Document:

Exhibit

Exhibit 10.12
RETIREMENT AGREEMENT AND GENERAL RELEASE
THIS RETIREMENT AGREEMENT AND GENERAL RELEASE (this “Agreement”), is made by and between DocuSign, Inc., a Delaware corporation (the “Company”), and Neil Hudspith (“Executive” or “Employee”) and together with the Company, the “Parties”.
WHEREAS, the Parties entered into an Employment Agreement dated December 12, 2012 (the “Employment Agreement”) under which Executive was employed as the Company’s Chief Revenue Officer;
WHEREAS, after almost six years of dedicated service to the Company, Executive has announced his intention to retire from his current position as President, Worldwide Field Operations, and from any Officer or Director positions he holds with the Company’s subsidiaries and/or branch offices effective February 15, 2019 (the “Resignation Date”).
WHEREAS, in recognition of Executive’s significant contributions to the Company, and past service in building the Company’s core team, the Company wishes to offer him a separation package and Consulting Agreement;
NOW, THEREFORE, in consideration of the mutual promises contained in this Agreement, together with other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
1.Resignation. On or before the Resignation Date, Executive will submit a letter of resignation in the form attached as Exhibit A. On the Resignation Date, Executive will cease to be an employee of the Company or hold any Board or Director positions with the Company’s subsidiaries and/or branch offices.
2.Consideration. In consideration of Executive’s acceptance of this Agreement and abidance by its terms and conditions, the Company will provide Executive with the following benefits:
(a)Executive shall remain in his current position on payroll and receive full salary and benefits until his Resignation Date, unless otherwise agreed to in writing by the Parties. On the Resignation Date, the Company shall pay Executive a lump sum cash payment in respect of Executive’s (i) accrued but unpaid base salary earned through the Resignation Date, and (ii) any accrued but unused vacation time earned through the Resignation Date. In addition, the Company shall reimburse Executive for all business expenses incurred on behalf of the Company through the Resignation Date, in accordance with the Company’s policies with respect to the reimbursement of expenses.
(b)Executive shall remain a service provider such that Executive’s equity awards and/or stock options with the Company shall continue to vest pursuant to the Plan terms, until the Resignation Date;
(c)Provided that Executive executes, on or within 21 days of February 15, 2019, the Reaffirmation of Settlement and General Release (the “Reaffirmation Agreement”) attached hereto as Exhibit B, and does not revoke the Reaffirmation Agreement in accordance with its terms, then Executive shall be entitled to following additional benefits:
(i)Executive shall remain eligible for any earned incentive compensation based on his performance as the Company’s Chief Revenue Officer for Fiscal Year 2019. It is understood and agreed that such incentive compensation will be calculated and paid based on the Company’s standard timeline for payment of commissions; and
(ii)Subject to early termination as set provided in the agreement, Executive shall become a non-employee Consultant to the Company’s Chief Executive Officer through February 15, 2020, for a period of approximately 12-months, terminable on written notice, as fully set forth in the Exclusive Consulting Agreement (the “Exclusive Consulting Agreement”) attached hereto as Exhibit C. As a non-employee Consultant, it is understood and agreed that Executive shall qualify as a “service provider” and will continue time based vesting throughout the term of the Exclusive Consulting Agreement with respect to Restricted Stock Unit (“RSU”) grant number 00005598, 006990 and 00009297 under the Company’s Amended and Restated 2011 Equity Incentive Plan, and the 2018 DocuSign, Inc. Equity Incentive Plan (collectively, the “Plan”). For the purposes of clarity, Executive shall not be considered a “service provider” during the term of the Exclusive Consulting Agreement and shall cease all time based vesting on his Resignation Date with respect to RSU grant number 001816 and 003342. Upon termination of the Exclusive Consulting Agreement on February 15, 2020 (or earlier following the terms of that agreement), Executive shall cease to be a service provider under the Plan with respect to RSU grant number 00005598, 006990 and 00009297 and any remaining unvested equity on that date shall be cancelled pursuant to the terms of the Plan.

Notwithstanding any other provision of this Agreement to the contrary, if Executive materially breaches any of the covenants under the Confidential Information, Invention Assignment and Arbitration Agreement or his duty of loyalty during the consulting period, then Executive shall forfeit his right to receive the benefits set forth in Section 2(c), to the extent then unpaid. This paragraph shall be in addition to any other remedy at law or in equity available to the Company.
3.Executive Acknowledgements and Covenants.
(a)Executive acknowledges that the Company’s agreement to provide the consideration set forth in Section 2 is in exchange for the promises, releases and agreements of Executive set forth in this Agreement. Executive further acknowledges that neither entering into this Agreement nor providing the consideration set forth in Section 2 constitutes an admission by the “Releasees” (as defined below) of liability or of violation of any applicable law or regulation. The Parties acknowledge that the Releasees expressly deny any liability or alleged violation and that this arrangement has been made in recognition of Executive’s service to the Company and for the purpose of compromising any and all claims of Executive.
(b)Executive shall provide written notice to the Company if he intends to commence alternate employment or self-employment during the one-year period following the Resignation Date.  Executive is not required to return to the Company any consideration or benefits provided by the Company hereunder, and there shall be no mitigation or diminution of any such consideration or benefits provided or to be provided by the Company hereunder, in the event of commencement of such employment or self-employment. Notwithstanding the above, Executive understands and agrees that if he accepts alternate employment, self-employment, or an advisory role with any competitor of the Company, then such acceptance shall constitute Executive’s voluntary termination of the Exclusive Consulting Agreement attached hereto as Exhibit C and he shall cease being a “service provider” under that agreement.
4.General Release of Claims.
(a)Executive and his heirs, personal representatives, successors and assigns, hereby forever release, remise and discharge the Company and its subsidiaries, and each of their past, present, and future officers, directors, shareholders, members, employees, trustees, agents, representatives, affiliates, successors and assigns (collectively referenced herein as “Releasees”) from any and all claims, claims for relief, demands, actions and causes of action of any kind or description whatsoever, known or unknown, whether arising out of contract, tort, statute, regulation or otherwise, in law or in equity, which Executive now has, has had, or may hereafter have against any of the Releasees (i) from the beginning of time through the date upon which Executive signs this Agreement, and/or (ii) arising from, connected with, or in any way growing out of, or related to, directly or indirectly, (A) Executive’s service as an officer, director or employee, as the case may be, of the Company and its subsidiaries and affiliates, (B) any transaction or occurrence prior to the date upon which Executive signs this Agreement and all effects, consequences, losses and damages relating thereto, (C) the Executive’s Employment Agreement; (D) all cash incentive awards, commissions, and all equity or equity-based awards granted, or promised to be granted, by the Company to Executive (except such awards which are owed under this Agreement) and (E) Executive’s employment or cessation of employment with the Company under the common law or any federal or state statute, including, but not limited to, all claims arising under Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991, as amended; the Equal Pay Act; the False Claims Act, 31 U.S.C.A. § 3730, as amended, including, but not limited to, any right to personal gain with respect to any claim asserted under its “qui tam” provisions; Sections 1981 through 1988 of Title 42 of the United States Code, as amended; the Employee Retirement Income Security Act of 1974, as amended; the Immigration Reform and Control Act, as amended; The Americans with Disabilities Act of 1990, as amended; the Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the Older Workers’ Benefit Protection Act of 1990, as amended; the Worker Adjustment and Retraining Notification Act, as amended; the Occupational Safety and Health Act, as amended; the Fair Labor Standards Act of 1938; Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”); any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance, such as the California Family Rights Act, the California Fair Employment and Housing Act, the Occupational Safety and Health Act, the California Labor Code, including but not limited to the Private Attorneys General Act, any applicable California Industrial Wage Orders, all as amended; any public policy, contract, tort, or common law; or any allegation for costs, fees, or other expenses including attorneys’ fees incurred in these matters.
(b)Executive is releasing all known and unknown Claims, and waiving any rights under California Civil Code Section 1542, or similar laws, which provides:  “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”
(c)Notwithstanding the foregoing, nothing in this Agreement shall release or waive any rights or claims Executive may have: (i) under this Agreement, the Exclusive Consulting Agreement, the Reaffirmation Agreement or the Plan; 

