Document:

EX 10.4 Separation Agreement and Release - Gibeau

EXHIBIT 10.4

SEPARATION AGREEMENT AND RELEASE

SUMMARY OF TERMS

		
	Employee
	Frank Gibeau

		
	Employment Start Date:
	On or about October 22, 1991

		
	Separation Date:
	May 18, 2015

		
	Agreement Date:
	May 18, 2015

		
	Effective Date of Agreement:
	The eighth (8th) day after the Agreement is signed by Employee

		
	Deadline for Employee’s Signature:
	June 8, 2015

		
	Separation Pay:
	$390,385.00 (gross)

		
	Additional Separation Pay in Lieu of FY15 Bonus:
	$816,000.00 (gross)

		
	Payment Date:
	7 days from the Effective Date of Agreement or on Separation Date, whichever is later

		
	Stock Vesting to Continue Through:
	May 18, 2015

		
	Health Benefits Continue Through:
	August 31, 2015

	
			
	Separation Agreement and Release
	1
	Frank Gibeau

	California (Over 40 - 21 Days) (Rev. August 2014)
	 

SEPARATION AGREEMENT AND MUTUAL RELEASE

This SEPARATION AGREEMENT AND MUTUAL RELEASE (this “Agreement”), including and incorporating by reference the attached Summary of Terms and the definitions for the capitalized terms set forth therein, is made by and between Electronic Arts Inc., a Delaware corporation, with its principal place of business at 209 Redwood Shores Parkway, Redwood City, California 94065-1175 (“EA”) and Employee.  This Agreement is made as of the Agreement Date and shall become effective as of the Effective Date.

A.    Employee has been employed by EA since the Employment Start Date.

B.    The Employee’s employment with EA terminated as of the Separation Date.

C.    EA and Employee desire to reach an agreement as to the rights, benefits and obligations of the parties arising out of Employee’s employment by EA and the severance of such employment. 

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth below, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, EA and Employee agree as follows:

1.    Employee’s Separation from Employment.    The relationship between Employee and EA shall cease to exist as of the Separation Date.

2.    Separation Payment To Employee.    In consideration for Employee’s execution, and fulfillment of the terms and conditions of this Agreement, EA will pay Employee the Separation Pay and the Additional Separation Pay in Lieu of FY15 Bonus on the Payment Date.  Any payments made pursuant to this Agreement will be in gross amounts and subject to all applicable deductions and withholdings.  In addition, those benefits listed in the Summary of Terms will continue to be provided by EA for the period specified therein.  Further, should Employee properly elect to continue EA health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), EA will pay for COBRA health benefits through the health benefits date designated in the Summary of Terms unless employee becomes eligible for other health insurance benefits at the expense of a new employer, or becomes otherwise covered under another group health plan.  EA will pay the health benefits at the same level EA had paid for Employee’s health coverage at the time of Employee’s termination.

3.    Equity Awards.  Through and including the Separation Date, Employee will have vested in the shares of Company’s common stock as set forth in Exhibit A, which shares are owned solely by Employee and not subject to any restrictions or other clawback rights on behalf of the Company other than as set forth in the terms of the awards.  (As of the date of this Agreement, the Company confirms that it is not aware of any facts or circumstances that would enable any of Employee’s equity awards or vested shares to be cancelled or clawed back due to “Contributing Misconduct” (as such term is defined in the applicable equity award agreements).) 

	
			
	Separation Agreement and Release
	2
	Frank Gibeau

	California (Over 40 - 21 Days) (Rev. August 2014)
	 

In addition, Employee has vested in the number of stock options set forth in Exhibit A, which options remain outstanding and exercisable pursuant to the terms of the awards and applicable equity plan.  For purposes of determining continued exercisability of vested options, Employee’s termination of employment is due to “Retirement” (as such term is defined in the applicable option agreement).  Any equity awards that are unvested on the Separation Date will be forfeited permanently on that date and never will become vested.

4.    Payment of Salary and Receipt of All Benefits. Except for Employee's final paycheck (including any accrued, but unused, Paid Time Off as of the Separation Date) and the amounts set forth in the Summary of Terms, Employee acknowledges and agrees that EA has already paid to Employee any and all undisputed wages, salary, bonuses, accrued, but unused, paid time off, reimbursable expenses, and any and all other benefit payments and/or other payments or compensation earned by Employee, and that no further payments or amounts are owed or will be owed.  Employee further agrees that, to the extent there is any claim for unpaid wages, there is a bona fide and good-faith dispute as to whether such wages are due, and, based on this dispute and the consideration provided to Employee under this Agreement, Employee releases and waives any and all claims regarding any alleged unpaid wages and any corresponding penalties, interest, or attorneys’ fees.  Employee further acknowledges and agrees that the amounts and benefits listed in the Summary of Terms exceed that to which Employee would be entitled under EA’s policies, practices, and benefit plans, if any.  

