Document:

exhibit10-2.htm

 

Exhibit 10.2

 

July 29, 2014

STRICTLY CONFIDENTIAL

Glynn Wilson, Ph.DChairman & CEO

TapImmune, Inc.1551 Eastlake Avenue EastSuite 100Seattle, WA 98102

 

 

Dear Dr. Wilson:

This letter agreement (this “Agreement”) constitutes the agreement between TapImmune, Inc. (the “Company”) and H.C. Wainwright & Co., LLC (“Wainwright”) that Wainwright shall serve as the exclusive agent, advisor or underwriter in any offering (each, an “Offering”) of securities of the Company (“Securities”) during the Term (as defined below) of this Agreement.   The terms of each Offering and the Securities issued in connection therewith shall be mutually agreed upon by the Company and Wainwright and nothing herein implies that Wainwright would have the power or authority to bind the Company and nothing herein implies that the Company shall have an obligation to issue any Securities.  It is understood that Wainwright’s assistance in an Offering will be subject to the satisfactory completion of such investigation and inquiry into the affairs of the Company as Wainwright deems appropriate under the circumstances and to the receipt of all internal approvals of Wainwright in connection with the transaction.  The Company expressly acknowledges and agrees that Wainwright’s involvement in an Offering is strictly on a reasonable best efforts basis and that the consummation of an Offering will be subject to, among other things, market conditions.  The execution of this Agreement does not constitute a commitment by Wainwright to purchase the Securities and does not ensure a successful Offering of the Securities or the success of Wainwright with respect to securing any other financing on behalf of the Company.  Wainwright may retain other brokers, dealers, agents or underwriters on its behalf in connection with an Offering.

A           Compensation; Reimbursement.  At the closing of each Offering (each, a “Closing”), the Company shall compensate Wainwright as follows:

	
  

	
(1)

	
Cash Fee.  The Company shall pay to Wainwright a cash fee, or as to an underwritten Offering an underwriter discount, equal to 7% of the aggregate gross proceeds raised in each Offering.  Additionally, Wainwright shall receive a cash fee payable within 48 hours of (but only in the event of) the receipt by the Company of any proceeds from the exercise of any warrants or options sold in each Offering.

	
  

	
(2)

	
Warrant Coverage.  The Company shall issue to Wainwright or its designees at each Closing, warrants (the “Wainwright Warrants”) to purchase that number of shares of common stock of the Company equal to 5% of the aggregate number of shares of Common Stock placed in each Offering (if the Securities are convertible or include a “greenshoe” or “additional investment” option component, such shares of Common Stock underlying such Securities or options).  If the Securities included in an Offering are non-convertible, the Wainwright Warrants shall be determined by dividing the gross proceeds raised in such Offering divided by the then market price of the Common Stock.  The Wainwright Warrants shall have the same terms as the

430 Park Avenue  |  New York, New York 10022  |  212.356.0500  |  www.hcwco.com

Member: FINRA/SIPC

  

  

  

warrants issued to investors in the applicable Offering.  If no warrants are issued to investors in an Offering, the Wainwright Warrants shall be in a customary form reasonably acceptable to Wainwright, have a term of 5 years and an exercise price equal to 110% of the then market price of the Common Stock.

	
  

	
(3)

	
Expense Allowance.  Out of the proceeds of each Closing, the Company also agrees to pay Wainwright a non-accountable expense allowance of the lesser of (a) 1% of the gross proceeds raised in such Offering and (b) $30,000 (provided, however, that such reimbursement amount in no way limits or impairs the indemnification and contribution provisions of this Agreement).

	
  

	
B.

	
Term and Termination of Engagement; Exclusivity.  The term of Wainwright’s exclusive engagement will begin on the date hereof and end three (3) months after the date hereof (the “Term”); provided, however, in the event an Offering is consummated during the Term, the Term shall be extended to be twelve (12) months from the date hereof.  Notwithstanding anything to the contrary contained herein, the Company agrees that the provisions relating to the payment of fees, reimbursement of expenses, indemnification and contribution, confidentiality, conflicts, independent contractor and waiver of the right to trial by jury will survive any termination of this Agreement.  Subject to the last two sentences of this paragraph, during Wainwright’s engagement hereunder: (i) the Company will not, and will not permit its representatives to, other than in coordination with Wainwright, contact or solicit institutions, corporations or other entities or individuals as potential purchasers of the Securities and (ii) the Company will not pursue any financing transaction which would be in lieu of a Offering. Furthermore, again, subject to the last two sentences of this paragraph, the Company agrees that during Wainwright’s engagement hereunder, all inquiries, whether direct or indirect, from prospective investors will be referred to Wainwright and will be deemed to have been contacted by Wainwright in connection with an Offering Until a first Closing occurs, the Company may issue and sell securities of the Company in a private placement in an amount, not exceeding $500,000 in the aggregate and in no more than two offerings, on the following terms (each, a  “Company Offering”):  The Company Offering shall consist of units at per unit price of $1.00, with each unit consisting of (a) one share of unregistered common stock of the Company and (b) a common stock purchase warrant to purchase one share of unregistered common stock at an exercise price of $2.50 per share.  The Company Offering shall be made to (i) current non-institutional accredited investors of the Company and (ii) up to five (5) non-institutional accredited investors who have been previously approached by the Company and are listed on Schedule I attached hereto.

