Document:

Third Omnibus Amendment & Reaffirmation of Loan Documents

 Exhibit 10.8 
 THIRD OMNIBUS AMENDMENT AND REAFFIRMATION OF LOAN DOCUMENTS 
 THIS THIRD OMNIBUS AMENDMENT AND REAFFIRMATION OF LOAN DOCUMENTS (this “Amendment”) is dated as of the 26th day of
May, 2011 (the “Effective Date” or “Effective Date of the Third Omnibus Amendment”) by and among TNP SRT SECURED HOLDINGS, LLC, a Delaware limited liability company (“Lead
Borrower”), TNP SRT MORENO MARKETPLACE, LLC, a Delaware limited liability company (“Moreno Borrower”), TNP SRT SAN JACINTO, LLC, a Delaware limited liability company (“San Jacinto
Borrower”), TNP SRT CRAIG PROMENADE, LLC, a Delaware limited liability company (“Craig Borrower”), TNP SRT NORTHGATE PLAZA TUCSON, LLC, a Delaware limited liability company (“Northgate
Borrower”, and collectively with Lead Borrower, Moreno Borrower, San Jacinto Borrower, and Craig Borrower, the “Original Borrower”), TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation (the
“REIT”), TNP STRATEGIC RETAIL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “OP”, and collectively with the REIT, the “Tranche A Guarantors”),
THOMPSON NATIONAL PROPERTIES, LLC, a Delaware limited liability company (“TNP”), ANTHONY W. THOMPSON, an individual (“Thompson”), AWT FAMILY, LIMITED PARTNERSHIP, a California
limited partnership (“AWT”, and together with the REIT, TNP and Thompson, the “Tranche B Guarantors”, and together with the Tranche A Guarantors, the “Guarantors” and
individually, a “Guarantor”), TNP SRT PINEHURST EAST, LLC, a Delaware limited liability company (the “Pinehurst Borrower”, and together with the Original Borrower, the
“Borrower”, and together with the Guarantors, the “Credit Parties” and individually, a “Credit Party”), and KEYBANK NATIONAL ASSOCIATION, a national banking association
having a principal place of business at 225 Franklin Street, 18th Floor, Boston, Massachusetts 02110, as agent (in such capacity, “Agent”) for itself and any other lenders who become lenders under the Credit Agreement (as hereinafter defined)
collectively referred to as “Lenders” and each individually referred to as a “Lender”). Each Credit Party has an address at 1900 Main Street, Suite 700, Irvine, California 92614. 

Witnesseth That: 
 WHEREAS, the Borrower, the Agent and the Lenders are parties to that certain Revolving Credit Agreement dated as of December 17, 2010, as amended by that certain Joinder Agreement and that certain
First Omnibus Amendment and Reaffirmation of Loan Documents dated as of March 30, 2011, as further amended by that certain Letter Agreement dated as of March 31, 2011, and as further amended by that certain Joinder Agreement and that
certain Second Omnibus Amendment and Reaffirmation of Loan Documents dated as of May 20, 2011, as further amended by that certain Joinder Agreement of even date herewith (as amended, restated and/or modified from time to time, the
“Credit Agreement”), pursuant to which, among other things, the Lenders agreed to provide to the Borrower a revolving credit facility in the maximum principal amount of $35,000,000, and which obligations of the Borrower to the Agent
and Lenders under the Credit Agreement are evidenced by, among other things, that certain Revolving Credit Note dated as of December 17, 2010 by the Borrower in favor of the Lenders in the original principal amount of $35,000,000 (as amended,
restated and/or modified from time to time, the “Note”), and are secured by, among other things, (a) that certain Pledge and Security 

 
Agreement dated as of December 17, 2010 by Lead Borrower in favor of the Agent for the benefit of the Lenders (as amended, restated and/or modified from time to time, the “Borrower
Pledge Agreement”), (b) that certain Pledge and Security Agreement dated as of December 17, 2010 by the REIT in favor of the Agent for the benefit of the Lenders (as amended, restated and/or modified from time to time, the
“REIT Pledge Agreement”), (c) that certain Pledge and Security Agreement dated as of December 17, 2010 by the OP in favor of the Agent for the benefit of the Lenders, as amended by that certain Partial Release and First
Amendment to Pledge and Security Agreement dated as of May 20, 2011 (as further amended, restated and/or modified from time to time, the “OP Pledge Agreement”), and (d) that certain Guaranty Agreement dated as of
December 17, 2010 by the Guarantors in favor of the Agent for the benefit of the Lenders (as amended, restated and/or modified from time to time, the “Guaranty”); 

WHEREAS, pursuant to that certain Joinder Agreement of even date herewith, the Pinehurst Borrower has been joined to the Credit Agreement
and the other Loan Documents as a Borrower; 
 WHEREAS, in accordance with the terms and provisions of the Credit Agreement and
the related Loan Documents, the Borrower, from time to time, may acquire Mortgaged Properties, Approved Properties and/or direct or indirect Equity Interests in various Entities; 

WHEREAS, in connection with the acquisition of each Mortgaged Property, Approved Property and/or Equity Interests in an Entity, the
Borrower has agreed to amend and supplement certain of the provisions, exhibits and schedules attached to the Credit Agreement and related Loan Documents; 
 WHEREAS, the Lead Borrower holds 100% of the Equity Interests in and to the Pinehurst Borrower; 
 WHEREAS, pursuant to that certain Real Estate Purchase Agreement and Escrow Instructions dated as of April 29, 2011 (as amended from time to time) between the Pinehurst Borrower (as
assignee of TNP Acquisitions, LLC) and Ineichen Pinehurst Square East, LLC, Smee Pinehurst Square East, LLC, Lee - Pinehurst Square East, LLC, Bartells - Pinehurst Square East, LLC, Tuey - Pinehurst Square East, LLC, W.Bensink Pinehurst Square East,
LLC, Ashley - Pinehurst Square East, LLC Stattner - Pinehurst Square East, LLC, MacPhee - Pinehurst Square East, LLC, Hellings - Pinehurst Square East, LLC, Jacobson - Pinehurst Square East, LLC, Franich Pinehurst Square East, LLC, Bushman Pinehurst
Square East, LLC, Shupack Pinehurst Square East, LLC, Bonino Pinehurst Square East, LLC, Jacobson - Pinehurst Square East, LLC, Wilhelm - Pinehurst Square East, LLC, Agrimont - Pinehurst Square East, LLC, T. Matthys Pinehurst Square East, LLC,
Figlewicz Pinehurst Square East, LLC, 5-19 Pinehurst Square East, LLC, and Applewood - Pinehurst Square East, LLC (the “Pinehurst Seller”) and Fidelity National Title Insurance Company, as escrow holder, the Pinehurst Seller
has agreed to sell, transfer and convey to the Pinehurst Borrower, all of the Pinehurst Seller’s right, title and interest in and to the real property and improvements situated in the City of Bismarck, County of Burleigh, State of North Dakota
and commonly known as “Pinehurst Square East” (the “Pinehurst Property”); 

