Document:

EX-10.62

 Exhibit 10.62 

EVOFEM BIOSCIENCES, INC. 

RESTRICTED STOCK UNIT AWARD CANCELLATION AGREEMENT 

This RESTRICTED STOCK UNIT AWARD CANCELLATION AGREEMENT (this “Agreement”) is entered into as of this 17th day of October, 2017, by and between Evofem Biosciences, Inc., a Delaware corporation (the “Company”), and the undersigned holder (the “Holder”) of a Restricted Stock Unit
Award, dated October 13, 2016 (the “Restricted Unit Award”), to acquire 100,000 shares of common stock, $.001 par value, of the Company (the “Company Common Stock”). 

WHEREAS, the Restricted Unit Award was intended to vest only upon the consummation of the Company’s Initial Public Offering
pursuant to the vesting conditions set forth in such Restricted Unit Award; 
 WHEREAS, the Company has elected to undertake a merger
transaction (the “Merger”) pursuant to that certain Agreement and Plan of Merger, by and among the Company, Neothetics, Inc., a Delaware corporation (“Parent”) and Nobelli Merger Sub, Inc., a Delaware corporation (the
“Merger Agreement”), and as a result, the vesting conditions set forth in the Restricted Unit Award will not take place; and 

WHEREAS, as an inducement to Parent to enter into the Merger Agreement, Parent desires that the Company and the Holder enter into this
Agreement to clarify that the vesting of such Restricted Unit Award will not take place and that the Restricted Unit Award shall therefore be cancelled and of no further force or effect contingent upon and immediately prior to the effective time of
the Merger (the “Effective Time”). 
 NOW THEREFORE, for good and valuable consideration, the sufficiency of which is
hereby acknowledged, the Holder hereby agrees as follows: 
 1.    The Holder is the holder of the Restricted Unit
Award, and such Restricted Unit Award remains outstanding and unvested as of the date hereof. 
 2.    Notwithstanding
anything to the contrary contained in the Restricted Unit Award or the Company’s Amended and Restated 2012 Equity Incentive Plan, pursuant to which the Restricted Unit Award was granted, contingent upon and immediately prior to the Effective
Time, the Restricted Unit Award held by the Holder will be deemed cancelled and shall be of no further force or effect, whether or not returned to the Company for cancellation. 

3.    The Holder (a) has not sold, assigned, pledged, transferred, encumbered delivered to anyone, hypothecated or
otherwise disposed of the Restricted Unit Award or any interest represented thereby, or signed any power of attorney or other authorization with respect to the Restricted Unit Award and (b) does not know of any person, firm, corporation, agency
or government who has, or has asserted, any right, title, claim, equity or interest in, to or respecting the Restricted Unit Award or any of the shares of Company Common Stock represented thereby. 

4.    Immediately prior to the Effective Time, the Holder shall fully, forever, irrevocably and unconditionally release,
remise and discharge the Company, and its past, current or future officers, directors, stockholders, corporate affiliates, subsidiaries, parent companies, agents and employees (the “Released Parties”) from any and all claims, charges,
complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities and expenses (including
attorneys’ fees and costs), of every kind and nature which he ever had or now has against the Released 

 
Parties arising out of the Restricted Unit Award. 
 5.    The
Holder shall execute and deliver such further instruments of conveyance, assignment or other documents reasonably requested by the Company to cancel the Restricted Unit Award and all rights of the Holder thereunder. 

6.    If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the
other provisions of this Agreement will remain in full force and effect. This Agreement may be executed in one or more counterparts and may not be changed except in a writing signed by the person against whose interest such change shall operate.
This Agreement shall be governed by and construed under the laws of the State of Delaware without regard to the principles of conflicts of law thereof. 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Agreement as of this
17th day of October, 2017. 
  

					
	HOLDER:
	
	 /s/ Thomas Lynch

	Thomas Lynch
	
	EVOFEM BIOSCIENCES, INC.
		
