Document:

exh_101.htm

Exhibit 10.1

 

 

TERMINATION AGREEMENT

This Termination Agreement (this “Agreement”) is entered into as of November 20, 2012 by and among iScience Interventional Corporation, a Delaware corporation (the “Company”), Znomics, Inc., a Nevada corporation (“Parent”) and IZ Merger Corp., a Delaware corporation (“Merger Sub”).

RECITALS

A.           WHEREAS, the Company, Parent and Merger Sub have entered into an Agreement and Plan of Merger dated September 10, 2012 (the “Merger Agreement”).

B.           WHEREAS, capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement.

C.           WHEREAS, Section 8.1(g) of the Merger Agreement provides that the Merger Agreement may be terminated by either the Company or Parent if the Closing Date is not on or before November 15, 2012.

D.           WHEREAS, the Closing Date has not occurred on or before November 15, 2012 and the Company and Parent each intend to terminate the Merger Agreement effective immediately.

E.           WHEREAS, the Board of Directors of the Company and the Board of Directors of Parent have each authorized the termination of the Merger Agreement pursuant to the terms of this Agreement.

 

 

AGREEMENT

NOW, THEREFORE, in consideration of the premises and the agreements set forth herein, the parties agree as follows:

1.           Termination of Merger Agreement.  Effective immediately, Parent and the Company hereby terminate the Merger Agreement pursuant to Section 8.1(g) of the Merger Agreement.

2.           Effect of Termination; Mutual Discharge and Waiver.  As a result of the termination of the Merger Agreement pursuant to this Agreement, (a) the Merger Agreement shall become void and have no effect whatsoever, except that the provisions of ARTICLE I (“Definitions”), ARTICLE VIII (“Termination”), ARTICLE IX (“General Provisions”) and Section 6.2 (“Expenses”) shall survive such termination, (b) no party to the Merger Agreement shall have any liability thereunder arising from any breach by such party of any provision of the Merger Agreement if such breach occurred prior to such termination, (c) each party will redeliver all documents, work papers and other material of the other party or parties relating to the transactions contemplated by the Merger Agreement including such memoranda, notes, lists, records or other documents compiled or derived from such material, whether so obtained before 

 

 

 

 

 

or after the execution of the Merger Agreement, to the party furnishing the same and (d) all information received by any party to the Merger Agreement with respect to the business of the other parties or their affiliated companies shall remain subject to the terms of Section 6.3(b) - (e) of the Merger Agreement.

3.           Representations and Warranties of Parent.  Each of the Parent and its subsidiaries is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has requisite power and authority to operate its business as it is now currently conducted.  Parent has full corporate power and authority to execute and deliver this Agreement.  The Board of Directors of Parent has unanimously approved this Agreement.  This Agreement has been duly and validly executed and delivered by Parent and constitutes a valid binding obligation of Parent, enforceable against Parent in accordance with its terms.

4.           Representations and Warranties of the Company.  The Company is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has requisite power and authority to operate its business as it is now currently conducted.  The Company has full corporate power and authority to execute and deliver this Agreement.  The Board of Directors of the Company has unanimously approved this Agreement.  This Agreement has been duly and validly executed and delivered by the Company and constitutes a valid binding obligation of the Company, enforceable against the Company in accordance with its terms.

5.           Public Announcement.  Parent and the Company acknowledge that Parent intends to issue a press release promptly after the date of this Agreement with respect to this Agreement and the termination of the Merger Agreement.  Each of the Parent and the Company shall consult with the other before issuing such press release and shall not issue such press release without the prior consent of the other party, which consent shall not be unreasonably withheld, delayed or conditioned.

6.           Governing Law.  This Agreement is governed by the internal laws of the State of Delaware without regard to such State’s principles of conflicts of laws that would defer to the substantive laws of another jurisdiction.

7.           Waiver of Jury Trial.  Each of the parties hereto hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement or the Merger Agreement.

8.           Specific Performance.  The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity.

9.           Headings.  The descriptive headings contained in this Agreement are included for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.

 

 

 

10.           Miscellaneous.  This Agreement may be modified or amended only be a writing signed by the parties hereto.  This Agreement may be executed and delivered (including by facsimile transmission) in one of more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

[Remainder of Page Intentionally Left Blank]

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the date first written above by their respective officers.

 

 

	  	  	  
	  	
iSCIENCE INTERVENTIONAL CORPORATION

	  	  	  
	  	  	  
	  	  	  
	  	
By:

	  
	  	  	
Name: Michael Nash

	  	  	
Title: Chief Executive Officer and President

	  	  	  
	  	  	  
	  	  	  
	  	
ZNOMICS, INC.

