Document:

Unassociated Document

Exhibit 4.2

 

Lock-Up Agreement

Sunrise Securities Corp.

600 Lexington Avenue, 23rd Floor

New York, NY 10022

Re: DanDrit Biotech USA, Inc. Public Offering of Common Stock

Dear Sirs:

In order to induce Sunrise Securities Corp. (“Sunrise” or the “Representative”) to enter in to a certain Placement Agency Agreement with Putnam Hills Corp., a Delaware corporation (anticipated to be renamed DanDrit Biotech USA, Inc. following a business combination with Dandrit BioTech A/S, a Danish company) (the “Company”), with respect to the public offering of up to $12,000,000 in shares (the “Offering”) of the Company's common stock, par value $0.0001 per share (“Common Stock”), the undersigned hereby agrees that for a period of 180 days following the filing date of the last amendment to the registration statement (the “Registration Statement”) filed by the Company with the Securities and Exchange Commission (“SEC”) regarding such Offering  that is declared effective (the “Lock-Up Period”), the undersigned will not, without the prior written consent of the Representative, directly or indirectly, (i) offer, sell, assign, transfer, pledge, contract to sell, or otherwise dispose of, any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock (including, without limitation, shares of Common Stock or any such securities which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations promulgated under the Securities Act of 1933, as the same may be amended or supplemented from time to time (such shares or securities, the “Beneficially Owned Shares”), (ii) enter into any swap, hedge or other agreement or arrangement that transfers in whole or in part, the economic risk of ownership of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock, or (iii) engage in any short selling of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock.

 

Notwithstanding the foregoing, the foregoing restrictions shall not in any event apply to transfers of shares of Common Stock or Beneficially Owned Shares (i) as a bona fide gift or gifts or pledge, provided that the undersigned provides prior written notice of such gift or gifts or pledge to the Representative and the donee or donees or pledgee or pledgees (as the case may be) thereof agree to be bound by the restrictions set forth herein, (ii) either during the undersigned's lifetime or on death by will or intestacy to the undersigned's immediate family or to a trust, the beneficiaries of which are exclusively the undersigned and a member or members of the undersigned's immediate family, provided that the transferee thereof agrees to be bound by the restrictions set forth herein, (iii) to the undersigned and/or any member of the immediate family of the undersigned from or by a grantor retained (or like-kind) annuity trust which exists as of the date hereof and was established for the direct or indirect benefit of the undersigned and/or any member of the immediate family of the undersigned pursuant to the terms of such trust, (iv) if the undersigned is a corporation, partnership or other business entity (A) to another corporation, partnership or other business entity that is an affiliate (as defined under Rule 12b-2 of the Exchange Act) of the undersigned or (B) any distribution or dividend to equity holders of the undersigned as part of a distribution or dividend by the undersigned (including upon the liquidation and dissolution of the undersigned pursuant to a plan of liquidation approved by the undersigned 's equity holders), or if the undersigned is a trust, to a grantor or beneficiary of the trust, (v) in the event of a default under a pledge which exists as of the date hereof as security for a margin or loan account pursuant to the terms of such account, (vi) pursuant to any 10b5-l trading plans in effect as of the date of the Offering and (vii) with the prior written consent of the Representative. Any permitted transferee noted in (i), (ii), (iii) and (iv) above shall execute a duplicate form of this Lock-Up Agreement or execute an agreement, reasonably satisfactory to the Representative, pursuant to which each transferee shall agree to receive and hold such Common Stock or Beneficially Owned Shares subject to the provisions hereof, and there shall be no further transfer except in accordance with the provisions hereof. For the purposes of this paragraph, "immediate family" shall mean spouse, domestic partner, lineal descendant (including adopted children), father, mother, brother or sister of the transferor.

 

  

  

  

Furthermore, the undersigned shall be permitted to exercise of options to purchase shares of Common Stock or receive shares of Common Stock upon the vesting of equity awards and the related transfer of shares of Common Stock to the Company (i) deemed to occur upon the cashless exercise of such options or (ii) for the primary purpose of paying the exercise price of such options or for paying taxes (including estimated taxes) due as a result of the exercise of such options or as a result of the vesting of such shares of Common Stock under such equity awards.