5.    Tax Payments. EA makes no representations or warranties with respect to the tax consequences of the payments provided to Employee under the terms of this Agreement.  Employee agrees and understands that with respect to the payments made by EA under this Agreement, Employee is responsible for payment of any applicable taxes due and owning on such payments, as well as any additional sums or penalties attributable to him for his failure to pay any taxes for which he is responsible.  Employee further agrees to indemnify and hold EA harmless from any claims, demands, deficiencies, penalties, interest, assessments, executions, judgments or recoveries by any government agency against EA for any amounts claimed due on account of: (a) Employee’s failure to pay, or Employee’s delayed payment of, applicable taxes for which Employee has the responsibility to pay or (b) damages sustained by EA by reason of any such claims arising from Employee’s failure to pay applicable taxes for which the Employee has the responsibility to pay, including attorneys’ fees and costs arising therefrom.

6.    Release of EA.    In consideration of the obligations of EA described in Section 2 above, Employee hereby completely releases and forever discharges EA, its subsidiary, predecessor, successor, and related corporations, divisions and entities, and its and each of their current and former officers, directors, employees, agents, investors, attorneys, shareholders, founders, administrators, affiliates, divisions, and assigns (collectively referred to as “Releasees”) from any and all legally waivable claims, complaints, rights, duties, obligations, demands, actions, liabilities and causes of action of any kind whatsoever, whether presently known and unknown, suspected or unsuspected, which Employee may have or have ever had against Releasees (“claims”) including without limitation all claims arising from or connected with Employee’s employment by EA and his or her separation from employment, whether based in common law, tort, or contract (express or implied), or on federal, state or local laws or 

	
			
	Separation Agreement and Release
	3
	Frank Gibeau

	California (Over 40 - 21 Days) (Rev. August 2014)
	 

regulations, up until and including the Effective Date, any and all claims arising out of any dispute over tax withholding on the payments provided to Employee pursuant to this Agreement, and any and all claims for attorneys’ fees and costs.  Employee has been advised that Employee’s release does not apply to any rights or claims that may arise after the Effective Date.  This release also does not apply to claims that cannot be released as a matter of law. 

Employee understands and agrees that this is a final release and that Employee is waiving all rights now or in the future to pursue any remedies available under any employment related cause of action against Releasees, including without limitation claims of wrongful discharge, emotional distress, defamation, harassment, discrimination, retaliation, breach of contract or covenant of good faith and fair dealing, claims under Title VII of the Civil Rights Act of 1964, as amended, the Equal Pay Act of 1963, the Civil Rights Act of 1866, as amended, the Americans with Disabilities Act (“ADA”), the Age Discrimination in Employment Act (“ADEA”), the Family and Medical Leave Act (“FMLA”), the California Family Rights Act (“CFRA”), the California Fair Employment and Housing Act (“FEHA”), the Employee Retirement Income Security Act, and any other laws and regulations relating to employment and that are waivable in accordance with applicable laws.  Employee further acknowledges and agrees that Employee has received all leave to which Employee is entitled under all federal, state, and local laws and regulations related to leave from employment, including, but not limited to, the FMLA, the CFRA, and California worker’s compensation and paid family leave laws.  Notwithstanding, nothing herein shall be deemed to limit Employee’s rights, if any, to indemnification and/or advancement under any applicable law, EA’s articles or bylaws, indemnification agreement, or insurance policy.

7.    Release of Employee.    In consideration of the obligations of Employee set forth in this Agreement, EA hereby completely releases and forever discharges Employee(on his own behalf and on behalf of his respective heirs, family members, executors, agents, trusts, and assigns (collectively, “Employee Releasees”) from any and all legally waivable claims, complaints, rights, duties, obligations, demands, actions, liabilities and causes of action of any kind whatsoever, whether presently known and unknown, suspected or unsuspected, which EA may have or have ever had against Employee Releasees (“claims”) including without limitation all claims arising from or connected with Employee’s employment by EA and his separation from employment, whether based in common law, tort, or contract (express or implied), or on federal, state or local laws or regulations, up until and including the Effective Date, , and any and all claims for attorneys’ fees and costs.  Notwithstanding any release provided for herein, this Agreement shall not serve to release any claims by the Company against Employee for any claims relating to fraud, embezzlement, misappropriation of the Company’s trade secrets, or conduct that is violative of criminal law.  Moreover, this release does not extend to any obligations incurred under this Agreement.  Furthermore, this release does not release claims that cannot be released as a matter of law.  Employee has been advised that Employee’s release does not apply to any rights or claims that may arise after the Effective Date.  