 

	
  

	
c.

	Information; Reliance.  The Company shall furnish, or cause to be furnished, to Wainwright all information requested by Wainwright for the purpose of rendering services hereunder (all such information being the “Information”).  In addition, the Company agrees to make available to Wainwright upon request from time to time the officers, directors, accountants, counsel and other advisors of the Company. The Company recognizes and confirms that Wainwright (a) will use and rely on the Information, including any documents provided to investors in each Offering (the “Offering Documents” which shall include any Purchase Agreements (as defined below)), and on information available from generally recognized public sources in performing the services contemplated by this Agreement without having independently verified the same; (b) does not assume responsibility for the accuracy or completeness of the Offering Documents or the Information and such other information; and (c) will not make an appraisal of any of the assets or liabilities of the Company.  Upon reasonable request, the Company will meet with Wainwright or its representatives to discuss all information relevant for disclosure in the Offering Documents and will cooperate in any

  

  

  

investigation undertaken by Wainwright thereof, including any document included or incorporated by reference therein.  At each Offering, at the request of Wainwright, the Company shall deliver such legal letters, comfort letters and officer’s certificates, all in form and substance satisfactory to Wainwright and its counsel as is customary for such Offering.  Wainwright shall be a third party beneficiary of any representations, warranties, covenants and closing conditions made by the Company in any Offering Documents, including representations, warranties, covenants and closing conditions made to any investor in an Offering.

D.         Related Agreements.  At each Offering, the Company shall enter into the following additional agreements:

	
  

	
(1)

	
Underwritten Offering.  If an Offering is an underwritten Offering, the Company and Wainwright shall enter into a customary underwriting agreement in form and substance satisfactory to Wainwright and its counsel.

	
  

	
(2)

	
Best Efforts Offering.  If an Offering is on a best efforts basis, the sale of Securities to the investors in the Offering will be evidenced by a purchase agreement (“Purchase Agreement”) between the Company and such investors in a form reasonably satisfactory to the Company and Wainwright.  Prior to the signing of any Purchase Agreement, officers of the Company with responsibility for financial affairs will be available to answer inquiries from prospective investors.

	
  

	
(3)

	
Escrow.  In respect of each Offering, the Company and Wainwright shall enter into an escrow agreement with a third party escrow agent pursuant to which Wainwright’s compensation shall be paid from the gross proceeds of the Securities sold.  The Company shall bear the cost of the escrow agent.

	
  

	
(4)

	
FINRA Amendments.  Notwithstanding anything herein to the contrary, in the event that Wainwright determines that any of the terms provided for hereunder shall not comply with a FINRA rule, including but not limited to FINRA Rule 5110, then the Company shall agree to amend this Agreement (or include such revisions in the final underwriting) in writing upon the request of Wainwright to comply with any such rules; provided that any such amendments shall not provide for terms that are less favorable to the Company.

E.         Confidentiality.  In the event of the consummation or public announcement of any Offering, Wainwright shall have the right to disclose its participation in such Offering, including, without limitation, the Offering at its cost of “tombstone” advertisements in financial and other newspapers and journals.

F.         Indemnity.

1.           In connection with the Company’s engagement of Wainwright as Offering agent, the Company hereby agrees to indemnify and hold harmless Wainwright and its affiliates, and the respective controlling persons, directors, officers, members, shareholders, agents and employees of any of the foregoing (collectively the “Indemnified Persons”), from and against any and all claims, actions, suits, proceedings (including those of shareholders), damages, liabilities and expenses incurred by any of them (including the reasonable fees and expenses of counsel), as incurred, (collectively a “Claim”), that are (A) related to or arise out of (i) any actions taken or omitted to be taken (including

  

  

