Document:

EX-10.39

 Exhibit 10.39 

 
 

 
 CONSULTING AGREEMENT 

This Consulting Agreement (the “Agreement”) is made and entered into effective as of April 1, 2017 (the “Effective
Date”), by and between Evofem Biosciences, Inc., a Delaware corporation (the “Company”), and Thomas Lynch, an individual, (the “Consultant”). The Company and Consultant hereby agree as follows: 

1.    Engagement. The Company hereby engages Consultant to perform the Services (as defined below) on the terms and
conditions herein and Consultant hereby accepts such engagement. 
 2.    Scope of Duties. During the term of
this Agreement, Consultant shall perform the services for the Company set forth on Exhibit A attached hereto (the “Services”). In addition, Consultant may perform such additional services as are agreed upon by the
Company and Consultant from time to time which shall also be deemed “Services” governed by the terms and conditions of this Agreement, unless otherwise set forth in such signed writing. The Company shall compensate Consultant for the
Services pursuant to Section 3.1 hereof. Consultant hereby agrees to devote Consultant’s reasonable time, abilities and energy to the faithful performance of Consultant’s duties hereunder. The parties acknowledge and agree that
Consultant’s Services to Company hereunder shall be non-exclusive and that Consultant shall at all times remain an independent contractor and shall have no authority to bind the Company. The Company will
not exercise any control over the manner or methods with which Consultant performs the Services. The Company’s sole interest and responsibility is to ensure that the Services are performed and rendered in a competent, satisfactory, timely and
legal manner. 
 3.    Compensation; Reimbursement. 

3.1    Consulting Fees. In consideration for the timely and fully satisfactory performance of the Services,
Consultant shall receive the consideration set forth on Exhibit B attached hereto. Consultant acknowledges and agrees that Exhibit B sets forth all of Consultant’s compensation for any and all Services performed for or on behalf of the Company
whether during the term of this Agreement or prior to the term of this Agreement and that Consultant is not entitled to any other compensation in connection with any services provided to the Company, including, without limitation, the Services,
other than as set forth on Exhibit B hereto. Except as expressly set forth herein, there are no other fees, costs or other compensation of any kind or nature to be paid by Company for the Services. Consultant shall be solely responsible for and
shall make proper and timely payment of any taxes due on payments made (a) to Consultant pursuant to this Agreement (including, but not limited to, Consultant’s estimated state and Federal income taxes and self-employment taxes, as
applicable), and (b) to the extent permitted under this Agreement, to other persons who provide services to Consultant in connection with this Agreement. 

3.2    Expenses. Consultant shall be reimbursed for all reasonable “out-of-pocket” business expenses which have been incurred in connection with the performance of Consultant’s duties under this Agreement in accordance with Company’s standard expense

  
 Evofem,
Inc.  |  12400 High Bluff Drive  |  Suite 600  |  San Diego, CA 92130 

evofem.com 
 Updated
February 2016 

 

 
  

 
reimbursement policies, subject to Consultant’s submission of appropriate vouchers and receipts substantiating any such expenses at Company’s request. 

4.    Confidentiality; Non-Disclosure. In the course of performing the
Services, it is understood that the Company may disclose certain Confidential Information of the Company to Consultant. “Confidential Information” shall include all information or material of the Company, whether disclosed orally,
graphically, electronically or in writing, by the Company to Consultant or of which Consultant becomes aware, including, without limitation, information relating to the business of the Company and any and all intellectual property rights stemming
therefrom and relating thereto and any and all other materials, documentation, contracts and agreements of the Company and any business plans, methods, concepts, marketing plans, projections, investor lists, or ideas relating to the business of the
Company or its products or services. Notwithstanding the foregoing, Confidential Information shall not be information which: (i) has entered the public domain through no action or failure to act of Consultant; (ii) prior to disclosure
hereunder was already lawfully in Consultant’s possession without any obligation of confidentiality; (iii) subsequent to disclosure hereunder is obtained by Consultant on a non-confidential basis
from a third party who has the right to disclose such information to Consultant; or (iv) is ordered to be or otherwise required to be disclosed by Consultant by a court of law or other governmental body provided, however, that the Company is
notified of such order or requirement and given a reasonable opportunity to intervene or obtain a protective order. Consultant agrees to: (i) use the same degree of care (and in no event less than reasonable care) in protecting the Confidential
Information of Company that Consultant would use to protect its own Confidential Information of a similar nature; (ii) not to copy, publish, reverse engineer, show, or disclose the Confidential Information of the Company to any third parties
without the prior written consent of the Company, and (iii) to return the Confidential Information of the Company to the Company at the Company’s request. 