8.    Waiver of California Civil Code.    Employee and EA hereby expressly waive the provision of California Civil Code Section 1542 which provides as follows:

	
			
	Separation Agreement and Release
	4
	Frank Gibeau

	California (Over 40 - 21 Days) (Rev. August 2014)
	 

A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by his or her must have materially affected his or her settlement with the debtor.

Employee and  EA acknowledge that the waiver of this Section of the California Civil Code set forth above is an essential and material term of this release, and that Employee and EA have each read this provision, and intends these consequences even as to unknown claims which may exist at the time of this release.

9.    No Pending Lawsuits or Cooperation.  Employee represents that Employee has no lawsuits, administrative charges, claims or actions pending in his name, or on behalf of any other person or entity, against EA or any of the other Releasees.  EA similarly represents that EA has no lawsuits, administrative charges, claims or actions pending in its name, or on behalf of any other person or entity, against Employee or any of the other Employee Releasees.  Employee agrees that, consistent with applicable laws, Employee will not knowingly encourage, counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, grievances, claims, charges or complaints by any third party against any of the Releasees, unless under a subpoena or other court order to do so, and to notify EA within three (3) business days of receipt of any such subpoena.

10.    Covenant Not to Sue.  Subject to Paragraph 6, 7 & 8 above, Employee and EA each agree that at no time in the future will either party file or maintain any charge, claim or action of any kind, nature and character whatsoever against the other party or their respective releasees, or cause or knowingly permit, on the either party’s behalf, any such charge, claim or action to be filed or maintained, in any federal, state or municipal court, administrative agency or other tribunal, arising out of any of the matters covered by this Agreement.  If Employee initiates any lawsuit or other legal proceeding in contravention of this covenant not to sue, Employee shall be required to immediately repay to EA the full consideration paid to Employee pursuant to Paragraph 2 this Agreement, regardless of the outcome of Employee’s legal action.  This Paragraph does not apply to Employee’s right to file or participate in any charge before the United States Equal Employment Opportunity Commission (“EEOC”), with the understanding that Employee cannot recover any monetary relief from EA for any such claims.  

11.    Nondisclosure of Agreement.  You and the Company understand and agree that this Agreement will need to be filed with the Securities and Exchange Commission and that its confidentiality cannot be protected. Except as otherwise agreed to by the parties hereto in writing, until the Agreement is publicly filed or described by the Company, the contents, terms and conditions of this Agreement must be kept confidential by you and may not be disclosed except to your spouse, accountant, or attorneys or pursuant to subpoena or court order and except to the extent disclosed by the Company publicly pursuant to applicable laws and regulations. You and the Company (on behalf of itself, its executive officers and directors) agree that if any such party is asked for information concerning this Agreement, that party will direct them to review the Company's public filings related thereto. Any breach of this confidentiality provision shall be deemed a material breach of this Agreement.

	
			
	Separation Agreement and Release
	5
	Frank Gibeau

	California (Over 40 - 21 Days) (Rev. August 2014)
	 

12.    Return of Property and Confidentiality.  Employee represents that within ten (10) business days from the Separation Date, Employee will return to EA, and will thereafter not possess, any records, documents, specifications, or any confidential material or any equipment or other property of EA.  Employee further represents that Employee has complied with and will continue to comply with the terms of any New Hire/Proprietary Information Agreement (“Proprietary Information Agreement”), signed by Employee, and will preserve as confidential all confidential information pertaining to the business of EA and its customers, licensees and affiliates.  Employee acknowledges and agrees that the Proprietary Information Agreement will continue in full force and effect following his separation from the employ of EA.

13.    Non-Solicit.  For a period of one year after the Effective Date, Employee agrees not to directly or indirectly solicit any employee or employees of the Company to terminate their employment with, or otherwise cease their relationship with, the Company.

14.    Mutual Non-Disparagement.    Without limiting the foregoing, for a period of one year after the Effective Date, Employee agrees to refrain from any disparagement, defamation, libel, or slander of EA, and agrees to refrain from any tortious interference with the contracts and relationships of any of EA.  For a period of one year after the Effective Date, EA agrees to refrain from making any disparagement, defamation, libel, or slander of Employee.  Employee understands that EA’s obligations under this paragraph extend only to EA’s current executive officers and members of its Board of Directors and only for so long as each officer or member is an employee or Director of the Company.  The parties agree that the provisions of this Section 14 are material terms of this Agreement.

