Document:

Exhibit 10.1

 

SECURITIES EXCHANGE AGREEMENT

 

This Securities Exchange
Agreement (as amended, restated, supplemented or otherwise modified, this “Agreement”) is dated as of November
12, 2014 and is entered into by and between NAVIDEA BIOPHARMACEUTICALS, INC. (the “Company”), and PLATINUM PARTNERS
VALUE ARBITRAGE FUND, L.P. (“Platinum”).

 

WHEREAS, Platinum currently
holds shares of the Company’s common stock, $0.001 par value (the “Common Stock”); and

 

WHEREAS, the parties
have agreed that Platinum may transfer and sell to the Company four million four hundred ninety-nine thousand five hundred twenty
(4,499,520) shares of Common Stock (the “Platinum Common Stock”) in exchange for 1,376 shares of the Company’s
Series B Convertible Preferred Stock (the “Preferred Shares”), at a ratio of Three Thousand Two Hundred Seventy
(3,270) shares of Platinum Common Stock for one (1) Preferred Share.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby agreed and acknowledged, the parties hereby agree
as follows:

 

Article 1 –
Sale and Exchange

 

		Section 1.1	Terms of Exchange

 

In consideration of
and in express reliance upon the representations, warranties, covenants, terms and conditions of this Agreement, on the date hereof:
(i) Platinum, on the date hereof, agrees to and hereby does sell, transfer and deliver to the Company the Platinum Common Stock,
and (ii) in exchange therefor, the Company agrees to issue and deliver to Platinum, immediately thereafter, the Preferred Shares.
The number of Preferred Shares to be delivered shall be equitably adjusted for any splits, dividends, combinations and the like.

 

Article 2- Representations,
Warranties and Covenants

 

		Section 2.1	Representations and Warranties of Platinum

 

Platinum makes the
following representations and warranties to the Company:

 

		2.1.1	Execution; Binding Agreement. This Agreement has been duly authorized, validly executed
and delivered by Platinum and is a valid and binding agreement and obligation of Platinum enforceable against Platinum in accordance
with its terms, subject to limitations on enforcement by general principles of equity and by bankruptcy or other laws affecting
the enforcement of creditors’ rights generally, and Platinum has full power and authority to execute and deliver the Agreement
and the other agreements and documents contemplated hereby and to perform its obligations hereunder and thereunder.

 

		2.1.2	Ownership of Platinum Common Stock. Platinum owns and holds, beneficially and of record,
the entire right, title, and interest in and to the Platinum Common Stock, free and clear of any claim, restriction or lien other
than restrictions on transfer under the Securities Act of 1933, as amended (the “Securities Act”) and applicable
state securities laws.

 

    	 

    	 

    

 

		2.1.3	Securities Laws. Platinum understands that the Preferred Shares are being offered and sold
to it in reliance on specific provisions of federal and state securities laws and that the Company is relying upon the truth and
accuracy of the representations, warranties, agreements, acknowledgments and understandings of Platinum set forth herein for purposes
of quailing for exemptions from registration under the Securities Act and applicable state securities laws. Platinum acknowledges
and agrees that certificates representing the Preferred Shares shall bear a legend to the following effect:

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
MAY NOT BE SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE
SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

 

		2.1.4	Accredited Investor. Platinum is an “accredited investor” as defined under Rule
501 of Regulation D promulgated under the Securities Act. understands that the Preferred Shares have not been registered under
the Securities Act and must be held indefinitely unless registered under the Securities Act or an exemption from registration is
available.

 

		2.1.5	Acquisition for Own Account. Platinum is and will be acquiring the Preferred Shares for
Platinum’s own account, for investment purposes, and not with a view to any resale or distribution in whole or in part, in violation
of the Securities Act or any applicable securities laws; provided, however, that notwithstanding the foregoing, Platinum
does not covenant to hold the Preferred Shares for any minimum period of time other than as required by law.

