Document:

exhibit105

              AMENDED AND RESTATED STATE STREET CORPORATION SSGA LONG TERM INCENTIVE PLAN   Effective as of December 1, 2013 

 

 

   TABLE OF CONTENTS  ARTICLE I Name, Purpose and Definitions .................................................................................. 2 1.1 ....... Name and effective date. ................................................................................................. 2 1.2 ....... Status of Plan. ................................................................................................................. 2 1.3 ....... Definitions....................................................................................................................... 2 ARTICLE II Participation And Vesting ......................................................................................... 4 2.1 ....... Eligibility to Participate. ................................................................................................. 4 2.2 ....... Vesting Date.................................................................................................................... 4 2.3 ....... Termination of Participation. .......................................................................................... 4 ARTICLE III Awards and Distribution .......................................................................................... 4 3.1 ....... Awards. ........................................................................................................................... 4 3.2 ....... Accounts; Notional Tracking Options. ........................................................................... 4 3.3 ....... Form of Payment............................................................................................................. 5 3.4 ....... Timing of Payment. ........................................................................................................ 5 3.5 ....... Treatment of Awards following Separation of Service. ................................................. 5 3.6 ....... Forfeiture of Awards. ...................................................................................................... 5 3.7 ....... Special Vesting Rules. .................................................................................................... 6 3.8 ....... Rehire. ............................................................................................................................. 7 3.9 ....... Non-Competition. ........................................................................................................... 7 3.10 .... Certain Tax Matters. ....................................................................................................... 8 3.11 .... Distribution of Taxable Amounts. .................................................................................. 8 ARTICLE IV Administration of Plan ............................................................................................. 8 4.1 ....... Plan Administrator. ......................................................................................................... 8 4.2 ....... Outside Services.............................................................................................................. 9 4.3 ....... Indemnification. .............................................................................................................. 9 4.4 ....... Delegation. ...................................................................................................................... 9 ARTICLE V Amendment, Modification and Termination ............................................................ 9 5.1 ....... Amendment; Termination. .............................................................................................. 9 ARTICLE VI Miscellaneous Provisions ...................................................................................... 10 6.1 ....... Source of Payments....................................................................................................... 10 6.2 ....... No Warranties. .............................................................................................................. 10 6.3 ....... Inalienability of Benefits............................................................................................... 10 6.4 ....... Application of Local Law. ............................................................................................ 10 6.5 ....... Expenses. ...................................................................................................................... 10 6.6 ....... No Right of Employment. ............................................................................................. 11 6.7 ....... Headings. ...................................................................................................................... 11 6.8 ....... Construction. ................................................................................................................. 11  

 

 Information Classification: Limited Access  24845799_4  ARTICLE I Name, Purpose and Definitions 1.1 Name and effective date.  The Plan sets forth the terms of the State Street Corporation SSgA Long Term Incentive Plan effective December 1, 2013.  All benefits under the Plan shall be subject to the terms and conditions of this Plan document. 1.2 Status of Plan.  The Plan has been established for the purpose of advancing the interests of the Company by providing for the grant to Participants of Awards.  The Plan is intended to be a bonus plan which is not subject to ERISA.  The provisions of the Plan are intended to comply with the requirements applicable to a “nonqualified deferred compensation plan” under Code section 409A and the regulations thereunder and shall be interpreted and administered consistent with that intent. 1.3 Definitions.  When used herein, the following words shall have the meanings indicated below. (a) “Award” means the cash bonus awarded to an Eligible Employee under this Plan by the Plan Administrator in its sole discretion, to be paid in accordance with the terms of this Plan. (b) “Award Agreement” means the document setting forth specific terms applicable to the Award, which may include vesting requirements, performance criteria, notional tracking funds as described in Section 3.2 and any special provisions, each as determined by the Plan Administrator in its sole discretion. (c) “Beneficiary” means the person or persons designated by the Participant in writing, subject to such rules as the Plan Administrator may prescribe, to receive benefits under the Plan in the event of the Participant’s death.  In the absence of an effective designation at the time of the Participant’s death the Participant’s Beneficiary shall be his or her surviving spouse or domestic partner as defined by the policies under which the Employer then operates, as determined by the Plan Administrator in its discretion, or, if the Participant has no surviving spouse or domestic partner, then the Participant’s estate. (d) “Code” means the Internal Revenue Code of 1986, as amended, and its implementing regulations from time to time. (e) “Company” means State Street Corporation, its subsidiaries and affiliates as determined by the Plan Administrator in its sole discretion. (f) “Committee” means the Executive Compensation Committee of the Board of Directors of State Street Corporation.  (g) “Disabled” means, for any Participant, that the Participant, as determined in the sole discretion of the Plan Administrator:  (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or 

 

 Information Classification: Limited Access   -3- (ii) is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 6 months under an accident and health plan covering employees of the Employer. (h) “Eligible Employee” means any employee who performs services for SSgA through an Employer and is designated as eligible to participate in the Plan by the Plan Administrator. (i) “Employer” means any or all, as the context requires in order to refer to the employing entity of a Participant, of State Street Corporation and any other entity (or branch) that would be treated as a member of the same controlled group of corporations, or as trades or business under common control, with State Street Corporation, under Code sections 414(b) and (c). (j) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and its implementing regulations from time to time. (k) “Other Restrictive Covenant” means any confidentiality, non-solicitation, non- competition, non-disparagement or notice provision that the Participant agrees to or has agreed to with the Employer, including but not limited to the restrictions contained in any employment agreement or offer letter, equity award agreement, change in control employment agreement or required as a condition to entitlement to payment under any executive supplemental retirement plan. (l) “Participant” means an Eligible Employee who has an unpaid Award under the Plan. (m) “Plan” means this State Street Corporation SSgA Long Term Incentive Plan, as from time to time amended and in effect. (n) “Plan Administrator” means either or both of (i) the Executive Vice President, Head of Global Human Resources as from time to time in office and (ii) the Executive Vice President, Chief Executive Officer of SSgA as from time to time in office. (o) “Release of Claims” means the contractual documentation releasing the Company and the Employer, to the maximum extent permitted by applicable law, from all contractual and statutory claims a Participant has, or may have, in connection with his or her employment, engagement or termination thereof.  (p) “Retirement Eligible” means that an Eligible Employee is age 55 or older and has completed five (5) or more years of service with the Company.  For this purpose, years of service shall be determined using Company records in a consistent manner by the Plan Administrator in its sole and exclusive discretion. (q)  “Separation from Service” means a separation from service, within the meaning of Treas. Regs. §1.409A-1(h), with all Employers that would be treated as a single employer with State Street Corporation under the first sentence of Treas. Regs. §1.409A-1(h)(3). 

 

 Information Classification: Limited Access  24845799_4 (r) “SSgA” means State Street Global Advisors, a division of State Street Bank and Trust Company, a wholly owned subsidiary of State Street Corporation. (s) “SSgA ETF(s)” means the publicly traded SSgA exchange traded funds.  (t) “Vest,” “vesting,” and terms of similar import refer to the Participant’s right to payment under an Award becoming non-forfeitable. (u) “Written,” “in writing” and similar terms.  To the extent permitted by the Plan Administrator, the terms “written,” “in writing,” and terms of similar import shall include communications by electronic media. ARTICLE II Participation And Vesting 2.1 Eligibility to Participate.  An Eligible Employee shall become a Participant when issued an Award payable under the terms of this Plan. 2.2 Vesting Date.  Every Award issued to an Eligible Employee that is payable under this Plan shall vest as specified in the Award Agreement at the time of the issuance of the Award. 2.3 Termination of Participation.  Participation in the Plan shall end when all Awards issued to a Participant are either distributed or forfeited consistent with the terms of this Plan. ARTICLE III Awards and Distribution 3.1 Awards.  Awards shall be issued to Eligible Employees (other than executive officers of the Company) as determined by the Plan Administrator in its sole discretion.  Awards may be issued to Eligible Employees who are executive officers of the Company by the Committee in its sole discretion. 3.2 Accounts; Notional Tracking Options.The Plan Administrator shall establish for each Participant a bookkeeping account together with such sub-accounts as the Plan Administrator may determine are needed or appropriate to reflect adjustments for notional (hypothetical) investment experience as described in this Section 3.2.  The Plan Administrator shall designate for purposes of the Plan one or more existing SSgA ETFs (each, a “tracking fund”) and shall allocate the amount of each Award made under the Plan in whole or in part among such tracking funds.  The Plan Administrator may also provide a Participant with the discretion to elect to allocate the amount of any Award made under the Plan in whole or in part among such tracking funds.  In the absence of an affirmative allocation by a Participant, the Plan Administrator may designate a default tracking fund and allocate the amount of any Award made under the Plan in whole or in part to such tracking fund.  Amounts allocated under the Plan to a tracking fund shall be treated as though notionally invested in that tracking fund.  The Plan Administrator shall periodically adjust Participant accounts to reflect increases or decreases attributable to these notional investments.  The Plan Administrator shall adjust accounts to reflect the notional reinvestment of an amount equivalent to any cash dividends or other cash distributions from a tracking fund. The Plan Administrator may at any time and from time to time eliminate or add tracking funds or substitute a new fund for an existing tracking fund, including with respect to balances already notionally invested under the 

 

 Information Classification: Limited Access   -5- Plan.  The Plan Administrator may, but need not, direct the purchase of securities or other investments with characteristics similar to the tracking funds, but any such securities or other investments shall remain part of the Company’s general assets unless held in a trust described in Section 6.1 in a manner not inconsistent with the requirements of Section 409A(b) of the Code.  By his or her acceptance of an Award under the Plan, a Participant agrees, on his or her behalf and on behalf of his or her Beneficiaries, that none of the Company, any Employer, the Committee, the Plan Administrator, or any of their delegates, agents or representatives, shall be liable for any losses or damages of any kind relating to the allocation of an Award to any tracking fund or funds under the Plan.   3.3 Form of Payment.  All payments under this Plan will be made in cash out of the Company’s general corporate assets. 3.4 Timing of Payment.  The amount of any payment due under an Award shall be determined on the vesting date of such payment and, subject to satisfaction of all conditions of this Plan and the Award Agreement, shall be made to the Participant as soon as administratively feasible following the vesting date, and in any event no later than 30 days following the vesting date. 3.5 Treatment of Awards following Separation from Service.  Following Separation from Service: (a) A Participant shall continue to vest in an outstanding Award if such Participant: (i) is Retirement Eligible at the time of the Separation from Service; or (ii) is involuntarily terminated for reasons other than gross misconduct as determined by the Plan Administrator in its sole discretion and the Participant executes a Release of Claims in a form satisfactory to the Plan Administrator. (b) If such Separation from Service results from the Participant’s death or becoming Disabled, the Participant shall vest in accordance with Section 3.7. (c) Except as provided otherwise in Section 3.7, vesting post-separation, where applicable, shall continue in accordance with the vesting schedule specified in the Award Agreement at the time of the issuance of the Award. 3.6 Forfeiture of Awards.  A Participant shall forfeit any amount remaining to be paid in respect of an Award if such Participant: (a) Has a Separation from Service which meets the terms of 3.5 but fails to abide by the terms of Section 3.9 or any Other Restrictive Covenant; (b) Has a Separation from Service on a voluntary basis and is not Retirement Eligible; or (c) Has a Separation from Service by the Employer and such Separation from Service is classified as being for gross misconduct as determined by the Employer in its sole discretion (even if the Participant is Retirement Eligible at the time of such Separation from Service for gross misconduct). (d) Malus-Based Forfeiture.   

 

 Information Classification: Limited Access  24845799_4 (i) Any amount remaining to be paid in respect of any Award issued to a Participant who has been identified as a “Material Risk Taker” or “FSA Code Staff” in the sole discretion of the Committee or its delegate, may be reduced or cancelled, in the sole discretion of the Committee or its delegate, in the event that it is determined by the Committee or its delegate that the Participant’s actions exposed the Business to inappropriate risk or risks (including where the Participant failed to timely identify, analyze, assess or raise concerns about such risk or risks, where it was reasonable to expect the Participant to do so), and such exposure has resulted or could reasonably be expected to result in a material loss or losses that are or would be substantial in relation to the revenues, capital and overall risk tolerance of the Business.  The Business for this purpose shall mean State Street Corporation, on a consolidated basis, or SSgA, or, to the extent the Participant devotes substantially all of his or her business time to a particular business division of SSgA (e.g., Fixed Income, Active Equities), Business shall refer to such business division. (ii) This Section 3.6(d) is intended to comply with and meet the requirements of applicable banking regulations and regulatory guidance on incentive compensation, including but not limited to that of the Board of Governors of the United States Federal Reserve System and the United Kingdom Financial Services Authority, and will be interpreted and administered accordingly.  In the event that under any of the foregoing banking regulation or regulatory guidance the Committee or its delegate is required to reduce or cancel any amount remaining to be paid with respect to any Award, it shall, in its sole discretion, be authorized to do so.   For the purposes hereof, in exercising its discretion, the Committee or its delegate shall take into account all factors that it deems appropriate or relevant.  Furthermore, the Committee or its delegate may, in its sole discretion, take any and all actions it deems necessary or appropriate, as permitted by applicable law, to implement the intent of this provision. 3.7 Special Vesting Rules. (a) Payments on account of Disability.  If the Participant is determined to be Disabled, the Award shall become vested in full and the balance of a Participant’s Award, if any, shall be distributed in a single lump sum cash payment to the Participant or the Participant’s Beneficiary or Beneficiaries as soon as practical following the date on which the Participant becomes Disabled, and in any event no later than 30 days following such date. (b) Payment upon death.  Following a Participant’s death, the Award shall become vested in full and the balance of a Participant’s Award, if any, shall be distributed in a single lump sum cash payment to the Participant’s Beneficiary or Beneficiaries as soon as practical following the date of the Participant’s death, and in any event no later than 30 days following such date. (c) Payment upon a change in control of State Street Corporation.  Upon the occurrence of a “change in control event” of State Street Corporation, as defined under Section 409A of the Code and Treasury Regulations 1.409A-3(i)(5), the 

 

 Information Classification: Limited Access   -7- Award shall become vested in full, and the balance of the Award, if any, shall be distributed in a single lump sum payment to the Participant as soon as practical following the date of such change in control event, and in any event no later than 30 days following such date. 3.8 Rehire.  No Award that was forfeited shall be reinstated in the event a Participant who has a Separation from Service is subsequently rehired. 3.9 Non-Competition.   (a) In consideration of the opportunity to participate in the Plan and the issuance of an Award under the Plan, each Participant who holds a position title of Managing Director or higher, by his or her acceptance of an Award, expressly agrees that during his or her employment and for and during a period of six (6) months following the termination of such employment with the Employer for any reason (other than involuntarily by the Employer as a result of a position elimination or reduction in force), Participant shall not engage, either directly or indirectly, in any manner or capacity as an advisor, principal, agent, partner, officer, director or employee of, or as consultant to, Fidelity Management and Research, the Vanguard Group, Inc., Wellington Management Co. LLP, Bank of NY Mellon CP, Goldman Sachs Asset Management LP, BlackRock Inc., Legal & General Group PLC, Northern Trust, Invesco, UBS Global Asset Management, JP Morgan Asset Management, Deutsche Bank Asset Management or Nomura Asset Management Co., Ltd. (each an “Institution”).  The foregoing restriction shall not supercede or replace, but shall supplement and be in addition to, any Other Restrictive Covenant.  For purposes of this paragraph, each Institution shall also include any subsidiary and affiliate of the Institution, including any successor entity to an Institution, by way of merger, acquisition (either of stock or substantially all of the assets), reorganization, change of name or other similar event occurring subsequent to the effective date of the Plan. (b) Participant agrees that the nature of the Company’s business is such that it could be conducted anywhere in the world, that it is not limited to a geographic scope or region, that activities can be directed from anywhere in the world into territories where the Company does business, and therefore a worldwide scope for the covenant not to compete is necessary. If any restriction set forth in this Section 3.9 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.  Participant acknowledges that the restrictions contained in this Section 3.9 are necessary for the protection of the business and goodwill of the Company and are considered by Participant to be reasonable for such purpose.  Participant agrees that any breach or threatened breach of the provisions in this Section 3.9 will cause the Company substantial and irrevocable damage that is difficult to measure.  Therefore, in the event of any such breach or threatened breach, Participant agrees that the Company, in addition to such other remedies that may be available, shall have the right to seek specific performance and 

 

 Information Classification: Limited Access  24845799_4 injunctive relief without posting a bond.  Participant hereby waives the adequacy of a remedy at law as a defense to such relief.  If Participant violates any of the provisions of this Section 3.9, he or she shall continue to be bound by the restrictions set forth herein until a period equal to the period of restriction has expired without any violation. (c) Participant agrees that the non-competition provision set forth in this Section 3.9 shall be applicable (i) irrespective of whether any payments have been made under an Award prior to Participant’s termination of employment and (ii) notwithstanding any change in the terms and conditions of Participant’s employment. 3.10 Certain Tax Matters.  All payments under the Plan shall be subject to reduction for applicable tax and other legally or contractually required withholdings.  The distribution of any vested portion of an Award subject to Section 409A of the Code will not be accelerated or deferred unless specifically permitted or required under Section 409A of the Code. Solely to the extent that a distribution in connection with an Award subject to Section 409A of the Code would be paid pursuant to the terms of this Plan or any Award on account of the Participant’s “Separation from Service” as defined under Section 409A of the Code and the Participant is a “specified employee” as defined under Section 409A, any distribution that otherwise would be paid during the six-month period following such separation from service shall be delayed until the date that is six months and one day after such “Separation from Service.” Any remaining distributions that otherwise would be paid after such six-month period shall be paid at the time set forth in this Plan or any Award.  It is intended that each installment of the payments provided under the Plan is a separate “payment” for purposes of Section 409A. In any event, State Street Corporation makes no representations or warranty and will have no liability to any Participant or any other person if any provisions of or payments under this Plan are determined to constitute deferred compensation subject to Section 409A but not to satisfy the conditions of that section. 3.11 Distribution of Taxable Amounts.  Notwithstanding the foregoing, if any portion of a Participant’s Award is determined by the Plan Administrator to be includible, by reason of Section 409A of the Code, in a Participant’s or Beneficiary’s income, such portion shall be paid by the Employer (or by the Employers, on an allocated basis determined by the Plan Administrator) to such Participant or Beneficiary. ARTICLE IV Administration of Plan 4.1 Plan Administrator.  The Plan Administrator shall have complete discretionary authority to interpret the Plan and to decide all matters under the Plan, including decisions regarding any claim for benefits under the Plan.  Such interpretation and decision shall be final, conclusive and binding on all Participants and any person claiming under or through any Participant, in the absence of clear and convincing evidence that the Plan Administrator acted arbitrarily and capriciously.  However, no individual acting, directly or by delegation, as the Plan Administrator may determine his or her own rights or entitlements under the Plan.  The Plan Administrator shall establish such rules and 

 

 Information Classification: Limited Access   -9- procedures, maintain such records and prepare such reports as it considers necessary or appropriate to carry out the purposes of the Plan. 4.2 Outside Services.  The Plan Administrator may engage counsel and such clerical, financial, investment, accounting, and other specialized services as the Plan Administrator may deem necessary or appropriate in the administration of the Plan.  The Plan Administrator shall be entitled to rely upon any opinions, reports, or other advice furnished by counsel or other specialists engaged for that purpose and, in so relying, shall be fully protected in any action, determination, or omission made in good faith. 4.3 Indemnification.  To the extent permitted by law and not prohibited by its charter and by- laws, State Street Corporation will indemnify and hold harmless every person serving (directly or by delegation) as Plan Administrator and the estate of such an individual if he or she is deceased from and against all claims, loss, damages, liability and reasonable costs and expenses incurred in carrying out his or her responsibilities as Plan Administrator, unless due to the gross negligence, bad faith or willful misconduct of such individual; provided, that counsel fees and amounts paid in settlement must be approved by State Street Corporation; and further provided, that this Section 4.3 will not apply to any claims, loss, damages, liability or costs and expenses which are covered by a liability insurance policy maintained by State Street Corporation or by the individual.  The provisions of the preceding sentence shall not apply to any corporate trustee, insurance company, investment manager or outside service provider (or to any employee of any of the foregoing) unless the Company otherwise specifies in writing. 4.4 Delegation.  The Plan Administrator may delegate to such employees or other persons as it determines such duties or responsibilities as it deems appropriate.  Without limiting the foregoing, the Plan Administrator may delegate to a committee of individuals the selection, elimination or addition of tracking funds under Section 3.2.  ARTICLE V Amendment, Modification and Termination 5.1 Amendment; Termination.  By action of the Committee, the Company reserves the absolute right at any time and from time to time to amend the Plan or any outstanding Award for any purpose which may at the time be permitted by law, and may at any time terminate the Plan; provided, that any distributions upon a termination and liquidation of the Plan shall be done in accordance with the requirements of Treas. Regs. §1.409A- 3(j)(4)(ix); provided, further, that except as otherwise expressly provided in the Plan, the Committee may not, without the Participant’s consent, alter the terms of an outstanding Award so as to affect materially and adversely the Participant’s rights under the Award, unless the Committee expressly reserved the right to do so at the time of the Award.  In addition, subject to the other provisions of this Section 5.1, the Plan Administrator shall have the authority at any time and from time to time to make amendments to the Plan or outstanding Awards (in general or with respect to one or more individual Participants or Beneficiaries) that do not materially increase the financial obligations of the Company.  

