees to vote or otherwise give such Shareholder's consent in respect of all shares of capital stock of the Company (whether new or hereafter acquired) owned by such Shareholder or as to which such Shareholder is entitled to vote, and the Company shall take all necessary and desirable actions within its control, in order to cause:

(1)           the authorized number of directors on the Board of Directors of the Company (the “Board”) to remain at two (2) directors; and

(2)           the election to the Board to consist of William E. Beifuss and Kaustav Banerjee.

	
  

	
2.

	
PROPRIETARY RIGHTS.

With respect to inventions (“Inventions”), including but not limited to, any inventions, formulae, techniques, discoveries, developments, designs, contributions, ideas, improvements, know-how, negative know-how, new machines, manufacturing processes or

  

  

  

 

methods, original writings, software programs, processes, uses, apparatus, compositions of matter, copyrights, trademarks, designs or configurations of any kind, whether or not patentable or registrable under patent, copyright or similar statutes, conceived, made, learned or reduced to practice by Banerjee, either alone or jointly with others, or any improvements to any of the above, conceived, made, learned or reduced to practice by Banerjee, alone or with others, during Banerjee’s employment or engagement by the Company, which are related to or useful in the current or potential business of the Company, result from the tasks assigned to Banerjee by the Company or result from the use of any facilities or equipment of Company:

(1)           Banerjee will disclose such Inventions promptly to the Company;

(2)           Such Inventions are the sole property of the Company and Banerjee hereby assigns to the Company any rights he has or may acquire in any Inventions;

(3)           Banerjee will assist the Company in obtaining patent, copyright and trademark protection in all countries for the benefit of the Company; and

(4)           Banerjee will execute all such documents and take such further action as may be reasonably requested by the Company to effect the intention of this section.

(5)           CSI recognizes that Banerjee is an employee of the University of California at Santa Barbara (“UCSB”) and has certain intellectual property assignment obligations to UCSB.  Accordingly, the Inventions described in this Section 2 shall exclude any inventions that are assignable to UCSB through Banerjee’s employment agreement with UCSB.  Banerjee agrees not to disclose or practice any of the Company’s Inventions and intellectual property at UCSB without the prior written consent of the Company.

	
  

	
3.

	
SALE OF SHARES.

Before there can be a valid sale or transfer of any of the Shares in the Company by any holder thereof (hereinafter referred to as the “Selling Shareholder”), the Selling Shareholder shall first offer its Shares to the other Shareholder (hereinafter referred to as the “Non-Selling Shareholder”) and then to the Company in the following manner:

A.           Delivery of Notice

The Selling Shareholder shall deliver a notice (“Initial Notice”) in writing in the manner set forth in Paragraph 10 below to the Secretary of the Company stating the price, terms and conditions of the proposed sale or transfer, and the identity of the proposed purchaser.  For a period of ten (10) days thereafter, the Non-Selling Shareholder shall have the prior right to elect to purchase all of the Shares so offered (and not less than all) at the purchase price and subject to the terms of payment set forth in subparagraph 3D below (the “Purchase Price”), provided, that Non-Selling Shareholder must close the purchase within thirty (30) days after electing to purchase the Shares.  The Non-Selling Shareholder shall exercise its rights by delivering to the Secretary, in the manner set forth in Paragraph 10 below, a written offer to purchase all of the

  

  

  

 

Shares within ten (10) days after receipt of the Secretary’s notice, and by closing the purchase within thirty (30) days thereafter.  Should the Non-Selling Shareholder elect not to purchase all the Shares being offered for sale by the Selling Shareholder, then the Company will have the option to elect to purchase the Shares for a period of ten (10) days after the expiration of the Non-Selling Shareholder’s purchase rights, and must close the purchase within thirty (30) days thereafter at the price and on the terms set forth in subparagraph 3D herein.  If neither the Non-Selling Shareholder nor the Company offer to purchase all of the Shares being offered for sale by the Selling Shareholder, then the Secretary shall so notify the Selling Shareholder at the termination of the Company’s ten (10) day option period.

B.           Failure to Purchase all Shares

If no offers to purchase all of the Shares referred to in the Initial Notice to the Secretary have been made in accordance with the foregoing provisions, the Selling Shareholder may dispose of all said Shares to any person or persons he or she may so desire; provided, however, that (i) the Selling Shareholder shall not transfer said Shares at a different price or on different terms than those specified in the Initial Notice; (ii) the contemplated sale must take place within sixty (60) days from the date the Secretary gives notice to the Selling Shareholder as set forth in the last sentence of subparagraph 3A above, or the Selling Shareholder must again comply with all of the requirements of this Paragraph 3, (iii) the sale or transfer may not occur if the buyer is not a bona-fide buyer, and (iv) the buyer must agree in writing to be bound by all of the terms and conditions of this Agreement.  In any sale of Shares, the Selling Shareholder shall comply with all federal and state securities laws, rules and regulations.

C.           Waiver

The restrictions on transfer of Shares as provided herein, other than the restriction relating to the rules and regulations of any state or federal governmental agency, may be waived by the filing of a written waiver of said restrictions with the Secretary of the Company, signed by all of the Shareholders of the Company.  The waiver shall designate with particularity the transaction as to which the waiver is effective.

	
  

	
D.

	
Payment Terms for Purchase by Company or Remaining Shareholder

Should the Company or the Non-Selling Shareholder exercise the right to purchase the Shares of the Selling Shareholder, then the Purchase Price shall be the price and terms stated in the Initial Notice of the Selling Shareholder to the Secretary of the Company given pursuant to subparagraph 3A above, unless the Non-Selling Shareholder elects in its sole discretion to pay the Purchase Price as follows:  33% of the Purchase Price payable in cash upon the closing, with the balance evidenced by a promissory note payable by the Non-Selling Shareholder to the Selling Shareholder, secured by the Shares being sold, bearing interest at a rate equal to one percentage point in excess of the prime rate of interest charged by Bank of America in Los Angeles, California, from time to time, and payable 33% of the Purchase Price plus accrued interest on a date one year after the date of the issuance of the note, and 34% of the Purchased Price plus accrued interest  on a date two years after the date of the issuance of the note.