  
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 WHEREAS, in connection with the acquisition of the Pinehurst Property, the Borrower has
requested the Pinehurst Loan (as hereinafter defined) and certain amendments to the provisions of the Loan Documents, and the Agent and Lender have agreed to provide the Pinehurst Loan and to make such amendments to the Loan Documents, all upon the
terms and provisions more particularly set forth in this Amendment. 
 NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby amend the Loan Documents and agree as follows: 
 1. Recitals and Definitions. The foregoing recitals are hereby incorporated by reference as if set forth at length herein. Capitalized terms used herein without definition shall have the
meaning assigned to such terms in the Credit Agreement. 
 2. Pinehurst Loan. As of the date hereof, the Original
Borrower has requested an advance in the original principal amount of Nine Million Seven Hundred Fifty Thousand and No/100 Dollars ($9,750,000) (the “Pinehurst Loan”), which Pinehurst Loan will be used by the Original Borrower
(and/or the Pinehurst Borrower) to fund a portion of the costs and expenses related to the acquisition of the Pinehurst Property. In connection with the Pinehurst Loan, the Pinehurst Borrower has agreed to (x) assume, on a joint and several
basis, the obligations of the Original Borrower under the Loan Documents, all upon the terms and conditions set forth in this Amendment and (y) to provide certain additional documentation to secure the obligations of the Original Borrower, the
Pinehurst Borrower and the Obligors under the Loan Documents. 
 For the avoidance of doubt, and for all other purposes of the
Loan Documents, (a) the Pinehurst Loan shall constitute an “Obligation” and a “Loan” under the terms and provisions of the Credit Agreement and the Loan Documents, and shall be secured by, and be entitled to the benefits of,
the Security Documents (as such term is supplemented in this Amendment), the Loan Documents and any other document and agreement executed in connection with any of the foregoing, and (b) the Pinehurst Property shall be deemed a “Mortgaged
Property”, an “Approved Property” and a “Funded Approved Property” for purposes of the Credit Agreement and the Loan Documents. 
 3. Conditions Precedent to Pinehurst Loan. The Borrower agrees to deliver to the Agent the following, and acknowledges and agrees that the funding of the Pinehurst Loan is subject to
satisfaction of the following conditions precedent, as determined by Agent in its reasonable discretion: 
 (a) The Mortgaged
Property Requirements and the Approved Property Requirements shall have been satisfied. 
 (b) The Agent and Majority Lenders
shall have approved the Pinehurst Property as a Mortgaged Property and the Agent shall have approved the Pinehurst Property as an Approved Property, each in their sole discretion. 

(c) Agent shall have received evidence that Borrower has invested cash equity in the aggregate of at least Two Million Two Hundred
Thousand and No/100 Dollars ($2,200,000) in the Pinehurst Property. 

  
 3 

 (d) Borrower shall have paid (i) Agent’s legal fees and all other of Agent’s
reasonable costs, fees and expenses incurred in connection with the making of the Pinehurst Loan and (ii) all other costs and expenses incurred in connection with the closing of the acquisition of the Pinehurst Property. 

(e) Agent shall have received all of the other documents listed in the closing checklist supplied by Agent to Borrower with respect to
the Pinehurst Loan except for certain items which are listed on Exhibit A of the Open Items Letter being executed as of even date and which must be supplied to and approved by Agent by the dates stated on the Open Items Letter. 

(f) No Default or Event of Default shall have occurred and be continuing under the terms and provisions of this Amendment, the Credit
Agreement, the Note, or of any of the Loan Documents. 
 (g) Agent shall have received such other documents and certificates as
Agent may reasonably request from Borrower, any Guarantor, and any other Person, in form and content satisfactory to Agent. 

4. Additional Amendments to the Credit Agreement. As of the Effective Date, each of the Credit Parties and the Agent agree
that: 
 (a) The last sentence of the definition of “Commitment” is hereby amended to read as follows:

 “The initial aggregate amount of the Lenders’ Commitments is $35,000,000, but as of the Effective Date of the Third
Omnibus Amendment is being increased by $3,000,000 to $38,000,000 (the “Temporary Increase”).” 

(b) The definition of “Tranche A Commitment” is hereby amended in its entirety to read as follows: 

“Tranche A Commitment” means, with respect to each Tranche A Lender, the commitment of such Tranche A
Lender to make Tranche A Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Tranche A Lender’s Tranche A Exposure hereunder, as such commitment may be reduced or increased from time to time
pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Tranche A Lender’s Tranche A Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to which
such Tranche A Lender shall have assumed its Tranche A Commitment, as applicable. The initial aggregate amount of the Tranche A Lenders’ Tranche A Commitments is $25,000,000, which amount shall increase to $30,000,000 on
February 15, 2011 (or such earlier date as requested by the Borrower) so long as the Tranche B Commitment has decreased to $5,000,000 or less (and 

  
 4 

 
any outstanding Tranche B Loans have been repaid to that amount) and shall further increase to $38,000,000 on June 30, 2011 (or such earlier date as requested by the Borrower), but
shall decrease to $35,000,000 when the Temporary Increase is repaid as provided in Section 2.06(e) below).” 
 (c) The
Commitment of KeyBank as reflected on Schedule 2.01 is hereby changed to $38,000,000, but shall decrease as the Temporary Increase is repaid down to $35,000,000. 
 (d) The last sentence in Section 2.02(c) is hereby amended to increase the maximum number of Eurodollar Borrowings from five (5) to six (6). 

