Document:

EX-10.2

   

  Exhibit 10.2

   

  REGISTRATION RIGHTS AGREEMENT

   

  THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of February 18, 2022, is made by and between SURROZEN, INC., a Delaware corporation (the “Company”), and LINCOLN PARK CAPITAL FUND, LLC, an Illinois limited liability company (together with its permitted assigns, the “Buyer”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement by and between the parties hereto, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”).

   

  	WHEREAS:

   

  The Company has agreed, upon the terms and subject to the conditions of the Purchase Agreement, (i) to sell and issue to the Buyer up to Fifty Million Dollars ($50,000,000) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), pursuant to the Purchase Agreement and (ii) issue to the Investor such number of shares of Common Stock as is required pursuant to the Purchase Agreement (“Commitment Shares”), to induce the Buyer to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the “Securities Act”), and applicable state securities laws.

   

  NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:

   

  1.	DEFINITIONS.

   

  As used in this Agreement, the following terms shall have the following meanings:

   

  a.	“Investor” means the Buyer, any transferee or assignee thereof to whom the Buyer assigns its rights under this Agreement in accordance with Section 9 and who agrees to become bound by the provisions of this Agreement, and any transferee or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement in accordance with Section 9 and who agrees to become bound by the provisions of this Agreement.

   

  b.	“Person” means any individual or entity including but not limited to any corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency.

   

  c.	“Purchase Shares” means any shares of Common Stock purchased pursuant to the Purchase Agreement.

   

  d.	“Register,” “registered,” and “registration” refer to a registration effected by preparing and filing one or more registration statements of the Company in compliance with the Securities Act and pursuant to Rule 415 under the Securities Act or any successor rule providing for offering securities on a continuous basis (“Rule 415”), and the declaration or ordering of effectiveness of such registration statement(s) by the United States Securities and Exchange Commission (the “SEC”).

  	 

  e.	“Registrable Securities” means all of the Commitment Shares and the Purchase Shares that may, from time to time, be issued or become issuable to the Investor under the Purchase 

   

  

   

  Agreement (without regard to any limitation or restriction on purchases), and any and all shares of Common Stock issued or issuable with respect to the Purchase Shares or the Commitment Shares or the Purchase Agreement as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitation on purchases under the Purchase Agreement.

   

  f.	“Registration Statement” means one or more registration statements of the Company covering only the resale of the Registrable Securities.

   

  2.	REGISTRATION.

   

  a.	Mandatory Registration.  The Company shall use commercially reasonable efforts to file with the SEC by April 15, 2022, an initial Registration Statement covering 7,003,383 Registrable Securities, consisting of 6,903,383 Purchase Shares and 100,000 Commitment Shares, or such amount as otherwise shall be permitted to be included thereon in accordance with applicable SEC rules, regulations and interpretations so as to permit the resale of such Registrable Securities by the Investor under Rule 415 under the Securities Act at then prevailing market prices (and not fixed prices), as mutually determined by both the Company and the Investor in consultation with their respective legal counsel, subject to the aggregate number of authorized shares of Common Stock then available for issuance in accordance with its Certificate of Incorporation. The initial Registration Statement shall register only the Registrable Securities. The Investor and its counsel shall have a reasonable opportunity to review and comment upon such Registration Statement and any amendment or supplement to such Registration Statement and any related prospectus prior to its filing with the SEC, and the Company shall give due consideration to all comments. The Investor acknowledges that it will be identified in the initial Registration Statement as an underwriter within the meaning of Section 2(a)(11) of the Securities Act and shall furnish all information reasonably requested by the Company for inclusion therein. The Company shall use commercially reasonable efforts to have the Registration Statement and any amendment declared effective by the SEC as soon as practicable. The Company shall use commercially reasonable efforts to keep the Registration Statement effective pursuant to Rule 415 promulgated under the Securities Act and available for the resale by the Investor of all of the Registrable Securities covered thereby at all times until the earlier of (i) the date on which the Investor may sell all of the Registrable Securities without restriction pursuant to Rule 144 promulgated under the Securities Act; (ii) 180 days after the termination of the Purchase Agreement; and (iii) the date on which the Investor shall have resold all the Registrable Securities covered thereby and no Available Amount remains under the Purchase Agreement (the “Registration Period”). The Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading.