(ii) for indemnification under any written indemnification agreement by and between Executive and the Company and/or under applicable law or the Company’s charter or bylaws; (iii) under any applicable insurance coverage(s) (including, without limitation, COBRA rights); (iv) with respect to any accrued and vested benefits under any tax-qualified retirement plans of the Company; (v) with respect to any claims that cannot be waived by operation of law; (vi) with respect to any claims which may arise after Executive signs this Agreement; or (vii) with respect to Executive’s right to challenge the validity of the release under the ADEA.
(d)Additionally, while Executive acknowledges and understands that by this Agreement he foregoes, among other things, any and all past and present rights to recover money damages or personal relief arising out of Executive’s employment with the Company, the Parties agree that this Agreement shall not preclude Executive from filing any charge with the Equal Employment Opportunity Commission, the National Labor Relations Board, or any other governmental agency or from any way participating in any investigation, hearing, or proceeding of any government agency.
5.Affirmations. Executive affirms that he has not filed or caused to be filed, and is not a party to any claim, complaint, or action against the Company or any of its subsidiaries or affiliates in any forum or form. Executive also affirms that he has no known workplace injuries or occupational diseases and has been provided and has not been denied any leave requested under the Family and Medical Leave Act or any similar state law. Executive also affirms that nothing in this Agreement or his resignation shall constitute “Good Reason” or a “Qualifying Termination” under the terms any agreement between himself and the Company including but not limited his Retention Agreement signed on September 14, 2016, or his Amended and Restated Retention Agreement signed on April 3, 2018 (collectively “Retention Agreements”). For purposes of clarity, this means that Executive shall not have any rights under the Retention Agreements following his Resignation Date.
6.Communication Plan. The Company and Executive are committed to working together on a mutually agreeable communication plan regarding Executive’s resignation. Executive further agrees he shall not disparage DocuSign or any current or former director, officer, agent or employee of DocuSign, except neither Party shall be prohibited from making any truthful statements when required to do so by law, regulatory authority, subpoena or court order.
7.Consultation with Attorney; Voluntary Agreement.  Executive acknowledges that (a) the Company hereby advises him to consult with an attorney of his own choosing prior to executing this Agreement, (b) Executive has carefully read and fully understands all of the provisions of this Agreement, and (c) Executive is entering into this Agreement, including the provisions set forth in Section 4 hereof, knowingly, freely and voluntarily in exchange for good and valuable consideration.
8.Review and Revocation. Executive acknowledges that he has been given twenty- one (21) calendar days to consider the terms of this Agreement, although he may sign it sooner. Executive agrees that any modifications, material or otherwise, made to this Agreement do not restart or affect in any manner the original twenty-one (21) calendar day consideration period. Executive shall have seven (7) calendar days from the date this Agreement is originally executed by Executive to revoke his consent to the terms of this Agreement. Such revocation must be in writing and sent via hand delivery or signed via DocuSign to the attention of the Company’s General Counsel at Reggie.Davis@DocuSign.com. Notice of such revocation must be received within the seven (7) calendar days referenced above. In the event of such revocation by Executive, this Agreement shall not become effective, and Executive shall not have any rights to the consideration set forth in Section 2. Provided that Executive does not revoke this Agreement within such seven (7) day period, this Agreement shall become effective on the eighth (8th) calendar day after the date on which Executive signs it.
9.Governing Law. This Agreement shall be governed by and construed and enforced according to the laws of the State of California, without regard to conflicts of laws principles thereof.
10.Taxes. The Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as the Company is required to withhold pursuant to any applicable law, regulation or ruling. Notwithstanding any other provision of this Agreement, the Company shall not be obligated to guarantee any particular tax result for Executive with respect to any payment provided hereunder, and Executive shall be responsible for any taxes imposed on him with respect to any such payment.
11.Entire Agreement. This Agreement constitutes the entire understanding between the Parties with respect to the subject matter and supersedes, terminates, and replaces any prior or contemporaneous understandings or agreements with respect thereto.
12.Section 409A. The intent of the Parties is that payments and benefits under this Agreement comply with Section 409A of the Code, to the extent subject thereto, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith. Each amount to be paid or benefit to be provided under this 

Agreement shall be construed as a separate identified payment for purposes of Section 409A of the Code. The Company makes no representation that any or all of the payments described in this Agreement shall be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment.
13.Modifications. This Agreement may not be changed, amended, or modified unless done so in a writing signed by the Company and Executive.

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below.
	
					
	 
	 
	 
	DocuSign, Inc

	Dated:
	January 31, 2019
	 
	By:
	/s/ Reggie Davis

	 
	 
	 
	Name:
	Reggie Davis

	 
	 
	 
	Title:
	General Counsel

	 
	 
	 
	 
	 

	 
	 
	 
	 
	Neil Hudspith

	Dated:
	January 30, 2019
	 
	 
	/s/ William Hudspith

EXHIBIT A
[Date]
Neil Hudspith
Re: Resignation
To Whom It May Concern:
Effective February 15, 2019, I voluntarily resign from my position as President, Worldwide Field Operations of DocuSign, Inc. (“DocuSign”), along with all Board and Director positions with subsidiaries and/or branch offices of DocuSign with which I am affiliated.
Sincerely,

Neil Hudspith

EXHIBIT B
REAFFIRMATION OF RESIGNATION AGREEMENT AND GENERAL RELEASE
THIS REAFFIRMATION OF RESIGNATION AGREEMENT AND GENERAL RELEASE (this “Reaffirmation Agreement”), dated as of February __, 2019, is made by and between DocuSign, Inc., a Delaware company (the “Company”), and Neil Hudspith (“Executive” or “Employee”) (and together with the Company, the “Parties”). The Parties previously entered into a Resignation Agreement and General Release (“Release Agreement”). Executive’s last day of employment with the Company was February 15, 2019. Executive was paid his regular wages through this date. The Parties subsequently and concurrently with this Reaffirmation Agreement entered into an Exclusive Consulting Agreement, pursuant to which the Company retained Executive as an independent contractor for a period of twelve (12) months, terminable for convenience by Executive on 30-days written notice. Executive is now eligible to receive the consideration set forth in Section 2(c) of the Release Agreement, subject to his executing (and not revoking) this Reaffirmation Agreement, as provided below.
1.Terms of Release Agreement
All of the terms set forth in the Release Agreement remain in full force and effect. Unless specifically provided to the contrary, all terms used in this Reaffirmation Agreement shall have the same meaning ascribed to them in the Release Agreement which it reaffirms and supplements.
		
	2.
	Supplemental Release

(a)Executive and his heirs, personal representatives, successors and assigns, hereby forever release, remise and discharge the Company and its subsidiaries, and each of their past, present, and future officers, directors, shareholders, members, employees, trustees, agents, representatives, affiliates, successors and assigns (collectively referenced herein as “Releasees”) from any and all claims, claims for relief, demands, actions and causes of action of any kind or description whatsoever, known or unknown, whether arising out of contract, tort, statute, regulation or otherwise, in law or in equity, which Executive now has, has had, or may hereafter have against any of the Releasees (i) from the beginning of time through the date upon which Executive signs this Reaffirmation Agreement, and/or (ii) arising from, connected with, or in any way growing out of, or related to, directly or indirectly, (A) Executive’s service as an officer, director or employee, as the case may be, of the Company and its subsidiaries and affiliates, (B) any transaction or occurrence prior to the date upon which Executive signs this Reaffirmation Agreement and all effects, consequences, losses and damages relating thereto, (C) the Executive’s Employment Agreement; (D) all cash incentive awards, commissions, and all equity or equity- based awards granted, or promised to be granted, by the Company to Executive (except such awards which are owed pursuant to this Agreement) and (E) Executive’s employee or cessation of employment with the Company under the common law or any federal or state statute, including, but not limited to, all claims arising under Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991, as amended; the Equal Pay Act; the False Claims Act, 31  U.S.C.A. § 3730, as amended, including, but not limited to, any right to personal gain with respect to any claim asserted under its “qui tam” provisions; Sections 1981 through 1988 of Title 42 of the United States Code, as amended; the Employee Retirement Income Security Act of 1974, as amended; the Immigration Reform and Control Act, as amended; The Americans with Disabilities Act of 1990, as amended; the Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the Older Workers’ Benefit Protection Act of 1990, as amended; the Worker Adjustment and Retraining Notification Act, as amended; the Occupational Safety and Health Act, as amended; the Fair Labor Standards Act of 1938; Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”); any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance, such as the California Family Rights Act, the California Fair Employment and Housing Act, the Occupational Safety and Health Act, the California Labor Code, including but not limited to the Private Attorneys General Act, any applicable California Industrial Wage Orders, all as amended; any public policy, contract, tort, or common law; or any allegation for costs, fees, or other expenses including attorneys’ fees incurred in these matters.
(b)Executive is releasing all known and unknown Claims, and waiving any rights under California Civil Code Section 1542, or similar laws, which provides: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”
(c)Notwithstanding the foregoing, nothing in this Reaffirmation Agreement shall release or waive any rights or claims Executive may have: (i) under this Reaffirmation Agreement; (ii) under the Release Agreement, Exclusive Consulting Agreement, or the Plan (iii) for indemnification under any written indemnification agreement by and between Executive and the Company and/or under applicable law or the Company’s charter or bylaws; (iv) under any applicable insurance coverage(s) (including, without limitation, COBRA rights); (v) with respect to any accrued and vested benefits under any tax-qualified retirement plans of the Company; (vi) with respect to any claims that cannot be waived by operation of law; (vii) with respect to any claims 

