Document:

Exhibit 10.1

EXHIBIT 10.1

FORM OF INDEMNIFICATION AGREEMENT

This Indemnification Agreement, dated as of                     , 2010, is made by and between
Human Genome Sciences, Inc., a Delaware corporation (the “Company”), and
                     (the “Indemnitee”).

RECITALS

A. The Company and Indemnitee recognize the continued difficulty in obtaining liability
insurance for the Company’s directors, officers, employees and other agents, the cost of such
insurance and the general reductions in the coverage of such insurance;

B. The Company and Indemnitee recognize the substantial increase in corporate litigation in
general, subjecting directors, officers, employees and other agents to expensive litigation risks
at the same time as the availability and coverage of liability insurance has been severely limited;

C. The Company desires to attract and retain the services of talented and experienced
individuals, such as Indemnitee, to serve as directors, officers, employees and agents of the
Company and its subsidiaries and wishes to indemnify its directors, officers, employees and other
agents to the maximum extent permitted by law and the Company’s Bylaws, as they may be amended;

D. Section 145 of the General Corporation Law of Delaware, under which the Company is
organized (“Section 145”), empowers the Company to indemnify its directors, officers,
employees and agents by agreement and to indemnify persons who serve, at the request of the
Company, as the directors, officers, employees or agents of other corporations or enterprises, and
expressly provides that the indemnification provided by Section 145 is not exclusive; and

E. In order to induce Indemnitee to serve or continue to serve as a director, officer,
employee or agent of the Company and/or one or more subsidiaries of the Company free from undue
concern for claims for damages arising out of or related to such services to the Company and/or one
or more subsidiaries of the Company, the Company has determined and agreed to enter into this
Agreement with Indemnitee.

 

 

 

AGREEMENT

NOW, THEREFORE, the Indemnitee and the Company hereby agree as follows:

1. Definitions. As used in this Agreement:

(a) “Agent” means any person who is or was a director, officer, employee or other
agent of the Company or a subsidiary of the Company; or is or was serving at the request
of, for the convenience of, or to represent the interests of the Company or a subsidiary of
the Company as a director, officer, employee or agent of another foreign or domestic corporation,
partnership, joint venture, trust or other enterprise; or was a director, officer, employee or
agent of a foreign or domestic corporation which was a predecessor corporation of the Company or a
subsidiary of the Company, or was a director, officer, employee or agent of another enterprise at
the request of, for the convenience of, or to represent the interests of such predecessor
corporation.

(b) “Board” means the Board of Directors of the Company.

(c) A “Change in Control” shall be deemed to have occurred if (i) any “person,” as
such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), other than a trustee or other fiduciary holding securities under an employee
benefit plan of the Company or a corporation owned directly or indirectly by the stockholders of
the Company in substantially the same proportions as their ownership of stock of the Company, is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing 20% or more of the total voting power
represented by the Company’s then outstanding voting securities, (ii) during any period of two
consecutive years, individuals who at the beginning of such period constituted the Board, together
with any new directors whose election by the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the directors then still in office
who either were directors at the beginning of the period or whose election or nomination was
previously so approved, cease at any time during such two-year period and for any reason to
constitute a majority of the Board, (iii) the stockholders of the Company approve a merger or
consolidation or a sale of all or substantially all of the Company’s assets with or to another
entity, other than a merger, consolidation or asset sale that would result in the holders of the
Company’s outstanding voting securities immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into voting securities of the surviving entity) at
least a majority of the total voting power represented by the voting securities of the Company or
such surviving or successor entity outstanding immediately thereafter, or (iv) the stockholders of
the Company approve a plan of complete liquidation of the Company.

(d) “Expenses” shall include all out-of-pocket costs of any type or nature whatsoever
(including, without limitation, all attorneys’ fees and related disbursements), actually and
reasonably incurred by the Indemnitee in connection with either the investigation, defense or
appeal of a Proceeding or establishing or enforcing a right to indemnification under this
Agreement, or Section 145 or otherwise; provided, however, that “Expenses” shall not include any
judgments, fines, ERISA excise taxes or penalties, or amounts paid in settlement of a Proceeding.

(e) “Independent Counsel” means a law firm, or a partner (or, if applicable, member)
of such a law firm, that is experienced in matters of corporation law and neither currently is, nor
in the past five years has been, retained to represent: (i) the Company or the Indemnitee in any
matter material to either such party or (ii) any other party to or witness in the proceeding giving
rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable standards
of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this
Agreement.

 

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(f) “Proceeding” means any threatened, pending, or completed action, suit or other
proceeding, whether civil, criminal, administrative, or investigative.

(g) “Subsidiary” means any corporation or other entity of which more than 50% of the
outstanding voting securities is owned directly or indirectly by the Company, by the Company and
one or more other subsidiaries, or by one or more other subsidiaries.

2. Agreement to Serve. The Indemnitee agrees to serve and/or continue to serve as an
Agent of the Company, at its will (or under separate agreement, if such agreement exists), in the
capacity the Indemnitee currently serves as an Agent of the Company, so long as the Indemnitee is
duly appointed or elected and qualified in accordance with the applicable provisions of the Bylaws
of the Company or any subsidiary of the Company or until such time as the Indemnitee tenders his or
her resignation in writing; provided, however, that nothing contained in this Agreement is intended
to create any right to continued employment by the Indemnitee.

3. Liability Insurance.

(a) Maintenance of D&O Insurance. The Company hereby covenants and agrees that, so
long as the Indemnitee shall continue to serve as an Agent of the Company and thereafter so long as
the Indemnitee shall be subject to any possible Proceeding by reason of the fact that the
Indemnitee was an Agent of the Company, the Company, subject to Section 3(c), shall promptly obtain
and maintain in full force and effect directors’ and officers’ liability insurance (“D&O
Insurance”) in reasonable amounts from established and reputable insurers, as more fully
described below.

(b) Rights and Benefits. In all policies of D&O Insurance, the Indemnitee shall
qualify as an insured in such a manner as to provide the Indemnitee the same rights and benefits as
are accorded to the most favorably insured of the Company’s independent directors (as defined by
the insurer) if the Indemnitee is such an independent director; of the Company’s non-independent
directors if the Indemnitee is not an independent director; of the Company’s officers if the
Indemnitee is an officer of the Company; or of the Company’s key employees, if the Indemnitee is
not a director or officer but is a key employee.

