Document:

immu_Ex10_2

		

			Exhibit 10.2

		

		

			 

		

		

			EXECUTION VERSION

		

		

			 

		

		
			STOCK PURCHASE AGREEMENT
		

		
			This Stock Purchase Agreement (this “Agreement”) is dated as of February 10, 2017 (the “Effective Date”), by and between Immunomedics, Inc., a Delaware corporation (the “Company”), and Seattle Genetics, Inc., a Delaware corporation (together with any valid assignees of its rights hereunder pursuant to Section ‎5.6, the “Purchaser”).
		

		
			WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, shares of common stock of the Company.
		

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

			
	
			
				Article I
			 

		
			DEFINITIONS
		

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

		
			“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with such Person as such terms are used in and construed under Rule 405 under the Securities Act. With respect to a Purchaser, any investment fund or managed account that is managed on a discretionary basis by the same investment manager as such Purchaser will be deemed to be an Affiliate of such Purchaser. 
		

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

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

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

		
			“Closing Date” means the Trading Day when all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchaser’s obligations to pay the Subscription Amount and (ii) the Company’s obligation to deliver the Shares has been satisfied or waived.
		

		
			“Commission” means the Securities and Exchange Commission.
		

		
			
		

		
			

		 

 

		

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

		
			“Common Stock Equivalents” means any securities of the Company or its subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants  or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.
		

		
			“Data Room” means the on-line “virtual data room” set up in connection with this Agreement (and prior to the date hereof) to allow the Purchaser to review diligence materials provided by the Company. 
		

		
			“Disqualification Events” shall have the meaning ascribed to such term in Section ‎3.1(o).
		

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

		
			“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.
		

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

		
			“Governmental Entity” means any:  (i) federal, state, local, municipal, foreign or other government; (ii) governmental, quasi-governmental, supranational or regulatory authority (including any governmental division, department, agency, commission, instrumentality, organization, unit or body and any court or other tribunal); or (iii) self-regulatory organization (including the Nasdaq Stock Market).
		

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

		
			“Material Adverse Effect” means any circumstance, development, effect, change, event, occurrence or state of facts that, individually or in the aggregate, has had or would reasonably be expected to have a material adverse effect on (i) the legality, validity or enforceability of any Transaction Document, (ii) the results of operations, assets, business or financial condition of the Company and its subsidiaries, taken as a whole, or (iii) the Company’s and its subsidiaries’ ability to perform in any material respect on a timely basis their respective obligations under any Transaction Document.
		

		
			“OFAC” means the Office of Foreign Assets Control of the U.S. Treasury Department.
		

		
			“Outside Date” shall have the meaning ascribed to such term in Section ‎2.2(c).
		

		
			
		

		
			

		 

		

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

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

		
			“Registration Rights Agreement” means the registration rights agreement, executed concurrently with this Agreement, between the Company and the Purchaser, in the form attached hereto as Exhibit A.  “Registration Rights Agreement” shall also include the registration rights agreement as amended, modified or supplemented from time to time in accordance with its terms.
		

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

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

		
			“Sarbanes-Oxley Act” means the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or implementing the provisions thereof.
		

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

		
			“Securities Act” shall have the meaning ascribed to such term in the Recitals hereto.
		

		
			“Shares” means the shares of Common Stock issued or issuable to the Purchaser pursuant to this Agreement.
		

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

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

		
			“Subscription Amount” means $14,691,930.
		

		
			“Trading Day” means a day on which the Trading Market is open for trading.
		

		
			“Trading Market” means the Nasdaq Global Market.
		

		
			“Transaction Documents” means this Agreement, the Registration Rights Agreement and any other documents or agreements executed in connection with the transactions contemplated hereunder. 
		

		
			
		

		
			

		 

		

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			“Transfer Agent” means Broadridge Corporate Issuer Solutions, Inc., the current transfer agent of the Company, with a mailing address of Broadridge Corporate Issuer Solutions, P.O. Box 1342, Brentwood, NY 11717, telephone number of (877) 830-4936, facsimile number of (215) 553-5402 and e-mail of shareholder@broadridge.com, and any successor transfer agent of the Company.
		

		
			“Warrant” shall have the meaning ascribed to such term in Section ‎4.8(a).
		

		
			“Warrant Expiration Date” shall have the meaning ascribed to such term in Section ‎4.8(a).
		

			
	
			
				Article II
			 

		
			PURCHASE AND SALE
		

			
	
			
				 2.1
			Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchaser agrees to purchase in the aggregate three million (3,000,000) Shares. The Purchaser shall deliver to the Company, via wire transfer, immediately available funds equal to the Subscription Amount, and the Company shall deliver to the Purchaser the Shares, and the Company and the Purchaser shall deliver the other items set forth in Section ‎2.2 at the Closing. Upon the satisfaction of the covenants and conditions set forth in Sections ‎2.2 and ‎2.3, the Closing shall occur at the offices of DLA Piper LLP (US), 51 John F. Kennedy Parkway, Suite 120, Short Hills, New Jersey 07078, or such other location as the parties shall mutually agree.

			
	
			
				 2.2
			Deliveries.

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

			
	
			
				 (i)
			this Agreement duly executed by the Company;

			
	
			
				 (ii)
			the Registration Rights Agreement duly executed by the Company; 

			
	
			
				 (iii)
			a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to issue the Shares into book entry; 

			
	
			
				 (iv)
			a customary opinion of DLA Piper LLP (US), as counsel for the Company, to the Purchaser, dated as of the Closing Date, in a form and substance reasonably acceptable to the Purchaser; 

			
	
			
				 (v)
			a certificate of the Secretary of State of Delaware certifying that the Company is duly incorporated under the laws of the State of Delaware and is in good standing and has a legal corporate existence so far as the records of the Secretary of State of Delaware show; 

		
			
		

		
			

		 

		

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				 (vi)
			a certificate of a duly authorized officer of the Company certifying that all conditions precedent to the Purchaser’s obligations in connection with Closing have been fulfilled; and

			
	
			
				 (vii)
			a certificate of the secretary of the Company certifying (A) the Company’s Second Amended and Restated By-Laws, (B) the Company’s Amended and Restated Certificate of Incorporation, as amended and (C)  the resolutions of the Board of Directors approving the Transaction Documents and the transactions contemplated hereby. 

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

			
	
			
				 (i)
			this Agreement duly executed by the Purchaser; 

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

			
	
			
				 (iii)
			a cash amount equal to the Subscription Amount by wire transfer to the account as specified in writing by the Company.

			
	
			
				 (c)
			If the Purchaser provides the cash amount set forth in Section ‎2.2(b)(iii) prior to the Closing Date and the Closing Date does not occur within one (1) Business Day following the receipt of such cash amount (the “Outside Date”), the Company shall return the full cash amount to the Purchaser within one (1) Business Day following the Outside Date.  The Company acknowledges that any cash amount received from the Purchaser prior to the Closing Date is property of the Purchaser and is being held in trust by the Company for the Purchaser until the occurrence of the Closing on the Closing Date. 