which may arise after Executive signs this Agreement; or (viii) with respect to Executive’s right to challenge the validity of the release under the ADEA.
(d)Additionally, Executive acknowledges and understands that by this Reaffirmation Agreement he foregoes, among other things, any and all past and present rights to recover money damages or personal relief arising out of Executive’s employment with the Company, the Parties agree that this Reaffirmation Agreement shall not preclude Executive from filing any charge with the Equal Employment Opportunity Commission, the National Labor Relations Board, or any other governmental agency or from any way participating in any investigation, hearing, or proceeding of any government agency.
3.Miscellaneous
(a)Executive acknowledges and agrees that he has been paid all amounts that the Company or any Releasees allegedly should have paid him in the past.
(b)Executive agrees to return to the Company all Company property, including electronics, computers, files, memoranda, documents, records, copies of the foregoing, the Company-provided credit cards, keys, building passes, security passes, access or identification cards, and any other the Company property in his possession, custody or control. To the extent Executive subsequently discovers that any property and/or data identified above is still in his possession, custody or control, he agrees to return all such property and data to the Company as soon as practicable, but in no event later than 10 days after making such discovery. Executive agrees that he has cleared all expense accounts, repaid everything he owes to the Company or any Releasee, paid all amounts he owes on the Company-provided credit cards or accounts (such as cell phone accounts), and canceled or personally assumed any such credit cards or accounts.
4.Review and Revocation.  Executive acknowledges that he has been given in excess of twenty-one (21) calendar to consider the terms of this Reaffirmation Agreement. Executive further agrees that any modifications, material or otherwise, made to this Reaffirmation Agreement do not restart or affect in any manner the original twenty-one (21) calendar day consideration period.  Executive shall have seven (7) calendar days from the date this Reaffirmation Agreement is originally executed to revoke Executive’s consent to the terms of this Reaffirmation Agreement. Such revocation must be in writing and sent via hand delivery to the attention of the Company’s General Counsel, Reggie Davis at 221 Main Street, Suite 1000, San Francisco, CA 94105 or signed via DocuSign to the attention of the Company’s General Counsel at Reggie.Davis@DocuSign.com.  Notice of such revocation must be received within the seven (7) calendar days referenced above. In the event of such revocation, this Reaffirmation Agreement shall not become effective and Executive shall not have any rights to the consideration set forth in Section 2(c) of the Release Agreement. Provided that Executive does not revoke this Agreement within such seven (7) day period, this Reaffirmation Agreement shall become effective on the eighth (8th) calendar day after the date on which Executive signs it.
*** AGREEMENT NOT TO BE SIGNED BEFORE FEBRUARY 15, 2019 ***

	
				
	Dated:
	 
	 
	 

	 
	 
	 
	Neil Hudspith

EXHIBIT C
EXCLUSIVE CONSULTING AGREEMENT
This Exclusive Consulting Agreement (“Agreement”) is entered into as of February __, 2019, by and between DocuSign, Inc., its affiliates and subsidiaries (the “Company”) and Neil Hudspith (“Hudspith” or “Consultant”).
WHEREAS, Hudspith’s employment with the Company ended on February 15, 2019;
WHEREAS, the Company desires to retain Hudspith as an independent contractor to perform exclusive consulting services for the Company, and Hudspith is willing to perform such services, on the terms described herein.
In consideration of the mutual promises contained herein, the parties agree as follows:
1.Services and Compensation. The Company agrees to compensate Consultant for Consultant’s performance of service as follows:
A.Consultant will work as an independent contractor for the Company through February 15, 2020. The Company will not employ Consultant during this period. Consultant will qualify as a “service provider” and will continue time based vesting throughout the term of this Exclusive Consulting Agreement with respect to Restricted Stock Unit (“RSU”) grant number 00005598, 006990 and 00009297 under the Company’s Amended and Restated 2011 Equity Incentive Plan and the 2018 DocuSign, Inc. Equity Incentive Plan (collectively, the “Plan”). Consultant will continue to vest in shares in RSU grant number 00005598, 006990 and 00009297 pursuant to the Plan for the duration of this Consulting Agreement.  For the purposes of clarity, Executive shall not be considered a “service provider” during the term of this Exclusive Consulting Agreement, and shall not continue time based vesting, with respect to RSU grant number 001816 and 003342.
B.Consultant will be paid a monthly retention of $3,600 per month for up to twenty- five (25) hours of service. Consultant agrees to make himself available for up to (25) hours per month and to perform services at mutually-convenient times as needed by the Company during the term of this Agreement. Consultant will be provided via email or in writing specific deliverables to perform for the Company from the Company’s Chief Executive Officer. Those tasks will include engaging with Company customers as requested by the sales leadership team, focusing on projects utilizing Consultant’s expertise in the industry, speaking engagements, or consulting on matters as requested by the Company’s Chief Executive Officer.   Consultant agrees to exercise reasonable effort to complete projects, and respond to inquiries related to those projects, in a timely manner.
		
	2.
	Confidentiality.

A.Definition. “Confidential Information” means the Company’s assigned inventions, trade secrets as well as other proprietary knowledge, information, ideas, know-how, non-public intellectual property rights including unpublished or pending patent applications and all related patent rights, manufacturing techniques, formulae, processes, discoveries, improvements, ideas, conceptions, compilations of data, and developments, whether or not patentable and whether information Consultant learned about or developed in connection with his former employment with and/or learns about or develops in current consulting services for the Company.
B.Nonuse and Nondisclosure. Consultant will not, during or subsequent to the term of this Agreement, (i) use Confidential Information for any purpose whatsoever other than the performance of the services on behalf of the Company or (ii) disclose the Confidential Information to any third party.  Consultant agrees that all Confidential Information will remain the sole property of the Company. Consultant also agrees to take reasonable precautions to prevent any unauthorized disclosure of such Confidential Information.  Consultant may disclose: (i) the terms of this Agreement to Consultant’s attorneys, accountants and other advisors who have a need to know of such information: and (ii)  the terms of Consultant’s obligations contained in the Confidential Information, Invention Assignment and Arbitration Agreement as amended in Paragraph 8.C (the “Confidentiality Agreement”) and this Agreement, to prospective employers and other persons or entities with whom Consultant is working that have a need to know such information, provided that they agree to hold such information in strictest confidence.
C.Former Client Confidential Information. Consultant agrees that Consultant will not, during the term of this Agreement, improperly use or disclose any proprietary information or trade secrets of any former or current employer of Consultant (other than the Company) or other person or entity with which Consultant has an agreement or duty to keep in confidence information acquired by Consultant, if any. Consultant also agrees that Consultant will not bring onto the Company’s premises any unpublished document or proprietary information belonging to any such employer, person or entity 

