Document:

Offer Letter from the Company to Ms. Henderson

 Exhibit 10.1 
 PANACOS PHARMACEUTICALS, INC. 
  

							
	Jane Henderson	  		  	January 1, 2008	  	
	59 Morningside Drive South	  		  		  	
	Westport, CT 06880	  		  		  	

 Dear Jane, 
 On behalf
of Panacos Pharmaceuticals, Inc. (“Panacos” or “the Company”), I am very pleased to extend an offer of employment to you. The following summarizes the terms of your anticipated employment with Panacos. I encourage you to contact
me or Stephen Andre in Human Resources with any questions you may have. 
 1. Position: Your position will be as Executive Vice President, Chief
Financial Officer and Chief Business Officer reporting to the President & CEO. As a Panacos employee, we expect that you will perform any and all duties and responsibilities normally associated with your position to the best of your
abilities at all times. 
 2. Starting Date/Nature of Relationship: Your employment with Panacos will begin on January 1, 2008. No provision of
this letter shall be construed to create a promise of employment for any specific period of time. Your employment at Panacos is at-will employment, which may be terminated by you or Panacos at any time for any reason with five (5) days’
advance notice, subject to any other requirements in Section 6 below or the Addendum. 
 3. Reimbursement for Housing Expenses: It being
understood that your primary residence will currently remain in Connecticut, Panacos will reimburse you for expenses paid by you for a residence in Massachusetts for twelve (12) months, in such amount to be mutually agreed upon by you and the
Compensation Committee of the Board of Directors (and which shall be no greater than $4,000 per month). Panacos will also pay you an amount equal to the taxes imposed on you due to Panacos’ reimbursement of such expenses and any additional
taxes payable as a result of any tax restoration payments made pursuant to this Section 3. 
 4. Compensation/Benefits: Your initial Base Pay
shall be annualized at $300,000 minus customary deductions for federal and state taxes and the like, and shall be paid in accordance with Panacos’ usual payroll practices. Your Base Pay may be subject to annual increases at the discretion of
the Board of Directors or Compensation Committee of the Board of Directors, which the Board of Directors or the Compensation Committee of the Board of Directors shall consider on an annual basis. Assuming you are still employed by Panacos at the
time of payment (notwithstanding any pro-rata payments to 

 
which you may be entitled under Section 6.b.), you will also be eligible to receive an Annual Cash Bonus targeted at 35% of your annual Base Pay, at the
end of each calendar year that you are employed by Panacos (such targeted amount, your “Target Annual Cash Bonus”). The award and amount (which may be less than or greater than the target amount) of any Annual Cash Bonus shall be
determined at the sole, but good faith, discretion of Panacos, based on the achievement of mutually agreed upon performance goals (both individual and Company) and your continued employment with Panacos through the date of payment. Any Annual Cash
Bonus will be paid within sixty (60) days following the end of the year to which it relates. 
 In connection with your employment, and subject to approval of the Compensation Committee of the Panacos Board of Directors, you will be granted an initial option to purchase 400,000 shares of common stock (“Initial Option Grant”)
in Panacos at fair market value at the time of grant, pursuant to the terms of a formal stock option agreement. The exercise price will be determined based on the price of Panacos’ stock as reported by NASDAQ at the close of trading on the day
the Compensation Committee of the Board of Directors approves the grant, which is also referred to as your grant date of such option and which will occur no later than the fifth (5th) day after your start date. Neither the formal Stock Option Agreement nor any applicable Panacos stock plan creates any obligation on Panacos’ part to employ you for any particular period of time. The
options, which to the maximum extent permitted by law shall be incentive stock options, will become exercisable on a time-based basis at the rate of 1/48th per month beginning one (1) month from the date of grant and continuing as set forth in your stock option certificate. Subject to Section 5 below and the terms of your Stock Option Certificate and the applicable stock option
plan, upon termination of employment, you shall have three (3) months to exercise any unexercised, vested options. You may be eligible for additional option grants in the future, which the Board of Directors or the Compensation Committee of the
Board of Directors shall consider on an annual basis. 
 Also, subject to approval of the Compensation Committee of the Panacos Board of
Directors, you will be granted 75,000 shares of restricted stock in Panacos to vest on the earlier of: (i) the dosing of the first patient in a Phase 3 trial or pivotal trial of a Panacos product; or (ii) the third anniversary of the grant
date of such restricted stock, subject to any accelerated vesting set forth in Sections 6.b. or 6.c. The grant date will be on the day the Compensation Committee of the Board of Directors approves such grant and will occur no later than five
(5) days after your start date. You may be eligible for additional restricted stock grants in the future, which the Board of Directors or the Compensation Committee of the Board of Directors shall consider on an annual basis. The purchase price
per share of the restricted stock shall be $0.01, payment of which shall be in the form of services to be rendered by you to the Company and your acceptance of employment with the Company. The terms and conditions of any restricted stock granted to
you will be evidenced in a formal restricted stock award agreement to be entered into between you and Panacos. 
  

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 In addition to your compensation, you are entitled, subject to the eligibility requirements of any applicable plans or
policies, to participate in all benefits offered by Panacos on the same terms as all other executives of Panacos, including Panacos’ medical, disability and life insurance, dependent care and medical flexible spending plans, 401(k) plan, and
paid vacation and holiday time. These benefits, of course, may be modified or changed from time to time at the sole discretion of Panacos. Panacos’ present benefit structure and other important information about the benefits for which you may
be eligible are available from Human Resources. Where a particular benefit is subject to a formal plan (for example, medical insurance or life insurance), eligibility to participate in and receive any particular benefit is governed solely by the
applicable plan document. Vacation and holidays are governed by Company policy. Subject to those policies, you will be eligible to 4 weeks of vacation, to be accrued in accordance with Company policy applicable to all other executives, and ten
(10) holidays each year. Should you ever have any questions about Panacos benefits, you should ask Panacos for a copy of the applicable plan document or policy. 
 5. Confidentiality/Proof of Employability: Panacos’ offer is contingent on your execution of the attached Employee Inventions, Non-Competition, Non-Disclosure, and Non-Solicitation Agreement. This
Agreement is necessary to protect Panacos’ trade secrets, confidential information and/or goodwill. Also, your employment is contingent on your provision of all documents required to verify your eligibility to work in the United States.