(e) Section 2.06 is hereby amended to add the following new subsection: 

“(e) As of the Effective Date of the Third Omnibus Amendment the Temporary Increase shall be available and in effect
until July 26, 2011, at which time any amounts outstanding in excess of $35,000,000 shall be due and payable in full on that date, with no further notice or demand by Agent being required therefore. Amounts repaid under the Temporary Increase
may not be reborrowed.” 
 (f) Section 2.07(a)(i) is hereby amended to read as follows: 

(i) to the Agent for the account of each Tranche A Lender the then unpaid principal amount of each Tranche A Loan on the Tranche A
Maturity Date, except that the Temporary Increase must be paid on or before July 26, 2011, 
 (g) Section 2.08(d) is
hereby amended to read as follows: 
 “(d) Borrower and TNP REIT shall apply (i) seventy-five percent
(75%) of the Net Proceeds (up to a reduction in the Loans by $1,500,000) of the Equity Issuances by TNP REIT for each monthly period from the Effective Date of the Third Omnibus Amendment to June 26, 2011 and then from June 27, 2011
until July 26, 2011 to prepay the Tranche B Loans and then to repay the amounts outstanding under the Temporary Increase, subject to the exceptions set forth in Section 5.18; provided, however, that if the principal amount of
the Loans are not reduced by at least $1,500,000 in each such month, then one hundred percent (100%) of the Net Proceeds shall be so applied until the Tranche B Loans and the amounts outstanding under the Temporary Increase have been repaid in
full. In addition, unless otherwise approved in writing by Lender, Borrower and TNP REIT shall apply 100% of the Net Proceeds of the sale or refinancing of a Real Property first to prepay the Tranche B Loans and then to repay the amounts outstanding
under the Temporary Increase.” 

  
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 (h) Section 2.08 is hereby amended to add a new subsection as follows: 

“(g) If any new Commitments are received from any Lender other than KeyBank at a time when there is any amount of the
Temporary Increase outstanding, then the proceeds of any Loans made from such Commitment shall be used first to reduce the amount of the KeyBank Commitment until the amounts outstanding under the Temporary Increase have been repaid in full, and such
proceeds shall be so applied before any Net Proceeds are applied to any further reduction of the Temporary Increase pursuant to Section 2.08(d).” 
 (i) Section 2.09 is hereby amended to add the following new subsection: 
 “(e) Borrower shall pay to KeyBank a $6,000 fee in connection with making the Temporary Increase available. This fee shall be paid at the same time that the Temporary Increase is advanced.

 (j) Section 5.12(a)(iii)(J) is hereby amended also to require SNDA Agreements from additional tenants for which the
title insurance company would otherwise list their leases as being prior to the Deed of Trust. 
 (k) The first two lines of
Section 5.18(b) are amended to read as follows: 
 “Prior to the later of the Tranche B Maturity Date
or the date when the Temporary Increase has been repaid in full, the Net Proceeds of the Equity Issuances by TNP REIT shall be used in accordance with Section 2.08(d) or as permitted by Section 2.17, 

(l) Schedules 3.05, 3.15, 5.12(a), 5.12(b), and 6.01 to the Credit Agreement are hereby amended and restated in their entirety by the
corresponding Schedules attached to this Amendment, which information is true, correct and complete as of the Effective Date. 

5. Additional Amendment to the Borrower Pledge Agreement. Contemporaneous with the execution and delivery of this
Amendment, the Lead Borrower is executing and delivering to the Agent a certain Pledge Agreement Addendum (as defined in the Borrower Pledge Agreement) to the Borrower Pledge Agreement. As of the Effective Date, each of the Credit Parties and the
Agent agree that Exhibit A to the Borrower Pledge Agreement is hereby amended and supplemented to add thereto the Equity Interests described and set forth in said Pledge Agreement Addendum 

6. Representations and Warranties. Each Credit Party represents and warrants to the Agent and Lenders as follows:

 (a) The representations and warranties of the Credit Parties as set forth in the Credit Agreement and each Loan Document are
hereby confirmed, affirmed and ratified by each of the Credit Parties (including, without limitation, the Pinehurst Borrower), and each Credit Party 

  
 6 

 
confirms and affirms that each such representation and warranty is true and correct in all material respects as of the Effective Date, including with respect to the Pinehurst Borrower and the
Pinehurst Property. 
 (b) The Mortgaged Property Requirements and Approved Property Requirements are satisfied with respect to
the Pinehurst Property, the Pinehurst Borrower and the Pinehurst Loan, as applicable, except as otherwise set forth in the Open Items Letter dated as of the Effective Date. 
 (c) The transactions contemplated by this Amendment are within the corporate, partnership or limited liability company powers (as applicable) of the respective Credit Parties and have been duly authorized
by all necessary corporate, partnership or limited liability company action. This Amendment and the documents executed in connection herewith have been duly executed and delivered by each Credit Party which is a party thereto and constitute the
legal, valid and binding obligation of each such Person, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to
general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 (d) The transactions
contemplated by this Amendment (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect or which
shall be completed at the appropriate time for such filings under applicable securities laws, (b) will not violate, to the Credit Parties’ knowledge, any applicable law, regulation or order of any Governmental Authority to the extent that
such violation could reasonably be expected to have a Material Adverse Effect, (c) will not violate the charter, by-laws or other organizational documents of any Credit Party or any of the Borrower’s Subsidiaries, (d) will not violate
or result in a default under any indenture, agreement or other instrument binding upon any Credit Party or any of the Borrower’s Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by any Credit
Party or any of the Borrower’s Subsidiaries to the extent that such violation, default or right to require payment could reasonably be expected to have a Material Adverse Effect, and (e) will not result in the creation or imposition of any
Lien on any Collateral, except pursuant to the Deeds of Trust and the Pledge Agreements. 
 (e) No Event of Default has occurred
and is continuing or would result by the execution of this Amendment which constitutes an Event of Default under the Credit Agreement or any Loan Document or would constitute such an Event of Default but for the requirement that notice be given or
time elapse or both. 
 7. References in Loan Documents. All references in any of the Loan Documents to the
“Credit Agreement”, the “Note”, the “Guaranty”, the “Borrower Pledge Agreement”, the “REIT Pledge Agreement”, the “OP Pledge Agreement”, or to the “Loan Documents”, shall, from
and after the Effective Date be deemed to mean and refer to the Credit Agreement, the Note, the Guaranty, the Borrower Pledge Agreement, the REIT Pledge Agreement, the OP Pledge Agreement, and each other Loan Document (as applicable) as amended and
affected by this Amendment. This Amendment shall be deemed to be a “Loan Document” for the purposes of the Credit Agreement and the other Loan Documents. 