 

		2.1.6	Disclosure of Information. Platinum acknowledges that it has carefully reviewed the periodic
reports of the Company filed under the Securities Exchange Act of 1934, and other publicly available information furnished by the
Company, and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers
from, representatives of the Company concerning the terms and conditions of this Agreement and the Preferred Shares and the merits
and risks of investing in the Preferred Shares; (ii) access to information about the Company and its financial condition, results
of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the
opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense
that is necessary to verify the information that has been furnished by the Company. Notwithstanding the above, Platinum expressly
disclaims it is in possession of material non-public information concerning the Company.

 

		Section 2.2	Representations, Warranties and Covenants of the Company

 

The Company makes the
following representations and warranties to Platinum, and covenants as follows for the benefit of Platinum:

 

		2.2.1	Authorization of Securities. The Preferred Shares have been duly authorized by all necessary
corporate action and, when issued in accordance with the terms hereof, the Preferred Shares shall be validly issued, fully paid
and non-assessable, free and clear of all liens, encumbrances and rights of refusal of any kind.

 

		2.2.2	Execution; Binding Agreement. This Agreement has been duly authorized, validly executed
and delivered on behalf of the Company and is a valid and binding agreement and obligation of the Company enforceable against the
Company in accordance with its terms, subject to limitations on enforcement by general principles of equity and by bankruptcy or
other laws affecting the enforcement of creditors’ rights generally, and the Company has full power and authority to execute and
deliver the Agreement and to perform its obligations hereunder.

 

    	 

    	 

    

 

Article 3–
Miscellaneous

 

		Section 3.1	Governing Law; Consent to Jurisdiction

 

This Agreement shall
be governed by and interpreted in accordance with the laws of the State of New York without giving effect conflicts of law principles
that would result in the application of the substantive laws of another jurisdiction.

 

		Section 3.2	Fees and Expenses

 

Each party shall pay
the fees and expenses of its advisors, counsel, accountants and other experts, if any, and all other expenses, incurred by such
party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.

 

		Section 3.3	Entire Agreement

 

This Agreement constitutes
the entire understanding and agreement of Platinum and the Company with respect to the subject matter hereof and supersedes all
prior and/or contemporaneous oral or written proposals or agreements relating thereto all of which are merged herein.

 

		Section 3.4	Amendments

 

This Agreement may
not be amended or any provision hereof waived in whole or in part, except by a written amendment signed by both Platinum and the
Company.

 

		Section 3.5	Counterparts

 

This Agreement may
be executed by facsimile signature and in counterparts, each of which shall be deemed an original, and all of which together shall
constitute one and the same instrument.

 

		Section 3.6	Assignments; Successors and Assigns

 

This Agreement shall
be binding on and inure to the benefit of the successors and assigns of each of Platinum and the Company.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have duly executed and delivered this Agreement as of the date first set forth above.

 

 

	 	NAVIDEA BIOPHARMACEUTICALS, INC.
	 	 
	 	 
	 	By: 	/s/ Ricardo J. Gonzalez
	 	 	Ricardo J. Gonzalez
Chief Executive Officer
	 	 	 
	 	 	 
	 	PLATINUM PARTNERS VALUE ARBITRAGE FUND, L.P.
	 	 	 
