Document:

Unassociated Document

    

    SUBSCRIPTION
AGREEMENT

    

    December
2, 2010

    

    To the
Board of Directors of

    RLJ
Acquisition, Inc.:

    

    Gentlemen:

    

    The
undersigned hereby subscribes for and agrees to purchase 6,166,667 warrants (the
“Insider Warrants”) at $0.75 per Insider Warrant, of RLJ Acquisition, Inc., a
Nevada corporation (the “Company”), for an aggregate purchase price of
$4,625,000 (the “Purchase Price”).  Each Warrant is exercisable for
one share of the Company’s common stock, par value $0.0001 per share, (“Common
Stock”), at an exercise price of $12.00 per share.  The purchase and
issuance of the Insider Warrants shall occur simultaneously with the
consummation of the Company’s initial public offering of securities (“IPO”)
which is being underwritten by Lazard Capital Markets LLC (the
“Underwriter”).  The Insider Warrants will be sold to the undersigned
on a private placement basis and not as part of the IPO.

    

    At least
24 hours prior to the effective date of the registration statement filed by the
Company in connection with the IPO (the “Registration Statement”), the
undersigned shall deliver the Purchase Price to a mutually agreed upon bank or
other financial institution (the “Escrow Agent”) to hold in an account until the
Company consummates the IPO.  Simultaneously with the consummation of
the IPO, the Escrow Agent shall deposit the Purchase Price, without interest or
deduction, into the trust fund established by the Company for the benefit of the
Company’s public stockholders as described in the Registration Statement,
pursuant to the terms of an escrow agreement to be entered into between the
Company and the Escrow Agent.  Simultaneously with the consummation of
the IPO, the Company shall issue to the undersigned a warrant certificate or
certificates (or, if not certificated, provide documentation reflecting the
registration in the name of the undersigned on the warrant ledgers of the
Company) representing such fully paid and non-assessable Insider
Warrants.  In the event that the IPO is not consummated within 14 days
of the date the Purchase Price is delivered to the Escrow Agent, the Escrow
Agent shall return the Purchase Price to the undersigned, without interest or
deduction.

    

    The
undersigned represents and warrants that it has been advised that the Insider
Warrants have not been registered under the Securities Act of 1933, as amended
(the “Securities Act”); that it is acquiring the Insider Warrants for its
account for investment purposes only; that it has no present intention of
selling or otherwise disposing of the Insider Warrants in violation of the
securities laws of the United States; that it is an “accredited investor” as
defined by Rule 501 of Regulation D promulgated under the Securities Act; and
that it is familiar with the proposed business, management, financial condition,
and affairs of the Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    The
undersigned agrees that it shall not sell or transfer the Insider Warrants (or
the shares of Common Stock issuable upon exercise of the Insider Warrants) until
30 days after the date on which the Company consummates a merger, capital stock
exchange, asset acquisition, or other similar business combination with an
operating business (as more fully described in the Registration Statement) (a
“Business Combination”) and acknowledges that the certificates for such Insider
Warrants shall contain a legend indicating such restriction on transferability
(in addition to any other legend which may be required by other agreements
between the parties hereto).  Such legend will be in substantially the
following form:

     

    
      “THE
SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES
ISSUABLE UPON EXERCISE OF THE WARRANT) HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT
AND LAWS.”

      

      “THE
SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES
ISSUABLE UPON EXERCISE OF THE WARRANT) ARE SUBJECT TO ADDITIONAL RESTRICTIONS ON
TRANSFER AND THE TERMS AND CONDITIONS SET FORTH IN THE WARRANT AGREEMENT DATED
AS OF _________, 2011, BY AND BETWEEN THE COMPANY AND THE WARRANT AGENT (THE
“WARRANT AGREEMENT”).  COPIES OF SUCH AGREEMENT MAY BE OBTAINED BY THE
HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT
CHARGE.”

       

    

    In
connection with the Insider Warrants purchased pursuant to this Agreement, the
undersigned hereby waives any and all right, title, interest, or claim of any
kind in or to any liquidating distributions by the Company in the event of a
liquidation of the Company or of the Company’s trust account upon the Company’s
failure to timely complete a Business Combination.  For purposes of
clarity, in the event the undersigned purchases shares of Common Stock in the
IPO or in the aftermarket, any additional shares so purchased shall be eligible
to receive any liquidating distributions by the Company.

