Document:

Exhibit

Confidential materials omitted and filed separately
with the Securities and Exchange Commission.
Asterisks denote omissions.

Exhibit 10.1

SECOND AMENDMENT
TO COLLABORATION AND LICENSE AGREEMENT

This Second Amendment to Collaboration and License Agreement (the “Amendment”) is entered into effective as of the last date set forth on the signature page hereof (the “Effective Date”) by and between Lexicon Pharmaceuticals, Inc. (formerly known as Lexicon Genetics Incorporated), a Delaware corporation (“Lexicon”) and Bristol-Myers Squibb Company, a Delaware corporation (“BMS”).

R E C I T A L S

WHEREAS, Lexicon and BMS are parties to that certain Collaboration and License Agreement dated December 17, 2003, as amended (the “Collaboration Agreement”); and

WHEREAS, Lexicon and BMS desire to amend the Collaboration Agreement as set forth in this Amendment.

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, Lexicon and BMS hereby agree as follows:

		
	1.
	The terms in this Amendment with initial letters capitalized shall have the meaning set forth in this Amendment and if not defined in this Amendment shall have the meaning set forth in the Collaboration Agreement.  Unless otherwise expressly stated, the Sections referred to herein refer to the Sections in the Collaboration Agreement.

		
	2.
	The following are hereby added to the Collaboration Agreement as new Sections 1.107, 1.108 and 1.109, respectively:

1.107    “LG921 Target” means the Target designated by Lexicon as LG921.

1.108    “MHLW Filing” means the filing of a marketing authorization application or other application for marketing approval for the applicable Product filed in Japan.

1.109    “MHLW Approval” means the final marketing authorization approval, including full marketing, pricing and reimbursement approval, for the applicable Product, in Japan.

		
	3.
	Section 2.5.1 of the Collaboration Agreement is hereby deleted in its entirety and replaced with the following:

2.5.1    Designation of BMS Targets and Lexicon Targets.

(a)    LG921 Target.  Lexicon hereby obtains exclusive rights under Section 4.1.2.3 and Section 4.2.2 with respect to the LG921 Target and, accordingly, (i) the LG921 Target is hereby designated as a “Lexicon Target,” (b) Lexicon is hereby the Product Licensee with respect to the LG921 Target and (c) the exclusive licenses granted to Lexicon under Section 4.1.2.3 and Section 4.2.2 (including, without limitation, with respect to the Small Molecule Compound designated by BMS as [**]) shall apply to the LG921 Target.

(b)    Other Selected Targets.  Upon the commencement of a Phase 1 Trial for the first pharmaceutical product acting through any given Selected Target other than the LG921 Target that contains a Development Candidate as an active ingredient, BMS will have the first option, exercisable by written notice to Lexicon, to obtain exclusive rights under Section 4.1.1.3 and Section 4.2.1 with respect to such Selected Target, upon the exercise of which option (a) such Selected Target shall be designated as a “BMS Target,” (b) BMS shall then be the Product Licensee 

Confidential materials omitted and filed separately
with the Securities and Exchange Commission.
Asterisks denote omissions.

with respect to such BMS Target and (c) the exclusive licenses granted to BMS under Section 4.1.1.3 and Section 4.2.1 shall apply to such BMS Target.  BMS shall deliver written notice to Lexicon within thirty (30) days of the commencement of such Phase 1 Trial of its election whether or not to be the Product Licensee for such Selected Target.  If BMS fails, within such 30-day period, to deliver written notice to Lexicon of its election whether or not to be the Product Licensee for such Selected Target, Lexicon shall provide notice to BMS advising BMS that such notice by BMS is required.  If BMS does not remedy such failure within thirty (30) days following Lexicon’s notice, then Lexicon shall have the option to obtain exclusive rights under Section 4.1.2.3 and Section 4.2.2 with respect to such Selected Target, upon the exercise of which option (a) such Selected Target shall be designated as a “Lexicon Target,” (b) Lexicon shall then be the Product Licensee with respect to such Lexicon Target and (c) the exclusive licenses granted to Lexicon under Section 4.1.2.3 and Section 4.2.2 shall apply to such Lexicon Target.