  

any untrue statements made or any statements omitted to be made) by the Company, or (ii) any actions taken or omitted to be taken by any Indemnified Person in connection with the Company’s engagement of Wainwright, or (B) otherwise relate to or arise out of Wainwright’s activities on the Company’s behalf under Wainwright’s engagement, and the Company shall reimburse any Indemnified Person for all expenses (including the reasonable fees and expenses of counsel) as incurred by such Indemnified Person in connection with investigating, preparing or defending any such claim, action, suit or proceeding, whether or not in connection with pending or threatened litigation in which any Indemnified Person is a party.  The Company will not, however, be responsible for any Claim that is finally judicially determined to have resulted from the gross negligence or willful misconduct of any person seeking indemnification for such Claim.  The Company further agrees that no Indemnified Person shall have any liability to the Company for or in connection with the Company’s engagement of Wainwright except for any Claim incurred by the Company as a result of such Indemnified Person’s gross negligence or willful misconduct.

2.           The Company further agrees that it will not, without the prior written consent of Wainwright, settle, compromise or consent to the entry of any judgment in any pending or threatened Claim in respect of which indemnification may be sought hereunder (whether or not any Indemnified Person is an actual or potential party to such Claim), unless such settlement, compromise or consent includes an unconditional, irrevocable release of each Indemnified Person from any and all liability arising out of such Claim.

3.           Promptly upon receipt by an Indemnified Person of notice of any complaint or the assertion or institution of any Claim with respect to which indemnification is being sought hereunder, such Indemnified Person shall notify the Company in writing of such complaint or of such assertion or institution but failure to so notify the Company shall not relieve the Company from any obligation it may have hereunder, except and only to the extent such failure results in the forfeiture by the Company of substantial rights and defenses.  If the Company so elects or is requested by such Indemnified Person, the Company will assume the defense of such Claim, including the employment of counsel reasonably satisfactory to such Indemnified Person and the payment of the fees and expenses of such counsel. In the event, however, that legal counsel to such Indemnified Person reasonably determines that having common counsel would present such counsel with a conflict of interest or if the defendant in, or target of, any such Claim, includes an Indemnified Person and the Company, and legal counsel to such Indemnified Person reasonably concludes that there may be legal defenses available to it or other Indemnified Persons different from or in addition to those available to the Company, then such Indemnified Person may employ its own separate counsel to represent or defend him, her or it in any such Claim and the Company shall pay the reasonable fees and expenses of such counsel.  Notwithstanding anything herein to the contrary, if the Company fails timely or diligently to defend, contest, or otherwise protect against any Claim, the relevant Indemnified Party shall have the right, but not the obligation, to defend, contest, compromise, settle, assert crossclaims, or counterclaims or otherwise protect against the same, and shall be fully indemnified by the Company therefor, including without limitation, for the reasonable fees and expenses of its counsel and all amounts paid as a result of such Claim or the compromise or settlement thereof.  In addition, with respect to any Claim in which the Company assumes the defense, the Indemnified Person shall have the right to participate in such Claim and to retain his, her or its own counsel therefor at his, her or its own expense.

4.           The Company agrees that if any indemnity sought by an Indemnified Person hereunder is held by a court to be unavailable for any reason then (whether or not Wainwright is the Indemnified

  

  

  

Person), the Company and Wainwright shall contribute to the Claim for which such indemnity is held unavailable in such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and Wainwright on the other, in connection with Wainwright’s engagement referred to above, subject to the limitation that in no event shall the amount of Wainwright’s contribution to such Claim exceed the amount of fees actually received by Wainwright from the Company pursuant to Wainwright’s engagement.  The Company hereby agrees that the relative benefits to the Company, on the one hand, and Wainwright on the other, with respect to Wainwright’s engagement shall be deemed to be in the same proportion as (a) the total value paid or proposed to be paid or received by the Company pursuant to the applicable Offering (whether or not consummated) for which Wainwright is engaged to render services bears to (b) the fee paid or proposed to be paid to Wainwright in connection with such engagement.

5.           The Company’s indemnity, reimbursement and contribution obligations under this Agreement (a) shall be in addition to, and shall in no way limit or otherwise adversely affect any rights that any Indemnified Party may have at law or at equity and (b) shall be effective whether or not the Company is at fault in any way.

