Document:

Unassociated Document

Exhibit 10.39

 

Termination of Engagement Letter

This agreement (the “Agreement”) dated as of November 23, 2010, shall set forth the arrangement between Oppenheimer & Co. Inc. (“Oppenheimer”), and SyntheMed, Inc. (the “Company”), with respect to the proposed termination of that certain letter-agreement between Oppenheimer and the Company dated as of October 20, 2009 (the “Letter Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings afforded them in the Letter Agreement.

1.           Subject to the terms hereof, the Company and Oppenheimer acknowledge and agree that the Letter Agreement is hereby terminated effective as of the date hereof (except for the provisions thereof which shall survive termination as set forth below);

2.           It is hereby acknowledged that the Company is currently contemplating a merger or similar transaction with Pathfinder, LLC involving a change in control of the Company (the “Pathfinder Transaction”). In consideration of Oppenheimer agreeing to terminate the Letter Agreement, the parties hereby agree that, upon the consummation of the Pathfinder Transaction (and regardless of when such transaction is ultimately consummated), and in lieu of the payment of any other fee in respect thereof, the Company shall:

	
  

	
(i)

	
pay to Oppenheimer an alternative fee of $75,000 in cash; such fee to be paid on the later of the date of the consummation of the Pathfinder Transaction or on the closing of an equity offering by the Company raising a minimum of $3 million of gross proceeds, and in accordance with the wire instructions set forth on Annex A hereto: and

	
  

	
(ii)

	
issue to Oppenheimer 3,000,000 shares of the Company’s common stock (subject to adjustment for splits and the like). In addition, such issuance of common shares shall be affected in accordance with documentation in form and substance satisfactory to Oppenheimer and the Company.

3.           Notwithstanding the termination of the Letter Agreement, it is understood and agreed that the provisions of the Letter Agreement relating to indemnification and contribution, independent contractor, conflicts, confidentiality and waiver of the right to trial by jury shall survive such termination.

4.           Except with respect to those obligations set forth in this Agreement (including with respect to those provisions of the Letter Agreement listed in Section 3 above that expressly survive the termination thereof), Oppenheimer hereby irrevocably and unconditionally relieves and releases the Company from any obligation of the Company under the Letter Agreement including, without limitation, any obligation to pay Oppenheimer any financial advisory fee or other fee pursuant to the Letter Agreement.

5.           The validity, interpretation and enforcement of this Agreement matters arising out of or related to this Agreement or its making, performance or breach, and/or related matters will 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.

6.           The parties irrevocably submit to the exclusive jurisdiction of any court of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding concerning the validity, interpretation and enforcement of this Agreement, matters arising out of or related to this Agreement or its making, performance or breach, and/or related matters

7.           Each of the parties hereto hereby waives any right it may have to a trial by jury in respect of any claim brought by or on behalf of either party based upon, arising out of or in connection with this Agreement.

8.           This Agreement constitutes the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior understanding or agreements between the parties with respect thereto, whether oral or written, express or implied. Any amendments or modifications must be executed in writing by both parties. This Agreement and all rights, liabilities and obligations hereunder shall be binding upon and inure to the benefit of each party’s successors but may not be assigned without the prior written approval of the other party. This Agreement may be executed in any number of counterparts delivered by facsimile or PDF, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument

 

  

  

  

 

	
Oppenheimer & Co. Inc.

	  	  
	
By:

	
/s/ Kee Colen

	  
	  	
Kee Colen

	  	
Managing Director

	  	  
	
SyntheMed, Inc,

	  	  
	
By:

	
/s/ Robert P. Hickey

	  
	  	
Robert P. Hickey

	  	
Chief Executive OfficerUnassociated Document

Exhibit 10.1

 

MANAGEMENT AGREEMENT

 

THIS MANAGEMENT AGREEMENT (the “Agreement”) is entered into as of March 21, 2011 (the “Effective Date”) by and between NOBLE MEDICAL TECHNOLOGIES, INC., a Delaware corporation (the “Company”) and TRINAD MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).