			
	
			
				 2.3
			Closing Conditions.

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

			
	
			
				 (i)
			the representations and warranties of the Purchaser contained herein shall be true and correct as of the Closing Date;

			
	
			
				 (ii)
			all obligations, covenants and agreements of the Purchaser required to be performed at or prior to the Closing Date shall have been performed; 

			
	
			
				 (iii)
			the Development and License Agreement, dated as of the date hereof, by and between the Purchaser and the Company (the “License Agreement”) shall have been executed by the Purchaser and the Company; and

			
	
			
				 (iv)
			the Purchaser shall have delivered to the Company each of the items set forth in Section ‎2.2(b) of this Agreement.

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

		
			
		

		
			

		 

		

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				 (i)
			the representations and warranties of the Company contained herein shall be true and correct as of the Closing Date;

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

			
	
			
				 (iii)
			the License Agreement shall have been executed by the Purchaser and the Company; and

			
	
			
				 (iv)
			the Company shall have delivered to the Purchaser each of the items set forth in Section ‎2.2(a) of this Agreement.

			
	
			
				Article III
			 

		
			REPRESENTATIONS AND WARRANTIES
		

			
	
			
				 3.1
			Representations and Warranties of the Company. Except as set forth in the SEC Reports (but (i) without giving effect to any amendment thereof filed with, or furnished to, the Commission on or after the date hereof and (ii) excluding any disclosures contained under the heading “Risk Factors” and any disclosure of risks included in any “forward-looking statements” disclaimer or in any other section to the extent they are forward-looking statements or cautionary, predictive or forward-looking in nature) and the Data Room, which SEC Reports and Data Room shall be deemed a part hereof and shall qualify any representation made herein, the Company hereby makes the following representations and warranties to the Purchaser:

			
	
			
				 (a)
			Organization and Qualification. The Company and each of its subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation, by-laws or other organizational or charter documents. Each of the Company and its subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in a Material Adverse Effect and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification, except where such Proceeding could not have or reasonably be expected to result in a Material Adverse Effect.

			
	
			
				 (b)
			Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations under the Transaction Documents. The execution and delivery of each of the Transaction Documents by the Company and the consummation by it of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection therewith other than in connection with the Required Filings. Each Transaction Document has

		
			
		

		
			

		 

		

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			been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms of the Transaction Documents, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.
		

			
	
			
				 (c)
			No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company, the issuance and sale of the Shares and the consummation by the Company of the other transactions contemplated by the Transaction Documents do not and will not (i) conflict with or violate any provision of the Company’s or any subsidiary’s certificate or articles of incorporation, by-laws or other organizational or charter documents, or (ii) conflict with, or constitute a material default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other instrument (evidencing a Company or subsidiary debt or otherwise) or other understanding to which the Company or any subsidiary is a party or by which any property or asset of the Company or any subsidiary is bound or affected, or (iii) subject to the Required Filings, conflict with or result in a violation of any material law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a subsidiary is bound or affected.

			
	
			
				 (d)
			Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than (i) filings required pursuant to Section ‎4.4 of this Agreement, and (ii) the filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws (collectively, the “Required Filings”).

			
	
			
				 (e)
			Issuance of the Shares. The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents.

			
	
			
				 (f)
			Capitalization. The capitalization of the Company is as set forth in the Company’s SEC Reports. The Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plan and pursuant to the conversion or exercise of Common Stock Equivalents. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as a result of the purchase and sale of the Shares and except as 

		
			
		

		
			

		 

		

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			set forth in the SEC Reports, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock or preferred stock, or contracts, commitments, understandings or arrangements by which the Company or any subsidiary is or may become bound to issue additional shares of Common Stock, Common Stock Equivalents, preferred stock or preferred stock equivalents. All of the outstanding shares and warrants of capital stock of the Company are validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares or warrants was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities.
		

			
	
			
				 (g)
			SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Sections 13(a) and 15(d) thereof, for the three (3) years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

			
	
			
				 (h)
			Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included within the SEC Reports, except as specifically disclosed in the SEC Reports, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or required to be disclosed in filings made with the Commission, (iii) the Company has not made any changes to its accounting policies, (iv) the Company has not declared or made any 

		
			
		

		
			

		 

		

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			dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans. 
		

			
	
			
				 (i)
			Litigation. Except as disclosed in the SEC Reports and the Data Room, there is no action, suit, inquiry, notice of violation, Proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents, the Shares or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. 

			
	
			
				 (j)
			Compliance. Neither the Company nor any subsidiary (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any subsidiary under), nor has the Company or any subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement (or any documents related to the foregoing) or any other material agreement or material instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any order of any court, arbitrator or governmental body, or (iii) is or has been in violation of any statute, rule or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws applicable to its business and all such laws that affect the environment, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

			
	
			
				 (k)
			Regulatory Permits. The Company and its subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not have or reasonably be expected to result in a Material Adverse Effect, and neither the Company nor any subsidiary has received any notice of Proceedings relating to the revocation or modification of any material permit.

			
	
			
				 (l)
			Private Placement. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section ‎3.2, no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the Purchaser as contemplated hereby. The issuance and sale of the Shares hereunder does not contravene the rules and regulations of the Trading Market.

			
	
			
				 (m)
			Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Shares, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become subject to the Investment Company Act of 1940, as amended.

		
			
		

		
			

		 

		

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				 (n)
			No General Solicitation. Neither the Company nor to its knowledge any person acting on behalf of the Company has offered or sold any of the Shares by any form of general solicitation or general advertising. To the knowledge of the Company, no person acting on behalf of the Company has offered the Shares for sale other than to the Purchaser and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

			
	
			
				 (o)
			No “Bad Actor” Disqualification.  The Company has exercised reasonable care, in accordance with Commission rules and guidance, and has conducted a factual inquiry, including by the procurement of relevant questionnaires from each Covered Person (as defined below) or other means, the nature and scope of which reflect reasonable care under the relevant facts and circumstances, to determine whether any Covered Person (as defined below) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (“Disqualification Events”).  To the Company’s knowledge, after conducting such sufficiently diligent factual inquiries, no Covered Person (as defined below) is subject to a Disqualification Event, except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act.  The Company has complied, to the extent applicable, with any disclosure obligations under Rule 506(e) under the Securities Act.  “Covered Persons” are those persons specified in Rule 506(d)(1) under the Securities Act, including the Company, any predecessor or affiliate of the Company, any director, executive officer, other officer participating in the offering, any beneficial owner of twenty percent (20%) or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, any promoter (as defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of the sale of the Shares, and any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of the Shares (a “Solicitor”), any general partner or managing member of any Solicitor, and any director, executive officer or other officer participating in the offering of any Solicitor or general partner or managing member of any Solicitor.

			
	
			
				 (p)
			Use of Proceeds. The Company will use the net proceeds from the sale of the Shares hereunder for general working capital purposes (which shall not include any dividend or distribution).

