Document:

Lease for Loring Drive

    STANDARD
      FORM COMMERCIAL LEASE

    

    1.
      PARTIES

    

    Pine
      Street Realty Trust, LESSOR, (which expression shall include its heirs,
      successors, and assigns where the context so admits) does hereby lease to
      Symbollon Pharmaceuticals, Inc. LESSEE, (which expression shall include their
      successors, executors, administrators, and assigns where the context so
      admits),

    

    2.
      PREMISES

    

    the
      following described premises: 5,400 rentable SF at 37 Loring Drive, Framingham,
      Massachusetts 01702, together with the right to use in common, with others
      entitled thereto, the hallways, stairways, elevators, and parking, necessary
      for
      access to said leased premises, and lavatories nearest thereto.

    

    3.
      TERM

    

    The
      term
      of this lease shall be for five (5) years commencing on September 1, 2007 and
      ending on August 31, 2012.

    

    4.
      RENT

    

    During
      the term of the lease, Lessee shall pay rent as follows:

    

    Original
      Period   Rental
      Rate (Triple Net)

    September
      1, 2007 to August 31, 2008  $7.75/SF

    September
      1, 2008 to August 31, 2009  $8.00/SF

    September
      1, 2009 to August 31, 2010  $8.25/SF

    September
      1, 2010 to August 31, 2011  $8.50/SF

    September
      1, 2011 to August 31, 2012  $8.75/SF

    

    All
      base
      rental payments shall be due and payable in advance on the first day of each
      month of the Lease term.

    

    5.
      SECURITY DEPOSIT

    

    No
      security deposit is required as paid at inception of original
      lease.

    

    6.
      NNN Expenses 

    

    The
      Lessee shall pay as additional rent during the term of the Lease its
      proportionate share of Real Estate Taxes, all exterior common area maintenance
      and repairs, which includes landscape and snow removal, basic building
      insurance, and common area utilities. The annual cost of these NNN expenses
      shall be due and payable monthly, at the beginning of each month except for
      the
      first month which shall be due and payable upon Lease execution. Lessee will
      be
      responsible for their proportionate share of all increases in operating
      expenses. Lessee shall pay estimated monthly NNN expenses of $1,230.00 at the
      beginning of each month. Lessor will prepare a reconciliation at the end of
      each
      twelve month period of actual expenses and issue either an additional invoice
      or
      credit.

    

    6A.
      Option to Renew

    

    Lessee
      shall have the option to renew this Lease for one (1) additional period of
      Five
      (5) years, provided that Lessee has not been in default under any of the terms
      and conditions of the Lease, by giving Lessor six (6) months prior written
      notice. The terms and conditions of the Lease shall be the same except for
      the
      rental rate which shall be as follows:

    

    Original
      Period   Rental
      Rate (Triple Net)

    September
      1, 2012 to August 31, 2013  $9.00/SF

    September
      1, 2013 to August 31, 2014  $9.25/SF

    September
      1, 2014 to August 31, 2015  $9.50/SF

    September
      1, 2015 to August 31, 2016  $9.75/SF

    September
      1, 2016 to August 31, 2017  $10.00/SF

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    7.
      UTILITIES

    

    The
      LESSEE shall pay, as they become due, all bills for electricity, gas, water
      and
      sewer, and other utilities (whether they are used for furnishing heat or other
      purposes) that are furnished to the leased premises and presently separately
      metered, and all bills for fuel furnished to a separate tank servicing the
      leased premises exclusively.

    

    LESSOR
      shall have no obligation to provide utilities or equipment other than the
      utilities and equipment within the premises as of the commencement date of
      this
      lease. In the event LESSEE requires additional utilities or equipment, the
      installation and maintenance thereof shall be the LESSEE’s sole obligation,
      provided that such installation shall be subject to the written consent of
      the
      LESSOR. LESSEE is responsible for annual maintenance and repair to the rooftop
      HVAC units. LESSOR shall assign to LESSEE any warranties for the HVAC equipment
      located within the leased premises.