  

  

  

 

E.           Permitted Transfers

Notwithstanding anything else in this Agreement except for events occurring within the scope of Paragraph 4 of this Agreement, Banerjee may transfer Shares to his spouse or children or to any trust for the benefit of Banerjee, without being subject to a purchase option by, or the prior consent of CSI or the Company; provided, that said transferees agree in writing to be bound by all of the terms of this Agreement.

F.           Successors and Assigns

Any successor to a Shareholder who obtains Shares pursuant to the events described in Paragraph 3 of this Agreement, even if not the Company or the other shareholder, shall be bound in writing by all of the terms of this Agreement.

	
  

	
4.

	
DEATH OR BANKRUPTCY OF A SHAREHOLDER.

A.           Option to Purchase Shares

Upon the (i) death of Banerjee, or (ii) declaration of bankruptcy, assignment for the benefit of creditors or similar event regarding the insolvency of a Shareholder, whether voluntary or involuntary, which is not dismissed within sixty (60) days of said declaration, or other event potentially causing an involuntary transfer of Shares, then the following shall apply:  first the other Shareholder, for a period of thirty (30) days after receipt of notice of such event, and then the Company, for a period of thirty (30) days after receipt of notice of the other Shareholder’s election not to purchase the Shares, shall have the option to purchase all of the Shares of the Shareholder (and not less than all) referred to in (i) and (ii) above.

B.           Purchase Price of Shares

The price of the Shares shall be equal to the fair market value of the Shares.  The fair market value of the Shares shall be the fair market value as has been determined by resolution of the Board of Directors of the Company within last 90 days.  If such determination is not available, the fair market value of the Shares shall be the value upon which the selling Shareholder and the purchasing Shareholder have agreed.  If, within thirty (30) days after an election to purchase the Shares has been made (or an event requiring repurchase of the Shares), the selling Shareholder and the purchasing Shareholder cannot agree upon the fair market value of the Shares, then the fair market value of the Shares will be determined by an independent business appraiser selected by the mutual agreement of the selling Shareholder and the purchasing Shareholder, or if, within thirty (30) days thereafter, the selling Shareholder and the purchasing Shareholder cannot mutually agree on the appointment of an independent business appraiser, then each party shall promptly select an independent business appraiser and the two independent business appraisers selected will then promptly select a third independent business appraiser whose determination of the fair market value of the Shares will be binding.  The process of determining the fair market value of the Shares under Paragraph 4B of this Agreement will be made as expeditiously as practicable.

  

  

  

 

C.           Payment Terms for Shares

Payment for the Shares sold in accordance with this Paragraph 4 shall be made on the following terms:  cash in the amount of twenty percent (20%) of the purchase price and promissory note for the balance which shall have a maturity date within thirty-six (36) months of the date of the purchase of said Shares, bearing interest at the then Federal Discount Rate as determined on the 25th day of the preceding month at the San Francisco branch of the Federal Reserve Bank.  The note shall provide for quarterly payments with the first payment due on the thirtieth (30th) day following the purchase.  The purchase shall be consummated within sixty (60) days after the appointment of a new trustee of the Shareholder, or one hundred twenty (120) days after receipt of notice of bankruptcy or similar proceedings of the trustee of a Shareholder which are not dismissed within said period.

D.           Estate Tax

In the case of the death of Banerjee, CSI shall have the right to demand such tax releases as it may deem reasonably necessary to assure a transfer hereunder, free of any tax liens.  The estate of deceased trustee of a Shareholder shall bear, and save both the other Shareholder and the surviving trustee of the other Shareholder harmless from all costs and expenses required for securing any court orders, court decrease, court approvals, inheritance tax clearances, and estate tax clearances required to enable the Shareholder of the deceased trustee to transfer to the other Shareholder full legal and equitable tax-free title to the Shares of the Shareholder of the deceased trustee.  Neither the surviving trustee nor the Shareholder identified with such surviving trustee shall be liable for any portion of the Federal Estate Tax imposed on the deceased trustee’s estate, whether or not the purchase price established under the provisions of this Agreement is accepted as the valuation of the Shares for Federal Estate Tax purposes.

	
  

	
5.

	
PLEDGE OR HYPOTHECATION.

No Shareholder shall pledge, assign or hypothecate any or all of its Shares or any of his right or interest therein except as provided in this Agreement without the prior written consent of the Company.  In order for the Company to consent pursuant to Paragraph 6 of this Agreement, the holders of 100% of the issued and outstanding Shares must approve of the proposed transaction.

	
  

	
6.

	
ENDORSEMENT ON STOCK CERTIFICATE.

All certificates of stock of the Company owned by each of the Shareholders shall be endorsed with the following statement:

“THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A SHAREHOLDERS’ AGREEMENT DATED JANUARY __, 2015, A COPY OF WHICH MAY BE INSPECTED AT THE PRINCIPAL OFFICE OF THE COMPANY, ALL OF THE PROVISIONS OF WHICH ARE INCORPORATED HEREIN BY REFERENCE.”

  

  

  

 

A copy of this Agreement shall be delivered to the Secretary of the Company and shall be shown by it to any person making inquiries concerning it.

	
  

	
7.

	
TERMINATION OF AGREEMENT.