15.    Employee agrees that Employee will reasonably cooperate with EA, its agents, and its attorneys with respect to any matters in which Employee was involved during Employee’s employment with EA or about which Employee has information, will provide upon request from EA all such information or information about any such matter, will make himself  available to assist with any litigation or potential litigation relating to Employee’s actions as an EA employee, and will testify truthfully in any legal proceeding related to his or her employment with EA.

16.    No Lien or Assignment By Employee.  Employee warrants and represents that there are no liens or claims of lien in law or equity or otherwise of or against any of the claims or causes of action released herein.  Employee acknowledges and agrees that this Agreement, and any of the rights hereunder, may not be assigned or otherwise transferred, in whole or in part by Employee.  

17.    Arbitration.  Any and all controversies arising out of or relating to the validity, interpretation, enforceability, or performance of this Agreement will be solely and finally settled by means of binding arbitration in the State of California in accordance with the Employment Arbitration Rules & Procedures of the Judicial Arbitration & Mediation Services (JAMS) in effect at the time of filing of the demand for arbitration or the California Code of Civil Procedure, with each party being responsible for its own attorneys’ fees and costs of arbitration. The prevailing party shall be entitled to injunctive relief to enforce the arbitration award.  The 

	
			
	Separation Agreement and Release
	6
	Frank Gibeau

	California (Over 40 - 21 Days) (Rev. August 2014)
	 

parties hereby agree to waive their right to have any dispute under this Agreement resolved by a judge or jury.

18.    Equitable Relief.  Each party acknowledges and agrees that a breach of any term or condition of this Agreement may cause the non-breaching party irreparable harm for which its remedies at law may be inadequate.  Each party hereby agrees that the non-breaching party will be entitled, in addition to any other remedies available to it at law or in equity, to seek injunctive relief to prevent the breach or threatened breach of the other party’s obligations hereunder.  Notwithstanding paragraph 17, above, the parties may seek injunctive relief through the civil court rather than through private arbitration if necessary to prevent irreparable harm.

19.    No Admission.  The execution of this Agreement and the performance of its terms shall in no way be construed as an admission of guilt or liability by either Employee or EA.  Both parties expressly disclaim any liability for claims by the other.

20.    Voluntary Execution.  Employee understands and agrees that Employee executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of EA or any third party, with the full intent of releasing all of Employee’s claims against EA and any of the other Releasees.  Employee represents that Employee has had an opportunity to consult with an attorney, if the Employee wishes, and has carefully read and understands the scope and effect of the provisions of this Agreement.  Employee has not relied upon any representations or statements made by EA that are not specifically set forth in this Agreement.

21.    Section 409A.  This Agreement is intended to comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).  Each payment or benefit to be provided under this letter agreement is intended to constitute a separate payment for purposes of Section 1.409A‐2(b)(2) of the Treasury Regulations.  Moreover, the payments and benefits under this Agreement are intended to fall within the “short-term deferral period” under Section 1.409A‐1(b)(4) of the Treasury Regulations and/or be made as a result of an involuntary separation from service under Section 1.409A‐1(b)(9)(iii) of the Treasury Regulations (to the extent the payments do not exceed the applicable limits set forth therein).  Employee and EA agree to work together in good faith to consider any amendments to this Agreement that are reasonably necessary or appropriate to avoid imposition of any additional tax or early income recognition under Section 409A.

22.    General.  This Agreement represents the complete understanding of Employee and EA with respect to its subject matter.  This Agreement will be construed and enforced in accordance with the laws of the State of California, without regard to choice-of-law provisions.  Except as provided for in this Agreement, Employee hereby consents to personal and exclusive jurisdiction and venue in the State of California.  This Agreement may be executed in counterparts and by facsimile, and each counterpart and facsimile shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned.  Payments and benefits provided under this Agreement shall be made in compliance with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”); to the extent any such payments or benefits are deemed to be deferred compensation 

	
			
	Separation Agreement and Release
	7
	Frank Gibeau

	California (Over 40 - 21 Days) (Rev. August 2014)
	 

subject to the Section 409A, the applicable provisions of this Agreement shall be applied, construed and administered so that such payments or benefits are provided in compliance with the applicable requirements of Section 409A.  If any provision of this Agreement is held by a court of competent jurisdiction to be void or unenforceable for any reason, the remaining provisions of this Agreement shall continue with full force and effect.  

