Document:

Exhibit 10.3

 

LOCK-UP AGREEMENT

 

THIS LOCK-UP AGREEMENT
(this "Agreement") is dated as of February 11, 2022, by and between the undersigned stockholder (the "Holder")
and SPK Acquisition Corp., a Delaware corporation (the "Parent").

 

A.          Contemporaneously
with entering into this Agreement, Parent, SPK Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Parent,
and Varian Biopharmaceuticals, Inc., a Florida corporation (the "Company") (as amended from time to time, the
"Merger Agreement").

 

B.           Capitalized terms
used, but not otherwise defined herein, shall have the meanings ascribed to such terms in the Merger Agreement.

 

C.           Pursuant to the Merger
Agreement, Parent will become the 100% stockholder of the Company.

 

D.           The Holder is the
record and/or beneficial owner of certain shares of Company Common Stock, which will be exchanged for shares of Parent Common Stock
pursuant to the Merger Agreement.

 

E.           As a condition of,
and as a material inducement for Parent and the Company to enter into and consummate the transactions contemplated by the Merger
Agreement, the Holder has agreed to execute and deliver this Agreement, which shall be effective as of the Closing Date of the
Merger.

 

                NOW,
THEREFORE, for and in consideration of the mutual covenants and agreements set forth herein, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 

AGREEMENT

 

1.            Lock-up.

 

(a)Subject
to Section 1(b) below, during the Lock-up Period, the Holder agrees that he, she or it will not offer, sell, contract to sell,
pledge or otherwise dispose of, directly or indirectly, any of the Lock-up Shares (as defined below), enter into a transaction
that would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of
the economic consequences of ownership of the Lock-up Shares or otherwise, publicly disclose the intention to make any offer, sale,
pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement, or engage in any Short Sales (as defined
below) with respect to the Lock-up Shares.

 

(b)In
furtherance of the foregoing, during the Lock-up Period, Parent will (i) place a stop order on all the Lock-up Shares, including
those which may be covered by a registration statement, and (ii) notify Parent's transfer agent in writing of the stop order and
the restrictions on the Lock-up Shares under this Agreement and direct Parent's transfer agent not to process any attempts by the
Holder to resell or transfer any Lock-up Shares, except in compliance with this Agreement.

 

    	 

    	 

    

 

(c)For
purposes hereof, "Short Sales" include, without limitation, all "short sales" as defined in Rule 200
of Regulation SHO under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and all types of
direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a
total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers.

 

(d)The
term "Lock-up Period" means the date that is six (6) months after the Closing Date (as defined in the Merger Agreement).

 

2.            Beneficial
Ownership. The Holder hereby represents and warrants that it does not beneficially own, directly or through its nominees (as
determined in accordance with Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder), any shares
of Parent Common Stock, or any economic interest in or derivative of such shares, other than those shares of Parent Common Stock
issued pursuant to the Merger Agreement. For purposes of this Agreement, the Merger Consideration Shares beneficially owned by
the Holder, together with any other shares of Parent Common Stock, and including any securities convertible into, or exchangeable
for, or representing the rights to receive Parent Common Stock, if any, acquired during the Lock-up Period are collectively referred
to as the "Lock-up Shares," provided, however, that such Lock-up Shares shall not include shares
of Parent Common Stock acquired by such Holder in open market transactions during the Lock-up Period.

 