G.         Limitation of Engagement to the Company.  The Company acknowledges that Wainwright has been retained only by the Company, that Wainwright is providing services hereunder as an independent contractor (and not in any fiduciary or agency capacity) and that the Company’s engagement of Wainwright is not deemed to be on behalf of, and is not intended to confer rights upon, any shareholder, owner or partner of the Company or any other person not a party hereto as against Wainwright or any of its affiliates, or any of its or their respective officers, directors, controlling persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), employees or agents.  Unless otherwise expressly agreed in writing by Wainwright, no one other than the Company is authorized to rely upon this Agreement or any other statements or conduct of Wainwright, and no one other than the Company is intended to be a beneficiary of this Agreement.  The Company acknowledges that any recommendation or advice, written or oral, given by Wainwright to the Company in connection with Wainwright’s engagement is intended solely for the benefit and use of the Company’s management and directors in considering a possible Offering, and any such recommendation or advice is not on behalf of, and shall not confer any rights or remedies upon, any other person or be used or relied upon for any other purpose.  Wainwright shall not have the authority to make any commitment binding on the Company.  The Company, in its sole discretion, shall have the right to reject any investor introduced to it by Wainwright.

H.         Limitation of Wainwright’s Liability to the Company.  Wainwright and the Company further agree that neither Wainwright nor any of its affiliates or any of its their respective officers, directors, controlling persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), employees or agents shall have any liability to the Company, its security holders or creditors, or any person asserting claims on behalf of or in the right of the Company (whether direct or indirect, in contract, tort, for an act of negligence or otherwise) for any losses, fees, damages, liabilities, costs, expenses or equitable relief arising out of or relating to this Agreement or the services rendered hereunder, except for losses, fees, damages, liabilities, costs or expenses that arise out of or are based on any action of or failure to act by Wainwright and that are finally judicially determined to have resulted solely from the gross negligence or willful misconduct of Wainwright.

  

  

  

I.         Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be fully performed therein.  Any disputes that arise under this Agreement, even after the termination of this Agreement, will be heard only in the state or federal courts located in the City of New York, State of New York.  The parties hereto expressly agree to submit themselves to the jurisdiction of the foregoing courts in the City of New York, State of New York. The parties hereto expressly waive any rights they may have to contest the jurisdiction, venue or authority of any court sitting in the City and State of New York.  In the event of the bringing of any action, or suit by a party hereto against the other party hereto, arising out of or relating to this Agreement, the party in whose favor the final judgment or award shall be entered shall be entitled to have and recover from the other party the costs and expenses incurred in connection therewith, including its reasonable attorneys’ fees.  Any rights to trial by jury with respect to any such action, proceeding or suit are hereby waived by Wainwright and the Company.

J.         Notices.  All notices hereunder will be in writing and sent by certified mail, hand delivery, overnight delivery or fax, if sent to Wainwright, to H. C. Wainwright & Co. LLC, at the address set forth on the first page hereof, fax number (212) 356-0536, Attention: Head of Investment Banking, and if sent to the Company, to the address set forth on the first page hereof, fax number (206) 299-9208 Attention: Glynn Wilson, Chief Executive Officer.  Notices sent by certified mail shall be deemed received five days thereafter, notices sent by hand delivery or overnight delivery shall be deemed received on the date of the relevant written record of receipt, and notices delivered by fax shall be deemed received as of the date and time printed thereon by the fax machine.

K.         Conflicts.  The Company acknowledges that Wainwright and its affiliates may have and may continue to have investment banking and other relationships with parties other than the Company pursuant to which Wainwright may acquire information of interest to the Company. Wainwright shall have no obligation to disclose such information to the Company or to use such information in connection with any contemplated transaction.

L.         Anti-Money Laundering.  To help the United States government fight the funding of terrorism and money laundering, the federal laws of the United States requires all financial institutions to obtain, verify and record information that identifies each person with whom they do business. This means we must ask you for certain identifying information, including a government-issued identification number (e.g., a U.S. taxpayer identification number) and such other information or documents that we consider appropriate to verify your identity, such as certified articles of incorporation, a government-issued business license, a partnership agreement or a trust instrument.

M.        Miscellaneous.  The Company represents and warrants that it has all requisite power and authority to enter into and carry out the terms and provisions of this Agreement and the execution, delivery and performance of this Agreement does not breach or conflict with any agreement, document or instrument to which it is a party or bound.   This Agreement shall not be modified or amended except in writing signed by Wainwright and the Company.  This Agreement shall be binding upon and inure to the benefit of both Wainwright and the Company and their respective assigns, successors, and legal representatives.  This Agreement constitutes the entire agreement of Wainwright and the Company with respect to this Offering and supersedes any prior agreements with respect to the subject matter hereof.  If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect, and the remainder of the Agreement shall remain in full force and effect.  This Agreement may be executed in counterparts (including facsimile counterparts), each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

*********************

  

  

  

In acknowledgment that the foregoing correctly sets forth the understanding reached by Wainwright and the Company, please sign in the space provided below, whereupon this letter shall constitute a binding Agreement as of the date indicated above.