(c) Limitation on Required Maintenance of D&O Insurance. Notwithstanding the
foregoing, the Company shall have no obligation to obtain or maintain D&O Insurance if the Company
determines in good faith that: such insurance is not reasonably available; the premium costs for
such insurance are disproportionate to the amount of coverage provided; the coverage provided by
such insurance is limited by exclusions so as to provide an insufficient benefit; the Indemnitee is
covered by similar insurance maintained by a subsidiary of the Company; the Company is to be
acquired and a tail policy of reasonable terms and duration is purchased for pre-closing acts or
omissions by the Indemnitee; or the Company is to be acquired and D&O
Insurance will be maintained by the acquirer that covers pre-closing acts and omissions by the
Indemnitee.

 

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4. Mandatory Indemnification. Subject to the terms of this Agreement:

(a) Third Party Actions. If the Indemnitee is a person who was or is a party or is
threatened to be made a party to any Proceeding (other than an action by or in the right of the
Company) by reason of the fact that the Indemnitee is or was an Agent of the Company, or by reason
of anything done or not done by the Indemnitee in any such capacity, the Company shall indemnify
the Indemnitee against all Expenses and liabilities of any type whatsoever (including, but not
limited to, judgments, fines, ERISA excise taxes and penalties, and amounts paid in settlement)
actually and reasonably incurred by the Indemnitee in connection with the investigation, defense,
settlement or appeal of such Proceeding, provided the Indemnitee acted in good faith and in a
manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company, and, with respect to any criminal action or Proceeding, had no reasonable cause to believe
his or her conduct was unlawful.

(b) Derivative Actions. If the Indemnitee is a person who was or is a party or is
threatened to be made a party to any Proceeding by or in the right of the Company by reason of the
fact that the Indemnitee is or was an Agent of the Company, or by reason of anything done or not
done by the Indemnitee in any such capacity, the Company shall indemnify the Indemnitee against all
Expenses actually and reasonably incurred by the Indemnitee in connection with the investigation,
defense, settlement or appeal of such Proceeding, provided the Indemnitee acted in good faith and
in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company; except that no indemnification under this Section 4(b) shall be made in respect to any
claim, issue or matter as to which the Indemnitee shall have been finally adjudged to be liable to
the Company by a court of competent jurisdiction unless and only to the extent that the Delaware
Court of Chancery or the court in which such Proceeding was brought shall determine upon
application that, despite the adjudication of liability but in view of all the circumstances of the
case, the Indemnitee is fairly and reasonably entitled to indemnity for such amounts which the
Delaware Court of Chancery or such other court shall deem proper.

(c) Actions where Indemnitee is Deceased. If the Indemnitee is a person who was or is
a party or is threatened to be made a party to any Proceeding by reason of the fact that the
Indemnitee is or was an Agent of the Company, or by reason of anything done or not done by the
Indemnitee in any such capacity, and if, prior to, during the pendency of or after completion of
such Proceeding the Indemnitee is deceased, the Company shall indemnify the Indemnitee’s heirs,
executors and administrators against all Expenses and liabilities of any type whatsoever to the
extent the Indemnitee would have been entitled to indemnification pursuant to this Agreement were
the Indemnitee still alive.

(d) Certain Terminations. The termination of any Proceeding or of any claim, issue,
or matter therein by judgment, order, settlement, or conviction, or upon a plea of nolo
contendere or its equivalent, shall not (except as otherwise expressly provided in this
Agreement) of itself create a presumption that the Indemnitee did not act in good faith and in a
manner which the Indemnitee reasonably believed to be in or not opposed to the best interests of
the Company or, with respect to any criminal action or Proceeding, that the Indemnitee had
reasonable cause to believe that the Indemnitee’s conduct was unlawful.

(e) Limitations. Notwithstanding the foregoing, the Company shall not be obligated to
indemnify the Indemnitee for Expenses or liabilities of any type whatsoever for which payment is
actually made to or on behalf of the Indemnitee under an insurance policy, or under a valid and
enforceable indemnity clause, by-law or agreement.

 

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5. Indemnification for Expenses in a Proceeding in Which the Indemnitee is Wholly or
Partly Successful.

(a) Successful Defense. Notwithstanding any other provisions of this Agreement, to
the extent the Indemnitee has been successful, on the merits or otherwise, in defense of any
Proceeding (including, without limitation, an action by or in the right of the Company) in which
the Indemnitee was a party by reason of the fact that the Indemnitee is or was an Agent of the
Company at any time, the Company shall indemnify the Indemnitee against all Expenses actually and
reasonably incurred by or on behalf of the Indemnitee in connection with the investigation, defense
or appeal of such Proceeding.

(b) Partially Successful Defense. Notwithstanding any other provisions of this
Agreement, to the extent that the Indemnitee is a party to or a participant in any Proceeding
(including, without limitation, an action by or in the right of the Company) in which the
Indemnitee was a party by reason of the fact that the Indemnitee is or was an Agent of the Company
at any time and is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Proceeding, the Company shall indemnify the Indemnitee against
all Expenses actually and reasonably incurred by or on behalf of the Indemnitee in connection with
each successfully resolved claim, issue or matter.

(c) Dismissal. For purposes of this section and without limitation, the termination
of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall
be deemed to be a successful result as to such claim, issue or matter.

6. Mandatory Advancement of Expenses. Subject to the terms of this Agreement and
following notice pursuant to Section 7(a) below, the Company shall advance all Expenses reasonably
incurred by the Indemnitee in connection with the investigation, defense, settlement or appeal of
any Proceeding to which the Indemnitee is a party or is threatened to be made a party by reason of
the fact that the Indemnitee is or was an Agent of the Company (unless there has been a final
determination that the Indemnitee is not entitled to indemnification for such Expenses) upon
receipt of (i) an undertaking by or on behalf of the Indemnitee to repay the amount advanced in the
event that it shall ultimately be determined that the Indemnitee is not entitled to indemnification
by the Company and (ii) satisfactory documentation supporting such Expenses. Such advances are
intended to be an obligation of the Company to the Indemnitee hereunder and shall in no event be
deemed to be a personal loan. The advances to be made hereunder shall be paid by the Company to
the Indemnitee within twenty (20) days following delivery of a written request therefor by the
Indemnitee to the Company. In the event that the Company fails to pay Expenses as incurred by the
Indemnitee as required by this paragraph, Indemnitee may seek mandatory injunctive relief from any
court having jurisdiction to require
the Company to pay Expenses as set forth in this paragraph. If Indemnitee seeks mandatory
injunctive relief pursuant to this paragraph, it shall not be a defense to enforcement of the
Company’s obligations set forth in this paragraph that Indemnitee has an adequate remedy at law for
damages.