23.    Consultation With Counsel and Time to Consider.  Employee has been advised to consult an attorney before signing this Agreement.  Employee acknowledges that Employee has been given the opportunity to consult with counsel of Employee’s choice before signing this Agreement, and that Employee is fully aware of the contents and legal effect of this Agreement.  Employee further acknowledges that Employee has been given the right to consider this Agreement for up to twenty-one (21) days before signing it, and that if Employee signs this document before that twenty-one day period expires, Employee does so voluntarily and knowingly.

24.    Right to Revoke. Employee and EA have seven (7) days from the date Employee signs this Agreement to revoke it in a writing delivered to EA.  After that seven day period has elapsed, this Agreement is final and binding on both Parties.
    
25.    Deadline for Execution.  This Agreement will be void if not executed by Employee and received by EA by the Deadline for Employee’s Signature date set forth in the Summary of Terms. 

26.    No Oral Modification.     This Agreement may only be amended in a writing signed by Employee and an authorized representative of EA.

27.    Protected Activity Not Prohibited.   Employee understands that nothing in this Agreement shall in any way limit or prohibit Employee from engaging for a lawful purpose in any Protected Activity.  For purposes of this Agreement, “Protected Activity” shall mean filing a charge or complaint, or otherwise communicating, cooperating, or participating with, any state, federal, or other governmental agency, including the Securities and Exchange Commission, , and the National Labor Relations Board with the understanding that Employee cannot recover any monetary relief for any such claims, unless such a waiver is prohibited by law. Notwithstanding any restrictions set forth in this Agreement, Employee understands that he is not required to obtain authorization from the Company prior to disclosing information to, or communicating with, such agencies, nor is Employee obligated to advise the Company as to any such disclosures or communications.  Notwithstanding, in making any such disclosures or communications, Employee agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential information under the Proprietary Information Agreement to any parties other than the relevant government agencies.  Employee further understands that “Protected Activity” does not include the disclosure of any Company attorney-client privileged communications, and that any such disclosure without the Company’s written consent shall constitute a material breach of this Agreement.

	
			
	Separation Agreement and Release
	8
	Frank Gibeau

	California (Over 40 - 21 Days) (Rev. August 2014)
	 

	
					
	ELECTRONIC ARTS INC.
	 
	FRANK GIBEAU

	By:
	/s/ Jacob J. Schatz
	 
	By:
	/s/ Frank Gibeau

	 
	 
	 
	 
	 

	Name:
	Jacob J. Schatz
	 
	Name:
	Frank Gibeau

	 
	 
	 
	 
	 

	 
	Senior Vice President, General Counsel & Corporate Secretary
	 
	 
	May 21, 2015

	Title:
	 
	Date:

	 
	 
	 
	 
	 

	Date:
	May 21, 2015
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	
			
	Separation Agreement and Release
	9
	Frank Gibeau

	California (Over 40 - 21 Days) (Rev. August 2014)
	 

Exhibit A

Frank Gibeau

Total Common Shares Owned as of May 18, 2015 (including equity vested through May 18, 2015):
-    404,830 

Total Vested Stock Options as of May 18, 2015 (including the stock options vested through May 18, 2015):
-    17,332

Total Equity Vested in May 2015 (through May 18, 2015): 
-    Stock Options: 17,332 
-    RSUs: 378,338 
-    PRSUs: 145,005 

Total Equity Forfeited on May 18, 2015: 
-    Stock Options: 34,664 
-    RSUs: 56,677 
-    PRSUs: 90,010Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

Boulevard Acquisition Corp.

399 Park Avenue, 6th Floor

New York, NY 10022

 

Ladies and Gentlemen:

 

In connection with the proposed acquisition (the “Transaction”) by Boulevard Acquisition Corp., a Delaware corporation (the “Company”), of all of the issued and outstanding capital stock of AgroFresh Inc., the Company is seeking commitments from certain of its existing stockholders and other persons known to the Company to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Shares”), for a purchase price of $10.25 per share, in a private placement in which the Company expects to raise an aggregate of $50,000,000 (subject to increase or decrease in the discretion of the Company). In connection therewith, the undersigned and the Company agree as follows:

 

1.                                      The undersigned hereby irrevocably subscribes for and agrees to purchase from the Company such number of Shares as is set forth on the signature page of this Subscription Agreement on the terms provided for herein. The undersigned understands and agrees that the Company reserves the right to accept or reject the undersigned’s subscription for the Shares for any reason or for no reason, in whole or in part, at any time prior to its acceptance by the Company, and the same shall be deemed to be accepted by the Company only when this Subscription Agreement is signed by a duly authorized person by or on behalf of the Company; the Company may do so in counterpart form. In the event of rejection of the entire subscription by the Company or the termination of this subscription in accordance with the terms hereof, the undersigned’s payment hereunder will be returned promptly to the undersigned along with this Subscription Agreement, and this Subscription Agreement shall have no force or effect.  In the event that the Company rejects the subscription in part, the undersigned may terminate this Subscription Agreement by providing notice to the Company within one business day of receiving notification that its subscription was rejected in part.