Very truly yours,

H.C. WAINWRIGHT & CO., LLC

By: /s/ Mark Viklund

     Name: Mark Viklund

     Title: CEO

Accepted and Agreed:

TAPIMMUNE, INC.

By: /s/ Glynn Wilson

Name:  Glynn Wilson, Ph.D

Title:    Chairman & CEO

  

  

  

SCHEDULE I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

January 10, 2015

STRICTLY CONFIDENTIAL

Glynn Wilson, Ph.DChairman & CEO

TapImmune, Inc.1551 Eastlake Avenue East, Suite 100Seattle, WA 98102

 

 

Dear Dr. Wilson:

           Reference is made to the exclusive engagement letter (the “Engagement Letter”), dated July 29, 2014, by and between TapImmune Inc. (the “Company”) and H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which Wainwright shall serve as the exclusive investment bank of the Company during the “Term” (as defined in the Engagement Letter).

 

    The Company and Wainwright hereby agree to amend the exclusive Engagement Letter in order to permit the Company to compensate Olympus Securities, LLC as co-agent with up to 50% of the cash fee payable to Wainwright and Wainwright Warrants issuable to Wainwright from gross proceeds received by the Company in an Offering in the denominations from the investors as set forth on Schedule 2 attached hereto, provided that such Offering shall have been consummated on or about January 12, 2015.  As such, the following sentence shall be added after the last sentence of Section A(1) of the Engagement Letter:

 

    “Notwithstanding anything herein to the contrary, Olympus Securities, LLC (“Olympus”) shall be entitled to receive up to 50% of the cash fee payable to Wainwright for gross proceeds received by the investors as set forth on Schedule 2 attached hereto in an Offering, provided that such Offering shall have been consummated on or about January 12, 2015. For clarity, any fees payable to Wainwright as a result of the exercise of the warrants issued pursuant to such Offering that is consummated on or about January 12, 2015 to those investors listed on Schedule 2 attached hereto shall be payable 67% to Wainwright and 33% to Olympus. Excluding the aforementioned, no other compensation shall be payable to Olympus in respect in of any other transactions during Wainwright’s exclusive term including compensation .payable to Wainwright pursuant to the exercise of warrants issued prior to January 12, 2015 to the investors listed on Schedule 2 attached hereto.”

 

    In addition, the following sentence shall be added to the last sentence of Section A(2) of the Engagement Letter:

 

    “Notwithstanding anything herein to the contrary, Olympus shall be entitled to receive up to 50% of the Wainwright Warrants issuable in connection with shares of Common Stock purchased by the investors as set forth on Schedule 2 attached hereto in an Offering, provided that such Offering shall have been consummated on or about January 12, 2015. For clarity, any equity fees payable to Wainwright as a result of the exercise of the warrants issued pursuant to such Offering that is consummated on or about January 12, 2015 to those investors listed on Schedule 2 attached hereto shall be payable 67% to Wainwright and 33% to Olympus. For clarity, except as expressly set forth herein, no compensation shall be payable to Olympus in respect in of any other transactions during Wainwright’s exclusive term including equity fees payable to Wainwright pursuant to the exercise of warrants issued prior to January 12, 2015  to the investors listed on Schedule 2 attached hereto.”

430 Park Avenue  |  New York, New York 10022  |  212.356.0500  |  www.hcwco.com

Member: FINRA/SIPC

  

  

  

Except as expressly set forth above, all of the terms and conditions of the exclusive Engagement Letter shall continue in full force and effect after the execution of this agreement and shall not be in any way changed, modified or superseded by the terms set forth herein.  Defined terms used herein but not defined herein shall have the meanings given to such terms in the exclusive Engagement Letter.

This agreement may be executed in two or more counterparts and by facsimile or “.pdf” signature or otherwise, and each of such counterparts shall be deemed an original and all of such counterparts together shall constitute one and the same agreement.

IN WITNESS WHEREOF, this agreement is executed as of the date first set forth above.

     Very truly yours,

 

H.C. WAINWRIGHT & CO., LLC

 

By: /s/ Mark W. Viklund

     Name: Mark Viklund

     Title: CEO

Accepted and Agreed:

TapImmune Inc.