5.    Ownership of Work Product. Consultant hereby expressly acknowledges and agrees that any and all work product,
software (in object code or source code form), improvements, inventions (whether patentable or not), enhancements, processes, methods, algorithms, techniques, concepts and other data or information made, conceived, developed reduced to practice or
learned by Consultant, either alone or jointly with others, in connection with Consultant’s performance of the Services together with any and all intellectual property rights arising therefrom or related thereto, including, without limitation,
any patent rights, copyrights, trademark rights or trade secrets, shall be the sole and exclusive property of the Company, and Consultant hereby assigns to the Company any and all rights Consultant may have or acquire in the same, including, without
limitation, any and all such intellectual property rights. 
 6.    Representations, Warranties and Covenants.
Consultant represents, warrants and covenants to the Company that she shall perform the Services in a workmanlike and professional manner and in accordance with all applicable laws and regulations. Consultant further represents, warrants and
covenants that it will not permit any other person or entity to contribute 

  
 Evofem,
Inc.  |  12400 High Bluff Drive  |  Suite 600  |  San Diego, CA 92130 

evofem.com 
 Updated
February 2016 

 

 
  

 
to or perform any of the Services or contribute to any work product produced by Consultant pursuant to this Agreement. 

7.    Term; Termination. This Agreement shall be effective as of the Effective Date and shall continue in full
force and effect for a period of two (2) years. Either party may terminate this Agreement upon seven (7) days advance written notice to the other party for any reason or no reason. 

8.    Other Work. The Company recognizes and agrees that the Consultant may perform services for other persons,
provided that such services do not represent a conflict of interest or a breach of the Consultant’s duties to the Company. Notwithstanding the foregoing, Consultant hereby represents and warrants that the terms of this Agreement are not
inconsistent with, nor do they violate, any other contractual or legal obligations Consultant may have with any other third party. 

9.    No Employee Benefits. This Agreement shall not entitle Consultant to participate in any of the Company’s
employee benefit plans, fringe benefit programs, group insurance arrangements or similar programs. The Company shall not provide workers’ compensation, disability insurance, Social Security or unemployment compensation coverage nor any other
statutory benefit to the Consultant as a result of this Agreement. The Consultant shall comply at his or her expense with all applicable provisions of workers’ compensation laws, unemployment compensation laws, federal Social Security law, the
Fair Labor Standards Act, OSHA regulations, federal, state and local income tax laws, and all other applicable federal, state and local laws, regulations and codes relating to terms and conditions of employment required to be fulfilled by employers
or independent contractors. 
 10.    General Terms. 

10.1    Assignment. This Agreement shall not be assigned or transferred by Consultant without the prior written
consent of the Company. Further, Consultant acknowledges and agrees that Consultant possesses unique skills, expertise and qualifications, and that as such its performance is material to this Agreement. Consultant shall not assign or delegate any of
the duties of Consultant hereunder to any third party without the prior written consent of the Company. It is understood and agreed that the Company shall have the right to assign this Agreement to any successor to all or substantially all of its
assets and business by dissolution, merger, consolidation, transfer of assets or otherwise, or to any direct or indirect subsidiary of the Company. 

10.2    Severability. Should there be any conflict between any provisions hereof and any present or future statute,
law, ordinance, regulation, or other pronouncement having the force of law, the latter shall prevail, but the provision of this Agreement affected thereby shall be curtailed and limited only to the extent necessary to bring it within the
requirements of the law, and the remaining provisions of this Agreement shall remain in full force and effect. 

  
 Evofem,
Inc.  |  12400 High Bluff Drive  |  Suite 600  |  San Diego, CA 92130 

evofem.com 
 Updated
February 2016 

 

 
  

 10.3    Governing Law. This Agreement and the rights and
obligations of the parties set forth herein shall be governed by, construed and interpreted in accordance with the internal laws of the State of California, without regard to its conflicts of laws principles. 

