Document:

exv10w12

Exhibit 10.12

SECURITIES ASSIGNMENT AGREEMENT

     This Securities Assignment Agreement (this “Assignment”), dated as of October 4, 2010, is
made and entered into by and among LLM Structured Equity Fund L.P., a Delaware limited partnership,
LLM Investors L.P., a Delaware limited partnership, and John L. Shermyen, an individual residing at
11715 NW 122 Terrace, Alachua, Florida 32615 (each a “Seller” and collectively, the “Sellers”) and
the parties identified on the signature page hereto (each a “Buyer” and collectively, the
“Buyers”).

     WHEREAS, on the terms and subject to the conditions set forth in this Assignment, the
Sellers wish to assign an aggregate of 71,156 shares (the “Shares”) of common stock (“Common
Stock”) of L&L Acquisition Corp. (the “Company”) to the Buyers and the Buyers wish to purchase the
Shares from the Sellers.

     NOW, THEREFORE, in consideration of the premises, representations, warranties and the
mutual covenants contained in this Assignment, and for other good and valuable consideration, the
receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto, intending
to be legally bound, hereby agree as follows:

     Section 1. Assignment of Shares. Each Seller hereby assigns that number of
Shares set forth opposite such Seller’s name on Exhibit A attached hereto to each Buyer, of
which that number of Shares set forth on Exhibit A under the heading “First Tranche Shares”
shall be held in escrow until the first anniversary of the Company’s initial business combination
and a portion of such First Tranche Shares, as set forth on Exhibit A under the heading
“First Tranche Forfeiture Shares” shall be subject to forfeiture by each such Buyer to the extent
the underwriters’ over-allotment option (as described in the Company’s registration statement on
Form S-1, as amended (File Number 333-168949) (the “Registration Statement”), under the Securities
Act of 1933, as amended (the “Act”), relating to an underwritten public offering by the Company
(the “Offering”)) is not exercised in full. In addition, that number of Shares set forth on
Exhibit A under the heading “Second Tranche Shares” shall be held in escrow and forfeited
on the fifth anniversary of the Company’s initial business combination unless, prior to such
time, either (x) the last sales price of the Company’s Common Stock equals or exceeds $18.00 per
share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the
like) for any 20 trading days within any 30-trading day period or (ii) a transaction is consummated
following the Company’s initial business combination in which all stockholders have the right to
exchange their Common Stock for cash consideration which equals or exceeds $18.00 per share (as
described in the Registration Statement). A portion of such Second Tranche Shares, as set forth on
Exhibit A under the heading “Second Tranche Forfeiture Shares” shall be subject to
forfeiture by each such Buyer to the extent the underwriters’ over-allotment option is not
exercised in full (as described in the Registration Statement). The Buyers have paid to the Sellers
$0.0173913 per Share in consideration of the assignment of the Shares, which equals an aggregate
amount of One Thousand Two Hundred Thirty Seven Dollars and Fifty Cents ($1,237.50) (the “Purchase
Price”).

     Section 2. No Conflicts. Each party represents and warrants that neither the
execution and delivery of this Assignment by such party, nor the consummation or performance by
such party of any of transactions contemplated hereby, will with or without notice or lapse of
time, constitute, create or result in a breach or violation of, default under, loss of benefit or
right under or acceleration of performance of any obligation required under any agreement to which
it is a party.

     Section 3. Investment Representations. Each Buyer represents and warrants, with
respect to himself or itself only, as the case may be as follows:

          (a) Such Buyer hereby acknowledges that an investment in the Shares involves certain
significant risks. Such Buyer has no need for liquidity in its investment in the Shares for the
foreseeable future and is able to bear the risk of that investment for an indefinite period.

          (b) Such Buyer acknowledges and hereby agrees that the Shares will not be transferable under
any circumstances unless registered by the Company in accordance with federal and state securities
laws or sold in compliance with an exemption under such laws and such transfer complies with all
applicable lock-up restrictions on such Buyer (as described in the Registration Statement). Such
Buyer further understands that any certificates evidencing the Shares bear a legend referring to
the foregoing transfer restrictions.

          (c) Such Buyer also acknowledges and hereby agrees that such Buyer shall return to the Company
for cancellation, at no cost, (i) the First Tranche Forfeiture Shares and Second Tranche Forfeiture
Shares held by each such Buyer to the extent the underwriters’ over-allotment option (as described
in the Registration Statement) is not exercised in full and (ii) its Second Tranche Shares on the
fifth anniversary of the Company’s initial business combination unless, prior to such time, either
(x) the last sales price of the Company’s Common Stock equals or exceeds $18.00 per share (as
adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for
any 20 trading days within any 30-trading day period or (ii) a transaction is consummated following

 

 

the Company’s initial business combination in which all stockholders have the right to
exchange their Common Stock for cash consideration which equals or exceeds $18.00 per share (as
described in the Registration Statement).