		
	4.
	The heading to Section 5.4 of the Collaboration Agreement is hereby amended and restated in its entirety as follows:

5.4    Milestone Payments.

		
	5.
	Section 5.4.2 of the Collaboration Agreement is hereby amended and restated in its entirety as follows: 

5.4.2    Lexicon Products.

(a)    LG921 Target.  For the LG921 Target, Lexicon shall pay BMS the following milestone payments for the first Lexicon Product acting through the LG921 Target: 

	
			
	Milestone Event
	 
	Payments for LG921 Target

	First Indication
	 
	 

	Commencement of a Phase 2 Trial
	 
	U.S. $[**]

	Commencement of a Phase 3 Trial
	 
	[**]

	NDA Filing
	 
	[**]

	MAA Filing
	 
	[**]

	MHLW Filing
	 
	[**]

	NDA Approval
	 
	[**]

	MAA Approval
	 
	[**]

	MHLW Approval
	 
	[**]

	Total
	 
	U.S. $34,500,000

	
			
	Second and Third Indications
	 
	 

	Commencement of a Phase 3 Trial
	 
	U.S. $[**]

	NDA Filing
	 
	[**]

	MAA Filing
	 
	[**]

	MHLW Filing
	 
	[**]

	NDA Approval
	 
	[**]

	MAA Approval
	 
	[**]

	MHLW Approval
	 
	[**]

	Total
	 
	U.S. $16,000,000

-2-

Confidential materials omitted and filed separately
with the Securities and Exchange Commission.
Asterisks denote omissions.

	
			
	Sales Performance Milestones
	 
	 

	First time Contract Year Net Sales greater than U.S. $[**]
	 
	U.S. $[**]

	First time Contract Year Net Sales greater than U.S. $[**]
	 
	[**]

	First time Contract Year Net Sales greater than U.S. $[**]
	 
	[**]

	Total
	 
	U.S. $40,000,000

Subject to Section 5.4.3, Lexicon shall pay BMS milestone payments for each subsequent Lexicon Product acting through the LG921 Target in amounts, for each milestone event, equal to one‐half of the corresponding amounts set forth in the foregoing table.  For each Lexicon Product acting through the LG921 Target that is a Post Opt-out Product, milestone payment amounts otherwise payable shall be reduced as set forth in Section 2.5.3.4.

(b)    Other Lexicon Targets.  For each Lexicon Target other than the LG921 Target, Lexicon shall pay BMS the following milestone payments for the first Lexicon Product acting through such Lexicon Target:

	
			
	Milestone Event
	 
	Payments for Lexicon Target other than LG921 Target

	IND filing
	 
	U.S. $1,500,000

	Commencement of a Phase 2 Trial
	 
	2,500,000

	Commencement of a Phase 3 Trial
	 
	5,000,000

	NDA Filing
	 
	5,000,000

	MAA Filing
	 
	2,500,000

	NDA Approval or MAA Approval (upon the first to occur)
	 
	8,500,000

	Total
	 
	U.S. $25,000,000

Subject to Section 5.4.3, Lexicon shall pay BMS milestone payments for each subsequent Lexicon Product acting through the same Lexicon Target in amounts, for each milestone event, equal to one‐half of the corresponding amounts set forth in the foregoing table.  For each Lexicon Product that is a Post Opt-out Product, milestone payment amounts otherwise payable shall be reduced as set forth in Section 2.5.3.4.  For each Lexicon Product that acts through a Lexicon Target that was designated from a Lexicon Inactive Selected Target, the milestone payment amounts otherwise payable shall be reduced as set forth in Section 2.3.4.2.

		
	6.
	Section 5.4.3 of the Collaboration Agreement is hereby amended and restated in its entirety as follows:

5.4.3    Milestone Conditions.  The milestone payments payable under Sections 5.4.1 and 5.4.2 with respect to Products acting through a given BMS Target or Lexicon Target, as the case may be, shall be subject to the following conditions.

(a)    Only one set of milestone payments will be paid for all Products containing a given Development Compound (including all forms and formulations of Products containing such Development Compound) upon the first occurrence of the milestone event for a Product containing that Development Compound, regardless of the number of times a milestone event may be achieved for Products containing such Development Compound (for example, regardless of the number of Phase 3 Trials and NDA Filings and Approvals that may be obtained for Products containing such Development Compound); provided, that, in the event a Phase 3 Trial is commenced in a second and/or third indication prior to NDA Approval in a first indication, the milestones for the 

-3-

Confidential materials omitted and filed separately
with the Securities and Exchange Commission.
Asterisks denote omissions.

commencement of a Phase 3 Trial in such second and/or third indication shall be deferred until, and shall be subject to and contingent upon, NDA Approval in the first indication.