Notwithstanding the foregoing,
and subject to the conditions below, the undersigned may transfer Lock-up Shares in connection with (a) transfers or distributions
to the Holder's direct or indirect affiliates (within the meaning of Rule 405 under the Securities Act of 1933, as amended (the
"Securities Act")) or to the estates of any of the foregoing; (b) transfers by bona fide gift to a member of the
Holder's immediate family or to a trust, the beneficiary of which is the Holder or a member of the Holder's immediate family for
estate planning purposes; (c) by virtue of the laws of descent and distribution upon death of the Holder; (d) pursuant to a qualified
domestic relations order; (e) transfers to Parent's officers, directors or their affiliates; (f) transfers pursuant to a bona fide
third-party tender offer, merger, stock sale, recapitalization, consolidation or other transaction involving a change of control
of Parent; provided, however, that in the event that such tender offer, merger, recapitalization, consolidation or
other such transaction is not completed, the Lock-up Shares subject to this Agreement shall remain subject to this Agreement; (g)
the establishment of a trading plan pursuant to Rule 10b5-1 promulgated under the Exchange Act; provided, however,
that such plan does not provide for the transfer of Lock-up Shares during the Lock-up Period; (h) transfers to satisfy tax withholding
obligations in connection with the exercise of options to purchase shares of Parent Common Stock or the vesting of stock-based
awards; and (i) transfers in payment on a "net exercise" or "cashless" basis of the exercise or purchase price
with respect to the exercise of options to purchase shares of Parent Common Stock; provided, however, that, in the
case of any transfer pursuant to the foregoing (a) through (e) clauses, it shall be a condition to any such transfer that (i) the
transferee/donee agrees in writing (a copy of which shall be provided by the Holder to the parties hereto and to Continental Stock
and Transfer Company), to be bound by the terms of this Agreement (including, without limitation, the restrictions set forth in
the preceding sentence) to the same extent as if the transferee/donee were a party hereto; and (ii) each party (donor, donee, transferor
or transferee) shall not be required by law (including without limitation the disclosure requirements of the Securities Act and
the Exchange Act) to make, and shall agree to not voluntarily make, any filing or public announcement of the transfer or disposition
prior to the expiration of the Lock-up Period. The Holder hereby covenants to Parent that the Holder will give notice to Parent
of any transfer of Lock-up Shares pursuant to this Section 2 of the Agreement, with such notice given in accordance with Section
5 of this Agreement.

 

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3.            Representations
and Warranties. Each of the parties hereto, by their respective execution and delivery of this Agreement, hereby represents
and warrants to the other that (a) such party has the full right, capacity and authority to enter into, deliver and perform its
respective obligations under this Agreement, (b) this Agreement has been duly executed and delivered by such party and is a binding
and enforceable obligation of such party and, enforceable against such party in accordance with the terms of this Agreement, and
(c) the execution, delivery and performance of such party's obligations under this Agreement will not conflict with or breach the
terms of any other agreement, contract, commitment or understanding to which such party is a party or to which the assets or securities
of such party are bound. The Holder has independently evaluated the merits of his/her/its decision to enter into and deliver this
Agreement, and such Holder confirms that he/she/it has not relied on the advice of Company, Company's legal counsel, or any other
person.

 

4.            No
Additional Fees/Payment. Other than the consideration specifically referenced herein, the parties hereto agree that no fee,
payment or additional consideration in any form has been or will be paid to the Holder in connection with this Agreement.

 

5.            Notices.
Any notices required or permitted to be sent hereunder shall be sent in writing, addressed as specified below, and shall be deemed
given: (a) if by hand or recognized courier service, by 4:00PM on a Business Day, addressee's day and time, on the date of delivery,
and otherwise on the first Business Day after such delivery; (b) if by email, on the date that transmission is confirmed electronically,
if by 4:00PM on a Business Day, addressee's day and time, and otherwise on the first Business Day after the date of such confirmation;
or (c) five days after mailing by certified or registered mail, return receipt requested. Notices shall be addressed to the respective
parties as follows (excluding telephone numbers, which are for convenience only), or to such other address as a party shall specify
to the others in accordance with these notice provisions:

 

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(a)If
to Company, to:

 

Varian Biopharmaceuticals, Inc.

4851 Tamiami Trail North, Suite 200

Naples, FL 34103

Attn: Jeff Davis

E-mail: jdavis@varianbio.com

 

with a copy (which shall not constitute notice) to:

 

Dorsey & Whitney LLP

111 South Main Street

Suite 2100

Salt Lake City, UT

Attn: Anthony W. Epps

E-mail: epps.anthony@dorsey.com

 

if to Parent:

 

SPK Acquisition Corp.

Xuhuiqu Wulumuqizhonglu 99 Nong 

Building 1 #502

Shanghai China, 200031

Attn: Sophie Ye Tao

E-mail: sophie@spkacq.com

 

with a copy (which shall not constitute notice) to:

 

Loeb & Loeb LLP

345 Park Ave

New York, NY 10154

Attention: Mitchell S. Nussbaum

Fax: 212.504.3013

E-mail: mnussbaum@loeb.com

 

(b)If
to the Holder, to the address set forth on the Holder's signature page hereto, with a copy, which shall not constitute notice,
to:

___________________________________

 

___________________________________

 

___________________________________

 

Attn: ______________________________ 

 

E-mail:______________________________

 

6.            Termination.
This Agreement shall terminate automatically upon, and concurrently with, the Closing or the termination of the Merger Agreement,
each in accordance with the terms of the Merger Agreement. In the event of the termination of this Agreement, this Agreement shall
forthwith become null and void, there shall be no liability on the part of any of the parties, and all rights and obligations of
each party hereto shall cease; provided, however, that no such termination of this Agreement shall relieve any party hereto from
any liability for any breach of any provision of this Agreement prior to such termination.