	 	 	 
	 	By:	/s/ Will Slota
	 	 	Will Slota
COOExhibit 10.43

 PURCHASE AGREEMENT
This Purchase Agreement (the “Agreement”), dated as of November 13, 2013, is by and between GS Direct, L.L.C., a Delaware limited liability company (the “Seller”), and Griffon Corporation, a Delaware corporation (the “Company”).
WITNESSETH:
WHEREAS, the Seller and the Company are parties to that that certain Investment Agreement (the “Investment Agreement”)and a Registration Rights Agreement (the “Registration Rights Agreement”), both   dated as of August 7, 2008; 
WHEREAS, the Seller is selling an aggregate of 4,444,444 shares (the “Shares”) of common stock, par value $0.25 per share, of the Company at a price of $11.25 per Share;
WHEREAS, the parties hereto desire that the Seller sells, transfers, conveys and assigns to the Company, and that the Company purchases and acquires from the Seller, the Shares and any and all rights and benefits incident to the ownership thereof;
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.Sale and Purchase of Shares; Closing.
1.1    Sale and Purchase.  Subject to the terms and conditions of this Agreement, the Seller shall sell, convey, assign and deliver to the Company, and the Company shall purchase from the Seller, the Shares and any and all rights and benefits incident to the ownership thereof, for and in consideration of delivery by the Company of the sum of an aggregate $50,000,000 (the “Purchase Price”) at the Closing (as defined below).
1.2    Closing.  The transfer of stock certificates evidencing the Shares, free and clear of all encumbrances, duly endorsed in blank or accompanied by stock powers or other instruments of transfer duly executed in blank, with all required stock transfer tax stamps affixed thereto, pursuant to this Agreement (the “Closing”) shall occur at 9:00 am New York City Time on December 10, 2013 (the “Closing Date”) simultaneously with the delivery to the Seller of the consideration described in Section 1.1 above by wire transfer of immediately available funds to an account designated by the Seller (the “Transaction”), subject to the representations and warranties contained in Sections 2 (which Seller shall have the sole right to assert or waive) and 3 below (which the company shall have the sole right to assert or waive) being true and correct in all respects on and as of the Closing Date with the same effect as though made at and as of such date.
SECTION 2.    Representations and Warranties of the Company.  The Company represents and warrants to the Seller, as of the date hereof and as of the Closing Date, as follows:

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2.1    Organization; Authority.  The Company is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization with full right, corporate, partnership or other applicable power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder, and the execution, delivery and performance by the Company of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate or similar action on the part of the Company. This Agreement, when executed and delivered by the Company, shall constitute a valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, or (c) to the extent the indemnification provisions contained herein may be limited by federal or state securities laws.
2.2    No Conflicts; Advice.  Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby, does or will violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge or other restriction of any government, governmental agency, or court to which the Company is subject or any provision of its organizational documents or other similar governing instruments, or conflict with, violate or constitute a default under any agreement, credit facility, debt or other instrument or understanding to which the Company is a party. 
SECTION 3.    Representations and Warranties of the Seller.  The Seller represents and warrants to the Company, as of the date hereof and as of the Closing Date, as follows:
3.1    Authorization of Agreement.  The Seller is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware with full limited liability company power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder, and the execution, delivery and performance by the Seller of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate or similar action on the part of the Seller. This Agreement, when executed and delivered by the Seller, shall constitute a valid and legally binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and any other laws of general application affecting enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, or (c) to the extent the indemnification provisions contained herein may be limited by federal or state securities laws.
3.2    Title to the Shares.  The Seller is the lawful owner of the Shares with good and marketable title thereto, and the Seller has the absolute right to sell, assign, convey, transfer and deliver the Shares and any and all rights and benefits incident to the ownership thereof, all of which rights and benefits are transferable by the Seller to the Company pursuant to this Agreement, free and clear of all the following of any nature whatsoever: security interests, liens, pledges, claims (pending or threatened), charges, escrows, encumbrances, lock-up arrangements, options, rights of 