(b)    Each milestone payment shall be payable upon the first achievement of the milestone event for a given Development Compound; provided, however, for each subsequent Product containing a different Development Compound, the product development milestone payments for such subsequent Product shall be deferred until NDA Approval or MAA Approval is obtained for the first Product.  Once NDA Approval or MAA Approval is obtained for the first Product, any deferred milestone payments for the next most advanced subsequent Product continuing in development will be due; provided that, if development of any Product is discontinued prior to NDA Approval or MAA Approval, any milestone payments made for such Product shall be credited against any milestone payments due for any subsequent Product.  As each Product is approved, deferred milestone payments will be paid consistent with the foregoing principles. 

(c)    Subject to the foregoing provisions of this Section 5.4.3, if any milestone event for a Product is achieved prior to or in the absence of the achievement of any preceding milestone event for such Product (e.g., an NDA filing for a Product without a Phase 3 Trial) then, effective upon achievement of any such milestone event, all previously unpaid payments for any such preceding milestone event(s) shall also become due and payable; provided, however, that if more than one sales performance milestone is first achieved in the same Contract Year, there shall be at most one sales performance milestone payment due for such Contract Year and, in such event, the payment for the highest sales performance milestone that is first achieved in such Contract Year shall become payable and the payment(s) for the lower of such sales performance milestones that are first achieved in such Contract Year shall remain eligible to be achieved and paid in subsequent Contract Years.

		
	7.
	Section 5.5.2 of the Collaboration Agreement is hereby amended and restated in its entirety as follows:

5.5.2    Lexicon Products.

(a)    LG921 Target.  Lexicon shall pay BMS the following royalties on aggregate annual Net Sales in the Territory of Lexicon Products acting through the LG921 Target:

	
			
	Aggregate Annual Worldwide
Net Sales of Lexicon Products acting through LG921 Target in Contract Year
	 
	Royalty on Net Sales

	Under U.S. $[**]
	 
	[**]%

	From U.S. $[**] to U.S. $[**]
	 
	[**]%

	From U.S. $[**] to U.S. $[**]
	 
	[**]%

	Above $[**]
	 
	[**]%

By way of example, in a given Contract Year, if the aggregate annual worldwide Net Sales of a given Lexicon Product acting through the LG921 Target is $[**], the following royalty payment would be payable under this Section 5.5.2(a): ([**]% x $[**]) + ([**]% x $[**]) + ([**]% x $[**]) + ([**]% x $[**]) = $[**]. For Lexicon Products acting through the LG921 Target which are Post Opt-out Products, the foregoing royalty payment amounts may be subject to reduction as provided in Section 2.5.3.4.

(b)    Other Lexicon Targets.  Lexicon shall pay to BMS the following royalties on aggregate annual Net Sales in the Territory of Lexicon Products acting through Lexicon Targets other than the LG921 Target:

-4-

Confidential materials omitted and filed separately
with the Securities and Exchange Commission.
Asterisks denote omissions.

	
			
	Aggregate Annual Worldwide
Net Sales of Lexicon Products acting through Lexicon Targets other than LG921 Target in Contract Year
	 
	Royalty on Net Sales

	Under U.S. $500,000,000
	 
	4.0%

	From U.S. $500,000,000 to U.S. $1,000,000,000
	 
	4.5%

	Above $1,000,000,000
	 
	7.0%

By way of example, in a given Contract Year, if the aggregate annual worldwide Net Sales of a given Lexicon Product acting through a Lexicon Target other than the LG921 Target is $3.5 billion, the following royalty payment would be payable under this Section 5.5.2(b): (4.0% x $0.5 billion) + (4.5% x $0.5 billion) + (7.0% x $2.5 billion) = $217.5 million. For Lexicon Products which are Post Opt-out Products, the foregoing royalty payment amounts may be subject to reduction as provided in Section 2.5.3.4.  For Lexicon Products that act through a Lexicon Target that was designated from a Lexicon Inactive Selected Target, the above royalty payment amounts shall be reduced as set forth in Section 2.3.4.2.