  
 7 

 8. Ratification by the Credit Parties. 

(a) Each Credit Party hereby ratifies, affirms and confirms the Loan Documents (as modified by this Amendment), and acknowledges and
agrees that the Loan Documents (as modified by this Amendment) remain in full force and effect and are enforceable against such Credit Party and against the Collateral described therein in accordance with their respective terms. Each Credit Party
hereby further acknowledges and agrees that, as of the Effective Date, the Loan Documents, as amended by this Amendment, are not subject to any defenses, rights of setoff, claims or counterclaims that might limit the enforceability thereof, the
obligations created and evidenced thereby or the terms and provisions thereof. 
 (b) In furtherance of the provisions of
subsection (a) above, and not in limitation or derogation thereof, by its execution of this Amendment, each Guarantor hereby (i) acknowledges and consents to the terms and provisions of this Amendment; (ii) ratifies, affirms and
confirms the Guaranty; (iii) agrees that the Guaranty is and shall remain in full force and effect and that the terms and provisions of the Guaranty cover and pertain to the Guaranteed Obligations (as defined in the Guaranty), Notes, Credit
Agreement and other Loan Documents; (iv) acknowledges that there are no claims or offsets against, or defenses or counterclaims to, the terms and provisions of the Guaranty or other obligations created and evidenced by the Guaranty; and
(v) certifies that the representations and warranties contained in the Guaranty, the Credit Agreement, and the other Loan Documents with respect to each Guarantor remain the true and correct representations and warranties of such Guarantor as
of the Effective Date. 
 9. Security and Liens. All Obligations of the Credit Parties under the Loan Documents,
each as amended by this Amendment, shall be secured by and be entitled to the benefits of, and the Collateral shall remain in all respects subject to the liens, charges and encumbrances of, the Loan Documents, and nothing herein contained, and
nothing done pursuant hereto or in connection herewith shall affect or be construed to affect the liens, charges or encumbrances or conveyances effected thereby or the priority thereof or to release or affect the liability of any party or parties
whomsoever may now, or hereafter be, liable on account of the Obligations. 
 10. No Waiver. This Amendment is
only a modification of the Loan Documents and is not intended to, and shall not be construed to, effect a novation of any Loan Document, or to constitute a modification of, or a course of dealing at variance with, the Loan Documents (each as amended
by this Amendment), such as to require further notice by Lenders or Agent to require strict compliance with the terms the other Loan Documents in the future. 
 11. Release; Set-off. Each Credit Party hereby unconditionally releases and forever discharges Agent, each Lender and their respective officers, directors, shareholders, and employees from
any and all claims, demands, causes of action, expenses, losses and other damages of whatever kind, whether known or unknown, liquidated or unliquidated, at law or in equity, that exists as of the Effective Date in connection with the Credit
Agreement, the Loan Documents and any other documents relating thereto. 
 12. Miscellaneous. 

  
 8 

 (a) All costs and expenses of Agent, including, without limitation, appraisal fees and
reasonable attorney’s fees of counsel to Agent relating to the negotiation, preparation, execution and delivery of this Amendment and all instruments, agreements and documents contemplated hereby, shall be the responsibility of Borrower.

 (b) This Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts
applicable to contracts made and performed within such state. 
 (c) This Amendment may be executed in any number of
counterparts, all of which when taken together shall constitute one agreement binding on the parties hereto, notwithstanding that all parties are not signatories to the same counterpart. 

(d) Delivery of an executed signature page of this Amendment by facsimile transmission or by means of electronic mail (in so-called
“pdf”, “TIF” or any similar format) shall be effective as an in-hand delivery of an original executed counterpart hereof. 
 [The Next Page is the Signature Page] 

  
 9 

 IN WITNESS WHEREOF, the Credit Parties, the Agent and the Lenders have caused this Amendment
to be duly executed by their respective duly authorized officers, as an instrument under seal, as of the date and year first above written. 
  

													
	BORROWERS:	 		 	TNP SRT SECURED HOLDINGS, LLC, a Delaware
limited liability company
					
		 		 		 	By:	 	TNP Strategic Retail Operating Partnership, L.P., its sole member
						
		 		 		 		 	By:	 	TNP Strategic Retail Trust, Inc., its general partner
							
		 		 		 		 		 	By:	 	/s/ Anthony W. Thompson
		 		 		 		 		 	Name:	 	Anthony W. Thompson
		 		 		 		 		 	Title:	 	CEO
				
		 		 		 	TNP SRT MORENO MARKETPLACE, LLC, a
Delaware limited liability company
					
		 		 		 	By	 	TNP SRT Secured Holdings, LLC, a Delaware
limited liability company, its Sole Member
						
		 		 		 		 	By:	 	TNP Strategic Retail Operating Partnership, LP, a
Delaware limited partnership, its Sole Member
							
		 		 		 		 		 	By:	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
							
		 		 		 		 		 	By:	 	/s/ Anthony W. Thompson
		 		 		 		 		 	Name:	 	Anthony W. Thompson
		 		 		 		 		 	Title:	 	CEO
		 		 		 		 		 		 	

 (Signatures continued on next page.) 

[Signature Page to Third Omnibus Amendment/Pinehurst] 

											
		 		 	TNP SRT SAN JACINTO, LLC, a Delaware limited
liability company
				
		 		 	By	 	TNP SRT Secured Holdings, LLC, a Delaware
limited liability company, its Sole Member
					
		 		 		 	By:	 	TNP Strategic Retail Operating Partnership, LP, a
Delaware limited partnership, its Sole Member
						
		 		 		 		 	By:	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
						
		 		 		 		 	By:	 	/s/ Anthony W. Thompson
		 		 		 		 	Name:	 	Anthony W. Thompson
		 		 		 		 	Title:	 	CEO
			
		 		 	TNP SRT CRAIG PROMENADE, LLC, a Delaware
limited liability company
				
		 		 	By	 	TNP SRT Secured Holdings, LLC, a Delaware
limited liability company, its Sole Member
					
		 		 		 	By:	 	TNP Strategic Retail Operating Partnership, LP, a
Delaware limited partnership, its Sole Member
						
		 		 		 		 	By:	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
						
		 		 		 		 	By:	 	/s/ Anthony W. Thompson
		 		 		 		 	Name:	 	Anthony W. Thompson
		 		 		 		 	Title:	 	CEO

 (Signatures continued on next page.)