 6. Termination of Employment/Severance and Other Benefits: As stated, your employment with Panacos is at-will, which means that either you or
Panacos may end the employment relationship at any time, for any reason, with notice as set forth in Section 2. Notwithstanding the foregoing, if you are terminated as set forth in this section, Panacos will provide you with the severance and
benefits set forth in this section. 
 a. If your employment is terminated by Panacos without Cause (as defined in the
Addendum, attached hereto) or if you resign for Good Reason (as defined in the Addendum), then, subject to your timely execution of a separation agreement reasonably agreed to by the parties in a form substantially similar to the form attached
hereto as Exhibit A, Panacos will pay you severance of nine (9) month’s base pay, paid out over time in accordance with Panacos’ then-current payroll practices, and, under and subject to the requirements of COBRA, will continue to pay
its portion of the cost to continue medical and dental coverage for you and your immediate family as in effect immediately prior to such termination for nine (9) months following the termination date. In addition, subject to the stock plan and
your stock option certificates, you will have twelve (12) months from the date of your termination to exercise any stock options that are vested as of your termination date, provided that such extension may cause the options to become
non-qualified options. 
  

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 b. If, on the date of or within twelve (12) months following a Change of Control (as
defined in the Addendum), your employment is terminated by you for Good Reason (as defined in the Addendum) or by Panacos for reasons other than Cause (as defined in the Addendum), then, subject to your timely execution of a separation agreement
reasonably agreed to by the parties in a form substantially similar to the form attached hereto as Exhibit A, in lieu of 6(a), Panacos will pay you severance of one (1) year’s base pay, paid out over time in accordance with Panacos’
then-current payroll practices, and, under and subject to the requirements of COBRA, will continue to pay its portion of the cost to continue medical and dental coverage for you and your immediate family as in effect immediately prior to such
termination for one (1) year following the termination date. You will also be entitled to a pro-rated portion of your Target Annual Cash Bonus based upon the number of days elapsed from the first day of the calendar year in which your
employment is terminated to the date of your termination. Such bonus will be paid within sixty (60) days following the date of termination. In addition, at the time of such termination or resignation, any unvested options shall become fully
vested and exercisable and any outstanding restricted stock shall be deemed to be fully vested and will no longer be subject to a right of repurchase by Panacos. Subject to the stock plan and your stock option certificates, you will have twelve
(12) months from the date of your termination to exercise any vested stock options. 
 c. In the case of your death or
Permanent and Total Disability (as defined in the Addendum), as of the date of your death or Permanent and Total Disability: (i) any outstanding options shall become automatically exercisable and may be exercised at any time within one
(1) year after that date (unless terminated earlier by its terms), and such shall be reflected in the terms of your formal stock option agreement; and (ii) any outstanding restricted stock shall be deemed to be fully vested and will no
longer be subject to a right of repurchase by Panacos and such shall be reflected in the terms of your formal restricted stock award. You will also be entitled to a pro-rated portion of your Target Annual Cash Bonus based upon the number of days
elapsed from the first day of the calendar year of your death or Permanent and Total Disability. Such bonus will be paid within sixty (60) days following the date of your death or Permanent and Total Disability. 
 d. Notwithstanding anything to the contrary contained herein, to the extent that
you are deemed to be a “specified employee” within the meaning of Section 409A of the Internal Revenue Code, as amended (the “Code”), and any successor statute, regulation and guidance thereto, and only insofar as it is
required by Code Section 409A, any payments to which you may become entitled under this Section will not commence until the first business day of the seventh (7th) month following the effective date of your termination. 
  

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 7. Internal Revenue Code Section 280G: In the event that it is determined that any payment or distribution of
any type to you or for your benefit made by Panacos, by any of its affiliates, by any person or entity that acquires ownership or effective control or ownership of a substantial portion of Panacos’ assets (within the meaning of
Section 280G of the Code and the regulations thereunder) or by any affiliate of such person or entity, whether paid or payable or distributed or distributable pursuant to the terms of this offer letter or otherwise, would be subject to the
excise tax imposed by Section 4999 of the Code or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest or penalties, are collectively referred to as the “Excise Tax”), then such
payments or distributions or benefits shall be payable either: (a) in full or (b) in a lesser amount reflecting a reduction in payments to the extent necessary to result in no portion of such payments or distributions or benefits being
subject to the Excise Tax. Method (b) shall be used unless method (a) provides a higher after-tax benefit to you. If method (b) is used, then you shall have the right to determine which payments or benefits will be reduced and in what
magnitude. You and Panacos shall furnish such documentation and documents as may be necessary for your independent external accountants to perform the requisite computations and analysis contemplated by this Section 7. 
 8. Certifications: You hereby agree, represent and warrant that: (i) neither your execution of this offer letter nor your becoming an employee of Panacos
will cause you to be in violation of any post-employment restrictive covenants (e.g., non-competition/confidentiality agreements) with any prior employer; (ii) you understand that Panacos will not ask for nor accept any confidential
information belonging to any such employer; and (iii) you will honor all such valid agreements. 
 9. Miscellaneous: This letter, together with
the attached Addendum, the Employee Inventions, Non-Competition, Non-Disclosure, and Non-Solicitation Agreement, constitutes Panacos’ entire offer regarding the terms and conditions of your employment with Panacos. It supersedes any prior
agreements or other promises or statements (whether oral or written) regarding the offered terms of employment. 
 You acknowledge and agree that Panacos
does not guarantee the tax treatment or tax consequences associated with any payment or benefit arising under this Agreement, including but not limited to consequences related to Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”). If so requested by you, Panacos will negotiate in good faith and with you will jointly execute an amendment to modify this offer letter to the extent necessary to comply with the requirements of Code Section 409A, or any
successor statute, regulation and guidance thereto; provided, that no such amendment shall increase the total financial obligation of Company under this offer letter. 
 The terms of your employment shall be governed by the law of the Commonwealth of Massachusetts, without giving effect to conflict of law principles. By accepting this offer of employment, you agree that any action,
demand, claim or counterclaim in connection 

  

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with your employment with Panacos, or any separation of employment (whether voluntary or involuntary) from Panacos, shall be resolved in a court of competent
jurisdiction in the Commonwealth of Massachusetts by a judge alone, and you waive and forever renounce your right to a trial before a civil jury. 
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 You may accept this offer of employment and the terms and conditions hereof by signing the enclosed additional copy of
this letter and returning it to Stephen Andre. 
  