This Agreement shall terminate, except for any continuing duty of the Company or any Shareholder to make payments for Shares previously purchased pursuant to this Agreement, on the first to occur of the following:

(1)           The written agreement of all of the parties; or

(2)           At such time as only one Shareholder remains because the shares of the other Shareholder have been purchased by such Shareholder or repurchased by the Company.

	
  

	
8.

	
TRANSFER AS GIFT.

Shares of the Company may not be transferred by gift to a transferee other than a party described in Paragraph 4E of this Agreement unless the other Shareholder consents.  Any Shareholder may, however, declare itself trustee of all or any of its Shares for the benefit of others on the condition that (i) the Shareholder shall remain the Shareholder of record of the Shares, and (ii) the Shares shall remain subject to the terms and conditions of this Agreement.

	
  

	
9.

	
SPECIFIC PERFORMANCE.

If any Shareholder under this Agreement makes an offer to sell, hypothecate, pledge, assign or transfer his Shares without compliance with this Agreement (the “Defaulting Shareholder”), or if any person who acquires Shares in any manner in contravention of this Agreement fails to disclose to the Company the person from whom and the price and terms on which he acquired the Shares, then, if the failure continues for five (5) days after written notice to said person or Defaulting Shareholder, the Company may institute and maintain a proceeding to compel performance of this Agreement by the Defaulting Shareholder.  Any transfer or attempted transfer of the Company’s Shares in contravention of this Agreement shall be null and void, and of no force or effect.  This Paragraph shall not be construed as limiting in any way the right of the Company or any Shareholder to pursue any other remedy available to it to enforce the provisions of this Agreement or to bring an action for damages based on the breach of any provision of this Agreement.

	
  

	
10.

	
NOTICE.

Whenever provision is made herein for the giving, service or delivery of any notice, the notice shall be in writing and shall be deemed to have been duly given, served or delivered, whether on personal delivery or on mailing the same by certified mail, return receipt requested, addressed to each of the Shareholders at their last known address (unless otherwise notified, the Shareholders’ addresses are those listed in Schedule 1 hereto), and to the Company

  

  

  

 

 at the address of its principal business office as set forth below (or to any other address(es) as shall be specified in any notice given under this paragraph):

If to the Company:

Transphene, Inc.

5511-C Ekwill Street

Santa Barbara, California 93111

Attention: William E. Beifuss, Jr. Chief Executive Officer

	
  

	
11.

	
AUTHORIZATION.

The Company is authorized to enter into this Agreement by virtue of the execution of this Agreement by the Shareholders.

	
  

	
12.

	
BENEFIT.

This Agreement shall be binding upon and operate for the benefit of the Shareholder and their respective executors, administrators, successors and assigns.

	
  

	
13.

	
APPROVAL AND AMENDMENT.

No waiver or amendment of this Agreement shall be valid unless in writing and duly executed by all of the parties to this Agreement against whom the amendment or waiver is sought to be enforced.  Whenever this Agreement requires the approval of the Company, Shareholders who are not Defaulting Shareholders and who hold 100% of the issued and outstanding voting common stock of the Company held by nondefaulting Shareholders must give said approval.  No evidence of any waiver or modification shall be received into evidence in any proceedings, arbitration or litigation between the parties relating to this Agreement, or the rights or obligations of the parties hereunder, unless the waiver or modification is in writing, duly executed.  The parties further agree that the provisions of this Paragraph may not be waived except as herein set forth.  This Agreement and the agreements referred to herein are the entire agreement of the parties hereto and supersede any and all other agreements, written and oral, previously made.

	
  

	
14.

	
GOVERNING LAW.

This Agreement shall be construed, interpreted and governed for all purposes by the laws of the State of California.  Venue for all legal proceedings initiated under this Agreement will be in the County of Santa Barbara, State of California.

	
  

	
15.

	
SEVERABLE PROVISIONS.

The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or for any reason unenforceable, in whole or in part, the remaining provisions (and any partially unenforceable provisions to the extent they are enforceable) shall nevertheless be binding and enforceable.

 

 

 

 

	
  

	
16.

	
FURTHER ACTS.

Each party hereto agrees to perform any further acts, vote his Shares in any manner, and execute and deliver any documents which may reasonably be necessary or desirable to carry out the provisions of this Agreement.  On any purchase by the Company or a Shareholder of Shares pursuant to this Agreement, the Selling Shareholder shall deliver to the Company for cancellation stock certificates evidencing the Shares so purchased.

	
  

	
17.

	
COUNTERPARTS.

Each party to this Agreement may sign a counterpart separate from all other parties to this Agreement, and every counterpart taken together shall constitute one agreement.  The Company must execute each counterpart.

	
  

	
18.

	
CONFIDENTIALITY.

Banerjee agrees that during the time is an officer, director, employee or consultant of the Company, and in perpetuity after he is no longer an officer, director, employee or consultant of the Company, he will keep confidential and not disclose any proprietary information, customer lists, or trade secrets of the Company, other than that which is already public knowledge or necessary to disclose in order to properly manage the Company’s business, or to comply with the law.

	
  

	
19.

	
COVENANT NOT TO COMPETE.