 [Signature Page to Third Omnibus Amendment/Pinehurst] 

											
		 		 	TNP SRT NORTHGATE PLAZA TUCSON, LLC, a Delaware limited liability company
				
		 		 	By	 	TNP SRT Secured Holdings, LLC, a Delaware
limited liability company, its Sole Member
					
		 		 		 	By:	 	TNP Strategic Retail Operating Partnership, LP, a
Delaware limited partnership, its Sole Member
						
		 		 		 		 	By:	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
						
		 		 		 		 	By:	 	/s/ Anthony W. Thompson
		 		 		 		 	Name:	 	Anthony W. Thompson
		 		 		 		 	Title:	 	CEO
			
		 		 	TNP SRT PINEHURST EAST, LLC, a Delaware
limited liability company
				
		 		 	By	 	TNP SRT Secured Holdings, LLC, a Delaware
limited liability company, its Sole Member
					
		 		 		 	By:	 	TNP Strategic Retail Operating Partnership, LP, a
Delaware limited partnership, its Sole Member
						
		 		 		 		 	By:	 	TNP Strategic Retail Trust, Inc., a Maryland corporation, its General Partner
						
		 		 		 		 	By:	 	/s/ Anthony W. Thompson
		 		 		 		 	Name:	 	Anthony W. Thompson
		 		 		 		 	Title:	 	CEO
			
	AGENT AND	 		 	
	MAJORITY LENDER:	 		 	KEYBANK NATIONAL ASSOCIATION, as Agent and
Lender
				
		 		 	By:	 	/s/ Christopher T. Neil
		 		 		 	     Christopher T. Neil, Senior Relationship Manager

 (Signatures continued on next page.) 
 [Signature Page to Third Omnibus
Amendment/Pinehurst] 

											
	GUARANTORS and	 		 	
	OBLIGORS:	 		 	TNP STRATEGIC RETAIL OPERATING
PARTNERSHIP, L.P., a Delaware limited partnership
				
		 		 	By:	 	TNP Strategic Retail Trust, Inc., its general partner
						
		 		 		 		 	By:	 	/s/ Anthony W. Thompson
		 		 		 		 	Name:	 	Anthony W. Thompson
		 		 		 		 	Title:	 	CEO
			
		 		 	TNP STRATEGIC RETAIL TRUST, INC., a Maryland
corporation
						
		 		 		 		 	By:	 	/s/ Anthony W. Thompson
		 		 		 		 	Name:	 	Anthony W. Thompson
		 		 		 		 	Title:	 	CEO
			
		 		 	THOMPSON NATIONAL PROPERTIES, LLC, a
Delaware limited liability company
						
		 		 		 		 	By:	 	/s/ Anthony W. Thompson
		 		 		 		 	Name:	 	Anthony W. Thompson
		 		 		 		 	Title:	 	CEO
			
		 		 	AWT FAMILY LIMITED PARTNERSHIP, a
California limited partnership
				
		 		 	By:	 	West Coast Health Insurance Services, Inc., a
California corporation, its General Partner
						
		 		 		 		 	By:	 	/s/ Anthony W. Thompson
		 		 		 		 	Name:	 	Anthony W. Thompson
		 		 		 		 	Title:	 	CEO
			
		 		 	/s/ Anthony W. Thompson
		 		 	Anthony W. Thompson

 [Signature
Page to Third Omnibus Amendment/Pinehurst] 

 Schedule 3.05 

Flood Zones; Earthquake or Seismic Areas 
  

							
	  	  	 Flood Zone
	  	 EQ Zone
	  	 Wind Zone

				
	 San Jacinto Esplanade
	  	X Shaded	  	1	  	N/A
				
	 Moreno Marketplace
	  	X Shaded	  	E	  	N/A
				
	 Craig Promenade
	  	X	  	2b	  	I
				
	 Northgate Plaza Shopping Center
	  	X	  	2b	  	I
				
	 Pinehurst Square East
	  	X	  	0	  	II

 Schedule 3.15 

Subsidiaries 
 The
following are the Subsidiaries of TNP Strategic Retail Trust, Inc. as of the date of this Agreement: 
 TNP Strategic Retail Operating
Partnership, L.P. 
 TNP SRT Secured Holdings, LLC 
 TNP SRT Moreno Marketplace, LLC 
 TNP SRT San Jacinto, LLC 

TNP SRT Waianae Mall, LLC 
 TNP SRT Northgate
Plaza Tucson, LLC 
 TNP SRT Craig Promenade, LLC 
 TNP SRT Pinehurst East, LLC 

 Schedule 5.12(a) 

Mortgaged Property Pool 
 San Jacinto Esplanade, San Jacinto, California 
 Moreno Marketplace, Moreno,
California 
 Craig Promenade, North Las Vegas, Nevada 
 Northgate Plaza Shopping Center, Tucson, Arizona 
 Pinehurst Square East, Bismarck,
North Dakota 
 Schedule 5.12(b) 
 Approved Property Pool 
 San Jacinto Esplanade, San Jacinto, California

 Moreno Marketplace, Moreno, California 
 Northgate Plaza Shopping Center, Tucson, Arizona 
 Craig Promenade, North Las Vegas,
Nevada 
 Pinehurst Square East, Bismarck, North Dakota 

 Schedule 6.01 

Existing Liens 
 None.f8k053111ex10i_soligenix.htm

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

This Agreement (the “Agreement”), dated as of May 31, 2011 (the “Effective Date”) by and between Soligenix, Inc., a Delaware corporation having a place of business at 29 Emmons Drive, Suite C-10, Princeton, NJ 08540 (the “Corporation”), and Joseph M. Warusz, an individual (the “Employee”).

W I T N E S S E T H:

WHEREAS, the Corporation desires to employ Employee as Vice President of Administration, Controller and Principal Accounting Officer, and the Employee desires to be employed by the Corporation as Vice President of Administration, Controller and Principal Accounting Officer, all pursuant to the terms and conditions hereinafter set forth;

NOW, THEREFORE, in consideration of the foregoing and the mutual promises and covenants herein contained, it is agreed as follows:

	
1.