			
	Sincerely,
	
	 /s/ Alan W. Dunton

	Alan W. Dunton, M.D.
	President and CEO
	
	Agreed and Accepted
	
	 /s/ Jane Henderson

	Jane Henderson
		
	 Date:
	 	January 1, 2008
		 	(Please date after you sign)

  

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 ADDENDUM – Definitions Applicable to Henderson Employment Agreement 
 (a) For purposes hereof, “Cause” shall mean: (i) willful misconduct by Henderson; or (ii) willful failure by Henderson to perform her
responsibilities to Panacos (including, without limitation, breach by Henderson of any provision of any employment, consulting, advisory, non-disclosure, non-competition or other similar agreement between Henderson and Panacos) which, in each case,
Henderson has failed to remedy within fifteen (15) days following Panacos’ delivery to Henderson of written notice of such misconduct or failure to perform responsibilities. 
 (b) For purposes hereof, “Good Reason” means any of the following: 
 i. a material and substantial
diminution of Henderson’s responsibilities; 
 ii. the loss of the title of Executive Vice President, Chief Financial Officer and Chief
Business Officer; 
 iii. an alteration of Henderson’s direct reporting structure such that she no longer reports directly to the
President & CEO of Panacos or its successor, without the prior written consent of Henderson (such consent not to be unreasonably withheld); 
 iv. a material or substantial reduction in Henderson’s compensation; 
 v. a reduction in
Henderson’s Base Pay following a change of control; or 
 vi. material breach by Panacos or its successor of the terms of
Henderson’s employment agreement with Panacos or its successor (including the failure to grant equity promised thereunder). 
 Before “Good
Reason” has been deemed to have occurred, Henderson must give Panacos written notice detailing why Henderson believes a Good Reason event has occurred and such notice must be provided to Panacos within thirty (30) days of Henderson’s
actual knowledge of the initial occurrence of such alleged Good Reason event. Panacos shall then have thirty (30) days after its receipt of written notice to cure the item cited in the written notice so that “Good Reason” will have
not formally occurred with respect to the event in question. A termination of employment due to Good Reason shall occur no later than seventy five (75) days after Henderson’s actual knowledge of the condition giving rise to Good Reason.

 (c) For purposes hereof, a “Change of Control” means the occurrence of any of the following events, but only to the extent each of the following
is interpreted in a manner consistent with the meaning of “ a change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation” under Section 409A of
Internal Revenue Code, as amended, (the “Code Section 409A”) and any successor statute, regulation and guidance thereto, and limited to the extent necessary so that it will not cause adverse tax consequences with respect to Code
Section 409A: 
 i. a merger or consolidation in which 
  

 A-1 

 1. Panacos is a constituent party, or 
 2. a subsidiary of Panacos is a constituent party and the Company issues shares of its capital stock pursuant to such merger or consolidation, 

In the case of (1) or (2) above, except any such merger or consolidation involving Panacos or a subsidiary in which the holders of capital
stock of Panacos immediately prior to such merger or consolidation continue to hold immediately following such merger or consolidation more than 50%, by voting power and economic interest, of the capital stock of (A) the surviving or resulting
entity or (B) if the surviving or resulting entity is a wholly owned subsidiary of another entity immediately following such merger or consolidation, the parent entity of such surviving or resulting entity; or 
 ii. the sale, in a single transaction or series of related transactions, 
 1. by Panacos of all or substantially all of the assets of Panacos (except where such sale is to a wholly owned subsidiary of Panacos); or 
 2. by the stockholders of Panacos of more than 50%, by voting power and economic interest, of the then-outstanding capital stock of Panacos. 
 (d) For purposes hereof, “Permanent and Total Disability” shall mean Henderson is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. Any determination of permanent and total disability shall be made in good faith by Panacos on
the basis of a report signed by a qualified physician. 
  

 A-2 

 Exhibit A 
 Form of Separation Agreement 
 PANACOS PHARMACEUTICALS, INC. 
 [DATE] 
 Jane Henderson 

59 Morningside Drive South 
 Westport, CT 06880 
  

	 	Re:	Separation Agreement 

 Dear Jane: 
 The purpose of this Separation Agreement (hereinafter the “Agreement”) is to confirm the terms of your separation from Panacos Pharmaceuticals,
Inc. (“Panacos” or “Company”). The promises made by Panacos hereunder are contingent on your agreement to and compliance with the terms of this Agreement. 
 1. Separation of Employment. You acknowledge that your employment with Panacos ended on [will end on]
                     (the “Separation Date”). Pursuant to your separation from the Company, you acknowledge and agree that
Panacos shall otherwise remove you as a signatory or fiduciary from all plans or accounts where you held such role (such as bank accounts, retirement plans, and the like), and that from and after the Separation Date you shall have no authority and
shall not represent yourself as an employee, officer, director, or agent of Panacos. 
 2. Consideration. In accordance with your January 1, 2008 employment letter agreement with Panacos (the “Employment Agreement”), and in exchange for the mutual covenants set forth in this Agreement, and
contingent on your valid execution of this Agreement, Panacos agrees to provide you with the following payments and benefits (the “Consideration”), beginning on the eighth (8th) day following your execution of the Agreement (the “Effective Date”): 
 [Terms in brackets
denoted with an (A) are for a termination not in connection with a Change of Control pursuant to Section 6(a) of the Employment Agreement and terms in brackets denoted with a (B) are for a termination in connection with a Change of
Control pursuant to Section 6(b) of the Employment Agreement.] 
 (a)
Payment in a gross amount equal to [nine (9)A/twelve (12)B] months of your then-current base salary, paid in equal installments through              pursuant to Panacos’ normal payroll practices, less customary deductions and
withholdings; and 
  

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 (b) By law, and regardless of whether you
sign this Agreement, you will have the right to continue your medical and dental insurance pursuant to the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). The COBRA “qualifying event” shall be deemed to be
the Separation Date. If you complete the appropriate forms and execute this Agreement, Panacos will, for [nine (9)A/twelve (12)B] months following the Separation Date, continue to pay the share of the premium for such medical and dental insurance coverage that is paid by the Company for active and
similarly-situated employees who receive the same type of coverage. All other benefits shall cease as of the Separation Date[.; andB] 