 

2.                                      The closing of the sale of Shares contemplated hereby (the “Closing”) is contingent upon the anticipated consummation of the Transaction.  The Company intends to hold the Closing at least two (2) business days prior to the anticipated closing date of the Transaction.  Upon (i) satisfaction of the conditions set forth in Section 3 below and (ii) not less than three (3) business days’ written notice from (or on behalf of) the Company to the undersigned (the “Closing Notice”), that the Company reasonably expects all conditions to the closing of the Transaction to be satisfied on a date that is not less than five (5) business days from the date of the Closing Notice, the undersigned shall deliver to the Company on the closing date specified in the Closing Notice (the “Closing Date”) the subscription amount for the Shares subscribed by wire transfer of United States dollars in immediately available funds to the account set forth on Exhibit A attached hereto (or such other account specified by the Company in the Closing Notice) against delivery to the undersigned of the Shares in book entry form as set forth in the following sentence.  The Company shall deliver (or cause the delivery of) the Shares in book entry form to the undersigned or to a custodian designated by undersigned, as applicable, as indicated below.  This Subscription Agreement shall terminate and be of no further force or effect, without any liability to either party hereto, if the Company notifies the undersigned in writing that it has abandoned its plans to move forward with the Transaction and/or terminates the undersigned’s obligations without the delivery of the Shares having occurred.

 

 

3.                                      The Closing is also subject to the closing condition that, on the Closing Date, no suspension of the qualification of the Shares for offering or sale or trading in any jurisdiction, or initiation or threatening of any proceedings for any of such purposes, shall have occurred.

 

4.                                      The undersigned acknowledges and agrees that, without the prior written consent of the Company, during the period commencing on the Closing Date and continuing until the expiration of the ninety (90) day period commencing on the date of the closing of the Transaction, the undersigned shall not (a) sell, assign, transfer (including by operation of law), incur any liens, charges, security interests, options, claims, mortgages, pledges, proxies, voting trusts or agreements, obligations, understandings or arrangements or other restrictions on title or transfer of any nature whatsoever, dispose of or otherwise encumber (each, a “Transfer”), (b) make any short sale of, grant any option for the purchase of, or (c) enter into any hedging or similar transaction with the same economic effect as a Transfer of, any of the Shares.  The Company may impose stop-transfer instructions and may stamp each certificate representing the Shares with an appropriate legend to enforce the provisions of the foregoing sentence. Any purported Transfer or other transaction in violation of this Section 4 shall be null and void.

 

5.                                      The undersigned is (i) a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)) or (ii) an institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the requirements set forth on Schedule A, and is acquiring the Shares only for his, her or its own account and not for the account of others, and not on behalf of any other account or person or with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested information on Schedule A following the signature page hereto). The undersigned is not an entity formed for the specific purpose of acquiring the Shares.

 

6.                                      The Company represents and warrants that:

 

a.              The Company has been duly incorporated, is validly existing and is in good standing under the laws of the State of Delaware, with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted.

 

b.              The Shares have been duly authorized and, when issued and delivered to the undersigned against full payment therefor in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights created under the Company’s Certificate of Incorporation or under the law of the State of Delaware.

 

c.               This Subscription Agreement has been duly authorized, executed and delivered by the Company and is enforceable in accordance with its terms, except as may

 

2

 

be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

d.              The issuance and sale of the Shares and the compliance by the Company with all of the provisions of this Subscription Agreement and the consummation of the transactions herein will be done in accordance with the NASDAQ marketplace rules and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company is subject, which would have a material adverse effect on the business, properties, financial condition, stockholders’ equity or results of operations of the Company (a “Material Adverse Effect”) or affect the validity of the Shares or the legal authority of the Company to comply with the terms of this Subscription Agreement; (ii) result in any violation of the provisions of the organizational documents of the Company or any of its subsidiaries; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its subsidiaries or any of its properties which would have a Material Adverse Effect or affect the validity of the Shares or the legal authority of the Company to comply with this Subscription Agreement; subject, in the case of the foregoing clauses (i) and (iii) with respect to the consummation of the transactions therein contemplated.