	
EMPLOYMENT DUTIES

 

The Corporation engages and employs Employee, and Employee hereby accepts engagement and employment, as Vice President of Administration, Controller and Principal Accounting Officer reporting to the Chief Financial Officer of the Corporation, and shall perform high quality, full-time service to the Corporation to direct, supervise and have responsibility for the accounting and administrative operations of the Corporation, including, but not limited to: (i) recording, performing and overseeing the day to day financial transactions of the Corporation (ii) managing the financial accounts of the Corporation and signing SEC reports and registration statements, as necessary; (iii) assisting in evaluating, negotiating, structuring and implementing business transactions with the Corporation’s customers and suppliers, and (iv) coordinating all human resource related activities for the Corporation and such other activities as may be reasonably requested by the Chief Financial Officer. Employee acknowledges and understands that his employment may entail travel on behalf of the Corporation.

 

	
2.

	
EMPLOYMENT TERM

Employee’s employment hereunder shall be for a period of one (1) year (the “Term”).  At the end of the Term, the Term of employment shall automatically renew for successive one (1) year terms (subject to earlier termination as provided in Section 7 hereof), unless the Corporation or the Employee delivers written notice to the other at least two (2) months prior to the expiration hereof of its or his election not to renew the Term of employment.

	
3.

	
COMPENSATION

As compensation for the performance of Employee’s duties on behalf of the Corporation, Employee shall be compensated as follows:

	
                (a)

	
(i)         The Corporation shall pay Employee an annual base salary (“Base Salary”) of one hundred and seventy-five thousand dollars ($175,000) per annum, payable in accordance with the usual payroll period of the Corporation.

(ii)         Employee shall be entitled to a targeted annual bonus payment of twenty percent (20%) of Employee’s base salary pursuant to the Company’s Compensation Policy, payable at the end of each calendar year in a prorated amount, if necessary.  Such bonus may be adjusted at the discretion of the CEO and the Compensation Committee of the Board of Directors.

 

 

  

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(b) Contingent upon Employee’s acceptance of this Agreement, the Corporation will grant to Employee Options (“Options”) to purchase eight hundred thousand (800,000) shares of Soligenix Common Stock.  200 hundred thousand (200,000) options will vest immediately and the remainder will vest on each three (3) month anniversary of this Agreement at a rate of fifty thousand (50,000) options per quarter while Employee continues to be employed by Corporation.  The exercise price of such Options shall be equal to the market price of Soligenix common stock as of the market close on the business day before the Effective Date of this Agreement.  The Options will be granted pursuant to the Corporation’s Employee Stock Option Plan and the Corporation’s standard Stock Option Agreement.  All vested options shall be exercisable for a period of three months following termination, subject to extension in the discretion of the Stock Option Plan administrator.  Upon a change in control due to merger or acquisition, all Employee options shall become fully vested, and be exercisable for a period of one (1) year after the merger or acquisition (unless such options would have expired sooner pursuant to their terms).  In the event of the death of Employee during the Term, all unvested options shall immediately vest and remain exercisable by Employee’s estate for the remainder of the term of such options.

(c)      The Corporation shall withhold all applicable federal, state and local taxes; social security; workers’ compensation contributions; and such other amounts as may be required by law or agreed upon by the parties with respect to the compensation payable to the Employee pursuant to Section 3(a) hereof.

(d)     The Corporation shall reimburse Employee for all normal, usual and necessary expenses incurred by Employee in furtherance of the business and affairs of the Corporation, including reasonable travel and entertainment, against receipt by the Corporation of appropriate vouchers or other proof of Employee’s expenditures and otherwise in accordance with the policy of the Corporation.

(e)         During the Term, Employee shall be entitled to a maximum of four (4) weeks paid vacation per annum pursuant to the Company’s Vacation Policy.  Unused vacation may be carried over to successive years upon approval of the Chief Executive Officer, in accordance with said policy.

(f)         The Corporation shall make available to Employee and his dependents such medical, disability, life insurance and such other benefits as the Corporation makes available to its other senior officers and directors.  Employee may elect to have the Corporation reimburse Employee for payments made to his own family medical plan; provided, however, that such reimbursement shall not exceed the amount that the Corporation would pay for the Employee to be covered under the medical insurance plan available to Corporation’s other senior officers and directors.

	
4.

	
REPRESENTATIONS AND WARRANTIES BY EMPLOYEE AND CORPORATION

(a)         Employee hereby represents and warrants to the Corporation as follows:

(i)         Neither the execution and delivery of this Agreement nor the performance by Employee of his duties and other obligations hereunder violate or will violate any statute, law, determination or award, or conflict with or constitute a breach or violation (whether immediately, upon the giving of notice or lapse of time or both) of any prior employment agreement, contract, or other instrument to which Employee is a party or by which he is bound.

(ii)         Employee has the full right, power and legal capacity to enter and deliver this Agreement and to perform his duties and other obligations hereunder. This Agreement constitutes the legal, valid and binding obligation of Employee enforceable against him in accordance with its terms. No approvals or consents of any persons or entities are required for Employee to execute and deliver this Agreement or perform his duties and other obligations hereunder.

(b)         The Corporation hereby represents and warrants to Employee as follows:

(i)         The Corporation is duly organized, validly existing and in good standing under the laws of the State of Delaware, with all requisite corporate power and authority to own its properties and conduct its business in the manner presently contemplated.

(ii)         The Corporation has full power and authority to enter into this Agreement and to incur and perform its obligations hereunder. This Agreement constitutes the legal, valid and binding obligation of the Corporation enforceable against it in accordance with its terms. Except as expressly set forth herein, no approvals or consents of any persons or entities are required for Corporation to execute and deliver this Agreement or perform its duties and other obligations hereunder.

 

 

  

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(iii)    The execution, delivery and performance by the Corporation of this Agreement does not conflict with or result in a breach or violation of or constitute a default under (whether immediately, upon the giving of notice or lapse of time or both) the certificate of incorporation or by-laws of the Corporation, or any agreement or instrument to which the Corporation is a party or by which the Corporation or any of its properties may be bound or affected.