    

    8.
      USE OF LEASED PREMISES

    

    The
      LESSEE shall use the leased premises only for the purpose of R&D,
      Manufacturing and Office use. LESSOR warrants that no matter of record title,
      local zoning laws or the rules and regulations of the Loring Drive Condo Trust
      interfere with use of the leased premises for the purpose set forth above.
      LESSOR shall warrant and defend LESSEE in the quiet enjoyment and possession
      of
      the leased premises.

    

    9.
      COMPLIANCE WITH LAWS

    

    The
      LESSEE acknowledges that no trade or occupation shall be conducted in the leased
      premises or use made thereof which will be unlawful, improper, noisy or
      offensive, or contrary to any law or any municipal by-law or ordinance in force
      in the city or town in which the premises are situated. The LESSEE may use
      hazardous chemicals on the leased premises provided that such chemicals are
      used
      and disposed of in accordance with all applicable laws.

    

    10.
      FIRE INSURANCE

    

    The
      LESSEE shall not permit any use of the leased premises which will make voidable
      any insurance on the property of which the leased premises are a part, or on
      the
      contents of said property or which shall be contrary to any law or regulation
      from time to time established by the New England Fire Insurance Rating
      Association, or any similar body succeeding to its powers. The LESSEE shall
      on
      demand reimburse the LESSOR, and all other tenants, all extra insurance premiums
      caused by the LESSEE’s use of the premises.

    

    11.
      MAINTENANCE

    

    THE
      LESSEE agrees to maintain the leased premises in good condition, damage by
      fire
      and other casualty only excepted, and whenever necessary, to replace plate
      glass
      and other glass therein, acknowledging that the leased premises are now in
      good
      order and the glass whole.

    

    A.
      LESSEE’S OBLIGATION
      The
      LESSEE shall not permit the leased premises to be overloaded, damaged, stripped,
      or defaced, nor suffer any waste. LESSEE shall obtain written consent of LESSOR
      before erecting any sign on the premises.

    

    B.
      LESSOR’S OBLIGATION
      The
      LESSOR agrees to maintain the structure of the building of which the leased
      premises are a part in the same condition as it is at the commencement of the
      term or as it may be put in during the term of this lease, reasonable wear
      and
      tear, damage by fire and other casualty only excepted, unless such maintenance
      is required because of the LESSEE or those for whose conduct the LESSEE is
      legally responsible.

    

    12.
      ALTERATIONS-ADDITIONS

    

    The
      LESSEE shall not make structural alterations or additions to the leased
      premises, but may make non-structural alterations provided the LESSOR consents
      thereto in writing, which consent shall not be unreasonably withheld or delayed.
      All such allowed alterations shall be at LESSEE’s expense and shall be in
      quality at least equal to the present construction. LESSEE shall not permit
      any
      mechanics’ liens, or similar liens, to remain upon the leased premises for labor
      and material furnished to LESSEE or claimed to have been furnished to LESSEE
      in
      connection with work of any character performed or claimed to have been
      performed at the direction of LESSEE and shall cause any such lien to be
      released of record forthwith without cost to LESSOR. Any alterations or
      improvements made by the LESSEE shall become the property of the LESSOR at
      the
      termination of occupancy as provided herein.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    13.
      ASSIGNMENT SUBLEASING

    

    The
      LESSEE shall not assign or sublet the whole or any part of the leased premises
      without LESSOR’s prior written consent (which consent shall not be unreasonably
      withheld). Notwithstanding such consent, LESSEE shall remain liable to LESSOR
      for the payment of all rent and for the full performance of the covenants and
      conditions of this lease. Should Lessee assign or sublet the premises and
      receive rent in excess of that due the Lessor, then Lessee shall share such
      profits equally with the Lessor.

    

    14.
      SUBORDINATION

    

    This
      lease shall be subject and subordinate to any and all mortgages, deeds of trust
      and other instruments in the nature of a mortgage, now or any time hereafter,
      a
      lien or liens on the property of which the leased premises are a part and the
      LESSEE shall, when requested, promptly execute and deliver such written
      instruments as shall be necessary to show the subordination of this lease to
      said mortgages, deeds of trust or other such instruments in the nature of a
      mortgage.