In consideration for the mutual covenants and agreements set forth in this Agreement, the receipt and sufficiency of which are hereby acknowledged Banerjee that, during the time that he is an officer, director or employee of the Company, he will not directly or indirectly compete with the Company by owning, managing, financing, consulting for, or sponsoring a business similar to or competitive with the Company’s business in the State of California or anywhere else in the world.  For the purposes of this paragraph, a business is a commercial organization and shall not include any non-profit organizations, universities or research institutions.  Banerjee further agrees that during the above described period he will not divert or attempt to divert, directly or indirectly, any business, customers or suppliers away from the Company.  The parties hereto intend that the covenant contained in Paragraph 19 of this Agreement be construed as a separate covenant for each county within the State of California and each nation in the world.  If, in any judicial proceeding, a court refuses to enforce any of the separate covenants deemed included in Paragraph 19 of this Agreement, then such unenforceable covenants shall be deemed eliminated from Paragraph 19 for the purpose of those proceedings to the extent, and only to the extent, necessary to permit the remaining separate covenants to be enforced.  The parties hereto acknowledge that the covenants and agreements made by them hereunder are of a special, unique and extraordinary character which gives this Agreement a peculiar value to the Company, the loss of which cannot be reasonably or adequately compensated in damages in an action of law.  Consequently, a breach by any party of any

 

 

 

 

 

provision contained in this Paragraph 19 will cause the Company irreparable injury.  The parties therefore expressly acknowledge that this Agreement is of the type excluded from the operation of any law which may generally prohibit the grant of an injunction and other equitable remedies.  The parties agree that the Company shall be entitled to such injunctive relief and other equitable remedies, including temporary injunctions, if appropriate.

	
  

	
20.

	
ATTORNEYS’ FEES.

The parties hereto agree that the prevailing party in any action brought to enforce any of the terms and provisions of this Agreement shall be entitled to its reasonable attorneys’ fees and costs incurred in connection with the action.

	
  

	
21.

	
EFFECT OF AGREEMENT.

Any purported transfer, conveyance, sale, hypothecation, assignment or other disposition of Shares in violation of this Agreement is null and void ab initio.

	
  

	
22.

	
ARBITRATION AND REMEDIES.

In the event of any deadlock among the Company’s Board of Directors, then the parties in deadlock must submit the issue to binding arbitration for resolution in accordance with the prevailing rules of the American Arbitration Association in Los Angeles, California.  In order to initiate the arbitration process, the Shareholders will either mutually agree on an independent arbitrator, or if they do not agree on an arbitrator within ten (10) days after the deadlock, then each will choose an arbitrator within ten (10) days thereafter, and the two arbitrators will then expeditiously select a third arbitrator to hear the dispute.  The cost of the arbitration will be borne by the Company.  It is expressly agreed that the parties to any such arbitration may take discovery as contemplated and provided for by California Code of Civil Procedure §1283.05.  Arbitration is not mandatory in the event that a party seeks relief at law or in equity for any reason other than a deadlock of the Company’s Board of Directors.  In this regard, the parties will have all remedies available to them at law or in equity in the event of a breach of this Agreement by any party, or for any reason other than a deadlock of the Company’s Board of Directors.

	
  

	
23.

	
REPRESENTATION.

All parties hereto waive any conflict that may be created by virtue of having this Agreement prepared by counsel to the Company.

[Signatures on following page.]

  

  

  

IN WITNESS WHEREOF, the parties have signed this Agreement on the date first hereinabove set forth.

	
“Shareholders”

	
Carbon Sciences, Inc.

	 	A Nevada Corporation
	  	  
	  	  
	  	  
	  	
By:________________________________

	  	
William E. Beifuss, Jr., Chief Executive Officer

	  	  
	  	  
	  	__________________________________
	  	Kaustav Banerjee
	 	  
	  	  
	  	  
	
“Company”

	
Transphene, Inc.

	 	 
A Nevada Corporation

	  	  
	  	  
	  	  
	  	
By:________________________________

	
`

	
William E. Beifuss, Jr., Chief Executive Officer

 

  

  

  

SCHEDULE 1 TO THE

SHAREHOLDERS’ AGREEMENT OF

TRANSPHENE, INC.

  

  

  

SHAREHOLDERS OF TRANSPHENE, INC.

	  	  
	
Names and Addresses of

	
Number of Shares

	
Shareholder

	
Owned                           

	  	  
	
Kaustav Banerjee

	
1,000,000 shares

	
5511-C Ekwill Street

	  
	
Santa Barbara, California 93111

	  
	  	  
	  	  
	
Carbon Sciences, Inc.

	
1,000,000 shares

	
5511-C Ekwill Street

	  
	
Santa Barbara, California 93111ex10_1.htm

EXHIBIT 10.1

 

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into effective as of January 1, 2015 (the “Effective Date”) by and between AntriaBio, Inc. a Delaware corporation, having an address of 890 Santa Cruz Avenue, Menlo Park, CA 94025 (“AntriaBio” or the “Company”), and Dr. Hoyoung Huh (“Executive”).

In consideration of the mutual promises, terms, provisions and conditions set forth in this Agreement, the parties hereby agree as follows:

	
  

	
1.

	
Employment. Subject to the terms and conditions set forth in this Agreement, the Company hereby offers and Executive hereby accepts employment.

	
  

	
2.

	
Term. The Executive’s employment hereunder shall commence effective as of the Effective Date and shall continue until terminated on the terms and conditions set forth herein. The Term of this Agreement is hereafter referred to as “the term of this Agreement” or “the term hereof.”

 

	
  

	
3.

	
Capacity and Performance.

During the term hereof, Executive shall serve as Chairman of the Scientific Advisory Board & Business Development (the “Position”). In addition, during the term of this Agreement the Company will recommend to its stockholders that Executive be elected to the Board of Directors of the Company (the “Board”) at each meeting of stockholders or in connection with each action by written consent pursuant to which Executive may be elected. Executive shall report directly to the Board. Executive shall have all powers and duties consistent with his position, subject to the direction and control of the Board and shall perform such other duties and responsibilities on behalf of the Company as may reasonably be designated from time to time by the Board.  Executive’s duties shall not include the day-to-day operations of the Company which shall remain under the control and direction of the Company’s Chief Executive Officer. Executive shall require the approval of the Board to pursue or enter into any transaction or group of related transactions that are not in the ordinary course of business and would be material to the Company. Executive shall devote sufficient time and his best efforts, business judgment, skill and knowledge to the advancement of the business and interests of the Company and to the discharge of his duties and responsibilities hereunder. Executive shall comply with all written policies of the Company in effect from time to time and shall observe and implement those resolutions and directives of the Board as made or issued from time to time. Executive agrees that under no circumstances shall he undertake any other form of employment or consulting that would conflict with the interests of the Company.