 

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7. Notice and Other Indemnification Procedures.

(a) Notice by Indemnitee. Promptly after receipt by the Indemnitee of notice of the
commencement of or the threat of commencement of any Proceeding, the Indemnitee shall, if the
Indemnitee believes that indemnification with respect thereto may be sought from the Company under
this Agreement, notify the Company in writing of the commencement or threat of commencement
thereof.

(b) Insurance. If the Company receives notice pursuant to Section 7(a) hereof of the
commencement of a Proceeding that may be covered under directors’ and officers’ insurance then in
effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers
in accordance with the procedures set forth in the respective policies. The Company shall
thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the
Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such
policies.

(c) Defense. In the event the Company shall be obligated to pay the Expenses of any
Proceeding against the Indemnitee, the Company shall be entitled to assume the defense of such
Proceeding, with counsel selected by the Company and approved by the Indemnitee (which approval
shall not be unreasonably withheld), upon the delivery to the Indemnitee of written notice of its
election so to do. After delivery of such notice, and the retention of such counsel by the
Company, the Company will not be liable to the Indemnitee under this Agreement for any fees of
counsel subsequently incurred by the Indemnitee with respect to the same Proceeding, provided that
(i) the Indemnitee shall have the right to employ his or her own counsel in any such Proceeding at
the Indemnitee’s expense; and (ii) the Indemnitee shall have the right to employ his or her own
counsel in any such Proceeding at the Company’s expense if (A) the Company has authorized the
employment of counsel by the Indemnitee at the expense of the Company, (B) the Indemnitee shall
have reasonably concluded that there may be a conflict of interest between the Company and the
Indemnitee in the conduct of any such defense, (C) after a Change in Control not approved by a
majority of the members of the Board who were directors immediately prior to such Change in
Control, the employment of counsel by Indemnitee has been approved by Independent Counsel, or (D)
the Company shall not, in fact, have employed counsel to assume the defense of such Proceeding.

8. Right to Indemnification.

(a) Right to Indemnification. In the event that Section 5(a) is inapplicable, the
Company shall indemnify the Indemnitee pursuant to this Agreement unless, and except to the extent
that, it shall have been determined by one of the methods listed in Section 8(b) that the
Indemnitee has not met the applicable standard of conduct required to entitle the Indemnitee to
such indemnification.

 

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(b) Determination of Right to Indemnification. A determination of the Indemnitee’s
right to indemnification hereunder shall be made at the election of the Board by (i) a majority
vote of directors who are not parties to the Proceeding for which indemnification is being sought,
even though less than a quorum, or by a committee consisting of directors who are not parties to
the Proceeding for which indemnification is being sought, who, even though less than a quorum, have
been designated by a majority vote of the disinterested directors, or (ii) if there are no such
disinterested directors or if the disinterested directors so direct, by Independent Counsel in a
written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (iii) by the
stockholders of the Company, or (iv) by a panel of three arbitrators, one of whom is selected by
the Company, one of whom is selected by the Indemnitee and the last of whom is selected by the
first two arbitrators so selected; provided, however, that, following any Change in Control not
approved by a majority of the members of the Board who were directors immediately prior to such
Change in Control, such determination shall be made by an Independent Counsel as specified in
clause (ii) above or by a panel of arbitrators as specified in clause (iv) above.

(c) Submission for Decision. As soon as practicable, and in no event later than
thirty (30) days after the Indemnitee’s written request for indemnification, the Board shall select
the method for determining the Indemnitee’s right to indemnification. The Indemnitee shall
cooperate with the person or persons or entity making such determination with respect to the
Indemnitee’s right to indemnification, including providing to such person, persons or entity upon
reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to the Indemnitee and reasonably
necessary to such determination. Any Independent Counsel, member of the Board or stockholder of
the Company shall act reasonably and in good faith in making a determination regarding the
Indemnitee’s entitlement to indemnification under this Agreement.

(d) Application to Court. If (i) the claim for indemnification or advancement of
Expenses is denied, in whole or in part, (ii) no disposition of such claim is made by the Company
within ninety (90) days after the request therefor, (iii) the advancement of Expenses is not timely
made pursuant to Section 6 of this Agreement or (iv) payment of indemnification is not made
pursuant to Section 5 of this Agreement, the Indemnitee shall have the right to apply to the
Delaware Court of Chancery, the court in which the Proceeding is or was pending or any other court
of competent jurisdiction, for the purpose of enforcing the Indemnitee’s right to indemnification
(including the advancement of Expenses) pursuant to this Agreement.

(e) Expenses Related to the Enforcement or Interpretation of this Agreement. The
Company shall indemnify the Indemnitee against all reasonable Expenses incurred by the Indemnitee
in connection with any hearing or proceeding under this Section 8 involving the Indemnitee and
against all reasonable Expenses incurred by the Indemnitee in connection with any other proceeding
between the Company and the Indemnitee involving the interpretation or enforcement of the rights of
the Indemnitee under this Agreement, unless a court of competent jurisdiction finds that each of
the claims and/or defenses of the Indemnitee in any such proceeding was frivolous or made in bad
faith.

 

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9. Exceptions. Any other provision herein to the contrary notwithstanding, the
Company shall not be obligated:

(a) Claims Initiated by Indemnitee. To indemnify or advance Expenses to the
Indemnitee with respect to Proceedings or claims initiated or brought voluntarily by the Indemnitee
and not by way of defense, with a reasonable allocation where appropriate, unless (i) such
indemnification is expressly required to be made by law, (ii) the Proceeding was authorized by the
Board, (iii) such indemnification is provided by the Company, in its sole discretion, pursuant to
the powers vested in the Company under the General Corporation Law of Delaware or (iv) the
Proceeding is brought to establish or enforce a right to indemnification under this Agreement or
any other statute or law or otherwise as required under Section 145 in advance of a final
determination;

(b) Lack of Good Faith. To indemnify the Indemnitee for any Expenses incurred by the
Indemnitee with respect to any Proceeding instituted by the Indemnitee to enforce or interpret this
Agreement, if a court of competent jurisdiction determines that each of the material assertions
made by the Indemnitee in such Proceeding was not made in good faith or was frivolous;

(c) Unauthorized Settlements. To indemnify the Indemnitee under this Agreement for
any amounts paid in settlement of a Proceeding unless the Company consents to such settlement,
which consent shall not be unreasonably withheld;

(d) Claims Under Section 16(b). To indemnify the Indemnitee for Expenses and the
payment of profits made from the purchase and sale (or sale and purchase) by the Indemnitee of
securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of
1934, as amended, or similar provisions of state statutory law or common law; or

(e) Payments Contrary to Law. To indemnify or advance Expenses to the Indemnitee for
which payment is prohibited by applicable law.