    

    

    15.
      LESSOR’S ACCESS

    

    The
      LESSOR or agents of the LESSOR may, at reasonable times, enter to view the
      leased premises and may remove placards and signs not approved and affixed
      as
      herein provided, and make repairs and alterations as LESSOR should elect to
      do
      and may show the leased premises to others, and at any time within six (6)
      months before the expiration of the term, may affix to any suitable part of
      the
      leased premises a notice for letting or selling the leased premises or property
      of which the leased premises are a part and keep the same so affixed without
      hindrance or molestation.

    

    16.
      INDEMNIFICATION AND LIABILITY

    

    The
      LESSEE shall save the LESSOR harmless from all loss and damage occasioned by
      the
      use or escape of water or by the bursting of pipes, as well as from any claim
      or
      damage resulting from neglect in not removing snow and ice from the roof of
      the
      building or from the sidewalks bordering upon the premises so leased, or by
      any
      nuisance made or suffered on the leased premises. The removal of snow and ice
      from the sidewalks bordering on the leased premises shall be the LESSEE’s
      responsibility unless such loss is caused by neglect of the LESSOR.

    

    17.
      LESSEE’S LIABILITY INSURANCE

    

    The
      LESSEE shall maintain with respect to the leased premises and the property
      of
      which the leased premises are a part comprehensive public liability insurance
      in
      the amount of $1,000,000.00 with property damage insurance in limits of
      $1,000,000.00 in responsible companies qualified to do business in Massachusetts
      and in good standing therein insuring the LESSOR as well as LESSEE against
      injury to persons or damage to property as provided. The LESSEE shall deposit
      with the LESSOR certificates for such insurance at or prior to the commencement
      of the term, and thereafter within thirty (30) days prior to the expiration
      of
      any such policies. All such insurance certificates shall provide that such
      polices shall not be canceled without at least ten (10) days prior written
      notice to each assured named therein.

    

    18.
      FIRE, CASUALTY - EMINENT DOMAIN

    

    Should
      a
      substantial portion of the leased premises, or of the property of which they
      are
      a part, be substantially damaged by fire or other casualty, or be taken by
      eminent domain, the LESSOR may elect to terminate this lease. When such fire,
      casualty, or taking renders the leased premises substantially unsuitable for
      their intended use, a just and proportionate abatement of rent shall be made,
      and the LESSEE may elect to terminate this lease if: (a) The LESSOR fails to
      give written notice within (30) days of intention to restore leased premises,
      or
      (b) The LESSOR fails to restore the leased premises to a condition substantially
      suitable for their intended use within ninety (90) days of said fire, casualty
      or taking. The LESSOR reserves, and the LESSEE grants to the LESSOR, all rights
      which the LESSEE may have for damages or injury to the leased premises for
      any
      taking by eminent domain, except for damage to the LESSEE’s fixtures, property,
      or equipment including leasehold improvements.

    

    19.
      DEFAULT AND BANKRUPT

    

    In
      the
      event that (a) The LESSEE shall default in the payment of any installment of
      rent or other sum herein specified and such default shall continue for ten
      (10)
      days after written notice thereof; or (b) The LESSEE shall default in the
      observance or performance of any other of the LESSEE’s covenants, agreements, or
      obligations hereunder and such default shall not be corrected within thirty
      (30)
      days after written notice thereof; or (c) The LESSEE shall be declared bankrupt
      or insolvent according to law, or, if any assignment shall be made of LESSEE’s
      property for the benefit of creditors, then the LESSOR shall have the right
      thereafter, while such default continues, to re-enter and take complete
      possession of the leased premises, to declare the term of this lease ended,
      and
      remove the LESSEE’s effects, without prejudice to any remedies which might be
      otherwise used for arrears of rent or other default. The LESSEE shall indemnify
      the LESSOR against all loss of rent and other payments which the LESSOR may
      incur by reason of such termination during the residue of the term. If the
      LESSEE shall default, after reasonable notice thereof, in the observance or
      performance of any conditions or covenants on LESSEE’s part to be observed or
      performed under or by virtue of any of the provisions in any article of this
      lease, the LESSOR, without being under any obligation to do so and without
      thereby waiving such default, may remedy such default for the account and at
      the
      expense of the LESSEE. If the LESSOR makes any expenditures or incurs any
      obligations for the payment of money in connection therewith, including but
      not
      limited to, reasonable attorney’s fees in instituting, prosecuting or defending
      any action or proceeding, such sums paid or obligations insured, with interest
      at the rate of 18 per annum and costs, shall be paid to the LESSOR by the LESSEE
      as additional rent.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    20.
      NOTICE