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4.

	
Compensation and Benefits. As compensation for all services performed by Executive hereunder during the term hereof, and subject to performance of the Executive’s duties and obligations pursuant to this Agreement:

	
  

	
(a)

	
Base Salary and Initial Bonus. The Company shall pay Executive a base salary of Two Hundred and Sixteen Thousand Dollars ($216,000) per annum, beginning on the Effective Date (the “Base Salary”), payable in accordance with the payroll practices of the Company for its executives, but no less than once per each month. Upon execution of this Agreement, Executive shall be entitled a one-time payment of $95,000 in consideration for his efforts to support the Company in the 2014 calendar year.

	
  

	
(b)

	
Annual Bonus. During the term hereof, Executive shall have the opportunity to earn an annual performance bonus with a target equal to 200% of the Executive’s salary (“Target Bonus”) based upon performance criteria set by the Board in its sole discretion on an annual basis. By way of example, if Executive’s annualized Base Salary is $216,000, then Executive’s target bonus shall be equal to $432,000. It is understood and agreed that notwithstanding the Target Bonus, there shall be no minimum or maximum with respect to any potential annual bonus. The Board shall conduct a performance review of Executive at least once a year on or prior to February 1 of each year, commencing in 2016. The Company may, from time to time, pay such other bonus or bonuses to Executive as the Board or a compensation committee of the Board, in its sole discretion, deems appropriate. In order to receive the annual performance bonus, Executive must continue to be employed by the Company through the end of the period with respect to which the annual performance bonus has been earned. The annual performance bonus will be paid to Executive at such time as bonuses for the applicable period are regularly paid to senior executives of the Company; provided, however, in no event will the annual performance bonus be paid later than February 28 of the following calendar year.

	
  

	
(c)

	
Transaction Related Bonuses. So long as Executive is employed by the Company in the Position and provides meaningful leadership and assistance in any of the below related matters (as determined in good faith by the Board), then the Company will pay Executive potential transaction related bonuses (in addition to any other compensation due Executive pursuant to this Agreement) in accordance with the following. A one-time bonus payable in cash or equity equal to three percent (3%) of the gross proceeds of a (i) Business Combination (as defined in Section below), (ii) an equity or debt financing of the Company or (iii) strategic partnerships and collaborations (collectively, “Transformative Events”). Any such bonus shall be paid by the Company concurrently with the closing of any Transformative Event and to the extent that the

 

 

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Company and its stockholders shall be entitled to upfront payments and contingent payments upon agreed upon milestones following any such Transformative Event, then Executive shall receive 3% of the proceeds when such proceeds are actually tendered to the Company and its stockholders.  For clarification, this Section shall not survive the termination of this Agreement.

	
  

	
(d)

	
Equity Incentives. Executive has been previously issued options to purchase shares of common stock of the Company at an exercise price and such options shall remain in full force and effect.  Executive shall be eligible to participate in the Company’s equity incentive plans, if any, and any options or restricted stock granted under such plan shall be deemed to be Stock Options for purpose of this Agreement.  In addition, Executive shall be eligible to participate in the Company’s Restricted Stock Unit Plan, if any.  Nothing contained herein shall be construed to limit the Company’s ability to amend, suspend, or terminate any equity incentive plan at any time without providing Executive notice, and the right to do so is expressly reserved.

	
  

	
(e)

	
Vacations. During the term hereof, Executive shall be entitled to four (4) weeks of vacation per annum, to be taken at such times and intervals as shall be determined by Executive and subject to the reasonable business needs of the Company. Vacation time shall not cumulate from year to year.

	
  

	
(f)

	
Employee Benefits. During the term hereof, Executive shall be entitled to participate in health, dental, life insurance, retirement, and other benefits (“Benefits”) provided generally to similarly situated employees of the Company. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable Company policies and (iii) the discretion of the Board or any administrative or other committee provided for in or contemplated by such plan.  Nothing contained herein shall be construed to limit the Company’s ability to amend, suspend, or terminate any employee benefit plan or policy at any time without providing Executive notice, and the right to do so is expressly reserved.

 

	
  

	
(g)

	
Business Expenses. The Company shall pay or reimburse Executive for all reasonable business expenses incurred or paid by Executive in the performance of his duties and responsibilities hereunder, subject to any maximum annual limit and other restrictions on such expenses set by the Board for senior executives of the Company, and to such reasonable substantiation and documentation as may be specified by the Company from time to time.

	
  

	
5.

	
Termination of Employment. Executive’s employment hereunder may terminate as set forth below.

 

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(a)

	
Death. In the event of the Executive’s death during the term hereof, the Executive’s employment hereunder shall immediately terminate.  In that event, the Company shall pay to the Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive, to his estate, any earned and unpaid Base Salary through the date of termination plus an amount equal to 50% of his annual Target Bonus. The Company shall have no further obligation or liability to Executive or his estate.

	
  

	
(b)

	
Disability. In the event that Executive becomes disabled during his employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform the essential functions of his position hereunder, with or without reasonable accommodation, for at least eighty (80) days during any period of one-hundred eighty (180) consecutive calendar days, the Company may terminate the Executive’s employment with thirty (30) day written notice.  In that event, the Company shall pay to the Executive, any earned and unpaid Base Salary and his pro-rated annual Target Bonus through the date of termination. The Company shall have no further obligation or liability to the Executive.