          (d) The Shares are being acquired solely for such Buyer’s own account, for investment purposes
only, and are not being purchased with a view to or for the resale, distribution, subdivision or
fractionalization thereof; and such Buyer has no present plans to enter into any contract,
undertaking, agreement or arrangement for such resale, distribution, subdivision or
fractionalization. Such Buyer has been given the opportunity to (i) ask questions of and receive
answers from the Seller and the Company concerning the terms and conditions of the Shares, and the
business and financial condition of the Company and (ii) obtain any additional information that the
Seller possesses or can acquire without unreasonable effort or expense that is necessary to assist
such Buyer in evaluating the advisability of the purchase of the Shares and an investment in the
Company. Such Buyer is not relying on any oral representation made by any person as to the Company
or its operations, financial condition or prospects. Such Buyer is an “accredited investor” as
defined in Regulation D promulgated by the Securities and Exchange Commission under the Act.

     Section 4. Miscellaneous. This Assignment, together with the certificates,
documents, instruments and writings that are delivered pursuant hereto, constitutes the entire
agreement and understanding of the parties hereto in respect of its subject matter. This Assignment
may be executed in two or more counterparts, each of which will be deemed an original but all of
which together will constitute one and the same instrument. This Assignment may not be amended,
modified or waived as to any particular provision, except by a written instrument executed by all
parties hereto. Except as otherwise provided herein, no party hereto may assign either this
Assignment or any of its rights, interests, or obligations hereunder without the prior written
approval of the other parties.

[SIGNATURE PAGE FOLLOWS]

 

 

     IN WITNESS WHEREOF, the undersigned have executed this Securities Assignment Agreement to be
effective as of the date first set forth above.

	 	 	 	 	 	 	 	 	 	 	 

	 	 	SELLERS:
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	/s/ John L. Shermyen
	 	 	 
	 	 	John L. Shermyen
	 	 	Address: 11715 NW 122 Terrace 

Alachua, FL 32615

	 
	 	 	 	 	 	 	 	 	 	 
	 	 	LLM STRUCTURED EQUITY FUND L.P.
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	LLM Advisors L.P., its General Partner
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	LLM Advisors LLC, its General Partner
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	LLM Capital Partners LLC, its Manager
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Frederick S. Moseley, IV
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Name: Frederick S. Moseley, IV
	 

	 	 	 	 	 	 	 	 	 	Title: Managing Director
	 

	 	 	 	 	 	 	 	 	 	Address: 265 Franklin Street, 20th Floor 

Boston, Massachusetts 02110

	 
	 	 	 	 	 	 	 	 	 	 
	 	 	LLM INVESTORS L.P.
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	LLM Advisors L.P., its General Partner
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	LLM Advisors LLC, its General Partner
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	LLM Capital Partners LLC, its Manager
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Frederick S. Moseley, IV
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Name: Frederick S. Moseley, IV
	 

	 	 	 	 	 	 	 	 	 	Title: Managing Director
	 

	 	 	 	 	 	 	 	 	 	Address: 265 Franklin Street, 20th Floor 

Boston, Massachusetts 02110

 

 

     IN WITNESS WHEREOF, the undersigned have executed this Assignment Agreement to be
effective as of the date first set forth above.

	 	 	 

	BUYERS:
	 
	 	 
	/s/ John A. Svahn
	 
	John A. Svahn
	Address:

	 	4790 Caughlin Parkway, #317

Reno, Nevada 89519
	 
	 	 
	/s/ E. David Hetz
	 
	E. David Hetz
	Address:

	 	14 Summit Avenue

Kennebunkport, ME 04046
	 
	 	 
	/s/ Alan W. Pettis
	 
	Alan W. Pettis
	Address:

	 	5 Thunderbird Drive

Newport Beach, CA 92660
	 
	 	 
	/s/ William A. Landman
	 
	William A. Landman
	Address:

	 	324 Grays Lane

Haverford, PA 19041

 

 