5.          NON-COMPETITION

(a)           Employee understands and recognizes that his services to the Corporation are special and unique and agrees that, during the term of this Agreement and for a period of two (2) years following the termination of the Employee’s employment with the Corporation (or one (1) year in the event that the Employee is terminated within 1 year of the Effective Date), employee shall not in any manner, directly or indirectly, on behalf of himself or any person, firm, partnership, joint venture, corporation or other business entity (‘Person”), enter into or engage in any business competitive with the Corporation’s business or research activities, either as an individual for his own account, or as a partner, joint venturer, executive, agent, consultant, salesperson, officer, director of a Person operating or intending to operate in the area of the use of any of the compounds owned or licensed by the Corporation during the time of his employ.

(b)           During the Term and for two (2) years (or one (1) year in the event that the Employee is terminated within 1 year of the Effective Date) following the termination of the Employee’s employment with the Corporation, Employee shall not, directly or indirectly, without the prior written consent of the Corporation:

(i)      interfere with, disrupt or attempt to disrupt any past, present or prospective relationship, contractual or otherwise, between the Corporation and any of its licensors, licensees, clients, customers, suppliers, employees, consultants or other related parties, or solicit or induce for hire any of the employees or agents of the Corporation, or any such individual who in the past was employed or retained by the Corporation within six (6) months of the termination of said individual’s employment or retention by the Corporation; or

(ii)      solicit or accept employment or be retained by any party who, at any time during the Term of this Agreement (or any renewal or extension thereof), was a customer or supplier of the Corporation or any of its Affiliates, or any licensor or licensee thereof where the Employee’s position will be related to the business of the Corporation.

(c)            In the event that Employee breaches any provisions of this Section 5 or there is a threatened breach, then, in addition to any other rights which the Corporation may have, the Corporation shall be entitled without the posting of a bond or other security to injunctive relief to enforce the restrictions contained herein.

	
6.

	
CONFIDENTIAL INFORMATION

(a)         Employee agrees that during the course of his employment and  at any time within five (5) years after termination, he will not disclose or make accessible to any other person, the Corporation’s or any of its subsidiaries’ or affiliates’, (collectively the “Affiliates”) products, services and technology, both current and under development, promotion and marketing programs, business plans, lists, customer lists, product or licensing opportunities, investor lists, trade secrets and all other confidential and proprietary business information of the Corporation or the Affiliates. Employee agrees: (i) not to use any such information for himself or others; and (ii) not to take any such material or reproductions thereof in any form or media from the Corporation’s facilities at any time during his employment by the Corporation, except as required in Employee’s duties to the Corporation. Employee agrees immediately to return all such material and reproductions thereof in his possession to the Corporation upon request and in any event upon termination of employment.

(b)         Except with prior written authorization by the Corporation, Employee agrees not to disclose or publish any of the confidential, technical or business information or material of the Corporation, to any suppliers, licensors, licensees, customers, partners or other third parties to whom the Corporation owes an obligation of confidence, at any time during or after his employment with the Corporation.

 

 

  

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(c)         Employee hereby assigns to the Corporation all right, title and interest he may have or acquire in all inventions (including patent rights) developed by Employee during the term of this Agreement (hereinafter the “Inventions”) and agrees that all Inventions shall be the sole property of the Corporation and its assigns, and the Corporation and its assigns shall be the sole owner of all patents, copyrights and other rights in connection therewith. Employee further agrees to assist the Corporation in every proper way (but at the Corporation’s expense) to obtain and from time to time enforce patents, copyrights or other rights on said Inventions in any and all countries. Employee hereby irrevocably designates counsel to the Corporation as Employee’s agent and attorney-in-fact to do all lawful acts necessary to apply for and obtain patents and copyrights and to enforce the Corporation’s rights under this Section. This Section shall survive the termination of this Agreement for any reason.

(d)         The Employee recognizes that in the course of his duties hereunder, he may receive from Affiliates or others information which may be considered “material, nonpublic information” concerning a public company that is subject to the reporting requirements of the Securities and Exchange Act of 1934, as amended. The Employee agrees not to:

(i)          Buy or sell any security, option, bond or warrant while in possession of relevant material, nonpublic information received from Affiliates or others in connection herewith;

(ii)       Provide Affiliates with information with respect to any public company that may be considered material, nonpublic information; or

(iii)       Provide any person with material, nonpublic information, received from Affiliates, including any relative, associate, or other individual who intends to, or may otherwise directly or indirectly benefit from, such information.

	
7.

	
TERMINATION

(a)         The Employee’s employment hereunder shall begin on the Effective Date and shall continue for the period set forth in Section 2 hereof unless renewed by mutual agreement or sooner terminated upon the first to occur of the following events:

(i)         The death of the Employee;

(ii)         Six months following the merger or consolidation in which either more than fifty percent of the voting power of the Corporation is transferred or the Corporation is not the surviving entity, or sale or other disposition of all or substantially all the assets of the Corporation;

(iii)    Termination by the Board of Directors of the Corporation for Just Cause.  Any of the following actions by the Employee shall constitute “Just Cause”:

(A)          Material breach by the Employee of Section 1, Section 5, Section 6 or Section 8 of this Agreement;

(B)          Material breach by the Employee of any provision of this Agreement other than Section 5, Section 6 or Section 8 which is not cured by the Employee within thirty (30) days of notice thereof from the Corporation;

(C)          Employee’s failure to use his best efforts, as determined in the sole and absolute discretion of the Corporation, to take all action agreed to in writing by Employee and the Corporation   to reactivate Employee’s CPA by no later than the filing of the Corporation’s Form 10-K for the fiscal year ending December 31, 2011;

  

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(D)          Any action by the Employee to intentionally harm the Corporation or any action of gross negligence by the Employee;

(E)          The conviction of the Employee of a felony.

(b)        Upon termination by the Corporation pursuant to either subparagraph (i) or (iii) of paragraph (a) above, the Employee (or his estate in the event of termination pursuant to subparagraph (i)) shall be entitled to receive the Base Salary accrued but unpaid as of the date of termination, including any vacation time accrued but not taken.