	
  

	
(c)

	
By the Company for Cause.  Employment with the Company is not for a specific term and can be terminated by Executive or by the Company or its successors at any time for any reason, with or without Cause, subject to the following terms.  As used herein, “Cause” shall mean (i) any act that materially violates this agreement or the employment policies of the Company, (ii) any failure by the Executive to perform assigned job responsibilities that continues unremedied for a period of thirty (30) days after written notice to Executive by the Company (iii) any willful misconduct by Executive that may result in material harm to the Company or its employees, consultants or directors,  (iv) misappropriation (or attempted misappropriation) by Executive of any assets or business opportunities of the Company, (v) embezzlement or fraud committed (or attempted) by Executive, or at his direction, (vi) Executive’s conviction of, indictment for, or pleading “guilty” or “ no contest” to, (x) a felony or (y) any other criminal charge that has a material adverse impact on the performance of Executive’s duties to the Company or otherwise result in material injury to the reputation or business of the Company. Upon the giving of notice of termination of the Executive’s employment hereunder for Cause, the Company shall not have any further obligation or liability to the Executive, other than for Base Salary earned and unpaid through the date of termination. Any unvested stock options shall be forfeited and vested stock options not exercised prior to termination shall expire and no longer be exercisable.

 

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(d)

	
By the Company without Cause. The Company may terminate the Executive’s employment hereunder without Cause at any time upon fourteen (14) days advance written notice.

	
  

	
(e)

	
By the Executive. Executive may terminate his employment, without cause or with Good Reason, at any time upon at least thirty (30) days’ advance written notice to the Company.  The term “Good Reason” shall mean a material reduction in Executive’s duties or material reduction in compensation, except for a reduction in compensation that affects all members of management on the same percentage basis.

 

	
  

	
(f)

	
Change of Control.  If the Company terminates Executive within twelve (12) months following a Change of Control or if Executive terminates for Good Reason within twelve (12) months following a Change of Control, in addition to the Severance Benefits specified in Section 4(g)(i)(A) and (C) below, all Stock Options that are subject to vesting shall have the vesting accelerate and become fully vested, any shares of capital stock of the Company that are subject to a right of repurchase shall have such right of repurchase lapse and units then held by Executive pursuant to a restricted stock unit plan shall immediately vest and become exercisable.   “Change in Control” means an event or occurrence set forth in any one or more of subsections below (including an event or occurrence that constitutes a Change in Control under one of such subsections but is specifically exempted from another such subsection):

 

	
  

	
(i)

	
the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (an “Acquiring Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Acquiring Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) 50% or more of either (i) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company or (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or

 

	
  

	
(ii)

	
the consummation of a merger, consolidation, reorganization, recapitalization or statutory share exchange involving the

 

 

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Company or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, immediately following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, respectively.

(g)           Severance Benefits.

	
  

	
(i)

	
In the event that the Company terminates the Executive’s employment without Cause (as defined above subject to the terms and conditions of this Section 5(g)) or Executive terminates his employment for Good Reason and Executive has not received any bonus pursuant to Section 4(c) of this Agreement, (A) the Company will pay an amount equal to 300% of the Base Salary plus the annual Target Bonus as severance on a monthly basis to Executive and will provide the continuation of the benefits set forth in Section 4(e) for a period of twelve months (the “Severance Period”) following Executive’s termination, (B) any Stock Options that are subject to vesting shall have vesting accelerated with respect to the number of shares that would have vested during the Severance Period if Executive had remained employed by the Company during such period (and any shares of capital stock of the Company that are subject to a right of repurchase shall have such right of repurchase lapse with respect to the number of shares that would have lapsed during the Severance Period if Executive had remained employed by the Company during such period), and (C) accrued and unused vacation at the time of termination up to a maximum of four weeks shall be paid to Executive. In the event the Company terminates Executive’s employment without Cause (as defined above subject to the terms and conditions of this Section 5(g)) or Executive terminates his employment for Good Reason, and Executive has received at least one (1) bonus pursuant to Section 4(c) of this Agreement, the Company shall pay Executive 150% of the Base Salary plus the annual Target Bonus.

 

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(ii)

	
The severance amount and benefits continuation set forth in Section 5(f)(i) are referred to herein as the “Severance Benefits.” The continuation of any group health plan benefits shall be to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”), with the cost of the regular employer portion of the premium for such benefits paid by the Company. The Executive’s right to receive Severance Benefits under Subsection 5(f)(i) is conditioned upon (x) the Executive’s prior execution and delivery to the Company of a reasonably satisfactory general release of any and all claims and causes of action of Executive against the Company and its officers and directors, excepting only the right to any compensation, benefits and/or reimbursable expenses due and unpaid under Sections 4 and/or 5(f)(i) of this Agreement, and (y) the Executive’s continued performance of those obligations hereunder that continue by their express terms after the termination of his employment, including without limitation those set forth in Sections 8. Any Severance Benefits to be paid hereunder shall be payable in accordance with the payroll practices of the Company for its executives generally as in effect from time to time, and subject to all required withholding of taxes.

 

	
  

	
6.

	
Effect of Termination. Upon termination of this Agreement, all obligations and provisions of this Agreement shall terminate except with respect to any accrued and unpaid monetary obligations and vesting acceleration provisions and except for the provisions of Section 7 through (and inclusive of) 20 hereof.

7.           Confidential Information; Assignment of Inventions.

	
  

	
(a)

	
Executive acknowledges that the Company and its Affiliates will continually develop Confidential Information and Proprietary Information (as defined below), that Executive may develop Confidential Information and Proprietary Information for the Company or its Affiliates, and that Executive may learn of Confidential Information and Proprietary Information during the course of his employment with the Company. Executive agrees that, except as required for the proper performance of his duties for the Company, he will not, directly or indirectly, use or disclose any Confidential Information or Proprietary Information. Executive understands and agrees that this restriction will continue to apply after his employment terminates, regardless of the reason for termination.