			
	
			
				 (q)
			Compliance with Registration Requirements. The Company meets the requirements for use of Form S-3 under the Securities Act and all of the currently outstanding Common Stock has been duly registered under the Securities Act. 

			
	
			
				 (r)
			Accounting and Disclosure Controls. The Company and its subsidiaries maintain and have established and maintained effective “internal control over financial reporting” (as defined in Rule 13a-15 promulgated by the Commission pursuant to the Exchange Act). The Company and its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as described in the SEC Reports, there has not been (A) at any time during 

		
			
		

		
			

		 

		

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			the Company’s five consecutive fiscal years ended with and including the Company’s most recent fiscal year or at any time subsequent thereto, any material weakness (as defined in Rule 1-02 of Regulation S-X of the Commission) in the Company’s internal control over financial reporting (whether or not remediated), or (B) any fraud, whether or not material, involving management or other employees who have a role in the Company’s internal control over financial reporting and, since the Company’s most recent fiscal year end, there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company and its subsidiaries have established, maintained and periodically evaluate the effectiveness of “disclosure controls and procedures” (as defined in Rules 13a-15 and 15d-15 promulgated by the Commission pursuant to the Exchange Act); such disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and the interactive data in eXtensible Business Reporting Language included as an exhibit to the SEC Reports or incorporated by reference in any SEC Reports are recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms, and is accumulated and communicated to the Company’s management, including its principal executive officer or officers and principal financial officer or officers, as appropriate, to allow timely decisions regarding disclosure. The Company’s independent public accountants and the audit committee of the Company’s board of directors have been advised of all material weaknesses, if any, and significant deficiencies (as defined in Rule 1-02 of Regulation S-X of the Commission), if any, in the Company’s internal control over financial reporting and of all fraud, if any, whether or not material, involving management or other employees who have a role in the Company’s internal control over financial reporting, in each case that occurred or existed, or was first detected, at any time during the Company’s five consecutive fiscal years ended with and including the Company’s most recent fiscal year end or at any time subsequent thereto. 
		

			
	
			
				 (s)
			Compliance with the Sarbanes-Oxley Act. There is and has been no failure on the part of the Company or any of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act with which any of them is required to comply, including Section 402 related to loans and Sections 302 and 906 related to certifications.

			
	
			
				 (t)
			OFAC. Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person acting on behalf of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by OFAC; and the Company will not directly or indirectly use any of the proceeds from the sale of Shares by the Company in the offering contemplated by this Agreement, or lend, contribute or otherwise make available any such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

			
	
			
				 (u)
			Foreign Corrupt Practices Act. Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person acting on behalf of the Company or any of its subsidiaries is aware of or has taken any action, directly or indirectly, that has resulted or would result in a violation by any such person of the FCPA, including, without limitation, any offer, payment, promise to pay or 

		
			
		

		
			

		 

		

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			authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company and its subsidiaries, and, to the knowledge of the Company, its other affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to ensure, continued compliance therewith.
		

			
	
			
				 (v)
			Brokers. There is not a broker, finder or other party that is entitled to receive from the Company any brokerage or finder’s fee or other fee or commission as a result of any of the transactions contemplated by this Agreement or the other Transaction Documents, except for fees and/or commissions paid or payable to Greenhill & Co., Inc.

			
	
			
				 3.2
			Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows:

			
	
			
				 (a)
			Organization; Authority. The Purchaser is an entity duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation with the requisite power and authority to enter into and to consummate the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations under the Transaction Documents. The execution and delivery of each of the Transaction Documents by the Purchaser and the consummation by it of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary action on the part of the Purchaser. Each Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Purchaser, and when delivered by the Purchaser in accordance with the terms of the Transaction Documents, will constitute the valid and binding obligation of the Purchaser, enforceable against it in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

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

			
	
			
				 (c)
			Purchaser Status. At the time the Purchaser was offered the Shares, it was, and at the date hereof it is, either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as 

		
			
		

		
			

		 

		

			12

		

 

		

		
			defined in Rule 144A(a) under the Securities Act. The Purchaser is not required to be registered as a broker-dealer under Section 15 of the Exchange Act and all of the SEC Reports have been made available to the Purchaser.
		

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

			
	
			
				 (e)
			General Solicitation. The Purchaser is not purchasing the Shares as a result of any advertisement, article, notice or other communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar attended by the Purchaser.

			
	
			
				 (f)
			Short Sales and Confidentiality Prior To The Date Hereof. Other than the transactions contemplated hereunder and under the Transaction Documents, the Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with the Purchaser, directly or indirectly executed any purchases or dispositions, including Short Sales, of the securities of the Company during the period commencing from the time that the Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material terms of the transactions contemplated hereunder until the date hereof. Other than to other Persons party to this Agreement and to its representatives, the Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).

			
	
			
				 (g)
			Diligence.  Purchaser has conducted the diligence appropriate as a potential investor in the Company and has, in connection with such diligence review, reviewed the SEC Reports.

			
	
			
				 (h)
			No “Bad Actor” Disqualification Events.  Neither the Purchaser nor any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members is subject to any of the “bad actor” Disqualification Events, except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) under the Securities Act and disclosed in writing in reasonable detail to the Company.

			
	
			
				Article IV
			 

		
			OTHER AGREEMENTS OF THE PARTIES
		

			
	
			
				 4.1
			Transfer Restrictions.

			
	
			
				 (a)
			The Shares may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Shares (other than pursuant to an effective registration statement or Rule 144 promulgated under the Securities Act, to the Company or to an Affiliate of the Purchaser or in connection with a pledge as contemplated in Section ‎4.1(b)), the Company may require the transferor thereof to provide to the Company an opinion of counsel 

		
			
		

		
			

		 

		

			13

		

 

		

		
			selected by the transferor to the effect that such transfer does not require registration of such transferred Shares under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights of the Purchaser under this Agreement.
		

			
	
			
				 (b)
			The Purchaser agrees to the imprinting, so long as is required by this Section ‎4.1, of a legend on any of the Shares in the following form:

		
			THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (2) PURSUANT TO RULE 144 PROMULGATED UNDER THE SECURITIES ACT, (3) TO THE COMPANY, (4) TO AN AFFILIATE OF THE INITIAL HOLDER OF THIS SECURITY, (5) IN CONNECTION WITH A PLEDGE OR (6) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE AND FEDERAL SECURITIES LAWS AS SHALL BE EVIDENCED (IN THE CASE OF (6) ONLY) BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT UPON THE COMPANY’S REQUEST.
		

			
	
			
				 (c)
			Certificates evidencing the Shares shall not contain any legend (including the legend set forth in Section ‎4.1(b)), (i) following any sale of such Shares pursuant to Rule 144, or (ii) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall cause its legal counsel to issue a legal opinion to the Transfer Agent promptly after the Effective Date if required by the Transfer Agent to effect the removal of the legend hereunder. The Company agrees that following the Effective Date or at such time as such legend is no longer required under this Section ‎4.1(c), it will, no later than three Trading Days following the delivery by the Purchaser to the Company or the Transfer Agent of a certificate representing Shares issued with a restrictive legend, deliver or cause to be delivered to the Purchaser a certificate representing such Shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section ‎4.1(c). Certificates for Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System as directed by the Purchaser.