 

(c)       Upon termination by the Corporation without Just Cause or pursuant to subparagraph (ii) of paragraph (a) above, then the term of the Agreement as set forth in Section 2 hereof shall be deemed to have been terminated as of such date and the Corporation shall pay to the Employee, (A) Base Salary unpaid as of the date of termination, (B) severance equal to his annual rate of Base Salary in effect as of the date of termination payable at said rate in accordance with the Corporation’s payroll practices for a three month period (subject to set-off) (“Severance Pay”), and any vacation accrued but not taken as of the date of termination.  Notwithstanding anything herein to the contrary, the Employee shall not be entitled to the Severance Pay unless he executes and delivers to the Corporation a general release of claims in such form as determined by the Corporation (the “Release”) and such Release becomes effective and irrevocable within sixty (60) days following the date of termination or resignation.  Any Severance Pay required under this Section 7(c) shall commence on the first payroll date coincident or immediately following the sixtieth (60th) day following the Employee’s date of termination.  Notwithstanding anything herein to the contrary, each payment of Severance Pay shall be deemed to be a separate payment within the meaning of Section 409A of the Code and the regulations thereunder.  Health benefits will also be maintained for Employee (or his dependents in the event of termination pursuant to subparagraph (i)) by Company during severance period.  No unvested options shall vest beyond the termination date, except where previously noted in Section 3(b) or at the discretion of the Stock Option Plan Administrator.  For purposes of payments under this Agreement that are subject to (and not exempt from) Section 409A of the Code that are payable upon the Employee's "termination of employment," such term shall instead mean "separation from service" within the meaning of Section 409A and the Treasury Regulations promulgated thereunder.

(d)           Notwithstanding anything to the contrary in this Agreement, if the Employee is determined by the Corporation to be a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i) at the time of the Employee’s separation from service with the Corporation and if any payment or benefit to which the Employee become entitled to under this Agreement would be considered deferred compensation subject to interest and additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, no such payment or benefit payable or provided to the Employee prior to the earlier of (i) the expiration of the six (6) month period following the date of the Employee’s “separation from service” (as such term is defined by Code Section 409A and the regulations promulgated thereunder), or (ii) the date of the Employee’s death, but only to the extent such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2).   The payments and benefits to which the Employee would otherwise be entitled during the first six (6) months following separation from service shall be accumulated and paid or provided, as applicable, in a lump sum, on the date that is six (6) months and one day following the Employee’s separation from service (or if such date does not fall on a business day of the Corporation, the next following business day) and any remaining payments or benefits will be paid in accordance with the normal payment dates specified for them herein.

 

8.             NON-DISPARAGEMENT.

 

The Employee agrees that during the Term, or any renewal or extension thereof, or at any time thereafter, the Employee will not make any statements, comments or communications in any form, oral, written or electronic to any persons, including but not limited to any “Media” (as defined below) or any customer, client, investor or supplier of the Corporation or any of its Affiliates, which would constitute libel, slander or disparagement of the Corporation or any of its Affiliates, including, without limitation, any such statements, comments or communications that criticize, ridicule or are derogatory to the Corporation or any of its Affiliates; provided, however, that the terms of this Section 8 shall not apply to communications between the Employee and, as applicable, the Employee’s attorneys or other persons with whom communications would be subject to a claim of privilege existing under common law, statute or rule of procedure. The Employee further agrees that the Employee will not in any way solicit any such statements, comments or communications from others.  For the purposes of this Agreement, the term “Media” includes, without limitation, any news organization, station, publication, show, website, web log (blog), bulletin board, chat room and/or program (past, present and/or future), whether published through the means of print, radio, television and/or the Internet or otherwise, and any member, representative, agent and/or employee of the same.

 

 

  

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9.             NOTICES

Any notice or other communication under this Agreement shall be in writing and shall be deemed to have been given: when delivered personally against receipt therefor; one (1) day after being sent by Federal Express or similar overnight delivery; or three (3) days after being mailed registered or certified mail, postage prepaid, return receipt requested, to either party at the address set forth above, or to such other address as such party shall give by notice hereunder to the other party.

10.           SEVERABILITY OF PROVISIONS

If any provision of this Agreement shall be declared by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced in whole or in part, such provision shall be interpreted so as to remain enforceable to the maximum extent permissible consistent with applicable law and the remaining conditions and provisions or portions thereof shall nevertheless remain in full force and effect and enforceable to the extent they are valid, legal and enforceable, and no provision shall be deemed dependent upon any other covenant or provision unless so expressed herein.

11.           ENTIRE AGREEMENT MODIFICATION

This Agreement contains the entire agreement of the parties relating to the subject matter hereof, and the parties hereto have made no agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth herein. No modification of this Agreement shall be valid unless made in writing and signed by the parties hereto.

12.           BINDING EFFECT

The rights, benefits, duties and obligations under this Agreement shall inure to, and be binding upon, the Corporation, its successors and assigns, and upon Employee and his legal representatives. This Agreement constitutes a personal service agreement, and the performance of Employee’s obligations hereunder may not be transferred or assigned by Employee.

13.           NON-WAIVER

The failure of either party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement shall not be construed as a waiver or relinquishment of future compliance therewith, and said terms, conditions and provisions shall remain in full force and effect. No waiver of any term or condition of this Agreement on the part of either party shall be effective for any purpose whatsoever unless such waiver is in writing and signed by such party.

14.           GOVERNING LAW

This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New Jersey without regard to principles of conflict of laws.

15.           CONSENT TO JURISDICTION

 

The parties hereto agree that any action or proceeding, however characterized, relating to or arising in connection with this Agreement shall be maintained in the courts of the state of New Jersey and the parties hereby irrevocably submit to the exclusive jurisdiction of any such court for the purposes of any action or proceeding and irrevocably agree to be bound by any judgment rendered by any such court with respect to any such action or proceeding.  The parties hereby waive any objection they may now or hereafter have to the venue of any such action or proceeding in any such court and any claim that sets action or proceeding has been brought in an inconvenient forum.

 

 

  

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16.           VOID PROVISIONS

 

If any provision of this Agreement, as applied to either party or to any circumstances, shall be found by a court of competent jurisdiction to be unenforceable but would be enforceable if some part were deleted or the period or area of application were reduced, then such provision shall apply with the modification necessary to make it enforceable, and shall no way affect any other provision of this Agreement or the validity or enforceability of this Agreement.

17.           HEADINGS

The headings of paragraphs are inserted for convenience and shall not affect any interpretation of this Agreement.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

SOLIGENIX, INC.

By: /s/ Christopher J. Schaber                                                                

Christopher J. Schaber, PhD

Chief Executive Officer

EMPLOYEE:

By: /s/ Joseph M. Warusz                                                                

Joseph M. Warusz

 

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