Document:

Exhibit 10.96

FORM OF LOCK-UP AGREEMENT

 

August 27, 2015

 

 

		Re:	Unit Purchase Agreement, dated as of August 27, 2015 (the “Purchase Agreement”),
between Protea Biosciences Group, Inc., a Delaware corporation (the “Company”) and the purchasers signatory
thereto (each, a “Purchaser” and, collectively, the “Purchasers”)

 

Ladies and Gentlemen:

 

Defined terms
not otherwise defined in this letter agreement (the “Letter Agreement”) shall have the meanings set forth in
the Purchase Agreement. Pursuant to Section 5.1.6 of the Purchase Agreement and in satisfaction of a condition of the Company’s
obligations under the Purchase Agreement, the undersigned irrevocably agrees with the Company that, from the date hereof until
the earlier of (a) the 90 day anniversary of the effective date of the registration statement to be filed in accordance with the
terms of that certain registration rights agreement, dated on even date herewith between the Company and the Purchasers or (b)
the 12 month anniversary of the final closing of the Offering (if through no fault of the undersigned such registration statement
has not become effective), (such period, the “Restriction Period”), the undersigned will not offer, sell, contract
to sell, hypothecate, pledge or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be
expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement
or otherwise) by the undersigned or any Affiliate of the undersigned or any person in privity with the undersigned or any Affiliate
of the undersigned), directly or indirectly, including the filing (or participation in the filing) of a registration statement
with the Securities and Exchange Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease
a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) with respect to, any shares of common stock of the Company, par value $0.0001 per share (the “Common Stock”)
or Common Stock Equivalents beneficially owned, held or hereafter acquired by the undersigned (the “Securities”).
Beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act. Further, each executive officer
and director of the Company that signs this Letter Agreement agrees not to sell or otherwise transfer any shares of Common Stock
or Common Stock Equivalents until three months after the Company up-lists its common stock to a U.S. national senior stock exchange,
such as, but not limited to, NASDAQ or NYSE MKT. In order to enforce this covenant, the Company shall impose irrevocable stop-transfer
instructions preventing Island Stock Transfer, the Company’s transfer agent (the “Transfer Agent”) from
effecting any actions in violation of this Letter Agreement.

 

     

     

    

 

The foregoing shall
not apply to (i) Common Stock to be transferred as a gift or gifts, by will or intestacy or to any trust for the direct or indirect
benefit of the undersigned or the immediate family of the undersigned (provided that any donee or transferee thereof agrees in
writing to be bound by the terms hereof); (ii) the sale of the Securities to be sold pursuant to an effective registration statement;
(iii) distribution of Common Stock to partners, members, stockholders, other equity holders, or if the undersigned is a trust,
trust beneficiaries, in each case, of the undersigned (provided that any transferee thereof agrees to be bound by the terms hereof);
(iv) transfers of Common Stock to the undersigned’s affiliates or to any investment fund or other entity controlled or managed
by the undersigned (provided that any transferee thereof agrees to be bound by the terms hereof); (v) establish a trading plan
pursuant to Rule 10b5-1 under the Exchange Act for the transfer of the Securities, provided that such plan does not provide for
any transfers of any Securities during the Restriction Period and the entry into such plan is not publicly disclosed, including
in any filing under the Exchange Act, during the Restriction Period; or (vi) transfers of shares of Common Stock to the Company
(x) as forfeitures to satisfy tax withholding and remittance obligations of the undersigned in connection with the vesting or exercise
of equity awards granted pursuant to the Company’s equity incentive plans, or (y) pursuant to a net exercise or cashless
exercise by the undersigned of outstanding equity awards pursuant to the Company’s equity incentive plans; provided
that, in each of clauses (i), (iii) and (iv), no filing by any party under the Exchange Act, or other public announcement shall
be required or shall be voluntarily made before the expiration of the Restriction Period showing a decrease in the number of shares
of Common Stock held by the undersigned and its affiliates in such filing.  In addition, no provision herein shall be deemed
to restrict or prohibit the exercise or exchange by the undersigned of any option or warrant to acquire shares of Common Stock,
or any other security exchangeable or exercisable for, or convertible into, Common Stock; provided that the undersigned does not
transfer the Common Stock acquired on such exercise or exchange during the Restriction Period, unless otherwise permitted pursuant
to the terms of this Letter Agreement.