 

 Information Classification: Limited Access  24845799_4 ARTICLE VI Miscellaneous Provisions 6.1 Source of Payments.  All payments hereunder to Participants and their Beneficiaries shall be paid from the general assets of the Company, including for this purpose, if the Company in its sole discretion so determines, assets of one or more trusts established to assist in the payment of benefits hereunder.  Any trust established pursuant to the preceding sentence shall provide that trust assets remain subject to the Company’s general creditors in the event of insolvency or bankruptcy and shall otherwise contain such terms as are necessary to ensure that they do not constitute a “funding” of the Plan for purposes of the Code. 6.2 No Warranties.  Neither the Plan Administrator nor any Employer warrants or represents in any way that the value of a Participant’s Award will increase or not decrease. 6.3 Inalienability of Benefits.  Except as required by law, no benefit under, or interest in, the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to do so shall be void. 6.4 Application of Local Law.   (a) Participation in the Plan and the issuance and payment of any Award under the Plan shall be subject to any special terms and conditions for the Participant’s country of residence (and country of employment, if different), as may be set forth in an addendum to an Award Agreement or otherwise in writing.  The Plan Administrator reserves the right to impose other requirements on participation in the Plan, to the extent the Plan Administrator, in its sole discretion, determines that such other requirements are necessary or advisable in order to comply with local law.   (b) To the extent a court or tribunal of competent jurisdiction determines that any provision of the Plan is invalid or unenforceable, in whole or in part, including without limitation Section 3.9, the Plan Administrator, in its sole discretion, shall have the power and authority to revise or strike such provision to the extent necessary to make it and the other provisions of the Plan valid and enforceable to the full extent permitted under local law.   (c) The grant of an Award and the terms and conditions governing each Award are intended to comply with the age discrimination provisions of the EU Equal Treatment Framework Directive, as implemented into local law (the “Age Discrimination Rules”).  To the extent a court or tribunal of competent jurisdiction determines that any provision of an Award is invalid or unenforceable, in whole or in part, under the Age Discrimination Rules, the Company, in its sole discretion, shall have the power and authority to revise or strike such provision to the minimum extent necessary to make it valid and enforceable to the full extent permitted under local law. 6.5 Expenses.  The Employer shall pay all costs and expenses incurred in operating and administering the Plan. 

 

 Information Classification: Limited Access   -11- 6.6 No Right of Employment.  Nothing contained herein, or any action taken under the provisions hereof, shall be construed as giving any Participant the right to be retained in the employ of an Employer. 6.7 Headings.  The headings of the sections in the Plan are placed herein for convenience of reference, and, in the case of any conflict, the text of the Plan, rather than such heading, shall control. 6.8 Construction.  The Plan shall be construed, regulated, and administered in accordance with the laws of the Commonwealth of Massachusetts and applicable federal laws. 

 

 Information Classification: Limited Access  24845799_4 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly authorized officer on the __ day of ___________, 2013.  STATE STREET CORPORATION   By: ___________________________ Senior Vice President Head of SSgA Compensation and Benefits   

 

 Information Classification: Limited Access  FIRST AMENDMENT  TO THE STATE STREET CORPORATION SSGA LONG TERM INCENTIVE PLAN (Effective January 1, 2014)   Pursuant to Section 5.1 of the State Street Corporation SSGA Long Term Incentive Plan (the “Plan”), State Street Corporation, acting through the undersigned, its authorized delegate, hereby amends the Plan as follows, effective January 1, 2018:  Subparagraph (p) “Restrictive Covenant” of Section 1.3 Definitions is replaced in its entirety with the following:  “Restrictive Covenant” means any confidentiality, assignment and disclosure, non- solicitation, non-competition, non-disparagement, post-employment cooperation or notice provision that the Participant agrees to or has agreed to with the Employer, including but not limited to the restrictions contained in the Award Agreement, any employment agreement or offer letter, equity award agreement, change in control employment agreement or required as a condition to entitlement to payment under any executive supplemental retirement plan. Subparagraph (s) “SSGA” of Section 1.3 Definitions is replaced in its entirety with the following:  “SSGA” means State Street Global Advisors Trust Company, an indirect wholly owned subsidiary of State Street Corporation.  Section 3.9 of the Plan, Non-Competition, is amended by adding the following Subparagraph (d) at the end of the section:   “(d)  This Section 3.9 shall not apply to an Award made after January 1, 2018.  Any non- competition restrictive covenants related to an Award on or after January 1, 2018 will be addressed in Award Agreements.”    Section 6.3 of the Plan, Inalienability of Benefits, is replaced in its entirety with the following:  “Transferability of Awards.  No benefit under, or interest in, the Plan shall be sold, assigned, transferred, pledged or otherwise encumbered by a Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution or pursuant to a court issued domestic relations order; provided, however, that, except with respect to a benefit or interest subject to Section 409A, the Committee may permit or provide in an Award for the gratuitous transfer of the Award by the Participant to or for the benefit of any immediate family member, family trust or other entity established for the benefit of the Participant and/or an immediate family member thereof; provided further, that the Company shall not be required to recognize any such permitted transfer until such time as such permitted transferee shall, as a condition to such transfer, deliver to the Company a written instrument in form and substance satisfactory to the Company confirming that such transferee shall be bound by all of the terms and conditions of 

 

 Information Classification: Limited Access  the Award.  References to a Participant, to the extent relevant in the context, shall include references to authorized transferees.  For the avoidance of doubt, nothing contained in this Section 6.3 shall be deemed to restrict a transfer to the Company.”  IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly authorized officer this ___ day of _______________, 2018.    STATE STREET CORPORATION   By: _________________________________   Title: ________________________________   

 

 Information Classification: Company Internal  STATE STREET CORPORATION SSGA LONG TERM INCENTIVE PLAN  ____ SSGA Long Term Incentive Plan Award Agreement  Subject to your acceptance of the terms set forth in this agreement (“Agreement”), your Employer has awarded you, under the State Street Global Advisors Long Term Incentive Plan (“Plan”), and pursuant to this Agreement and the terms set forth herein, a contingent right to receive cash payments (“Award”) as set forth in the statement pertaining to this Award (“Statement”) on the website (“Website”) maintained by Fidelity or another party designated by the Company (“Award Administrator”).  The Plan has been established for the purpose of rewarding, retaining and motivating employees for services and performance during the period from the grant of the Award to the date of the vesting of the Award.  In addition to this Award, you may have received a cash bonus under State Street Corporation’s (“Company”) annual incentive plan applicable to you for the ____ performance year that was paid or is payable in immediate cash in the first quarter of ____ (“Immediate Cash Payment”). As set forth below, certain terms and conditions of this Agreement apply to both this Award and your Immediate Cash Payment, if any.   The terms of your Award are as follows:    1. Grant of Award.    To be entitled to any payment under this Award, you must accept your Award and in so doing agree to comply with the terms and conditions of this Agreement and the applicable provisions of the Countries Addendum outlined in Appendix A (which is incorporated into, and forms a material and integral part of, this Agreement).  Failure to accept this Award within thirty (30) days following the posting of this Agreement on the Website will result in forfeiture of this Award.  Copies of the Plan are located on the Website for your reference.  Your acceptance of this Award constitutes your acknowledgement that you have read and understood this Agreement, the Plan, and any associated materials.  The provisions of the Plan are incorporated herein by reference, and all terms used herein shall have the meaning given to them in the Plan, except as otherwise expressly provided herein.  In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall control.  As used herein, “State Street” means State Street Corporation and each Subsidiary. “Subsidiary” means State Street Corporation’s consolidated subsidiaries.   By accepting this Award, you acknowledge and agree that the Award has been granted by the Company, and that any claim you may undertake to raise in the future with respect to this Award may only be raised against the Company in a court of competent jurisdiction in the Commonwealth of Massachusetts, regardless of whether you are or were employed by the Company or a Subsidiary.   This Award and Immediate Cash Payment are subject to any forfeiture, compensation recovery or similar requirements set forth in this Agreement, as well as any other forfeiture, compensation recovery or similar requirements under applicable law and related implementing regulations and guidance, and to other forfeiture, compensation recovery or similar requirements under plans, policies and practices of the Company or its relevant Subsidiaries in effect from time to time, including those set forth in your offer letter. In the event pursuant to this Agreement or pursuant to any applicable law or related implementing 

 

 Information Classification: Company Internal  regulations or guidance, or pursuant to any Company or its relevant Subsidiaries plan, policies or practices, the Committee or State Street is required or permitted to reduce or cancel any amount remaining to be paid, or to recover any amount previously paid, with respect to this Award or the Immediate Cash Payment, or to otherwise impose or apply restrictions on this Award, it shall, in its sole discretion, be authorized to do so. By accepting this Award, you consent to making payment to your Employer in the event of a compensation recovery determination by the Committee or State Street.  2. General Circumstances of Forfeiture.    Any amount remaining to be paid in respect of this Award will be forfeited, if:   a. You fail to comply with the non-competition provisions set forth in this Agreement or any other Restrictive Covenant you agree to or have agreed to with the Company or a Subsidiary;  b. You terminate employment with the Company and its Subsidiaries on a voluntary basis and are not [Retirement Eligible or] Disabled [(for avoidance of doubt, the Plan’s “Retirement Eligible” exception to forfeiture upon termination of employment does not apply to this Award)]; or  c. Your employment with the Company and its Subsidiaries is terminated for gross misconduct as determined by the Company or the relevant Subsidiary, in its sole discretion, or the Company or the relevant Subsidiary, in its sole discretion, determines that circumstances prior to the date on which you ceased to be employed by with the Company and its subsidiaries for any reason constituted grounds for termination for gross misconduct.  d. This Section 2 applies in addition to, and not to the exclusion of, any other holding, forfeiture and/or clawback provisions contained in this Agreement.  3. Material Risk Taker Malus-Based Forfeiture.    In the event you hold a title of Senior Vice President or higher during the calendar year in which this Award is made, or you hold the status of “material risk taker” at the time this Award is made based upon a prior notification to you by the Company or any Subsidiary, you acknowledge and agree that this Award is subject to the provisions of this Section 3.  In respect of any amount remaining to be paid in respect of this Award may, in the sole discretion of the Committee, be reduced or cancelled, in the event that it is determined by the Committee, in its sole discretion, that your actions, whether discovered during or after your employment with the Employer, exposed The Business to any inappropriate risk or risks (including where you failed to timely identify, analyze, assess or raise concerns about such risk or risks, including in a supervisory capacity, where it was reasonable to expect you to do so), and such exposure has resulted or could reasonably be expected to result in a material loss or losses that are or would be substantial in relation to the revenues, capital and overall risk tolerance of The Business.  “The Business” shall mean State Street, or, to the extent you devote substantially all of your business time to a particular business unit (e.g., Global Services Americas, Global Services International, State Street Global Exchange or State 

 

 Information Classification: Company Internal  Street Sector Solutions) or business division (e.g., Alternative Investment Solutions, Securities Lending, etc.), “Business” shall refer to such business unit or business line.  This provision applies in addition to, and not to the exclusion of, any other holding, forfeiture and/or clawback provisions contained in this Agreement.  4. Identified Staff Malus-Based Forfeiture and Clawback.  a. In the event the Company or any Subsidiary notifies you at any time before or after this Award is made that you have been designated Identified Staff for purposes of the PRA Remuneration Code, you acknowledge and agree that both this Award and the Immediate Cash Payment are subject to the provisions of this Section 4 for a period of seven (7) years from the date this Award is granted. The seven (7)-year period may be extended to ten (10) years in certain circumstances where (i) the Company has commenced an investigation into facts or events which it considers could potentially lead to the application of a clawback under this Section 4 were it not for the expiration of the seven (7)-year period; or (ii) the Company has been notified by a regulatory authority that an investigation has commenced into facts or events which the Company considers could potentially lead to the application of clawback by the Company under this Section 4 were it not for the expiration of the seven (7)-year period.  b. If the Company determines that a PRA Forfeiture Event has occurred it may elect to reduce or cancel all or part of any amount remaining to be paid in respect of this Award (“PRA Malus-Based Forfeiture”).  c. If the Company determines that a PRA Clawback Event has occurred it may require the repayment by you (or otherwise seek to recover from you) of all or part of the cash delivered to you in respect of this Award or the Immediate Cash Payment (“PRA Clawback”).  d. The Company may produce guidelines from time to time in respect of its operation of the provisions of this Section 4. The Company intends to apply such guidelines in deciding whether and when to effect any reduction, cancellation or recovery of compensation but, in the event of any inconsistency between the provisions of this Section 4 and any such guidelines, this Section 4 shall prevail. Such guidelines do not form part of any employee’s contract of employment, and the Company may amend such guidelines and their application at any time.  e. By accepting this Award on the Website, you expressly and explicitly:  i. consent to making the required payment to the Company (or to your Employer on behalf of the Company) in the event of a PRA Clawback and  ii. authorize the Company to issue related instructions, on your behalf, to the Award Administrator and any brokerage firm and/or third party administrator engaged by the Company to administer the Award to re-convey, transfer or otherwise return to the Company any amount paid under the Award. 

 

 Information Classification: Company Internal   f. For the purposes of this Section 4:  i. A “PRA Forfeiture Event” means a determination by the Company, in its sole discretion, that (A) there is reasonable evidence of employee misbehavior or material error; or (B) the Company, one of its Subsidiaries or a relevant business unit has suffered a material downturn in its financial performance; or (C) the Company, one of its Subsidiaries or a relevant business unit has suffered a material failure of risk management;   ii.  A “PRA Clawback Event” means a determination by the Company, in its sole discretion, that either (A) there is reasonable evidence of employee misbehavior or material error or (B) the Company, one of its Subsidiaries or a relevant business unit has suffered a material failure of risk management.  g. This Section 4 applies in addition to, and not to the exclusion of, any other holding, forfeiture and/or clawback provisions contained in this Agreement.  5. Management Committee/Executive Vice President Forfeiture and Clawback.    a. If, at the time the Award is made, you are a member of the State Street Corporation Management Committee or any successor committee or body (“Management Committee” or “MC”) or hold the title Executive Vice President (“EVP”), any amount remaining to be paid in respect of this Award may, in the sole discretion of the Committee, be reduced or cancelled, in whole or in part, in the event that it is determined by the Committee, in its sole discretion, that:  i. you engaged in fraud, gross negligence or any misconduct, including in a supervisory capacity, that was materially detrimental to the interests or business reputation of State Street or any of its businesses; or  ii. you engaged in conduct that constituted a violation of State Street policies and procedures or State Street Standard of Conduct in a manner which either caused or could have caused reputational harm that is material to State Street or placed or could have placed State Street at material legal or financial risk; or   iii. as a result of a material financial restatement by State Street contained in a filing with the U.S. Securities and Exchange Commission (“SEC”), or miscalculation or inaccuracy in the determination of performance metrics, financial results or other criteria used in determining the amount of this Award, you would have received a smaller or no Award hereunder.  b. If, at the time the Award is made, you are a member of the Management Committee or hold the title EVP, this Award and the Immediate Cash Payment also are subject to compensation recovery as provided herein.  Upon the 

 

 Information Classification: Company Internal  occurrence of an MC/EVP Clawback Event within three (3) years (within one (1) year for an EVP) after the date of grant of this Award, the Committee may, in its sole discretion, determine to recover the MC/EVP Clawback Amount, in whole or in part.  Following such a determination, you agree to immediately repay such compensation in cash no later than sixty (60) days following such determination. To the extent not prohibited by applicable law and subject to compliance with Section 409A of the Code, if you fail to comply with any requirement to repay compensation under this Section 5, the Committee may determine, in its sole discretion, in addition to any other remedies available to the Company, that you will satisfy your repayment obligation through an offset to any future payments owed by the Company or any of its Subsidiaries to you.   c. For purposes of this Section 5:  i. “MC/EVP Clawback Event” means a determination by the Committee, in its sole discretion, (A) with respect to any event or series of related events that you engaged in fraud or willful misconduct, including in a supervisory capacity, that resulted in financial or reputational harm that is material to State Street and resulted in the termination of your employment by the Company and its Subsidiaries (or, following a cessation of your employment for any other reason, such circumstances constituting grounds for termination are determined appliacable) or (B) a material financial restatement or miscalculation or inaccuracy in financial results, performance metrics, or other criteria used in determining this Award by State Street occurred.  For the avoidance of doubt and as applicable, an MC/EVP Clawback Event includes any determination by the Committee that is based on circumstances prior to the date on which you cease to be employed by the Company and its Subsidiaries for any reason, even if the determination by the Committee occurs after such cessation of employment.  ii. “MC/EVP Clawback Amount” means (A) with respect to an MC/EVP Clawback Event described in Section 5(c)(i)(A), the amount of the Immediate Cash Payment plus the amount of the cash payments, if any, that were delivered to you under this Award by the Company during the period of three (3) years (one (1) year for an EVP) immediately prior to such MC/EVP Clawback Event or (B) with respect to an MC/EVP Clawback Event described in Section 5(c)(i)(B), the amount of the Immediate Cash Payment plus the amount of the cash payments, if any, that were delivered to you under this Award by the Company (x) during the period of three (3) years (one (1) year for an EVP)  immediately prior to an associated date designated by the Committee and (y) that represents an amount that, in the sole discretion of the Committee, exceeds the amount you would have been awarded as the Immediate Cash Payment and under this Award had the financial statements or other applicable records of State Street been accurate (reduced, in the case of both of the immediately preceding clauses (A) and (B), taking into account any portion of the Immediate Cash Payment and this Award that was previously recovered by the Company under this Section 5(b) to avoid a greater than 100% recovery).  

 

 Information Classification: Company Internal  d. In connection with any MC/EVP Clawback Event, you hereby expressly and explicitly authorize the Company to issue instructions, on your behalf, to the Award Administrator and any brokerage firm and/or third party administrator engaged by the Company to administer the Award, to re-convey, transfer or otherwise return such Award proceeds and/or other amounts to the Company.  e. This Section 5 applies in addition to, and not to the exclusion of, any other holding, forfeiture and/or clawback provisions contained in this Agreement.  6. Payment and Tax Withholding.  Payment will be made as soon as feasible on or after the vesting date, and in any event within thirty (30) days following the vesting date.  Federal, state and local taxes will be withheld as required by law and the net remaining value will be delivered as USD cash into the default cash fund in your individual Award Administrator account.  The default cash fund in your individual Award Administrator account pays interest at prevailing rates and can be sold at any time.  7. Employee Rights.  Nothing in this Award shall be construed to guarantee you any right of employment with the Company, your Employer or any Subsidiary or to limit the discretion of any of them to terminate your employment at any time, with or without cause to the maximum extent permitted under local law.    In consideration of the grant of the Award, you acknowledge and agree that you will have no entitlement to compensation or damages in consequence of the termination of your employment (for any reason whatsoever and whether or not in breach of contract or local labor laws), insofar as such entitlement arises or may arise from your ceasing to have rights under or to be entitled to the Award as a result of such termination, or from the loss or diminution in value of the Award. By accepting this Award, you shall be deemed irrevocably to have waived any such claim or entitlement against the Company, your Employer and all Subsidiaries that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting this Agreement, you shall be deemed irrevocably to have waived your entitlement to pursue such claim. In the event your employment ends and you are subsequently rehired by the Company or any Subsidiary, no Award previously forfeited or recovered will be reinstated.  8. Non-Transferability, Etc.    This Award shall not be transferable other than (1) by will or the laws of descent and distribution or (2) pursuant to the terms of a court-approved domestic relations order, official marital settlement agreement or other divorce or settlement instrument satisfactory to State Street, in its sole discretion.  In the case of transfer pursuant to (2) above, this Award shall remain subject to all the terms and conditions contained in the Plan and this Agreement, including vesting, forfeiture and clawback terms and conditions.  Any attempt by you (or in the case of your death, by your Designated Beneficiary) to assign or transfer this Award, either voluntarily or involuntarily, contrary to the provisions hereof, shall be null, void and without effect and shall render this Award itself null and void.  