unless consented to in writing by such employer, person or entity.
D.Third Party Confidential Information. Consultant recognizes that the Company has received and in the future will receive from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. Consultant agrees that, during the term of this Agreement and thereafter, Consultant owes the Company and such third parties a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out the Services for the Company consistent with the Company’s agreement with such third party.
E.Return of Materials.  Upon the termination of this Agreement, or upon Company’s earlier request, Consultant will deliver to the Company and not retain all of the Company’s property, including but not limited to all electronically stored information and passwords to access such property, and all Confidential Information that Consultant may have in Consultant’s possession or control.
3.Ownership.
A.Assignment. Consultant agrees that all copyrightable material, notes, records, drawings, designs, inventions, improvements, developments, discoveries and trade secrets conceived, discovered, developed or reduced to practice by Consultant, solely or in collaboration with others, during the term of this Agreement that relate in any manner to the business of the Company that Consultant may be directed to undertake, investigate or experiment with or that Consultant may become associated with in work, investigation or experimentation in the Company’s line of business in performing the Services under this Agreement (collectively, “Inventions”), are the sole property of the Company. Consultant also agrees to assign (or cause to be assigned) and hereby assigns fully to the Company all Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating to all Inventions.
B.Further Assurances. Consultant agrees to assist Company, or its designee, at the Company’s expense, in every proper way to secure the Company’s rights in Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating to all Inventions in any and all countries, including the disclosure to the Company of all pertinent information and data with respect to all Inventions, the execution of all applications, specifications, oaths, assignments and all other instruments that the Company may deem necessary in order to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns and nominees the sole and exclusive right, title and interest in and to all Inventions, and any copyrights, patents, mask work rights or other intellectual property rights relating to all Inventions. Consultant also agrees that Consultant’s obligation to execute or cause to be executed any such instrument or papers shall continue after the termination of this Agreement.
C.Pre-Existing Materials. Consultant agrees that if, in the course of performing the Services, Consultant incorporates into any Invention developed under this Agreement any pre- existing invention, improvement, development, concept, discovery or other proprietary information owned by Consultant or in which Consultant has an interest, (i) Consultant will inform Company, in writing before incorporating such invention, improvement, development, concept, discovery or other proprietary information into any Invention, and (ii) the Company is hereby granted a nonexclusive, royalty-free, perpetual, irrevocable, worldwide license to make, have made, modify, use and sell such item as part of or in connection with such Invention. Consultant will not incorporate any invention, improvement, development, concept, discovery or other proprietary information owned by any third party into any Invention without Company’s prior written permission.
D.Attorney-in-Fact. Consultant agrees that, if the Company is unable because of Consultant’s unavailability, dissolution, mental or physical incapacity, or for any other reason, to secure Consultant’s signature for the purpose of applying for or pursuing any application for any United States or foreign patents or mask work or copyright registrations covering the Inventions assigned to the Company in Section 3.A, then Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Consultant’s agent and attorney-in-fact, to act for and on Consultant’s behalf to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyright and mask work registrations with the same legal force and effect as if executed by Consultant.
		
	4.
	Conflicting Obligations.

A.Conflicts. Consultant is an independent contractor and is free to enter into agreements to provide services for other clients providing that such services shall not be provided to a competitor of the Company during the term of this Consulting Agreement. For the purposes of this agreement, a “competitor of the Company” shall refer to any entity or individual developing, selling or consulting on software or services in the system of agreement software landscape. If Consultant has any question about whether a prospective client would be viewed as a competitor, the Consultant shall request 

approval from the Company before accepting a new engagement during the term of this Consulting Agreement.  Consultant’s violation of this  Section 4.A will be considered a material breach.
B.Reports. Consultant also agrees that Consultant will, from time to time during the term of this Agreement, keep the Company advised as to Consultant’s progress in performing the services under this Agreement.
5.Term and Termination.
A.Term. The term of this Agreement will begin the day immediately following Consultant’s final date of employment with the Company and will continue until February 15, 2020, unless terminated earlier by either party as provided herein. The Term may only be extended by mutual written agreement of the parties.
B.Termination for Convenience by Consultant. Consultant shall be permitted to cancel this Agreement for convenience with 30-days written notice to the other party.
C.Termination for Cause by Company. Company shall be permitted to cancel this Agreement early for Cause pursuant to the terms herein. Cause under this provision shall be defined as Consultant not fulfilling the duties described in Section 1(B) of this Agreement, committing a material breach of any provision of this Agreement, or engaging in fraud or criminal misconduct.
D.Termination for Convenience by Company. Company shall be permitted to cancel this Agreement for convenience with 30-days written notice to Consultant, but, it is understood and agreed that if Company terminates this Agreement for convenience, then Consultant shall be entitled to vesting acceleration from RSU grant number 00005598, 006990 and 00009297 of any time based vesting events which otherwise would have occurred between Consultant’s early termination date and February 15, 2020.
E.Survival. Upon such termination, all rights and duties of the Company and Consultant toward each other under this Agreement shall cease except: Section 2 (Confidentiality), Section 3 (Ownership), Section 4 (Conflicting Obligations), Section 6 (Independent Contractor; Benefits), and Section 7 (Indemnification) will survive termination of this Agreement.
6.Independent Contractor; Benefits.
A.Independent Contractor.  It is the express intention of the Company and Consultant that Consultant perform the Services as an independent contractor to the Company. As an independent contractor, Consultant’s undertakings on behalf of other clients shall not be restricted in any way, provided they do not conflict with any provisions of this Agreement or preclude Consultant from complying with them. Nothing in this Agreement shall in any way be construed to constitute Consultant as an agent, employee or representative of the Company. Without limiting the generality of the foregoing, Consultant is not authorized to bind the Company to any liability or obligation or to represent that Consultant has any such authority. Consultant agrees to furnish (or reimburse the Company for) all tools and materials necessary to accomplish this Agreement and shall incur all expenses associated with performance. All such tools and materials shall remain the sole property of Consultant. Consultant acknowledges and agrees that Consultant is obligated to report as income all compensation received by Consultant pursuant to this Agreement. Consultant agrees to and acknowledges the obligation to pay all self- employment and other taxes on such income. If any court or federal, state or local agency determines that Consultant is not an independent contractor, each party shall be responsible for any taxes, costs or other expenses that are determined to be the responsibility of such party in connection with such ruling, but the Company shall bear the cost of and reimburse Consultant as to any penalties or interest assessed on any amounts that may be determined to be owing by either party.
B.Benefits. The Company and Consultant agree that Consultant will receive no Company-sponsored benefits from the Company (excluding any COBRA benefits Consultant may enroll in). If Consultant is reclassified by a state or federal agency or court as Company’s employee, Consultant will become a reclassified employee and will receive no benefits from the Company, except those mandated by state or federal law, even if by the terms of the Company’s benefit plans or programs of the Company in effect at the time of such reclassification, Consultant would otherwise be eligible for such benefits.
C.Upon receipt of appropriate documentation and an invoice, the Company will reimburse Consultant for reasonable expenses Consultant incurs in performing the services at the Company’s request in accordance with the Company’s standard travel and expense reimbursement policy.
7.Indemnification. Consultant agrees to indemnify and hold harmless the Company and its directors, officers 

and employees from and against all taxes, losses, damages, liabilities, costs and expenses, including attorneys’ fees and other legal expenses, arising directly or indirectly from or in connection with any third party claim based upon (i) any grossly negligent, reckless or intentionally wrongful act of Consultant or Consultant’s assistants, employees or agents, (ii) any breach by the Consultant or Consultant’s assistants, employees or agents of any of the covenants contained in this Agreement, (iii) any failure of Consultant to perform the Services in accordance with all applicable laws, rules and regulations. Company agrees to indemnify and hold harmless the Consultant from and against all taxes, losses, damages, liabilities, costs and expenses, excluding attorneys’ fees and other legal expenses, arising directly or indirectly from or in connection with any third party claim based upon (i) any grossly negligent, reckless or intentionally wrongful act of Company or Company’s assistants, employees or agents, (ii) any failure of Company to comply with all applicable laws, rules and regulations, or (iii) services performed by Consultant at the direction of Company (except to the extent covered by Consultant’s indemnity obligations above).
8.Miscellaneous.
A.Governing Law. This Agreement shall be governed by the laws of California without regard to California’s conflicts of law rules.
B.Assignability. Except as otherwise provided in this Agreement, Consultant may not sell, assign or delegate any rights or obligations under this Agreement.
C.Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior written and oral agreements between the parties regarding the subject matter of this Agreement, excluding but not limited to the Confidentiality Agreement signed on January 31, 2013.  For the purposes of clarity, all parties agree that the Confidentiality Agreement shall: (i) be governed under California law and any dispute shall take place in San Francisco, CA or such other location as is mutually agreed by the parties in writing; and (ii) that Section 9 therein shall be struck in its entirety and will not be enforced. Any modification or amendment of this Agreement, or additional obligation assumed by either party in connection with this Agreement, shall be effective only if placed in writing and signed by both parties or by authorized representatives of each party. No provision of this Agreement can be changed, altered, modified, or waived except by an executed writing by the parties.
D.Headings. Headings are used in this Agreement for reference only and shall not be considered when interpreting this Agreement.
E.Notices. Any notice or other communication required or permitted by this Agreement to be given to a party shall be in writing and shall be deemed given if delivered personally or by commercial messenger or courier service, via DocuSign, or mailed by U.S. registered or certified mail (return receipt requested), to the party at the party’s address written below or at such other address as the party may have previously specified by like notice. If by mail, delivery shall be deemed effective three business days after mailing in accordance with this Section 8.E.
		