 

The undersigned
acknowledges that the execution, delivery and performance of this Letter Agreement is a material inducement to each Purchaser to
complete the transactions contemplated by the Purchase Agreement and that each Purchaser (which shall be a third party beneficiary
of this Letter Agreement) and the Company shall be entitled to specific performance of the undersigned’s obligations hereunder.
The undersigned hereby represents that the undersigned has the power and authority to execute, deliver and perform this Letter
Agreement, that the undersigned has received adequate consideration therefor and that the undersigned will indirectly benefit from
the closing of the transactions contemplated by the Purchase Agreement.

 

This Letter Agreement
may not be amended or otherwise modified in any respect without the written consent of each of the Company, each Purchaser and
the undersigned. This Letter Agreement shall be construed and enforced in accordance with the laws of the State of New York without
regard to the principles of conflict of laws. The undersigned hereby irrevocably submits to the exclusive jurisdiction of the United
States District Court sitting in the Southern District of New York and the courts of the State of New York located in Manhattan,
for the purposes of any suit, action or proceeding arising out of or relating to this Letter Agreement, and hereby waives, and
agrees not to assert in any such suit, action or proceeding, any claim that (i) it is not personally subject to the jurisdiction
of such court, (ii) the suit, action or proceeding is brought in an inconvenient forum, or (iii) the venue of the suit, action
or proceeding is improper. The undersigned hereby irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by receiving a copy thereof sent to the Company at the address in effect for notices
to it under the Purchase Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. The undersigned hereby waives any right to a trial by jury. Nothing contained herein shall be deemed to limit in any way
any right to serve process in any manner permitted by law. The undersigned agrees and understands that this Letter Agreement does
not intend to create any relationship between the undersigned and each Purchaser and that each Purchaser is not entitled to cast
any votes on the matters herein contemplated and that no issuance or sale of the Securities is created or intended by virtue of
this Letter Agreement.

 

     

     

    

 

The undersigned hereby
represents and warrants that the undersigned has full power and authority to enter into this Letter Agreement and that this Letter
Agreement has been duly authorized (if the undersigned is not a natural person), executed and delivered by the undersigned and
is a valid and binding agreement of the undersigned. This Letter Agreement and all authority herein conferred are irrevocable and
shall survive the death or incapacity of the undersigned (if a natural person) and shall be binding upon the heirs, personal representatives,
successors and assigns of the undersigned.

 

The undersigned hereby
consents to the placing of legends or the entry of stop transfer instructions with the Transfer Agent against the transfer of the
Securities, except in compliance with this Letter Agreement.

 

This Letter Agreement
shall be binding on successors and assigns of the undersigned with respect to the Securities and any such successor or assign shall
enter into a similar agreement for the benefit of the Purchasers.

 

 

*** SIGNATURE PAGE FOLLOWS***

 

     

     

    

 

This Letter Agreement
may be executed in two or more counterparts, all of which when taken together may be considered one and the same agreement.

 

 

	 	 
	Signature	 
	 	 
	 	 
	Print Name	 
	 	 
	 	 
	Position in Company	 
	 	 
	Address for Notice:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Number of shares of Common Stock	 

 

	 	 
	Number of shares of Common Stock underlying subject to warrants, options, debentures or other convertible securities

 

By signing below, the
Company agrees to enforce the restrictions on transfer set forth in this Letter Agreement.

 

Protea Biosciences Group, Inc.

 

 

	By:	 	 

Name: Stephen Turner

Title: Chief Executive OfficerExhibit

EXHIBIT 10.1

TIPTREE ASSET MANAGEMENT COMPANY, LLC

March 10, 2016

Timothy H. Schott

Dear Tim:

We are pleased to offer you a position with Tiptree Asset Management Company, LLC (“TAMCO”) as Principal Accounting Officer of Tiptree Financial Inc. (“TFI” or the “Company”) reporting to TFI’s Chief Financial Officer, with a start date on or about March 15, 2016, on the following terms and conditions.