		
			
		

		
			

		 

		

			14

		

 

		

			
	
			
				 (d)
			The Purchaser agrees that it will sell any Shares pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Shares are sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates representing Shares as set forth in this Section ‎4.1 is predicated upon the Company’s reliance upon this understanding. 

			
	
			
				 4.2
			Furnishing of Information. As long as the Purchaser owns Shares purchased pursuant to this Agreement, the Company shall timely file (or obtain extensions in respect thereof and file within the applicable grace period) all materials required to be filed by the Company after the date hereof pursuant to the Exchange Act. As long as the Purchaser owns Shares purchased pursuant to this Agreement, if the Company is not required to file reports pursuant to the Exchange Act, it will prepare and furnish to the Purchaser and make publicly available in accordance with Rule 144(c) such information as is required for the Purchaser to sell the Shares under Rule 144. The Company shall take such further action as any holder of Shares may reasonably request, to the extent required from time to time to enable such holder to sell such Shares without registration under the Securities Act within the requirements of the exemption provided by Rule 144.

			
	
			
				 4.3
			Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares in a manner that would require the registration under the Securities Act of the sale of the Shares to the Purchaser or that would be integrated with the offer or sale of the Shares to the Purchaser for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction. 

			
	
			
				 4.4
			Securities Laws Disclosure; Publicity. The Company shall, within four (4) Trading Days immediately following the date hereof, issue a Current Report on Form 8-K, disclosing the material terms of the transactions contemplated hereby.

			
	
			
				 4.5
			Use of Proceeds. The Company shall use the net proceeds from the sale of the Shares hereunder for general working capital purposes, which shall not include the payment of any dividend or distribution.

			
	
			
				 4.6
			Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Shares as required under Regulation D and to provide a copy thereof, promptly upon request of the Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Shares for, sale to the Purchaser at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of the Purchaser. 

			
	
			
				 4.7
			Listing of Shares. The Company shall cause the Shares to be approved for listing on the Trading Market promptly following the Closing Date.  The Company shall cause any 

		
			
		

		
			

		 

		

			15

		

 

		

		
			shares of Common Stock deliverable upon exercise of the Warrant to be approved for listing on the Trading Market promptly following the exercise of the Warrant. 
		

			
	
			
				 4.8
			Warrant.  

			
	
			
				 (a)
			No later than February 16, 2017, the Company shall execute and deliver to, and in favor of, the Purchaser, a warrant on customary terms reasonably acceptable to the Purchaser (the “Warrant”), pursuant to which the Purchaser will have the right, upon the approval by the Company’s stockholders of an amendment to the Company’s certificate of incorporation, and filing thereof, increasing such number of shares of common stock in an amount sufficient to allow for the exercise of the shares being issued upon the exercise of the Warrant, until February 10, 2020 (the “Warrant Expiration Date”), to purchase up to 8,655,804 shares of Common Stock, for cash only, at an exercise price of $4.90 per share (in each case, subject to adjustment in accordance with the terms of the Warrant).

			
	
			
				 (b)
			From the date hereof until the earliest to occur of (A) the exercise in full of the Warrant and (B) the Warrant Expiration Date:

			
	
			
				 (i)
			any shares of Common Stock authorized for issuance by the Company, but not currently reserved for issuance as of the date hereof, shall first be reserved for issuance for purposes of permitting the exercise of the Warrant in full, up to such amount necessary to permit the exercise of the Warrant in full; and

			
	
			
				 (ii)
			at any time there is not a sufficient number of authorized and unissued shares of Common Stock to permit the exercise of the Warrant in full, the Company may not issue or reserve for issuance shares of Common Stock for any purpose other than for the exercise of the Warrant in full (unless such shares are currently reserved for issuance as of the date hereof, in which case they may be issued in accordance with the terms of any equity compensation plan or other agreement pursuant to which they are being reserved).

			
	
			
				Article V
			 

		
			MISCELLANEOUS
		

			
	
			
				 5.1
			Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees, stamp taxes and other taxes and duties levied in connection with the delivery to the Purchaser of any Shares.

			
	
			
				 5.2
			Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with 

		
			
		

		
			

		 

		

			16

		

 

		

		
			respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.
		

			
	
			
				 5.3
			Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. Either party may from time to time change its address for notice by giving at least five (5) days’ written notice of such changed address to the other party.

			
	
			
				 5.4
			Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchaser or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

			
	
			
				 5.5
			Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

			
	
			
				 5.6
			Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Purchaser (other than by merger). The Purchaser may assign any or all of its rights under this Agreement to any Person to whom the Purchaser assigns or transfers any Shares, provided such transferee agrees in writing to be bound, with respect to the transferred Shares, by the provisions of the Transaction Documents that apply to the “Purchaser.” Any assignment in violation of the foregoing shall be null and void.

			
	
			
				 5.7
			No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

			
	
			
				 5.8
			Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and 

		
			
		

		
			

		 

		

			17

		

 

		

		
			any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Proceeding that it is not personally subject to the jurisdiction of any such court, that such Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence a Proceeding to enforce any provisions of the Transaction Documents, then the prevailing party in such Proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding.
		

			
	
			
				 5.9
			Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

			
	
			
				 5.10
			Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

			
	
			
				 5.11
			Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever the Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then the Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.

		
			
		

		
			

		 

		

			18

		

 

		

			
	
			
				 5.12
			Replacement of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Shares.

			
	
			
				 5.13
			Remedies; Specific Performance. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Purchaser and the Company will be entitled to specific performance under the Transaction Documents (including the Company’s obligation to execute the Warrant). The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

			
	
			
				 5.14
			Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

			
	
			
				 5.15
			Waiver of Jury Trial. In any Proceeding in any jurisdiction brought by any party against any other party, the parties each knowingly and intentionally, to the greatest extent permitted by applicable law, hereby absolutely, unconditionally, irrevocably and expressly waives forever trial by jury.

			
	
			
				 5.16
			Allocation.  The Purchaser and the Company shall cooperate to determine the amounts to be allocated (for U.S. federal tax purposes) to the Shares and the Warrant.  In the case of failure to reach an agreement on such allocation within ninety (90) days of the date hereof, the allocation shall be made by a nationally recognized accounting firm jointly selected by the Purchaser and the Company, with costs to be shared equally.  The Purchaser and the Company shall report the tax treatment of the transactions contemplated in this agreement consistent with the allocation determined under this Section ‎5.16.

		
			(Signature Pages Follow)
		

		
			 
		

		
			 
		

		
			

		 

		

			19

		

 

		

			 

		

		

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

		
			 
		

			
					
						COMPANY:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Immunomedics, Inc.