	By:	 	 /s/ Saundra Pelletier

		 	Name:	 	Saundra Pelletier
		 	Title:	 	Chief Executive Officer

  
 Signature Page to
Restricted Stock Unit Award Cancellation AgreementExhibit 10.1

 

CONSENT AND WAIVER

 

CONSENT AND WAIVER, dated as of November 14, 2017 (this “Consent”), with respect to the Amended and Restated Credit Agreement, dated as of December 15, 2016 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) among RMCO, LLC (“Holdings”), RE/MAX, LLC (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”) and JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”).

 

W I T N E S S E T H

 

WHEREAS, pursuant to Section 6.1(b) of the Credit Agreement, the Borrower is required to furnish to the Administrative Agent for distribution to the Lenders quarterly unaudited financial statements for the fiscal quarter ended September 30, 2017 (the “Quarterly Financial Statements”) within 45 days of the end of such fiscal quarter (the “Original Delivery Deadline”);

 

WHEREAS, the Borrower has requested the consent of the Administrative Agent and the Required Lenders to deliver the Quarterly Financial Statements after the Original Delivery Deadline but on or prior to December 31, 2017 (the “Extended Delivery Deadline”);

 

WHEREAS, the Borrower intends to acquire the master franchise rights for the RE/MAX Northern Illinois Region (the “Acquisition”) as a Permitted Acquisition pursuant to Section 7.7(k) of the Credit Agreement prior to the Extended Delivery Deadline;

 

WHEREAS, pursuant to the definition of “Permitted Acquisition” under the Credit Agreement, the Borrower must deliver to the Administrative Agent an officer’s certificate (the “Acquisition Compliance Certificate”) attaching financial statements which demonstrate compliance with the Financial Covenants as of the last day of the fiscal quarter ended September 30, 2017 on a pro forma basis after giving effect to the Acquisition;

 

WHEREAS, the Administrative Agent and the Lenders party hereto, which Lenders constitute the Required Lenders, have agreed, upon the terms and subject to the conditions set forth herein, to consent to (i) the delivery of the Quarterly Financial Statements after the Original Delivery Deadline but on or prior to the Extended Delivery Deadline and (ii) the delivery of the Acquisition Compliance Certificate concurrently with the delivery of the Quarterly Financial Statements;

 

NOW, THEREFORE, the parties hereto agree as follows:

 

SECTION 1.                            Defined Terms.  Unless otherwise defined herein, capitalized terms are used herein as defined in the Credit Agreement as amended hereby.

 

SECTION 2.                            Consent and Waiver.  Subject to the terms and conditions set forth herein, on the Effective Date (as defined below), the Administrative Agent and the Required Lenders hereby (i) consent to the delivery of (x) the Quarterly Financial Statements and (y) the related certificate from a Responsible Officer required to be delivered in connection therewith pursuant to Section 6.2(b)(i) (together with the Quarterly Financial Statements, the “Specified Financial Documentation”), in each case, after the Original Delivery Deadline but on or prior to the Extended Delivery Deadline, (ii) consent to the delivery of the Acquisition Compliance Certificate concurrently with the delivery of the Specified Financial Documentation and (iii) waive any Default or Event of Default that may result from the failure to deliver

 

 

the Specified Financial Documentation by the Original Delivery Deadline or the failure to deliver the Acquisition Compliance Certificate on or prior to the consummation of Acquisition. Notwithstanding the foregoing or anything in the Credit Agreement to the contrary, it understood and agreed that (i) the Borrower’s failure to (x) deliver the Specified Financial Documentation by the Extended Delivery Deadline or (y) deliver the Acquisition Compliance Certificate concurrently with the delivery of the Specified Financial Documentation, shall each constitute an immediate Event of Default and (ii) the consummation of the Acquisition shall be a Permitted Acquisition pursuant to Section 7.7(k) of the Credit Agreement so long as (x) the Borrower delivers the Acquisition Compliance Certificate by the Extended Delivery Date and (y) the Acquisition otherwise satisfies the requirements of a Permitted Acquisition pursuant to Section 7.7(k) of the Credit Agreement on the date of the consummation of Acquisition.