    

    Any
      notice from the LESSOR to the LESSEE relating to the leased premises or to
      the
      occupancy thereof, shall be deemed duly served, if left at the leased premises
      addressed to the LESSEE, or if mailed to the leased premises, registered or
      certified mail, return receipt requested, postage prepaid, addressed to the
      LESSEE. Any notice from the LESSEE to the LESSOR relating to the leased premises
      or to the occupancy thereof, shall be deemed duly served, if mailed to the
      LESSOR by registered or certified mail, return receipt requested, postage
      prepaid, addressed to the LESSOR at such address as the LESSOR may from time
      to
      time advise in writing. All rent notices shall be paid and sent to the LESSOR,
      Pine Street Realty Trust, % William G. Foley, Trustee, 48 Cornell Road,
      Wellesley, MA 02482.

    

    21.
      SURRENDER

    

    The
      LESSEE shall at the expiration or other termination of this lease remove all
      LESSEE’s goods and effects from the leased premises, (including, without hereby
      limiting the generality of the foregoing, all signs and lettering affixed or
      painted by the LESSEE, either inside or outside the leased premises). LESSEE
      shall deliver to the LESSOR the leased premises and all keys, locks thereto,
      and
      other fixtures connected therewith and all alterations and additions made to
      or
      upon the leased premises, in good condition, damage by fire or other casualty
      only excepted. In the event of the LESSEE’s failure to remove any of LESSEE’s
      property from the premises, LESSOR is hereby authorized, without liability
      to
      LESSEE for loss or damage thereto, and at the sole risk of LESSEE, to remove
      and
      store any of the property at LESSEE’s expense, or to retain same under LESSOR’s
      control or to sell at public or private sale, without notice any or all of
      the
      property not so removed and to apply the net proceeds of such sale to the
      payment of any sum due hereunder, or to destroy such property.

    

    22.
      BROKERAGE

    

    No
      brokers were used in this lease.

    

    23.
      OTHER PROVISIONS

    

    None.

    

    IN
      WITNESSWHEREOF, the said parties hereunto set their hands and seals this 20th
      day of April, 2007.

    

    SYMBOLLON
      PHARMACEUTICALS, INC.

    

    

    

    /s/
      Paul C. Desjourdy    /s/
      William Foley

    LESSEE
            LESSOR

    Paul
      C.
      Desjourdy, President   William
      Foley, as Trustee and not         IndividuallyEXHIBIT 10.15  

CHANGE IN CONTROL AGREEMENT

 

THIS CHANGE IN CONTROL AGREEMENT (“Agreement”) is entered into as of May ___, 2007, by and between [Employee Name] ("Employee"), and Aptimus, Inc., a Washington corporation.

 

RECITALS

 

A.          Employee is a valued member of Aptimus’ senior management team whose continued diligence and best efforts in the execution of Employee’s duties Aptimus wishes to incentivize and encourage.

 

B.          Aptimus has determined that one measure to achieve this end is to provide for Employee’s financial security in the form of a severance payment and other benefits in the event of the termination of Employee’s employment under certain conditions.

 

C.          Aptimus and Employee desire to memorialize the terms and conditions of such severance as set forth herein.

 

AGREEMENT

 

	
             
 	
            NOW, THEREFORE, the parties agree as follows:
 

 

1.           Definitions.  As used herein, the following terms shall have the described meanings:

 

(a)         “Aptimus” means Aptimus, Inc., a Washington corporation, and, where Aptimus, Inc. is not the continuing or surviving entity in the event of a Change of Control, the continuing, surviving or acquiring legal entity or natural person in such Change of Control.                                           
                                        

 

(b)         “Award” means the grant of Aptimus, Inc. restricted stock, stock appreciation right or an option to purchase Aptimus, Inc. common stock to Employee.

 

(c)         “Award Agreement” means a written agreement between Aptimus and Employee relating to an Award under the Aptimus, Inc. 2001 Stock Plan or FreeShop International, Inc. 1997 Stock Option Plan, as the case may be.

