Document:

exh_1029.htm

Exhibit 10.29

 

 

SIGNAL GENETICS, INC.

 

UNSECURED DEMAND PROMISSORY NOTE

 

	  	  	  
	
$1,105,109

	
  

	
March 6, 2015

 

FOR VALUE RECEIVED, SIGNAL GENETICS, INC., a Delaware corporation (“Payor”), hereby unconditionally promises to pay, in lawful money of the United States of America, to the order of Bennett LeBow, or his assigns (“Holder”) located at 667 Madison Avenue, New York, New York 10065, the principal sum of one million one hundred five thousand one hundred nine dollars ($1,105,109.00) with interest, computed on the basis of the actual number of days elapsed in a 360-day year, at a rate per annum which shall be equal to eight percent (8.0%), compounded quarterly as of the last day of each calendar quarter. Interest shall begin to accrue on the date of this Unsecured Promissory Note (the “Note”) and shall continue on the outstanding principal amount hereof until paid in full. If, at any time, any interest is paid on this Note which is deemed to be in excess of the then legal maximum rate, then that portion of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal amount of this Note.

 

1.               Payment; Maturity; Default Interest. 

 

(a)       At any time on or after June 30, 2015, Holder may demand payment of the entire outstanding principal balance of this Note and all unpaid accrued interest thereon (a “Payment Demand”). All payments shall be applied first to accrued interest, and thereafter to principal. If any payments on this Note become due on a Saturday, Sunday or a public holiday under the laws of the State of New York, such payment shall be made on the next succeeding business day and such extension of time shall be included in computing interest in connection with such payment.

 

(b)       Upon the occurrence and during the continuance of any Event of Default (as defined in this Note), the principal balance of this Note shall bear interest at the rate of [eleven percent (11%)] per annum, compounded quarterly as of the last date of each calendar quarter, including after the commencement of, and during the pendency of, any bankruptcy or other insolvency proceeding.

 

2.  Representations of Payor.  Payor hereby represents and warrants as of the date of this Note, as follows:

 

(a)       Payor is a corporation duly incorporated and in good standing under the laws of its state of incorporation.

 

(b)       The execution, delivery and performance of this Note and the transactions contemplated hereunder (i) are all within Payor’s corporate powers, (ii) have been duly authorized by all necessary corporate action, (iii) are not in contravention of law or the terms of Payor’s certificate of incorporation or  bylaws, or any indenture, agreement or undertaking to which Payor is a party or by which Payor or its property is bound and (iv) will not result in the creation or imposition of, or require or give rise to any obligation to grant, any lien, security interest, charge or other encumbrance upon any property of Payor.

 

(c)       This Note constitutes the legal, valid and binding obligation of Payor enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditor’s rights generally and by general equitable principles.

 

3. Default; Remedies.

 

  

 

  

(a)       The occurrence of any of the following events shall be an Event of Default hereunder:

 

(i)         Payor shall fail to make any payment of (i) principal outstanding hereunder on demand as demand is permitted hereunder, or (ii) following three (3) Business Days’ written notice, interest on this Note or any fee provided for herein on demand as demand is permitted hereunder; or

 

(ii)        default by Payor in the performance or observance of any covenant, agreement or condition contained in this Note and such default shall have continued for a period of ten (10) days after notice thereof to Payor; or

 

(iii)       any representation or warranty made by Payor in this Note shall prove to have been incorrect, untrue or misleading in any material respect; or

 

(iv)       a case or proceeding under the bankruptcy laws of the United States of America now or hereafter in effect or under any insolvency, reorganization, receivership, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction now or hereafter in effect (whether at law or in equity) is filed against Payor or all or any part of its properties and such petition or application is not dismissed within forty five (45) days after the date of its filing or Payor shall file any answer admitting or not contesting such petition or application or indicates its consent to, acquiescence in or approval of, any such action or proceeding or the relief requested is granted sooner; or

 

(vi)       Payor makes an assignment for the benefit of creditors or a case or proceeding under the bankruptcy laws of the United States of America now or hereafter in effect or under any insolvency, reorganization, receivership, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction now or hereafter in effect (whether at a law or equity) is filed by Payor or for all or any part of its property.