 

SECTION 3.                            Condition to Effectiveness of Consent. This Consent shall become effective (such date, the “Effective Date”) upon the receipt by the Administrative Agent of a counterpart of this Consent, executed and delivered by a duly authorized officer of Holdings, the Borrower, the Administrative Agent and the Required Lenders.

 

SECTION 4.                            Representations and Warranties.  To induce the other parties hereto to enter into this Consent, Holdings and the Borrower hereby jointly and severally represent and warrant to the Administrative Agent as of the Effective Date that:

 

(a)                           Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents are true and correct in all material respects on and as of the Effective Date as if made on and as of the Effective Date, except for representations and warranties made as of a specific earlier date that shall be true and correct in all material respects as of such earlier date.

 

(b)                           As of the Effective Date, there does not exist any Default or Event of Default.

 

SECTION 5.                            Continuing Effect.

 

(a)  Except as expressly provided herein, all of the terms and provisions of the Credit Agreement are and shall remain in full force and effect.  The consent and waiver provided for herein are limited to the specific subsections of the Credit Agreement specified herein and shall not constitute a consent, waiver or amendment of, or an indication of the Administrative Agent’s or the Lenders’ willingness to consent to any action requiring consent under any other provisions of the Credit Agreement or the same subsection for any other date or time period.

 

(b) The Borrower and the other parties hereto acknowledge and agree that this Consent shall constitute a Loan Document.

 

SECTION 6.                            Fees.  The Borrower agrees to pay to the Administrative Agent, for the account of each Lender that has executed and delivered a counterpart of this Consent by 5:00 P.M., New York City time, on November [14], 2017, an amendment fee in an amount equal to 0.05% of the sum of the principal amount of such Lender’s Term Loans outstanding on such date and the amount of such Lender’s Revolving Commitments on such date.

 

SECTION 7.                            Expenses.  The Borrower agrees to pay and reimburse the Administrative Agent for all its reasonable out-of-pocket costs and expenses incurred in connection with the preparation and delivery of this Consent, and any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of one firm of counsel to the Administrative Agent in accordance with the terms in the Credit Agreement.

 

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SECTION 8.                            Execution in Counterparts.  This Consent may be executed in any number of counterparts by the parties hereto (including by facsimile and electronic (e.g. “.pdf”, or “.tif”) transmission), each of which counterparts when so executed shall be deemed to be an original, but all the counterparts shall together constitute one and the same instrument.

 

SECTION 9.                            GOVERNING LAW; WAIVER OF JURY TRIAL.  THIS CONSENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK.  EACH PARTY HERETO HEREBY AGREES AS SET FORTH FURTHER IN SECTIONS 10.11, 10.12 AND 10.16 OF THE CREDIT AGREEMENT AS IF SUCH SECTIONS WERE SET FORTH IN FULL HEREIN.

 

[Remainder of page intentionally left blank.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Consent to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written.

 

	
 
    	
RMCO, LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Karri Callahan
    
	
 
    	
 
    	
Name: 
    	
Karri Callahan
    
	
 
    	
 
    	
Title: 
    	
Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
RE/MAX, LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Karri Callahan
    
	
 
    	
 
    	
Name: 
    	
Karri Callahan
    
	
 
    	
 
    	
Title: 
    	
Chief Financial Officer
    

 

Signature Page to Consent and Waiver

 

 

	
 
    	
JPMORGAN CHASE BANK, N.A., as Administrative Agent and a Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Karl Thomasma
    
	
 
    	
 
    	
Name: 
    	
Karl Thomasma
    
	
 
    	
 
    	
Title: 
    	
Senior Underwriter
    

 

Signature Page to Consent and Waiver

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