In addition, the undersigned hereby waives, from the date hereof until the expiration of the Lock-Up Period, any and all rights, if any, to request or demand registration pursuant to the Securities Act of 1933, as amended, of any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock that are registered in the name of the undersigned or that are Beneficially Owned Shares. In order to enable the aforesaid covenants to be enforced, the undersigned hereby consents to the placing of legends and/or stop transfer orders with the transfer agent of the Common  Stock with respect to any shares of Common Stock, securities convertible into or exercisable or exchangeable for Common Stock or Beneficially Owned Shares.

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

 

 

  

  

  

 

	 	

Very truly yours,

	 
	 	 	 
	 	 	 
	 	

Printed Name of Holder

	 
	 	 	 
	 	 	 
	 	

Signature of Holder or Authorized Person

	 
	 	 	 
	 	 	 
	 	

Printed Name and Title or Capacity of Authorized Personfs10214a1ex10x_dandrit.htm

Exhibit 10.10

 

Law Firm PIS

N.E. Nielsen

Our ref: 28475 6-GGI

 

This

 

CONSULTANCY  AGREEMENT

 

has today been made between

 

Dandrit Biotech A/S

c/o Symbion Science Park Fruebjergvej 3

21 00 København Ø

CV R-nr: 26 02 73 22

(hereinafter referred to as the "Company")

 

and

 

Dina Rosenberg Vermehrensvej 7

2930 Klampenborg

(hereinafter referred to as the "Consultant")

 

(the Company and the Consultant each referred  to as a "Party" and collectively as "the Parties")

 

WHEREA S

 

	
A.

	
The Parties to this Agreement (hereinafter referred to as the "Agreement" wish to specify the mutual rights and obligations of the Parties applying to the Consultant's services to the Company.

 

  

  

  

 

	
1.

	
Terms of agreement

 

	
1.1

	
1         This Agreement  takes effect on January  I 5, 20 14 and  shall  remain in force until terminated without notice on  May  30, 20 14,  however  see Clauses 1.2, 10 and  11.

 

	
1.2

	
This Agreement may be extended by a mutual agreement between the Parties. Any agreement to this effect shall be in writing and be concluded before or on May 1, 2014.

 

	
2.

	
Consultancy services

 

	
2.1

	
The principal services of the Consultant consist administrative services and assistance of the Company in its ongoing work with acquiring new equity through a share exchange agreement with a public US company and subsequent listing and public offering.

 

The Consultant shall report to the Company on a current basis and according to instructions made.

 

	
3.

	
Hours of work

 

	
3.1

	
The Consultant shall only work when instructed by the Company. The Consultant will submit a weekly hour report to the CEO for his approval.

 

	 	
The Consultant is entitled to have other clients and collaboration partners, provided that such assistance is not of a competitive nature relative to the business activities of the Company.

 

	
4.

	
Remuneration for consultancy services

 

	
4.1

	
The Consultant will receive DK.K 975 pr. hour based on the approved weekly report. The fee is to be paid once a month on the last bank day in each month.

 

	
4.2

	
The fiscal implications of this Agreement are not relevant to the Company, as the Consultant arranges for the punctual payment of tax and social contributions to the relevant tax authorities.

 

	
5.

	
Costs

 

	
5.1

	
The Consultant defrays all costs relating to its consultancy services in Den mark. Likewise, the Consultant defrays all costs relating to the acquisition and use of ordinary and necessary office equipment and furniture including computer, telephone, fax, printer and internet connection.

 

  

2

  

 

	
5.2

	
Costs relating to the Consultant's consultancy services abroad, including accommodation and meals, are covered by the Company against due documentation.

 

	
5.3

	
The Consultant is entitled to use the premises specified at the Company's address Lersøpark Aile 107, 2100 København Ø. The Company defrays all costs relating to the Consultant's use of the premises. If the Consultant uses office facilities that are not situated at the Company's address, the Consultant shall defray all related costs including rent.

 

	
6.