 

(b)       Upon the occurrence and during the continuance of any Event of Default, all unpaid principal on this Note, accrued and unpaid interest thereon and all other amounts owing hereunder shall, at the option of the Holder, be immediately due, payable and collectible by Holder pursuant to applicable law.

 

(c)       Upon the occurrence and during the continuance of any Event of Default, interest shall accrue at the rate set forth in Section 1(b) herein and Payor shall pay all reasonable attorneys’ fees and court costs incurred by Holder in enforcing and collecting this Note.

 

4. Waiver; Payment of Fees and Expenses. Payor waives presentment and demand for payment, notice of dishonor, protest and notice of protest of this Note, and shall pay all costs of collection when incurred, including, without limitation, reasonable attorneys’ fees, costs and other expenses. The right to plead any and all statutes of limitations as a defense to any demands hereunder is hereby waived to the full extent permitted by law. No delay by Holder shall constitute a waiver, election or acquiescence by it.

 

5. Cumulative Remedies. Holder’s rights and remedies under this Note shall be cumulative. Holder shall have all other rights and remedies not inconsistent herewith as provided under the Uniform Commercial Code, by law or in equity. No exercise by Holder of one right or remedy shall be deemed an election, and no waiver by Holder of any Event of Default shall be deemed a continuing waiver.

 

6. Miscellaneous.

 

(a)       Governing Law. The terms of this Note shall be construed in accordance with the laws of the State of New York (without giving effect to the conflicts of laws principles thereof) as to all matters, including, without limitation, matters of validity, construction, effect and performance.

 

  

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(b)       Successors and Assigns; Assignment. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Neither party may assign this Note or delegate any of its rights or obligations hereunder without the written consent of the other party.

 

(c)       Titles and Subtitles. The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing or interpreting this Note.

 

(d)       Notices. Any notice or other communication required or permitted to be given hereunder will be in writing and will be mailed by prepaid registered or certified mail, timely deposited with an overnight courier such as Federal Express, or delivered against receipt (including by confirmed facsimile transmission), at the addresses set forth below or to such other address as the party may have furnished in writing in accordance with the provisions of this section.  Any notice or other communication shall be deemed to have been given, made and received upon receipt; provided, that any notice or communication that is received other than during regular business hours of the recipient shall be deemed to have been given at the opening of business on the next business day of the recipient.

 

	  	  	  	  	  
	
To Holder:

	  	  	  	
Bennett LeBow

	  	  	  	  	
667 Madison Avenue

	  	  	  	  	
New York, New York 10065

	  	  	  	  	  
	  	  	  
	
 

To Payor:

	  	  	  	
Signal Genetics, Inc.

	  	  	  	  	
5740 Fleet Street

Carlsbad, California 92008

	  	  	  	  	
Attn: Chief Executive Officer

	  	  	  	  	  
	  	  	  

 

(e)       Amendments; Waiver. No amendment, modification or waiver of any provision of this Note or consent to the departure therefrom shall be effective without the written consent of Payor and the Holder, and then it shall be effective only in the specific instance and for the specific purpose for which it was given.

 

(f)       Severability.  In the event that any provision of this Note shall be declared invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability of the other provisions of this Note, it being hereby agreed that such provisions are severable and that this Note shall be construed in all respects as if such invalid or unenforceable provisions were omitted.

 

 

[Remainder of Page Intentionally Left Blank; Signature Page Follows]

 

  

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IN WITNESS WHEREOF, the undersigned has caused this Unsecured Demand Promissory Note to be duly executed as of the date first written above.

 

 

SIGNAL GENETICS, INC.

 

 

By: /s/ Samuel D. Riccitelli 

Name:  Samuel D. Riccitelli

Title:  Chief Executive Officerex102_s8-032715.htm

EXHIBIT 10.2

 

EMPLOYEE

 

Stock Option

Granted by

GEORGETOWN BANCORP, INC.

under the

GEORGETOWN BANCORP, INC.

2014 EQUITY INCENTIVE PLAN

This stock option agreement (“Option” or “Agreement”) is and will be subject in every respect to the provisions of the 2014 Equity Incentive Plan (the “Plan”) of Georgetown Bancorp, Inc. (the “Company”) which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan has been provided to each person granted a stock option pursuant to the Plan.  The holder of this Option (the “Participant”) hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Committee appointed to administer the Plan (“Committee”) or the Board will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns.  Except where the context otherwise requires, the term “Company” will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”).  Capitalized terms used herein but not defined will have the same meaning as in the Plan.