10. Non-Exclusivity. The provisions for indemnification and advancement of Expenses
set forth in this Agreement shall not be deemed exclusive of any other rights which the Indemnitee
may have under any provision of law, the Company’s Certificate of Incorporation or Bylaws, the vote
of the Company’s stockholders or disinterested directors, other agreements, or otherwise, both as
to action in the Indemnitee’s official capacity and as to action in another capacity while
occupying the Indemnitee’s position as an Agent of the Company, and the Indemnitee’s rights
hereunder shall continue after the Indemnitee has ceased acting as an Agent of the Company and
shall inure to the benefit of the heirs, executors and administrators of the Indemnitee.

11. Permitted Defenses. It shall be a defense to any action for which a claim for
indemnification is made under this Agreement (other than an action brought to enforce a claim for
Expenses pursuant to Section 6 hereof, provided that the required undertaking has been tendered to
the Company) that the Indemnitee is not entitled to indemnification because of the limitations set
forth in Sections 4 and 9 hereof. Neither the failure of the Company (including its
Board of Directors) or an Independent Counsel to have made a determination prior to the
commencement of such enforcement action that indemnification of the Indemnitee is proper in the
circumstances, nor an actual determination by the Company (including its Board of Directors) or an
Independent Counsel that such indemnification is improper, shall be a defense to the action or
create a presumption that the Indemnitee is not entitled to indemnification under this Agreement or
otherwise.

 

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12. Subrogation. In the event the Company is obligated to make a payment under this
Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of
recovery under an insurance policy or any other indemnification agreement covering the Indemnitee,
who shall execute all documents required and take all action that may be necessary to secure such
rights and to enable the Company effectively to bring suit to enforce such rights (provided that
the Company pays the Indemnitee’s costs and expenses of doing so), including without limitation by
assigning all such rights to the extent of such indemnification or advancement of Expenses.

13. Survival of Rights.

(a) Survival. All agreements and obligations of the Company contained herein shall
continue during the period Indemnitee is an Agent of the Company and shall continue thereafter so
long as Indemnitee shall be subject to any possible claim or threatened, pending or completed
Proceeding by reason of the fact that Indemnitee was serving in the capacity referred to herein.

(b) Successor to the Company. The Company shall require any successor to the Company
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required
to perform if no such succession had taken place.

14. Interpretation of Agreement. It is understood that the parties hereto intend this
Agreement to be interpreted and enforced so as to provide indemnification to the Indemnitee to the
fullest extent permitted by law, including those circumstances in which indemnification would
otherwise be discretionary.

15. Severability. If any provision or provisions of this Agreement shall be held to
be invalid, illegal or unenforceable for any reason whatsoever, (i) the validity, legality and
enforceability of the remaining provisions of the Agreement (including, without limitation, all
portions of any paragraphs of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in
any way be affected or impaired thereby, and (ii) to the fullest extent possible, the provisions of
this Agreement (including, without limitation, all portions of any paragraph of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that are not themselves
invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested
by the provision held invalid, illegal or unenforceable and to give effect to Section 14 hereof.

 

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16. Modification and Waiver. No supplement, modification or amendment of this
Agreement shall be binding unless it is in a writing signed by both of the parties hereto. No
waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

17. Notice. All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be deemed to have been duly given (a) upon delivery if
delivered by hand to the party to whom such notice or other communication shall have been directed,
(b) if mailed by certified or registered mail with postage prepaid, return receipt requested, on
the third business day after the date on which it is so mailed, (c) one business day after the
business day of deposit with a nationally recognized overnight delivery service, specifying next
day delivery, with written verification of receipt, or (d) on the same day as delivered by
confirmed facsimile transmission if delivered during business hours or on the next successive
business day if delivered by confirmed facsimile transmission after business hours. Addresses for
notice to either party shall be as shown on the signature page of this Agreement, or to such other
address as may have been furnished by either party in the manner set forth above.

18. Governing Law. This Agreement shall be governed exclusively by and construed
according to the laws of the State of Delaware as applied to contracts between Delaware residents
entered into and to be performed entirely within Delaware. This Agreement is intended to be an
agreement of the type contemplated by Section 145(f) of the General Corporation Law of Delaware.

19. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall for all purposes be deemed to be an original but all of which together shall constitute
one and the same Agreement. Only one such counterpart signed by the party against whom enforcement
is sought needs to be produced to evidence the existence of this Agreement.

The parties hereto have entered into this Indemnification Agreement effective as of the date
first above written.

	 	 	 	 	 
	Indemnitee:

	 	The Company:	 	 
	 
	 	 	 	 
	 

	 	HUMAN GENOME SCIENCES, INC.	 	 
	 

	 	 	 	 
	[Name of Indemnitee]
	 	 	 	 
	 

	 	By:	 	 
	 Address:

	 	 

	 	 
	 

	 	Title:	 	 
	 

	 	 

	 	 

 

10exv10w27

Exhibit 10.27

FORM OF ESCROW AGREEMENT

     THIS ESCROW AGREEMENT (as the same may be amended or modified from time to time pursuant
hereto, this “Agreement”) is made and entered into as of                            , 2010, by and among
XStream Systems, Inc., a Delaware corporation (the “Company”), W.R. Hambrecht + Co., LLC, a
Delaware limited liability company (“Underwriter”, and together with the Company, sometimes
referred to individually as “Party” or collectively as the “Parties”), and JPMorgan Chase Bank,
National Association (the “Escrow Agent”). All capitalized terms not herein defined shall have the
meaning ascribed to them in that certain Registration Statement on Form S-1 (File No. 333-163046)
(as amended from time to time, the “Registration Statement”) filed by the Company with the U.S.
Securities and Exchange Commission.