	(1)
	If to the Company, to:

Reggie Davis 
DocuSign, Inc.
221 Main Street, Suite 1000
San Francisco, CA 94105
DocuSign delivery: reggie.davis@docusign.com
(2)If to Consultant, to the address for notice on the signature page to this Agreement or, if no such address is provided, to the last address of Consultant provided by Consultant to the Company.
F.Attorneys’ Fees. In any court action at law or equity that is brought by one of the parties to this Agreement to enforce or interpret the provisions of this Agreement, the prevailing party will be entitled to reasonable attorneys’ fees, in addition to any other relief to which that party may be entitled.
G.Severability. If any provision of this Agreement is found to be illegal or unenforceable, the other provisions shall remain effective and enforceable to the greatest extent permitted by law.
IN WITNESS WHEREOF, the parties have executed this Consulting Agreement as of the date first written above. 

	
					
	Neil Hudspith
	 
	DocuSign, Inc.

	By:
	 
	 
	By:
	 

	Name:
	William Hudspith
	 
	Name:
	 

	 
	 
	 
	Title:
	 

	Address for Notice:ex_138368.htm

Exhibit 10.30

 

CARTXPRESS BIO, INC.

 

VOTING AGREEMENT

 

THIS VOTING AGREEMENT is made and entered into as of this 1st day of January, 2019 by and among CARTXpress Bio, Inc., a Delaware corporation (the “Company”), and each holder of the Company’s Common Stock, $0.001 par value per share (“Common Stock”), listed on Schedule A (together with any subsequent investors or transferees who become parties hereto as “Stockholders” pursuant to Subsections 5.1(a) or 5.2 below, the “Stockholders”).

 

RECITALS

 

	 	
			A.

				
			On the date hereof, the Company, ThermoGenesis Corp., a Delaware corporation (“ThermoGenesis”), Cesca Therapeutics Inc., a Delaware corporation and the majority stockholder of ThermoGenesis, Bay City Capital Fund V, L.P. and Bay City Capital Fund V Co-Investment Fund, L.P. (together, “Bay City Capital”) entered into a Reorganization and Share Exchange Agreement pursuant to which such parties agreed to effect a reorganization of ThermoGenesis (the “Reorganization”).

			

 

	 	
			B.

				
			Pursuant to the Reorganization, Bay City Capital acquired an aggregate of 2,000,000 shares of Common Stock from ThermoGenesis in exchange for its stock in ThermoGenesis, and ThermoGenesis retained 8,000,000 shares of Common Stock.

			

 

	 	
			C.

				
			In connection with the Reorganization, the parties desire to provide the Stockholders with the right, among other rights, to designate the election of certain members of the board of directors of the Company (the “Board”) in accordance with the terms of this Agreement.

			

 

	 	
			D.

				
			The parties also desire to enter into this Agreement to set forth their agreements and understandings with respect to how shares of the Company’s capital stock held by them will be voted on, or tendered in connection with, an acquisition of the Company.

			

 

	 	
			 

				
			NOW, THEREFORE, the parties agree as follows:

			

 

	 	
			1.

				
			Voting Provisions Regarding Board of Directors.

			

 

1.1      Size of the Board. Each Stockholder agrees to vote, or cause to be voted, all Shares (as defined below) owned by such Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that the size of the Board shall be set and remain at three (3) directors. For purposes of this Agreement, the term “Shares” shall mean and include any securities of the Company the holders of which are entitled to vote for members of the Board, including without limitation, all shares of Common Stock, by whatever name called, now owned or subsequently acquired by a Stockholder, however acquired, whether through stock splits, stock dividends, reclassifications, recapitalizations, similar events or otherwise.   

 

 

 

 

1.2      Board Composition. Each Stockholder agrees to vote, or cause to be voted, all Shares owned by such Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that at each annual or special meeting of stockholders at which an election of directors is held or pursuant to any written consent of the stockholders, the following persons shall be elected to the Board:

 

(a)     One person designated by Bay City Capital Fund V, L.P. or its Affiliates (the “Bay City Designee”), for so long as Bay City Capital or its Affiliates owns at least five percent (5%) of the Company’s outstanding Common Stock, which individual shall initially be Carl Goldfischer.

 

(b)     Two individuals designated by ThermoGenesis (the “ThermoGenesis Designees”), which individuals shall initially be Chris Xu and Haihong Zhu; provided, however, that ThermoGenesis shall be entitled to designate only one ThermoGenesis Designee from and after such time as ThermoGenesis, together with its Affiliates, ceases to own at least thirty percent (30%) of the Company’s Common Stock (on an as-converted basis).

 

To the extent that any of clauses (a) and (b) above shall not be applicable, any member of the Board who would otherwise have been designated in accordance with the terms thereof shall instead be voted upon by all the stockholders of the Company entitled to vote thereon in accordance with, and pursuant to, the Certificate of Incorporation of the Company, as may be amended, restated or otherwise modified from time to time (the “Certificate of Incorporation”).

 

For purposes of this Agreement, an individual, firm, corporation, partnership, association, limited liability company, trust or any other entity (collectively, a “Person”) shall be deemed an “Affiliate” of another Person who, directly or indirectly, controls, is controlled by or is under common control with such Person, including, without limitation, any general partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person.

 

1.3      Failure to Designate a Board Member. In the absence of any designation from the Persons or groups with the right to designate a director as specified above, the director previously designated by them and then serving shall be reelected if still eligible to serve as provided herein.

 

1.4      Removal of Board Members. Each Stockholder also agrees to vote, or cause to be voted, all Shares owned by such Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that:

 

(a)     no director elected pursuant to Subsections 1.2 or 1.4 of this Agreement may be removed from office other than for cause unless (i) such removal is directed or approved by the affirmative vote of the Person entitled under Subsection 1.2 to designate that director or (ii) the Person(s) originally entitled to designate or approve such director pursuant to Subsection 1.2 is no longer so entitled to designate or approve such director;

 

(b)     any vacancies created by the resignation, removal or death of a director elected pursuant to Subsections 1.2 or 1.4 shall be filled pursuant to the provisions of this Section 1; and

 

(c)     upon the request of any party entitled to designate a director as provided in Subsections 1.2(a), or 1.2(b), to remove such director, such director shall be removed.

 

All Stockholders agree to execute any written consents required to perform the obligations of this Agreement, and the Company agrees at the request of any party entitled to designate directors to call a special meeting of stockholders for the purpose of electing directors.

 

1.5      No Liability for Election of Recommended Directors. No Stockholder, nor any Affiliate of any Stockholder, shall have any liability as a result of designating a person for election as a director for any act or omission by such designated person in his or her capacity as a director of the Company, nor shall any Stockholder have any liability as a result of voting for any such designee in accordance with the provisions of this Agreement.