10.4    Miscellaneous. The Agreement constitutes the entire agreement between the parties regarding the subject
matter set forth herein and supersedes and prior or contemporaneous agreement related to the subject matter hereof whether written or oral, and may only be modified in writing and signed by an authorized representative of both parties. All waivers
hereunder must be made in writing by a duly authorized representative of the party against whom the waiver is to operate, and failure at any time to require the other party’s performance of any obligation under this Agreement shall not affect
the right subsequently to require performance of that obligation. If any provision of this Agreement is illegal, unenforceable or invalid under applicable law, it shall be enforced to the maximum permissible extent to effect the intent of the
parties, and the remaining provisions will remain in full force and effect. This Agreement may be executed in one or more counterparts, each of which may be signed and transmitted via PDF electronic delivery with the same validity as if it were an ink-signed document. Consultant is an independent contractor, and neither party shall, expressly or by implication, represent themselves as having, any authority to make contracts in the name of or binding on the
other, or to obligate or bind the other in any manner whatsoever. Any notices under this Agreement must be in writing, may be emailed, sent by express 24-hour guaranteed courier, or hand-delivered, or may be
served by depositing the same in the United States mail, addressed to the party to be notified, postage-prepaid and registered or certified with a return receipt requested. Each notice given by registered or certified mail shall be deemed delivered
and effective on the date of delivery as shown on the return receipt, and each notice delivered in any other manner shall be deemed to be effective as of the time of actual delivery or the date the applicable email was sent if no non-delivery response is received by the sender. 
 Signatures on the following page 

  
 Evofem,
Inc.  |  12400 High Bluff Drive  |  Suite 600  |  San Diego, CA 92130 

evofem.com 
 Updated
February 2016 

 

 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be effective as of the
Effective Date. 
  

							
	 “Company”
	 		 	Evofem, Inc.
				
		 		 	By:	 	 /s/ Jay File

			
	 “Consultant”
	 		 	 /s/ Thomas Lynch 8/30/17

  
 Evofem,
Inc.  |  12400 High Bluff Drive  |  Suite 600  |  San Diego, CA 92130 

evofem.com 
 Updated
February 2016 

 

 
  

 EXHIBIT A 

DESCRIPTION OF SERVICES 
 During the Term,
Consultant shall perform the following activities: 
 Initiate and conduct investor relation activities within the U.S. and Europe, including the
coordination and participation in telephonic and in-person meetings as it relates to future private equity fundraising activities or potential offerings on NASDAQ; 

Serve as the initial point of contact for the coordination of investment activities and engage in ongoing communications with the Company’s two
cornerstone investors, including telephonic and in-person meetings, as required; 
 Generate, initiate, coordinate,
and engage business contacts for potential corporate business development opportunities in the area of women’s reproductive health, including participating in the initial communication with businesses for potential partnering opportunities and
coordinating Company personnel’s participation in telephonic or in-person meetings; and 
 Perform other
corporate activities as agreed upon by Company and Consultant. 

  
 Evofem,
Inc.  |  12400 High Bluff Drive  |  Suite 600  |  San Diego, CA 92130 

evofem.com 
 Updated
February 2016 

 

 
  

 EXHIBIT B 

CONSULTANT COMPENSATION 

In consideration for the Services, Consultant shall be compensated as follows for each annual period commencing April 1: 

$350,000, which includes $60,000 to be allocated as board fees in connection with his appointment as a
non-executive director of the Company, due in quarterly installments commencing upon the Effective Date. 

EQUITY GRANT: 
 An option
for 250,000 shares of common stock, vesting quarterly for one year from the commencement of the Effective Date on the last day of the quarterly period for services provided under this Agreement. 

One-hundred percent (100%) of the total shares of common stock to be issued under this Agreement shall vest in the
event of a change of control, hereunder defined as the sale of all or substantially all of the assets of Company, any merger, consolidation or acquisition of Company with, by or into another corporation, entity or person, or any change in the
ownership of more than fifty percent (50%) of the stock of Company in one or more related transactions. 

  
 Evofem,
Inc.  |  12400 High Bluff Drive  |  Suite 600  |  San Diego, CA 92130 

evofem.com 
 Updated
February 2016EX-10.40

 Exhibit 10.40 

EVOFEM, INC. 12400 High Bluff Dr. 