 [(c) Within sixty (60) days following the Separation Date, a lump sum
payment in the gross amount of $            , which is equal to a pro-rated portion of your Target Annual Cash Bonus (as defined in your Employment Agreement) based upon the number
of days elapsed from January 1st of the calendar year in which your Separation Date occurs, less customary deductions and withholdings. B] 
 3. Equity. To the
extent applicable, all of the terms, rights and conditions of the [INSERT APPROPRIATE TITLE OF APPLICABLE EQUITY PLAN(S) AND AGREEMENT(S)] are hereby incorporated by reference and shall survive the signing of this Agreement. As of the
Separation Date, you are vested in a total of              shares of Panacos common stock. You acknowledge and agree that, following the Separation Date, you shall not have any right
to vest in any additional stock or stock options under any Company stock or stock option plan (of whatever name or kind) that you may have participated in or were eligible to participate in during your employment. The Company acknowledges that you
will have up to twelve (12) months after the Separation Date to exercise any vested stock option rights you may have as of the Separation Date. 
 4. No Amounts Owing. You acknowledge and agree that, except for the specific financial consideration set forth in this Agreement and any business expenses that are reimbursable in accordance with Company
policy and have been submitted to Panacos as of the Separation Date, you have been paid and provided all wages, commissions, bonuses, vacation pay, holiday pay and any other form of compensation that may be due to you now or which would have become
due in the future in connection with your employment with or separation of employment from Company. 
 5. Confidentiality;
Non-Disparagement; Related Covenants. You hereby agree and acknowledge the following: 
 (a) That you have returned, or, if
not, will immediately return, to Panacos all Company documents and property (and any copies, duplicates, or replicas thereof), and that you will abide by any and all common law and/or statutory obligations relating to protection and non-disclosure
of Panacos’ trade secrets and/or confidential and proprietary documents and information; 
  

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 (b) That you will abide by your Employee Inventions, Non-Competition, Non-Disclosure and
Non-Solicitation Agreement with Panacos (the “Noncompetition and Confidentiality Agreement”), previously signed by you, the terms of which are hereby incorporated by reference and which shall survive the signing of this Agreement.

 (c) That, in the event that you receive an order, subpoena, request, or demand for disclosure of Panacos’ trade secrets and/or
confidential and proprietary documents and information from any court or governmental agency, or from a party to any litigation or administrative proceeding, you shall as soon as reasonably possible and prior to disclosure notify Panacos of same, in
order to provide Panacos with the opportunity to assert its respective interests in addressing or opposing such order, subpoena, request, or demand; 
 (d) That all information relating in any way to the negotiation of this Agreement, including the terms and amount of financial consideration provided for in this Agreement, shall be held confidential by you and
shall not be publicized or disclosed to any person (other than an immediate family member, legal counsel or financial advisor, provided that any such individual to whom disclosure is made agrees to be bound by these confidentiality obligations),
business entity or government agency (except as mandated by state or federal law); and 
 (e) That you will not make any statements
that are disparaging about, or adverse to, the interests or business of Panacos (including its officers, directors, employees, and direct or indirect shareholders) including, without limitation, any statements that disparage any person, product,
service, finances, financial condition, capability or any other aspect of the business of Panacos (including its officers, directors, employees, and direct or indirect shareholders). 
 (f) That the breach of any of the foregoing covenants set forth in Sections 5(a) through 5(e) by you shall relieve Panacos of any further
obligations to you under Section 2 and shall entitle Panacos to cease any further payments under Section 2. 
 6. Release of
Claims. 
 (a) You hereby agree and acknowledge that by signing this
Agreement and agreeing to accept the Consideration to be provided to you, and other good and valuable consideration provided for in this Agreement, you are releasing and waiving your right to assert any form of legal or equitable claim against
Panacos1 whatsoever for any alleged 

  

	 1
	 For purposes of this Section 6, “Panacos” shall include Panacos
Pharmaceuticals, Inc. and any of its divisions, affiliates, parents, direct or indirect shareholders, subsidiaries, and all other related entities, and its and their directors, officers, employees, trustees, agents, successors, assigns and direct or
indirect shareholders. 

  

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action, inaction, event or circumstance existing, arising or relating thereto from the beginning of time through the date you sign this Agreement. Your
waiver and release herein is intended to bar any form of legal or equitable claim, charge, complaint, demand or any other form of action (jointly referred to as “Claims”) against Panacos seeking any form of relief including, without
limitation, equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages or any other form of monetary recovery whatsoever (including, without limitation, back pay, front pay, compensatory damages, emotional distress
damages, punitive damages, attorneys fees and any other costs) against Panacos, for any alleged action, inaction, event or circumstance whatsoever existing, arising or relating thereto from the beginning of time through the date you sign this
Agreement; 
 (b) Without limiting the generality of the foregoing, you specifically waive and release Panacos from any claim arising
or resulting from or related to your employment relationship with Panacos up through the Separation Date including, without limitation: (i) claims under any Massachusetts or other state or federal discrimination, fair employment
practices, or other employment related statute, regulation or executive order (as they may have been amended through the Separation Date); (ii) claims under any Massachusetts or other state or federal employment related statute,
regulation or executive order relating to terms and conditions of employment (as they may have been amended through the Separation Date); (iii) claims under any Massachusetts or other state or federal common law theory; and
(iv) any other claim arising under other state or federal law; 
 (c) Notwithstanding the foregoing, (i) this section
does not release Panacos from any obligation expressly set forth in this Agreement, and is not intended to and shall not act as a waiver or release of any claims to: (A) any vested benefits subject to a third party benefit plan (including,
without limitation, any retirement/pension/401K benefits) or (B) any claims that you cannot by law waive or release and (ii) nothing in this Agreement releases the Company from its obligations to you upon termination of your employment
with respect to any stock options, restricted stock or other equity awards granted to you and vested as of the Separation Date pursuant to any applicable equity incentive plans or agreements between you and Panacos in respect of such equity awards;
and 
 (d) You acknowledge and agree that, but for providing this waiver and release, you would not be receiving the Consideration and
other benefits being provided to you under this Agreement. 
 (e) Neither Panacos’ officers or directors, nor any individual
formally speaking on behalf of Panacos, will make any statements that are disparaging about or adverse to you. 
  