 

(d)         “Cause” means willful, reckless or negligent misconduct with respect to, or that is harmful to, Aptimus or any of its officers, directors, employees, clients, partners, insurers, or other third parties, including without limitation, acts of dishonesty, fraud, unauthorized use or disclosure of confidential information or trade secrets or other misconduct, in each case as determined by Aptimus in its sole and absolute discretion. In addition, “Cause” means the repeated failure to meet the directives of Employee’s manager.

 

	
             
 	
            (e)
 	
            “Change in Control” shall mean any of the following: 
 

 

(i)            a consolidation or merger of Aptimus pursuant to which: (1) Aptimus is not the continuing or surviving corporation, (2) the shareholders of the target entity acquire as a consequence of such consolidation or merger securities of Aptimus representing more than 50% of the combined voting power of Aptimus’ then outstanding securities, or (3) shares of Aptimus’ outstanding capital stock are converted into cash, securities or other property, 

 

 

 

in each instance other than as a result of a consolidation or merger of Aptimus in which Aptimus’ shareholders immediately prior to the consolidation or merger have the same proportionate ownership of voting capital stock of the surviving corporation immediately after the consolidation or merger; or

(ii)          the sale, transfer or other disposition of all or substantially all of the assets of Aptimus; or

(iii)         the closing of a transaction in which any person has either acquired outright or acquired the right to acquire, beneficial ownership of securities of Aptimus representing more than 50% of the combined voting power of Aptimus’ then outstanding securities, and for this purpose the terms “person” and “beneficial ownership” shall have the meanings provided in Section 13(d) of the Securities Exchange Act of 1934, as amended, or related rules promulgated by the Securities and Exchange Commission; or

(iv)         a reduction in force by Aptimus that includes Employee’s position that is made a formal or informal prior condition of, or occurs within one (1) calendar year following, a transaction described in Sections 1(e)(i) – (iii) hereof; or

(v)           the voluntary or involuntary closure and winding up of Aptimus’ business and related affairs. 

(f)          “Good Reason” means the occurrence of any of the following events or conditions without Employee’s written consent:

 

(i)    Aptimus is subject to a Change in Control and thereafter or resulting therefrom there occurs a change in Employee’s status, title, position, reporting structure or responsibilities that from a reasonable and objective standard represents a material reduction or modification in the status, title, position, reporting structure or job responsibilities as in effect immediately prior thereto, which is not remedied promptly after receipt of written notice thereof from Employee; or

(ii)   Aptimus is subject to a Change of Control and thereafter requires Employee to be based at any place outside a 50-mile radius of his place of employment prior to such Change in Control, except for reasonably required travel on Aptimus’ business that is not materially greater than such travel requirements prior to the Change in Control.

(g)         “Plan” means the Aptimus, Inc. 2001 Stock Plan or the FreeShop International, Inc. 1997 Stock Option Plan, as the case may be.

 

2.           Term and Termination.  Aptimus employment of Employee is on an “at will” basis and nothing in this Agreement shall be interpreted or construed as a promise or contract of employment for a particular term or period.  Aptimus may terminate Employee's employment at any time with or without Cause and without notice. Employee may terminate his employment at any time with or without Cause upon ten- (10-) business days prior written notice to Aptimus; provided that no such notice must be given, but in such event Employee’s then accrued but unused vacation pay, or if accrued vacation pay is insufficient, the severance payment herein contemplated, shall be reduced by a number equal to the difference between the required notice period and the actual
number of business days notice given by Employee, if any. For purposes of the foregoing notice deficit provision, a business day shall equal an eight (8) hour accrual.

 

 

 

 

	
             
 	
            3.
 	
            Severance.  
 

 

(a)           Termination by Aptimus.  Upon the involuntary termination of Employee’s employment by Aptimus in the event of a Change in Control, Aptimus shall continue to pay Employee his base salary for the period described in Section 3(c) hereof; provided, however, that no such severance shall be due in the event such termination is for Cause.  For purposes of Sections 3(a) and (b), the base salary rate used to calculate the severance payment herein contemplated shall be the highest rate of such base salary received by Employee in the immediately preceding 12 month period.