					
					
						 

					
					
						Address for Notice:

				
	
					
						 

					
					
						 

					
					
						300 The American Road

				
	
					
						 

					
					
						 

					
					
						Morris Plains, New Jersey 07950

				
	
					
						By:

					
					
						/s/ Cynthia L. Sullivan

					
					
						 

					
					
						Attention: Michael R. Garone, Chief Financial 

				
	
					
						Name:

					
					
						Cynthia L. Sullivan

					
					
						 

					
					
						Officer

				
	
					
						Title:

					
					
						President and

					
					
						 

					
					
						Fax: (973) 605-8511

				
	
					
						 

					
					
						Chief Executive Officer

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						With a copy to (which shall not constitute notice):

				
	
					
						 

					
					
						 

					
					
						 

					
					
						DLA Piper LLP (US)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						51 John F. Kennedy Parkway

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Short Hills, New Jersey 07078

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Attention:  Andrew P. Gilbert, Esq.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Fax: (973) 520-2573 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						PURCHASER:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Seattle Genetics, Inc.

					
					
						 

					
					
						Address for Notice:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Seattle Genetics, Inc.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						21823 - 30th Drive S.E.

				
	
					
						By:

					
					
						/s/ Clay B. Siegall

					
					
						 

					
					
						Bothell, Washington 98021

				
	
					
						Name:

					
					
						Clay B. Siegall, Ph.D.

					
					
						 

					
					
						Attention: General Counsel

				
	
					
						Title:

					
					
						President and

					
					
						 

					
					
						Fax: (425) 527-4107

				
	
					
						 

					
					
						Chief Executive Officer

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						With a copy to (which shall not constitute notice):

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Sullivan & Cromwell LLP

				
	
					
						 

					
					
						 

					
					
						 

					
					
						125 Broad Street

				
	
					
						 

					
					
						 

					
					
						 

					
					
						New York, New York 10004

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Attention:  Krishna Veeraraghavan, Esq.
Ari B. Blaut, Esq.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Fax: (212) 558-3588

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT] 

		

 

		

			 

		

		

		
			Exhibit A
		

		
			Registration Rights Agreement
		

		
			[See attached.]Exhibit

SEPARATION AGREEMENT AND GENERAL RELEASE

This Separation Agreement and General Release (“Agreement”) is entered into by and between Mark Jaggi (“Employee”) and LifeVantage Corporation, a Colorado corporation (the “Company” or “Employer”) (together the “Parties”), in consideration for and as condition precedent to Employer providing the separation benefits to Employee as set forth below.  Notwithstanding the terms of the Key Executive Benefit Package, if applicable, which are superseded in total in this Agreement, Employer is not obligated to provide any such separation benefits and that Employer is providing such separation benefits as a direct result of Employee’s willingness to agree to the terms hereof.  
In order for this Agreement to become effective, Employee must deliver to Employer (to the attention of Michelle Oborn, VP Human Resources at 9785 S. Monroe Street, Suite 300, Sandy, UT 84070) this properly signed and dated Agreement before 10 a.m. Mountain Time 22 days from the Termination Date (as defined below).  Failure to deliver an executed Agreement on or before 22 days after the Termination Date shall constitute irrevocable evidence that Employee has voluntarily decided to not execute this Agreement and this Agreement shall be of no force or effect.  This Agreement will become effective only if it has been timely executed by the Employee and the revocation period has expired without revocation by Employee as set forth below.  By signing below and timely delivering a signed Agreement to Employer, Employee acknowledges and agrees to each of the following terms and conditions:
RECITALS

A.Employee was an employee of the Company and most recently served as its Chief Financial Officer.

B.Employee and Employer agreed to terminate Employee’s employment with Employer, which termination was effective on January 18, 2017 (the “Termination Date”).

AGREEMENT

NOW THEREFORE, in consideration of Recitals which are incorporated herein, the mutual covenants and conditions set forth below, and intending to be legally bound thereby, Employer and Employee covenant and agree as follows:
1.Effect of Termination. Employee and Employer acknowledge and agree that the employment of Employee has been terminated as of the Termination Date, and as a result Employee shall be deemed to have immediately resigned from all positions as an officer and/or director with the Employer and with any of Employer’s affiliates or subsidiaries.  Employee acknowledges and agrees that as of the Termination Date, Employee has been paid everything due and owing by the Company to Employee, including but not limited to wages/salary, benefits and any outstanding equity and that no further wages, benefits or any other amounts are due to Employee.
2.    Severance Pay.  In consideration for Employee entering into this Agreement, Employee shall receive severance compensation in the total amount of $174,687.58 (the “Severance Pay”), less all applicable withholdings. The Severance Pay shall be paid to Employee in equal bi-monthly installments payable over the six (6) month period following the Termination Date, provided, however, the first payment shall be made on the first pay period following the revocation period or on February 5, 2017, if this Agreement is signed and the revocation date has past. As a condition to receiving (and continuing to receive) the payments provided in this section, 

    

Employee must: (a) within not later than twenty-two (22) days after the Termination Date, execute (and not revoke seven days later) and deliver to Employer this Agreement and (b) remain in full compliance with this Agreement.  Employee shall not be entitled to accrue any additional employee benefits besides the Severance Pay subsequent to the Termination Date. 
Moreover, Employer makes no representations or warranties, express or implied, concerning tax implications of any payment made pursuant to this Agreement.  Any tax obligations of Employee arising from the foregoing Severance Pay will be Employee’s sole responsibility; consequently Employee agrees to indemnify Employer for any tax liabilities or penalties arising from the Severance Pay that are or may be imposed upon Employee that would or should be Employee’s responsibility
3.    Consulting Relationship.  In consideration of the Severance Pay, Employee hereby agrees to provide consulting services on an as needed basis for up to six (6) months following the Termination Date (such six-month period, the “Consulting Term”) in order to assist in promoting a smooth transition of Employee’s duties to employees designated by Employer’s Chief Executive Officer.  Employee agrees and understands that Employee will provide consulting services as an independent contractor.  Employee may provide these consulting services from his/her residence, unless requested by Employer’s Chief Executive Officer (or designee), to travel within the United States, or appear in the Employer's offices, in the ordinary course of completing requested assignments, which the Employer may request with reasonable notice, and expectations consistent with Employee's experience and expertise.  Employer will reimburse Employee for all reasonable expenses incurred by Employee’s for Employee’s independent contractor work, provided that Employee has obtained prior approval from Employer’s Chief Executive Officer (or designee) for such expenses.  For work performed during the Consulting Term, Employee shall be paid the pro-rated equivalent of his/her regular rate of pay while employed, unless a different amount is agreed to by the Chief Executive Officer.  
4.    Litigation Support. Employee hereby agrees to cooperate voluntarily, as requested, in any of the Employer’s legal matters, not involving a governmental agency or enforcement action now pending or that may be filed in the future.  Employee’s cooperation includes but is not limited to Employee being available for interviews with attorneys and for depositions, searching for, identifying and producing documents, electronic media and information, providing truthful testimony as a witness or in affidavits and participating in legal discovery at the request of Employer or its attorneys without the necessity of subpoenas or formal legal process. Employee agrees that, as requested by Employer’s Chief Executive Officer (or the designee), Employee will travel within the United States to perform these duties. Employer shall give reasonable notice for any such travel.  Employer will reimburse Employee for all reasonable expenses incurred in performing the duties under this paragraph; provided that Employee has obtained prior approval from Employer’s Chief Executive Officer or the designee for such expenses.  Employee shall retain and shall not destroy or delete any documents, including electronic documents, text messages, e-mails, letters and other communications related to any pending or future legal matter until Employer notifies Employee that the legal matters have terminated and that Employee is then free to destroy such documents. Nothing in this Agreement prohibits Employee from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Employee does not need the prior authorization of the Employer to make any such reports or disclosures and Employee is not required to notify the Company of such reports or disclosures.