 

7.                                      The undersigned understands that the Shares are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Shares have not been registered under the Securities Act. The undersigned understands that the Shares may not be resold, transferred, pledged or otherwise disposed of by the undersigned absent an effective registration statement under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and in each of cases (i) and (iii) in accordance with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates representing the Shares shall contain a legend to such effect. The undersigned acknowledges that the Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. The undersigned understands and agrees that the Shares will be subject to transfer restrictions and, as a result of these transfer restrictions, the undersigned may not be able to readily resell the Shares and may be required to bear the financial risk of an investment in the Shares for an indefinite period of time. The undersigned understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Shares.

 

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8.                                      The Company agrees that, promptly after the consummation of the Transaction, the Company will file with the Securities and Exchange Commission (the “SEC”) a registration statement registering (among other securities) the resale of the Shares (the “Registration Statement”), and the Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof; provided, however, that the Company’s obligations to include the Shares in the Registration Statement are contingent upon the undersigned furnishing in writing to the Company such information regarding the undersigned, the securities of the Company held by the undersigned and the intended method of disposition of the Shares as shall be reasonably requested by the Company to effect the registration of the Shares, and shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations.

 

9.                                      The undersigned understands and agrees that the undersigned is purchasing Shares directly from the Company.  The undersigned further acknowledges that there have been no representations, warranties, covenants and agreements made to the undersigned by the Company, or its officers or directors, expressly or by implication, other than those representations, warranties, covenants and agreements included in this Subscription Agreement.

 

10.                               The undersigned represents and warrants that its acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or any applicable similar law (a “Prohibited Transaction”).

 

11.                               The undersigned acknowledges and agrees that the undersigned has received such information as the undersigned deems necessary in order to make an investment decision with respect to the Shares. Without limiting the generality of the foregoing, the undersigned acknowledges that it has reviewed the Company’s filings with the SEC including, without limitation, (a) the current report on Form 8-K filed by the Company on May 4, 2015 and (b) the preliminary proxy statement filed by the Company on May 14, 2015 (the “Preliminary Proxy Statement”). The undersigned represents and agrees that the undersigned and the undersigned’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as the undersigned and such undersigned’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares. The undersigned further acknowledges that the information contained in the Preliminary Proxy Statement is preliminary and subject to change, and that any changes to the information contained in the Preliminary Proxy Statement, including, without limitation, any changes based on updated information or changes in terms of the Transaction, shall in no way affect the undersigned’s obligation to purchase the Shares hereunder.

 

12.                               The undersigned became aware of this offering of the Shares solely by means of direct contact between the undersigned and the Company, and the Shares were offered to the undersigned solely by direct contact between the undersigned and the Company. The undersigned did not become aware of this offering of the Shares, nor were the Shares offered to the undersigned, by any other means. The undersigned acknowledges that the Company represents and warrants that the Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

 

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13.                               The undersigned acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including risks set forth the section entitled “Risk Factors” in the Preliminary Proxy Statement.

 

14.                               The undersigned has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares, and the undersigned has sought such accounting, legal and tax advice as the undersigned has considered necessary to make an informed investment decision.

 

15.                               Alone, or together with any professional advisor(s), the undersigned represents and acknowledges that the undersigned has adequately analyzed and fully considered the risks of an investment in the Shares and determined that the Shares are a suitable investment for the undersigned and that the undersigned is able at this time and in the foreseeable future to bear the economic risk of a total loss of the undersigned’s investment in the Company. The undersigned acknowledges specifically that a possibility of total loss exists.

 

16.                               In making its decision to purchase the Shares, the undersigned represents that it has relied solely upon independent investigation made by the undersigned.

 

17.                               The undersigned understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Shares or made any findings or determination as to the fairness of this investment.

 

18.                               The execution, delivery and performance by the undersigned of this Subscription Agreement are within the powers of the undersigned, have been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the undersigned is a party or by which the undersigned is bound, and, if the undersigned is not an individual, will not violate any provisions of the undersigned’s charter documents, including, without limitation, its incorporation or formation papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement is genuine, and the signatory, if the undersigned is an individual, has legal competence and capacity to execute the same or, if the undersigned is not an individual the signatory has been duly authorized to execute the same, and this Subscription Agreement constitutes a legal, valid and binding obligation of the undersigned, enforceable against the undersigned in accordance with its terms.

