Document:

Exhibit 10.6

 

[*], 2022

 

Aquaron Acquisition Corp.

c/o Aquaron Investments LLC

515 Madison Avenue, 8th Floor

New York, NY 10022

 

Ladies and Gentlemen:

 

Aquaron Acquisition Corp. (the
“Company”), a blank check company formed for the purpose of acquiring one or more businesses or entities (a “Business
Combination”), intends to register its securities under the Securities Act of 1933, as amended (“Securities Act”),
in connection with its initial public offering (“IPO”), pursuant to a registration statement on Form S-1 (“Registration
Statement”).

 

The undersigned hereby commits
that it will purchase 231,250 units of the Company (“Placement Units”), each Placement Unit consisting of one share
of common stock of the Company, $0.0001 par value (the “Common Stock”), one warrant entitling its holder to purchase
one share of Common Stock, and one right to receive one-tenth (1/10) of one share of Common Stock upon the consummation of an initial
Business Combination, at $10.00 per Placement Unit, for a purchase price of $2,812,500 (the “Placement Unit Purchase Price”).

 

The undersigned hereby agrees
that it will purchase an additional amount of units of the Company (“Over-Allotment Units”), up to a maximum of 18,750
Over-Allotment Units, or a maximum purchase price of $187,500 (“Over-Allotment Unit Purchase Price”, together with
the Placement Unit Purchase Price, the “Purchase Price”), in the event that Chardan Capital Markets, LLC (the “Underwriter”)
exercises its over-allotment option, such that the amount held in the trust account (as described in the Registration Statement, the “Trust
Account”) does not fall below $10.10 per share for each share of Common Stock sold in the IPO.

 

At least twenty-four (24) hours
prior to the pricing of the IPO, the undersigned will cause the Purchase Price to be delivered to an escrow account with Wilson Sonsini
Goodrich & Rosati Professional Corporation (“WSGR”).

 

The consummation of the purchase
and issuance of the Placement Units shall occur simultaneously with the consummation of the IPO and the consummation of the purchase and
issuance of the Over-Allotment Units shall occur simultaneously with the closing of any exercise of the over-allotment option related
to the IPO. Simultaneously with or prior to the consummation of the IPO, WSGR shall deposit the Private Unit Purchase Price, without interest
or deduction, into the Trust Account.

 

Each of the Company, and the
undersigned acknowledges and agrees that WSGR is serving hereunder solely as a convenience to the parties to facilitate the purchase of
the Placement Units and WSGR’s sole obligation under this letter agreement is to act with respect to holding and disbursing the
Purchase Price for the Placement Units as described above. WSGR shall not be liable to the Company, the Underwriter or the undersigned
or any other person or entity in respect of any act or failure to act hereunder or otherwise in connection with performing its services
hereunder unless WSGR has acted in a manner constituting gross negligence or willful misconduct. The Company and the undersigned shall
indemnify WSGR against any claim made against it (including reasonable attorney’s fees) by reason of it acting or failing to act
in connection with this letter agreement except as a result of its gross negligence or willful misconduct. WSGR may rely and shall be
protected in acting or refraining from acting upon any written notice, instruction or request furnished to it hereunder and believed by
it to be genuine and to have been signed or presented by the proper party or parties. 

 

The Units and Over-Allotment
Units will be identical to the units to be sold by the Company in the IPO. Additionally, the undersigned agrees:

 

	 	●	to vote the shares of Common Stock included in the Placement Units and Over-Allotment Units in favor of any proposed Business Combination;

 

     

     

    

 

	 	●	not to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s shares of Common Stock sold in the IPO if the Company does not complete an initial Business Combination within 9 months from the closing of the IPO (or 12 or 15 months, as applicable), unless the Company provides the holders of shares of Common Stock underlying the units sold in the IPO with the opportunity to redeem their shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount of the Trust Account, including interest earned on Trust Account and not previously released to the Company to pay the Company’s franchise and income taxes, divided by the number of then outstanding shares of Common Stock underlying the units sold in the IPO;