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 7. ADEA/OWBPA Review And Revocation Rights. 
 (a) Section 6 does not prohibit you from challenging the validity of the releases contained therein under the ADEA, filing a charge or
complaint of discrimination with the federal Equal Employment Opportunity Commission (“EEOC”), or participating in any investigation or proceeding conducted by the EEOC. In addition, nothing in Section 6 shall limit Panacos’
right to seek immediate dismissal of such charge or complaint on the basis that your signing of this Agreement constitutes a full release of any individual rights under the ADEA or other laws, or seek recovery from you, to the extent permitted by
law, of the Consideration provided to you under this Agreement in the event that you successfully challenge the validity of this release and prevail on the merits of a claim under the ADEA or other laws. 
 (b) You and Panacos acknowledge that you are 40 years of age or older and that you therefore have specific rights under the ADEA, which prohibits
discrimination on the basis of age. You and Panacos further acknowledge and agree that the release set forth in Section 6 is intended to release any right you may have to file a claim against Company alleging discrimination on the basis of age.
Consistent with the provisions of the ADEA, you shall have twenty-one (21) days from your receipt of this Agreement to consider and accept its terms by signing below, although you may execute the Agreement earlier if you wish. You are
advised to consult with an attorney prior to signing this Agreement. In addition, you may rescind your assent to this Agreement if, within seven (7) days after the date you sign this Agreement, you deliver a notice of rescission to
[INSERT NAME], Panacos Pharmaceuticals, Inc., 134 Coolidge Avenue, Watertown, MA 02472. To be effective, such rescission must be hand delivered or postmarked within the seven (7) day period. Any such rescission shall not affect the
termination of your employment, which occurred on the Separation Date. 
 8. Taxation. We intend this Agreement to be in
compliance with Section 409A of the Internal Revenue Code of 1986 (as amended). You acknowledge and agree, however, that Panacos does not guarantee the tax treatment or tax consequences associated with any payment or benefit arising under this
Agreement, including, without limitation, to consequences related to Code Section 409A. In the event any payments or benefits are deemed by the IRS to be non-compliant, this Agreement, at your option, shall be modified to the extent
practicable, so as to make it compliant by altering the payments or benefits, or the timing of their receipt, provided that no such modification shall increase Panacos’ obligations hereunder.  
 9. Voluntary Agreement. By executing this Agreement, you are acknowledging that you have been afforded sufficient time to consult with
legal counsel and to understand the terms and effects of this Agreement, that your agreements and obligations hereunder are made voluntarily, knowingly and without duress, and that neither Panacos nor its agents or representatives have made any
representations inconsistent with the provisions of this Agreement. 
  

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 10. Entire Agreement; Modifications; Choice of Law And Venue; Jury Waiver. Except for:
(a) your Noncompetition and Confidentiality Agreement; (b) your [INSERT SURVIVING STOCK/OPTION PLANS AND AGREEMENTS]; and (c) [INSERT ANY ADDITIONAL SURVIVING AGREEMENTS], this Agreement supersedes any and
all prior oral and/or written agreements and sets forth the entire agreement between you and Company. No variations or modifications hereof shall be deemed valid unless reduced to writing and signed by the parties hereto. This Agreement shall take
effect as an instrument under seal and shall be governed by and construed in accordance with the laws of Massachusetts, without giving effect to conflict of law principles. The provisions of this Agreement are severable, and if for any reason any
part hereof shall be found to be unenforceable, the remaining provisions shall be enforced in full. Both you and Panacos hereby waive your right to jury trial with respect to any claims related to this Agreement or to your employment with Panacos.
This Agreement shall be binding on you and Panacos, and their respective heirs, successors, and assigns, including without limitation any company into which Panacos may be merged, reorganized, or liquidated, or by which it may be acquired. Panacos
shall obtain any approvals from the Board of Directors of Panacos (or any authorized committee thereof) necessary to effectuate the terms of this Agreement. 
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 If the foregoing correctly sets forth our understanding, please sign, date and return the enclosed copy
of this Agreement to [INSERT NAME], Panacos Pharmaceuticals, Inc., 134 Coolidge Avenue, Watertown, MA 02472, within 21 days of the date above. 
  

							
		 		 	Very truly yours,
			
		 		 	Panacos Pharmaceuticals, Inc.
			
		 		 	  

		 		 	By:	 	[INSERT NAME]
				
	Confirmed and Agreed:	 		 		 	
				
	  
	 		 		 	
	Jane Henderson	 		 		 	
	Dated:	 		 		 	

  

 7Stock Purchase Agreement

 Exhibit 10.3 
 STOCK PURCHASE AGREEMENT 
 This Stock Purchase Agreement (this “Agreement”), dated
as of December ___, 2007, is made and entered into by and between RAI Acquisition Corp., a Delaware corporation (the “Company”), Resource America, Inc., a Delaware corporation and the individuals and entities listed on Exhibits A
1-15 (each, a “Buyer” and, together, the “Buyers”). Certain capitalized terms are defined in Article I of this Agreement. 
 RECITALS: 
 WHEREAS, the Buyers wish to purchase from the Company an aggregate of 7,187,500
shares of Common Stock, par value $0.0001 per share, of the Company (the “Shares”), in the respective amounts set forth opposite such Buyer’s name on Schedule A hereto; and 
 WHEREAS, each of the Buyers wishes to purchase the Shares from the Company and the Company wishes to sell to the Shares to the Buyers on the terms
and subject to the conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements herein contained, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS

 The terms defined in this Article I shall have for all purposes of this Agreement the following meanings: 
 “Buyer” and “Buyers” shall have the meanings set forth in the preamble to this Agreement. 
 “Closing” shall have the meaning set forth in Section 2.3 of this Agreement. 
 “Closing Date” shall have the meaning set forth in Section 2.3 of this Agreement. 
 “Common Stock” shall mean the Common Stock, $0.0001 par value per share, of the Company. 
 “Company” shall have the meaning set forth in the preamble to this Agreement. 
 “Consent” means any consent, approval, notification, waiver, or other similar action. 
 “Contract” shall have the meaning set forth in Section 3.2 of this Agreement. 