 

(b)         Termination by Employee. Upon Employee’s termination of his employment for Good Reason within one (1) year from the subject Change in Control event, Aptimus shall continue to pay Employee his base salary for the period described in Section 3(c) hereof.  

 

(c)          Severance Period. Employee shall be entitled to receive his then base salary as severance for a period of [alternative: nine (9) months; twelve (12) months] (“Severance Period”) from the effective date of termination. Such severance shall be paid in substantially equal increments at normal semi-monthly payroll intervals, or at such intervals and amounts as the parties may otherwise agree, provided, however, that all severance amounts will be paid on or before the end of the second year following the year in which Employee’s termination of employment occurs.  At his election, Employee may continue to participate in Aptimus' medical and dental benefit
plans governed by the Comprehensive Omnibus Budget Reconciliation Act ("COBRA") for the time period provided in COBRA.  Aptimus shall pay the cost of such coverage at the level in effect for Employee as of the effective date of termination during the Severance Period and shall, in addition, “gross up” such coverage payments to employee to insure such coverage payments as herein contemplated shall have a tax neutral effect on employee, provided, however, that the total amount of such tax gross up payments (but not the cost of the medical and dental coverage) paid to Employee shall in no event exceed the applicable dollar amount (for the year that Employee terminates employment) under Internal Revenue Code (“Code”) Section 402(g)(1)(B).  Employee shall pay the entire cost of such medical and dental coverage after the Severance Period.  

 

4.           Award Vesting.  In the event of any Change in Control, each option, stock appreciation right and/or share of restricted stock awarded to Employee that is then outstanding shall, immediately prior to the specified effective date of such Change in Control, become 100% vested; provided and notwithstanding the foregoing, if and to the extent any Award is, in connection with the Change in Control, either continued in effect, assumed by the successor corporation (or parent thereof) or replaced with an award relating to shares of the capital stock of the successor corporation (or its parent corporation) that in all material respects is substantially similar to the Award, than one-half (1⁄2) of the then unvested option(s), appreciation right(s) and/or
restricted stock subject to such Award shall immediately prior to the effective date of the Change in Control, become vested, and the balance of such unvested option(s),  appreciation right(s) and/or restricted stock shall continue to vest pursuant to the terms of the applicable Award Agreement.  In the event Employee’s employment is terminated by Aptimus other than for Cause or by Employee with Good Reason within one (1) year following such Change in Control, and such Award was continued, assumed or replaced in the Change in Control and was not otherwise accelerated at that time, all of the unvested option(s), appreciation right(s) and/or shares subject to such Award shall vest immediately upon such termination and be exercisable for a period the longer of: (a) the end of the calendar year in which Employee’s employment is terminated, or (b) two and a half (21⁄2) months following the date the exercise period would 

 

 

otherwise expire pursuant to the original Award Agreement. To the extent Awards are not continued or assumed by the successor corporation or an affiliate thereof, all unexercised Awards shall terminate and cease to remain outstanding immediately following the consummation of the Change in Control.

 

5.           Bonus Payment. In the event of any Change of Control, Employee will be entitled to a payment, on closing of the Change of Control transaction, equal to: (a) any accrued but unpaid incentive compensation due Employee under any then current Aptimus incentive compensation or bonus plan (a “Bonus Plan”) to which Employee is then a party or is subject as of the closing date, and (b) an amount equal to the ratable portion of the incentive payment that would otherwise be due Employee under the Bonus Plan for the balance of the calendar year in which such Change of Control transaction takes place were Employee to be paid at 100% of Bonus Plan. For example, if a Change of Control closes on March 31, Employee shall be entitled to a payment at closing
equal to (x) incentive comp amounts, if any, that Employee has earned under the then current Bonus Plan for the months of January through March, but have not yet been paid, plus (y) an amount equal to the incentive compensation payment that would otherwise be due Employee on a ratable basis (i.e. the total potential annual bonus amount divided by 12 months) under the Bonus Plan for the balance of the calendar year (April – December) assuming performance at 100% of Bonus Plan. So in the foregoing example, if Employee’s total potential annual incentive compensation under the Bonus Plan is $120,000 and no incentive compensation is accrued but unpaid as of the March 31 close date, Employee shall be entitled to an incentive compensation payment of $90,000 on closing of the Change of Control transaction.  The total amount of bonus payments under this Section 5 of this Agreement will be paid to Employee in a lump sum at the time of closing of the Change in Control or as the parties
may otherwise agree, but in no event later than sixty (60) days of the closing of the Change of Control transaction.         