    

    The
undersigned understands and acknowledges that an exemption from the registration
requirements of the Securities Act requires that there be no general
solicitation of purchasers of the Insider Warrants.  In this regard,
if the offering of the units in the Company’s IPO were deemed to be a general
solicitation with respect to the Insider Warrants, the offer and sale of such
Insider Warrants may not be exempt from registration and, if not, the
undersigned may have a right to rescind its purchase of the Insider
Warrants.  In order to facilitate the completion of the IPO and in
order to protect the Company, its stockholders, and the trust account from
claims that may adversely affect the Company or the interests of its
stockholders, the undersigned hereby agrees to waive, to the maximum extent
permitted by applicable law, any claims, right to sue, or rights in law or
arbitration, as the case may be, to seek rescission of its purchase of the
Insider Warrants.  The undersigned acknowledges and agrees that this
waiver is being made in order to induce the Company to sell the Insider Warrants
to the undersigned.  The undersigned agrees that the foregoing waiver
of rescission rights shall apply to any and all known or unknown actions, causes
of action, suits, claims, or proceedings (collectively, “Claims”) and related
losses, costs, penalties, fees, liabilities, and damages, whether compensatory,
consequential, or exemplary, and expenses in connection therewith, including
attorneys’ and expert witness fees and disbursements and all other expenses
incurred in investigating, preparing, or defending against any Claims, whether
pending or threatened, in connection with any present or future actual or
asserted right to rescind the purchase of the Insider Warrants hereunder or
relating to the purchase of the Insider Warrants and the transactions
contemplated hereby.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    The
undersigned acknowledges that the Insider Warrants shall be identical to the
warrants included in the units offered in the IPO, except that the Insider
Warrants: (i) are not being registered in the Registration Statement and
therefore may not be transferred absent an effective registration statement
under the Securities Act or a valid exemption from the registration requirements
of the Securities Act, (ii) may not be sold or transferred until 30 days after
the date on which the Company consummates a Business Combination, (iii) are not
redeemable so long as they are held by the initial holder thereof (or any of its
permitted transferees) and (iv) may be exercised on a cashless basis as
described in the immediately following paragraph so long as they are held by the
initial holder thereof (or any of its permitted transferees).  The
shares of Common Stock to be issued upon exercise of the Insider Warrants (the
“Warrant Shares”) will be granted certain registration rights as described in
the Registration Statement.

    

    The
Company hereby acknowledges and agrees that so long as the Insider Warrants are
held by the undersigned or its permitted transferees, (i) the Insider Warrants
will not be redeemable by the Company and (ii) the Insider Warrants may be
exercised on a cashless basis by surrendering such Insider Warrants for that
number of shares of Common Stock equal to the quotient obtained by dividing (x)
the product of the number of shares of Common Stock underlying the Insider
Warrants, multiplied by the difference between the exercise price of the Insider
Warrants and the “Fair Market Value” (as defined below) by (y) the Fair Market
Value.  The “Fair Market Value” shall mean the average reported last
sale price of the Company’s Common Stock for the five trading days ending on the
trading day prior to the date on which the Insider Warrants are
exercised.

    

    The terms
of this agreement and the restrictions on transfers with respect to the Insider
Warrants may not be amended without the prior written consent of the
Underwriter.

    

    [SIGNATURE
PAGE FOLLOWS]

     

    
      
         

      

      
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              Very
      truly yours,

            
	 
      	 
      	 
      
	 
      	
              RLJ
      SPAC ACQUISITION, LLC

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By

            	
              /s/ H. Van Sinclair

            
	 
      	
              Name:

            	
              H.
      Van Sinclair

            
	 
      	
              Title:

            	
              CEO
      & President

            

    

     

    
      	
              Agreed
      to:

            	 
      
	 
      	 
      	 
      
	
              RLJ
      ACQUISITION, INC.

            	 
      
	 
      	 
      	 
      
	
              By:

            	
              /s/ H. Van Sinclair

            	 
      
	
              Name:

            	
              H.
      Van Sinclair

            	 
      
	
              Title:

            	
              CEO
      & President

            	 
      

    

    

    
      
         

      

      
        4Unassociated Document

    

    Exhibit
10.1

    

    

    

    CONSULTING
AGREEMENT

    

    This agreement (“Agreement”) made as of
this 1st day of December 2010 by and between Aeolus Pharmaceuticals, Inc. and
its subsidiary, Aeolus Sciences, Inc., both Delaware corporations (hereinafter
collectively referred to as the “Company”) and Brian J. Day (the “Consultant”)
of 6122 South Nome Ct., Englewood, CO 80111.

    

    The Company is engaged in research and
development in pharmaceutical and medical applications (the “Field”). The
Consultant has extensive experience in the Field, and the Company seeks to
benefit from the Consultant’s expertise by retaining the Consultant as a
consultant. The Consultant wishes to perform consulting services in the Field
for the Company. Accordingly, the Company and the Consultant agree as
follows:

    

    1.           Services.  The
Consultant shall provide consulting services to the Company with respect to
matters related to the Field.