     WHEREAS, pursuant to the terms of the Registration Statement, the Company desires to offer and
sell in its initial public offering (the “Offering”) a minimum  of 3,333,334 shares of common stock,
$0.0001 par value (“Shares”) equal to gross proceeds of $20,000,000 (“Minimum Amount”) and a
maximum of 5,000,000 Shares (“Maximum Amount”);

     WHEREAS,
unless the Minimum Amount is sold following the closing of the
auction, pricing and by the end
of the T+3 period (the third trading day after pricing) (the “Termination Date”), the Offering shall terminate and all funds shall be
returned to the purchasers of the Shares (“Investors”) in the Offering without interest;

     WHEREAS, the Company and Underwriter desire to establish an escrow account with the Escrow
Agent into which the Company and Underwriter shall instruct Investors introduced to the Company by
Underwriter to deposit funds by wire transfer to JPMorgan Chase Bank, N.A., to the escrow account
titled “JPMorgan as Escrow Agent for XStream Systems, Inc.”, Attention : Greg Kupchynsky,
Telephone: 212.623.6812, which account information is set forth on Schedule 3 hereto, and Escrow
Agent is willing to accept said funds subject to the terms and conditions set forth herein.

     NOW THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set
forth, the parties hereto agree as follows:

1.     Appointment. The Parties hereby appoint the Escrow Agent as their escrow agent for the
purposes set forth herein, and the Escrow Agent hereby accepts such appointment under the terms and
conditions set forth herein. Contemporaneously herewith, the Parties have established an escrow
account with the Escrow Agent, which escrow account is entitled “XStream Systems, Inc. IPO Escrow
Account” (the “Escrow Account”). The Underwriter will instruct purchasers of the Shares to transfer
funds for deposit to the Escrow Account by wire transfer payable to “JPMorgan Chase Bank as Escrow
Agent for XStream Systems, Inc.”

2.     Fund. In compliance with Rule 10b-9 and Rule 15c2-4 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), all funds received from Investors in payment for the Shares
shall be forwarded to the Escrow Agent, by the Underwriter no later than noon (Eastern time) the
next business day after receipt, to be deposited into the Escrow Account. The Escrow Agent agrees
to hold all monies so deposited in the Escrow Account (the “Escrow Deposit”) for the benefit of the
Parties hereto until authorized to disburse such monies under the terms of this Agreement. The
Escrow Agent shall hold the
Escrow Deposit and, subject to the terms and conditions hereof, shall hold the Escrow Deposits in a
non-interest bearing account (the “Fund”) as directed in Section 3.

1

 

3.     No Investment of Fund. During the term of this Agreement, the Fund shall not be
invested in a JPMorgan Money Market Deposit Account nor a successor or similar investment offered
by the Escrow Agent, unless otherwise instructed by the Parties and as shall be acceptable to the
Escrow Agent.

4.     Disposition and Termination. (a) The Fund shall be paid by the Escrow Agent in
accordance with the following:

     (i) In the event that the Company and the Underwriter advise the Escrow Agent in writing that
the Offering has been terminated (the “Termination Notice”), the Escrow Agent shall promptly return
the funds paid by each Investor to said Investor without interest or offset. The Underwriter shall
provide to the Escrow Agent an electronic spreadsheet or list in a form acceptable to the Escrow
Agent containing the amount received from each Investor whose funds have been deposited with the
Escrow Agent (with respect to each Investor the “Investor Investment Amount”) along with the name
and address of each Investor. The aggregate of all Investor Investment Amounts shall be equal to
the amount of the Fund on the offering closing date.

     (ii) Provided that the Escrow Agent does not receive the Termination Notice in accordance with
paragraph 4(a)(i) and there is the Minimum Amount deposited into the Escrow Account on or prior to
the Termination Date, the Escrow Agent shall, upon written notification from the Parties, promptly
inform the Company and the Underwriter of the Minimum Amount that has been deposited in the
account on such date. Then upon receipt of written instructions in a form and substance
satisfactory to the Escrow Agent, received from the Company and Underwriter, pay the Fund in
accordance with such written instructions, such payment or payments to be made by wire transfer as
soon as practicable after receipt of such written instructions. The Parties agree among themselves
that, such instructions will not be provided by the Company and Underwriter unless they have
received confirmation from the NYSE Amex that the Shares will be listed on the NYSE Amex. After
receipt of the aforementioned confirmation, the Parties will send written release instructions to
the Escrow Agent via facsimile, in accordance with Section 10, herein.

     (iii) If by (x) 3:00 PM Eastern time on the Termination Date, the total amount of the Fund is
less than the Minimum Amount, or (y) 5:00 PM Eastern Time on the Termination Date, the Escrow Agent
has not received written instructions from the Company and the Underwriter regarding the
disbursement of the Fund, then the Escrow Agent shall be directed to return the Fund to the
Investors pro rata without interest and/or offset, and in accordance with the Investor release
requirements referenced in Section 4.(a), (i) herein.

     (iv) The Escrow Agent shall not be required to pay any uncollected funds or any funds that are
not available for withdrawal.

     (v) If the Termination Date or any date that is a deadline under this Agreement for giving the
Escrow Agent notice or instructions or for the Escrow Agent to take action is not a Banking Day,
then such date shall be the Banking Day immediately subsequent to that date.

(b) Upon delivery of the Fund by the Escrow Agent, this Agreement shall terminate, subject to the
provisions of Section 8(b).