 

 Information Classification: Company Internal     9. Compliance with Section 409A of the Code.    a. The provisions of this Award are intended to be exempt from, or compliant with, Section 409A of the Code, and shall be construed and interpreted consistently therewith.  Notwithstanding the foregoing, neither the Company nor any Subsidiary shall have any liability to you or to any other person if this Award is not so exempt or compliant. b. If and to the extent i.  any portion of any payment, compensation or other benefit provided to you pursuant to the Plan in connection with your employment termination constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code, and  ii. you are a specified employee as defined in Section 409A(a)(2)(B)(i) of the Code, in each case as determined by the Company in accordance with its procedures, by which determinations you (through accepting this Award) agree that you are bound, such portion of the payment, compensation or other benefit shall not be paid before the day that is six months plus one day after the date of “separation from service” (as determined under Section 409A of the Code) (the “New Payment Date”), except as Section 409A of the Code may then permit.  The aggregate of any payments that otherwise would have been paid to you during the period between the date of separation from service and the New Payment Date shall be paid to you in a lump sum on such New Payment Date, and any remaining payments will be paid on their original deferral schedule.  10. Miscellaneous.  a. Awards Discretionary.  By accepting this Award, you acknowledge and agree that the Plan is discretionary in nature and limited in duration, and may be amended, cancelled, or terminated by the Company, in its sole discretion, at any time. The grant of this Award is a one-time benefit and does not create any contractual or other right to receive an award, compensation or benefits in lieu of an award in the future. Future awards, if any, will be at the sole discretion of the Company, including, but not limited to, the form and timing of an award, the amount of cash subject to an award, and forfeiture, clawback and vesting provisions.  b. Company and Committee Discretion. Sections 2 through 5 of this Agreement are intended to comply with and meet the requirements of applicable law and related implementing regulations regarding incentive compensation and will be interpreted and administered accordingly as well as in accordance with any implementing policies and practices of the Company or its relevant Subsidiaries in effect from time to time.  In making determinations under such Sections, the Company, the relevant Subsidiary or the Committee, as applicable, may take into account, in its sole discretion, all factors that it deems appropriate or relevant.  Furthermore, the Company, the relevant Subsidiary or the Committee may, as 

 

 Information Classification: Company Internal  applicable, take any and all actions it deems necessary or appropriate in its sole discretion, as permitted by applicable law, to implement the intent of Sections 2 through 5, including suspension of vesting and payment pending an investigation or the determination by the Company, the relevant Subsidiary or the Committee, as applicable.  Each such Section is without prejudice to the provisions of the other Sections, and the Company, the relevant Subsidiary or the Committee, as applicable, may elect or be required to apply any or all of the provisions of Sections 2 through 5 to this Award and, where applicable, to the Immediate Cash Payment.  c. Voluntary Participation. Your participation in the Plan is voluntary. The value of this Award is an extraordinary item of compensation, is outside the scope of your employment contract, if any, and is not part of your normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.  d. Electronic Delivery.  The Company or any of its Subsidiaries may, in its sole discretion, decide to deliver any documents related to the Award by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system, including the Website, established and maintained by the Company, any of its Subsidiaries, the Award Administrator or another party designated by the Company.   e. Electronic Acceptance.  By accepting this Award electronically,  i. you acknowledge and agree that you are bound by the terms of this Agreement and the Plan and that you and this Award are subject to all of the rights, power and discretion of the Company, its Subsidiaries and the Committee set forth in this Agreement and the Plan; and  ii. this Award is deemed accepted by the Company and the Company shall be deemed to be bound by the terms of this Agreement.  f. Language.  You acknowledge and agree that it is your express intent that this Agreement, the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to this Award, be drawn up in English.  If you have received this Agreement, the Plan or any other documents related to this Award translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version will prevail to the extent permitted under local law.  France: Une version française de cet Accord peut être consultée sur l’intranet.   g. Additional Requirements.  The Company reserves the right to impose other requirements on this Award, and your participation in the Plan, to the extent the Company determines, in its sole discretion, that such other requirements are 

 

 Information Classification: Company Internal  necessary or advisable in order to comply with local laws, rules and regulations, or to facilitate the operation and administration of this Award and the Plan.  Such requirements may include (but are not limited to) requiring you to sign any agreements or undertakings that may be necessary to accomplish the foregoing.  h. Public Offering.  If you are a resident and/or employed outside the United States, the grant of this Award is not intended to be a public offering of securities in your country of residence (and country of employment, if different).  The Company has not submitted any registration statement, prospectus or other filings with the local securities authorities (unless otherwise required under local law), and the grant of this Award is not subject to the supervision of the local securities authorities.  i. Limitation of Liability.  No individual acting as a director, officer, employee or agent of the Company or any of its Subsidiaries will be liable to you or any other person for any action, including any Award forfeiture, Award recovery or other discretionary action taken pursuant to this Agreement or any related implementing policy or procedure of the Company.  j. Exchange Rates.  Neither the Company, your Employer or any Subsidiary shall be liable for any foreign exchange rate fluctuation, where applicable, between your local currency and the United States dollar that may affect the value of an Award or of any amounts due to you under this Agreement.  k. Notional Investments.  The Award will be allocated to and will be treated as though notionally invested in one or more SSGA tracking funds with varying risk profiles pursuant to either (i) the election you made on the Fidelity website (in the event you did not make an allocation election, including by reason of the election not being available to you for any reason, 100% of the Award will be treated as though notionally invested in the State Street Institutional U.S. Government Money Market Fund) or (ii) in the event you are an investment professional specifically identified by the Plan Administrator, the selection by the Plan Administrator in its sole discretion of a composite of funds managed by you and/or your investment team. The earnings credited under Section 3.2 of the Plan will vary based on the actual performance of the notional tracking fund(s) and shall be subject to procedures approved by the Plan Administrator; however, there is no ownership interest in any SSGA fund or any other actual investment.  Past performance of a notional tracking fund is no guarantee of future performance and the value of the Award may decrease over the vesting period. You acknowledge and agree, on your behalf and on behalf of your Beneficiaries or permissible assigns, that none of the Company or its agents or representatives shall be liable for any losses or damages of any kind, including notional investment losses, relating to the allocation of the Award to any SSGA tracking fund or other notional investment under the Plan.  l. Applicable Law.  This Agreement shall be subject to and governed by the laws of the Commonwealth of Massachusetts, United States of America without regard to that Commonwealth’s conflicts of law principles. 

 

 Information Classification: Company Internal     11. Application of Local Law and Countries Addendum.  a. Notwithstanding Section 10(l), this Award shall be subject to all applicable laws, rules and regulations of your country of residence (and country of employment, if different) and any special terms and conditions for your country of residence (and country of employment, if different), including as set forth in the addendum that immediately follows this Agreement (“Countries Addendum”), but limited to the extent required by local law.  The Company reserves the right, in its sole discretion, to add to or amend the terms and conditions set out in the Countries Addendum as necessary or advisable in order to comply with applicable laws, rules and regulations or to facilitate the operation and administration of this Award and the Plan, including (but not limited to) circumstances where you transfer residence and/or employment to another country.    b. As a condition to this Award, you agree to repatriate all payments attributable to the Award in accordance with local foreign exchange rules and regulations in your country of residence (and country of employment, if different).  In addition, you also agree to take any and all actions, and consent to any and all actions taken by the Company and its Subsidiaries, as may be required to allow the Company and its Subsidiaries to comply with local laws, rules and regulations in your country of residence (and country of employment, if different).  Finally, you agree to take any and all actions as may be required to comply with your personal legal, tax and other obligations under local laws, rules and regulations in your country of residence (and country of employment, if different).  12. Consent to Collection, Processing and Transfer of Personal Data.    a. Pursuant to applicable personal data protection laws, the Company and your Employer hereby notify you of the following in relation to your personal data and the collection, use, processing and transfer of such data in relation to the grant of this Award and your participation in the Plan.  The collection, use, processing and transfer of your personal data is necessary for the Company’s administration of the Plan and your participation in the Plan, and your denial and/or objection to the collection, use, processing and transfer of personal data may affect your participation in the Plan.  As such, you voluntarily acknowledge and consent (where required under applicable law) to the collection, use, processing and transfer of personal data as described in this Section 12.  b. The Company and your Employer hold certain personal information about you, including your name, home address and telephone number, date of birth, social security number or other employee identification number, email address, salary, nationality, job title and details of all Awards under the Plan or any other entitlement to incentive compensation under another plan of the Company, including shares of Common Stock, awarded, canceled, purchased, vested, unvested or outstanding in your favor, for the purpose of managing and 

 

 Information Classification: Company Internal  administering the Plan (“Data”).  The Data may be provided by you or collected, where lawful, from third parties, and the Company will process the Data for the exclusive purpose of implementing, administering and managing your participation in the Plan. The Data processing will take place through electronic and non-electronic means according to logics and procedures strictly correlated to the purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations in your country of residence (and country of employment, if different).  Data processing operations will be performed minimizing the use of personal and identification data when such operations are unnecessary for the processing purposes sought. Data will be accessible within the Company’s organization only by those persons requiring access for purposes of the implementation, administration and operation of the Plan and for your participation in the Plan.  c. The Company and your Employer will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of your participation in the Plan, and the Company and your Employer may each further transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan.  These recipients may be located in the European Economic Area, or elsewhere throughout the world, such as the United States.  You hereby authorize (where required under applicable law) them to receive, possess, use, retain and transfer the Data, in electronic or other form, for purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan.  d. Upon request of the Company or your Employer, you agree to provide an executed data privacy consent form to the Company and/or the Employer (or any other agreements or consents that may be required by the Company and/or the Employer) that the Company and/or the Employer may deem necessary to obtain from you for the purpose of administering your participation in the Plan in compliance with the data privacy laws in your country of employment (and country of residence, if different), either now or in the future.  You understand and agree that you will not be able to participate in the Plan if you fail to provide any such consent or agreement requested by the Company and/or the Employer.  e. You may, at any time, exercise your rights provided under applicable personal data protection laws, which may include the right to  i. obtain confirmation as to the existence of the Data, ii. verify the content, origin and accuracy of the Data, iii. request the integration, update, amendment, deletion, or blockage (for breach of applicable laws) of the Data, and oppose, for legal reasons, the collection, processing or transfer of the Data which is not necessary or required for the implementation, administration and/or operation of the Plan and your participation in the Plan.  You may seek to exercise these rights by contacting your local Human Resources Department. 

 

 Information Classification: Company Internal   **********************************  COUNTRIES ADDENDUM  TO ___ SSGA LTIP AWARD AGREEMENT  STATE STREET CORPORATION SSGA LONG TERM INCENTIVE PLAN  A. United States B. Australia C. Canada D. France E. Hong Kong F. Ireland G. Luxembourg H. Netherlands I. South Korea J. United Kingdom  A. UNITED STATES ______________________________________________________________________  In consideration of your receipt of this Award, you expressly agree to comply with the terms and conditions below without regard to whether or not any amount has been forfeited, paid, delivered or repaid, under this Award at any time, including the time you separate from service with the Company and its Subsidiaries.  Failure to comply with the terms and conditions of this Countries Addendum A may result in the sole determination of the Company in the forfeiture of any or all of the amounts remaining to be paid under this Award. In addition, your eligibility to participate in the Plan in the future, including any potential future grants of awards under the Plan (or any successor incentive plan of the Company), is subject to and conditioned on your compliance with the terms and conditions of this Countries Addendum A.   All terms used herein shall have the meaning given to them in the Plan or this Award, except as otherwise expressly provided herein. 1. Non-Competition. (a) This Paragraph shall apply to you at any time that you hold the title of Managing Director or higher. However, it will not apply to any Employee who resides in or has a primary reporting location in California. (b) During your Employment and for the six (6) months following its termination for any reason, you will not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with your Employer, the Company or any of its Subsidiaries in any geographic area in which it or they do business, or undertake any planning for any business competitive with the business of your Employer, the Company or any of its Subsidiaries.  Specifically, but without limiting the foregoing, you agree not to engage in any manner in any activity that is directly or indirectly competitive or potentially competitive with 

 

 Information Classification: Company Internal  the business of your Employer, the Company or any of its Subsidiaries as conducted or under consideration at any time during your Employment and further agree not to work or provide services, in any capacity, whether as an employee, independent contractor or otherwise, whether with or without compensation, to any Person who is engaged in any business that is competitive with the business of your Employer, the Company or any of its Subsidiaries for which you have provided services, as conducted or in planning during your Employment. The foregoing, however, shall not prevent your passive ownership of two percent (2%) or less of the equity securities of any publicly traded company. 2. Definitions.  For the purpose of this Countries Addendum A, the following terms are defined as follows:   (a) “Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust and any other entity or organization, other than your Employer, the Company or any of its Subsidiaries.  (b) “Subsidiaries” means any entity controlling, controlled by or under common control with the Company, including direct and indirect subsidiaries. 3. Enforcement.  You acknowledge and agree that the promises contained in this Countries Addendum A are necessary to the protection of the legitimate business interests of your Employer, the Company and its Subsidiaries, including without limitation its and their Confidential Information, trade secrets and good will, and are material and integral to the undertakings of the Company under this Award to which this Countries Addendum A is appended.  You further agree that one or more of your Employer, the Company and its Subsidiaries will be irreparably harmed in the event you do not perform such promises in accordance with their specific terms or otherwise breach the promises made herein.  Accordingly, your Employer, the Company and any of its Subsidiaries shall each be entitled to preliminary or permanent injunctive or other equitable relief or remedy without the need to post bond, and to recover its or their reasonable attorney’s fees and costs incurred in securing such relief, in addition to, and not in lieu of, any other relief or remedy at law to which it or they may be entitled.  You further agree that, the periods of restriction contained in this Countries Addendum A shall be tolled, and shall not run, during any period in which you are in violation of the terms of this Countries Addendum A, so that your Employer, the Company and its Subsidiaries shall have the full protection of the periods agreed to herein.  Should the Company determine that any portion of the Award granted to you are to be forfeited on account of your breach of the provisions of this Countries Addendum A, any unvested portion of your Award will cease to vest upon such determination. 4. No Waiver.  No delay by your Employer, the Company or any of its Subsidiaries in exercising any right under this Countries Addendum A shall operate as a waiver of that right or of any other right.  Any waiver or consent as to any of the provisions herein provided by your Employer, the Company or any of its Subsidiaries must be in writing, is effective only in that instance, and may not be construed as a broader waiver of rights or as a bar to enforcement of the provision(s) at issue on any other occasion. 5. Relationship to Other Agreements.  This Addendum A supplements and does not limit, amend or replace any other obligations you may have under applicable law or any other agreement or understanding you may have with your Employer, the Company or any of its Subsidiaries or pursuant to the applicable policies of any of them, whether such additional obligations have been agreed to in the past, or are agreed to in the future. 

 

 Information Classification: Company Internal  6. Interpretation of Business Protections.  The agreements made by you in Paragraph  2 above shall be construed and interpreted in any judicial or other adjudicatory proceeding to permit their enforcement to the maximum extent permitted by law, and each of the provisions to this Countries Addendum A is severable and independently enforceable without reference to the enforcement of any other provision.  If any restriction set forth in this Countries Addendum A is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable. 7. Assignment.  Except as provided otherwise herein, this Countries Addendum A shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including any person or entity which acquires the Company or its assets or business; provided, however, that your obligations are personal and may not be assigned by you.  8. Electronic Acceptance.  By accepting this Award electronically, you will be deemed to have acknowledged and agreed that you are bound by the terms of this Countries Addendum A, and it shall be deemed to have been accepted by the Company. 9. Notification Requirement.  Until forty-five (45) days after the period of restriction under Paragraph 2 expires, you shall give notice to the Company of each new business activity you plan to undertake, at least five (5) business days prior to beginning any such activity.  Such notice shall state the name and address of the Person for whom such activity is undertaken and the nature of your business relationship(s) and position(s) with such Person.  You shall provide the Company with such other pertinent information concerning such business activity as the Company may reasonably request in order to determine your continued compliance with your obligations under this Countries Addendum A.    *     *    *     *    *   *   * Entire Agreement.  The Plan and the Agreement constitute the complete understanding and agreement between the parties to the Agreement with respect to this Award, and supersedes and cancels any previous oral or written discussions, agreements or representations regarding this Award.    B. AUSTRALIA ______________________________________________________________________  1.   Tax Deferral.  This Award is intended to be subject to tax deferral under Subdivision 83A-C of the Income Tax Assessment Act 1997 (subject to the conditions and requirements thereunder).  2.  Attached Offer Document.  The terms of your Award incorporate the rules of the Plan, the Agreement, this Countries Addendum and the provisions of the attached Offer Document.  The Offer Document is hereby incorporated into, and forms an integral and material part of, the Agreement and this Countries Addendum.  By accepting your Award, you will be bound by the rules of the Plan, the Agreement, this Countries Addendum and the attached Offer Document.  