 

1. Name of Participant:  

 

2. Date of Grant:  ________________

 

	
     3. 

	
       Total number of shares of Company common stock, $0.01 par value per share, that may be acquired pursuant to this Option: 

 

	
  

	
(subject to adjustment pursuant to Section 10 hereof).

 

	
·  

	
This is an Incentive Stock Option (“ISO”).

 

    4.                   Exercise price per share:     $ __________

        (subject to adjustment pursuant to Section 10 below)

    5.                   Expiration Date of Option:  ______________.

 

	
    6.

	
          Vesting Schedule.  Except as otherwise provided in this Agreement, this Option first becomes exercisable, subject to the Option’s expiration date, in accordance with the vesting schedule specified herein.

 

  

  

  

The Options granted under this Agreement shall vest in five (5) equal annual installments, with the first installment becoming exercisable on the first anniversary of the date of grant, or __________ __, 201__, and succeeding installments on each anniversary thereafter, through __________ __, 201__.  To the extent the Options awarded to me are not equally divisible by “5,” any excess Options shall vest on __________ __, 201__.

This Option may not be exercised at any time on or after the Option’s expiration date. Vesting will automatically accelerate pursuant to Section 2.9 of the Plan (in the event of death or Disability or Involuntary Termination of Employment following a Change in Control).

 

7.          Exercise Procedure.

 

	
  

	
7.1

	
Delivery of Notice of Exercise of Option.  This Option will be exercised in whole or in part by the Participant’s delivery to the Company of written notice (the “Notice of Exercise of Option” attached hereto as Exhibit A) setting forth the number of shares with respect to which this Option is to be exercised, together with payment by cash or other means acceptable to the Committee, including:

 

	
·  

	
Cash or personal, certified or cashier’s check in the sum of $_______, in full/partial payment of the purchase price.

 

	
·  

	
Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.

 

	
·  

	
By a net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any minimum required tax withholding).

 

	
·  

	
By selling ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

 

	
  

	
7.2

	
“Fair Market Value” shall have the meaning set forth in Section 8.1(s) of the Plan.

 

8.           Delivery of Shares.

	
  

	
8.1

	
Delivery of Shares.  Delivery of shares of Common Stock upon the exercise of this Option will comply with all applicable laws (including the requirements of the Securities Act) and the applicable requirements of any securities exchange or similar entity.

9.           Change in Control.

	
  

	
9.1

	
In the event of the Participant’s Involuntary Termination of Employment following a Change in Control, all Options held by the Participant, whether or not exercisable at such time, will become fully exercisable, subject to the expiration provisions otherwise applicable to the Option.

 

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9.2

	
A “Change in Control” will be deemed to have occurred as provided in Section 4.2 of the Plan.

 

 

10.           Adjustment Provisions.

 

	
  

	
This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of Section 3.4 of the Plan.

 

11.           Termination of Option and Accelerated Vesting.

 

This Option will terminate upon the expiration date, except as set forth in the following  provisions:

 

	
(i)  

	
Death.  This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the Participant’s Termination of Service by reason of the Participant’s death.  This Option may thereafter be exercised by the Participant’s legal representative or beneficiaries for a period of one year from the date of death, subject to termination on the expiration date of this Option, if earlier.

 

	
(ii)  

	
Disability.  This Option will become exercisable as to all shares subject to an outstanding Award, whether or not then exercisable, in the event of the Participant’s Termination of Service by reason of the Participant’s Disability. This Option may thereafter be exercised for a period of one year from the date of such Termination of Service by reason of Disability, subject to termination on the Option’s expiration date, if earlier.

 

	
(iii)  

	
Retirement.  Vested Options may be exercised for a period of one (1) year from the date of Termination of Service by reason of Retirement, subject to termination on the Option’s expiration date, if earlier (and, for purposes of clarity, non-vested Options will be forfeited on the date of Termination of Service by reason of Retirement).  “Retirement” shall have the meaning set forth in Section 8.1(dd) of the Plan.

	
(iv)  

	
Termination for Cause.  If the Participant’s Service has been terminated for Cause, all Options that have not been exercised will expire and be forfeited.