		
	8.
	Pursuant to Section 2.5.3 of the Collaboration Agreement, BMS hereby notifies Lexicon of its election to discontinue further Research Program Activities with respect to the LG921 Target, effective as of Lexicon’s filing of an IND with respect to the first Lexicon Product acting through the LG921 Target.  Notwithstanding any other provisions of the Collaboration Agreement, BMS agrees to provide prompt, reasonable assistance in providing documents and other information generated by BMS for the Lexicon Product acting through the LG921 Target and cooperation to Lexicon in support of Lexicon’s efforts to prepare and file such IND.  Notwithstanding any other provisions of the Collaboration Agreement, for each of the Program Compounds listed in Exhibit A hereto, sufficient preclinical work to support the filing of an IND shall be deemed to have been completed at the time BMS notified Lexicon of its election to discontinue further Research Program Activities with respect to the LG921 Target.

		
	9.
	This Amendment shall not amend or modify the covenants, terms, conditions, rights and obligations of the parties under the Collaboration Agreement, except as specifically set forth herein.  The Collaboration Agreement shall continue in full force and effect in accordance with its terms as amended by this Amendment.  This Amendment shall not amend or modify the covenants, terms, conditions, rights and obligations of the parties under any other agreement between the parties.

		
	10.
	This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument.

[SIGNATURE PAGE FOLLOWS]

-5-

Confidential materials omitted and filed separately
with the Securities and Exchange Commission.
Asterisks denote omissions.

IN WITNESS WHEREOF, the parties have caused their duly authorized representatives to execute and deliver this Amendment as of the Effective Date.

Bristol-Myers Squibb Company

By:                         
(Signature of Authorized Representative)

Printed Name:                     

Title:                         

Date:                         

Lexicon Pharmaceuticals, Inc.

By:                         
(Signature of Authorized Representative)

Printed Name:                     

Title:                         

Date:                         

-6-

Confidential materials omitted and filed separately
with the Securities and Exchange Commission.
Asterisks denote omissions.

EXHIBIT A

[**]

-7-neo-ex1051_265.htm

EXHIBIT 10.51

 

Amended & Restated Consulting Agreement: Steven C. Jones

 

This Amended and Restated Consulting Agreement (the “Agreement”) is entered into on this 4th day of November, 2016 (the “Effective Date”) by and between Steven Jones an individual whose legal address is indicated in the signature section of this Agreement (“Mr. Jones” or the “Executive”) and NeoGenomics, Inc., a Nevada Company with its principal office located at 12701 Commonwealth Drive, Suite 5, Fort Myers, FL  33913, together with its wholly-owned subsidiary, NeoGenomics Laboratories, Inc., a Florida company (collectively “NeoGenomics” or the “Company”).  This Agreement supersedes and replaces the original consulting agreement between the parties, dated May 3, 2010, and subsequently amended on February 11, 2011, April 1, 2012, January 1, 2013, and May 1, 2014 (as amended, the “Original Agreement”). 

 

RECITALS:

 

WHEREAS, Mr. Jones served as the Company’s Chief Financial Officer from 2003 - 2009 and has been serving as the Company’s Executive Vice President – Finance since Dec 2009 and Chief Compliance Officer since February 2013, and has served as a member of the NeoGenomics Board of Directors since 2003; and

 

WHEREAS, the parties desire to amend the Original Agreement to begin to transition some of Mr. Jones’ day to day responsibilities to other members of the NeoGenomics management team and allow for Mr. Jones to reduce his time commitment to NeoGenomics; and 

 

WHEREAS, Mr. Jones desires to continue to provide consulting services to NeoGenomics on the terms outlined herein;

 

NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree as follows:

 

1.Term of Engagement.  This Agreement shall be effective from the Effective Date until April 30, 2020 (the “Initial Term”).  After the Initial Term, this Agreement shall automatically renew for consecutive one year periods (“Renewal Term”), unless a written notice of a party’s intention to terminate this Agreement at the expiration of the Initial Term (or any Renewal Term) is delivered by either party at least three (3) months prior to the expiration of the Initial Term or any Renewal Term, as applicable.  For purposes of this Agreement, the period from the Effective Date until the termination of this Agreement, including during any Renewal Term, for any reason shall hereinafter be referred to as the “Term.”  Notwithstanding the foregoing, the Company and/or Executive shall have the right to terminate this Agreement pursuant to paragraph 7 hereof at any time.  