 “Governmental Body” shall have the meaning set forth in Section 3.2 of this
Agreement. 
 “Law” shall have the meaning set forth in Section 3.2 of this Agreement. 
 “Lien” shall mean a mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or
otherwise, including, without limitation, any lien for taxes), security interest, preference, participation interest, priority or security agreement or preferential arrangement of any kind or nature whatsoever, including, without limitation, any
conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and the filing of any document under the law of any applicable jurisdiction to evidence any of the
foregoing, other than (i) statutory, mechanics’ or other Liens incurred in the Company’s ordinary course of business or (ii) Liens for taxes incurred but not yet due. 
 “Order” shall have the meaning set forth in Section 3.2 of this Agreement. 
 “Permit” shall have the meaning set forth in Section 3.2 of this Agreement. 
 “Purchase Price” shall have the meaning set forth in Section 2.2 of this Agreement. 
 “SEC” shall have the meaning set forth in Section 3.2 of this Agreement. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, or any successor federal statute, and the applicable rules and
regulations promulgated and in effect from time to time thereunder. 
 “Shares” shall have the meaning set forth in the
recitals to this Agreement. 
 ARTICLE II 
 PURCHASE OF SHARES 
 Section 2.1. Purchase and Sale of Shares. Subject to the
terms and conditions hereof and in reliance upon the representations and warranties of the parties contained or incorporated by reference herein, simultaneous with the execution hereof, the Company shall sell and deliver to the Buyers, and the
Buyers shall purchase from the Company, the number of Shares set forth opposite their respective names, in consideration of the payment of the Purchase Price set forth in Section 2.2 hereof. 
 Section 2.2. Purchase Price. As payment in full for the Shares and against delivery of the certificates therefor, simultaneous with
the execution hereof, the Buyers shall pay to the Company, in the respective amounts set forth opposite each Buyer’s name on Schedule A hereto, by wire transfer or by such other method as may be reasonably acceptable to the Company,
immediately available funds in the aggregate amount of $25,000 (the “Purchase Price”). 
 Section 2.3.
Closing. The closing of the purchase and sale of the Shares (the “Closing”) shall be held on the date of this Agreement (“Closing Date”) at the offices of Ledgewood, 1900 Market Street, Suite 750,
Philadelphia, PA 19103, or such other place as may be agreed upon by the parties hereto. 

 Section 2.4. Closing Deliveries. At the Closing, each party shall execute and deliver
this Agreement and such other appropriate and customary documents as the other parties reasonably may request for the purpose of consummating the transactions contemplated by this Agreement. All actions taken at the Closing shall be deemed to have
been taken simultaneously. 
 (a) Buyer Deliveries. Without limiting the generality of the foregoing, at the
Closing each Buyer shall deliver to the Company such Buyer’s respective portion of the Purchase Price. 
 (b)
Company Deliveries. Without limiting the generality of the foregoing, at the Closing, or within a reasonable time after the Closing but in no event later than thirty (30) days after Closing, the Company shall deliver to each Buyer
the certificate or certificates representing the Shares purchased by such Buyer. 
 Section 2.5. Agreement to Sell Back
Securities. Each Buyer hereby agrees to permit the Company to repurchase from such Buyer, in such proportion as such Buyer purchased such Shares under this Agreement, at a purchase price equal to $0.0035 per share, a number of Shares necessary
to ensure that the aggregate amount of Shares held by the Buyers and any transferees pursuant to Section 3.4(i) does not exceed 20% of the issued and outstanding common stock of the Company upon the consummation of the Company’s
initial public offering of its securities. The repurchase right of the Company shall terminate at 5:00 P.M., Philadelphia time, on the business day next succeeding the date upon which the over-allotment option of the underwriters in the
Company’s initial public offering shall termate. 
 Section 2.6. Further Assurances. The parties hereto shall execute
and deliver such additional documents and take such additional actions as any party reasonably may deem to be practical and necessary in order to consummate the transactions contemplated by this Agreement. 
 ARTICLE III 
 REPRESENTATIONS AND
WARRANTIES OF THE BUYERS 
 Section 3.1. Organization and Good Standing. Each Buyer, who is not an individual, hereby
represents and warrants as to itself, that it is duly organized, validly existing and in good standing under the laws of the state of its formation. 
 Section 3.2. Power and Authority; Enforceability. Each Buyer hereby represents and warrants as to itself, that (i) this Agreement constitutes the legal, valid, and binding obligation of such
Buyer, enforceable against it in accordance with its terms, (ii) it has full power and capacity to execute and deliver this Agreement and to perform its obligations hereunder, (iii) it has taken all actions necessary to authorize the
execution and delivery of this Agreement and (iv) this Agreement has been duly executed and delivered by, and is enforceable against, it, subject to bankruptcy, insolvency, fraudulent 

 
conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable
principles (whether considered in equity or law). 
 Section 3.3. No Violation; Necessary Approvals. Each Buyer
hereby represents and warrants as to itself that neither the execution and delivery of this Agreement by it, nor the consummation or performance by it of any of transactions contemplated hereby, will: (a) with or without notice or lapse of
time, constitute, create or result in a breach or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation required under any (i) law (statutory, common or otherwise), constitution, ordinance,
rule, regulation, executive order or other similar authority (“Law”) enacted, adopted, promulgated or applied by any legislature, agency, bureau, branch, department, division, commission, court, tribunal or other similar recognized
organization or body of any federal, state, county, municipal, local or foreign government or other similar recognized organization or body exercising similar powers or authority (a “Governmental Body”), (ii) order, ruling,
decision, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Body or arbitrator (an “Order”), (iii) contract, agreement, arrangement, commitment,
instrument, document or similar understanding (whether written or oral), including a lease, sublease and rights thereunder (“Contract”) or permit, license, certificate, waiver, notice and similar authorization
(“Permit”) to which, in the case of (i), (ii) or (iii), it is a party or by which it is bound or any of its assets are subject, or (iv) any provision of its organizational documents as in effect on the Closing Date;
(b) require any Consent under any Contract or organizational document to which it is a party or by which it is bound or any of its assets are subject; or (c) require any Permit under any Law or Order other than (i) required filings,
if any, with the Securities and Exchange Commission (“SEC”) and (ii) notifications or other filings with state or federal regulatory agencies after the Closing that are necessary or convenient and do not require approval of the
agency as a condition to the validity of the transactions contemplated hereunder. 
 Section 3.4. Investment
Representations. Each Buyer hereby represents and warrants the following with respect to itself: 
 (a) It has
received, has thoroughly read, is familiar with and understands the contents of this Agreement. 
 (b) It hereby
acknowledges that an investment in the Shares involves certain significant risks. It acknowledges that there is a substantial risk that it will lose all or a portion of its investment and should be financially capable of bearing the risk of such
investment for an indefinite period of time. It has no need for liquidity in its investment in the Shares for the foreseeable future and is able to bear the risk of that investment for an indefinite period. It understands that there presently is no
public market for the Shares and none is anticipated to develop in the foreseeable future. Its present financial condition is such that it is under no present or contemplated future need to dispose of any portion of the Shares subscribed for hereby
to satisfy any existing or contemplated undertaking, need or indebtedness. Its overall commitment 