	
  

	
(b)

	
Executive agrees that all Confidential Information and Proprietary Information, including, without limitation all work products, inventions

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methods, processes, designs, software, apparatuses, compositions of matter, procedures, improvements, property, data documentation, information or materials that the Executive, jointly or separately prepared, conceived, discovered, reduced to practice, developed or created during, in connection with, for the purpose of, related to, or as a result of his employment with the Company, and/or to which he has access as a result of his employment with the Company (collectively, the “Inventions”) is and shall remain the sole and exclusive property of the Company.

	
  

	
(c)

	
Executive by his signature on this Agreement unconditionally and irrevocably transfers and assigns to the Company all rights, title and interest in the Inventions (as defined above, including all patent, copyright, trade secret and any other intellectual property rights therein) and will take any steps and execute any further documentation from time to time reasonably necessary to effect such assignment free of charge to the Company. Executive will further execute, upon request, whether during, or after the termination of, his employment with the Company, any and all applications for patents, assignments and other papers, which the Company may deem necessary or appropriate for securing such Inventions for the Company.

	
  

	
(d)

	
Except as required for the proper performance of his duties, Executive will not copy any and all papers, documents, drawings, systems, data bases, memoranda, notes, plans, records, reports files, data (including original data), disks, electronic media etc. containing Confidential Information or Proprietary Information (“Documents”) or remove any Documents, or copies, from Company premises. Executive will return to the Company immediately after his employment terminates, and at such other times as may be specified by the Company, all Documents and copies and all other property of the Company and its Affiliates then in his possession or control.

	
  

	
8.

	
Enforcement of Covenants. Executive acknowledges that he has carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed upon him pursuant to Section 7 hereof. Executive acknowledges that the covenants contained in Section 7 are reasonably necessary to protect the goodwill of the Company that is its exclusive property. Executive further acknowledges and agrees that, were he to breach any of the covenants contained in Section 7 hereof, the damage would be irreparable. Executive therefore agrees that the Company, in addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by Executive of any of said covenants, without having to post bond.

 

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9. 

	
Conflicting Agreements. Executive hereby represents and warrants that the execution of this Agreement and the performance of his obligations hereunder will not breach or be in conflict with any other agreement to which Executive is a party or is bound and that Executive is not subject to any covenants against competition or similar covenants that would affect the performance of his obligations hereunder. Executive will not disclose to or use any confidential or proprietary information of a third party without such party’s consent.

 

	
  

	
10.

	
Definitions. Words or phrases which are initially capitalized or are within quotation marks shall have the meanings provided in this Section 10 and as provided elsewhere herein. For purposes of this Agreement, the following definitions apply:

(a)           “Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with the Company, where control may be by either management authority or equity interest.

(b)           “Confidential Information” means any and all information, inventions, discoveries, ideas, writings, communications, research, engineering methods, developments in chemistry, manufacturing information, practices, processes, systems, technical and scientific information, formulae, designs, concepts, products, trade secrets, projects, improvements and developments that relate to the business of the Company or any Affiliate and are not generally known by others, including but not limited to (i) products and services, technical data, methods and processes, (ii) marketing activities and strategic plans, (iii) financial information, costs and sources of supply, (iv) the identity and special needs of customers and prospective customers and vendors and prospective vendors, and (v) the people and organizations with whom the Company or any Affiliate has or plans to have business relationships and those relationships. Confidential Information also includes such information that the Company or any Affiliate may receive or has received belonging to customers or others who do business with the Company or any Affiliate and any publication or literary creation of the Executive, developed in whole or in part while Executive is employed by the Company, in whatever form published the content of which, in whole or in part, relates to the business of the Company or any Affiliate. Confidential Information shall not include any information or materials that Executive can prove by written evidence (i) is or becomes publicly known through lawful means and without breach of this Agreement by Executive; (ii) was rightfully in Executive’s possession or part of Executive’s general knowledge prior to the Effective Date; or (iii) is disclosed to Executive without confidential or proprietary restrictions by a third party who rightfully possesses the information or materials without confidential or proprietary restrictions.

(c)           “Person” means an individual, a corporation, an association, a partnership, an estate, a trust and any other entity or organization.

 

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(d)           “Proprietary Information” means any and all intellectual property subject to protection under applicable copyright, trademark, trade secret or patent laws if such property is similar in any material respect with the products and services offered by the Company or any Affiliate.

	
  

	
11.

	
Withholding. All payments made under this Agreement shall be reduced by any tax or other amounts required to be withheld under applicable law.

	
  

	
12.

	
Assignment. Neither the Company nor Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and shall assign its obligations under this Agreement without the consent of Executive in the event that the Company shall hereafter effect a reorganization, or consolidate with or merge into any other Person, or transfer all or substantially all of its properties or assets to any other Person. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, and their respective successors, executors, administrators, heirs and permitted assigns.

	
  

	
13.

	
Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

	
  

	
14.

	
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

	
  

	
15.

	
Notices. Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be effective when delivered in person or by overnight courier or delivery service, or three business days after being deposited in United States mail, postage prepaid, registered or certified, and addressed to Executive at his last known address on the books of the Company or, in the case of the Company, at the Company’s principal place of business, to the attention of the Chairman of the Board, or to such other address as either party may specify by notice to the other actually received.

	
  

	
16.

	
Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s employment.

 

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17.

	
Amendment. This Agreement may be amended or modified only by a written instrument signed by Executive and an expressly authorized representative of the Company.

	
  

	
18.

	
Headings. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement.

	
  

	
19.

	
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument.

	
  

	
20.