 

WITNESSETH:

 

WHEREAS, pursuant to this Agreement the Company shall utilize the Manager’s services on an ongoing basis for certain management services from the Effective Date and continuing until the expiration or termination of this Agreement pursuant to the terms contained herein.

 

NOW THEREFORE, in consideration of the foregoing and of the covenants herein, it is mutually agreed as follows:

 

	
  

	
1.

	
The Company hereby retains Manager and Manager agrees to provide the Company with management services (the “Management Services”) under and subject to all of the terms, conditions and provisions hereof.

 

	
  

	
2.

	
The Management Services shall consist of certain management services, including, without limitation the sourcing, structuring and negotiation of a potential business combination transaction involving the Company.

 

	
  

	
3.

	
The Manager shall provide such Management Services pursuant to the terms and conditions hereof.  The Manager will provide the Management Services hereunder with the same care and diligence that it would exercise in the performance of such services for its own operations.

 

	
  

	
4.

	
As compensation for the Management Services provided pursuant to this Agreement, the Company agrees to pay the Manager a fee (the “Management Fee”) equal to $2,080,000, payable at the rate of $90,000 per each three (3) month period during the Term (the “Installments”), payable in advance at the beginning of each such three (3) month period, with a final payment of $1,000,000 (the “Final Payment”) becoming due and payable upon termination of this Agreement upon natural expiration of the Term or otherwise unless this Agreement shall terminate in accordance with Section 7(b) by reason of Manager’s material breach (and all of the compensation called for by this Section 4 shall be due and payable in the event of any early termination other than under Section 7(b) by reason of breach by Manager and with no duty to mitigate).  As an additional inducement to Manager to enter into this Agreement, concurrently upon execution hereof the Company shall execute and deliver to Manager the form of Warrant for 2,000,000 shares of Company’s Common Stock attached hereto as Exhibit “A”.

 

	
  

	
5.

	
It is expressly understood by all parties hereto that during the term hereof, the Manager will diligently devote such time and best efforts as is reasonably required in the performance of the Management Services and will perform the Management Services conscientiously, efficiently and to the best of its ability. Except as otherwise set forth herein or in other agreements with the Company, nothing contained in this Agreement shall preclude Manager from engaging in other business activities.

 

  

1

  

 

	
  

	
6.

	
Subject to Section 7 below, the term of this Agreement will commence on the Effective Date and will continue for a period of three (3) years (the “Term”).

 

	
                7.

	
(a)

	
 
The parties hereto may terminate this Agreement at any time by mutual written agreement.

 

	
  

	
(b)

	
Either party may terminate this Agreement effective immediately by giving written notice of termination to the other party hereto only in the event that such other party shall default in any material respect in the performance of any duty or obligation imposed upon it by this Agreement.

 

Upon the termination of this Agreement in accordance with the terms hereof, except as set forth in this Agreement, neither party hereto shall have any further obligation or liability to the other party hereunder.  The following provision of this Agreement shall survive such termination or expiration of this Agreement, Sections 7(d), 9, 10, 11, 12, 13 and 17.  Upon termination of this Agreement for any reason, the Manager shall deliver to the Company all records, contracts, agreements and other papers, documents or other materials which pertain to the Company’s business and activities associated therewith.

 

	
  

	
8.

	
This Agreement may not be assigned by the Manager without the prior written approval of the Company.

 

	
  

	
9.

	
The Manager shall not have or claim at any time, by virtue of its performance hereunder, any right, title or interest in any trade name, trademark, copyright or other similar rights or in any property or other tangible or intangible assets of any type owned by the Company and shall not have or claim at any time any right, title or interest in any other material, matter or asset of any sort prepared for or used in connection with the Company’s business or promotion.

 

	
  

	
10.