 

 

 

2.Services.  During the Term, Executive will continue to provide consulting services to the Company in the capacity of the Company’s Executive Vice President, subject to the direction of the Company’s Chief Executive Officer.  Without limiting the generality of the foregoing, it is presently contemplated that the Executive shall provide the following services (“Services”) and have the duties indicated:

 

	
 
	
a)
	
Provide advice and guidance to the Company with respect to the overall operations of the Company, major growth initiatives, and/or potential mergers or acquisitions;

	
 
	
b)
	
Serve as the Company’s Chief Compliance Officer until such time as a successor is named and trained;

	
 
	
c)
	
Provide leadership, guidance and assistance on compliance and regulatory affairs;

	
 
	
d)
	
Serve as the Company’s Director of Investor Relations and act as liaison to the investment community until such time as a successor is named and trained;

	
 
	
e)
	
Provide leadership, guidance and assistance in drafting and issuing press releases on behalf of the Company;

	
 
	
f)
	
Provide leadership, guidance and assistance to the Company in raising debt or equity capital, when requested to do so;

	
 
	
g)
	
Provide advice and assistance in drafting and reviewing SEC filings;

	
 
	
h)
	
On an as requested basis, provide advice and assistance on i) contracts with employees, vendors, clients, and strategic partners, ii) litigation matters in which Executive has knowledge or expertise, iii) developing forecast models, iv) other business topics related to the operations or growth of the Company; 

	
 
	
i)
	
Participate in meetings of the Company’s Corporate Management Team and such other business meetings germane to the Services provided by Executive hereunder; 

	
 
	
j)
	
Travel at the request of the Company to assist with any of the above duties.

	
 
	
k)
	
Such other duties as may be assigned from time-to-time by the Chief Executive Officer of the Company.  The spirit of this section is to try and account for other activities or issues that have not been addressed or identified in (a) through (h) above.

 

3.Agreements of NeoGenomics.  Pursuant to this Agreement, NeoGenomics agrees to provide such support as Executive may reasonably request in order to perform the duties outlined in paragraph 2, including, but not limited to providing an office for Executive to use while he is working on site at NeoGenomics headquarters’ location in Ft. Myers, FL and providing access to such information as Executive may reasonably require in order to provide the Services contemplated by this Agreement.  The Company also agrees that it will use commercially reasonable efforts to re-assign Consultant’s current duties with respect to having primary responsibility for reviewing and signing contracts by February 28, 2017, or such other time as may be mutually agreed upon.  Notwithstanding the foregoing, Executive agrees to train his successor(s) in such duties, and continue to serve as a resource to such successor(s) on an as requested basis. 

 

4.Time Commitment; Place of Service.   In order to provide a seamless transition of Executive’s duties to other members of the Company’s management team and allow for the training 

2

 

 

of such personnel, Executive agrees that he will target the below listed percentages of working time and attention to the Company in the periods indicated, or such other amounts as may be mutually agreed upon with Company.  Company understands and acknowledges that the following target service levels are intended to be averages for the service periods indicated and that some months may have more service time and other months less services time.   Company agrees that Executive shall be free to provide the Services from any location, including locations that are not Company facilities.  Notwithstanding the forgoing, Executive agree to provide Services at one or more of the Company’s facilities from time to time in order to support business meetings and training activities.   

 

	
 
	
 
	
Target % of Monthly
	
 
	
Approximate Target
	
 

	
Period
	
 
	
Working Time & Attention
	
 
	
Monthly Hours
	
 

	
Effective Date to April 30, 2017
	
 
	
60%
	
 
	
100
	
 

	
May 1, 2017 to April 30, 2018
	
 
	
40%
	
 
	
70
	
 

	
May 1, 2018 to April 30, 2019
	
 
	
30%
	
 
	
50
	
 

	
Thereafter
	
 
	
20%
	
 
	
35
	
 

 

5.Compensation and Expenses.  In consideration for the services rendered by the Executive to the Company throughout the Term, the Company shall compensate Executive as follows:

 

a)Monthly Retainer.  The Company agrees to pay Executive a fixed monthly cash consulting fee (the “Base Retainer”) in the amounts specified below for the service periods indicated:  

 

	
Period
	
 
	
Monthly Base Retainer
	
 

	
Effective Date to April 30, 2017
	
 
	
$21,666.66
	
 

	
May 1, 2017 to April 30, 2018
	
 
	
$15,000.00
	
 

	
May 1, 2018 to April 30, 2019
	
 
	
$12,500.00
	
 

	
Thereafter
	
 
	
$10,000.00
	
 

 

Such payments will be made monthly within ten (10) business days of the end of the month for which services were provided via ACH transfer to Executive’s designated bank account.  