		
	1.
	You will receive an initial base salary at an annual rate equal to $290,000 (“Base Salary”), payable in semi-monthly installments, in accordance with TAMCO’s standard policies and procedures. 

		
	2.
	Beginning with 2016, you will be eligible for consideration for an annual discretionary bonus (the “Annual Bonus”) in an amount determined by the Compensation, Nominating and Governance Committee of TFI’s Board of Directors (the “CNG”), which shall be paid by TAMCO in its sole discretion; provided, however, that your bonus for the year ending December 31, 2016 shall be not less than 100% of your Base Salary, two-thirds of which will be paid in cash and one-third of which in Restricted Stock Units (“RSUs”) issued under the Company’s 2013 Omnibus Incentive Plan pursuant to a Restricted Stock Unit Agreement. The RSUs issued in 2016 will vest in three equal parts on the anniversary of your signing this agreement in each of 2017, 2018 and 2019, pursuant to the terms and conditions of an RSU Agreement. Except as otherwise provided herein, in no event, however, will you be eligible for consideration to receive any such bonus (or any portion thereof) for any year if you are not actively employed by TAMCO on, or have received or given notice of termination or resignation prior to, the date on which bonuses for the applicable year are paid to employees generally. 

		
	3.
	In addition, you will receive a one-time bonus of $100,000 in cash, payable on or about your start date (the “Signing Bonus”) as well as Restricted Stock having a grant date value (as determined in good faith by the CNG) of $325,000, issued pursuant to the terms and conditions of the Company’s 2013 Omnibus Incentive Plan and a Restricted Stock Award (the “Restricted Stock”). You agree to repay the Signing Bonus to TFI or its designate if you are not actively employed by TAMCO on, or have received or given notice of termination or resignation prior to, the first anniversary of your effective start date. The Restricted Stock will vest in two equal parts on the anniversary of your signing this agreement in each of 

-1-    
TAMCO Employment Letter

EXHIBIT 10.1

2017 and 2018, in accordance with and to be governed by the terms and conditions of a Restricted Stock Award.

		
	4.
	Notwithstanding anything to the contrary, if your employment at TFI or its subsidiaries is involuntarily terminated without Cause, then (A) all of your unvested RSUs shall become non-forfeitable and shall continue to vest in accordance with the time periods in such RSU Agreement and (B) TAMCO shall provide or cause to be provided to you the following payments: (i) as severance pay, a lump sum cash payment on the 60th day following termination, of six months of your Base Salary at the time of the termination and (ii) the pro rata amount, up to the date of termination, of your Annual Bonus that would have been payable with respect to the performance period that ends in the calendar year in which the termination occurs, determined and paid in accordance with Section 2 of this Agreement;  provided, that any such portion of the Annual Bonus will, at the sole discretion of the Company, be paid solely in cash. Any payments pursuant to this Section 4 is conditional on your signing, and not revoking, if applicable, a confidential separation agreement and release of claims in a form reasonably satisfactory to the Company within sixty (60) days of the date of the termination.  

For purposes of this Section 4, the phrase for “Cause” shall mean only the occurrence of any of the following events or actions:

		
	a.
	Your indictment for, conviction of, or entrance of a plea of guilty or nolo contendere to, a felony under federal or state law; or

		
	b.
	Your violation of the Company’s policies and procedures (to the extent such policies or procedures are not inconsistent with applicable law), which has a materially adverse effect on the business or reputation of the Company, which, if curable, is not cured by you within thirty (30) calendar days after written notice to you of same; or

		
	c.
	fraudulent conduct by you in connection with the business affairs of the Company which has an adverse effect on the business or reputation of the Company, which, if curable, is not cured by you within ten (10) business days after written notice to you of same; or

		
	d.
	theft, embezzlement, or criminal misappropriation of Company funds by you which has an adverse effect on the business or reputation of the Company, which, if curable, is not cured by you within ten (10) business days after written notice to you of same; or

		
	e.
	your misconduct, which has, or would have if generally known, a materially adverse effect on the business or reputation of the Company, which, if curable, is not cured by you within ten (10) business days after written notice to you of same; or

		
	f.
	a material breach of the performance of your duties as Principal Accounting Officer, which, if curable, is not cured by you within thirty (30) calendar days after written notice to you of same.