    

    2.           Compensation.  As
full consideration for the consulting services provided by the Consultant, the
Company shall pay to the Consultant the amount of $11,500 per month commencing
December 1, 2010, payments to be made at the end of each month. Consultant’s
monthly compensation will increase to $12,500 when and if, during the term of
this Agreement the Company obtains funding through either a capital raising
transaction, partnership or contract award of at least five million dollars
($5,000,000).

    

    The
Consultant will also be granted a stock option to purchase 50,000 shares of the
Aeolus Pharmaceuticals, Inc. Common Stock, par value $0.01 per share, with an
exercise price equal to the closing stock price on the date of grant. The stock
option will vest on a monthly basis at a rate of 4,167 shares per month
following the date of grant as long as the Consultant continues to be an
employee of or consultant to the Company, except in the case of a Sale of the
Company, in which case, the options shall fully vest and be immediately
exercisable. The foregoing grants shall be subject to the Company’s standard
form of stock option grant agreement and the Company’s then existing stock
plan.

    

    At the
discretion of the Board of Directors, the Consultant may also be granted cash
bonuses for his contributions to the Company. The Board of Directors will
consider such bonuses at least on an annual basis and upon the achievement of
major accomplishments related to the Consultant’s areas of
responsibilities.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
Company shall also reimburse the Consultant for all reasonable expenses incurred
by the Consultant in providing consulting services under this Agreement.
Consultant will also receive a bonus payment of $30,000 and be granted a stock
option to purchase 25,000 shares of the Company’s Common Stock with an exercise
price equal to the closing stock price on the date of grant when and if, during
the term of this Agreement: (1) the Company executes and delivers definitive and
enforceable agreements representing the earliest to occur of a Corporate
Partnership or a Sale of the Company (each defined below), or (2) for each
compound from the Aeolus Pipeline that is the subject of an Investigational New
Drug application. The foregoing options shall vest six (6) months following the
date of grant as long as Consultant continues to be a consultant to or employee
of the Company, except in the case of a Sale of the Company, in which case, the
options shall fully vest and be immediately exercisable. The foregoing grants
shall be subject to the Company’s standard form of stock option grant agreement
and the Company’s then existing stock plan.

    

    (a)           A
“Corporate Partnership” means a development or partnership with another life
sciences company for the joint development or commercialization of any of the
Company’s owned or in-licensed patent rights.

    

    (b)           A
“Sale of the Company” means a merger, business combination, reorganization,
recapitalization or other transaction, which results in the stockholders of the
Company who own at least fifty percent (50%) of the Company’s voting control
immediately prior to such transaction owning less than fifty percent (50%) of
the surviving entity’s voting control immediately after such transaction, and/or
sale, transfer, lease or other disposition in any transaction or series of
transactions of all or substantially all of the assets of the
Company.

    

    Notwithstanding the forgoing, it is
understood and agreed that the Board of Directors of the Company (the “Board”)
has the sole power, authority and discretion to approve or disapprove of any
proposed transaction regardless of the provisions of this Agreement, and if
the Board disapproves any proposed transaction for any or no reason you
will not be entitled to any options or bonus under this Agreement with respect
thereto.

    

    3.           Confidentiality.

    

    (a)           In
providing consulting services to the Company pursuant to this Agreement, the
Consultant may acquire information that pertains to the Company’s products,
processes, equipment, programs, developments, or plans and that is both (i)
disclosed or made known by the Company to the Consultant and (ii) identified as
“confidential” by the Company at any time (“Confidential Information”). The
Consultant agrees not to disclose any Confidential Information to third parties
or to use any Confidential Information for any purpose other than performance of
consulting services pursuant to this Agreement, without prior written consent of
the Company.

    

    (b)           Confidential
Information subject to paragraph 3(a) does not include information that: (i) is
or later becomes available to the public through no breach of this Agreement by
the Consultant; (ii) is obtained by the Consultant from a third party who had
the legal right to disclose the information to the Consultant; (iii) is already
in the possession of the Consultant on the date this Agreement becomes
effective, and which is not covered by prior confidentiality provisions; or (iv)
is required to be disclosed by law, government regulation, or court order,
provided, however, that Consultant gives Company sufficient advance written
notice to permit it to seek a protection order or other similar order with
respect to such Confidential Information and consultant gives only the minimum
Confidential Information required to be  disclosed in order to comply,
whether or not a protective order or other similar order is obtained by
Company.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4.           Return of
Materials.  The Consultant agrees to promptly return, following
the termination of this Agreement or upon earlier request by the Company, all
drawings, written or other materials in the Consultant’s possession and (i)
supplied by the Company in conjunction with the Consultant’s consulting services
under this Agreement or (ii) generated by the Consultant in the performance of
consulting services under this Agreement.