	
The Manager expressly agrees that all books and records relating in any manner whatsoever to the Company’s business and all other files, books and records and other material owned by the Company or used by it in connection with the conduct of its business, whether prepared by Manager’s personnel, contract employees or otherwise coming into Manager’s possession (collectively, the “Proprietary Information”), shall be the exclusive property of the Company, regardless of who actually prepared the Proprietary Information.  All such books and records and other materials shall be returned immediately to the Company upon termination of Manager’s services.  The Manager agrees that it shall not disclose, transfer, use, copy, or allow access to any such Proprietary Information to any employees or to any third parties, except for those who have a need to know such Proprietary Information in order to accomplish the requirements of this Agreement and who are bound by contractual obligations of confidentiality and limitation of use sufficient to give effect to this Section 10. In no event shall the Manager disclose any such Proprietary Information to any competitors of the Company.

 

  

2

  

 

	
                 11.

	
(a)

	
The Company shall indemnify and hold harmless the Manager and its officers, directors, stockholders and employees against all third person claims, liabilities, losses, costs and expenses (including reasonable legal and accounting fees) whether or not covered by insurance, caused or asserted to have been caused, directly or indirectly, by or as a result of (i) any acts or omissions of the Company and its employees or (ii) any breach of or failure to perform any obligation under this Agreement by the Company and/or its agents, employees and/or subcontractors (other than the Manager), except to the extent caused by the bad faith, gross negligence, willful misconduct or fraud of the Manager.

 

	
  

	
(b)

	
The Manager shall indemnify and hold harmless the Company and its  officers, directors, partners and employees against all third person claims, liabilities, losses, costs and expenses (including reasonable legal and accounting fees) whether or not covered by insurance, caused or asserted to have been caused, directly or indirectly, by or as a result of (i) any acts or omissions of the Manager and its employees or (ii) any breach of or failure to perform any obligation under this Agreement by the Manager and/or its agents, employees and/or subcontractors, except to the extent caused by the bad faith, gross negligence, willful misconduct or fraud of the Company.

 

 

	
  

	
12.

	
Any notice required or permitted to be given under this Agreement by one party hereto to the other shall be in writing and shall be deemed to have been given as of the second business day following the date of mailing if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid and properly addressed as follows:

 

	
 

	
To the Manager:

	 
TRINAD MANAGEMENT, LLC

	  	  	
2000 Avenue of the Stars, Suite 410

	  	  	
Los Angeles, CA 90067

	  	  	
Attention:  Robert Ellin

	 	 	 
	
 

	
To the Company:

	 
NOBLE MEDICAL TECHNOLOGIES, INC.

	  	  	
2000 Avenue of the Stars, Suite 410

	  	  	
Los Angeles, CA 90067

 

or such other addresses as the respective parties may in writing to the other designate.

 

  

3

  

 

	
  

	
13.

	
If a proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute, breach, default or misrepresentation in connection with any of the provisions of this Agreement, the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’ fees and other costs incurred in connection with that action or proceeding, in addition to any other relief to which such party or parties may be entitled.

 

	
  

	
14.

	
The parties hereto agree that this Agreement constitutes the entire and exclusive agreement between them pertaining to the subject matter contained herein, and supersedes all prior or contemporaneous agreement oral or written, conditions, representation, warranties, proposals and understandings of the parties pertaining to such subject matter.

 

	
  

	
15.

	
The provisions of this Agreement inure to the benefit of and are binding on the successor and assigns of the Company and the successor and assigns of Manager.  The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties hereto.  The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted.  No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar.  Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

 

	
  

	
16.

	
Should any paragraph or provision of this Agreement be held to be void, invalid or inoperative, it shall not affect any other paragraph or provision herein, and the remainder of this Agreement shall be effective as though such void, invalid or inoperative paragraph or provision had not been contained herein.

 

	
  

	
17.

	
This Agreement shall be governed by the laws of the State of California.

 

[Signature Page Follows]

 

  

4

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.

 

	 	 
TRINAD MANAGEMENT, LLC

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 	 
	 	 	 	 
	 	 
NOBLE MEDICAL TECHNOLOGIES, INC.

	 
	 	 	 	 
	 	By:  	 	 
	 	Name: 	 	 
	 	Title: 	 	 

  

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