 

7.             Enumeration
and Headings. The enumeration and headings contained in this Agreement are for convenience of reference only and shall not
control or affect the meaning or construction of any of the provisions of this Agreement.

 

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8.            Counterparts.
This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which shall constitute one
agreement. This Agreement shall become effective upon delivery to each party of an executed counterpart or the earlier delivery
to each party of original, photocopied, or electronically transmitted signature pages that together (but need not individually)
bear the signatures of all other parties.

 

9.            Successors
and Assigns. This Agreement and the terms, covenants, provisions and conditions hereof shall be binding upon, and shall inure
to the benefit of, the respective heirs, successors and assigns of the parties hereto. The Holder hereby acknowledges and agrees
that this Agreement is entered into for the benefit of and is enforceable by Company and its successors and assigns.

 

10.          Severability.
If any provision of this Agreement is held to be invalid or unenforceable for any reason, such provision will be conformed to prevailing
law rather than voided, if possible, in order to achieve the intent of the parties and, in any event, the remaining provisions
of this Agreement shall remain in full force and effect and shall be binding upon the parties hereto.

 

11.         Amendment.
This Agreement may be amended or modified by written agreement executed by each of the parties hereto.

 

12.           Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

13.          No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

14.          Dispute
Resolution. Each of Section 11.15 (Waiver of Jury Trial) and 11.16 (Submission to Jurisdiction) of the Merger Agreement is
incorporated by reference herein to apply with full force to any disputes arising under this Agreement.

 

15.          Governing
Law. Section 11.7 (Governing Law) of the Merger Agreement is incorporated by reference herein to apply with full force to any
disputes arising under this Agreement.

 

16.          Controlling
Agreement. To the extent the terms of this Agreement (as amended, supplemented, restated or otherwise modified from time to
time) directly conflicts with any provision in the Merger Agreement, the terms of this Agreement shall control.

 

[Signature Page Follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Lock-up Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.

 

	 	PARENT:
	 	 	 
	 	SPK Acquisition Corp.
	 	 	 
	 	By:	/s/ Sophie Ye Tao
	 	Name:	Sophie Ye Tao
	 	Title:	Chief Executive Officer

 

[Signature Page to Lock-Up Agreement]

    	 

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Lock-up Agreement to be duly executed by their respective authorized signatories as of the date
first indicated above.

 

	 	KEYSTONE
CAPITAL PARTNERS, LLC
	 	 
	 	By:	/s/
Fredric G. Zaino
	 	Name: 	Fredric G. Zaino
	 	Title: 	Founder
	 	 
	 	Address
for Notice:
	 	 
	 	 
	 	 
	 	 
	 	Attention:
	 	 
	 	 
	 	 
	 	Email: 	fz@keystone-cp.com

 

[Signature Page to Lock-Up Agreement]

    	 

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Lock-up Agreement to be duly executed by their respective authorized signatories as of the date
first indicated above.

 

	 	PAUL
    E. MANN
	 	 
	 	/s/
    Paul E. Mann
	 	Paul
    E. Mann
	 	 
	 	Address
    for Notice:
	 	 
	 	 
	 	 
	 	 
	 	Attention:
	 	 
	 	 
	 	 
	 	Email:	pmann@varianbio.com

 

[Signature Page to Lock-Up Agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Lock-up Agreement to be duly executed by their respective authorized signatories as of the date
first indicated above.

 

	 	TODD WIDER
	 	 
	 	/s/
    Todd Wider
	 	Todd Wider
	 	 
	 	Address
    for Notice:
	 	 
	 	 
	 	 
	 	 
	 	Attention:
	 	 
	 	 
	 	 
	 	Email:	toddwider@gmail.com

 

[Signature Page to Lock-Up Agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Lock-up Agreement to be duly executed by their respective authorized signatories as of the date
first indicated above.

 

 

	 	JEFFREY
B. DAVIS
	 	 
	 	/s/
    Jeffrey B. Davis
	 	Jeffrey B. Davis
	 	 
	 	Address
    for Notice:
	 	 
	 	 
	 	 
	 	 
	 	Attention:
	 	 
	 	 
	 	 
	 	Email:	jdavis@varianbio.com

 

[Signature Page to Lock-Up Agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Lock-up Agreement to be duly executed by their respective authorized signatories as of the date
first indicated above.