5.    Counsel for Employee.  To the extent Employer determines in Employer’s sole discretion that Employee should be represented by counsel in any legal matter related to Employer, Employer shall provide to Employee at Employer’s expense counsel of Employer’s choosing, to represent Employee. 
6.    Communications.  Employee hereby agrees that Employee will not engage in any communications, written or oral, regarding Employee’s employment or termination from Employer prior to Employer announcing the departure.  Any communication after that announcement shall be wholly consistent with messaging provided by Employer.  Employee agrees to not proactively communicate with investors, employees or distributors regarding the departure prior to the announcement.
7.    Release and Covenant Not to Sue.  In exchange for the Severance Pay described above, to the fullest extent permitted by applicable law, Employee hereby fully and forever unconditionally releases and discharges Employer, all of its past, present and future parent, subsidiary, affiliated and related corporations, their predecessors, successors and assigns, together with their divisions and departments, and all past or present officers, directors, employees, insurers, attorneys and agents of any of them (hereinafter referred to collectively as "Releasees"), and Employee covenants not to sue or assert against Releasees in any forum, for any purpose, any or all claims, administrative complaints, demands, actions and causes of action, of every kind and nature whatsoever, whether at law or in equity, and both negligent and intentional, arising from or in any way related to Employee's employment or separation from Employer, based in whole or in part upon any act or omission, occurring on or before the date of this general release, without regard to Employee's present actual knowledge of the act or omission, which Employee may now have, or which Employee, or any person acting on Employee's behalf may at any future time have or claim to have, including specifically, but not by way of limitation, matters which may arise at common law or under federal, state or local laws, including but not limited to the Fair Labor Standards Act, the Employee Retirement Income Security Act, the National Labor Relations Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Equal Pay Act, the Family and Medical Leave Act, the Utah Labor Code and any other state or federal laws, excepting only any claim for worker's compensation, unemployment compensation, COBRA rights, and any vested rights under any ERISA benefit plan.  Employee does not waive or release any rights arising after the date of execution of this Agreement.  
Employee further agrees that Employee will not in any manner encourage, counsel, participate in or otherwise assist any non-governmental third-party in the presentation or prosecution of any disputes, differences, grievances, claims, charges or complaints by any non-governmental third party against any of the Releasees unless Employee is legally required to participate in any such matter pursuant to an enforceable subpoena or other court order to do so.  Employee also agrees to immediately notify in writing the Company (c/o Vice President of Legal Affairs) and the Company’s Board of Directors upon receipt of any non-governmental subpoena or court order, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or other court order.  
8.    Protected Rights. Employee understands that nothing contained in this Agreement limits Employee’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”). Employee further understands that this Agreement does not limit Employee’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Agreement does not limit Employee’s right to receive an award for information provided to any Government Agencies.

9.    Protection of Confidential Information.  (a) Employee acknowledges that any Proprietary Information (defined below) disclosed or made available to Employee or obtained, observed or known by Employee as a direct or indirect consequence of Employee’s employment with Employer or performance of services for the Employer or any of its subsidiaries, (whether or not compensated for such services), are the sole property of the Company and its subsidiaries. Therefore, Employee agrees that he/she will not at any time disclose or permit to be disclosed to any Person or, directly or indirectly, utilize for Employee’s own account or permit to be utilized by any person any Proprietary Information for any reason whatsoever without the Company’s consent, unless and to the extent that (except as otherwise provided in the definition of Proprietary Information) the aforementioned matters become generally known to and available for use by the public other than as a direct or indirect result of Employee's acts or omissions to act. Employee agrees that by the Termination Date Employee has delivered to the Company, as a condition to receipt of Severance Pay all records pertaining to the Company, its subsidiaries and their respective business which Employee possessed or had under Employee’s control. Nothing in this section shall be construed to prevent Employee from using Employee’s general knowledge and experience in future employment so long as Employee complies with this Section and the other restrictions contained in this Agreement.

(a)    Ownership of Property.  Employee acknowledges that all inventions, innovations, improvements, developments, methods, processes, programs, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) that relate to the Company's or any of its subsidiaries' actual or anticipated business, research and development, or existing or future products or services and that were conceived, developed, contributed to, made, or reduced to practice by Employee (either solely or jointly with others) while employed by the Company or any of its subsidiaries (including any of the foregoing that constitutes any Proprietary Information or records) ("Work Product") belong to the Company or such subsidiary and Employee hereby assigns all of the above Work Product to the Company or such subsidiary. Any copyrightable work prepared in whole or in part by Employee in the course of Employee’s work for any of the foregoing entities is deemed a "work made for hire" under the copyright laws, and the Company or such subsidiary owns all rights therein. To the extent that any such copyrightable work is not a "work made for hire," Employee hereby assigns to Company all right, title and interest, including without limitation, copyright in and to such copyrightable work. Employee has disclosed such Work Product and copyrightable work to the Chief Executive Officer and performed all actions reasonably requested by the Chief Executive Officer (whether during or after Employee's term of employment) to establish and confirm the Company's or its subsidiary's ownership (including, without limitation, execution of assignments, consents, powers of attorney and other instruments). Notwithstanding anything contained in this Section to the contrary, the Company's ownership of Work Product does not apply to any invention that Employee developed entirely on Employee’s own time without using the equipment, supplies or facilities of the Company or subsidiaries or any Proprietary Information (including trade secrets business; or (ii) result from any work that Employee performed for the Company or its subsidiaries.
(b)    Third Party Information.  Employee understands that the Company and its subsidiaries have received from third parties confidential or proprietary information ("Third Party Information") subject to a duty on the Company's and its subsidiaries' part to maintain the confidentiality of such information and to use it only for certain limited purposes. Without in any way limiting the provisions of the sections above, Employee agrees to hold Third Party Information in the strictest confidence and shall not disclose to anyone (other than personnel of the Company or its subsidiaries who need to know such information in connection with their work for the Company or its subsidiaries) or use, except in connection with Employee’s work for the Company or its subsidiaries, Third Party Information unless expressly authorized by the Chief Executive Officer in writing.