 

 Information Classification: Company Internal   3. Non-Compete. In consideration of your receipt of this Award, you expressly agree to comply with the terms and conditions below at any time that you hold the title of Managing Director or higher (and, where specified, following the termination of your Employment where you held the title of Managing Director or higher immediately prior to such termination), without regard to whether or not any amount has been forfeited, paid, delivered or repaid, under this Award at any time, including the time you separate from service with your Employer, the Company and its Subsidiaries.  It is a condition of this Award that, if you fail to comply with the terms and conditions below, then the Company may in its absolute discretion determine that any or all of the amounts remaining to be paid under this Award should be forfeited. All terms used herein shall have the meaning given to them in the Plan or the Award, except as otherwise expressly provided herein. a) Non-Competition. i) During your Employment and for the 6 months following its termination for any reason, you will not within the Restricted Territory, directly or indirectly, whether as owner, director, partner, investor, consultant, agent, employee, co-venturer or otherwise and whether alone or in conjunction with or on behalf of any other person: (1) become engaged, employed, concerned or interested in or provide technical, commercial or professional advice to, any Person which supplies or provides (or intends to supply or provide) Products or Services in competition with such parts of the business of the Employer or any Relevant Group Company with which you were materially engaged or involved or for which you were responsible during the Relevant Period; (2) compete with your Employer or any Relevant Group Company, or undertake any planning for any business competitive with the business of your Employer or any Relevant Group Company; (3) engage in any manner in any activity that is directly or indirectly competitive or potentially competitive with the business of your Employer, or any Relevant Group Company as conducted or under consideration during the Relevant Period and further agree not to work or provide services, in any capacity, whether as an employee, independent contractor or otherwise, whether with or without compensation, to any Person who is engaged in any business that is competitive with the business of your Employer or any Relevant Group Company, as conducted or in planning during the Relevant Period.  ii) Nothing in this Paragraph (a) shall prevent your passive ownership of two percent (2%) or less of the equity securities of any publicly traded company. b) Definitions.  For the purpose of this Paragraph 3, the following terms are defined as follows:   i) “Client” means a current or former customer or client of the Company or any of its Subsidiaries with whom you have had, or with whom persons you have supervised have had, substantive and recurring personal contact during the Relevant Period. A former customer or client means a customer or client for which the Company or any of its Subsidiaries stopped providing all services within twelve months prior to the date your Employment with your Employer ends.   ii) “Products or Services” means any products or services which are the same as, of the same kind as, of a materially similar kind to, or competitive with, any products or 

 

 Information Classification: Company Internal  services supplied or provided by your Employer or Relevant Group Company and with which you were materially concerned or connected within the Relevant Period. iii) “Person” means an individual, a corporation, a limited liability company, an association, a partnership, a limited liability partnership, an estate, a trust and any other entity or organization (whether conducted on its own or as part of a wider entity), other than your Employer, the Company or any of its Subsidiaries. iv) “Relevant Group Company” means the Company and/or any Subsidiaries for which you have performed services or in respect of which you have had operational or managerial responsibility at any time during the Relevant Period. v) “Relevant Period” means the period of 24 months immediately before the date of termination of your Employment, or (where such provision is applied) the date of commencement of any period of complete leave of absence pursuant to Paragraph 3(a)(ii). vi) “Restricted Territory” means any area or territory: (1) in which you worked during the Relevant Period; and/or (2) in relation to which you were responsible for, or materially involved in, the supply of Products or Services in the Relevant Period. vii) “Subsidiaries” means any entity controlling, controlled by or under common control with the Company, including direct and indirect subsidiaries. c) Enforcement.  You acknowledge and agree that the promises contained Paragraph  3 are necessary to the protection of the legitimate business interests of your Employer, the Company and its Subsidiaries, including without limitation its and their confidential information, trade secrets and goodwill, and are material and integral to the undertakings of the Company under this Award to which this Addendum is appended.  You further agree that one or more of your Employer, the Company and its Subsidiaries will be irreparably harmed in the event you do not perform such provisions in accordance with their specific terms or otherwise breach the promises made herein.  Accordingly, your Employer, the Company and any of its Subsidiaries shall each be entitled to preliminary or permanent injunctive or other equitable relief or remedy without the need to post bond, and to recover its or their reasonable attorney’s fees and costs incurred in securing such relief, in addition to, and not in lieu of, any other relief or remedy at law to which it or they may be entitled, including the immediate forfeiture of any as-yet unvested portion of the Award.  d) No Waiver.  No delay by your Employer, the Company or any of its Subsidiaries in exercising any right under this Addendum shall operate as a waiver of that right or of any other right. Any waiver or consent as to any of the provisions herein provided by your Employer, the Company or any of its Subsidiaries must be in writing, is effective only in that instance, and may not be construed as a broader waiver of rights or as a bar to enforcement of the provision(s) at issue on any other occasion. e) Relationship to Other Agreements.  This Addendum supplements and does not limit, amend or replace any other obligations you may have under applicable law or any other agreement or understanding you may have with your Employer, the Company or any of its Subsidiaries or pursuant to the applicable policies of any of them, whether such additional obligations have been agreed to in the past, or are agreed to in the future. f) Interpretation of Business Protections.  The agreements made by you in Paragraph 

 

 Information Classification: Company Internal  3(a)above shall be construed and interpreted in any judicial or other adjudicatory proceeding to permit their enforcement to the maximum extent permitted by law, and each of the provisions to this Addendum is severable and independently enforceable without reference to the enforcement of any other provision.  Consistent with the Restraint of Trade Act 1976 (NSW), if any restriction set forth in this Paragraph 3 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable. g) Assignment.  Except as provided otherwise herein, this Addendum shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including any person or entity which acquires the Company or its assets or business; provided, however, that your obligations are personal and may not be assigned by you.  h) Electronic Acceptance.  By accepting this Award electronically, you will be deemed to have acknowledged and agreed that you are bound by the terms of this Addendum, and it shall be deemed to have been accepted by the Company. i) Notification Requirement. During the period of restriction under Paragraph 3(a) above and for a further 45 days after that period of restriction has expired, you shall give notice to the Company of each new business activity you plan to undertake, at least 5 business days prior to beginning any such activity.  Such notice shall state the name and address of the Person for whom such activity is undertaken and the nature of your business relationship(s) and position(s) with such Person.  You shall provide the Company with such other pertinent information concerning such business activity as the Company may reasonably request in order to determine your continued compliance with your obligations under this Addendum.    C. CANADA ______________________________________________________________________       1. Use of English Language.  The following provision will apply if you are a resident of Quebec:  You acknowledge and agree that it is your express wish that the Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.   In French:  Vous reconnaissez et consentez que c’est votre souhait exprès qui cet accord, de même que tous documents, toutes notifications et tous procédés légaux est entré dans, donné ou instituté conformément ci-annexé ou relatant directement ou indirectement ci-annexé, est formulé dans l’anglais.  Une version française de cet Accord peut être consultée sur l’intranet. 

 

 Information Classification: Company Internal            D. FRANCE ______________________________________________________________________   1. French Language Version.  You may obtain a copy the Agreement in French on the Fidelity Website.   In French:  Une version française de cet Accord peut être consultée sur l’intranet.    E. HONG KONG ______________________________________________________________________  1. IMPORTANT NOTICE.  WARNING: The contents of the Agreement, this Countries Addendum, the Plan, and all other materials pertaining to this Award and/or the Plan have not been reviewed by any regulatory authority in Hong Kong.  You are hereby advised to exercise caution in relation to the offer thereunder.  If you have any doubts about any of the contents of the aforesaid materials, you should obtain independent professional advice.  2. Nature of the Plan.  The Company specifically intends that the Plan will not be treated as an occupational retirement scheme for purposes of the Occupational Retirement Schemes Ordinance (“ORSO”).  To the extent any court, tribunal or legal/regulatory body in Hong Kong determines that the Plan constitutes an occupational retirement scheme for the purposes of ORSO, the grant of Awards shall be null and void.  3. Award Benefits Are Not Wages.  This Award does not form part of your wages for purposes of calculating any statutory or contractual payments under Hong Kong Law.  4. Non-Compete.  In consideration of your receipt of this Award, you expressly agree to comply with the terms and conditions below at any time that you hold the title of Managing Director or higher, without regard to whether or not any amount has been forfeited, paid, delivered or repaid, under this Award at any time, including the time you separate from service with your Employer, the Company and its Subsidiaries.  It is a condition of this Award that, if you fail to comply with the terms and conditions below, then the Company may in its absolute discretion determine that any or all of the amounts remaining to be paid under this Award should be forfeited.  All terms used herein shall have the meaning given to them in the Plan or this Award, except as otherwise expressly provided herein.    5. Non-Competition. 

 

 Information Classification: Company Internal    (a) During your Employment and for the 6 months following its termination for any reason, you will not within the Restricted Territory, directly or indirectly, whether as owner, director, partner, investor, consultant, agent, employee, co-venturer or otherwise and whether alone or in conjunction with or on behalf of any other person: (i) become engaged, employed, concerned or interested in or provide technical, commercial or professional advice to, any Person which supplies or provides (or intends to supply or provide) Products or Services in competition with such parts of the business of the Employer or any Relevant Group Company with which you were materially engaged or involved or for which you were responsible during the Relevant Period; (ii) compete with your Employer or any Relevant Group Company, or undertake any planning for any business competitive with the business of your Employer or any Relevant Group Company; (iii) engage in any manner in any activity that is directly or indirectly competitive or potentially competitive with the business of your Employer, or any Relevant Group Company as conducted or under consideration during the Relevant Period and further agree not to work or provide services, in any capacity, whether as an employee, independent contractor or otherwise, whether with or without compensation, to any Person who is engaged in any business that is competitive with the business of your Employer or any Relevant Group Company, as conducted or in planning during the Relevant Period.  (iv) Nothing in this Paragraph (a) shall prevent your passive ownership of two percent (2%) or less of the equity securities of any publicly traded company.  (b) Definitions.  For the purpose of this Countries Addendum, the following terms are defined as follows:   (i)  “Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust and any other entity or organization (whether conducted on its own or as part of a wider entity), other than your Employer, the Company or any of its Subsidiaries. (ii) “Relevant Group Company” means the Company and/or any Subsidiaries for which you have performed services or in respect of which you have had operational or managerial responsibility at any time during the Relevant Period. (iii)  “Relevant Period” means the period of 24 months immediately before the date of termination of your Employment, or (where such provision is applied) the date of commencement of any period of complete leave of absence pursuant to Paragraph 4(a)(ii). (iv) “Restricted Territory” means any area or territory: (1) in which you worked during the Relevant Period; and/or (2) in relation to which you were responsible for, or materially involved in, the supply of Products or Services in the Relevant Period. (v) “Subsidiaries” means any entity controlling, controlled by or under common control with the Company, including direct and indirect subsidiaries.    (c) Enforcement.  You acknowledge and agree that the promises contained in this 

 

 Information Classification: Company Internal  Countries Addendum are necessary to the protection of the legitimate business interests of your Employer, the Company and its Subsidiaries, including without limitation its and their confidential information, trade secrets and good will, and are material and integral to the undertakings of the Company under this Award to which this Countries Addendum is appended.  You further agree that one or more of your Employer, the Company and its Subsidiaries will be irreparably harmed in the event you do not perform such provisions in accordance with their specific terms or otherwise breach the promises made herein.  Accordingly, your Employer, the Company and any of its Subsidiaries shall each be entitled to preliminary or permanent injunctive or other equitable relief or remedy without the need to post bond, and to recover its or their reasonable attorney’s fees and costs incurred in securing such relief, in addition to, and not in lieu of, any other relief or remedy at law to which it or they may be entitled, including the immediate forfeiture of any as-yet unvested portion of this Award.  You further agree that, the periods of restriction contained in this Countries Addendum shall be tolled, and shall not run, during any period in which you are in violation of the terms of this Countries Addendum, so that your Employer, the Company and its Subsidiaries shall have the full protection of the periods agreed to herein.  (d) No Waiver.  No delay by your Employer, the Company or any of its Subsidiaries in exercising any right under this Countries Addendum shall operate as a waiver of that right or of any other right.  Any waiver or consent as to any of the provisions herein provided by your Employer, the Company or any of its Subsidiaries must be in writing, is effective only in that instance, and may not be construed as a broader waiver of rights or as a bar to enforcement of the provision(s) at issue on any other occasion.  (e) Relationship to Other Agreements.  This Addendum supplements and does not limit, amend or replace any other obligations you may have under applicable law or any other agreement or understanding you may have with your Employer, the Company or any of its Subsidiaries or pursuant to the applicable policies of any of them, whether such additional obligations have been agreed to in the past, or are agreed to in the future.  (f) Interpretation of Business Protections.  The agreements made by you in Paragraph 4(a) above shall be construed and interpreted in any judicial or other adjudicatory proceeding to permit their enforcement to the maximum extent permitted by law, and each of the provisions to this Countries Addendum is severable and independently enforceable without reference to the enforcement of any other provision.  If any restriction set forth in this Countries Addendum is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.  (g) Assignment.  Except as provided otherwise herein, this Countries Addendum shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including any person or entity which acquires the Company or its assets or business; provided, however, that your obligations are personal and may not be assigned by you.   (h) Electronic Acceptance.  By accepting this Award electronically, you will be deemed to have acknowledged and agreed that you are bound by the terms of this Countries Addendum, and it shall be deemed to have been accepted by your Employer and the Company.  (i) Notification Requirement.  Until 45 days after the period of restriction under Paragraph (a) expires, you shall give notice to your Employer of each new business activity you plan to undertake, at least 5 business days prior to beginning any such activity.  Such 

 

 Information Classification: Company Internal  notice shall state the name and address of the Person for whom such activity is undertaken and the nature of your business relationship(s) and position(s) with such Person.  You shall provide your Employer with such other pertinent information concerning such business activity as your Employer or the Company may reasonably request in order to determine your continued compliance with your obligations under this Countries Addendum.      F. IRELAND ______________________________________________________________________   In consideration of your receipt of this Award, you expressly agree to comply with the terms and conditions below at any time that you hold the title of Managing Director or higher, without regard to whether or not any amount has been forfeited, paid, delivered or repaid, under this Award at any time, including the time you separate from service with your Employer, the Company and its Subsidiaries.  Your failure to comply with the terms and conditions below may result in the sole determination of the Company in the forfeiture of any or all of the amounts remaining to be paid under this Award. All terms and defined terms used herein shall have the meaning given to them in the Plan or this Award, except as otherwise expressly provided herein.   1. Non-Competition. (a) During your Employment and for the six (6) months following its termination for any reason, you will not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with your Employer, the Company or any of its Subsidiaries within the island of Ireland or the United Kingdom, or undertake any planning for any business competitive with the business of your Employer, the Company or any of its Subsidiaries.  Specifically, but without limiting the foregoing, you agree not to engage in any manner in any activity that is directly or indirectly competitive or potentially competitive with the business of your Employer, the Company or any of its Subsidiaries as conducted or under consideration at any time during your Employment and further agree not to work or provide services, in any capacity, whether as an employee, independent contractor or otherwise, whether with or without compensation, to any Person who is engaged in any business that is competitive with the business of your Employer, the Company or any of its Subsidiaries for which you have provided services, as conducted or in planning during your Employment. The foregoing, however, shall not prevent your passive ownership of two percent (2%) or less of the equity securities of any publicly traded company. 2. Definitions.  For the purpose of this Countries Addendum, the following terms are defined as follows:   (a) “Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust and any other entity or organization, other than your Employer, the Company or any of its Subsidiaries.  (b) “Subsidiaries” means any entity controlling, controlled by or under common control with the Company, including direct and indirect subsidiaries and has the meaning assigned to such by section 7 of the Companies Act 2014. 

 

 Information Classification: Company Internal  3. Enforcement.  You acknowledge and agree that the promises contained in this Countries Addendum are necessary to the protection of the legitimate business interests of your Employer, the Company and its Subsidiaries, including without limitation its and their Confidential Information, trade secrets and good will, and are material and integral to the undertakings of the Company under this Award to which this Countries Addendum is appended.  You further agree that one or more of your Employer, the Company and its Subsidiaries will be irreparably harmed in the event you do not perform such provisions in accordance with their specific terms or otherwise breach the promises made herein.  Accordingly, your Employer, the Company and any of its Subsidiaries shall each be entitled to preliminary or permanent injunctive or other equitable relief or remedy without the need to post bond, and to recover its or their reasonable attorney’s/legal fees and costs incurred in securing such relief, in addition to, and not in lieu of, any other relief or remedy at law to which it or they may be entitled, including the immediate forfeiture of any as-yet unvested portion of the Award.  You further agree that, the periods of restriction contained in this Countries Addendum shall be tolled, and shall not run, during any period in which you are in violation of the terms of this Countries Addendum, so that your Employer, the Company and its Subsidiaries shall have the full protection of the periods agreed to herein. 4. No Waiver.  No delay by your Employer, the Company or any of its Subsidiaries in exercising any right under this Countries Addendum shall operate as a waiver of that right or of any other right.  Any waiver or consent as to any of the provisions herein provided by your Employer, the Company or any of its Subsidiaries must be in writing, is effective only in that instance, and may not be construed as a broader waiver of rights or as a bar to enforcement of the provision(s) at issue on any other occasion. 5. Relationship to Other Agreements.  This Addendum supplements and does not limit, amend or replace any other obligations you may have under applicable law or any other agreement or understanding you may have with your Employer, the Company or any of its Subsidiaries or pursuant to the applicable policies of any of them, whether such additional obligations have been agreed to in the past, or are agreed to in the future. 6. Interpretation of Business Protections.  The agreements made by you in Paragraph 1 above shall be construed and interpreted in any judicial or other adjudicatory proceeding to permit their enforcement to the maximum extent permitted by law, and each of the provisions to this Countries Addendum is severable and independently enforceable without reference to the enforcement of any other provision.  If any restriction set forth in this Countries Addendum is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable. 7. Assignment.  Except as provided otherwise herein, this Countries Addendum shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including any person or entity which acquires the Company or its assets or business; provided, however, that your obligations are personal and may not be assigned by you.  8. Electronic Acceptance.  By accepting this Award electronically, you will be deemed to have acknowledged and agreed that you are bound by the terms of this Countries Addendum, and it shall be deemed to have been accepted by the Company. 9. Notification Requirement.  Until 45 days after the period of restriction under Paragraph 1 expires, you shall give notice to the Company of each new business activity you plan to undertake, at least 5 business days prior to beginning any such activity.  Such notice 

 

 Information Classification: Company Internal  shall state the name and address of the Person for whom such activity is undertaken and the nature of your business relationship(s) and position(s) with such Person.  You shall provide the Company with such other pertinent information concerning such business activity as the Company may reasonably request in order to determine your continued compliance with your obligations under this Countries Addendum.   G. LUXEMBOURG ______________________________________________________________________ In consideration of your receipt of this Award, you expressly agree to comply with the terms and conditions below at any time that you hold the title of Managing Director or higher, without regard to whether or not any amount has been forfeited, paid, delivered or repaid, under this Award at any time, including the time you separate from service with your Employer, the Company and its Subsidiaries.  Your failure to comply with the terms and conditions below may result in the sole determination of the Company in the forfeiture of any or all of the amounts remaining to be paid under this Award. All terms used herein shall have the meaning given to them in the Plan or this Award, except as otherwise expressly provided herein. 1. Non-Competition. (a) During your Employment you will not, directly or indirectly, whether as owner, partner, investor, consultant, agent, co-venturer or otherwise, compete with your Employer, the Company or any of its Subsidiaries in any geographic area in which it or they do business, or undertake any planning for any business competitive with the business of your Employer, the Company or any of its Subsidiaries.  Specifically, but without limiting the foregoing, you agree not to engage in any manner in any activity that is directly or indirectly competitive or potentially competitive with the business of your Employer, the Company or any of its Subsidiaries as conducted or under consideration at any time during your Employment and further agree not to work or provide services, in any capacity, whether as an employee, independent contractor or otherwise, whether with or without compensation, to any Person who is engaged in any business that is competitive with the business of your Employer, the Company or any of its Subsidiaries for which you have provided services, as conducted or in planning during your Employment. The foregoing, however, shall not prevent your passive ownership of two percent (2%) or less of the equity securities of any publicly traded company. (b) For the 6 months after you leave the company, whatever the reason, you will not, directly or indirectly, as a self-employed person whether as owner,  co-venturer or otherwise, compete with your Employer, the Company or any of its Subsidiaries in any geographic area in which it or they do business, or undertake any planning for any business competitive with the business of your Employer, the Company or any of its Subsidiaries, this area being in any case limited to the Grand-Duchy of Luxembourg.  Specifically, but without limiting the foregoing, you agree not to engage in any manner as a self-employed person in any activity that is directly or indirectly competitive or potentially competitive with the business of your Employer, the Company or any of its Subsidiaries as conducted or under consideration at any time during your Employment.  The foregoing, however, shall not prevent your passive ownership of two percent (2%) or less of the equity securities of any publicly traded company. 2. Definitions.  For the purpose of this Countries Addendum, the following terms are defined as follows:   

 

 Information Classification: Company Internal  (a)  “Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust and any other entity or organization, other than your Employer, the Company or any of its Subsidiaries. (b) “Subsidiaries” means any entity controlling, controlled by or under common control with the Company, including direct and indirect subsidiaries. 3. Enforcement.  You acknowledge and agree that the promises contained in this Countries Addendum are necessary to the protection of the legitimate business interests of your Employer, the Company and its Subsidiaries, including without limitation its and their confidential information, trade secrets and good will, and are material and integral to the undertakings of the Company under this Award to which this Countries Addendum is appended.  You further agree that one or more of your Employer, the Company and its Subsidiaries will be irreparably harmed in the event you do not perform such provisions in accordance with their specific terms or otherwise breach the promises made herein.  Accordingly, your Employer, the Company and any of its Subsidiaries shall each be entitled to preliminary or permanent injunctive or other equitable relief or remedy without the need to post bond, and to recover its or their reasonable attorney’s fees and costs incurred in securing such relief, in addition to, and not in lieu of, any other relief or remedy at law to which it or they may be entitled, including the immediate forfeiture of any as-yet unvested portion of the Award.  4. No Waiver.  No delay by your Employer, the Company or any of its Subsidiaries in exercising any right under this Countries Addendum shall operate as a waiver of that right or of any other right.  Any waiver or consent as to any of the provisions herein provided by your Employer, the Company or any of its Subsidiaries must be in writing, is effective only in that instance, and may not be construed as a broader waiver of rights or as a bar to enforcement of the provision(s) at issue on any other occasion. 5. Relationship to Other Agreements.  This Addendum supplements and does not limit, amend or replace any other obligations you may have under applicable law or any other agreement or understanding you may have with your Employer, the Company or any of its Subsidiaries or pursuant to the applicable policies of any of them, whether such additional obligations have been agreed to in the past, or are agreed to in the future. 6. Interpretation of Business Protections.  The agreements made by you in Paragraph 1 above shall be construed and interpreted in any judicial or other adjudicatory proceeding to permit their enforcement to the maximum extent permitted by law, and each of the provisions to this Countries Addendum is severable and independently enforceable without reference to the enforcement of any other provision.  If any restriction set forth in this Countries Addendum is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable. 7. Assignment.  Except as provided otherwise herein, this Countries Addendum shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including any person or entity which acquires the Company or its assets or business; provided, however, that your obligations are personal and may not be assigned by you.  8. Electronic Acceptance.  By accepting this Award electronically, you will be deemed to have acknowledged and agreed that you are bound by the terms of this Countries Addendum, and it shall be deemed to have been accepted by the Company. 9. Notification Requirement.  Until 45 days after the period of restriction under 