 

19.                               Neither the due diligence investigation conducted by the undersigned in connection with making its decision to acquire the Shares nor any representations and warranties made by the undersigned herein shall modify, amend or affect the undersigned’s right to rely on the truth, accuracy and completeness of the Company’s representations and warranties contained herein.

 

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20.                               The undersigned represents and warrants that the undersigned is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a “Prohibited Investor”).  The undersigned agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that the undersigned is permitted to do so under applicable law.  The undersigned represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”), that the undersigned maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act.  The undersigned also represents that, to the extent required, it maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List.  The undersigned further represents and warrants that, to the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by the undersigned and used to purchase the Shares were legally derived.

 

21.                               Neither this Subscription Agreement nor any rights that may accrue to the undersigned hereunder (other than the Shares acquired hereunder, if any) may be transferred or assigned.

 

22.                               The Company may request from the undersigned such additional information as the Company may deem necessary to evaluate the eligibility of the undersigned to acquire the Shares, and the undersigned shall provide such information as may reasonably be requested, to the extent readily available and to the extent consistent with its internal policies and procedures.

 

23.                               The undersigned acknowledges that the Company and others will rely on the acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, the undersigned agrees to promptly notify the Company if any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate. The undersigned agrees that each purchase by the undersigned of Shares from the Company will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties herein (as modified by any such notice) by the undersigned as of the time of such purchase.

 

24.                               The Company is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

25.                               The Company shall not publicly disclose the name of any undersigned or any affiliate or investment adviser of the undersigned, or include the name of any undersigned or any affiliate of the undersigned in any filing with the SEC (other than in any filings made in respect of this transaction or in accordance with periodic filing requirements under the Securities Exchange Act of 1934, as amended, or in connection with the registration statement that the

 

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Company is required to file pursuant to the terms of this Subscription Agreement, in each case to the extent such disclosure is required by law or regulations) or any regulatory agency, without the prior written consent of such undersigned, except to the extent such disclosure is required by law or regulations, in which case the Company shall provide the undersigned with prior notice of such disclosure, to the extent such notice is practicable.

 

THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE.

 

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IN WITNESS WHEREOF, the undersigned has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date set forth below.

 

	
Signature   of Investor:
    	
 
    	
Signature   of Joint Investor, if applicable:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name   of Investor
    	
 
    	
Name   of Joint Investor, if applicable:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
(Please   print. Please indicate name and capacity of person signing above)
    	
 
    	
(Please   Print. Please indicate name and capacity of person signing above)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name   in which shares are to be registered (if different):
    	
 
    	
Date:                               ,   2015
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Email   Address:
    	
 
    	
 
    

 

 

If there are joint investors, please check one:

 

o                                    Joint Tenants with Rights of Survivorship

 

o                                    Tenants-in-Common

 

o                                    Community Property

 

 

	
Investor’s   EIN:
    	
 
    	
Joint   Investor’s EIN:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Business   Address-Street:
    	
 
    	
Mailing   Address-Street (if different):
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
City,   State, Zip:
    	
 
    	
City,   State, Zip:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Attn:
    	
 
    	
 
    	
Attn:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Telephone   No.:
    	
 
    	
Telephone   No.:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Facsimile   No.:
    	
 
    	
Facsimile   No.:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Number   of Shares subscribed for:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Aggregate   Subscription Amount: $
    	
 
    	
Price   Per Share: $10.25
    
					

 

You must pay the Subscription Amount by wire transfer of United States dollars in immediately available funds to the account set forth on Exhibit A attached hereto (or to such other account specified by the Company in the Closing Notice).  To the extent the offering is oversubscribed, the number of Shares received may be less than the number of Shares subscribed for.

 

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IN WITNESS WHEREOF, Boulevard Acquisition Corp. has accepted this Subscription Agreement as of the date set forth below.

 

 

	
 
    	
BOULEVARD ACQUISITION CORP.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
Date:            ,   2015
    	
 
    

 

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SCHEDULE A
 ELIGIBILITY REPRESENTATIONS OF THE INVESTOR

 

A.                                    QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

 

1.                                         ̈                                 We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).

 

B.                                    INSTITUTIONAL ACCREDITED INVESTOR STATUS

(Please check the applicable subparagraphs):

 

1.                                         ̈                                 We are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act.

 

2.                                         ̈                                 We are not a natural person.

 

C.                                    AFFILIATE STATUS

(Please check the applicable box)

 

THE INVESTOR:

 

 ̈                                    is:

 ̈                                    is not:

 

an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

 

This page should be completed by the Investor and constitutes a part of the Subscription Agreement.

 

 

Exhibit A

 

Wire Transfer Instructions

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