  

b)Participation in the Company’s Management Incentive Plan.   The Company agrees that Executive shall participate in the Company’s Management Incentive Plan (“MIP”) as it may be structured in any given fiscal year for senior officers of the Company.  The Company agrees that it will target a payout of thirty-five percent (35%) of the Base Retainer (the “Target Payout”) for any given fiscal year for meeting certain performance objectives laid out by the Company, and that the Executive will have the ability to earn up to one hundred fifty percent (150%) of the Target Payout if such performance objectives are exceeded by the amount specified in any such year’s MIP.  The Executive agrees that the Company, at its option, may specify that up to eighty percent (80%) of any year’s Target Payout be tied to meeting companywide financial performance thresholds.  The Executive further agrees that the specifics of any given year’s MIP plan will be governed by whatever is approved by the Company’s Board of Directors for such fiscal year.

 

c)Extraordinary Projects.  The Company agrees that in the event it requests the Executive’s assistance on any extraordinary or overly time consuming projects, it will 

3

 

 

compensate Executive at the rate of $300 per hour, subject to a $3,000/day cap, for any time spent on such projects in excess of 115% of the target service levels outlined above for any given month, or such other amount as may be mutually agreed upon by Executive and Company.  

 

d)Expenses.   In addition to any compensation payable hereunder, the Company shall also reimburse Executive for all expenses reasonably incurred by Executive in connection with the services performed on behalf of NeoGenomics under this Agreement including, but not limited to, airfare, hotel, food, and a standard mileage allowance pursuant to IRS guidelines for travel on Company business using a personally owned vehicle (collectively “Business Expenses”), upon providing the original receipts and an expense report for such expenses in accordance with the Company’s expense reimbursement policy then in effect.  Company also agrees to reimburse Executive $250/month on a non-accountable basis for cell phone and Internet fees.  Executive agrees to seek prior written authorization before incurring aggregate Business Expenses in excess of $5,000 in any given calendar month.

 

6.Board Membership; Board Compensation.  As partial consideration for entering into this Agreement, the Company agrees that during the Term of this Agreement, it will nominate Executive to serve on the Company’s Board of Directors at each meeting of shareholders for the purpose of electing directors, and the Company also agrees that, beginning April 1, 2017,  the Executive will be entitled to receive compensation as an outside director for serving on the Company’s Board of Directors in amounts consistent with the Board compensation practices in effect at any given time.  The Company also agrees that it will nominate Executive to serve on the Compliance Committee and at least one other Committee of the Board of Directors for which Executive is eligible or appoint Executive as a non-member observer on at least one other committee of the Board of Directors. 

 

7.Termination.  During the Initial Term, the Company shall have the right to terminate this Agreement at any time by giving written notice to the Executive twelve (12) months prior to the effective date of termination (“Termination” or “Termination Date”).  For any Renewal Term, the Company shall have the right to terminate this Agreement at any time by giving written notice to the Executive three (3) months prior to the effective Termination Date.  The Executive shall have the right to terminate this Agreement at any time by giving written notice to the Company three (3) months prior to the proposed Termination Date, provided, however, the Executive agrees that if such termination is during the Initial Term hereof, he will agree to an additional three (3) months of transition services to the Company upon reasonable request by the Company.  The obligation of the Company to pay for consulting services hereunder shall continue during the time from either party’s written notification of a Termination until the actual Termination Date.  All unpaid compensation owed to Executive hereunder as of any Termination Date, including reimbursement of business and business-related travel expenses, shall be paid to Executive within fifteen (15) days of such Termination Date.  The Company further agrees that it will prorate any MIP payments that may be due to the Executive for a partial year in which a Termination occurs based on the number of days served up to the Termination Date in such year.     

 

Upon Termination, Executive agrees to cease all representation on behalf of the Company, including, but not limited to representations to the Company’s investors, partners, vendors, clients or employees that Executive is acting on behalf of the Company in any capacity; 

4

 

 

provided, however the Executive agrees to answer any reasonable follow-up inquiries from the Company regarding any pending matters at the Termination Date.  

 

8.Miscellaneous.