By: /s/ Glynn Wilson

Name:  Glynn Wilson, Ph.D

Title:    Chairman & CEO

[Signature Page to TPIV Engagement Letter Amendment]

  

  

  

 

Schedule 2

 

	
Investor

	
Amount

	
Agent Cash Fee

	
Agent Warrant

	
Agent

	
Empery

	
$464,000

	
$34,480 (7%)

	
116,000 Warrants (5%)

	
Wainwright

	  	  	  	  	  
	
Iroquois

	
$500,000

	
$17,500 (3.5%)

	
62,500 Warrants (2.5%)

	
Wainwright

	  	  	
$17,500 (3.5%)

	
62,500 Warrants (2.5%)

	
Olympus

	  	  	  	  	  
	
Brio

	
$500,000

	
$17,500 (3.5%)

	
62,500 Warrants (2.5%)

	
Wainwright

	  	  	
$17,500 (3.5%)

	
62,500 Warrants (2.5%)

	
Olympusexhibit10-3.htm

 

 

OLYMPUS SECURITIES, LLC

January 12, 2015

Glynn Wilson

TapImmune Inc.

 

1551 Eastlake Avenue East

 

Suite 100

 

Seattle, WA 98102

 

Dear Glynn:

    

The purpose of this letter agreement (the “Agreement”) is to set forth the terms and conditions pursuant to which Olympus Securities, LLC (“Finder”) shall introduce TapImmune, Inc. (together with any and all subsidiaries, affiliates, successors and other controlled persons or entities, either presently existing or formed subsequent to the execution of this Agreement, collectively,  the “Company”) to one or more investors (“Investors”) in connection with the proposed private offering  and sale (the “Offering”) of securities and/or debt instruments (the “Securities”) of the Company. The terms of such Offering and the Securities shall be mutually agreed upon by the Company and the Investor(s)

In consideration of the services rendered by Finder under this Agreement, the Company agrees to pay the Finder at the Closing of any Offering from the proceeds thereof and as a condition to Closing the following fees and other compensation:

	
(A)

	
At each closing of the sale of Securities during the Term and as a condition precedent to the sale of such Securities, the Company shall pay Finder a cash fee equal to 2.4% of the gross proceeds from the sale of Securities.

	
(B)

	
At each closing of the sale of Securities during the Term and as a condition precedent to the sale of such Securities, the Company shall issue to Finder or its designees, as determined by Finder, warrants (the “Warrants”) to purchase 1.7% of the Securities sold at such closing.  The Warrants shall in the form and substance as those acquired by the investors in the offering but shall be limited from transfer for the first 180 days as per FINRA Rule 5110.

	
(C)

	
If any of the Investors in the Offering exercise any warrants acquired by them in the Offering, the Finder shall receive a fee equal to 33% of the total fee due H.C. Wainwright & Co., LLC (“Wainwright”) under the Wainwright engagement agreement dated July 29, 2014 and amended January 10, 2015.

17O CHANGEBRIDGE ROAD • MONTVILLE • NJ  07045

Phone: (646) 780-8833 • Fax: (973) 575-0730

  

  

  

	
(D)

	
The Company shall periodically reimburse Finder for it’s out of pocket expenses, including in connection with the Offering, not to exceed $500 without the prior consent of the Company.

The Company agrees to engage legal counsel that is mutually acceptable to the Company and the Finder at the Company’s expense for all legal matters related to the proposed offering, including the preparation and review of offering documents and required filings, if any. The Company represents and warrants that any information furnished to Finder for use in any business plans, partnering plans, financial models or strategies, and/or business arrangement(s), to the best of the Company’s knowledge and belief, will contain no untrue statement of any material fact nor omit any material fact which would make the information misleading.  The Company further warrants that if the circumstances relating to information or documents furnished to Finder change in any material respect at any time, the Company will inform Finder promptly of the changes and immediately deliver to Finder documents or information necessary to ensure the continued accuracy and completeness of all information and documents.

The Company shall indemnify and hold Finder harmless pursuant to the terms set forth on Exhibit A annexed hereto, which is incorporated by reference as if set forth verbatim herein.  The Company acknowledges that Finder has entered into this Agreement in material reliance upon the indemnities set forth in Exhibit A.

              This Agreement may be executed in any number of counterparts, each of which together shall constitute one and the same original document.  This Agreement may be executed and delivered by exchange of facsimile copies showing the parties’ signatures, and those signatures need not be affixed to the same copy.  The facsimile copies showing the signatures of the parties will constitute originally signed copies of the same Agreement requiring no further execution. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to its conflict of law principles (other than Section 5-1401 of the New York General Obligations Law).  The parties hereby agree that any dispute between them arising out of or in connection with this Agreement shall be adjudicated before a court located in New York City, and they hereby submit to the exclusive jurisdiction of the courts of the State of New York located in New York, New York and of the federal courts in the Southern District of New York with respect to any action or legal proceeding commenced by any party, and irrevocably waive any objection they now or hereafter may have respecting the venue of any such action or proceeding brought in such a court or respecting the fact that such court is an inconvenient forum, relating to or arising out of this Agreement, and consent to the service of process in any such action or legal proceeding by means of registered or certified mail, return receipt requested, in care of the address set forth above.  THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