 

 Information Classification: Company Internal  Paragraph 1 expires, you shall give notice to the Company of each new business activity you plan to undertake, at least 5 business days prior to beginning any such activity.  Such notice shall state the name and address of the Person for whom such activity is undertaken and the nature of your business relationship(s) and position(s) with such Person.  You shall provide the Company with such other pertinent information concerning such business activity as the Company may reasonably request in order to determine your continued compliance with your obligations under this Countries Addendum.  H. NETHERLANDS ______________________________________________________________________   1. Waiver of Termination Rights.  As a condition to the grant of this Award, you hereby waive any and all rights to compensation or damages as a result of the termination of Employment with the Company and the Subsidiary that employs you in the Netherlands for any reason whatsoever, insofar as those rights result or may result from (a) the loss or diminution in value of such rights or entitlements under the Plan, or (b) your ceasing to have rights under, or ceasing to be entitled to any awards under the Plan as a result of such termination.    I. SOUTH KOREA ______________________________________________________________________  1.  Consent to Collection/Processing/Transfer of Personal Data. The following provision shall replace Section 12 of the Agreement in its entirety:   Pursuant to applicable personal data protection laws, the Company hereby notifies you of the following in relation to your personal data and the collection, use, processing and transfer of such data in relation to the Company’s grant of the Award and your participation in the Plan.  The collection, use, processing and transfer of your personal data is necessary for the Company’s administration of the Plan and your participation in the Plan, and although you have the right to deny or object to the collection, use, processing and transfer of personal data, your denial and/or objection to the collection, processing and transfer of personal data may affect your participation in the Plan.  As such, you voluntarily acknowledge and consent (where required under applicable law) to the collection, use, processing and transfer of personal data as described herein.  The Company shall retain and use your personal data until the purpose of this collection and use of your personal data is accomplished and shall promptly destroy your personal data thereafter.  The Company holds certain personal information about you, including your name, home address, e-mail address, telephone number, date of birth, social security number (resident registration number), passport number, or other employee identification number, salary, nationality, job title, any shares of common stock or directorships held in the Company, details of all awards or any other entitlement to shares of common stock awarded, canceled, purchased, vested, unvested or outstanding in your favor, for the purpose of managing and administering the Plan (“Data”).  The Data may be provided by you or collected, where lawful, from third parties, and the Company will process the Data for the exclusive purpose of implementing, administering and managing your participation in the Plan.  The Data processing will take place through electronic and non-electronic means according to logics and procedures strictly correlated to the purposes for which Data are collected and with confidentiality and 

 

 Information Classification: Company Internal  security provisions as set forth by applicable laws and regulations in your country of residence (and country of Employment, if different).  Data processing operations will be performed minimizing the use of personal and identification data when such operations are unnecessary for the processing purposes sought.  Data will be accessible within the Company’s organization only by those persons requiring access for purposes of the implementation, administration and operation of the Plan and for your participation in the Plan.   The Company will transfer Data internally as necessary for the purpose of implementation, administration and management of your participation in the Plan, and the Company may further transfer Data to the Award Administrator (currently Fidelity Plan Services) and any other third parties assisting the Company in the implementation, administration and management of the Plan.  The third party recipients of Data may be any affiliates of the Company and / or the Award Administrator or any successor or any other third party that the Company or Award Administrator (or its successor) may engage to assist with the implementation, administration and management of the Plan from time to time.  These recipients may be located in the European Economic Area, or elsewhere throughout the world, such as the United States.  You hereby authorize (where required under applicable law) them to receive, possess, use, retain and transfer the Data, in electronic or other form, for purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan.  Such third parties to which the Company will transfer your personal data shall retain and use your personal data until the purpose of the collection and use of your personal data is accomplished and shall promptly destroy your personal data thereafter.  The Company and any third party recipient of the Data will use, process and store the Data only to the extent they are necessary for the purposes described above.   You may, at any time, exercise your rights provided under applicable personal data protection laws, which may include the right to (a) obtain confirmation as to the existence of the Data, (b) verify the content, origin and accuracy of the Data, (c) request the integration, update, amendment, deletion, or blockage (for breach of applicable laws) of the Data, (d) to oppose, for legal reasons, the collection, processing or transfer of the Data which is not necessary or required for the implementation, administration and/or operation of the Plan and your participation in the Plan, and (e) withdraw your consent to the collection, processing or transfer of Data as provided hereunder (in which case, your Award will be null and void). You may seek to exercise these rights by contacting your local Human Resources manager or the Award Administrator.   BY ELECTRONICALLY ACCEPTING THE AGREEMENT AND THIS COUNTRIES ADDENDUM:   1)  I AGREE TO THE COLLECTION, USE, PROCESSING AND TRANSFER OF MY PERSONAL DATA.   2)  I AGREE TO THE PROCESSING OF MY UNIQUE IDENTIFYING INFORMATION (RESIDENT REGISTRATION NUMBER).  3)  I AGREE TO THE PROVISION OF MY PERSONAL DATA TO A THIRD PARTY AND TRANSFER OF MY PERSONAL DATA OVERSEAS.   

 

 Information Classification: Company Internal    L. UNITED KINGDOM ______________________________________________________________________  1. Income Tax and Social Insurance Contribution Withholding.  Without limitation to Section 6 of the Agreement, you hereby agree that you are liable for all Tax-Related Items and hereby consent to pay all such Tax-Related Items, as and when requested by the Company and or your Employer (if different) or by HM Revenue & Customs (“HMRC”) (or any other tax authority or any other relevant authority).  You also hereby agree to indemnify and keep indemnified the Company and your Employer (if different) against any Tax-Related Items that they are required to pay or withhold on your behalf or have paid or will pay to HMRC (or any other tax authority or any other relevant authority).  2. Exclusion of Claim.  You acknowledge and agree that you will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from your ceasing to have rights under or to be entitled to an Award, whether or not as a result of such termination, (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Award.  Upon the grant of your Award, you shall be deemed irrevocably to have waived any such entitlement.  3. Non-Compete. In consideration of your receipt of this Award, you expressly agree to comply with the terms and conditions below at any time that you hold the title of Managing Director or higher (and, where specified, following termination of your Employment where you held the title of Managing Director or higher immediately prior to such termination), without regard to whether or not any amount has been forfeited, paid, delivered or repaid, under this Award at any time, including the time you separate from service with your Employer, the Company and its Subsidiaries.  It is a condition of this Award that, if you fail to comply with the terms and conditions below, then the Company may in its absolute discretion determine that any or all of the amounts remaining to be paid under this Award should be forfeited. All terms used herein shall have the meaning given to them in the Plan or the Award, except as otherwise expressly provided herein.   (a) Non-Competition. (i) During your Employment and for the six (6) months following its termination for any reason, you will not within the Restricted Territory, directly or indirectly, whether as owner, director, partner, investor, consultant, agent, employee, co-venturer or otherwise and whether alone or in conjunction with or on behalf of any other person: (1) become engaged, employed, concerned or interested in or provide technical, commercial or professional advice to, any Person which supplies or provides (or intends to supply or provide) Products or Services in competition with such parts of the business of the Employer or any Relevant Group Company with which you were materially engaged or involved or for which you were responsible during the Relevant Period; (2) compete with your Employer or any Relevant Group Company, or undertake any planning for any business competitive with the business of your Employer or any Relevant Group Company; (3) engage in any manner in any activity that is directly or indirectly competitive or potentially competitive with the business of your Employer, or any Relevant Group Company as conducted or under consideration during the 

 

 Information Classification: Company Internal  Relevant Period and further agree not to work or provide services, in any capacity, whether as an employee, independent contractor or otherwise, whether with or without compensation, to any Person who is engaged in any business that is competitive with the business of your Employer or any Relevant Group Company, as conducted or in planning during the Relevant Period.  (ii) Nothing in this Paragraph (a) shall prevent your ownership for investment purposes only of shares or other securities of two percent (2%) or less of the total issued capital of any company whether or not its securities are publicly traded.  (b) Definitions.  For the purpose of this Countries Addendum, the following terms are defined as follows:   (i) “Client” means a customer or client of the Company or any of its Subsidiaries with whom you have had, or with whom persons you have supervised have had, substantive and recurring personal contact during the Relevant Period.   (ii) “Products or Services” means any products or services which are of the same kind as, of a materially similar kind to, or competitive with, any products or services supplied or provided by your Employer or Relevant Group Company and with which you were materially concerned or connected within the Relevant Period. (iii) “Person” means an individual, a corporation, a limited liability company, an association, a partnership, a limited liability partnership, an estate, a trust and any other entity or organization (whether conducted on its own or as part of a wider entity), other than your Employer, the Company or any of its Subsidiaries. (iv) “Relevant Group Company” means the Company and/or any Subsidiaries for which you have performed services or in respect of which you have had operational or managerial responsibility at any time during the Relevant Period. (v)  “Relevant Period” means the period of 24 months immediately before the date of termination of your Employment, or (where such provision is applied) the date of commencement of any period of complete leave of absence pursuant to Paragraph 3(a)(ii). (vi) “Restricted Territory” means any area or territory: (1) in which you worked during the Relevant Period; and/or (2) in relation to which you were responsible for, or materially involved in, the supply of Products or Services in the Relevant Period. (vii) “Subsidiaries” means any entity controlling, controlled by or under common control with the Company, including direct and indirect subsidiaries.    (c) Enforcement.  You acknowledge and agree that the promises contained in this Countries Addendum are necessary to the protection of the legitimate business interests of your Employer, the Company and its Subsidiaries, including without limitation its and their confidential information, trade secrets and goodwill, and are material and integral to the undertakings of the Company under this Award to which this Countries Addendum is appended.  You further agree that one or more of your employer, the Company and its Subsidiaries will be irreparably harmed in the event you do not perform such provisions in accordance with their specific terms or otherwise breach the promises made herein.  Accordingly, your Employer, the Company and any of its Subsidiaries shall each be entitled to preliminary or permanent injunctive or other equitable relief or remedy without the need to 

 

 Information Classification: Company Internal  post bond, and to recover its or their reasonable attorney’s fees and costs incurred in securing such relief, in addition to, and not in lieu of, any other relief or remedy at law to which it or they may be entitled, including the immediate forfeiture of any as-yet unvested portion of the Award. You further agree that, the periods of restriction contained in this Countries Addendum shall be tolled, and shall not run, during any period in which you are in violation of the terms of this Countries Addendum, so that your Employer, the Company and its Subsidiaries shall have the full protection of the periods agreed to herein.  (d) No Waiver.  No delay by your Employer, the Company or any of its Subsidiaries in exercising any right under this Countries Addendum shall operate as a waiver of that right or of any other right.  Any waiver or consent as to any of the provisions herein provided by your Employer, the Company or any of its Subsidiaries must be in writing, is effective only in that instance, and may not be construed as a broader waiver of rights or as a bar to enforcement of the provision(s) at issue on any other occasion.  (e) Relationship to Other Agreements.  This Addendum supplements and does not limit, amend or replace any other obligations you may have under applicable law or any other agreement or understanding you may have with your Employer, the Company or any of its Subsidiaries or pursuant to the applicable policies of any of them, whether such additional obligations have been agreed to in the past, or are agreed to in the future.  (f) Interpretation of Business Protections.  The agreements made by you in Paragraph (a) above shall be construed and interpreted in any judicial or other adjudicatory proceeding to permit their enforcement to the maximum extent permitted by law, and each of the provisions to this Countries Addendum is severable and independently enforceable without reference to the enforcement of any other provision.  If any restriction set forth in this Countries Addendum is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.  (g) Assignment.  Except as provided otherwise herein, this Countries Addendum shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including any person or entity which acquires the Company or its assets or business; provided, however, that your obligations are personal and may not be assigned by you.   (h) Electronic Acceptance.  By accepting this Award electronically, you will be deemed to have acknowledged and agreed that you are bound by the terms of this Countries Addendum, and it shall be deemed to have been accepted by the Company.            (i)        Notification Requirement.  Until 45 days after the period of restriction under this Paragraph 3 (a) expires, you shall give notice to the Company of each new business activity you plan to undertake, at least 5 business days prior to beginning any such activity.  Such notice shall state the name and address of the Person for whom such activity is undertaken and the nature of your business relationship(s) and position(s) with such Person.  You shall provide the Company with such other pertinent information concerning such business activity as the Company may reasonably request in order to determine your continued compliance with your obligations under this Countries Addendum.     *          *          *         *         *Blueprint

 

Exhibit 10.1

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (this
“Agreement”)
is dated as of _____, 2018 between MabVax Therapeutics Holdings,
Inc., a Delaware corporation (the “Company”),
and each purchaser identified on the signature pages hereto (each,
including its successors and permitted assigns, a
“Purchaser”
and collectively, the “Purchasers”).

 

PREAMBLE

 

WHEREAS, subject to the terms and conditions set
forth in this Agreement and pursuant to Section 4(a)(2) of the
Securities Act of 1933, as amended (the “Securities
Act”), and Rule 506
promulgated thereunder or Regulation S promulgated under the
Securities Act, the Company desires to issue and sell to each
Purchaser, and each Purchaser, severally and not jointly, desires
to purchase from the Company, securities of the Company as more
fully described in this Agreement (the “Offering”).

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in
this Agreement, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Company
and each Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1       Definitions.
In addition to the terms defined elsewhere in this Agreement, for
all purposes of this Agreement, the following terms have the
meanings set forth in this Section 1.1:

 

“Accredited
Investor” shall have the
meaning ascribed to it in Section 3.2(c).

 

“Affiliate”
means any Person that, directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed
under Rule 405 under the Securities Act.

 

“Board of
Directors” means the
board of directors of the Company.

 

“Business
Day” means any day except
any Saturday, any Sunday, any day which is a federal legal holiday
in the United States or any day on which banking institutions in
the State of New York are authorized or required by law or other
governmental action to close.

 

“Certificate of
Designation” means the
Certificate of Designations, Preferences and Rights of the
Preferred Shares to be filed prior to the Closing by the Company
with the Secretary of State of Delaware, in the form of
Exhibit
A attached
hereto.

 

“Closing”
means the closing of the purchase and sale of the Securities
pursuant to Section 2.1.

 

“Closing
Date” means the Trading
Day on which all of the Transaction Documents have been executed
and delivered by the applicable parties thereto, and all conditions
precedent to (i) the Purchasers’ obligations to pay the
Subscription Amount at such Closing and (ii) the Company’s
obligations to deliver the Securities to be issued and sold at such
Closing, in each case, have been satisfied or waived, but in no
event later than the third Trading Day following the date hereof in
the case of such Closing.

 

“Commission”
means the United States Securities and Exchange
Commission.

 

“Common
Stock” means the common
stock of the Company, $0.01 par value per share, and any other
class of securities into which such securities may hereafter be
reclassified or changed.

 

“Company
Counsel” means such firm
or firms as may from time to time provide legal services to the
Company.

 

 

 

-1-

 

 

 “Conversion
Shares” means the shares
of the Company’s Common Stock issuable upon conversion of the
Preferred Shares.

 

 “Exchange
Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

 

 “FCPA”
means the Foreign Corrupt Practices Act of 1977, as
amended.

 

 “GAAP”
shall have the meaning ascribed to such term in Section
3.1(g).

 

 “Liens”
means a lien, charge pledge, security interest, encumbrance, right
of first refusal, preemptive right or other
restriction.

 

“Majority in
Interest” shall have the
meaning ascribed to such term in Section 5.5.

 

“Material Adverse
Effect” shall have the
meaning assigned to such term in Section
3.1(b).

 

“Maximum Rate” shall have
the meaning ascribed to such term in Section 5.21.

 

 “Offering”
shall have the meaning ascribed to such term in the
Preamble.

 

“Per Share Purchase
Price” equals $1.10 per
Share, subject to adjustment for reverse and forward stock splits,
stock dividends, and other similar transactions affecting the
Common Stock that occur after the date of this Agreement and prior
to Closing.

 

“Person”
means an individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government (or an agency or
subdivision thereof) or other entity of any
kind.

 

“Preferred
Shares” means the
Company’s newly designated Series N Convertible Preferred
Stock, par value $0.01 per share, which are convertible into shares
of Common Stock, with such rights and designations as set forth in
the form of Certificate of Designations.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding
(including, without limitation, an informal investigation or
partial proceeding, such as a deposition), whether commenced or
threatened.

 

“Registration Rights
Agreement” means the
Registration Rights Agreement, dated the date hereof, among the
Company and the Purchasers, in the form of Exhibit C
attached hereto.

 

“Registration
Statement” means a
registration statement meeting the requirements set forth in the
Registration Rights Agreement and covering the resale of the Shares
by each Purchaser as provided for in the Registration Rights
Agreement.

 

“Required
Approvals” shall have the
meaning ascribed to such term in Section
3.1(e).

 

“Rule
144” means Rule 144
promulgated by the Commission pursuant to the Securities Act, as
such Rule may be amended or interpreted from time to time, or any
similar rule or regulation hereafter adopted by the Commission
having substantially the same purpose and effect as such
Rule.

 

“SEC
Reports” shall
mean all reports, schedules, forms, statements and other
documents filed by the Company under the Exchange Act, including
pursuant to Section 13(a) or 15(d) thereof, for the three (3)
months preceding the date hereof, including the exhibits thereto
and documents incorporated by reference therein, which have been
available on EDGAR not less than five (5) days before the Closing
Date.

 

“Securities”
means Shares and Conversion Shares.

 

 

 

-2-

 

 

“Securities
Act” means the Securities
Act of 1933, as amended, and the rules and regulations promulgated
thereunder.

 

“Securities Laws” means
the securities laws of the United States or any state thereof and
the rules and regulations promulgated thereunder.

 

“Shares”
means the shares of Common Stock or, at the election of each
Purchaser, Preferred Shares delivered to the Purchasers, as the
case may be, pursuant to this Agreement in connection with the
Closing.

 

“Short
Sales” means all
“short sales” as defined in Rule 200 of Regulation SHO
under the Exchange Act (but shall not be deemed to include the
location and/or reservation of borrowable shares of Common
Stock). 

 

“Subscription
Amount” means, as to each
Purchaser at the Closing, the aggregate amount of cash
consideration to be paid for Shares purchased hereunder at the
Closing as specified below such Purchaser’s name on the
signature page of this Agreement and next to the heading
“Subscription Amount,” in United States dollars and in
immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company and shall, where applicable and
with regard to future events, also include any direct or indirect
subsidiary of the Company formed or acquired after the date
hereof.

 

“Termination Date” shall
have the meaning ascribed to such term in Section 2.1.

 

“Trading Day” means a day
on which the principal Trading Market is open for trading;
provided, that in the event that the Common Stock is not listed or
quoted for trading on a Trading Market on the date in question,
then Trading Day shall mean a Business Day.

 

“Trading Market” means any
of the following markets or exchanges on which the Common Stock is
listed or quoted for trading on the date in question: the NYSE MKT,
the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq
Global Select Market, the New York Stock Exchange, the OTC Bulletin
Board, the OTCQB or the OTCQX (or any successors to any of the
foregoing).

 

“Transaction
Documents” means this
Agreement, the Certificate of Designations, the Registration Rights
Agreement, all exhibits and schedules thereto and hereto and any
other documents or agreements executed in connection with the
transactions contemplated hereunder.

 

“Transfer
Agent” means
Computershare Trust Company, N.A. Its address is 250 Royall Street,
Canton, MA 02021, and any successor transfer agent of the
Company.

 

“Share Purchase
Price” shall have the
meaning ascribed to such term in Section 2.1.