(c)    "Proprietary Information" means any and all data and information concerning the business affairs of the Company or any of its subsidiaries and not generally known in the industry in which the Company or any of its subsidiaries is or may become engaged, and any other information concerning any matters affecting or relating to the Company's or its subsidiaries businesses, but in any event Proprietary Information shall include, any of the Company's and its subsidiaries' past, present or prospective business opportunities, including information concerning acquisition opportunities in or reasonably related to the Company's or its subsidiaries businesses or industries, customers and/or distributors, customer and/or distributor lists, clients, distributors, client and/or distributor lists, investors, the prices the Company and its subsidiaries obtain or have obtained from the sale of, or at which they sell or have sold, their products, unit volume of sales to past or present customers and clients, or any other information concerning the business of the Company and its subsidiaries, their manner of operation, their plans, processes, figures, sales figures, projections, estimates, tax records, personnel history, accounting procedures, promotions, supply sources, contracts, know-how, trade secrets, information relating to research, development, inventions, technology, manufacture, purchasing, engineering, marketing, merchandising or selling, or other data without regard to whether all of the foregoing matters will be deemed confidential, material or important. Proprietary Information does not include any information that Employee has obtained from a person other than an employee of the Company or a subsidiary, which was disclosed to Employee without a breach of a duty of confidentiality.
Notwithstanding the foregoing, Employee understands that, in accordance with the Defend Trade Secrets Act of 2016, an individual cannot be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made in confidence to a federal, state, or local government official (either directly or indirectly), or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Employee understands that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in a court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to a court order.  Finally, Employee understands that this provision also applies to any individual performing work as a contractor or consultant for an employer.
10.    Confidentiality of Agreement. Employee agrees to keep the facts and terms of this Agreement confidential, except Employee may disclose the substance of this Agreement to Employee’s spouse, legal counsel, and financial or tax advisor, upon condition that such persons be advised by Employee of employee's confidentiality obligations hereunder and advise such persons that any disclosure by them will be deemed a disclosure by Employee.
11.    Return of Company Property. Employee represents that he/she has returned to Employer, and has not retained, all of Employer's property, including documents, data (and any copies thereof), equipment, computer equipment, video equipment, audio equipment and cameras of any nature and in whatever medium, including all Employer data, files and images that are stored on Employee’s personal computers and equipment. Employee also represents that she/he has returned to Employer any building key(s), security cards, credit cards and any information regarding Employer's practices, procedures, trade secrets, customer or distributor lists or employee lists.  Employee understands and agrees that any outstanding expense reports that Employee intends to complete must be submitted to Employer within thirty (30) days of the Termination Date.  If the expense report is not submitted to Employer within thirty days of the Termination Date, Employee shall not be entitled to reimbursement.

12.    Non-Disparagement: Employee hereby acknowledges and agrees to not make, say or publish any negative or disparaging comments whatsoever to any non-governmental third-parties about Employer its products or services, or any of its directors, officers, employees, or agents, except as expressly required by applicable law. This obligation includes verbal or written statements made by or caused to be published by Employee in any forum or through any medium, including every electronic media.
13.    Non-Competition and Non-Solicitation.  In consideration of the Severance Pay, Employee agrees to the following terms.  The below provisions expressly and exclusively supersedes any non-competition and non-solicitation obligation Employee may previously been subject to:  
(a)    Non-Solicitation of Distributors/Employees/Consultants.  For a period of two years after Employee’s Termination Date, Employee shall not directly or indirectly, solicit, influence, encourage, entice, or induce, or attempt to solicit, influence, encourage, entice, or induce, any employee, independent distributor or other consultant of the Company to: 
(i)    quit their employment or cease rendering services to the Company; 
(ii)    learn about, enroll for or into a direct selling, network marking company/opportunity or multi-level marketing company/opportunity.  This includes, but is not limited to, presenting or assisting in the presentation of another direct selling, network marketing or multi-level marketing opportunity to Company’s employees, distributors or consultants; 
(iii)    associate with another direct selling, network marking company/opportunity or multi-level marketing company;  
(iv)    become a distributor with a direct selling, network marking company/opportunity or multi-level marketing company or  
(v)    divide their time between Company and a direct selling, network marking company/opportunity or multi-level marketing company.  

The above terms and conditions apply regardless of who initiates such contact and regardless of whether the employee, independent distributor or other consultant actually leaves Company’s employment or ceases rendering services to the Company.  

(b)    Non-Solicitation.  In consideration of this Agreement and to the extent permitted under applicable law, and in order to protect the Proprietary Information and preserve the Company’s relationships with its prospects and customers, Employee agrees that for a period of two (2) years after Employee’s Termination Date, Employee will not directly or indirectly, solicit business, divert business, or accept business, or attempt to solicit business, divert business or accept business, related to nutritional, health or wellness supplements or any other product or service of the Company, from any person or entity that was a prospect or customer of the Company at the time of Employee’s termination regardless of who initiates such contact between Employee and regardless of whether the prospect or customer actually ceases doing business with the Company.
(c)    Non-Competition.  In consideration of this Agreement, Employee shall not, for a period of one (1) year after the Termination Date engage in, advise or consult with, or accept employment with any company, business or any entity, or contribute Employee’s knowledge to any work or activity, that: 

(i) involves a distribution channel, network marketing or multi-level marketing company or opportunity; 
(ii) product, process, provision of services or distribution channel (network marketing) that is similar to, offered by or competitive with the Company; or 

(iii) consists of the development and/or sales of nutritional/health/wellness supplements, or any other product or service provided or offered by the Company.  

Employee acknowledges and expressly agrees that this restraint is reasonable as to time and geographic limits and is necessary to protect the Company’s Proprietary Information and good-will, and that it will not unduly restrict Employee’s ability to secure suitable employment after leaving the Company.  Employee acknowledges and agrees that the Company’s direct selling, network marketing and distribution is both nationwide in the United States and international through the world.  Employee agrees that geographic area means anywhere throughout the United States and the world where Company operated, provided services or products, or has had business relationships and that such scope is reasonable and necessary for the protection of the Company.    
(d)    Modification By Court.  If any court determines that any post-employment restrictive covenant is unreasonable in any respect, Employee agrees that the Court shall modify any term found to be unreasonable and shall revise such term to be enforceable to the broadest extent permitted by law and consistent with the intent of this Agreement.
(e)    Extension of Non-Compete.  For any period of time in which Employee is found to be in violation of any of the above non-compete or non-solicitation covenants, that period of time shall be added on to the length of the restriction or period of protection for the Company.
(f)    Notice to Subsequent Employers.  Employee agrees that the Company may provide notice of Employee’s obligations under any provision of this Agreement to any company or future employer of Employee should the Company consider it necessary for the enforcement of those obligations.
(g)    Relief from Further Payments.  As solely determined by Employer, Employee agrees that if Employee violates, breaches or challenges the validity of any of the provisions of this Agreement, that Company may immediately cease any further payments that may be forthcoming under the provisions of this Agreement, and Company shall be immediately relieved from any further payment obligations whatsoever under this Agreement.  This remedy is in addition to any other rights or damages that Company may seek related to such breach.
(h)    Remedies.  Employee acknowledges that any breach, willfully or otherwise, of the restrictive covenants will cause continuing and irreparable injury to the Company for which monetary damages would not be an adequate remedy.  In the event of any such breach or threatened breach of any of the restrictive covenants, the Company shall be entitled to injunctive or other similar equitable relief in any court, without any requirement that a bond or other security be posted, and this Agreement shall not in any way limit remedies of law or in equity otherwise available to the Company.  
14.    Compliance with Older Workers Benefits Protections Act.
(a)    Employer hereby advises Employee and Employee acknowledges and represents that: Employee is hereby advised to consult with an attorney of Employee’s own choice prior to executing this Agreement; Employee has had the opportunity to consult with an attorney before signing this Agreement, and Employee either has done so, or has voluntarily chosen not to consult with an attorney; this Agreement is written in a manner which is understandable; this Agreement is entered into under Employee’s own free will and without duress or coercion from any person or entity; the release of claims under the Age Discrimination in Employment Act contained in this Agreement is given by Employee in exchange for consideration provided by this Agreement which 