 

 

 

17O CHANGEBRIDGE ROAD • MONTVILLE • NJ  07045

PHONE: (646) 780-8833 • FAX: (973) 575-0730

  

  

  

 

(F)      Confidential Information. For the purpose of the Agreement, “Information” shall mean and include all contracts and agreements and the terms thereof, to which the Company may be a party; all internal non-public business, technical and financial information, analyses, forecasts and projections of the business of the Company and any direct or indirect operating subsidiary; all business plans of the Company and its subsidiaries; all pending or proposed proposals for new or renewed contracts; the names, business and financial arrangements to which the Company is a party; the names and terms of employment relationships between the Company and any of its employees and/or operating subsidiaries; all detail and back up information relating to actual, pro forma or forecasted operations supplied to Finder by the Company; any other information which, by its nature, would be understood by a reasonable person to be proprietary and confidential to   the owner of such information; and all data or information prepared by the Company at the request of the Finder. Finder will maintain the confidentiality of the Information and, unless and until such information shall have been made publicly available by the Company or by others without breach of a confidentiality agreement, shall disclose the information only as authorized by the Company or as required by law or by order of a governmental authority or court of competent jurisdiction.  In the event that Finder is legally required to make disclosure of any of the Information, the Finder will give notice to the Company prior to such disclosure, as early as Finder  can practically do so.

 

The foregoing paragraph shall not apply to information that: 

 

	
  

	
1.               At the time of disclosure by the Company is, or thereafter becomes, generally available to the public or within the industries in which the Company or the Finder  or its Affiliates conduct business, other than as a direct result of a breach by the Finder   of its obligations under this Agreement;

 

	
  

	
2.               Prior to or at the time of disclosure by the Company, was already in the possession of, or, conceived by, the Finder  or any of its affiliates, or could have been developed by them from information then in their possession, by the application of other information or techniques in their possession, generally available to the public, or available to the Finder   its affiliates other than from the Company;

 

	
  

	
3.               At the time of disclosure by the Company or thereafter, is obtained by the Finder or any of its affiliates from a third party not in violation of any contractual, legal or fiduciary obligation to the Company with respect to that information; or is independently developed by Finder  or its Affiliates.

 

This Agreement together with the attached Exhibit A constitutes the entire understanding and agreement between the parties hereto with respect to its subject matter and there are no agreements or understandings with respect to the subject matter hereof which are not contained in this Agreement. This Agreement may be modified only in writing signed by the party to be charged hereunder.

 If the foregoing correctly sets forth our agreement, please confirm this by signing and returning to us the duplicate copy of this letter.

17O CHANGEBRIDGE ROAD • MONTVILLE • NJ  07045

PHONE: (646) 780-8833 • FAX: (973) 575-0730

  

  

  

Very truly yours,

Olympus Securities LLC

 

 

By: /s/ Jeffrey Berman__________

Name: Jeffrey Berman

Title:   Senior Managing Director

Agreed to and accepted

as of date written above:

 

 

TapImmune Inc.

By: /s/ Glynn Wilson____________                                                                                      

      Name:     Mr. Glynn Wilson, Ph.D.

      Title:      Chief Executive Officer                                                                           

 

 

 

 

 

 

[signature page to Olympus Retainer Agreement

dated January 12, 2015]

17O CHANGEBRIDGE ROAD • MONTVILLE • NJ  07045

PHONE: (646) 780-8833 • FAX: (973) 575-0730

  

  

  

 

 

EXHIBIT A

INDEMNIFICATION PROVISIONS

Capitalized terms used in this Exhibit shall have the meanings ascribed to such terms in the Agreement to which this Exhibit is attached.

TapImmune, Inc. agrees to indemnify and hold harmless the Finder, the Selected Dealers and their respective officers, directors, members, managing members, employees and each person, if any, who controls the Finder within the meaning of the Securities Act of 1933, as amended (the “Act”), from and against any and all losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements, and any and all actions, suits, proceedings and investigations in respect thereof and any and all legal and other costs, expenses and disbursements in giving testimony or furnishing documents in response to a subpoena or otherwise (including, without limitation, the costs, expenses and disbursements, as and when incurred, of investigating, preparing, pursing or defending any such action, suit, proceeding or investigation (whether or not in connection with litigation in which any indemnified party is a party)), directly or indirectly, caused by, relating to, based upon, arising out of, or in connection with the offer and sale of the Securities under the Agreement between the Company and the Finder to which these indemnification provisions are attached and form a part (the “Agreement”), any breach by the Company of any representation, warranty, covenant or agreement contained in the Agreement, or the enforcement by the Finder of its rights under the Agreement or these indemnification provisions, provided, however, that the Company will not be liable in any such case to the extent that any such claim, damage or liability results from (A) an untrue statement or alleged untrue statement of a material fact made in the Offering Documents, or an omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, made solely in reliance upon and in conformity with written information furnished to the Company by the Finder specifically for use in the preparation thereof, (B) any violations by the Finder of the Act or state securities laws that does not result from a violation thereof by the Company or any of its affiliates, or (C) to the extent that any loss, claim, damage or liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted primarily from the Finder’s willful misconduct or gross negligence.