 
to investments which are not readily marketable is not disproportionate to its net worth and the investment in the Company will not cause such overall
commitment to become excessive. 
 (c) It acknowledges that the Shares have not been registered under the Securities Act,
or any state securities act, and are being sold on the basis of exemptions from registration under the Securities Act and applicable state securities acts, except those state securities acts that require registration of the Shares thereunder.
Reliance on such exemptions, where applicable, is predicated in part on the accuracy of its representations and warranties set forth herein. It acknowledges and hereby agrees that the Shares will not be transferable under any circumstances unless it
either registers the Shares in accordance with federal and state securities laws or finds and complies with an exemption under such laws. Accordingly, it hereby acknowledges that there can be no assurance that it will be able to liquidate its
investment in the Company. It understands that the Company is under no obligation to register the Shares under the Securities Act or to comply with any applicable exemption under the Securities Act on its behalf with respect to any resale of the
Shares and that it will not be able to avail itself of the provisions of Rule 144 promulgated under the Securities Act with respect to the resale of the Shares until the Shares have been beneficially owned by it for a period of at least one
(1) year from date of purchase. It further understands that any certificates evidencing the Shares will bear a legend referring to the foregoing transfer restrictions. 
 (d) In evaluating the merits and risks of an investment in the Company, it has had the opportunity to seek the advice of its legal
and financial advisors, has availed itself of that right to the extent it deemed appropriate, and has not relied on the advice of the Company or the Company’s legal and financial counsel. 
 (e) Subject to the provisions of Section 3.4(i) below, the Shares are being acquired solely for its own account, for investment
purposes only, and are not being purchased with a view to or for the resale, distribution, subdivision or fractionalization thereof; and it has no present plans to enter into any contract, undertaking, agreement or arrangement for such resale,
distribution, subdivision or fractionalization. It is not taking and will not take or cause to be taken any action that would cause it to be deemed an “underwriter” within the meaning of Section 2(11) of the Securities Act.

 (f) There are substantial risk factors pertaining to an investment in the Company. It acknowledges that it has read
the information set forth above regarding certain of such risks and is familiar with the nature and scope of all such risks, including, without limitation, risks arising from the fact that the Company is an entity with no operating history or
financial resources; and it is fully able to bear the economic risks of such investment for an indefinite period, and can afford a complete loss thereof. 

 (g) It has been given the opportunity to (i) ask questions of and receive
answers from the Company and its designated representatives concerning the terms and conditions of the offering, the Company and the business and financial condition of the Company and (ii) obtain any additional information that the Company
possesses or can acquire without unreasonable effort or expense that is necessary to assist it in evaluating the advisability of the purchase of the Shares and an investment in the Company. It further represents and warrants that, prior to signing
this Agreement, it has asked such questions, received such answers and obtained such information as it has deemed necessary or advisable to evaluate the merits and risks of the purchase of the Shares and an investment in the Company. It is not
relying on any oral representation made by any person as to the Company or its operations, financial condition or prospects. 
 (h) It understands that no federal, state or other governmental authority has made any recommendation, findings or determination relating to the merits of an investment in the Company. 
 (i) It is purchasing the Shares on its own behalf and on behalf of future directors, officers and investors in the Company.
Accordingly, it may sell all or a portion of the Shares to such future directors, officers and investors in the Company pursuant to one or more private placement transactions in reliance upon an exemption from registration afforded by the Securities
Act; provided that such transferee agrees to be bound by Section 2.5 of this Agreement. Additionally, it will not sell or otherwise transfer any of the Shares, other than to permitted transferees, until one year after the date of the completion
of the Company’s initial business combination or earlier if, subsequent to the Company’s initial business combination, the closing price of the Company’s shares of common stock equals or exceeds $14.25 per share for any 20 trading
days within any 30-trading day period or the Company consummates a subsequent liquidation, merger, share exchange or other similar transaction which results in all of its stockholders having the right to exchange their common stock for cash,
securities or other property. Permitted transferees means (i) the Company’s officers or directors or any affiliates (as such term is defined in Rule 405 of the Securities Act) or family members of any of its officers or directors;
(ii) a member of Buyer’s immediate family or a trust, the beneficiary of which is a member of Buyer’s immediate family, an affiliate of Buyer or to a charitable organization, who in each case receives such Shares as a gift;
(iii) any person who receives such Shares by virtue of the laws or descent and distribution upon death of Buyer; or (iv) any person who receives such Shares pursuant to a qualified domestic relations order, provided, however,
that any permitted transferee must enter into a written agreement agreeing to be bound by these transfer restrictions and to vote in accordance with the majority of the shares of common stock voted by the Company’s public stockholders in
connection with its initial business combination and waive any rights to participate in any liquidation distribution if the Company fails to consummate an initial business combination and in the case of the shares of common stock subject to
redemption, agree to be bound by Section 2.5 of this Agreement. 