 

1.6      No “Bad Actor” Designees. Each Person with the right to designate or participate in the designation of a director as specified above hereby represents and warrants to the Company that, to such Person’s knowledge, none of the “bad actor” disqualifying events described in Rule 506(d)(1)(i)-(viii) promulgated under the Securities Act of 1933, as amended (the “Securities Act”) (each, a “Disqualification Event”), is applicable to such Person’s initial designee named above except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. Any director designee to whom any Disqualification Event is applicable, except for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable, is hereinafter referred to as a “Disqualified Designee”. Each Person with the right to designate or participate in the designation of a director as specified above hereby covenants and agrees (A) not to designate or participate in the designation of any director designee who, to such Person’s knowledge, is a Disqualified Designee and (B) that in the event such Person becomes aware that any individual previously designated by any such Person is or has become a Disqualified Designee, such Person shall as promptly as practicable take such actions as are necessary to remove such Disqualified Designee from the Board and designate a replacement designee who is not a Disqualified Designee.

 

 

 

 

	 	
			2.

				
			Drag-Along Right.

			

 

2.1      Definitions. A “Sale of the Company” shall mean either: (a) a transaction or series of related transactions in which a Person, or a group of related Persons, acquires from stockholders of the Company shares representing more than fifty percent (50%) of the outstanding voting power of the Company (a “Stock Sale”); or (b) a transaction that qualifies as a “Deemed Liquidation Event” as defined in the Certificate of Incorporation.

 

2.2      Actions to be Taken. In the event that (i) the holders of at least eighty-five percent (85%) of the shares of Common Stock then issued (the “Selling Stockholders”) and (ii) the Board of Directors approve a Sale of the Company in writing, specifying that this Section 2 shall apply to such transaction, then each Stockholder and the Company hereby agree:

 

(a)      if such transaction requires stockholder approval, with respect to all Shares that such Stockholder owns or over which such Stockholder otherwise exercises voting power, to vote (in person, by proxy or by action by written consent, as applicable) all Shares in favor of, and adopt, such Sale of the Company (together with any related amendment to the Certificate of Incorporation required in order to implement such Sale of the Company) and to vote in opposition to any and all other proposals that could delay or impair the ability of the Company to consummate such Sale of the Company;

 

(b)      if such transaction is a Stock Sale, to sell the same proportion of shares of capital stock of the Company beneficially held by such Stockholder as is being sold by the Selling Stockholders to the Person to whom the Selling Stockholders propose to sell their Shares, and, except as permitted in Subsection 2.3 below, on the same terms and conditions as the Selling Stockholders;

 

(c)      to execute and deliver all related documentation and take such other action in support of the Sale of the Company as shall reasonably be requested by the Company or the Selling Stockholders in order to carry out the terms and provision of this Section 2, including without limitation executing and delivering instruments of conveyance and transfer, and any purchase agreement, merger agreement, indemnity agreement, escrow agreement, consent, waiver, governmental filing, share certificates duly endorsed for transfer (free and clear of impermissible liens, claims and encumbrances) and any similar or related documents;

 

(d)      not to deposit, and to cause their Affiliates not to deposit, except as provided in this Agreement, any Shares of the Company owned by such party or Affiliate in a voting trust or subject any Shares to any arrangement or agreement with respect to the voting of such Shares, unless specifically requested to do so by the acquiror in connection with the Sale of the Company;

 

(e)      to refrain from exercising any dissenters’ rights or rights of appraisal under applicable law at any time with respect to such Sale of the Company;

 

(f)      if the consideration to be paid in exchange for the Shares pursuant to this Section 2 includes any securities and due receipt thereof by any Stockholder would require under applicable law (x) the registration or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities or (y) the provision to any Stockholder of any information other than such information as a prudent issuer would generally furnish in an offering made solely to “accredited investors” as defined in Regulation D promulgated under the Securities Act, the Company may cause to be paid to any such Stockholder in lieu thereof, against surrender of the Shares which would have otherwise been sold by such Stockholder, an amount in cash equal to the fair value (as determined in good faith by the Company) of the securities which such Stockholder would otherwise receive as of the date of the issuance of such securities in exchange for the Shares; and

 

 

 

 

(g)      in the event that the Selling Stockholders, in connection with such Sale of the Company, appoint a stockholder representative (the “Stockholder Representative”) with respect to matters affecting the Stockholders under the applicable definitive transaction agreements following consummation of such Sale of the Company, (x) to consent to (i) the appointment of such Stockholder Representative, (ii) the establishment of any applicable escrow, expense or similar fund in connection with any indemnification or similar obligations, and (iii) the payment of such Stockholder’s pro rata portion (from the applicable escrow or expense fund or otherwise) of any and all reasonable fees and expenses to such Stockholder Representative in connection with such Stockholder Representative’s services and duties in connection with such Sale of the Company and its related service as the representative of the Stockholders, and (y) not to assert any claim or commence any suit against the Stockholder Representative or any other Stockholder with respect to any action or inaction taken or failed to be taken by the Stockholder Representative in connection with its service as the Stockholder Representative, absent fraud or willful misconduct.

 

2.3      Exceptions. Notwithstanding the foregoing, a Stockholder will not be required to comply with Subsection 2.1 above in connection with any proposed Sale of the Company (the “Proposed Sale”) unless:

 

(a)      any representations and warranties to be made by such Stockholder in connection with the Proposed Sale are limited to representations and warranties related to authority, ownership and the ability to convey title to such Shares, including but not limited to representations and warranties that (i) the Stockholder holds all right, title and interest in and to the Shares such Stockholder purports to hold, free and clear of all liens and encumbrances, (ii) the obligations of the Stockholder in connection with the transaction have been duly authorized, if applicable, (iii) the documents to be entered into by the Stockholder have been duly executed by the Stockholder and delivered to the acquirer and are enforceable against the Stockholder in accordance with their respective terms and (iv) neither the execution and delivery of documents to be entered into in connection with the transaction, nor the performance of the Stockholder’s obligations thereunder, will cause a breach or violation of the terms of any agreement, law or judgment, order or decree of any court or governmental agency;

 

(b)      the Stockholder shall not be liable for the inaccuracy of any representation or warranty made by any other Person in connection with the Proposed Sale, other than the Company (except to the extent that funds may be paid out of an escrow established to cover breach of representations, warranties and covenants of the Company as well as breach by any stockholder of any of identical representations, warranties and covenants provided by all stockholders);

 

 

 

 

(c)      the liability for indemnification, if any, of such Stockholder in the Proposed Sale and for the inaccuracy of any representations and warranties made by the Company or its Stockholders in connection with such Proposed Sale, is several and not joint with any other Person (except to the extent that funds may be paid out of an escrow established to cover breach of representations, warranties and covenants of the Company as well as breach by any stockholder of any of identical representations, warranties and covenants provided by all stockholders), and is pro rata in proportion to, and does not exceed, the amount of consideration paid to such Stockholder in connection with such Proposed Sale; and

 

(d)     upon the consummation of the Proposed Sale, (i) each holder of each class or series of the Company’s stock will receive the same form of consideration for their shares of such class or series as is received by other holders in respect of their shares of such same class or series of stock, and (ii) each holder of Common Stock will receive the same amount of consideration per share of Common Stock as is received by other holders in respect of their shares of Common Stock; provided, however, that, notwithstanding the foregoing, if the consideration to be paid in exchange for the Stockholder Shares pursuant to this Subsection 2.3(d) includes any securities and due receipt thereof by any Stockholder would require under applicable law (x) the registration or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities or (y) the provision to any Stockholder of any information other than such information as a prudent issuer would generally furnish in an offering made solely to “accredited investors” as defined in Regulation D promulgated under the Securities Act, the Company may cause to be paid to any such Stockholder in lieu thereof, against surrender of the Stockholder Shares which would have otherwise been sold by such Stockholder, an amount in cash equal to the fair value (as determined in good faith by the Company) of the securities which such Stockholder would otherwise receive as of the date of the issuance of such securities in exchange for the Stockholder Shares.

 

2.4      Restrictions on Sales of Control of the Company. No Stockholder shall be a party to any Stock Sale unless all holders of Common Stock are allowed to participate in such transaction and the consideration received pursuant to such transaction is allocated among the parties thereto pro rata based on the number of shares of Common Stock held by such parties, unless the holders of at least eighty-five percent (85%) of the Common Stock elect otherwise by written notice given to the Company at least ten (10) days prior to the effective date of any such transaction or series of related transactions.

 

	 	
			3.

				
			Remedies.

			

 

3.1      Covenants of the Company. The Company agrees to use its best efforts, within the requirements of applicable law, to ensure that the rights granted under this Agreement are effective and that the parties enjoy the benefits of this Agreement. Such actions include, without limitation, the use of the Company’s best efforts to cause the nomination and election of the directors as provided in this Agreement.