   

  b.	Rule 424 Prospectus.  The Company shall, as required by applicable securities regulations, from time to time file with the SEC, pursuant to Rule 424 promulgated under the Securities Act, the prospectus and prospectus supplements, if any, to be used in connection with resales of the Registrable Securities by the Buyer under the Registration Statement. The Investor and its counsel shall have a reasonable opportunity to review and comment upon such prospectus prior to its filing with the SEC, and the Company shall give due consideration to all comments. The Investor shall use its commercially reasonable efforts to provide any such comments within one (1) Business Day from the date the Investor receives the final pre-filing version of such prospectus.

   

  c.	Sufficient Number of Shares Registered.  In the event the number of shares available under the Registration Statement is insufficient to cover all of the Registrable Securities, the Company shall amend the Registration Statement or file a new registration statement (a “New Registration Statement”), so 

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  as to cover all of such Registrable Securities (subject to the limitations set forth in Section 2(a)) as soon as reasonably practicable, but in any event not later than ten (10) Business Days after the necessity arises, subject to any limits that may be imposed by the SEC pursuant to Rule 415 under the Securities Act. The Company shall use its commercially reasonable efforts to cause such amendment and/or New Registration Statement to become effective as soon as practicable following the filing thereof.

   

  d.	Offering.  If the staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration Statement to become effective and be used for resales by the Investor under Rule 415 at then-prevailing market prices (and not fixed prices), or if after the filing of the initial Registration Statement with the SEC pursuant to Section 2(a), the Company is otherwise required by the Staff or the SEC to reduce the number of Registrable Securities included in such initial Registration Statement, then the Company shall reduce the number of Registrable Securities to be included in such initial Registration Statement (with the prior consent, which shall not be unreasonably withheld, delayed or conditioned, of the Investor and its legal counsel as to the specific Registrable Securities to be removed therefrom) until such time as the Staff and the SEC shall so permit such Registration Statement to become effective and be used as aforesaid. In the event of any reduction in Registrable Securities pursuant to this paragraph, the Company shall file one or more New Registration Statements in accordance with Section 2(c) until such time as all Registrable Securities have been included in Registration Statements that have been declared effective and the prospectus contained therein is available for use by the Investor. Notwithstanding any provision herein or in the Purchase Agreement to the contrary, the Company’s obligations to register Registrable Securities (and any related conditions to the Investor’s obligations) shall be qualified as necessary to comport with any requirement of the SEC or the Staff as addressed in this Section 2(d).

   

  3.	RELATED OBLIGATIONS.

   

  With respect to the Registration Statement and whenever any Registrable Securities are to be registered pursuant to Section 2, including on any New Registration Statement, the Company shall use its commercially reasonable efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

   

  a.	The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any Registration Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statement or any New Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the Investor as set forth in such Registration Statement.

   

  b.	The Company shall permit the Investor to review and comment upon the Registration Statement or any New Registration Statement and all amendments and supplements thereto at least two (2) Business Days prior to their filing with the SEC, and not file any such document in a form to which Investor reasonably objects. The Investor shall use its commercially reasonable efforts to comment upon the Registration Statement or any New Registration Statement and any amendments or supplements thereto within two (2) Business Days from the date the Investor receives the substantially final version thereof. The Company shall furnish to the Investor, without charge any correspondence from the SEC or the staff of the 

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  SEC to the Company or its representatives relating to the Registration Statement or any New Registration Statement. 

   

  c.	Upon request of the Investor, the Company shall furnish to the Investor, (i) promptly after the same is prepared and filed with the SEC, at least one copy of such Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any Registration Statement, a copy of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as the Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus, as the Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by the Investor. For the avoidance of doubt, any filing available to the Investor via the SEC’s live EDGAR system shall be deemed “furnished to the Investor” hereunder.

   

  d.	The Company shall use commercially reasonable efforts to (i) register and qualify the Registrable Securities covered by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be reasonably necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify the Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.

   

  e.	As promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor of the happening of any event or existence of such facts as a result of which the prospectus included in any Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material, non-public information regarding the Company), and promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to the Investor (or such other number of copies as the Investor may reasonably request). The Company shall also promptly notify the Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to the Investor by email or facsimile on the same day of such effectiveness or by overnight mail), (ii) of any request by the SEC for amendments or supplements to any Registration Statement or related prospectus or related information, and (iii) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate.