is in addition to anything of value to which Employee would otherwise be entitled without this Agreement; and that Employee does not waive any rights or claims that may arise after the execution date of this Agreement.
(b)    Employee acknowledges and represents that Employee has been informed that Employee has twenty-one (21) days within which to consider this Agreement and that this Agreement will remain available for acceptance by Employee for this twenty-one day period, commencing on the date this Agreement is provided to Employee, as indicated in the first paragraph of this Agreement.  Employee may accept this Agreement by signing the Agreement and returning it to the attention of Michelle Oborn, VP Human Resources, at 9785 S. Monroe Street, Suite 300, Sandy, UT 84070 by 10 a.m. Mountain time on the twenty-second day.  
(c)    Employee acknowledges and represents that Employee has been informed that Employee has the right to rescind this Agreement for a period of seven (7) days following the date upon which Employee executes this Agreement.  Should Employee choose to exercise this right, Employee agrees that any such notice must be provided to and received by Employer in writing on or prior to lapse of the seven-day revocation period.  Any such revocation must be in writing and delivered to Michelle Oborn, VP Human Resources, at 9785 S. Monroe Street, Suite 300, Sandy, UT 84070 on or prior to the seventh day.
(d)    It is understood and agreed by the Parties hereto that if Employee timely exercises Employee’s right of revocation, Employer shall have no obligations to Employee whatsoever under this Agreement and that all of the obligations, representations and warranties made by Employer in this Agreement shall be null and void.
GENERAL PROVISIONS

15.    Compliance with 26 U.S.,C.Code Section 409A.  This Agreement is intended to comply with the applicable requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and shall be limited, construed and interpreted in a manner so as to comply therewith.  Each payment made pursuant to any provision of this Agreement shall be considered a separate payment and not one of a series of payments for purposes of Code Section 409A.  While it is intended that all payments and benefits provided under this Agreement to Employee will be exempt from or comply with Code Section 409A, Employer makes no representation or covenant to ensure that the payments under this Agreement are exempt from or compliant with Code Section 409A.  Employer will have no liability to Employee or any other party if a payment or benefit under this Agreement is challenged by any taxing authority or is ultimately determined not to be exempt or compliant.  In addition, if upon the Termination Date, Employee is then a “specified employee” (as defined in Code Section 409A), then solely to the extent necessary to comply with Code Section 409A and avoid the imposition of taxes under Code Section 409A, Employer shall defer payment of “nonqualified deferred compensation” subject to Code Section 409A payable as a result of and within six (6) months following the Termination Date until the earlier of (i) the first business day of the seventh (7th) month following the Termination Date or (ii) ten (10) days after Employer receives written confirmation of Employee’s death. Any such delayed payments shall be made without interest.
16.    No Admission.  The Parties expressly agree and acknowledge that this Agreement cannot be construed as an admission of or evidence of wrongdoing with respect to the termination of Employee, nor is it an admission of or evidence that Employee or any employee of Employer is other than an at-will employee.
17.    Non-Assignment of Rights.  Employee warrants that Employee has not assigned or transferred any right or claim described in the general release above.

18.    No Reliance on Extraneous Information.  Employee acknowledges that, in signing this Agreement, Employee is not relying on any information provided to Employee by Employer, nor is Employee relying upon Employer to provide any information other than as contained in this Agreement.
19.    Severability.  If any provision of this Agreement is held to be invalid, illegal, or unenforceable by any court of competent jurisdiction for any reason, the invalid or unenforceable portion shall be deemed severed from this Agreement and the balance of this Agreement shall remain in full force and effect and be enforceable in accordance with the non-severed provisions of this Agreement.
20.    Integration.  This Agreement contains the entire agreement between the Parties and supersedes all prior discussions and agreements between the Parties including but not limited to the provisions in the Key Executive Benefit Package, if applicable.  This Agreement shall not be amended or otherwise modified in any manner except in a writing executed by the Parties hereto.  The Parties further acknowledge that they are not relying on any information or representations other than those recited in this Agreement.
21.    Waiver of Jury Trial, Choice of Forum and Venue.  Each of the Parties to this Agreement hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by jury with respect to any controversy, claim, dispute or litigation related to or arising out of, directly or indirectly, this Agreement.  Each Party understands and has considered the implication of this waiver, makes this waiver voluntarily and knowingly, and has had an opportunity to consult legal counsel with respect to this waiver.  The Parties agree that any controversy, claim, dispute or litigation related to or arising out of, directly or indirectly, this Agreement shall be governed by the laws of the State of Utah, without regard to conflict of law provisions and agree to exclusive personal jurisdiction and venue in the state and federal courts of the United States located in Salt Lake County, State of Utah. 
22.    Attorney's Fees.  In any action to interpret or enforce the terms of this Agreement, the prevailing Party shall be entitled to recover its costs, including reasonable attorney's fees, in addition to any other relief to which such Party may be entitled.
23.    Binding Against Heirs.  This Agreement is binding upon the Parties hereto and their heirs, successors and assigns.
24.    Non-Waiver.  No failure to exercise or enforce or delay in exercising or enforcing, or partial exercise or enforcement of, any right, obligation or commitment under this Agreement shall constitute a waiver thereof, nor shall it preclude any other or further exercise or enforcement of any right, obligation or commitment under this Agreement.
25.    Signature by Counterparts.  This Agreement may be executed in one or more counterpart(s), each of which shall be valid and enforceable as an original signature as though all original signatures had been obtained on the signature page of this Agreement. 
26.    Facsimile or Electronic Signatures.  A fully executed facsimile or electronic copy and/or photocopy of this Agreement is legally enforceable and binding the same as the original Agreement.
27.    Incorporation of Recitals.  The recitals set forth on page 1 hereof are hereby made a part of this Agreement and are incorporated by this reference.

--This section intentionally left blank, signatures below--

ACCEPTED AND AGREED:

Mark Jaggi

__________________________________

Date: ______________________________

LIFEVANTAGE CORPORATION:

__________________________________
Darren Jensen, President and Chief Executive Officer

Date: ______________________________

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