Promptly after receipt by an indemnified party under these provisions of notice of the commencement of any action, claim, proceeding or investigation (the “Action”), such indemnified party, if a claim in respect thereof is to be made against the indemnifying party under these provisions, will notify the indemnifying party of the commencement thereof, but the omission to so notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party under these provisions unless the indemnifying party has been substantially prejudiced by such omission. The indemnifying party will be entitled to participate in, and, to the extent that it may wish, jointly with any other indemnifying party, to assume the defense thereof subject to the provisions herein stated, with counsel reasonably satisfactory to such indemnified party. The indemnified party will have the right to employ separate counsel in any such Action and to

17O CHANGEBRIDGE ROAD • MONTVILLE • NJ  07045

PHONE: (646) 780-8833 • FAX: (973) 575-0730

  

  

  

participate in the defense thereof, but the fees and expenses of such counsel will not be at the expense of the indemnifying party if the indemnifying party has assumed the defense of the Action with counsel reasonably satisfactory to the indemnified party, unless (i) the employment of such counsel has been authorized in writing by the indemnifying party, (ii) the indemnified party has reasonably concluded (based upon advice of counsel to the indemnified party) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or that a conflict or potential conflict exists (based upon advice of counsel to the indemnified party) between the indemnified party and the indemnifying party that makes it impossible or inadvisable for counsel to the indemnifying party to conduct the defense of both the indemnifying party and the indemnified party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party), or (iii) the indemnifying party has not in fact employed counsel reasonably satisfactory to the indemnified party to assume the defense of such action within a reasonable time after receiving notice of the action, suit or proceeding, in each of which cases the reasonable fees, disbursements and other charges of such counsel will be at the expense of the indemnifying party; provided, further, that in no event shall the indemnifying party be required to pay fees and expenses for more than one firm of attorneys representing indemnified parties unless the defense of one indemnified party is unique or separate from that of another indemnified party subject to the same claim or action.. No settlement of any Action against an indemnified party will be made without the consent of the indemnifying party and the indemnified party, which consent shall not be unreasonably withheld or delayed in light of all factors of importance to such party and no indemnifying party shall be liable to indemnify any person for any settlement of any such claim effected without such indemnifying party’s consent.

To provide for just and equitable contribution, if (i) an indemnified party makes a claim for indemnification pursuant to these provisions and it is finally determined, by a judgment, order or decree not subject to further appeal that such claims for indemnification may not be enforced, even though this Agreement expressly provides for indemnification in such case; or (ii) any indemnified or indemnifying party seeks contribution under the Act, the Exchange Act or otherwise, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Finder on the other in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Finder on the other shall be deemed to be in the same proportion as the total net proceeds from the Offering (before deducting expenses) received by the Company bear to the total commissions and fees actually received by the Finder. The relative fault, in the case of an untrue statement, alleged untrue statement, omission or alleged omission will be determined by, among other things, whether such statement, alleged statement, omission or alleged omission relates to information supplied by the Company or by the Finder, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement, alleged statement, omission or alleged omission. The Company and the Finder agree that it would be unjust and inequitable if the respective obligations of the Company and the Finder for contribution were determined by pro rata allocation of the aggregate losses, liabilities, claims, damages and expenses or by any other method or allocation that does not reflect the equitable considerations referred to in these provisions. No person guilty of a fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) will be entitled to contribution from any person who is not guilty of such fraudulent misrepresentation. Anything in these provisions to the contrary notwithstanding, no party will be liable for contribution with respect to the settlement of any claim or action effected without its written consent.

Neither termination nor completion of the Agreement shall affect these Indemnification Provisions which shall remain operative and in full force and effect.  The Indemnification Provisions shall be binding upon the Company and the Finder and their successors and assigns and shall inure to the benefit of the indemnified parties and their respective successors, assigns, heirs and personal representatives.

 

17O CHANGEBRIDGE ROAD • MONTVILLE • NJ  07045

PHONE: (646) 780-8833 • FAX: (973) 575-0730

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