	
 
	
a)
	
This Agreement supersedes all prior agreements and understandings between the parties and may not be modified or terminated orally.  The Executive hereby waives any claims that it might have under any previous oral or other contract.  No modification or attempted waiver of this Agreement will be valid unless in writing and signed by the party against whom the same is sought to be enforced.

	
 
	
b)
	
The provisions of this Agreement are separate and severable, and if any of them is declared invalid and/or unenforceable by a court of competent jurisdiction or an arbitrator, the remaining provisions shall not be affected.

	
 
	
c)
	
This Agreement is the joint product of the Company and the Executive and each provision hereof has been subject to the mutual consultation, negotiation and agreement of the Company and the Executive and shall not be construed for or against either party hereto.

	
 
	
d)
	
This Agreement will be governed by, and construed in accordance with the provisions of the law of the State of Florida, without reference to provisions that refer a matter to the law of any other jurisdiction.  Each party hereto hereby irrevocably submits itself to the exclusive personal jurisdiction of the federal and state courts sitting in Lee County, Florida; accordingly, any matters involving the Company and the Executive with respect to this Agreement may be adjudicated only in a federal or state court sitting in Lee County, Florida.  

	
 
	
e)
	
All notices and other communications required or permitted under this Agreement shall be in writing, and shall be deemed properly given if delivered personally, mailed by registered or certified mail in the United States mail, postage prepaid, return receipt requested, sent by facsimile, or sent by Express Mail, Federal Express or nationally recognized express delivery service, as follows:

(i)If to the Company, at the address listed at the preamble to this Agreement or its then primary executive offices to the attention of the CEO;

(ii)If to the Consultant, at the address listed as the Consultant’s primary legal residence which is listed at the signature block of this agreement or such other address as the Company may have on file for the Consultant.  

Notice given by hand, certified or registered mail, or by Express Mail, Federal Express or other such express delivery service, shall be effective upon actual receipt.  Notice given by facsimile transmission shall be effective upon telephonic confirmation of receipt by the party to whom it is addressed.  All notices by facsimile transmission shall be followed up promptly after transmission by delivering an original copy by hand, certified or registered mail, or by Express Mail, Federal Express or other such delivery service.  Any party may change any address to which notice is to be given to it by giving notice as provided above of such change of address.

5

 

 

	
 
	
f)
	
Executive understands and acknowledges that if this Agreement is deemed to be a material agreement of the Company, it may need to be filed with the Securities and Exchange Commission or provided to a regulatory body in conjunction with any audits or investigations of the Company’s activities and expressly gives permission to provide this Agreement as needed in such instances.

	
 
	
g)
	
The parties agree that the Executive is acting as an independent contractor under current Internal Revenue Service guidelines in the provision of services under this Agreement and that the Executive shall be solely responsible for paying all taxes due on any Compensation hereunder.  The Executive understands and acknowledges that all Compensation hereunder is taxable to the Executive and the Company may have an affirmative obligation to report such amounts of Compensation on Form 1099 to the Internal Revenue Service each year.  Notwithstanding the forgoing, the Company agrees that the Executive may assign any compensation payable hereunder to any corporation controlled by the Executive upon written notice to the Company.  The Executive agrees to provide his social security or an appropriate tax identification number upon request.  

	
 
	
h)
	
Executive acknowledges and agrees that the Confidentiality, Title to Work Product, Non-Competition, and Non-Solicitation Agreement, dated May 3, 2010, between the parties shall continue to be in full force and effect during the Term of this Agreement and for a period of two years after any termination of this Agreement.  

	
 
	
i)
	
The Company agrees to enter into a mutually satisfactory form of Indemnity Agreement with Executive within sixty (60) days of the Effective Date of this Agreement.

	
 
	
j)
	
This Agreement may be signed in counterparts, and by fax or Adobe PDF, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first set forth above.

 

	
NEOGENOMICS, INC.:
	
 
	
EXECUTIVE:
	
 

	
 
	
 
	
 
	
 
	
 

	
By:
	
/s/ Douglas M. VanOort
	
 
	
/s/Steven C. Jones
	
 

	
Name:
	
Douglas VanOort
	
 
	
Mr. Steven C. Jones
	
 

	
Title:
	
Chairman and CEO
	
 
	
Legal Residence:
	
 

	
 
	
 
	
 
	
1740 Persimmon Drive
	
 

	
 
	
 
	
 
	
Naples, FL 34109
	
 

 

6

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