 

 

	 	JONATHAN
LEWIS, M.D., PhD
	 	 
	 	/s/
Jonathan Lewis
	 	Jonathan
Lewis, M.D. PhD
	 	 
	 	Address
    for Notice:
	 	 
	 	 
	 	 
	 	 
	 	Attention:
	 	 
	 	 
	 	 
	 	Email:	jlewis@varianbio.com

 

[Signature Page to Lock-Up
Agreement]Document

Exhibit 4.2

Description of Common Stock
Our authorized common stock consists of:
							
		

	
		•    1,925,000,000 shares of common stock.	
			

Each authorized share of common stock has a par value of $1.00. As of December 31, 2021, 743,059,384 shares of common stock were outstanding, and 193,828,737 shares of common stock were held as treasury shares. 

In the discussion that follows, we have summarized the material provisions of our restated certificate of incorporation and by-laws relating to our common stock. This discussion is subject to the relevant provisions of Delaware law and is qualified in its entirety by reference to our restated certificate of incorporation and by-laws. You should read the provisions of the restated certificate of incorporation and by-laws as currently in effect for more details regarding the provisions described below and for other provisions that may be important to you. 

Common Stock

Each share of common stock has one vote in the election of each director and on all other matters voted on generally by the stockholders. No share of common stock affords any cumulative voting rights. This means that the holders of a majority of the voting power of the shares voting for the election of directors can elect all directors to be elected if they choose to do so. Holders of common stock will be entitled to dividends in such amounts and at such times as our board of directors in its discretion may declare out of funds legally available for the payment of dividends. Dividends on the common stock will be paid at the discretion of our board of directors after taking into account various factors, including:
    
•    our financial condition and performance;
    
•    our cash needs and capital investment plans;
    
•    our obligations to holders of any preferred stock we may issue;
    
•    income tax consequences; and

•    the restrictions Delaware and other applicable laws then impose.

In addition, the terms of the loan agreements, indentures and other agreements we enter into from time to time may restrict the payment of cash dividends.

If we liquidate or dissolve our business, the holders of common stock will share ratably in all assets available for distribution to stockholders after our creditors are paid in full and the holders of all series of our outstanding preferred stock, if any, receive their liquidation preferences in full.

The common stock has no preemptive rights and is not convertible or redeemable or entitled to the benefits of any sinking or repurchase fund. All issued and outstanding shares of common stock are fully paid and nonassessable. Any shares of common stock we may offer and sell under this prospectus will also be fully paid and nonassessable.

Our outstanding shares of the common stock are listed on the New York Stock Exchange and trade under the symbol “MRO.” Any additional shares of common stock we may offer and sell under this prospectus will also be listed on the New York Stock Exchange.

The transfer agent and registrar for the common stock is Computershare Trust Company, N.A.

Limitation on Directors’ Liability

Delaware law authorizes Delaware corporations to limit or eliminate the personal liability of their directors to them and their stockholders for monetary damages for breach of a director’s fiduciary duty of care. The duty of care requires that, when acting on behalf of the corporation, directors must exercise an informed business judgment based on all material information reasonably available to them. Absent the limitations Delaware law authorizes, directors of Delaware corporations are accountable to those corporations and their stockholders for monetary damages for conduct constituting gross negligence in the exercise of their duty of care. Delaware law enables Delaware corporations to limit available relief to equitable remedies such as injunction or rescission. Our restated certificate of incorporation limits the liability of the members of our board of directors by providing that no director will be personally liable to us or our stockholders for monetary damages for any breach of the director’s fiduciary duty as a director, except for liability:

•    for any breach of the director’s duty of loyalty to us or our stockholders;
    
•    for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;
    
•    for unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law; and
    
•    for any transaction from which the director derived an improper personal benefit.

This provision could have the effect of reducing the likelihood of derivative litigation against our directors and may discourage or deter our stockholders or management from bringing a lawsuit against our directors for breach of their duty of care, even though such an action, if successful, might otherwise have benefited us and our stockholders. Our by-laws provide indemnification to our officers and directors and other specified persons with respect to their conduct in various capacities.