 

	 	●	not to convert any shares of Common Stock included in the Placement Units and Over-Allotment Units into the right to receive cash from the Trust Account in connection with a stockholder vote to approve either a Business Combination or an amendment to the provisions of the Certificate of Incorporation, and not to tender any shares of Common Stock included in the Placement Units and Over-Allotment Units in connection with a tender offer conducted prior to the closing of a Business Combination;

 

	 	●	that the undersigned will not participate in any liquidation distribution with respect to the Placement Units and Over-Allotment Units or any underlying securities (but will participate in liquidation distributions with respect to any units or shares of Common Stock purchased by the undersigned in the IPO or in the open market) if the Company fails to consummate a Business Combination;

 

	 	●	that the Placement Units, Over-Allotment Units and underlying securities will not be transferable until after the consummation of a Business Combination except (i) to the Company’s pre-IPO stockholders, or to the Company’s officers, directors, advisors and employees, (ii) transfers to the undersigned’s affiliates or its members upon its liquidation, (iii) to relatives and trusts for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) by private sales made in connection with the consummation of a Business Combination at prices no greater than the price at which the Placement Units were originally purchased or (vii) to the Company for cancellation in connection with the consummation of a Business Combination, in each case (except for clause vii) where the transferee agrees to the terms of the transfer restrictions; and

 

	 	●	the Placement Units and Over-Allotment Units will include any additional terms or restrictions as is customary in other similarly structured blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate the IPO, each of which will be set forth in the Registration Statement.

  

The undersigned acknowledges
and agrees that the purchaser of the Placement Units and Over-Allotment Units will execute agreements in form and substance typical for
transactions of this nature necessary to effectuate the foregoing agreements and obligations prior to the consummation of the IPO as are
reasonably acceptable to the undersigned, including but not limited to an insider letter.

 

The undersigned hereby represents
and warrants that:

 

	 	(a)	it has been advised that the Placement Units and Over-Allotment Units have not been registered under the Securities Act;

 

	 	(b)	it will be acquiring the Placement Units and Over-Allotment Units for its account for investment purposes only;

 

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	 	(c)	it has no present intention of selling or otherwise disposing of the Placement Units and Over-Allotment Units in violation of the securities laws of the United States;

 

	 	(d)	it is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act; 

 

	 	(e)	it has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder;

 

	 	(f)	it is familiar with the proposed business, management, financial condition and affairs of the Company;

 

	 	(g)	it has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or needed to consummate the transactions contemplated in this letter; and

 

	 	(h)	this letter constitutes its legal, valid and binding obligation, and is enforceable against it.

 

[Signature Page Follows]

 

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This letter agreement constitutes
the entire agreement between the undersigned and the Company with respect to the purchase of the Placement Units and Over-Allotment Units,
and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect
to the same. 

 

	 	Very truly yours,
	 	 
	 	Aquaron Investments LLC
	 	  
	 	By:	                                      
	 	Name: 	Yating Wang
	 	Title:	Member

  

	Accepted and Agreed:	 
	 	 
	AQUARON ACQUISITION CORP.	 
	  	 
	By:	 	 
	 	Name: 	Yi Zhou	 
	 	Title:	Chief Executive Officer	 

 

Signature Page to Private
Placement Units Subscription Agreement

 

 

4drrx-ex101_6.htm

 

 

Exhibit 10.1

 

 

June 17, 2022

 

Timothy M. Papp

[PERSONAL CONTACT INFORMATION REDACTED]

[PERSONAL CONTACT INFORMATION REDACTED]

 

Via electronic delivery

 

Dear Timothy:

 