2

 

5.     Escrow Agent. (a) The Escrow Agent shall have only those duties as are specifically
and expressly provided herein, which shall be deemed purely ministerial in nature, and no other
duties shall be implied. The Escrow Agent shall neither be responsible for, nor chargeable with,
knowledge of, nor have any requirements to comply with, the terms and conditions of any other
agreement, instrument or document between the Parties, in connection herewith, if any, including
without limitation the Underwriting Agreement by and between the Company and the Underwriter dated
the date set forth in the Company’s Rule 424 final prospectus filed as a part of the Registration
Statement (the “Underlying Agreement”), nor shall the Escrow Agent be required to determine if any
person or entity has complied with the Underlying Agreement, nor shall any additional obligations
of the Escrow Agent be inferred from the terms of the Underlying Agreement, even though reference
thereto may be made in this Agreement. In the event of any conflict between the terms and
provisions of this Agreement, those of any Underlying Agreement, any schedule or exhibit attached
to the Agreement, or any other agreement among the Parties, the terms and conditions of this
Agreement shall control. The Escrow Agent may rely upon and shall not be liable for acting or
refraining from acting upon any written notice, document, instruction or request furnished to it
hereunder and believed by it to be genuine and to have been signed or presented by the proper Party
or Parties without inquiry and without requiring substantiating evidence of any kind. The Escrow
Agent shall not be liable to any Party, any beneficiary or other person for refraining from acting
upon any instruction setting forth, claiming, containing, objecting to, or related to the transfer
or distribution of the Fund, or any portion thereof, unless such instruction shall have been
delivered to the Escrow Agent in accordance with Section 11 below and the Escrow Agent has been
able to satisfy any applicable security procedures as may be required thereunder. The Escrow Agent
shall be under no duty to inquire into or investigate the validity, accuracy or content of any such
document, notice, instruction or request. The Escrow Agent shall have no duty to solicit any
payments which may be due it or the Fund, including, without limitation, the Escrow Deposit nor
shall the Escrow Agent have any duty or obligation to confirm or verify the accuracy or correctness
of any amounts deposited with it hereunder.

(b) The Escrow Agent shall not be liable for any action taken, suffered or omitted to be taken by
it in good faith except to the extent that a final adjudication of a court of competent
jurisdiction determines that the Escrow Agent’s gross negligence or willful misconduct was the
primary cause of any loss to either Party. The Escrow Agent may execute any of its powers and
perform any of its duties hereunder directly or through affiliates or agents. The Escrow Agent may
consult with counsel, accountants and other skilled persons to be selected and retained by it. The
Escrow Agent shall not be liable for any action taken, suffered or omitted to be taken by it in
accordance with, or in reliance upon, the advice or opinion of any such counsel, accountants or
other skilled persons. In the event that the Escrow Agent shall be uncertain or believe there is
some ambiguity as to its duties or rights hereunder or shall receive instructions, claims or
demands from any Party hereto which, in its opinion, conflict with any of the provisions of this
Agreement, it shall be entitled to refrain from taking any action and its sole obligation shall be
to keep safely all property held in escrow until it shall be given a direction in writing by the
Parties which eliminates such ambiguity or uncertainty to the satisfaction of Escrow Agent or by a
final and non-appealable order or judgment of a court of competent jurisdiction. The Parties agree
to pursue any redress or recourse in connection with any dispute without making the Escrow Agent a
party to the same. Anything in this Agreement to the contrary notwithstanding, in no event shall
the Escrow Agent be liable for special, incidental, punitive, indirect or consequential loss or
damage of any kind whatsoever (including but not limited to lost profits), even if the Escrow Agent
has been advised of the likelihood of such loss or damage and regardless of the form of action.

3

 

6.     Succession. (a) The Escrow Agent may resign and be discharged from its duties or
obligations hereunder by giving thirty (30) days advance notice in writing of such resignation to
the Parties specifying a date when such resignation shall take effect. If the Parties have failed
to appoint a successor
escrow agent prior to the expiration of thirty (30) days following receipt of the notice of
resignation, the Escrow Agent may petition any court of competent jurisdiction for the appointment
of a successor escrow agent or for other appropriate relief, and any such resulting appointment
shall be binding upon all of the parties hereto. Escrow Agent’s sole responsibility after such
thirty (30) day notice period expires shall be to hold the Fund (without any obligation to reinvest
the same) and to deliver the same to a designated substitute escrow agent, if any, or in accordance
with the directions of a final order or judgment of a court of competent jurisdiction, at which
time of delivery Escrow Agent’s obligations hereunder shall cease and terminate, subject to the
provisions of Section 8(b). In accordance with Section 8(b), the Escrow Agent shall have the right
to withhold an amount equal to any amount due and owing to the Escrow Agent, plus any costs and
expenses the Escrow Agent shall reasonably believe may be incurred by the Escrow Agent in
connection with the termination of the Agreement.

     (b) Any entity into which the Escrow Agent may be merged or converted or with which it may be
consolidated, or any entity to which all or substantially all the escrow business may be
transferred, shall be the Escrow Agent under this Agreement without further act.

7.     Compensation and Reimbursement. The Parties agree jointly and severally (a) to pay the
Escrow Agent upon execution of this Agreement and from time to time thereafter reasonable
compensation for the services to be rendered hereunder, along with any fees or charges for
accounts, including those levied by any governmental authority which the Escrow Agent may impose,
charge or pass-through, which unless otherwise agreed in writing shall be as described in Schedule
2 attached hereto, and (b) to pay or reimburse the Escrow Agent upon request for all expenses,
disbursements and advances, including, without limitation reasonable attorney’s fees and expenses,
incurred or made by it in connection with the performance, modification and termination of this
Agreement. The obligations contained in this Section 7 shall survive the termination of this
Agreement and the resignation, replacement or removal of the Escrow Agent.

     8.     Indemnity. (a) The Parties shall jointly and severally indemnify, defend and hold
harmless the Escrow Agent and its affiliates and their respective successors, assigns, directors,
agents and employees (the “Indemnitees”) from and against any and all losses, damages, claims,
liabilities, penalties, judgments, settlements, litigation, investigations, costs or expenses
(including, without limitation, the fees and expenses of outside counsel and experts and their
staffs and all expense of document location, duplication and shipment)(collectively “Losses”)
arising out of or in connection with (i) the Escrow Agent’s execution and performance of this
Agreement, tax reporting or withholding, the enforcement of any rights or remedies under or in
connection with this Agreement, or as may arise by reason of any act, omission or error of the
Indemnitee, except in the case of any Indemnitee to the extent that such Losses are finally
adjudicated by a court of competent jurisdiction to have been primarily caused by the gross
negligence or willful misconduct of such Indemnitee, or (ii) its following any instructions or
directions, whether joint or singular, from the Parties, except to the extent that its following
any such instruction or direction is expressly forbidden by the terms hereof. The indemnity
obligations set forth in this Section 8(a) shall survive the resignation, replacement or removal of
the Escrow Agent or the termination of this Agreement.

(b) The Parties hereby grant the Escrow Agent a lien on, right of set-off against and security
interest in, the Fund for the payment of any claim for indemnification, fees, expenses and amounts
due to the Escrow Agent or an Indemnitee. In furtherance of the foregoing, the Escrow Agent is
expressly authorized and directed, but shall not be obligated, to charge against and withdraw from
the Fund for its own account or for the account of an Indemnitee any amounts due to the Escrow
Agent or to an Indemnitee under either Sections 6(a), 7 or 8(a) of this Agreement.