 

“VWAP”
means, for any date, the price determined by the first of the
following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted
average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is
then listed or quoted as reported by Bloomberg L.P. (based on a
Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New
York City time)), (b)  if the OTC Bulletin Board is not a
Trading Market, the volume weighted average price of the Common
Stock for such date (or the nearest preceding date) on the OTC
Bulletin Board, (c) if the Common Stock is not then listed or
quoted for trading on the OTC Bulletin Board and if prices for the
Common Stock are then reported on the OTCQX, OTCQB or OTC Pink
Marketplace maintained by the OTC Markets Group, Inc. (or a similar
organization or agency succeeding to its functions of reporting
prices), the volume weighted average price of the Common Stock on
the first such facility (or a similar organization or agency
succeeding to its functions of reporting prices), or (d) in
all other cases, the fair market value of a share of Common Stock
as determined by an independent appraiser selected in good faith by
the Purchasers of a majority in interest of the Securities then
outstanding and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company.

 

 

 

-3-

 

 

ARTICLE II.

PURCHASE AND SALE

 

2.1           Closing. 
On one or more Closing Dates, upon the terms and subject to the
conditions set forth herein, substantially concurrent with the
execution and delivery of this Agreement by the parties hereto, the
Company agrees to sell, and each of the Purchasers, severally and
not jointly, agrees to purchase the Shares for an aggregate
purchase price up to a maximum of $1,000,000
(“Purchase
Price”), each consisting
of one share of Common Stock (or, at the election of any Purchaser
who, as a result of the ownership of the Common Stock would hold in
excess of 4.99% of the Company’s issued and outstanding
Common Stock, the equivalent amount of Preferred Shares) (each such
purchase and sale being the “Closing”),
at the Per Share Purchase Price. Prior to the Closing, each
Purchaser shall deliver to the Company, inter alia,
such Purchaser’s Subscription Amount as set forth on the
signature page hereto executed by such Purchaser by a wire transfer
of immediately available funds, and the Company shall, on the
Closing Date, cause the Company to deliver to each
Purchaser, inter alia,
a certificate representing the number of Shares purchased by each
such Purchaser at the Closing as determined pursuant to Section
2.2(a). The Company and each Purchaser shall also deliver the other
items set forth in Section 2.2 deliverable at the Closing. Upon
satisfaction of the covenants and conditions set forth in Sections
2.2 and 2.3, the Closings shall occur at the offices of Company
Counsel or such other location as the parties shall mutually
agree. Notwithstanding anything herein to the contrary, each
Closing Date shall occur on or before May 25, 2018 (such outside
date, “Termination
Date”). If any Closing is not held on or before the
Termination Date, (i) all subscription documents executed by the
Company or a Purchaser shall be returned to the Company or such
Purchaser, as applicable, and (ii) each Subscription Amount shall
be returned, without interest or deduction to the Purchaser who
delivered such Subscription Amount. If a Closing is not held on or
before the Termination Date, the Company shall cause all
subscription documents and funds to be returned, without interest
or deduction to each prospective Purchaser.

 

2.2          Deliveries.

 

(a)           On
the Closing Date, the Company shall deliver or cause to be
delivered to the Purchasers the following:

 

(i)    
this Agreement and the Registration Rights Agreement each duly
executed by the Company, to the Purchasers;

 

(ii)   
certificates evidencing a number of applicable Shares equal to such
Purchaser’s Subscription Amount divided by the Share Purchase
Price registered in the name of such Purchaser; and

 

(iii)  
file stamped evidence from the Secretary of State of the State of
Delaware of the Certificate of Designation.

 

(b)          On
or prior to the applicable Closing Date, each Purchaser shall
deliver or cause to be delivered to the Company the
following:

  

(i) such
Purchaser’s Subscription Amount by wire transfer to the
account previously specified by the Company; and

 

(ii) this
Agreement and the Registration Rights Agreement each duly executed
by the Purchaser

  

2.3           Closing
Conditions.

 

(a)           The
obligations of the Company hereunder in connection with the
Closing, unless waived by a Majority in Interest, are subject to
the following conditions being met:

 

(i)          the
accuracy in all material respects when made and on the Closing Date
of the representations and warranties of the Purchasers contained
herein (unless as of a specific date therein in which case they
shall be accurate as of such date);

 

 

 

-4-

 

 

(ii)         all
conditions, obligations, covenants and agreements of each Purchaser
under this Agreement required to be performed at or prior to the
Closing Date shall have been performed in all material respects;
and

 

(iii)      the
delivery by each Purchaser of the items set forth in Section 2.2(b)
of this Agreement.

 

(b)              The
respective independent obligations of a Purchaser hereunder in
connection with the Closing, unless waived by such Purchaser, are
subject to the following conditions being met:

 

(i)           the
accuracy in all material respects (when made and on the Closing
Date of the representations and warranties of the Company contained
herein (unless as of a specific date therein in which case they
shall be accurate as of such date);

 

(ii)          all
Required Approvals, obligations, covenants and agreements of the
Company under this Agreement required to be performed at or prior
to the Closing Date shall have been performed;

 

(iii)         the
delivery by the Company of the items set forth in Section 2.2(a) of
this Agreement; and

 

(iv)         there
shall have been no Material Adverse Effect with respect to the
Company since the date hereof and the Closing Date.

 

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1          Representations
and Warranties of the Company.
Except as set forth in the SEC Reports, which shall be deemed a
part hereof, the Company hereby makes the following representations
and warranties to each Purchaser as of the date of this Agreement
and as of the Closing Date:

 

(a)           Subsidiaries. 
All of the direct and indirect subsidiaries of the Company are set
forth in the SEC Reports. The Company owns, directly or indirectly,
a majority of the capital stock or other equity interests of each
Subsidiary free and clear of any Liens, subject to restrictions
under applicable laws, and all of the issued and outstanding shares
of capital stock of each Subsidiary are validly issued and are
fully paid, non-assessable and free of preemptive and similar
rights to subscribe for or purchase securities.

 

(b)           Organization
and Qualification.  The
Company and each of the Subsidiaries is an entity duly incorporated
or otherwise organized, validly existing and in good standing under
the laws of the jurisdiction of its incorporation or organization,
with the requisite power and authority to own and use its
properties and assets and to carry on its business as currently
conducted.  Neither the Company nor any Subsidiary is in
violation or default of any of the provisions of its respective
certificate or articles of incorporation, bylaws or other
organizational or charter documents.  Each of the Company and
the Subsidiaries is duly qualified to conduct business and is in
good standing as a foreign corporation or other entity in each
jurisdiction in which the nature of the business conducted or
property owned by it makes such qualification necessary, except
where the failure to be so qualified or in good standing, as the
case may be, could not reasonably be expected to result in: (i) a
material adverse effect on the legality, validity or enforceability
of any Transaction Document, (ii) a material adverse effect on the
results of operations, assets, business, prospects or condition
(financial or otherwise) of the Company and the Subsidiaries, taken
as a whole, or (iii) a material adverse effect on the
Company’s ability to perform in any material respect on a
timely basis its obligations under any Transaction Document (any of
(i), (ii) or (iii), a “Material Adverse
Effect”) and to the best
of the Company’s knowledge no Proceeding has been instituted
in any such jurisdiction revoking, limiting or curtailing or
seeking to revoke, limit or curtail such power and authority or
qualification.

 

 

 

-5-

 

 

(c)           Authorization;
Enforcement.  The Company
has the requisite corporate power and authority to enter into and
to consummate the transactions contemplated by this Agreement and
each of the other Transaction Documents and otherwise to carry out
its obligations hereunder and thereunder.  The execution and
delivery of each of this Agreement and the other Transaction
Documents by the Company and the consummation by it of the
transactions contemplated hereby and thereby have been duly
authorized by all necessary action on the part of the Company and
no further action is required by the Company, the Board of
Directors or the Company’s stockholders in connection
herewith or therewith other than in connection with the Required
Approvals. This Agreement and each other Transaction Document
to which it is a party has been (or upon delivery will have been)
duly executed by the Company and, when delivered in accordance with
the terms hereof and thereof, will constitute the valid and binding
obligation of the Company enforceable against the Company in
accordance with its terms, except: (i) as limited by general
equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other laws of general
application affecting enforcement of creditors’ rights
generally, and (ii) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable
remedies.

 

(d)           No
Conflicts.  The execution,
delivery and performance by the Company of this Agreement and the
other Transaction Documents to which it is a party, the issuance
and sale of the Securities and the consummation by it of the
transactions contemplated hereby and thereby do not and will not:
(i) conflict with or violate any provision of the Company’s
or any Subsidiary’s certificate or articles of incorporation,
bylaws or other organizational or charter documents, (ii) conflict
with, or constitute a default (or an event that with notice or
lapse of time or both would become a default) by the Company or any
Subsidiary under, result in the creation of any Lien upon any of
the properties or assets of the Company or any Subsidiary, or give
to others any rights of termination, amendment, acceleration or
cancellation (with or without notice, lapse of time or both) of,
any agreement, credit facility, debt or other instrument
(evidencing a Company or Subsidiary debt or otherwise) or other
understanding to which the Company or any Subsidiary is a party or
by which any property or asset of the Company or any Subsidiary is
bound or affected, or (iii) subject to the Required Approvals,
conflict with or result in a violation of any law, rule,
regulation, order, judgment, injunction, decree or other
restriction of any court or governmental authority to which the
Company or a Subsidiary is subject (including Securities Laws), or
by which any property or asset of the Company or a Subsidiary is
bound or affected; except in the case of each of clauses (ii) and
(iii), such as reasonably be expected to result in a Material
Adverse Effect.

 

(e)           Filings,
Consents and Approvals.  The
Company is not required to obtain any consent, waiver,
authorization or order of, give any notice to, or make any filing
or registration with, any court or other provincial or foreign or
domestic federal, state, local or other governmental authority or
other Person in connection with the execution, delivery and
performance by the Company of the Transaction Documents, other
than: (i) the filings required pursuant to Section 4.5 of this
Agreement, (ii) the filing with the Commission pursuant to the
Registration Rights Agreement, (iii) the notice and/or
application(s) to each applicable Trading Market for the issuance
and sale of the Securities and the listing of the Shares and
Underlying Shares (as defined below) for trading thereon in the
time and manner required thereby, all of which shall have been
effectuated prior to the Closing, (iv) the filing of the
Certificate of Designation with the Secretary of State of the State
of Delaware, (v) the filing of a Form
D with the Commission and (vi) the consent of the lead investor in
the May 17, 2017 public offering (collectively, the
“Required
Approvals”).

 

(f)           Issuance
of the Securities.  The
Securities are restricted securities and have been duly authorized
and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid
and nonassessable, free and clear of all Liens other than
restrictions on transfer provided for under the Securities Act, the
Exchange Act, in the Transaction Documents and as provided
herein.

 

 

-6-

 

 

(g)           Form
8-K; Financial Statements.
The Company has filed all reports, schedules, forms,
statements and other documents required to be filed by the Company
under the Securities Act and the Exchange Act, including pursuant
to Sections 12(b), 12(g), 13(a) or 15(d) thereof, for the six (6)
months preceding the date hereof. The
Form 8-K described in Section 4.3, upon its filing, will comply in
all material respects with the requirements of the Exchange Act,
and will not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading. The
latest audited financial statements of the Company included in the
SEC Reports, if any, comply in all material respects with
applicable accounting requirements and the rules and regulations of
the Commission with respect thereto as in effect at the time of
filing.  Such financial statements have been prepared in
accordance with United States generally accepted accounting
principles applied on a consistent basis during the periods
involved (“GAAP”),
except as may be otherwise specified in such financial statements
or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP and are subject to
normal, immaterial, year-end audit adjustments, and fairly present
in all material respects the financial position of the Company and
its consolidated Subsidiaries as of and for the dates thereof and
the results of operations and cash flows for the periods then
ended, subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments.

 

(h)          Certain
Fees. There are no brokerage or
finder’s fees or commissions that are or will be payable by
the Company or any Subsidiary to any broker, financial advisor or
consultant, finder, placement agent, investment banker, bank or
other Person with respect to the transactions contemplated by the
Transaction Documents. The Purchasers shall have no obligation with
respect to any fees or with respect to any claims made by or on
behalf of other Persons for fees of a type contemplated in this
Section that may be due in connection with the transactions
contemplated by the Transaction Documents

 

3.2          Representations
and Warranties of the Purchasers.  Each Purchaser, for itself and for no
other Purchaser, hereby represents and warrants as of the date
hereof and as of the Closing Date to the Company as follows (unless
as of a specific date therein):

 

(a)           Organization;
Authority.  Such
Purchaser is either an individual or an entity duly incorporated or
formed, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or formation with full right,
corporate, partnership, limited liability company or similar power
and authority to enter into and to consummate the transactions
contemplated by the Transaction Documents and otherwise to carry
out its obligations hereunder and thereunder. The execution and
delivery of the Transaction Documents and performance by such
Purchaser of the transactions contemplated by the Transaction
Documents have been duly authorized by all necessary corporate,
partnership, limited liability company or similar action, as
applicable, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such
Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding
obligation of such Purchaser, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable
principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting
enforcement of creditors’ rights generally, (ii) as limited
by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by
applicable law. If such Purchaser is an entity, the address of its
principal place of business is as set forth on the signature page
hereto, and if such Purchaser is an individual, the address of its
principal residence is as set forth on the signature page
hereto.

 

(b)           Understandings
or Arrangements. Such Purchaser understands that the
Securities are “restricted securities” and have not
been registered under the Securities Act or any applicable state
securities law and is acquiring the Securities as principal for its
own account and not with a view to or for distributing or reselling
such Securities or any part thereof in violation of the Securities
Act or any applicable state securities law, has no present
intention of distributing any of such Securities in violation of
the Securities Act or any applicable state securities law and has
no direct or indirect arrangement or understandings with any other
persons to distribute or regarding the distribution of such
Securities in violation of the Securities Act or any applicable
state securities law (this representation and warranty not limiting
such Purchaser’s right to sell the Securities pursuant to a
registration statement or otherwise in compliance with applicable
federal and state securities laws). Such Purchaser is acquiring the
Securities hereunder in the ordinary course of its
business.

 

 

 

-7-

 

 

(c)           Purchaser
Status.  At the
time such Purchaser was offered the Securities, it was, and as of
the date hereof it is either: (i) an “accredited
investor” as defined in Rule 501(a)(1), (a)(2), (a)(3),
(a)(7) or (a)(8) under the Securities Act or (ii) a
“qualified institutional buyer” as defined in Rule
144A(a) under the Securities Act. Such Purchaser is not required to
be registered as a broker-dealer under Section 15 of the Exchange
Act. Such Purchaser has the authority and is duly and legally
qualified to purchase and own the Securities. Such Purchaser is
able to bear the risk of such investment for an indefinite period
and to afford a complete loss thereof. Such Purchaser has provided
the information in the Accredited Investor Questionnaire attached
hereto as Exhibit D
(the “Investor
Questionnaire”). The information set forth on the
signature pages hereto and the Investor Questionnaire regarding
such Purchaser is true and complete in all respects. Except as
disclosed in the Investor Questionnaire, such Purchaser has had no
position, office or other material relationship within the past
three years with the Company or Persons (as defined below) known to
such Purchaser to be affiliates of the Company, and is not a member
of the Financial Industry Regulatory Authority or an
“associated person” (as such term is defined under the
FINRA Membership and Registration Rules Section 1011).

 

 (d)           Experience
of Such Purchaser. 
Such Purchaser, either alone or together with its representatives,
has such knowledge, sophistication and experience in business and
financial matters so as to be capable of evaluating the merits and
risks of the prospective investment in the Securities, and has so
evaluated the merits and risks of such investment. Such Purchaser
is able to bear the economic risk of an investment in the
Securities and, at the present time, is able to afford a complete
loss of such investment.

 

(e)           Information
on Company. Such Purchaser has been furnished with or has
had access to the EDGAR Website of the Commission to the
Company’s filings made with the Commission during the period
from the date that is two (2) years preceding the date hereof
through the tenth business day preceding the Closing Date in which
such Purchaser purchases Securities hereunder, including but not
limited to the Risk Factor section of the Company’s filings
and reports made with the Commission.   In addition,
such Purchaser may have received in writing from the Company such
other information concerning its operations, financial condition
and other matters as such Purchaser has requested, identified
thereon as OTHER WRITTEN INFORMATION (such other information is
collectively, the “Other Written
Information”), and considered all factors such
Purchaser deems material in deciding on the advisability of
investing in the Securities.  Such Purchaser was afforded
(i) the opportunity to ask such questions as such Purchaser deemed
necessary of, and to receive answers from, representatives of the
Company concerning the merits and risks of acquiring the
Securities; (ii) the right of access to information about the
Company and its financial condition, results of operations,
business, properties, management and prospects sufficient to enable
such Purchaser to evaluate the Securities; and (iii) the
opportunity to obtain such additional information that the Company
possesses or can acquire without unreasonable effort or expense
that is necessary to make an informed investment decision with
respect to acquiring the Securities.

 

(f)           Certain
Transactions and Confidentiality.  Such Purchaser understands and
agrees that the Securities have not been registered under the
Securities Act or any applicable state securities laws, by reason
of their issuance in a transaction that does not require
registration under the Securities Act, and that such Securities
must be held indefinitely unless a subsequent disposition is
registered under the Securities Act or any applicable state
securities laws or is exempt from such registration. Such Purchaser
understands and agrees that the Securities are being offered and
sold to such Purchaser in reliance on specific exemptions from the
registration requirements of United States federal and state
securities laws and regulations and that the Company is relying in
part upon the truth and accuracy of, and such Purchaser’s
compliance with, the representations, warranties, agreements,
acknowledgments and understandings of such Purchaser set forth
herein in order to determine the availability of such exemptions
and the eligibility of such Purchaser to acquire the
Securities.

 

(g)           Communication
of Offer. Such Purchaser is not purchasing the Securities as
a result of any “general solicitation” or
“general advertising,” as such terms are defined in
Regulation D, which includes, but is not limited to, any
advertisement, article, notice or other communication regarding the
Securities published in any newspaper, magazine or similar media or
on the internet or broadcast over television, radio or the internet
or presented at any seminar or any other general solicitation or
general advertisement.

 

 

 

-8-

 

 

(h)            
No Governmental
Review. Such Purchaser understands that no United States
federal or state agency or any other governmental or state agency
has passed on or made recommendations or endorsement of the
Securities or the suitability of the investment in the Securities
nor have such authorities passed upon or endorsed the merits of the
offering of the Securities.

 

(i)             
No Conflicts. The
execution, delivery and performance of this Agreement and
performance under the other Transaction Documents and the
consummation by such Purchaser of the transactions contemplated
hereby and thereby or relating hereto or thereto do not and will
not (i) result in a violation of such Purchaser’s charter
documents, bylaws or other organizational documents, if applicable,
(ii) conflict with nor constitute a default (or an event which with
notice or lapse of time or both would become a default) under any
agreement to which such Purchaser is a party, nor (iii) result in a
violation of any law, rule, or regulation, or any order, judgment
or decree of any court or governmental agency applicable to such
Purchaser or its properties (except for such conflicts, defaults
and violations as would not, individually or in the aggregate, have
a material adverse effect on such Purchaser). Such Purchaser is not
required to obtain any consent, authorization or order of, or make
any filing or registration with, any court or governmental agency
in order for it to execute, deliver or perform any of its
obligations under this Agreement or perform under the other
Transaction Documents nor to purchase the Securities in accordance
with the terms hereof, provided that for purposes of the
representation made in this sentence, such Purchaser is assuming
and relying upon the accuracy of the relevant representations and
agreements of the Company herein.