 

 

 

 

3.2      Irrevocable Proxy and Power of Attorney. Each party to this Agreement hereby constitutes and appoints as the proxies of the party and hereby grants a power of attorney to the President of the Company, and a designee of the Selling Stockholders, and each of them, with full power of substitution, with respect to the matters set forth herein, including without limitation, election of persons as members of the Board in accordance with Section 1 hereto and votes regarding any Sale of the Company pursuant to Section 2 hereof, and hereby authorizes each of them to represent and to vote, if and only if the party (i) fails to vote or (ii) attempts to vote (whether by proxy, in person or by written consent) in a manner which is inconsistent with the terms of this Agreement, all of such party’s Shares in favor of the election of persons as members of the Board determined pursuant to and in accordance with the terms and provisions of Section 1 of this Agreement or to take any action necessary to effect a Sale of the Company pursuant to and in accordance with Section 2 of this Agreement. Each of the proxy and power of attorney granted pursuant to the immediately preceding sentence is given in consideration of the agreements and covenants of the Company and the parties in connection with the transactions contemplated by this Agreement and, as such, each is coupled with an interest and shall be irrevocable unless and until this Agreement terminates or expires pursuant to Section 4 hereof. Each party hereto hereby revokes any and all previous proxies or powers of attorney with respect to the Shares and shall not hereafter, unless and until this Agreement terminates or expires pursuant to Section 4 hereof, purport to grant any other proxy or power of attorney with respect to any of the Shares, deposit any of the Shares into a voting trust or enter into any agreement (other than this Agreement), arrangement or understanding with any person, directly or indirectly, to vote, grant any proxy or give instructions with respect to the voting of any of the Shares, in each case, with respect to any of the matters set forth herein.

 

3.3     Specific Enforcement. Each party acknowledges and agrees that each party hereto will be irreparably damaged in the event any of the provisions of this Agreement are not performed by the parties in accordance with their specific terms or are otherwise breached. Accordingly, it is agreed that each of the Company and the Stockholders shall be entitled to an injunction to prevent breaches of this Agreement, and to specific enforcement of this Agreement and its terms and provisions in any action instituted in any court of the United States or any state having subject matter jurisdiction.

 

3.4      Remedies Cumulative. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

4.             Term. This Agreement shall be effective as of the date hereof and shall continue in effect until and shall terminate upon the earliest to occur of (a) a Qualified Public Offering; (b) a Qualified Merger (as such terms are defined in the Investors’ Rights Agreement, of even date herewith, among the Company and each of the investors listed on Schedule A thereto), or (c) the date on which Bay City Capital and its Affiliates, taken together, cease to own at least five percent (5%) of the outstanding shares of Common Stock; provided that the provisions of Section 2 hereof will continue after the closing of any Sale of the Company to the extent necessary to enforce the provisions of Section 2 with respect to such Sale of the Company.

 

 

 

 

	 	
			5. 

				
			Miscellaneous.

			

 

5.1      Additional Parties.

 

(a)      Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of Common Stock after the date hereof, as a condition to the issuance of such shares the Company shall require that any purchaser of shares of Common Stock become a party to this Agreement by executing and delivering (i) the Adoption Agreement attached to this Agreement as Exhibit A, or (ii) a counterpart signature page hereto agreeing to be bound by and subject to the terms of this Agreement as a Stockholder hereunder. Each such person shall thereafter be deemed a Stockholder for all purposes under this Agreement.

 

(b)      In the event that after the date of this Agreement, the Company enters into an agreement with any Person to issue shares of capital stock to such Person (other than to a purchaser of Common Stock described in Subsection 5.1(a) above), then, the Company shall cause such Person, as a condition precedent to entering into such agreement, to become a party to this Agreement by executing an Adoption Agreement in the form attached hereto as Exhibit A, agreeing to be bound by and subject to the terms of this Agreement as a Stockholder and thereafter such person shall be deemed a Stockholder for all purposes under this Agreement.

 

5.2      Transfers. Each transferee or assignee of any Shares subject to this Agreement shall continue to be subject to the terms hereof, and, as a condition precedent to the Company’s recognizing such transfer, each transferee or assignee shall agree in writing to be subject to each of the terms of this Agreement by executing and delivering an Adoption Agreement substantially in the form attached hereto as Exhibit A. Upon the execution and delivery of an Adoption Agreement by any transferee, such transferee shall be deemed to be a party hereto as if such transferee were the transferor and such transferee’s signature appeared on the signature pages of this Agreement and shall be deemed to be a Stockholder. The Company shall not permit the transfer of the Shares subject to this Agreement on its books or issue a new certificate representing any such Shares unless and until such transferee shall have complied with the terms of this Subsection 5.2. Each certificate representing the Shares subject to this Agreement if issued on or after the date of this Agreement shall be endorsed by the Company with the legend set forth in Subsection 5.12.

 

5.3     Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

5.4      Governing Law. This Agreement shall be governed by the internal law of the State of Delaware.

 

5.5      Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

 

 

 

5.6     Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

5.7     Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address as set forth on Schedule A hereto, or to such email address, facsimile number or address as subsequently modified by written notice given in accordance with this Subsection 5.7. If notice is given to the Company or ThermoGenesis, a copy shall also be sent to:     

 

Foley & Lardner LLP

100 North Tampa Street, Suite 2700

Tampa, Florida 33602-5810

Attention: Curt Creely

Email: ccreely@foley.com

Facsimile: (813) 221-4210

 

and if notice is given to Stockholders, a copy shall also be given to:

 

Stradling Yocca Carlson & Rauth

660 Newport Center Drive, Suite 1600

Newport Beach, CA 92660

Attention: Michael L. Lawhead

Email: mlawhead@sycr.com

Facsimile: (949) 725-5277

 

5.8        Consent Required to Amend, Terminate or Waive. This Agreement may be amended or terminated and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument executed by (a) the Company and (b) the holders of at least eighty-five percent (85%) of the shares of Common Stock issued and outstanding. Notwithstanding the foregoing:

 

(a)      this Agreement may not be amended or terminated and the observance of any term of this Agreement may not be waived with respect to any Stockholder without the written consent of such Stockholder unless such amendment, termination or waiver applies to all Stockholders, as the case may be, in the same fashion;

 

(b)      any provision hereof may be waived by the waiving party on such party’s own behalf, without the consent of any other party; and

 

 

 

 

(c)      Subsection 1.2(a) of this Agreement shall not be amended or waived without the written consent of Bay City Capital Fund V, L.P. and Subsection 1.2(b) of this Agreement shall not be amended or waived without the written consent of ThermoGenesis.

 

The Company shall give prompt written notice of any amendment, termination or waiver hereunder to any party that did not consent in writing thereto. Any amendment, termination or waiver effected in accordance with this Subsection 5.8 shall be binding on each party and all of such party’s successors and permitted assigns, whether or not any such party, successor or assignee entered into or approved such amendment, termination or waiver. For purposes of this Subsection 5.8, the requirement of a written instrument may be satisfied in the form of an action by written consent of the Stockholders circulated by the Company and executed by the Stockholder parties specified, whether or not such action by written consent makes explicit reference to the terms of this Agreement.

 

5.9        Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default previously or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

 

5.10      Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

5.11      Entire Agreement. This Agreement (including the Exhibits hereto) constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled.

 

5.12      Legend on Share Certificates. Each certificate representing any Shares issued after the date hereof shall be endorsed by the Company with a legend reading substantially as follows:

 

	“THE SHARES EVIDENCED HEREBY ARE SUBJECT TO A VOTING AGREEMENT, AS MAY BE AMENDED FROM TIME TO TIME, (A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST FROM THE COMPANY), AND BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF THAT VOTING AGREEMENT, INCLUDING CERTAIN RESTRICTIONS ON TRANSFER AND OWNERSHIP SET FORTH THEREIN.”

 

 

 

 

The Company, by its execution of this Agreement, agrees that it will cause the certificates evidencing the Shares issued after the date hereof to bear the legend required by this Subsection 5.12, and it shall supply, free of charge, a copy of this Agreement to any holder of a certificate evidencing Shares upon written request from such holder to the Company at its principal office. The parties to this Agreement do hereby agree that the failure to cause the certificates evidencing the Shares to bear the legend required by this Subsection 5.12 and/or the failure of the Company to supply, free of charge, a copy of this Agreement as provided hereunder shall not affect the validity or enforcement of this Agreement.