4

 

9.     Patriot Act Disclosure/Taxpayer Identification Numbers/Tax Reporting.

(a) Patriot Act Disclosure. Section 326 of the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”)
requires the Escrow Agent to implement reasonable procedures to verify the identity of any person
that opens a new account with it. Accordingly, the Parties acknowledge that Section 326 of the USA
PATRIOT Act and the Escrow Agent’s identity verification procedures require the Escrow Agent to
obtain information which may be used to confirm the Parties identity including without limitation
name, address and organizational documents (“identifying information”). The Parties agree to
provide the Escrow Agent with and consent to the Escrow Agent obtaining from third parties any such
identifying information required as a condition of opening an account with or using any service
provided by the Escrow Agent.

(b) Certification and Tax Reporting. The Parties have provided the Escrow Agent with their
respective fully executed Internal Revenue Service (“IRS”) Form W-8, or W-9 and/or other required
documentation. All income earned under this Agreement, if any, shall be allocated to the Company
and reported, as and to the extent required by law, by the Escrow Agent to the IRS, or any other
taxing authority, on IRS Form 1099 or 1042S (or other appropriate form) as income earned from the
Escrow Deposit by the Company whether or not said income has been distributed during such year.
Escrow Agent shall withhold any taxes it deems appropriate in the absence of proper tax
documentation or as required by law, and shall remit such taxes to the appropriate authorities.
The Parties hereby represent to the Escrow Agent that (i) there is no sale or transfer of an United
States Real Property Interest as defined under IRC Section 897(c) in the underlying transaction
giving rise to this Agreement; and (ii) such underlying transaction does not constitute an
installment sale requiring tax reporting or withholding of imputed interest or original issue
discount to the IRS or other taxing authority.

10.     Notices. All communications hereunder shall be in writing and except for
communications from the Parties setting forth, claiming, containing, objecting to, or in any way
related to the transfer or distribution of funds, including but not limited to funds transfer
instructions (all of which shall be specifically governed by Section 11 below), shall be deemed to
be duly given after it has been received and the receiving party has had a reasonable time to act
upon such communication if it is sent or served:

     (a) by facsimile;

     (b) by overnight courier; or

     (c) by prepaid registered mail, return receipt requested;

to the appropriate notice address set forth below or at such other address as any party hereto may
have furnished to the other parties in writing by registered mail, return receipt requested.

	 	 	 
	If to the Company

	 	XStream Systems, Inc.
	 

	 	10305 102nd Terrace, Suite 101
	 

	 	Sebastian, FL 32958
	 

	 	Attention: Dennis K. Cummings, Chief Financial Officer
	 

	 	Tel. No.: (772) 646-6208
	 

	 	Fax No.: (772) 589-4622
	 
	 	 
	With copies to

	 	Greenberg Traurig, P.A.
	 

	 	5100 Town Center Circle, Suite 400
	 

	 	Boca Raton, FL 33486
	 

	 	Attention: Bruce C. Rosetto, Esq.
	 

	 	Tel. No.: (561) 955-7625
	 

	 	Fax No.: (561) 367-6225

5

 

	 	 	 
	If to Underwriter

	 	W.R. Hambrecht + Co., LLC
	 

	 	Pier 1, Bay 3
	 

	 	San Francisco, CA 94111
	 

	 	Attention: Peter Morrissey Esq.
	 

	 	Tel No.:
	 

	 	Fax No.:
	 
	 	 
	With copies to

	 	Katten Muchin Rosenman LLP
	 

	 	575 Madison Avenue
	 

	 	New York, NY 10022
	 

	 	Attention: David A. Pentlow, Esq.
	 

	 	Tel. No.: (212) 940-6412
	 

	 	Fax No.: (212) 894-5912
	 
	 	 
	If to the Escrow Agent

	 	JPMorgan Chase Bank, N.A.
	 

	 	Escrow Services
	 

	 	4 New York Plaza, 21st Floor
	 

	 	New York, N.Y. 10004
	 

	 	Attention: Greg Kupchynsky
	 

	 	Fax No. (212) 623.6168
	 

	 	Phone: (212) 623.6812

Notwithstanding the above, in the case of communications delivered to the Escrow Agent, such
communications shall be deemed to have been given on the date received by an officer of the Escrow
Agent or any employee of the Escrow Agent who reports directly to any such officer at the
above-referenced office. In the event that the Escrow Agent, in its sole discretion, shall
determine that an emergency exists, the Escrow Agent may use such other means of communication as
the Escrow Agent deems appropriate. For purposes of this Agreement, “Business Day” shall mean any
day other than a Saturday, Sunday or any other day on which the Escrow Agent located at the notice
address set forth above is authorized or required by law or executive order to remain closed.

11.     Security Procedures. Notwithstanding anything to the contrary as set forth in Section
10, any instructions setting forth, claiming, containing, objecting to, or in any way related to
the transfer or distribution of funds, including but not limited to any such funds transfer
instructions that may otherwise be set forth in a written instruction permitted pursuant to Section
4 of this Agreement, may be given to the Escrow Agent only by confirmed facsimile and no
instruction for or related to the transfer or distribution of the Fund, or any portion thereof,
shall be deemed delivered and effective unless the Escrow Agent actually shall have received such
instruction by facsimile at the number provided to the Parties by the Escrow Agent in accordance
with Section 10 and as further evidenced by a confirmed transmittal to that number.