 

(j)             
Certain Transactions and
Confidentiality. Other than consummating the transactions
contemplated hereunder, such Purchaser has not directly or
indirectly, nor has any Person acting on behalf of or pursuant to
any understanding with such Purchaser, executed any purchases or
sales, including Short Sales, of the securities of the Company
during the period commencing as of the time that such Purchaser
first received a written term sheet of the Offering from the
Company setting forth the material terms of the transactions
contemplated hereunder and ending immediately prior to the
execution hereof. Notwithstanding the foregoing, in the case of a
Purchaser that is a multi-managed investment vehicle whereby
separate portfolio managers manage separate portions of such
Purchaser’s assets and the portfolio managers have no direct
knowledge of the investment decisions made by the portfolio
managers managing other portions of such Purchaser’s assets,
the representation set forth above shall only apply with respect to
the portion of assets managed by the portfolio manager that made
the investment decision to purchase the Securities covered by this
Agreement. Other than to other Persons party to this Agreement,
such Purchaser has maintained the confidentiality of all
disclosures made to it in connection with this transaction
(including the existence and terms of this transaction).
Notwithstanding the foregoing, for avoidance of doubt, nothing
contained herein shall constitute a representation or warranty, or
preclude any actions, with respect to the identification of the
availability of, or securing of, available shares to borrow in
order to effect Short Sales or similar transactions after the
Closing Date.

 

(k)           
Pre-Existing
Relationships. The
Purchaser represents and warrants that: (i) the Purchaser has a
prior substantial pre-existing relationship with the Company, the
Purchaser is not investing in the Offering in connection with or as
a result of any registration statement filed with the SEC by the
Company and (ii) no Securities were offered or sold to it by
means of any form of general solicitation or general advertising,
and in connection therewith, the Purchaser did not (A) receive or
review any advertisement, article, notice or other communication
published in a newspaper or magazine or similar media or broadcast
over television or radio, whether closed circuit, or generally
available; or (B) attend any seminar meeting or industry investor
conference whose attendees were invited by any general solicitation
or general advertising; or (C) observe any website or filing of the
Company with the Commission in which any offering of securities by
the Company was described and as a result learned of any offering
of securities by the Company.

 

 

-9-

 

 

(l)           
Non-U.S. Person. To
the extent the Purchaser is not a U.S. Person (a “Reg S
Person”), such Purchaser hereby represents that the
representations contained in paragraphs (1) through (6) of this
Section 3.2(l) are true and correct with respect to such
Purchaser.

 

(1)           (i)
the issuance and sale to such Reg S Person of the Securities is
intended to be exempt from the registration requirements of the
Securities Act, pursuant to the provisions of Regulation S; (ii) it
is not a “U.S. Person,” as such term is defined in
Regulation S, and is not acquiring the Securities for the account
or benefit of any U.S. Person; and (iii) the offer and sale of the
Securities has not taken place, and is not taking place, within the
United States of America or its territories or possessions. Such
Reg S Person acknowledges that the offer and sale of the Securities
has taken place, and is taking place in an “offshore
transaction,” as such term is defined in Regulation
S.

 

(2)           Such
Reg S Person acknowledges and agrees that, pursuant to the
provisions of Regulation S, the Securities cannot be sold, assigned, transferred, conveyed,
pledged or otherwise disposed of to any U.S. Person or within the
United States of America or its territories or possessions for a
period of one year from and after the Closing Date, unless
such Securities are registered
for sale in the United States pursuant to an effective registration
statement under the Securities Act or another exemption from such
registration is available. Such Reg S Person acknowledges that it
has not engaged in any hedging transactions with regard to
the Securities.

 

(3)           Such
Reg S Person consents to the placement of a legend on any
certificate, note or other document evidencing the Securities and
understands that the Company shall be required to refuse to
register any transfer of securities not made in accordance with
applicable U.S. securities laws.

 

(4)           Such
Reg S Person is not a “distributor” of securities, as
that term is defined in Regulation S, nor a dealer in
securities.

 

(5)           Such
Reg S Person understands that the Securities have not been registered under the Securities Act,
or the securities laws of any state and are subject to substantial
restrictions on resale or transfer. The Securities
are “restricted
securities” within the meaning of Regulation S and Rule 144,
promulgated under the Securities Act.

 

(6)           Such
Reg S Person makes the representations, declarations and warranties
as contained in this Section 3.2(l) with the intent that the same
shall be relied upon by the Company in determining its suitability
as a purchaser of such Securities.

 

(m)
Survival. The
foregoing representations and warranties shall survive the Closing
Date.

 

The
Company acknowledges and agrees that the representations contained
in Section 3.2 shall not modify, amend or affect such
Purchaser’s right to rely on the Company’s
representations and warranties contained in this Agreement or any
representations and warranties contained in any other Transaction
Document or any other document or instrument executed and/or
delivered in connection with this Agreement or the consummation of
the transaction contemplated hereby.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1         Transfer
Restrictions.

 

(a)           Securities
Laws. The Securities may only
be disposed of in compliance with state and federal securities
laws.  In connection with any transfer of Securities other
than pursuant to an effective registration statement or Rule 144,
to the Company or to an Affiliate of a Purchaser or in connection
with a pledge as contemplated in Section 4.1(c), the Company may
require the transferor thereof to provide to the Company an opinion
of counsel selected by the transferor and reasonably acceptable to
the Company, the form and substance of which opinion shall be
reasonably satisfactory to the Company, to the effect that such
transfer does not require registration of such transferred
Securities under the Securities Act.  As a condition of such
transfer, any such transferee shall agree in writing to be bound by
the terms of this Agreement, and the Registration Rights Agreement,
and shall have the rights and obligations of a Purchaser under this
Agreement and the other Transaction Documents.

 

 

 

-10-

 

 

(b)          Legend.
The Purchasers agree to the
imprinting, so long as is required by this Section 4.1, of a legend
on any of the Securities in the following form:

 

For
U.S. Persons:

 

[NEITHER]
THIS SECURITY [NOR THE SECURITIES [FOR] WHICH THIS SECURITY IS
EXERCISABLE] HAS [NOT] BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND
APPLICABLE STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT BE
OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE
OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.  TO
THE EXTENT PERMITTED BY APPLICABLE SECURITIES LAWS, THIS SECURITY
[AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY] MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A
REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION
THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE
501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH
SECURITIES.

 

For
Non-U.S. Persons:

 

THESE
SECURITIES [AND THE SECURITIES FOR WHICH THIS SECURITY IS
EXERCISABLE] WERE ISSUED IN AN OFFSHORE TRANSACTION TO PERSONS WHO
ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”)
PURSUANT TO REGULATION S UNDER THE 1933 ACT. ACCORDINGLY, NONE OF
THE SECURITIES TO WHICH THIS CERTIFICATE RELATES HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS,
AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD IN THE
UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS (AS
DEFINED IN REGULATION S PROMULGATED UNDER THE SECURITIES ACT)
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT
TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION,
HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED
UNLESS IN ACCORDANCE WITH THE 1933 ACT.

 

(c)                    Pledge.
The Company acknowledges and agrees that a Purchaser may from time
to time pledge pursuant to a bona fide margin agreement with a
registered broker-dealer or grant a security interest in some or
all of the Securities to a financial institution that is an
“accredited investor” as defined in Rule 501(a) under
the Securities Act and who agrees to be bound by the provisions of
this Agreement and the Registration Rights Agreement and, if
required under the terms of such arrangement, such Purchaser may
transfer pledge or secure Securities to the pledgees or secured
parties. Such a pledge or transfer would not be subject to approval
of the Company and no legal opinion of legal counsel of the
pledgee, secured party or pledgor shall be required in connection
therewith. Further, no notice shall be required of such pledge. At
such Purchaser’s expense, the Company will execute and
deliver such reasonable documentation as a pledgee or secured party
of Securities may reasonably request in connection with a pledge or
transfer of the Securities including, if the Securities are subject
to registration pursuant to the Registration Rights Agreement, the
preparation and filing of any required prospectus supplement under
Rule 424(b)(3) under the Securities Act or other applicable
provision of the Securities Act to appropriately amend the list of
selling stockholders thereunder.

 

 

 

-11-

 

 

(d)                    Company
will accept an opinion of counsel to Purchaser (reasonably
acceptable to Company and Transfer Agent) and upon acceptance by
Transfer Agent, certificates evidencing the Conversion Shares (the
“Underlying Shares”) shall not contain any legend
(including the legend set forth in Section 4.1(b) hereof): (i)
while a registration statement (including the Registration
Statement) covering the resale of such security is effective under
the Securities Act, (ii) following any sale of such Underlying
Shares pursuant to Rule 144, (iii) if such Underlying Shares are
eligible for sale under Rule 144, or (iv) if such legend is not
required under applicable requirements of the Securities Act
(including judicial interpretations and pronouncements issued by
the staff of the Commission), unless counsel to the Company shall
have rendered such opinion. The Company shall cause its counsel to
issue a legal opinion to the Transfer Agent or the Purchaser
promptly after the Effective Date if required by the Transfer Agent
to effect the removal of the legend hereunder.

 

4.2      Conversion
Procedures. The form of
Conversion Notice included in the Certificate of Designation, sets
forth the totality of the procedures required of the Purchasers in
order to convert the Preferred Shares. Without limiting the
preceding sentences, no ink-original Conversion Notice shall be
required, nor shall any medallion guarantee (or other type of
guarantee or notarization) of any Conversion Notice form be
required in order to convert the Preferred Shares. No additional
legal opinion, other information or instructions shall be required
of the Purchasers to convert their Preferred Shares. The Company
shall honor conversion of the Preferred Shares and shall deliver
the underlying shares of Common Stock in accordance with the terms,
conditions and time periods set forth in the Transaction
Documents.   

  

4.3          Securities
Laws Disclosure; Publicity.  The Company shall, by 9:00 a.m.
(New York City time) on the third (3d) Trading Day immediately
following the Closing Date, issue a press release disclosing the
material terms of the transactions contemplated hereby, and shall
file a Current Report on Form 8-K including the Transaction
Documents as exhibits thereto within the time period required by
the Exchange Act. From and after the issuance of such press release
and Form 8-K, the Company represents to the Purchasers that it
shall have publicly disclosed all material, non-public information
delivered to any of the Purchasers by the Company or any of its
Subsidiaries, or any of their respective officers, directors,
employees or agents in connection with the transactions
contemplated by the Transaction Documents existing as of the
Closing Date. Notwithstanding the foregoing, the Company shall not
publicly disclose the name of any Purchaser, or include the name of
any Purchaser in any filing with the Commission or any regulatory
agency or Trading Market unless the name of such Purchaser is
already included in the body of the Transaction Documents, without
the prior written consent of such Purchaser, except: (a) as
required by federal securities law in connection with the filing of
final Transaction Documents with the Commission, (b) pursuant to
the Registration Rights Agreement and (c) to the extent such
disclosure is required by law or Trading Market
regulations).

 

4.4       Use
of Proceeds.  The Company
will use the net proceeds to the Company from the sale of the
Shares hereunder for general corporate purposes and working
capital.

 

4.5           
Form D;
Blue Sky Filings.  The
Company agrees to timely file a Form D with respect to the sale of
the Securities by the Company under this Agreement as required
under Regulation D. The Company shall take such action as the
Company shall reasonably determine is necessary in order to obtain
an exemption for, or to qualify the Securities for, sale to the
Purchasers at the Closing under applicable securities or
“Blue Sky” laws of the states of the United States, and
shall provide evidence of such actions promptly upon request of any
Purchaser.

 

 

 

 

-12-

 

 

4.6            
Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with
the other Purchasers, covenants that neither it, nor any Affiliate
acting on its behalf or pursuant to any understanding with it will
execute any purchases or sales, including Short Sales, of any of
the Company’s securities during the period commencing with
the execution of this Agreement and ending at such time that the
transactions contemplated by this Agreement are first publicly
disclosed or required to be disclosed, whichever occurs first, in
the Form 8-K described in Section 4.3.  Each Purchaser,
severally and not jointly with the other Purchasers, covenants that
until such time as the transactions contemplated by this Agreement
are publicly disclosed or required to be publicly disclosed,
whichever occurs first, by the Company in such Form 8-K, such
Purchaser will maintain the confidentiality of the existence and
terms of this transaction and the information included in the
Transaction Documents. Notwithstanding the foregoing, and
notwithstanding anything contained in this Agreement to the
contrary, the Company expressly acknowledges and agrees that (i) no
Purchaser makes any representation, warranty or covenant hereby
that it will not engage in effecting transactions in any securities
of the Company after the time that the transactions contemplated by
this Agreement are required to be disclosed in the Form 8-K
described in Section 4.3, (ii) no Purchaser shall be restricted or
prohibited from effecting any transactions in any securities of the
Company in accordance with applicable Securities Laws from and
after the time that the transactions contemplated by this Agreement
are first disclosed or required to be disclosed, whichever occurs
first, in the Form 8-K described in Section 4.5, and (iii) no
Purchaser shall have any duty of confidentiality to the Company or
its Subsidiaries after the filing of such Form 8-K or after the
date such Form 8-K is required to have been filed, whichever occurs
first.  Notwithstanding the foregoing, in the case of a
Purchaser that is a multi-managed investment vehicle whereby
separate portfolio managers manage separate portions of such
Purchaser’s assets and the portfolio managers have no direct
knowledge of the investment decisions made by the portfolio
managers managing other portions of such Purchaser’s assets,
the covenant set forth above shall only apply with respect to the
portion of assets managed by the portfolio manager that made the
investment decision to purchase the Securities covered by this
Agreement.

 

ARTICLE V.

MISCELLANEOUS

 

5.1         Termination. 
This Agreement may be terminated by any Purchaser, as to such
Purchaser’s obligations hereunder only and without any effect
whatsoever on the obligations between the Company and the other
Purchasers, by written notice given at any time to the Company,
prior to the occurrence of a Closing with respect to such
Purchaser’s Subscription Agreement. In the event of any
termination by a Purchaser under this Section 5.1, the Company
shall promptly (and in any event within two (2) Business Days of
such termination) refund such Purchaser’s entire subscription
amount.

 

5.2         Fees
and Expenses.  Except as
expressly set forth in the Transaction Documents, each party shall
pay the fees and expenses of its advisers, counsel, accountants and
other experts, if any, and all other expenses incurred by such
party incident to the negotiation, preparation, execution, delivery
and performance of this Agreement.  The Company shall pay all
Transfer Agent fees, stamp taxes and other similar taxes and duties
levied in connection with the delivery of any Securities to the
Purchasers.

 

5.3         Entire
Agreement.  The
Transaction Documents, together with the exhibits and schedules
thereto, contain the entire understanding of the parties with
respect to the subject matter hereof and thereof and supersede all
prior agreements and understandings, oral or written, with respect
to such matters, which the parties acknowledge have been merged
into such documents, exhibits and schedules.

 

 

-13-

 

 

5.4         Notices. 
All notices, demands, requests, consents, approvals, and other
communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally
served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable
air courier service with charges prepaid, or (iv) transmitted by
hand delivery, telegram, or facsimile, addressed as set forth below
or to such other address as such party shall have specified most
recently by written notice. Any notice or other communication
required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with
accurate confirmation generated by the transmitting facsimile
machine, at the address or number designated below (if delivered on
a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if
delivered other than on a business day during normal business hours
where such notice is to be received) or (b) on the second business
day following the date of mailing by express courier service,
prepaid, addressed to such address, or upon actual receipt of such
mailing, whichever shall first occur. The addresses for such
communications shall be: (i) if to the Company, to: MabVax
Therapeutics Holdings, Inc., 11535 Sorrento Valley Road, Suite 400,
San Diego, CA 92121, Attn: Chief Financial Officer, with a
copy by fax only to (which shall not constitute notice): Company
Counsel, and (ii) if to the Purchasers, to: the addresses and fax
numbers indicated on the signature pages hereto.

 

5.5           Amendments;
Waivers.  No
provision of this Agreement may be waived, modified, supplemented
or amended except in a written instrument signed, in the case of an
amendment, by the Company and the Purchasers holding at least a
majority of the component of the affected Securities purchased
hereunder and which are materially adversely affected by such
waiver, modification, supplement or amendment then outstanding
(such majority being the “Majority in Interest”) or, in
the case of a waiver, by the party against whom enforcement of any
such waived provision is sought. No waiver of any default with
respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future
or a waiver of any subsequent default or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or
omission of any party to exercise any right hereunder in any manner
impair the exercise of any such right. As employed herein, “consent” shall
mean consent of the Majority in Interest on the date such consent
is requested or required.

 

5.6           Headings. 
The headings herein are for convenience only, do not constitute a
part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

 

5.7           Successors
and Assigns.  This
Agreement shall be binding upon and inure to the benefit of the
parties and their successors and permitted assigns.  The
Company may not assign this Agreement or any rights or obligations
hereunder without the prior written consent of each Purchaser
(other than by merger).  Any Purchaser may assign any or all
of its rights under this Agreement to any Person to whom such
Purchaser assigns or transfers any Securities, provided that such
transferee agrees in writing to be bound, with respect to the
transferred Securities, by the provisions of the Transaction
Documents that apply to the
“Purchasers.” 

 

5.8           No
Third-Party Beneficiaries.  This Agreement is intended for the benefit
of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof
be enforced by, any other Person, except as otherwise provided for
herein.

 

 

 

-14-

 

 

5.9           Governing
Law.  All questions
concerning the construction, validity, enforcement and
interpretation of the Transaction Documents shall be governed by
and construed and enforced in accordance with the internal laws of
the State of New York, without regard to the principles of
conflicts of law thereof.  Each party agrees that all legal
proceedings concerning the interpretations, enforcement and defense
of the transactions contemplated by this Agreement and any other
Transaction Documents (whether brought against a party hereto or
its respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of
New York. Each party hereto and each individual signing any
Transaction Document on behalf of the Company hereby irrevocably
submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, Borough of Manhattan for
the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein
(including with respect to the enforcement of any of the
Transaction Documents), and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it,
he or she is not personally subject to the jurisdiction of any such
court, that such suit, action or proceeding is improper or is an
inconvenient venue for such proceeding.  Each party hereby
irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by
mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the
address in effect for notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of
process and notice thereof.  Nothing contained herein shall be
deemed to limit in any way any right to serve process in any other
manner permitted by law.  If either party shall commence an
action or proceeding to enforce any provisions of the Transaction
Documents, then, the prevailing party in such action, suit or
proceeding shall be reimbursed by the other party for its
reasonable attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of
such action or proceeding.

 

5.10         Survival. 
The representations and warranties contained herein shall survive
the Closing and the delivery of the Securities at the Closings for
the applicable statute of limitations.

 

5.11         Execution. 
This Agreement may be executed in two or more counterparts, all of
which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been
signed by each party and delivered to each other party, it being
understood that the parties need not sign the same
counterpart.  In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a
“.pdf” format data file, such signature shall create a
valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect
as if such facsimile or “.pdf” signature page were an
original thereof.

 

5.12         Severability. 
If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall
remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their
commercially reasonable efforts to find and employ an alternative
means to achieve the same or substantially the same result as that
contemplated by such term, provision, covenant or restriction. It
is hereby stipulated and declared to be the intention of the
parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or
unenforceable.

 

5.13         Rescission
and Withdrawal Right. 
Notwithstanding anything to the contrary contained in (and without
limiting any similar provisions of) any of the other Transaction
Documents, whenever any Purchaser exercises a right, election,
demand or option under a Transaction Document and the Company does
not timely perform its related obligations within the periods
therein provided, then such Purchaser may rescind or withdraw, in
its sole discretion from time to time upon written notice to the
Company, any relevant notice, demand or election in whole or in
part without prejudice to its future actions and
rights.

 

5.14         Replacement
of Securities.  If any
certificate or instrument evidencing any Securities is mutilated,
lost, stolen or destroyed, the Company shall issue or cause to be
issued in exchange and substitution for and upon surrender and
cancellation thereof (in the case of mutilation), or in lieu of and
substitution therefor, a new certificate or instrument, but only
upon receipt of evidence reasonably satisfactory to the Company of
such loss, theft, destruction, or mutilation, and of the
ownership of such Security.  The
applicant for a new certificate or instrument under such
circumstances shall also pay any reasonable third-party costs
(including customary indemnity and bonds) associated with the
issuance of such replacement Securities.

 

 

 

-15-

 

 

5.15         Remedies. 
In addition to being entitled to exercise all rights provided
herein or granted by law, including recovery of damages, each of
the Purchasers and the Company will be entitled to specific
performance under the Transaction Documents.  The parties
agree that monetary damages may not be adequate compensation for
any loss incurred by reason of any breach of obligations contained
in the Transaction Documents and hereby agree to waive and not to
assert in any action for specific performance of any such
obligation the defense that a remedy at law would be
adequate.