	  	  	  
	  	  	  
	  	  	  
	  	
By:

	  
	  	  	
Name: David G. Latzke

	  	  	
Title: Chief Financial Officer

	  	  	  

	  	
IZ MERGER CORP.

	  	  	  
	  	  	  
	  	  	  
	  	
By:

	  
	  	  	
Name: David G. Latzke

	  	  	
Title: Chief Financial Officerexh_1012.htm

Exhibit 10.12

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION

 

DESCRIPTION OF NON-EMPLOYEE DIRECTOR

COMPENSATION ARRANGEMENTS

 

Overview

 

NTIC’s non-employee directors currently consist of Pierre Chenu, Soo Keong Koh, Ph.D., Sunggyu Lee, Ph.D., Ramani Narayan, Ph.D., Richard J. Nigon, Mark J. Stone and Konstantin von Falkenhausen.  NTIC uses a combination of cash and long-term equity-based incentive compensation in the form of annual stock option grants to attract and retain qualified candidates to serve on the Board of Directors.

 

Annual Retainers; Meeting Fees

 

Each non-employee director receives an annual retainer of $10,000 for services rendered as a director of NTIC.  The annual retainer is paid quarterly.  NTIC’s Chairman of the Board receives an additional annual retainer of $15,000, the Chair of the Audit Committee receives an additional annual retainer of $5,000 and other members of the Audit Committee received an additional annual retainer of $4,000.  Each non-employee director also receives $1,000 for each Board and strategy review meeting attended and $1,000 for each Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee meeting attended.  No director, however, will earn more than $1,000 per day in Board, Board committee and strategy review meeting fees.  Any director that is an employee of NTIC (G. Patrick Lynch) does not receive any retainer or Board or Committee meeting fees.

 

Stock Options

 

Each non-employee director is automatically granted a five-year non-qualified option to purchase 4,000 shares of NTIC common stock in consideration for their services as directors of NTIC and the Chairman of the Board is automatically granted an additional five-year non-qualified option to purchase 2,000 shares of NTIC common stock in consideration for his services as Chairman on the first day of each fiscal year.  Each non-employee directors who is elected or appointed to the Board following the first day of the fiscal year receives an automatic grant of an option to purchase a pro rata portion of 4,000 shares of NTIC common stock calculated by dividing the number of months remaining in the fiscal year at the time of election or appointment divided by 12, which options are automatically granted at the time of the new director’s election or appointment.  Each automatically granted option becomes exercisable, in full on the one-year anniversary of the date of its grant.  The exercise price of such option is equal to the fair market value of a share of NTIC common stock on the date of grant.  All such options are granted under the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan.

 

Reimbursement of Expenses

 

All of directors of NTIC are reimbursed for travel expenses for attending meetings and other miscellaneous out-of-pocket expenses incurred in performing their Board functions.

 

Indemnification Agreements

 

NTIC has entered into agreements with all of its directors under which NTIC is required to indemnify them against expenses, judgments, penalties, fines, settlements and other amounts actually and reasonably incurred, including expenses of a derivative action, in connection with an actual or threatened proceeding if any of them 

 

  

  

  

may be made a party because he or she is or was a director of NTIC.  NTIC will be obligated to pay these amounts only if the director acted in good faith and in a manner that he or she reasonably believed to be in or not opposed to NTIC’s best interests.  With respect to any criminal proceeding, NTIC will be obligated to pay these amounts only if the director had no reasonable cause to believe his or her conduct was unlawful.  The indemnification agreements also set forth procedures that will apply in the event of a claim for indemnification.

 

Consulting Arrangements

 

NTIC paid consulting fees to Bioplastic Polymers LLC, an entity which is owned by Ramani Narayan, Ph.D., in the aggregate amount of $100,000 and royalty fees in an aggregate amount of $7,745 during the fiscal year ended August 31, 2012.  The consulting services rendered by Bioplastic Polymers LLC related to research and development associated with various new technologies.  The royalty fees were paid pursuant to an oral agreement pursuant to which NTIC has agreed to pay Bioplastic Polymers LLC and Dr. Narayan in consideration of the transfer and assignment by Biopolymer Plastics LLC and Dr. Narayan of certain biodegradable polymer technology to NTIC, an aggregate of three percent of the gross margin on any net sales of products incorporating the biodegradable polymer technology transferred to NTIC by Bioplastic Polymers LLC and Dr. Narayan for a period of 10 years, provided that if a patent for or with respect to biodegradable polymer technology is issued before the expiration of such 10 year period, then NTIC will until the expiration of such patent pay to Bioplastic Polymers LLC and Dr. Narayan an aggregate three percent of the biodegradable polymer technology gross margin attributable to such patent.

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