-2-    
TAMCO Employment Letter

EXHIBIT 10.1

		
	5.
	You will be eligible to participate in all employee benefits plans and programs of TAMCO generally applicable to employees at your level and in accordance with their terms.  All benefits may be subject to change upon management’s sole discretion.

		
	6.
	You understand that, in the future, TAMCO may become subject to laws and/or regulatory guidelines concerning the compensation of its employees.  By accepting this offer of employment, you hereby acknowledge TAMCO’s responsibilities in this regard, and recognize that, as a consequence of any such changes, TAMCO may be required to restructure the compensation package outlined in this letter.

		
	7.
	TAMCO may deduct or withhold from any compensation or benefits any applicable federal, state, or local tax or employment withholdings or deductions resulting from any payments or benefits provided under this offer letter.  In addition, it is TAMCO’s intention that all payments or benefits provided under this offer letter comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), including, without limitation, the six-month delay for payments of deferred compensation to “key employees” upon separation from service pursuant to Section 409A(a)(2)(B)(i) of the Code (if applicable), and this offer letter shall be interpreted, administered, and operated accordingly.  If under this offer letter an amount is to be paid in installments, each installment shall be treated as a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2)(ii).  Notwithstanding anything to the contrary herein, TAMCO does not guarantee the tax treatment of any payments or benefits under this offer letter, including, without limitation, under the Code, federal, state, local, or foreign tax laws and regulations.  In the event the period of payment referenced in this offer letter ends in the taxable year following your termination of employment, any severance payment or deferred compensation payment shall be paid or commence in such subsequent taxable year if required under Section 409A of the Code.

		
	8.
	You will be an employee at will, and either you or TAMCO may terminate the employment relationship at any time and for any reason, with or without cause.  During your employment, it is expected that you will devote your full business efforts and time to TAMCO.  Your position with TAMCO is exempt under the Fair Labor Standards Act based on your performance of executive duties.

		
	9.
	Notwithstanding the at-will nature of your employment, you hereby agree that you will provide 30 days’ written notice of your intention to terminate your employment with TAMCO.  During any period of required notice, you will continue to be an employee, and you will continue to be entitled to receive your base salary (but not a bonus, if you would otherwise be eligible for such a bonus).  Your fiduciary duties and other obligations as an employee of TAMCO will continue, and you will cooperate in the transition of your responsibilities.  TAMCO shall, however, have the right, in its sole discretion, to direct that you no longer come in to work or to shorten the notice period.  If TAMCO shortens the required notice period you have 

-3-    
TAMCO Employment Letter

EXHIBIT 10.1

provided, it reserves the right, in its sole discretion, to not pay you for any remaining period of notice.

		
	10.
	You represent, warrant, and agree that (i) you have not taken and will not take, and/or will return or (with the consent of your former employer(s)) destroy without retaining copies, all proprietary and confidential materials of your former employer(s); (ii) you will not use any confidential, proprietary, or trade secret information in violation of any contractual or common-law obligation to your former employer(s); (iii) you are not party to any agreement or subject to any policy applicable to you that would prevent or restrict you from engaging in activities competitive with the activities of your former employer(s) or from directly or indirectly soliciting any employee, client, or customer to leave the employ of, or transfer its business away from, your former employer(s) or, if you are subject to such an agreement or policy, you have complied and will comply with it; (iv) you have not requested, solicited, or encouraged, and will not request, solicit, or encourage, any employees or customers or clients of your former employer(s) to join TAMCO or to leave your past employer(s) in violation of any common-law obligation or duty to your past employer(s); and (v) you are not subject to any agreement or policy that requires you to provide notice of resignation to your prior employer(s) in order for such resignation to become effective (or, if you are subject to such agreement or policy, you have provided notice, and the notice period will have elapsed before your scheduled start date with TAMCO).

		
	11.
	You will be subject to all rules and policies applicable to employees of TAMCO generally at your level or in your position.