 

5.16         Payment
Set Aside.  To the extent
that the Company makes a payment or payments to any Purchaser
pursuant to any Transaction Document or a Purchaser enforces or
exercises its rights thereunder, and such payment or payments or
the proceeds of such enforcement or exercise or any part thereof
are subsequently invalidated, declared to be fraudulent or
preferential, set aside, recovered from, disgorged by or are
required to be refunded, repaid or otherwise restored to the
Company, a trustee, receiver or any other Person under any law
(including, without limitation, any bankruptcy law, state or
federal law, common law or equitable cause of action), then to the
extent of any such restoration the obligation or part thereof
originally intended to be satisfied shall be revived and continued
in full force and effect as if such payment had not been made or
such enforcement or setoff had not occurred.

 

5.17         Legal
Representation. Each Purchaser acknowledges that it has been
represented by independent legal counsel in the preparation of the
Agreement. Each Purchaser recognizes and acknowledges that counsel
to the Company has represented other shareholders of the Company,
and may, in the future, represent others in connection with various
legal matters and each Purchaser waives any conflicts of interest
and other allegations that it has not been represented by its own
counsel.

 

5.18         Saturdays,
Sundays, Holidays, etc. 
   If the last or appointed day for the taking of
any action or the expiration of any right required or granted
herein shall not be a Business Day, then such action may be taken
or such right may be exercised on the next succeeding Business
Day.

 

5.19         Construction.
The parties agree that each of them and/or their respective counsel
have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the
effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the
Transaction Documents or any amendments thereto. In addition, each
and every reference to share prices and shares of Common Stock in
any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and
other similar transactions of the Common Stock that occur after the
date of this Agreement.

 

5.20           
 Usury. To the extent it may
lawfully do so, the Company hereby agrees not to insist upon or
plead or in any manner whatsoever claim, and will resist any and
all efforts to be compelled to take the benefit or advantage of,
usury laws wherever enacted, now or at any time hereafter in force,
in connection with any claim, action or proceeding that may be
brought by any Purchaser in order to enforce any right or remedy
under any Transaction Document. Notwithstanding any provision to
the contrary contained in any Transaction Document, it is expressly
agreed and provided that the total liability of the Company under
the Transaction Documents for payments in the nature of interest
shall not exceed the maximum lawful rate authorized under
applicable law (the “Maximum Rate”), and,
without limiting the foregoing, in no event shall any rate of
interest or default interest, or both of them, when aggregated with
any other sums in the nature of interest that the Company may be
obligated to pay under the Transaction Documents exceed such
Maximum Rate. It is agreed that if the maximum contract rate of
interest allowed by law and applicable to the Transaction Documents
is increased or decreased by statute or any official governmental
action subsequent to the date hereof, the new maximum contract rate
of interest allowed by law will be the Maximum Rate applicable to
the Transaction Documents from the Closing Date thereof forward,
unless such application is precluded by applicable law. If under
any circumstances whatsoever, interest in excess of the Maximum
Rate is paid by the Company to any Purchaser with respect to
indebtedness evidenced by the Transaction Documents, such excess
shall be applied by such Purchaser to the unpaid principal balance
of any such indebtedness or be refunded to the Company, the manner
of handling such excess to be at such Purchaser’s
election.

 

 

 

-16-

 

 

5.21         WAIVER
OF JURY TRIAL.  IN ANY ACTION, SUIT, OR PROCEEDING IN ANY
JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE
PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT
PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY
JURY.

 

5.22              Equitable
Adjustment. Trading volume
amounts, price/volume amounts and similar figures in the
Transaction Documents shall be equitably adjusted (but without
duplication) to offset the effect of stock splits, similar events
and as otherwise described in this
Agreement. 

 

(Signature Pages Follow)

 

 

-17-

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities
Purchase Agreement to be duly executed by their respective
authorized signatories as of the date first indicated
above.

 

 

	

MABVAX THERAPEUTICS HOLDINGS, INC.

	
 

	

Address for Notice:

	

	
 

	

 

11535 Sorrento Valley Road, Suite 400

San Diego, CA 92121

	

By: 

	

/s/
J. David Hansen

	
 

	
 

	

Name:

	

J. David Hansen

	
 

	
 

	

Title: 

	

President and CEO

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

 

 

-18-

 

 

 

[PURCHASER
SIGNATURE PAGES TO MABVAX THERAPEUTICS HOLDINGS, INC.

SECURITIES
PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities
Purchase Agreement to be duly executed by their respective
authorized signatories as of the date first indicated
above.

 

Name of
Purchaser:
________________________________________________________________

 

Signature
of Authorized Signatory of Purchaser:
__________________________________________

 

 

Name of
Authorized Signatory:
_______________________________________________________

 

 

Title
of Authorized Signatory:
________________________________________________________

 

 

Address
for Delivery of Securities to Purchaser (if not same as address for
notice):

 

______________________________________________________________________________

 

______________________________________________________________________________

 

______________________________________________________________________________

 

Subscription
Amount: US$

 

□ Shares of Common Stock at $1.10 per Share:
___________________

 

OR

 

□ Shares of Series N Preferred Stock at a conversion
price of $1.10 per Share: ___________________

 

EIN
Number, if applicable, will be provided under separate
cover.

 

 

-19-

 

 

EXHIBITS

 

Exhibit
A                       
Form of Certificate of Designation

Exhibit
B                       
Registration Rights Agreement

Exhibit
C                       
Form of Investor Questionnaire

 

 

 

 

-20-

 

 

EXHIBIT C

 

ACCREDITED INVESTOR QUESTIONNAIRE

IN CONNECTION WITH INVESTMENT IN SHARES OF MABVAX THERAPEUTICS
HOLDINGS, INC.,

A DELAWARE CORPORATION

PURSUANT TO SECURITIES PURCHASE AGREEMENT DATED APRIL ,
2018

 

 

To:

MabVax Therapeutics
Holdings, Inc.

11535
Sorrento Valley Road, Suite 400

San
Diego, CA 92121

Fax:
858-792-7375 ]

 

INSTRUCTIONS

 

PLEASE
ANSWER ALL QUESTIONS. If the appropriate answer is
“None” or “Not Applicable”, so state.
Please print or type your answers to all questions. Attach
additional sheets if necessary to complete your answers to any
item.

 

Your
answers will be kept strictly confidential at all times. However,
MabVax Therapeutics Holdings, Inc. (collectively, the
“Company”) may present this Questionnaire to such
parties as it deems appropriate in order to assure itself that the
offer and sale of securities of the Company will not result in a
violation of the registration provisions of the Securities Act of
1933, as amended, or a violation of the securities laws of any
state.

 

1.            

Please provide the
following information:

 

Name:                                                                                                                                           

 

Name of additional
purchaser:                                                                                                                                           

 

(Please
complete information in Question 5)

 

Date of
birth, or if other than an individual, year of organization or
incorporation:

 

2.            

Residence address,
or if other than an individual, principal office
address:

 

 

 

Telephone
number:                                                                                                                                           

 

Social Security
Number:                                                                                                                                           

 

Taxpayer
Identification
Number:                                                                                                                                           

 

3. Business
address:                                                                                                                                           

 

 

 

Business telephone
number:                                                                                                                                           

 

 

-21-

 

 

 

4. Send mail
to:

Residence
______

Business
_______

 

5.            

With respect to
tenants in common, joint tenants and tenants by the entirety,
complete only if information differs from that above:

 

Residence
address:                                                                                                                                           

 

 

 

 

 

Telephone
number:                                                                                                                                           

 

Social Security
Number:                                                                                                                                           

 

Taxpayer
Identification
Number:                                                                                                                                           

 

Business
address:                                                                                                                                           

 

 

 

 

 

Business telephone
number:                                                                                                                                           

 

Send Mail
to:

Residence
_______

Business
_______

 

6.            

Please describe
your present or most recent business or occupation and indicate
such information as the nature of your employment, how long you
have been employed there, the principal business of your employer,
the principal activities under your management or supervision and
the scope (e.g. dollar volume, industry rank, etc.) of such
activities:

 

 

 

 

 

 

 

 

 

7.            

Please state
whether you (i) are associated with or affiliated with a member of
the Financial Industry Regulatory Association, Inc.
(“FINRA”), (ii) are an owner of stock or other
securities of FINRA member (other than stock or other securities
purchased on the open market), or (iii) have made a subordinated
loan to any FINRA member:

 

_______                                            

_______

Yes                                            

No

 

If you
answered yes to any of (i) – (iii) above, please indicate the
applicable answer and briefly describe the facts
below:

 

 

 

 

 

 

 

 

-22-

 

 

 

8A.            

Applicable to
Individuals ONLY. Please answer the following questions concerning
your financial condition as an “accredited investor”
(within the meaning of Rule 501 of Regulation D). If the purchaser
is more than one individual, each individual must initial an answer
where the question indicates a “yes” or
“no” response and must answer any other question fully,
indicating to which individual such answer applies. If the
purchaser is purchasing jointly with his or her spouse, one answer
may be indicated for the couple as a whole:

 

8.1            

Does your net
worth* (or joint net worth with your spouse) exceed
$1,000,000?

 

_______                                            

_______ 

Yes                                            

No

 

8.2            

Did you have an
individual income** in excess of $200,000 or joint income together
with your spouse in excess of $300,000 in each of the two most
recent years and do you reasonably expect to reach the same income
level in the current year?

 

_______                                            

_______ 

Yes                                            

No

 

8.3            

Are you an
executive officer of the Company?

 

_______                                            

_______ 

Yes                                            

No

 

* For
purposes hereof, net worth shall be deemed to include ALL of your
assets, liquid or illiquid MINUS any liabilities.

 

** For
purposes hereof, the term “income” is not limited to
“adjusted gross income” as that term is defined for
federal income tax purposes, but rather includes certain items of
income which are deducted in computing “adjusted gross
income”. For investors who are salaried employees, the gross
salary of such investor, minus any significant expenses personally
incurred by such investor in connection with earning the salary,
plus any income from any other source including unearned income, is
a fair measure of “income” for purposes hereof. For
investors who are self-employed, “income” is generally
construed to mean total revenues received during the calendar year
minus significant expenses incurred in connection with earning such
revenues.

 

8.B            

Applicable to
Corporations, Partnerships, Trusts, Limited Liability Companies and
other Entities ONLY:

 

The
purchaser is an accredited investor because the purchaser falls
within at least one of the following categories (Check all
appropriate lines):

 

___ 

(i) a bank as
defined in Section 3(a)(2) of the Act or a savings and loan
association or other institution as defined in Section 3(a)(5)(A)
of the Act whether acting in its individual or fiduciary
capacity;

 

___ 

(ii) a
broker-dealer registered pursuant to Section 15 of the Securities
Exchange Act of 1934, as amended;

 

___ 

(iii) an insurance
company as defined in Section 2(13) of the Act;

 

___ 

(iv) an investment
company registered under the Investment Company Act of 1940, as
amended (the “Investment Act”) or a business
development company as defined in Section 2(a)(48) of the
Investment Act;

 

___ 

(v) a Small
Business Investment Company licensed by the U.S. Small Business
Administration under Section 301(c) or (d) of the Small Business
Investment Act of 1958, as amended;

 

 

-23-

 

 

 

___ 

(vi) a plan
established and maintained by a state, its political subdivisions,
or any agency or instrumentality of a state or its political
subdivisions, for the benefit of its employees, where such plan has
total assets in excess of $5,000,000;

 

___ 

(vii) an employee
benefit plan within the meaning of Title 1 of the Employee
Retirement Income Security Act of 1974, as amended (the
“Employee Act”), where the investment decision is made
by a plan fiduciary, as defined in Section 3(21) of the Employee
Act, which is either a bank, savings and loan association,
insurance company, or registered investment adviser, or an employee
benefit plan that has total assets in excess of $5,000,000, or a
self-directed plan the investment decisions of which are made
solely by persons that are accredited investors;

 

___ 

(viii) a private
business development company, as defined in Section 202(a)(22) of
the Investment Advisers Act of 1940, as amended;

 

___            

(ix) an
organization described in Section 501(c)(3) of the Internal Revenue
Code, a corporation, a Massachusetts or similar business trust, or
a partnership, not formed for the specific purpose of acquiring the
securities offered, with total assets in excess of
$5,000,000;

 

___ 

(x) a trust, with
total assets in excess of $5,000,000, not formed for the specific
purpose of acquiring the securities offered, whose purchase is
directed by a “sophisticated” person, as described in
Rule 506(b)(2)(ii) promulgated under the Act, who has such
knowledge and experience in financial and business matters that he
or she is capable of evaluating the merits and risks of the
prospective investment;

 

___ 

(xi) an entity in
which all of the equity investors are persons or entities described
above (“accredited investors”). ALL EQUITY OWNERS MUST
COMPLETE “EXHIBIT A” ATTACHED HERETO.

 

9.A            

Do you have
sufficient knowledge and experience in financial and business
matters so as to be capable of evaluating the merits and risks
associated with investing in the Company?

 

_______                                            

_______

Yes                                            

No

 

ANSWER
QUESTION 9B ONLY IF THE ANSWER TO QUESTION 9A WAS
“NO.”

 

9.B            

If the answer to
Question 9A was “NO,” do you have a financial or
investment adviser (a) that is acting in the capacity as a
purchaser representative and (b) who has sufficient knowledge and
experience in financial and business matters so as to be capable of
evaluating the merits and risks associated with investing in the
Company?

 

_______                                            

_______ 

Yes                                            

No

 

If you
have a financial or investment adviser(s), please identify each
such person and indicate his or her business address and telephone
number in the space below. (Each such person must complete, and you
must review and acknowledge, a separate Purchaser Representative
Questionnaire which will be supplied at your request).

 

 

 

 

 

 

-24-

 

 

 

10.            

You have the right,
will be afforded an opportunity, and are encouraged to investigate
the Company and review relevant factors and documents pertaining to
the officers of the Company, and the Company and its business and
to ask questions of a qualified representative of the Company
regarding this investment and the properties, operations, and
methods of doing business of the Company.

 

Have
you or has your purchaser representative, if any, conducted any
such investigation, sought such documents or asked questions of a
qualified representative of the Company regarding this investment
and the properties, operations, and methods of doing business of
the Company?

 

_______                                            

_______

Yes                                            

No

 

If so, briefly
describe:                                                                                                                                           

 

 

 

If so,
have you completed your investigation and/or received satisfactory
answers to your questions?

 

_______                                            

_______

Yes                                            

No

 

11.            

Do you understand
the nature of an investment in the Company and the risks associated
with such an investment?

 

_______                                            

_______

Yes                                            

No

 

12.            

Do you understand
that there is no guarantee of any financial return on this
investment and that you will be exposed to the risk of losing your
entire investment?

 

_______                                            

_______

Yes                                            

No

 

13.            

Do you understand
that this investment is not liquid?

 

_______                                            

_______ 

Yes                                            

No 

 

14.            

Do you have
adequate means of providing for your current needs and personal
contingencies in view of the fact that this is not a liquid
investment?

 

_______                                            

_______

Yes                                            

No

 

 

15.            

Are you aware of
the Company’s business affairs and financial condition, and
have you acquired all such information about the Company as you
deem necessary and appropriate to enable you to reach an informed
and knowledgeable decision to acquire the Interests?

 

_______                                            

_______

Yes                                            

No

 

  

 

-25-

 

 

 

16.            

Do you have a
“pre-existing relationship” with the Company or any of
the officers of the Company?

 

_______                                            

_______

Yes                                            

No

  

(For
purposes hereof, “pre-existing relationship” means any
relationship consisting of personal or business contacts of a
nature and duration such as would enable a reasonably prudent
investor to be aware of the character, business acumen, and general
business and financial circumstances of the person with whom such
relationship exists.)

 

If so,
please name the individual or other person with whom you have a
pre-existing relationship and describe the
relationship:

 

______________________________________________________________________________

 

______________________________________________________________________________

 

 

17.            

Exceptions
to the representations and warranties made in Section 3.2 of the
Securities Purchase Agreement (if no exceptions, write
“none” – if left blank, the response will be
deemed to be “none”):
___________________________________________________

 

 

_____________________________________________________________________________

 

Dated:
_______________, 2018

 

If
purchaser is one or more individuals (all individuals must
sign):

 

 

 

(Type
or print name of prospective purchaser)

 

 

 

Signature
of prospective purchaser

 

 

 

Social
Security Number

 

 

 

(Type
or print name of additional purchaser)

 

 

 

Signature
of spouse, joint tenant, tenant in common or other signature, if
required

 

 

 

Social
Security Number

 

 

-26-

 

Annex A

 

Definition of Accredited Investor

 

The
securities will only be sold to investors who represent in writing
in the Securities Purchase Agreement that they are accredited
investors, as defined in Regulation D, Rule 501 under the Act which
definition is set forth below:

 

1.            

A natural person
whose net worth, or joint net worth with spouse, at the time of
purchase exceeds $1 million (excluding home); or

 

2.            

A natural person
whose individual gross income exceeded $200,000 or whose joint
income with that person’s spouse exceeded $300,000 in each of
the last two years, and who reasonably expects to exceed such
income level in the current year; or

 

3.            

A trust with total
assets in excess of $5 million, not formed for the specific purpose
of acquiring the securities offered, whose purchase is directed by
a sophisticated person described in Regulation D; or

 

4.            

A director or
executive officer of the Company; or

 

5.            

The investor is an
entity, all of the owners of which are accredited investors;
or

 

6.            

(a) bank as defined
in Section 3(a)(2) of the Act, or any savings and loan association
or other institution as defined in Section 3(a)(5)(A) of the Act,
(b) any broker or dealer registered pursuant to Section 15 of the
Securities Exchange Act of 1934, (c) an insurance Company as
defined in Section 2(13) of the Act, (d) an investment Company
registered under the Investment Company Act of 1940 or a business
development Company as defined in Section 2(a)(48) of such Act, (e)
a Small Business Investment Company licensed by the United States
Small Business Administration under Section 301(c) or (d) of the
Small Business Investment Act of 1958, (f) an employee benefit plan
established and maintained by a state, its political subdivisions,
or any agency or instrumentality of a state or its political
subdivisions, if such plan has total assets in excess of $5
million, (g) an employee benefit plan within the meaning of Title I
of the Employee Retirement Income Securities Act of 1974, and the
employee benefit plan has assets in excess of $5 million, or the
investment decision is made by a plan fiduciary, as defined in
Section 3(21) of such act, that is either a bank, savings and loan
institution, insurance Company, or registered investment advisor,
or, if a self-directed plan, with an investment decisions made
solely by persons that are accredited investors, (h) a private
business development company as defined in Section 202(a)(22) of
the Investment Advisers Act of 1940, or (i) an organization
described in Section 501(c)(3) of the Internal Revenue code,
corporation, Massachusetts or similar business trust, or
partnership, not formed for the specific purpose of acquiring the
securities offered, with assets in excess of $5
million.

 

 

 

 

-27-

 

 

EXHIBIT
“A” TO ACCREDITED INVESTOR QUESTIONNAIRE

 

ACCREDITED
CORPORATIONS, PARTNERSHIPS, LIMITED LIABILITY COMPANIES, TRUSTS OR
OTHER ENTITIES INITIALING QUESTION 8B(xi) MUST PROVIDE THE
FOLLOWING INFORMATION.

 

I
hereby certify that set forth below is a complete list of all
equity owners in __________________ [NAME OF ENTITY], a
                                              
[TYPE OF ENTITY] formed pursuant to the laws of the State
of                                    
.. I also certify that EACH
SUCH OWNER HAS INITIALED THE SPACE OPPOSITE HIS OR HER NAME
and that each such owner understands that by initialing that space
he or she is representing that he or she is an accredited
individual investor satisfying the test for accredited individual
investors indicated under “Type of Accredited
Investor.”

 

 

__________________________________________

signature of
authorized corporate officer, general partner or
trustee

 

Name of Equity
Owner                                                                Type
of Accredited Investor1

 

1.                                                                                                                                           

 

2.                                                                                                                                           

 

3.                                                                                                                                           

 

4.                                                                                                                                           

 

5.                                                                                                                                           

 

6.                                                                                                                                           

 

7.                                                                                                                                           

 

8.                                                                                                                                           

 

9.                                                                                                                                           

 

10.                                                                                                                                           

 

 

 

1            

Indicate which
Subparagraph of 8.1 - 8.3 the equity owner satisfies.

 

-28-

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