Statutory Business Combination Provision

As a Delaware corporation, we are subject to Section 203 of the Delaware General Corporation Law. In general, Section 203 prevents an “interested stockholder,” which is defined generally as a person owning 15% or more of a Delaware corporation’s outstanding voting stock or any affiliate or associate of that person, from engaging in a broad range of “business combinations” with the corporation for three years following the date that person became an interested stockholder unless:

•    before that person became an interested stockholder, the board of directors of the corporation approved the transaction in which that person became an interested stockholder or approved the business combination;

•    on completion of the transaction that resulted in that person’s becoming an interested stockholder, that person owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, other than stock held by (1) directors who are also officers of the corporation or (2) any employee stock plan that does not provide employees with the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
    
•    following the transaction in which that person became an interested stockholder, both the board of directors of the corporation and the holders of at least two-thirds of the outstanding voting stock of the corporation not owned by that person approve the business combination.
				
	

	

Under Section 203, the restrictions described above also do not apply to specific business combinations proposed by an interested stockholder following the announcement or notification of designated extraordinary transactions involving the corporation and a person who had not been an interested stockholder during the previous three years or who became an interested stockholder with the approval of a majority of the corporation’s directors, if a majority of the directors who were directors prior to any person’s becoming an interested stockholder during the previous three years, or were recommended for election or elected to succeed those directors by a majority of those directors, approve or do not oppose that extraordinary transaction.

Other Matters

Some of the provisions of our restated certificate of incorporation and by-laws discussed below may have the effect, either alone or in combination with the provisions of our restated certificate of incorporation discussed above and Section 203 of the Delaware General Corporation Law, of making more difficult or discouraging a tender offer, proxy contest, merger or other takeover attempt that our board of directors opposes but that a stockholder might consider to be in its best interest.

Our restated certificate of incorporation provides that our stockholders may act only at an annual or special meeting of stockholders and may not act by written consent. Our by-laws provide that special meetings may be called by our board of directors or upon the written request of stockholders who individually, or collectively, have continuously held 20% or more of the outstanding shares of our common stock for at least one year prior to the date we receive such request.

Our restated certificate of incorporation provides that the number of directors will be fixed from time to time by, or in the manner provided in, our by-laws, but will not be less than three.

Our by-laws contain advance-notice and other procedural requirements that apply to stockholder nominations of persons for election to our board of directors at any annual meeting of stockholders and to stockholder proposals that stockholders take any other action at any annual meeting. A stockholder proposing to nominate a person for election to the board of directors or proposing that any other action be taken at an annual meeting of stockholders must give our corporate secretary written notice of the proposal not less than 90 days and not more than 120 days before the first anniversary of the date on which we first mailed our proxy materials for the immediately preceding year’s annual meeting of stockholders. These stockholder proposal deadlines are subject to exceptions if the pending annual meeting date is more than 30 days prior to or more than 30 days after the first anniversary of the immediately preceding year’s annual meeting. Our by-laws prescribe specific information that any such stockholder notice must contain. These advance-notice provisions may have the effect of precluding a 

contest for the election of directors or the consideration of stockholder proposals if the proper procedures are not followed, and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal, without regard to whether consideration of those nominees or proposals might be harmful or beneficial to us and our stockholders.

In addition to the director nomination provisions described above, our by-laws contain a “proxy access” provision that provides that any stockholder or group of twenty or fewer stockholders (collectively, an “eligible stockholder”) who have owned 3% or more of our outstanding common stock continuously for at least three years, meeting specified eligibility requirements, may include up to a specified number of director nominees in our proxy materials for an annual meeting. An eligible stockholder proposing to nominate a person for election to the board of directors through the proxy access provision must provide us with a notice requesting the inclusion of the director nominee in our proxy materials and other required information not less than 90 days nor more than 120 days prior to the first anniversary of the date on which we first mail our proxy materials for the preceding year’s annual meeting of stockholders. The maximum number of stockholder nominees that may be included in the proxy statement pursuant to these provisions may not exceed 25% of the number of directors in office as of the last day on which notice requesting proxy access may be delivered by an eligible stockholder. In addition an eligible stockholder may include a written statement of not more than 500 words supporting the candidacy of such stockholder nominee. The complete proxy access provision for director nominations are set forth in our by-laws. 

Our restated certificate of incorporation provides that our stockholders may adopt, amend and repeal our by-laws at any regular or special meeting of stockholders by an affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote on that action, provided the notice of intention to adopt, amend or repeal the by-laws has been included in the notice of that meeting.

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