    

    5.           Intellectual
Property.  The Consultant hereby assigns to the Company any
right, title, and interest he may have in any invention, discovery, improvement,
or other intellectual property which the Consultant develops solely as a direct
result of performing consulting services for the Company under this Agreement.
Any intellectual property assignable to the Company pursuant to the preceding
sentence is hereinafter referred to as “Company Intellectual Property”. Upon the
request of the Company, the Consultant shall execute such further assignments,
documents, and other instruments as may be necessary to assign Company
Intellectual Property to the Company and to assist the Company in applying for,
obtaining and enforcing patents or other rights in the United States and in any
foreign country with respect to any Company Intellectual Property. The Company
will bear the cost of preparation of all patent or other applications and
assignments, and the cost of obtaining and enforcing all patents and other
rights to Company Intellectual Property.

    

    6.           Term and
Termination.

    

    (a)           Unless
terminated earlier under paragraph 6(b) below, this Agreement shall be for an
initial term of one year expiring on November 30, 2011, which may be extended
upon mutual agreement of the parties.

    

    (b)           Without
limiting any rights which either party to this Agreement may have by reason of
any default by the other party, each party reserves the right to terminate this
Agreement at its convenience by written notice given to the other party. Such
termination shall be effective upon the date not earlier than 30 days following
the date of such notice as shall be specified in said notice. No additional
compensation shall be due to Consultant after the effective date of
termination.

    

    (c)           Termination
of this Agreement under paragraph 6(a) or 6(b), above, shall not affect the
Company’s obligation to pay for services previously performed by the Consultant
or expenses reasonably incurred by the Consultant for which the Consultant is
entitled to reimbursement under paragraph 2, above, or the Consultant’s
continuing obligations to the Company under paragraphs 3 and 5
above.

    

    7.           No Conflicting
Agreements.  Consultant represents that Consultant is not a
party to any existing agreements that would prevent Consultant from entering
into and performing this Agreement. Company acknowledges that Consultant’s
primary employment responsibility is to National Jewish Medical and Research
Center (“NJM”) and that Consultant is bound by NJM policies including those
relating to consulting and extramural activities (“NJM Policies”). The Company
will work with Consultant to assist in compliance with applicable NJM Policies
of which it is aware.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    8.           Miscellaneous.

    

    (a)           This
Agreement shall inure to the benefit of and be binding upon the respective
heirs, executors, successors, representatives, and assigns of the parties, as
the case may be; provided, however, the obligations hereunder of each party to
the other are personal and may not be assigned without the express written
consent of such other party.

    

    (b)           The
relationship created by this Agreement shall be that of independent contractor,
and the Consultant shall have no authority to bind or act as agent for the
Company or its employees for any purpose.

    

    (c)           Notice
or payments given by one party to the other hereunder shall be in writing and
deemed to have been properly given or paid if deposited with the United States
Postal Service, registered or certified mail, addressed as follows:

    

    Company:            Aeolus
Pharmaceuticals, Inc.

    26361 Crown Valley Parkway, Suite
150

    Mission Viejo, California
92694

    Attn: John McManus

    

    
      Consultant:          Brian J.
Day

    

    6122
South Nome Ct.

    Englewood,
CO 80111

    

    (d)           This
Agreement replaces all previous agreements and the discussions relating to the
subject matters hereof and constitutes the entire agreement between the Company
and the Consultant with respect to the subject matters of this Agreement. This
Agreement may not be modified in any respect by any verbal statement,
representation, or agreement made by any employee, officer, or representative of
the Company, or by any written documents unless it is signed by an officer or
the Company and by the Consultant.

    

    IN WITNESS WHEREOF, the parties have
executed this Agreement effective the date first stated above.

     

    
      
        
          
            
              	
                      AEOLUS
      PHARMACEUTICALS, INC.

                    	 
      	
                      CONSULTANT

                    
	 
      	 
      	 
      	 
      	 
      
	
                      By:

                    	
                      /s/ John L. McManus

                    	 
      	
                      By:

                    	
                      /s/ Brian J. Day

                    
	 
      	
                      John
      L. McManus

                    	 
      	 
      	
                      Brian
      J. Day

                    
	 
      	
                      President
      and Chief Executive Officer

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