 

5.13      Stock Splits, Stock Dividends, etc. In the event of any issuance of Shares of the Company’s voting securities hereafter to any of the Stockholders (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like), such Shares shall become subject to this Agreement and shall be endorsed with the legend set forth in Subsection 5.12.

 

5.14      Manner of Voting. The voting of Shares pursuant to this Agreement may be effected in person, by proxy, by written consent or in any other manner permitted by applicable law. For the avoidance of doubt, voting of the Shares pursuant to the Agreement need not make explicit reference to the terms of this Agreement.

 

5.15      Further Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder.

 

5.16      Jurisdiction; Venue. With respect to any disputes arising out of or related to this Agreement, the parties consent to the non-exclusive jurisdiction of, and venue in, the state courts in San Francisco County in the State of California (or in the event of federal jurisdiction, the courts of Northern District of California).

 

5.17      Costs of Enforcement. If any party to this Agreement seeks to enforce its rights under this Agreement by legal proceedings, the non-prevailing party shall pay all costs and expenses incurred by the prevailing party, including, without limitation, all reasonable attorneys’ fees.

 

5.18      Aggregation of Stock. All Shares held or acquired by a Stockholder and/or its Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement, and such Affiliates may apportion such rights as among themselves in any manner they deem appropriate.

 

5.19      Spousal Consent. If any individual Stockholder is married on the date of this Agreement, such Stockholder’s spouse shall execute and deliver to the Company a consent of spouse in the form of Exhibit B hereto (“Consent of Spouse”), effective on the date hereof. Notwithstanding the execution and delivery thereof, such consent shall not be deemed to confer or convey to the spouse any rights in such Stockholder’s Shares that do not otherwise exist by operation of law or the agreement of the parties. If any individual Stockholder should marry or remarry subsequent to the date of this Agreement, such Stockholder shall within thirty (30) days thereafter obtain his/her new spouse’s acknowledgement of and consent to the existence and binding effect of all restrictions contained in this Agreement by causing such spouse to execute and deliver a Consent of Spouse acknowledging the restrictions and obligations contained in this Agreement and agreeing and consenting to the same.

 

 

[signatures follow]

 

 

 

 

IN WITNESS WHEREOF, the parties have executed this Voting Agreement as of the date first written above.

 

	 	
			COMPANY:

			 

			CARTXpress bio, Inc.

			 

			By: /s/ Haihong Zhu

			Name: Haihong Zhu

			Title:   President

			

 

 

 

 

 

[Signature Page to Voting Agreement]

 

 

 

 

IN WITNESS WHEREOF, the parties have executed this Voting Agreement as of the date first written above.

 

 

	 	
			STOCKHOLDERS:

			 

			BAY CITY CAPITAL FUND V, L.P.

			 

			By:     Bay City Capital Management V LLC

			Its:     General Partner

			 

			           By:      Bay City Capital LLC

			           Its:      Manager

			 

			                       By: /s/ Carl Goldfischer

			                       Name:  Carl Goldfischer

			                       Title:  MD

			 

			Address:

			 

			Bay City Capital LLC

			750 Battery Street, Suite 400

			San Francisco, CA 94111

			 

			Bay City Capital Fund V Co-Investment Fund, L.P.

			 

			By:      Bay City Capital Management V LLC

			Its:      General Partner

			 

			            By:      Bay City Capital LLC

			            Its:      Manager

			 

			                        By: /s/ Carl Goldfischer

			                        Name:  Carl Goldfischer

			                        Title: MD

			 

			Address:

			 

			Bay City Capital LLC

			750 Battery Street, Suite 400

			San Francisco, CA 94111

			

 

 

 

 

 

[Signature Page to Voting Agreement]

 

 

 

 

IN WITNESS WHEREOF, the parties have executed this Voting Agreement as of the date first written above.

 

 

	 	
			STOCKHOLDER:

			 

			THERMOGENESIS CORP.

			 

			By:      /s/ Haihong Zhu

			            Haihong Zhu

			            President

			 

			Address:

			 

			ThermoGenesis Corp.

			2711 Citrus Road

			Rancho Cordova, California 95742

			

 

 

 

 

 

[Signature Page to Voting Agreement]

 

 

 

 

SCHEDULE A

 

STOCKHOLDERS

 

	
			Name and Address

				
			Number of Shares Held

			
	
			 

			Bay City Capital Fund V, L.P.

			Bay City Capital LLC

			750 Battery Street, Suite 400

			San Francisco, CA 94111

			 

				
			 

			1,962,600

			
	
			 

			Bay City Capital Fund V Co-Investment Fund, L.P.

			Bay City Capital LLC

			750 Battery Street, Suite 400

			San Francisco, CA 94111

			 

				
			 

			37,400

			
	
			 

			ThermoGenesis Corp.

			2711 Citrus Road

			Rancho Cordova, California 95742

			 

				
			 

			8,000,000

			

 

 

 

 

[Schedule A to Voting Agreement]

 

 

 

 

EXHIBIT A

 

ADOPTION AGREEMENT

 

This Adoption Agreement (“Adoption Agreement”) is executed on ___________________, 20__, by the undersigned (the “Holder”) pursuant to the terms of that certain Voting Agreement dated as of January 1, 2019 (the “Agreement”), by and among the Company and certain of its Stockholders, as such Agreement may be amended or amended and restated hereafter. Capitalized terms used but not defined in this Adoption Agreement shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Adoption Agreement, the Holder agrees as follows.

 

1.1     Acknowledgement. Holder acknowledges that Holder is acquiring certain shares of the capital stock of the Company (the “Stock”), for one of the following reasons (Check the correct box):

 

☐      as a transferee of Shares from a party in such party’s capacity as a “Stockholder” bound by the Agreement, and after such transfer, Holder shall be considered a “Stockholder” for all purposes of the Agreement.

 

☐      as a new Stockholder in accordance with Subsection 5.1(a) of the Agreement, in which case Holder will be a “Stockholder” for all purposes of the Agreement.

 

☐      in accordance with Subsection 5.1(b) of the Agreement, as a new party who is not a new Stockholder, in which case Holder will be a “Stockholder” for all purposes of the Agreement.

 

1.2    Agreement. Holder hereby (a) agrees that the Stock, and any other shares of capital stock or securities required by the Agreement to be bound thereby, shall be bound by and subject to the terms of the Agreement and (b) adopts the Agreement with the same force and effect as if Holder were originally a party thereto.

 

1.3     Notice. Any notice required or permitted by the Agreement shall be given to Holder at the address or facsimile number listed below Holder’s signature hereto.

 

	HOLDER:                                                   	ACCEPTED AND AGREED:
	 	 
	By:                                                                                  	CARTXpress bio, Inc.
	Name and Title of Signatory	 
	 	 
	Address:                                                       	By:                                                              
	                                                                      	Title:                                                           
	Facsimile Number:                                      	 

 

 

    

 

[Exhibit A to Voting Agreement]

 

 

 

 

EXHIBIT B

 

CONSENT OF SPOUSE

 

I, ____________________, spouse of ______________, acknowledge that I have read the Voting Agreement, dated as of January 1, 2019, to which this Consent is attached as Exhibit B (the “Agreement”), and that I know the contents of the Agreement. I am aware that the Agreement contains provisions regarding the voting and transfer of shares of capital stock of the Company that my spouse may own, including any interest I might have therein.

 

I hereby agree that my interest, if any, in any shares of capital stock of the Company subject to the Agreement shall be irrevocably bound by the Agreement and further understand and agree that any community property interest I may have in such shares of capital stock of the Company shall be similarly bound by the Agreement.

 

I am aware that the legal, financial and related matters contained in the Agreement are complex and that I am free to seek independent professional guidance or counsel with respect to this Consent. I have either sought such guidance or counsel or determined after reviewing the Agreement carefully that I will waive such right.

 

Dated as of the __ day of _________, 20___.

 

	 	 	 	 
	 	 	Signature	 
	 	 	 	 
	 	 	 	 
	 	 	Print Name

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