   

  f.	The Company shall use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of any Registration Statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction and, if such an order or suspension 

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  is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

   

  g.	The Company shall (i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (ii) secure designation and quotation of all the Registrable Securities on the Principal Market.

   

  		h.	The Company shall comply with Section 6(b) of the Purchase Agreement with respect to the issuance of Registrable Securities.

   

  i.	The Company shall at all times provide a transfer agent and registrar with respect to its Common Stock.

   

  j.	If reasonably requested by the Investor, the Company shall (i) as soon as practicable after receipt of written notice from the Investor, incorporate in a prospectus supplement or post-effective amendment such information as the Investor reasonably believes necessary to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration Statement.

   

  k.	The Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by any Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.

  	 

  l.	Within one (1) Business Day of the date any Registration Statement which includes the Registrable Securities is declared effective by the SEC, the Company shall deliver, and shall cause its legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investor) confirmation that such Registration Statement has been declared effective by the SEC in a form acceptable to the transfer agent. Thereafter, if reasonably requested by the Buyer at any time, the Company (acting directly or through its counsel) shall deliver to the Buyer, which may be via e-mail, a written confirmation whether or not the effectiveness of such Registration Statement has lapsed at any time for any reason (including, without limitation, the issuance of a stop order by the SEC) and whether or not the Registration Statement is available to the Buyer for sale of all of the Registrable Securities.

   

  m.	Company agrees to take all other reasonable actions as necessary and reasonably requested in writing by the Investor to expedite and facilitate disposition by the Investor of the Registrable Securities pursuant to any Registration Statement.

   

  4.	OBLIGATIONS OF THE INVESTOR.

   

  a.	The Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection with any Registration Statement hereunder. The Investor shall as soon as practicable furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held 

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  by it as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request. The Company shall notify the Investor of any other information the Company reasonably requires from the Investor in connection with any Registration Statement hereunder. The Investor will promptly notify the Company of any material change in the information provided to the Company pursuant to this Section 4(a) in its ownership of Common Stock.

   

  b.	The Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any Registration Statement hereunder and any amendments and supplements thereto.

   

  c.	The Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the kind described in Section 3(f) or the first sentence of 3(e), the Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until the Investor’s receipt of the copies of a notice regarding the resolution or withdrawal of the stop order or suspension as contemplated by Section 3(f) or the supplemented or amended prospectus as contemplated by the first sentence of 3(e). Notwithstanding anything to the contrary, the Company shall cause its transfer agent to promptly deliver shares of Common Stock without any restrictive legend in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company to the Investor of the happening of any event of the kind described in Section 3(f) or the first sentence of Section 3(e) and for which the Investor has not yet settled. 

   

  5.	EXPENSES OF REGISTRATION.

   

  All reasonable expenses of the Company, other than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements of counsel for the Company, shall be paid by the Company.

   

  6.	INDEMNIFICATION.

   

  a.	To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each Person, if any, who controls the Investor, the members, directors, officers, partners, employees, agents, managers, and representatives of the Investor and each Person, if any, who controls the Investor within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement (with the prior consent of the Company, such consent not to be unreasonably withheld) or reasonable expenses, joint or several, (collectively, “Claims”) reasonably incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration Statement, any New Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered, or the omission or alleged omission to state a 

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  material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration Statement or any New Registration Statement or (iv) any material violation by the Company of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”). The Company shall reimburse each Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable and documented legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information about the Investor furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement, any New Registration Statement or any such amendment thereof or supplement thereto or prospectus contained therein, if such Registration Statement, New Registration Statement or amendment thereof or supplement thereto or prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e); (ii) with respect to any superseded prospectus, shall not inure to the benefit of any Indemnified Person from whom the Indemnified Person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any person controlling such Indemnified Person) if the untrue statement or omission of material fact contained in the superseded prospectus was corrected in the revised prospectus, as then amended or supplemented, if such revised prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation and such Indemnified Person, notwithstanding such advice, used it; (iii) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e); and (iv) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld, delayed or conditioned. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 9.

   

  b.	In connection with the Registration Statement or any New Registration Statement, the Investor agrees to indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers who signs the Registration Statement or any New Registration Statement, each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (collectively and together with an Indemnified Person, an “Indemnified Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information about the Investor set forth on Exhibit A attached hereto and furnished to the Company by the Investor expressly for use in connection with such Registration Statement (as such information about the Investor may be updated and furnished to the Company by the Investor expressly for use in connection with any New Registration Statement or prospectus) or from the failure of the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e); and, subject to Section 6(d), the Investor will reimburse any legal 

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  or other expenses reasonably incurred by any Indemnified Party in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent shall not be unreasonably withheld, delayed or conditioned; provided, further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 9. 