	
Professional Secrecy

 

	
6.1

	
During the consultancy, confidential information about the Company will come to the Consultant's knowledge. If such information comes to the knowledge of the Company's competitors, it may cause serious damage to the Company. The Consultant acknowledges the Company's interest in the Consultant's acceptance and observance of stricter professional secrecy.

 

	
6.2

	
The Consultant shall have a duty of confidentiality as regards any confidential information about the Company and the Company's operations which may come to the knowledge of the Consultant during his cooperation with the Company. The only exemption is information which should ipso facto be disclosed to a third party.

	 

 

	
6.3

	
The Consultant is not entitled to use or disclose confidential information to a third party without prior approval from the Company.

 

	
6.4

	
The professional secrecy and the prohibition against the use of confidential information shall apply during the cooperation and after the termination of the Agreement, see Section 19 of the Danish Marketing Practices Act.

 

	
6.5

	
Any breach in respect of professional secrecy and/or the prohibition against the use of confidential information shall constitute material breach and  will  result in the termination of the Agreement, and/or the Consultant shall be liable in damages for the Company's loss caused by the breach.

 

	7.	Intellectual property rights

 

	
7. 1

	
Al l  intellectual  property  rights  -  including  copyright,  photo,  patent, design and trademark rights - for any creation such as copy, computer programs or marketing principles etc. created during the performance of the Consultant's consultancy services for the Company belong to the Company. I n this connection, the Consultant cannot raise any claim towards the Company.

 

  

3

  

 

	
7.2

	
The Company thus has an unlimited right of enjoyment of the above rights and creations and the Company can also reassign such rights and creations to a third party.

 

The assignment of rights is final and conclusive and does not lapse upon the expiry I rescission of this Agreement.

 

	
8.

	
Assignment

 

	
8.1

	
The Consultant may not assign the rights and obligations under this Agreement to any third party without prior written consent of the Company, and any purported assignment without such consent shall have no force or effect.

 

	
8.2

	
The Company shall be entitled to assign the rights and obligations under this Agreement to any entity within the Group.

 

	
9.

	
Holidays an d other absence

 

	
9.1

	
The Consultant notifies the Company of upcoming holidays or other absence lasting more than l week. Notice shall be given as early as possible. Notice of holidays shall be given l week before the start of the holidays.

 

	10.	Termination

 

	10.1	

This Agreement is subject to 1 months ' written notice by the Parties to the end of a month. If this Agreement is not terminated according to this provision, it shall expire without any further notice on May 30, 201 4, see Clause 1 .1.

 

  

4

  

 

	
10.2

	
In the event the Consultant or the Company gives notice of termination of the Agreement pursuant to Clause 10.1, the Company shall be entitled to release the Consultant from any further obligations to perform any work during the notice period. The Company shall pay a consultancy fee during such notice period. The calculation of this fee should be based on the Consultant's average fee in the six months prior to the notice of termination.

 

	
11.

	
Breach

 

	11.1 	

In the event of material breach of this Agreement by either Party, the non-defaulting Party can rescind the Agreement.

 

	11.2	

Competing  actions  during  the  term  of the  agreement , violation  of the duty  of confidentiality  or  other  kind  of  disloyal  behavior  or  repeated instances of insufficient reporting to the board of directors are considered instances of material breach on the part of the Consultant.

 

	11.3	

lf the agreement is rescinded following the Consultant's material breach, the Consultant shall pay to the Company the higher of the following amounts : either damages for documented losses suffered by the Company due to the Consultant 's breach , or an amount corresponding to the total consultancy fee that the Consultant has received .

 

	
12.

	
Jurisdiction and governing law

 

	
12.l

	
This Agreement shall be construed in accordance with  Danish  law governing this legal relationship .

 

	
12.2

	
Disputes shall be settled by the ordinary courts in Denmark.

 

This Agreement has been drawn up in two copies which have been distributed to the Consultant and the Company, respectively.

 

	February 4, 2014	 	February 4, 2014	 
	On behalf of the Company:	 	On behalf of the Consultant:	 
	 	 	 	 
	/s/ Eric Leire	 	/s/ Dina Rosenberg	 
	Eric Leire	 	Dina Rosenberg	 

 

 

5

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