Exhibit A

	 	 	 
	                    Sellers	 	Buyers
	LLM Structured Equity Fund L.P.
	 	John A. Svahn — 19,406

	 
	 	E. David Hetz — 14,829
	LLM Investors L.P.
	 	E. David Hetz — 1,343
	John L. Shermyen
	 	E. David Hetz — 3,234

	 
	 	Alan W. Pettis — 19,406

	 
	 	William Landman — 12,938

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Second
	 	 	 	 	 	 	First Tranche	 	 	 	 	 	Tranche
	 	 	First Tranche	 	Forfeiture	 	Second	 	Forfeiture
	          Buyers	 	Shares	 	Shares	 	Tranche Shares	 	Shares
	John A. Svahn
	 	 	8,625	 	 	 	1,125	 	 	 	10,781	 	 	 	1,406	 
	E. David Hetz
	 	 	8,625	 	 	 	1,125	 	 	 	10,781	 	 	 	1,406	 
	Alan W. Pettis
	 	 	8,625	 	 	 	1,125	 	 	 	10,781	 	 	 	1,406	 
	William Landman
	 	 	5,750	 	 	 	750	 	 	 	7,188	 	 	 	938	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	 	31,625	 	 	 	4,125	 	 	 	39,531	 	 	 	5,156exv10w1

Exhibit 10.1

October 1, 2010

Errol B. DeSouza

President and Chief Executive Officer

Biodel Inc.

100 Saw Mill Road

Danbury, Connecticut 06810

Dear Errol:

     Reference is made to the Executive Employment Agreement, dated as of March 26, 2010 (the
“Employment Agreement”), between you and Biodel Inc. (the “Company”). This letter
agreement records the mutual agreement between you and the Company with respect to the treatment of
your Base Salary for purposes of the Employment Agreement.

     You and the Company hereby agree (i) to reduce the cash portion of your Base Salary, effective
for amounts earned from October 1, 2010 through September 30, 2011, from $37,500 per month to
$33,333.33 per month and (ii) to treat the remainder of your Base Salary for such period as
deferred into restricted stock units (“RSUs”) under the Company’s 2010 Stock Incentive Plan
(the “2010 Plan”).

     The RSUs will be granted to you effective October 1, 2010, under a form of agreement
substantially similar to that the Company has previously used. You will receive RSUs equal to
$50,000 divided by the Fair Market Value (as defined in the 2010 Plan) of the Company’s
common stock on October 1, 2010. Subject to the provisions of the Employment Agreement relating to
acceleration or forfeiture of your equity awards, (i) 25% of the RSUs will vest on December 31,
2010; (ii) the remaining amount will vest in equal installments on March 31, 2011, June 30, 2011,
and September 30, 2011; and (iii) the shares of the Company’s common stock represented by the RSUs
will be distributed on (and not before) September 30, 2011, absent an intervening Reorganization
Event or Change in Control Event (each as defined in the 2010 Plan) that causes an earlier
distribution.

     The Company and you have agreed that, for all other purposes under the Employment Agreement,
your Base Salary will be treated during the fiscal year ending September 30, 2011 as though it
remained $450,000. You acknowledge that the reduction in the cash portion of your Base Salary
during this period may cause a reduction in third-party insured benefits that are determined based
on actual cash salary.

100 saw mill road • Danbury, CT • 06810

Phone: (203) 796-5000 • Fax: (203) 796-5002

 

     Except as amended by this letter agreement, the Employment Agreement shall remain in full
force and effect.

     This letter agreement and the Employment Agreement constitute the entire agreement of the
parties hereto with respect to the subject matter hereof and supersede all prior agreements and
undertakings, both written and oral, among the parties hereto with respect to the subject matter
hereof.

     This letter agreement may be executed and delivered (including by facsimile transmission) in
one or more counterparts, each of which shall be an original, but when taken together, shall
constitute a single agreement.

     Please confirm that the foregoing is in accordance with your understanding by signing and
returning to us an executed duplicate of this letter. Upon your acceptance hereof, this letter
will constitute a binding agreement between us.

Very truly yours,

BIODEL INC.

	 	 	 	 	 

	By: 

Name:

	 	/s/ Gerard Michel
 

Gerard Michel
	 	 
	Title:

	 	Chief Financial Officer	 	 
	 
	 	 	 	 
	I have been given a reasonable amount of time to
consider this letter agreement and to consult an
attorney and/or advisor of my choosing. I have
carefully read this letter agreement, understand
the contents herein and freely and voluntarily
assent to all of the terms and conditions hereof
as of the date first written above	 	 

	 	 	 

	/s/ Errol B. De Souza
 

Errol B. De Souza

	 	 

100 saw mill road • Danbury, CT • 06810

Phone: (203) 796-5000 • Fax: (203) 796-5002

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