Suite 600 
 San Diego, CA 92130 

November 16, 2015 
 Justin File 

 

	 	Re:	Severance Agreement 

 Dear Justin: 

I am pleased to inform you that you have been selected to be eligible for certain severance protection upon the occurrence of an eligible
termination of your employment with Evofem. Inc. (the “Company”) or any Subsidiary of the Company. This letter sets out the terms and conditions of the severance protection (the “Agreement”) for which you are eligible. 

1.    Eligibility for Severance Benefits. 

(a)    Subject to the terms and conditions of this Agreement, if your employment with the Company or any Subsidiary of the
Company is terminated by the Company or such Subsidiary without Cause or by you for Good Reason at any time, the Company will provide you the following payments and benefits (the “Severance Benefits”): 

(i)     (1) if you have provided less than twelve (12) months of service to the Company at the time of
your termination, then an amount equal to your Highest Monthly Salary, with such amount payable in each month following your termination of employment for a period of six (6) months, or (2) if you have provided twelve (12) or more
months of service to the Company at the time of your termination, then an amount equal to your Highest Monthly Salary, with such amount payable in each month following your termination of employment for a period of twelve (12) months; and 

(ii)    if you and any of your eligible dependents timely elect COBRA continuation coverage with respect to
any medical, dental or vision insurance benefits in which you or any such dependents are participating at the time of your termination, the Company will pay the employer share of any applicable COBRA premiums for such continued coverage: (1) if
you have provided less than twelve (12) months of service to the Company at the time of your termination, then for a period of six (6) months following the date of termination, and (2) if you have provided twelve (12) or more
months of service to the Company at the time of your termination, then for a period of twelve (12) months following the date of termination. 

(b)    If your employment or service with the Company is terminated under any circumstances other than without Cause or
for Good Reason as set forth in Section I (a), including without limitation by reason of retirement, death, disability, discharge for Cause or resignation other than for Good Reason, you will have no right to receive the Severance Benefits or to
receive any other payments or benefits in respect of this Agreement. 

 (c)    Notwithstanding anything to the contrary contained in this
Agreement, payment of the cash Severance Benefits under Section 1(a) will be conditioned on and subject to your execution of a general release of claims in favor of the Company and its successors and affiliates, and their officers, directors
and employees, in such form as the Company may reasonably specify. If you do not execute such a release within thirty (30) days following your termination of employment or service (or you revoke your release prior to the date it becomes
effective), you automatically forfeit your right to any cash severance payment set forth in Section 1 (a)(i) or I (a)(ii) which amounts will no longer payable under this Agreement. 

(d)    Except as expressly provided herein, the Severance Benefits described in Section 1 (a) will be payable in
addition to, and not in lieu of, all other accrued or vested or earned but as yet unpaid compensation, rights, or other benefits which may be owed to you following termination, including but not limited to accrued vacation and amounts or benefits
payable under any bonus or other compensation plans, which benefits and arrangements will be governed by the terms of the applicable plans. 

2.    Definitions. For purposes of this Agreement, the following terms shall have the meanings
set forth below: 
 (a)    “Cause” means any of the following: 

(i)    your conviction by a court of competent jurisdiction or pleading “no contest” to a felony
or to any conduct of a criminal nature involving moral turpitude (other than a minor traffic violation); 

(ii)    if you intentionally engage in fraud, embezzlement or any other illegal conduct substantially
detrimental to the business reputation of the Company and/or its affiliates, regardless of whether such conduct is designed to defraud the Company, its affiliates or others; or 

(iii)    you impart material confidential information relating to the business of the Company and/or its
affiliates to competitors or other third parties other than in the course of carrying out your employment duties. 

(b)    “Effective Date” means November 16, 2015 

(c)    “Good Reason” means the occurrence of any of the following events, without your written consent:

 (i)     a material reduction in the amount of your base compensation (unless such reduction is
pursuant to a general reduction in base compensation applicable to all similarly situated employees of the Company); 

(ii)    a material diminution in your duties or responsibilities as of the Effective Date; or 

 (iii)    a material change in your principal place of
employment to a location more than 50 miles from your place of employment as of the Effective Date. 
 Notwithstanding the above, the
occurrence of any of the events described in (i), (ii) or (iii) above will not constitute a “Good Reason” unless you give the Company written notice, within 30 calendar days after the occurrence of any of such events, that such
circumstances constitute “Good Reason,” and the Company thereafter fails to cure such circumstances within 30„days after receipt of such notice. 