6

 

(a) In the event funds transfer instructions are so received by the Escrow Agent by facsimile, the
Escrow Agent is authorized to seek confirmation of such instructions by telephone call-back to the
person or persons designated on Schedule 1 hereto, and the Escrow Agent may rely upon the
confirmation of
anyone purporting to be the person or persons so designated. The persons and telephone numbers for
call-backs may be changed only in a writing actually received and acknowledged by the Escrow Agent.
If the Escrow Agent is unable to contact any of the authorized representatives identified in
Schedule 1, the Escrow Agent is hereby authorized both to receive written instructions from and
seek confirmation of such instructions by telephone call-back to any one or more of the Company or
Underwriter’s executive officers, (“Executive Officers”), as the case may be, which shall include
the titles of Co-Chief Executive Officer and Chief Financial Officer, as the Escrow Agent may
select. Such “Executive Officer” shall deliver to the Escrow Agent a fully executed incumbency
certificate, and the Escrow Agent may rely upon the confirmation of anyone purporting to be any
such officer. The Escrow Agent and the beneficiary’s bank in any funds transfer may rely solely
upon any account numbers or similar identifying numbers provided by the Company or Underwriter to
identify (i) the beneficiary, (ii) the beneficiary’s bank, or (iii) an intermediary bank. The
Escrow Agent may apply any of the Fund for any payment order it executes using any such identifying
number, even when its use may result in a person other than the beneficiary being paid, or the
transfer of funds to a bank other than the beneficiary’s bank or an intermediary bank designated.

(b) The Company acknowledges that the Escrow Agent is authorized to use the funds transfer
instructions on Schedule 3 hereto to disburse any funds due to the Company under this Agreement
without a verifying call-back as set forth in Section 11(a) above:

	 	 	 
	The Company’s Bank account information:

	 	[Bank name:
	 

	 	Bank Address:
	 

	 	ABA number:
	 

	 	Account name:
	 

	 	Account number:          ]
	 

	 	See Schedule 3

Underwriter acknowledges that the Escrow Agent is authorized to use the following funds transfer
instructions on Schedule 3 hereto to disburse any funds due to Underwriter under this Agreement
without a verifying call-back as set forth in Section 11(a) above:

	 	 	 
	Underwriter’s Bank account information:

	 	[Bank name:
	 

	 	Bank Address:
	 

	 	ABA number:
	 

	 	Account name:
	 

	 	Account number:          ]
	 

	 	See Schedule 3

(c) In addition to their respective funds transfer instructions as set forth in Section 11(b)
above, the Company acknowledges that repetitive funds transfer instructions may be given to the
Escrow Agent for one or more beneficiaries where only the date of the requested transfer, the
amount of funds to be transferred, and/or the description of the payment shall change within the
repetitive instructions (“Standing Settlement Instructions”). Accordingly, the Company shall
deliver to Escrow Agent such specific Standing Settlement Instructions only for each respective
beneficiary as set forth in Schedule 1, by facsimile in accordance with this Section 11. Escrow
Agent may rely solely upon such Standing Settlement Instructions and all identifying information
set forth therein for each beneficiary. Escrow Agent and the Company agree that such Standing
Settlement Instructions shall be effective as the funds transfer instructions of the Company,
without requiring a verifying callback, whether or not authorized, if
such Standing Settlement Instructions are consistent with previously authenticated Standing
Settlement Instructions for that beneficiary.

7

 

(d) The Parties acknowledge that the security procedures set forth in this Section 11 are
commercially reasonable.

12.     Compliance with Court Orders. In the event that any escrow property shall be attached,
garnished or levied upon by any court order, or the delivery thereof shall be stayed or enjoined by
an order of a court, or any order, judgment or decree shall be made or entered by any court order
affecting the property deposited under this Agreement, the Escrow Agent is hereby expressly
authorized, in its sole discretion, to obey and comply with all writs, orders or decrees so entered
or issued, which it is advised by legal counsel of its own choosing is binding upon it, whether
with or without jurisdiction, and in the event that the Escrow Agent obeys or complies with any
such writ, order or decree it shall not be liable to any of the parties hereto or to any other
person, entity, firm or corporation, by reason of such compliance notwithstanding such writ, order
or decree be subsequently reversed, modified, annulled, set aside or vacated.

13.     Miscellaneous. Except for changes to funds transfer instructions as provided in
Section 11, the provisions of this Agreement may be waived, altered, amended or supplemented, in
whole or in part, only by a writing signed by the Escrow Agent and the Parties. Neither this
Agreement nor any right or interest hereunder may be assigned in whole or in part by the Escrow
Agent or any Party, except as provided in Section 6, without the prior consent of the Escrow Agent
and the other Parties. This Agreement shall be governed by and construed under the laws of the
State of Florida. Each Party and the Escrow Agent irrevocably waives any objection on the grounds
of venue, forum non-conveniens or any similar grounds and irrevocably consents to service of
process by mail or in any other manner permitted by applicable law and consents to the jurisdiction
of the courts located in the State of Florida. To the extent that in any jurisdiction either Party
may now or hereafter be entitled to claim for itself or its assets, immunity from suit, execution
attachment (before or after judgment), or other legal process, such Party shall not claim, and it
hereby irrevocably waives, such immunity. The Escrow Agent and the Parties further hereby waive
any right to a trial by jury with respect to any lawsuit or judicial proceeding arising or relating
to this Agreement. No party to this Agreement is liable to any other party for losses due to, or
if it is unable to perform its obligations under the terms of this Agreement because of, acts of
God, fire, war, terrorism, floods, strikes, electrical outages, equipment or transmission failure,
or other causes reasonably beyond its control. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. All signatures of the parties to this Agreement may be transmitted by
facsimile, and such facsimile will, for all purposes, be deemed to be the original signature of
such party whose signature it reproduces, and will be binding upon such party. If any provision of
this Agreement is determined to be prohibited or unenforceable by reason of any applicable law of a
jurisdiction, then such provision shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions thereof, and any
such prohibition or unenforceability in such jurisdiction shall not invalidate or render
unenforceable such provisions in any other jurisdiction. A person who is not a party to this
Agreement shall have no right to enforce any term of this Agreement. The Parties represent, warrant
and covenant that each document, notice, instruction or request provided by such Party to Escrow
Agent shall comply with applicable laws and regulations. Where, however, the conflicting
provisions of any such applicable law may be waived, they are hereby irrevocably waived by the
parties hereto to the fullest extent permitted by law, to the end that this Agreement shall be
enforced as written. Except as expressly provided in Section 8 above, nothing in this Agreement,
whether express or implied, shall be construed to

8

 

give to any person or entity other than the Escrow Agent and the Parties any legal or equitable
right, remedy, interest or claim under or in respect of this Agreement or any funds escrowed
hereunder.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth
above.

	 	 	 	 	 
	THE COMPANY: XSTREAM SYSTEMS, INC.

 	 
	By:  	 
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

	 	 	 	 	 
	UNDERWRITER: W.R. HAMBRECHT + CO., LLC

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

	 	 	 	 	 
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

as Escrow Agent

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

9

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