	
Governing Law. This Agreement shall be construed and enforced under and be governed in all respects by the laws of the State of Colorado, without regard to the conflict of laws principles thereof.

21.           Tax Matters.

	
  

	
(a)

	
In the event of an event constituting a change in the ownership or effective control of Company or ownership of a substantial portion of the assets of Company described in Code Section 280G(b)(2)(A)(i) (a “280G Transaction “), Company shall cause its independent auditors or another person or entity approved by the Company and Executive promptly to review all payments, accelerations, distributions and benefits that have been made to or provided to, and are to be made, or may be made, to or provided to, Executive under this Agreement, the 2012 Plan and any other arrangements providing for payments or benefits contingent on the occurrence of a 280G Transaction (irrespective of whether such payments or benefits are then payable to Executive at that time), and any other agreement or plan under which Executive may individually or collectively benefit (collectively the “Original Payments”), to determine the applicability of Code Section 4999 to Executive in connection with such event. Company’s independent auditors or such other approved party will perform this analysis in conformity with the foregoing provisions and will provide Executive with a copy of their analysis and determination. Notwithstanding anything contained in this Agreement to the contrary, to the extent that the Original Payments would be subject to the excise tax imposed under Code Section 4999 (the “Excise Tax”), the Original Payments shall be reduced (but not below zero) to the extent necessary so that no Original Payment shall be subject to the Excise Tax, but only if, by reason of such reduction, the net after-tax benefit received by Executive shall exceed the net after-tax benefit received by him if no 

 

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such reduction was made. For purposes of this Agreement, “net after-tax benefit” shall mean (a) the Original Payments which Executive receives or is then entitled to receive from Company that would constitute “parachute payments” within the meaning of Code Section 280G, less (b) the amount of all federal, state and local income taxes payable with respect to the foregoing calculated at the maximum marginal income tax rate for each year in which the foregoing shall be paid to Executive (based on the rate in effect for such year as set forth in the Code as in effect at the time of the first payment of the foregoing), less (c) the amount of the Excise Tax imposed with respect to the payments and benefits described in (a) above. If a reduction is to occur pursuant to this Section 24(a), the payments and benefits shall be reduced in the following order: any cash severance to which Executive becomes entitled (starting with the last payment due), then other cash amounts that are parachute payments (starting with the last payment due), then any stock option awards that have exercise prices higher than the then-fair market value price of the stock (based on the latest vesting tranches), then restricted stock and restricted stock units based on the latest awards scheduled to be distributed, and then other stock options based on the latest vesting tranches. The fees and expenses of Company’s auditor or any other party for services in connection with the determinations and calculations contemplated by this provision will be borne by Company.

 

	
  

	
(b)

	
The intent of the parties is that payments and benefits under this Agreement comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“ Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If Executive notifies the Company (with specificity as to the reason therefor) that he believes that any provision of this Agreement (or of any award of any compensation or benefits) would cause him to incur any additional tax or interest under Code Section 409A and the Company concurs with such belief or the Company independently makes such determination, the Company shall, after consultation with the Executive, to the extent legally permitted and to the extent it is possible to timely reform the provision to avoid taxation under Code Section 409A, reform such provision to attempt to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A. To the extent that any provision hereof is modified in order to comply with or be exempt from Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to both Executive and the Company of the applicable provision without violating the provisions of Code Section 409A.

 

 

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(a)           For purposes of the application of Treasury Regulation § 1.409A-1(b)(4) (or any successor provision), each payment in a series of payments will be deemed a separate payment.

 

(b)           If the termination of employment giving rise to the severance benefits described in Sections 5 or 6 is not a “separation from service” within the meaning of Treasury Regulation § 1.409A- 1(h)(1), then to the extent necessary to avoid the imposition of any accelerated or additional tax under Code Section 409A, such benefits will be deferred without interest until Executive’ experiences a separation from service.

If at the time of Executive’s separation from service, (i) he is a specified employee (within the meaning of Code Section 409A and using the identification methodology selected by the Company from time to time), and (ii) the Company makes a good faith determination that an amount payable to Executive constitutes deferred compensation (within the meaning of Code Section 409A) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Code Section 409A in order to avoid taxes or penalties under Code Section 409A (the “ Delay Period “), then the Company will not pay such amount on the otherwise scheduled payment date but will instead pay it in a lump sum on the first business day after such six-month period. To the extent that any benefits to be provided during the Delay Period is considered deferred compensation under Code Section 409A provided on account of a “separation from service,” and such benefits are not otherwise exempt from Code Section 409A, Executive shall pay the cost of such benefits during the Delay Period, and the Company shall reimburse Executive, to the extent that such costs would otherwise have been paid by the Company or to the extent that such benefits would otherwise have been provided by the Company at no cost to Executive, the Company’s share of the cost of such benefits upon expiration of the Delay Period, and any remaining benefits shall be reimbursed or provided by the Company in accordance with the procedures specified herein.

(c)           To the extent an expense or in-kind benefit provided pursuant to this Agreement constitutes a “deferral of compensation” within the meaning of Code Section 409A (1) the expenses will be reimbursed to Executive as promptly as practical and in any event not later than the last day of the calendar year after the calendar year in which the expenses are incurred, (2) the amount of expenses eligible for reimbursement or in-kind benefits provided during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided in any other calendar year, (3) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.

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IN WITNESS WHEREOF, this Amended and Restated Agreement has been executed by Executive and the Company, as approved by the Board of Directors by Unanimous Written Consent, by its duly authorized representative, as of the date first above written.

 

	Executive	AntriaBio, Inc.
	 	 
	/s/ Hoyoung Huh             	/s/ Nevan Elam            
	Hoyoung Huh 	Nevan Elam

 

:                                                                                     

 

 

 

 

 

 

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