 

	
            6.  
 	
            Miscellaneous.
 

 

(a)        Waiver.  No waiver of any provision of this Agreement shall be valid unless in writing signed by the waiving party, nor shall any waiver or failure to enforce any right in one instance constitute or be deemed a continuing waiver of that right or of any other right under this Agreement in any other instance.

 

(b)         Assignment.  Employee may not assign any of his rights nor delegate any of his duties hereunder.  Aptimus shall assign this Agreement and delegate its duties hereunder to the continuing or surviving corporation or legal entity in connection with any Change of Control wherein Aptimus, Inc. is not the continuing or surviving corporation or legal entity.  The rights and obligations of the parties shall bind and inure to the benefit of their respective, successors, permitted assigns, heirs and personal representatives. 

 

(c)       Choice of Law and Jurisdiction.  Aptimus and Employee intend this Agreement to be governed by and enforced to the greatest extent permitted by the laws of the State of Washington without regard to its conflict of law principles to the contrary.  The parties agree to submit to the personal jurisdiction of the state and federal courts sitting in King County, Washington, and agree that any action, suit or proceeding in connection with this Agreement or concerning any aspect of Employee's employment shall be brought in such courts to the exclusion of all other forums.

 

(d)         Savings Clause.  If any provision of this Agreement is held to be invalid or unenforceable to any extent, it shall nevertheless be enforced to the fullest extent allowed by 

 

 

law in that and other contexts, and the validity and force of the remainder of this Agreement shall not be affected.

 

(e)        Notices.  All notices required or permitted hereunder shall be given in writing and delivered in person, transmitted by facsimile, delivered via overnight courier or sent by registered or certified mail, postage prepaid and return receipt requested, to the parties at their respective addresses and facsimile numbers, or to such other address/number as a party may subsequently specify in writing.  Notice shall be deemed effective upon the earlier of actual receipt, which if by facsimile shall be deemed conclusively determined by electronic confirmation of delivery, the next day following deposit with a national commercial delivery service if sent by overnight courier, or the third business day after the date on which said notice was sent by any other method described above.

 

(f)         Complete Agreement.  This Agreement comprises the entire agreement between the parties.  It may be changed only by further written agreement, signed by both parties.  It supersedes and merges within it all prior agreements or understandings between the parties, whether written or oral.  In interpreting or construing this Agreement, the fact that one or the other of the parties may have drafted this Agreement or any provision shall not be given any weight or relevance.

 

(g)        Attorney’s Fees and Costs.   The prevailing party in any claim, suit or proceeding brought to interpret or enforce the terms of this Agreement shall be entitled to an award of its attorneys fees and costs incurred in every stage of such claim, suit or proceeding, including appeal.

 

(h)         Code Section 409A.  Aptimus and Employee intend and expect that payments under this Agreement will be exempt from the application of Code Section 409A pursuant to Code Section 409A and applicable guidance thereunder.  Notwithstanding the foregoing, in the event that the Board of Aptimus determines in good faith that any payments hereunder that would be paid to Employee as a result of termination of employment are subject to Code Section 409A, and further that Employee is a Specified Employee as defined in Code Section 409A(a)(2)(B) or applicable regulations at the time of such termination of employment, then any such payments that otherwise would have been made during the six month period following Employee’s termination of employment will be
postponed and paid to Employee in a lump sum on the first day of the month following the date that is six months after such termination of employment.  Employee understand and agrees that Aptimus makes no assurances with respect to the tax consequences arising as a result of this Agreement and the payment of any tax liabilities or related penalties arising out of this Agreement is solely and exclusively the responsibility of Employee, without any expectation or understanding that Aptimus will pay or reimburse Employee for such taxes or other items other than the limited tax gross up provided in Section 3(c). 

 

	
             
 	
            Signed by the parties as of the date first written above.
 

 

	
            APTIMUS, INC.

By:                                     

Its:                                      
 	
            EMPLOYEE

                                     

[Employee Name]

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