 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 Section 4.1. Organization and Good
Standing. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. 
 Section 4.2. Power and Authority; Enforceability. This Agreement constitutes the legal, valid, and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company has full
power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The Company has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations hereunder,
and the consummation of the transactions contemplated hereby. This Agreement has been duly authorized, executed, and delivered by, and is enforceable against, the Company. 
 Section 4.3. No Violation; Necessary Approvals. Neither the execution and delivery of this Agreement by the Company, nor the
consummation or performance by the Company of any of transactions contemplated hereby, will: (a) with or without notice or lapse of time, constitute, create or result in a breach or violation of, default under, loss of benefit or right under or
acceleration of performance of any obligation required under any Law, Order, Contract or Permit to which the Company is a party or by which it is bound or any of its assets are subject, or any provision of the Company’s organizational documents
as in effect on the Closing Date, (b) result in the imposition of any lien, claim or encumbrance upon any assets owned by the Company; (c) require any Consent under any Contract or organizational document to which the Company is a party or
by which it is bound; or (d) require any Permit under any Law or Order other than (i) required filings, if any, with the SEC and (ii) notifications or other filings with state or federal regulatory agencies after the Closing that are
necessary or convenient and do not require approval of the agency as a condition to the validity of the transactions contemplated hereunder; or (e) trigger any rights of first refusal, preferential purchase or similar rights with respect to any
of the Shares. 
 Section 4.4. Authorization of the Shares. The Shares have been duly authorized and, when issued in
accordance with this Agreement, will be duly and validly issued, fully paid and non-assessable shares of Common Stock and will be free and clear of all Liens and claims, other than restrictions on transfer imposed by the Securities Act and
applicable state securities laws. 
 ARTICLE V 
 MISCELLANEOUS 
 Section 5.1. Entire Agreement. This Agreement, together with the
certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or
representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 

 Section 5.2. Successors. All of the terms, agreements, covenants, representations,
warranties, and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. 
 Section 5.3. Assignments. Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written
approval of the other party. Any purported assignment in violation of this Section 5.3 shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. 
 Section 5.4. Notices. All notices, requests, demands, claims and other communications hereunder will be in writing. Any notice,
request, demand, claim or other communication hereunder will be deemed duly given if (and then three business days after) it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient
as set forth below: 
  

			
	If to the Buyers:	  	 c/o Resource America, Inc.
 One Crescent Drive, Suite 203

 Navy Yard Corporate Center
 Philadelphia, PA
 Attn: Jeffrey F. Brotman
 Phone: (215) 546-5005
 Fax: (215) 465-0600

		
	Copy to (which will not
constitute notice):	  	 Ledgewood
 1900 Market Street, Suite 750
 Philadelphia, PA 19103
 Attn: J. Baur Whittlesey, Esq.
 Phone: (215) 731-9450
 Fax: (215) 735-2513

		
	If to the Company:	  	 RAI Acquisition Corp.
 One Crescent Drive, Suite
203
 Navy Yard Corporate Center
 Philadelphia, PA
 Attn: Secretary
 Phone: (215) 546-5005
 Fax: (215) 465-0600

		
	Copy to (which will not
constitute notice):	  	 Ledgewood
 1900 Market Street, Suite 750
 Philadelphia, PA 19103
 Attn: J. Baur Whittlesey, Esq.
 Phone: (215) 731-9450
 Fax: (215) 735-2513

 Any party hereto may send any notice, request, demand, claim, or other communication hereunder to the
intended recipient at the address set forth above using any other means (including personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other
communication will be deemed to have been duly given unless and until it actually is received by the intended recipient. Any party hereto may change the address to which notices, requests, demands, claims, and other communications hereunder are to
be delivered by giving the other parties hereto notice in the manner herein set forth. 
 Section 5.5. Specific
Performance. Each party hereto acknowledges and agrees that the other party would be damaged irreparably if any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached. Accordingly, each party
agrees that the other party will be entitled to an injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically this Agreement and its terms and provisions in any action instituted in any court of the
United States or any state thereof having jurisdiction over the parties hereto and the matter, in addition to any other remedy to which they may be entitled, at Law or in equity. 
 Section 5.6. Waiver of Jury Trial. THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE
BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL
INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT
EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE
WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF AN ACTION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT.

 Section 5.7. Counterparts. This Agreement may be executed in two or more counterparts,
each of which will be deemed an original but all of which together will constitute one and the same instrument. 
 Section 5.8.
Headings. The article and section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement. 
 Section 5.9. Governing Law. This Agreement, the entire relationship of the parties hereto, and any litigation between the parties
(whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of Delaware, without giving effect to its choice of laws principles. 
 Section 5.10. Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except by a written
instrument executed by all parties hereto. 
 Section 5.11. Severability. The provisions of this Agreement will be deemed
severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance,
is adjudged by a Governmental Body, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree that the Governmental Body, arbitrator, or mediator making such determination will have the power to modify the
provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced. 
 Section 5.12. Expenses. Except as otherwise expressly provided in this Agreement, each party hereto will bear its own costs and
expenses incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal
counsel and accountants. 
 Section 5.13. Construction. The parties hereto have participated jointly in the negotiation
and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any
party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign Law will be deemed also to refer to Law as amended and all rules and regulations promulgated thereunder, unless the
context requires otherwise. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to
include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless 

 
expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any
party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of
specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant. 
 Section 5.14. Waiver. No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder,
whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because of any prior or subsequent occurrence. 

Section 5.15. Certificate Legend. The stock certificates representing the Shares shall contain substantially the following legends,
in addition to any other legends deemed appropriate or necessary by the Company: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER ANY STATE SECURITIES LAWS. THESE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED, TRANSFERRED OR PLEDGED WITHOUT (A) REGISTRATION UNDER
THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (B) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED.” 
 Section 5.16. Remedies. The parties hereto shall have all remedies for breach of this Agreement available to them as provided by law
or equity. 
 Section 5.17. Publicity. None of the parties, nor their respective representatives, agents, affiliates,
subsidiaries, directors, advisors, controlling persons, employees or members shall issue or cause the publication of any press release, advertisement or other public communication relating to this Agreement or any of the other documents contemplated
hereunder, without the prior written consent of the other party, except where the disclosure of information is required by law, rule, regulation, regulatory inquiry or other judicial process. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement to be effective as
of the date first set forth above. 
  

					
	COMPANY:
	
	RAI ACQUISITION CORP.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 Signature Page to 
 Stock Purchase Agreement 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement to be effective as
of the date first set forth above. 
  

					
	BUYER:
	
	RESOURCE AMERICA, INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 Signature Page to 
 Stock Purchase Agreement

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