   

  c.	Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the reasonable fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action.

   

  d.	The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred. Any Person receiving a payment pursuant to this Section 6 that is later determined not to be entitled to such payment shall return such payment to the person making it.

   

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  e.	The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to applicable law.

   

  7.	CONTRIBUTION.

   

  To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.

   

  8.	REPORTS AND DISCLOSURE UNDER THE SECURITIES ACT.

   

  With a view to making available to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration (“Rule 144”), the Company agrees to, at the Company’s sole expense, so long as the Investor owns Registrable Securities, to use commercially reasonable efforts to:

   

  a.	make and keep public information available, as those terms are understood and defined in Rule 144;

   

  b.	file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144;

   

  c.	furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company that it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration; and

   

  		d.	take such additional action as is reasonably requested by the Investor to enable the Investor to sell the Registrable Securities pursuant to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to the Company’s Transfer Agent as may be reasonably requested from time to time by the Investor and otherwise fully cooperate with Investor and Investor’s broker to effect such sale of securities pursuant to Rule 144.

   

  		The Company agrees that damages may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and that Investor shall, whether or not it is pursuing any remedies at law, be entitled to seek equitable relief in the form of a preliminary or permanent injunction, without having to post any bond or other security, upon any breach or threatened breach of any such terms or provisions.

   

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  9.ASSIGNMENT OF REGISTRATION RIGHTS.

   

  The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor; provided, however, that any transaction, whether by merger, reorganization, restructuring, consolidation, financing or otherwise, whereby the Company remains the surviving entity immediately after such transaction shall not be deemed an assignment. The Investor may not assign its rights under this Agreement without the written consent of the Company, other than to an affiliate of the Investor controlled by Jonathan Cope or Josh Scheinfeld, in which case the assignee must agree in writing to be bound by the terms and conditions of this Agreement.

   

  10.	AMENDMENT OF REGISTRATION RIGHTS.

   

  No provision of this Agreement may be amended or waived by the parties from and after the date that is one (1) Business Day immediately preceding the initial filing of the Registration Statement with the SEC. Subject to the immediately preceding sentence, no provision of this Agreement may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

   

  11.	MISCELLANEOUS.

   

  a.	A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable Securities.

   

  b.	Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses for such communications shall be:

   

  If to the Company:

   

  Surrozen, Inc.

  171 Oyster Point Blvd., Suite 400 

  South San Francisco, CA 94080

   

  Telephone:	650.489.9800

  E-mail:	     chuck@surrozen.com

  Attention:	Chuck Williams

   

  With a copy to (which shall not constitute notice or service of process):

   

  Cooley LLP

  3175 Hanover Street

  10

   

  311575041.4 

   

  

   

  Palo Alto, CA 94304

   

  Telephone:	650.843.5059

  E-mail:		jmckenna@cooley.com

  Attention:	     John T. McKenna

   

  If to the Investor:

   

  Lincoln Park Capital Fund, LLC

  440 North Wells, Suite 410

  Chicago, IL 60654

   

  Telephone:	312.822.9300

  Facsimile:	312.822.9301

  E-mail:		jscheinfeld@lpcfunds.com or jcope@lpcfunds.com

  Attention:	Josh Scheinfeld or Jonathan Cope

   

  With a copy to (which shall not constitute notice or service of process):

   

  K&L Gates, LLP

  200 S. Biscayne Blvd., Ste. 3900

  Miami, Florida 33131

   

  Telephone:	     305.539.3306

  Facsimile: 	     305.358.7095

  E-mail:	     clayton.parker@klgates.com

  Attention:	Clayton E. Parker, Esq.

  or at such other address, email address and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given to each other party at least three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine or email account containing the time, date, recipient facsimile number or email address, as applicable, or (C) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile, email or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

   

  c.	The corporate laws of the State of Delaware shall govern all issues concerning the relative rights of the Company and its stockholders. All other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of and venue in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New York, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents 

  11

   

  311575041.4 

   

  

   

  to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

   

  d.	This Agreement and the Purchase Agreement constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings among the parties hereto, other than those set forth or referred to herein and therein. This Agreement and the Purchase Agreement supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof.