		
	12.
	TAMCO is registered as an investment adviser with the Securities and Exchange Commission.  As an employee of TAMCO, you will be subject to the TAMCO Code of Ethics, Tiptree Code of Ethics and Tiptree Securities Trading Policy, copies of which has been provided to you.  You must execute and abide by the TAMCO Code of Ethics, Tiptree Code of Ethics and Tiptree Securities Trading Policy and the restrictions and other information contained therein.  You are also required to be familiar with, and abide by, specific policies and procedures set forth in the compliance manuals of TAMCO.  A copy of each such policy and procedure governing your employment responsibilities in these areas will be provided to you or made available for your review.  In addition, you shall be responsible for obtaining and keeping current any and all licenses deemed necessary by TAMCO for the conduct of your employment with TAMCO.  You hereby represent that there are no outstanding, pending, or threatened legal or regulatory actions against you or your former firm(s) (as to which you are related) other than those described on Schedule A attached hereto.  You also represent that you have no relatives that work in the securities industry (except as disclosed on Schedule A hereto).  Please note that if you have a pecuniary or other beneficial interest with any other third party that is employed in the securities industry, you should include their name and relevant information in this schedule (e.g., nature of relationship, etc).  TAMCO’s policy is 

-4-    
TAMCO Employment Letter

EXHIBIT 10.1

that no TAMCO employee may conduct securities transactions on behalf of client accounts with brokers who are related to the employee, but under certain circumstances, may trade with the firm at which the relative or third party is employed.  “Relatives” for this purpose include your spouse and any adult children, your parents, siblings, first cousins, and the parents and siblings of your spouse and your parents.  You further represent that you have read the memorandum regarding SEC Rule 206(4)-5 that is attached hereto as Schedule B and you have made no contributions to state or local officials, political candidates, political action committees or political parties during the previous two years from today’s date (except as disclosed on Schedule B hereto).  TAMCO, in its sole discretion, may at any time modify or supplement its compliance policies and procedures.

		
	13.
	In the event that a controversy or dispute arises between us, including, but not limited to, those arising out of any of the terms or conditions of this offer of employment or relating in any way to your employment, and either party files, and is allowed by the courts to prosecute, a court action against the other, the parties in such action agree not to request, and hereby waive, any right to a trial by jury.  Notwithstanding the foregoing, you and TAMCO agree that, prior to submitting such a dispute to the courts, the parties shall submit, for a period of 60 days, to voluntary mediation before a jointly selected neutral third party mediator under the auspices of JAMS, New York City, New York, Resolution Center (or any successor location), pursuant to the procedures of JAMS International Mediation Rules conducted in the State of New York.  However, such mediation or obligation to mediate shall not suspend or otherwise delay any termination or other action of you or affect any other right of TAMCO, including the right to seek immediate injunctive relief under Paragraph D of the parties’ Agreement Regarding Confidentiality, Non-Competition and Non-Solicitation Covenants, attached hereto.

		
	14.
	This offer letter shall be interpreted in accordance with the laws of the State of New York without regard to the conflicts-of-laws principles thereof.

		
	15.
	This offer letter, including the Agreement Regarding Confidentiality, Non-Competition and Non-Solicitation Covenants attached hereto, represents the entire agreement between you and TAMCO regarding your employment with TAMCO and supersedes any and all previous and contemporaneous agreements and representations, written or oral.  This offer letter may not be changed or terminated except in writing signed by the parties.

		
	16.
	This offer of employment is contingent upon your successful completion of all facets of TAMCO’s pre-employment screening process (as determined by TAMCO in its sole discretion), which includes confirmation that you are legally able to work for TAMCO in the United States in the position offered to you, and a background investigation.  This offer is also contingent upon your signing the attached Agreement Regarding Confidentiality, Non-Competition and Non-Solicitation Covenants.

-5-    
TAMCO Employment Letter

EXHIBIT 10.1

I trust that this letter reflects our mutual understanding concerning your employment at TAMCO.  Please indicate your agreement with these terms by executing the enclosed copy of this letter and returning it to me at your earliest convenience.

We look forward to a long and rewarding relationship.

Very truly yours,

/s/ Sandra Bell______

Sandra Bell
Chief Financial Officer

Agreed to and Accepted:

/s/ Timothy H. Schott__
Timothy H. Schott
 

Date: March 10, 2016    

-6-    
TAMCO Employment Letter

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}]]