	
(v)  

	
Other Termination.  If the Participant’s Service terminates for any reason other than due to death, Disability, Retirement, Involuntary Termination following a Change in Control or for Cause, this Option may thereafter be exercised, to the extent it was exercisable at the time of such termination, for a period of three months following termination, subject to termination on the Option’s expiration date, if earlier.

	
  

	
         (vi)

	
Incentive Option Treatment.  No Option will be eligible for treatment as an ISO in the event such Option is exercised more than one year following Termination of Service due to Disability.  In addition, in order to obtain ISO treatment for Options exercised by heirs or devisees of the Participant, the Participant’s death must have occurred while the Participant was employed or within three months of Termination of Service.

 

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12.           Miscellaneous.

	
  

	
12.1

	
No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

	
  

	
12.2

	
This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

	
  

	
12.3

	
Except as otherwise provided by the Committee, ISOs under the Plan are not transferable except (1) as designated by the Participant by will or by the laws of descent and distribution, (2) to a trust established by the Participant, or (3) between spouses incident to a divorce or pursuant to a domestic relations order, provided, however,  that in the case of a transfer described under (3), the Option will not qualify as an ISO as of the day of such transfer.

	
  

	
12.4

	
This Option will be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts.

	
  

	
12.5

	
This Option is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Participant agrees that he will not exercise the Option granted hereby nor will the Company be obligated to issue any shares of stock hereunder if the exercise thereof or the issuance of such shares, as the case may be, would constitute a violation by the Participant or the Company of any such law, regulation or order or any provision thereof.

 

                 12.6        The granting of this Option does not confer upon the Participant any right to beretained in the employ of the Company or any subsidiary.

 

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IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on its behalf as of the date of grant of this Option set forth above.

 

GEORGETOWN BANCORP, INC.

 

By:_________________________                                                                

Its: _________________________                                                               

 

 

PARTICIPANT’S ACCEPTANCE

 

The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the terms and provisions of the 2014 Equity Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the Company’s 2014 Equity Incentive Plan.

 

     PARTICIPANT

                                                                                                                  ___________________________

 

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EXHIBIT A

NOTICE OF EXERCISE OF OPTION

(BY EMPLOYEE)

I hereby exercise the stock option (the “Option”) granted to me by Georgetown Bancorp, Inc. (the “Company”) or its affiliate, subject to all the terms and provisions set forth in the Stock Option Agreement (the “Agreement”) and the Georgetown Bancorp, Inc. 2014 Equity Incentive Plan (the “Plan”) referred to therein, and notify you of my desire to purchase __________________ shares of common stock of the Company (“Common Stock”) for a purchase price of $_______ per share.

I elect to pay the exercise price by (check one):

	
  

	
___

	
Cash or personal, certified or cashier’s check in the sum of $_______, in full/partial payment of the purchase price.

 

	
  

	
___

	
Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.*

 

	
  

	
___

	
A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any minimum required tax withholding).

 

	
  

	
___

	
Selling  ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

 

I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to all terms and provisions set forth in the Agreement and the Plan.

 

I hereby represent that it is my intention to acquire these shares for the following purpose:

 

___           investment

___           resale or distribution

Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities Act of 1933) the shares you acquire through this Option exercise, the Company or transfer agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

 

Date: ____________, _____.                                             _________________________________________

Participant’s signature

*           If I elect to exercise by exchanging shares I already own, I will constructively return shares that I already own to purchase the new option shares.  If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged.  If the shares are held in “street name” by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged.  I will keep the shares that I already own and treat them as if they are shares acquired by the option exercise.  In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire.

 

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EXHIBIT B

 

 

ACKNOWLEDGMENT OF RECEIPT OF SHARES

 

 

 

I hereby acknowledge the delivery to me by Georgetown Bancorp, Inc. (the “Company”) or its affiliate on _____________________________, of stock certificates for ____________________ shares of common stock of the Company purchased by me pursuant to the terms and conditions of the Stock Option Agreement and the Georgetown Bancorp, Inc. 2014 Equity Incentive Plan, as applicable, which shares were transferred to me on the Company’s stock record books on ____________________.

 

Date: ____________________                                                           _______________________                                          

   Participant’s signature

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