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first offer or refusal, community property rights, mortgages, indentures, security agreements or other agreements, arrangements, contracts, commitments, understandings or obligations, whether written or oral and whether or not relating in any way to credit or the borrowing of money.
3.3    No Reliance.    The Seller (i) is not relying upon any representations except those expressly set forth in this Agreement; (ii) has not relied on the Company for any legal, regulatory, tax, business, investment, financial, and accounting advice, and it has made its own decisions based upon its own judgment and not upon any view expressed by the Company or any of its respective agents; and (iii) is entering into this Agreement with a full understanding of the terms, conditions and risks thereof and it is capable of and willing to assume those risks. The Seller acknowledges that: (a) the Company may possess and may hereafter possess certain non-public information covering the Company and its Affiliates that may or may not be independently known to such Seller (the “Non-Public Information”) which may constitute material information with respect to the transactions contemplated by this Agreement, and (b) the Seller hereby agrees to sell the Shares to the Company notwithstanding that it is aware that Non-Public Information may exist and that the Company may not have disclosed such Non-Public Information to the Seller. The Seller acknowledges and represents and warrants to the Company that the Company has no obligation to the Seller to disclose any such Non-Public Information and no fiduciary obligations to the Seller. 
SECTION 4.    Indemnification.  The Seller shall indemnify, defend and hold harmless the Company (and its respective affiliates, directors, officers, employees, successors and assigns) from and against any and all losses, claims, damages, liabilities and expenses based upon, arising out of or otherwise in respect of any material inaccuracy in, or any material breach of, the representations or warranties of the Seller and the covenants or agreements made by the Seller in this Agreement. The Company shall indemnify, defend and hold harmless the Seller (and its respective affiliates, directors, officers, employees, successors and assigns) from and against any and all losses, claims, damages, liabilities and expenses based upon, arising out of or otherwise in respect of any material inaccuracy in, or any material breach of, the representations or warranties of the Company and the covenants or agreements made by the Company in this Agreement.
SECTION 5.    Notices.  Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by facsimile (upon confirmation of receipt), or 72 hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party to be notified at such party’s address as set forth below.
Seller
GS Direct, L.L.C.
c/o Goldman Sachs & Co.  
85 Broad Street
New York, NY 10004
Attention: Bradley J. Gross 
Facsimile: (212) 357-5505

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Company
Griffon Corporation
712 Fifth Avenue, 18th Floor, New York, New York 10019 
Facsimile: (516) 932-1169 
Attention: General Counsel
SECTION 6.    Successors and Assigns.  This Agreement shall be binding on and inure to the benefit of the parties hereto and their respective successors, heirs, personal representatives and permitted assigns.
SECTION 7.    Counterparts.  This Agreement may be executed via facsimile in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
SECTION 8.    Severability.  If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired hereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement.
SECTION 9.    Entire Agreement.  This Agreement represents the entire agreement of the parties hereto with respect to the matters contemplated hereby, and there are no written or oral representations, warranties, understandings or agreements with respect hereto except as expressly set forth herein.
SECTION 10.    Right of First Negotiation, Investment Agreement and Registration Rights Agreement.  If, after the closing of the Transaction and prior to December 31, 2014, the Seller intends to sell to an unaffiliated third party all or any of the shares (the "Notice Shares") of Common Stock of the Company owned by it after giving effect to the Transaction (other than pursuant to unsolicited brokerage transactions under Rule 144 or pursuant to the exercise of its registration rights under the Registration Rights Agreement),  the Seller shall notify the Company of such intent and shall first negotiate in good faith with the Company to sell the Notice Shares to the Company.  The Company shall have a period of twenty-one (21) days to negotiate and close its acquisition of the Notice Shares, after which the Seller shall be free to sell the Notice Shares to a third party.  Except insofar as this Section modifies Section 7.4(c) of the Investment Agreement, nothing contained herein is intended to amend or modify the Investment Agreement or the Registration Rights Agreement, which shall remain unchanged and in full force and effect in accordance with the terms thereof.
SECTION 11.    Amendments; Waivers.  No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment, by each party or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought.
SECTION 12.    Further Assurances.  Each of the Company and the Seller hereby agrees and provides further assurances that it will, in the future, execute and deliver any and 

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all further agreements, certificates, instruments and documents and do and perform or cause to be done and performed, all acts and things as may be necessary or appropriate to carry out the intent and accomplish the purposes of this Agreement.
SECTION 13.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York. Each of the parties hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.
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IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first above-written.

GS Direct, L.L.C.

By:    /s/ Bradley J. Gross    
Name:    Bradley J. Gross
Title:    Vice President

GRIFFON CORPORATION

By:    /s/ Seth L. Kaplan    
Name:    Seth L. Kaplan
Title:    Senior Vice President

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