It is a pleasure to confirm the offer extended to you to join DURECT Corporation, located at 10260 Bubb Road, Cupertino, California, 95014, as Chief Financial Officer, reporting directly to me.  We would like your start date to be July 1, 2022, but will depend on when you successfully complete a pre-employment drug screening and background verification.  As an exempt, regular employee, your starting semi-monthly salary will be $17,291.67, which equates to $415,000.00 on an annual basis. In addition, in connection with your commencement of employment, you will be granted an option to purchase 600,000 shares of DURECT Common Stock.  The vesting associated with the option is as follows: Stock options shall vest as to one-fourth (1/4) of the total shares subject to the option on the one-year anniversary of the date of grant and as to one-sixteenth (1/16) of the total shares subject to the option at the end of each three-month period following the one-year anniversary of the grant.  The per share exercise price for the option will be the fair market value of DURECT Corporation’s Common Stock on the date of the grant of the option. You will be eligible for annual equity grants commensurate with your position as Chief Financial Officer beginning calendar year 2023.

 

You will be eligible for an annual bonus consistent with the other officers of the Company, which in your case is currently a target of 40% of your annual base salary, with a breakdown of 95% based on the Company’s performance as a whole against the corporate objectives and 5% from performance against personal objectives. This bonus will be subject to proration based on your start date. The board of directors retains the discretion to adjust actual bonus payments. 

 

In addition, your option awards will be subject to the terms of the Company’s change of control policy, which provides for certain vesting and severance benefits for Vice Presidents and above in the event of a qualifying termination of employment in connection with or within twenty-four months following a change in control.

 

Benefits

Effective the first of the month following your start date, you will be eligible to participate in the benefits enjoyed by an indefinite term employee, including medical, dental, vision, life and disability insurances.  You will be eligible for paid holidays, vacation accrual, and sick leave.  You may elect to participate in the 401(k) savings plan, the Employee Stock Purchase Plan, and a Section 125 Cafeteria Plan according to the terms and conditions governing participation in the plans.  If the terms and conditions governing any such benefit plan differ from any provision of this letter, the plan documents containing these terms and 

DURECT Corporation | 10260 Bubb Road | Cupertino, CA 95014 | 408.777.1417

 

conditions will govern and take precedence. The Company agrees to pay your reasonable legal expenses incurred in the negotiation of this agreement.

 

This offer is contingent upon successful completion of a background investigation and pre-employment drug screening test due to the fact that DURECT is engaged in the development and manufacture of pharmaceutical products, including controlled substances.  Your representing agency, Spencer Stuart, will conduct your background investigation.  As for your pre-employment drug screening test, you will be notified by Justifacts Credential Verification, Inc. and given instruction on how to complete the drug check verification.  This must be completed and returned prior to your start date.  

 

Authorization to Work

Federal regulations require that you establish your identity and authorization to work in this country, so this offer is necessarily contingent upon such proof.  Enclosed is a description of the original documents that are accepted. You will be required to provide them on your first day of work, at which time we or an authorized representative of the Company will meet with you to examine the original documents and ask that you complete the required “INS” form in their presence.

 

Agreements

The enclosed “Confidential Information and Invention Assignment Agreement” must be signed by you before you start your first day of work.  Please retain a copy for your records.

 

Your employment at DURECT is for an unspecified period of time and your relationship with the Company is and shall continue to be at-will, as defined under applicable law, meaning that either you or DURECT may terminate your employment relationship at any time for any reason or no reason, with or without notice.

 

Please indicate that these terms and conditions are acceptable and confirm your acceptance of this offer by signing and dating the original of this letter and returning it by June 21, 2022. You may retain a duplicate for your records.

 

Congratulations on your offer to join DURECT Corporation; we look forward to working with you.  Please do not hesitate to call me directly or Brenna Stauffer, Sr. Manager Human Resources, at (408) 864-7401 if you have any questions.

 

Sincerely,

/s/ James E. Brown, President & CEO

James E. Brown

President and Chief Executive Officer

 

 

JEB/bs

Enclosures

 

Understood and accepted:

 

 

Signature/s/ Timothy M. Papp DateJune 21, 2022

       Timothy Papp

DURECT Corporation | 10260 Bubb Road | Cupertino, CA 95014 | 408.777.1417

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