(d)    “Highest Monthly Salary” means your monthly base salary or similar base compensation paid to you
for your service to the Company or any Subsidiary at the highest rate in effect at any time during the twelve (12)-month period immediately prior to the date of termination. 

(e)    “Subsidiary” means any corporation or other legal entity (other than the Company) in an unbroken
chain of corporations or other entities beginning with the Company„ if each of the corporations or other entities other than the last corporation or entity in the unbroken chain owns units or other equity interests possessing 50% or more of the
total combined voting power of all classes of units or equity interests in one of the other corporations or entities in such chain. A corporation or other entity that attains the status of a Subsidiary on a date after the Effective Date of this
Agreement shall be considered a Subsidiary commencing as of such date. 
 3.    Binding
Effect. This Agreement is personal to you and without the prior written consent of the Company will not be assignable by you otherwise than by will or the laws of descent and distribution. This Agreement will inure to the
benefit of and be enforceable by your legal representatives. This Agreement will inure to the benefit f and be binding upon the Company and its successors and assigns. 

4.    Employment Status. This Agreement will not be deemed to create in or confer upon you any right
to be retained in the employ or service of the Company or any Subsidiary or other affiliate thereof and will not limit your or the Company’s right to terminate your employment at any time for any reason or for no reason. 

5.    Entire Agreement. This Agreement contains the entire understanding of the Company and you with
respect to the subject matter hereof, and supersedes any prior agreement between the Company and you with respect to the subject matter hereof. 

6.    Severability. In the event any provision of this Agreement will be held illegal or invalid for
any reason, the illegality or invalidity will not affect the remaining parts of the Agreement, and the Agreement will be construed and enforced as if the illegal or invalid provision had not been included. Further, the captions of this Agreement are
not part of its provisions and will have no force and effect. 
 7.    Amendment and Termination.
This Agreement may be amended or terminated at any time by written agreement of the parties hereto. 

 8.    Applicable Law. To the extent not preempted
by the laws of the United States, the laws of the State of California, other than the conflict of law provisions thereof, will be the controlling law in all matters relating to this Agreement. 

9.    Tax Matters; Compliance with Section 409A. All benefits
provided under this Agreement will be subject to any required Federal, state and local tax withholding and deductions. This Agreement and any Severance Benefits payable under it are intended to be exempt from or, if not exempt, to otherwise comply
with Section 409A of the Internal Revenue Code of 1986, where applicable, and will be interpreted and applied in a manner consistent with that intention. Notwithstanding any provision of this Agreement to the contrary, to the extent that a
payment or benefit provided hereunder is subject to Section 409A and payable on account of your “separation from service” (as defined in Section 409A and the related regulations), such payment will be delayed for a period of six
months after your separation date (or if earlier within thirty (30) days of your date of death following the date of such separation) if you are a “specified employee” (as defined in Section 409A and the related regulations) of
the Company, as determined in accordance with the regulations issued under Section 409A and the procedures established by the Company. Notwithstanding the foregoing, this provision will not apply to (i) all payments on separation from
service that satisfy the short-term deferral rule of Treas. Reg. §1.409A-1 (b)(4), (ii) the portion of the payments on separation from service that satisfy the requirements for separation pay due to an
involuntary separation from service under Treas. Reg. §1.409A-1(b)(9)(iii), and (iii) any payments that are otherwise exempt from the six month delay requirement of the Treasury Regulations under
Section 409A. For purposes of clarification, only to the extent a payment hereunder is deemed to be “deferred compensation” and subject to and not otherwise exempt from Section 409A, a termination of employment will not be deemed
to have occurred for purposes of a payment of amounts or benefits under the Agreement upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A and,
for purposes of this Agreement, references to a “resignation,” “termination,” “termination of employment,” or like terms will mean a separation from service. For purposes of Section 409A of the Code, each payment
made under this Policy will be designated as a “separate payment” within the meaning of the Section 409A. 
  

	
	Yours Truly,
	
	 /s/ Saundra Pelletier

	Saundra Pelletier, CEO

  

			
	Acknowledged and Agreed
		
	By:	 	 /s/ Jay File

	Name:	 	Jay File
	Date:	 	11/16/15

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