   

  e.	Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties hereto.

   

  f.	The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

   

  g.	This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission or by e-mail in a “.pdf” format data file of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

   

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

   

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

   

  j.	This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

   

  12. 	TERMINATION. 

  The obligations of the Company contained in Sections 2, 3, 5 and 8 of this Agreement shall terminate in their entirety upon the earlier of (i) the date on which the Investor shall have sold all the Securities and no Available Amount remains under the Purchase Agreement and (ii) 180 days following the earlier of (A) the Maturity Date and (B) the date of termination of the Purchase Agreement; provided that as long as any Securities remain unsold by the Investor, the Company must make available “current public information” pursuant to Rule 144 promulgated under the Securities Act until the Investor may sell 

  12

   

  311575041.4 

   

  

   

  the Securities thereunder without any restrictions (including any restrictions under Rule 144(c) or Rule 144(i)).

   

  	* * * * * *

   

  13

   

  311575041.4 

   

  

   

  IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be duly executed as of day and year first above written.

   

   

   

  COMPANY:

   

  SURROZEN, INC.

   

   

        By:  /s/ Charles Williams 	

        Name: Charles Williams

  Title: Chief Financial Officer

   

   

  BUYER:

   

  INVESTOR:

   

  LINCOLN PARK CAPITAL FUND, LLC

  BY: LINCOLN PARK CAPITAL, LLC

  BY: ALEX NOAH INVESTORS, INC.

   

  By:  /s/ Jonathan Cope 	

  Name: Jonathan Cope

  Title: President

   

   

   

   

   

   

   

   

   

   

  

   

  EXHIBIT A

   

  Information About the Investor Furnished to the Company by the Investor 

  Expressly for Use in Connection with the Registration Statement

   

   

  Information with Respect to Lincoln Park Capital

   

  	“As of the date of the Purchase Agreement, Lincoln Park Capital Fund, LLC, beneficially owned [●] shares of our common stock. Josh Scheinfeld and Jonathan Cope, the Managing Members of Lincoln Park Capital, LLC, the manager of Lincoln Park Capital Fund, LLC, are deemed to be beneficial owners of all of the shares of common stock owned by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld have shared voting and investment power over the shares being offered under the prospectus filed with the SEC in connection with the transactions contemplated under the Purchase Agreement. Lincoln Park Capital, LLC is not a licensed broker dealer or an affiliate of a licensed broker dealer.”Document

Exhibit 10a(21)
						
	Sheila J. Rostiac	Human Resources
	Senior Vice President - Human Resources	80 Park Plaza T4, Newark, NJ 07102
	Chief Human Resources Officer & Chief Diversity Officer	tel: 973-430-6047
		email: sheila.rostiac@pseg.com

January 3, 2022

Mr. David M. Daly
[address redacted]

Re:      Waiver & Release Agreement

Dear Mr. Daly:

This document contains all of the terms and conditions of the Waiver and Release (“Agreement”) that have been agreed upon between you and Public Service Electric and Gas Company (the “Company” or “PSE&G”) (you and PSE&G collectively, “the parties”). 

1.Your last day of employment with PSE&G was January 3, 2022.  
2.In exchange and consideration for the benefits set forth in Article IV of the Key Executive Severance Plan of Public Service Enterprise Group Incorporated (the “Plan”), you knowingly and voluntarily, for yourself and for your heirs, executors, administrators, trustees, legal representatives, and assigns, hereby release Public Service Enterprise Group Incorporated, its current or former parents, subsidiaries, related entities, and affiliates, including, but not limited to PSE&G, and each of its or their current or former board members, employees, attorneys, agents, and representatives in their individual and corporate capacities, as well as each of their successors and assigns (hereinafter collectively referred to as “Releasees”), from any and all claims, demands, causes of action, fees, and liabilities of any kind whatsoever, whether known or unknown, which you ever had, now have, or may have against any of them by reason of any act, omission, transaction, practice, plan, policy, procedure, conduct, occurrence, or other matter, arising up to and including the date you sign this Agreement, including but not limited to:  

(i)any and all claims arising out of or in any way related to your employment with and/or your separation from the Company; 
(ii)any and all claims, demands or causes of action for wages, salary, attorneys’ fees, bonuses or benefits of any kind or nature except for benefits vested and accrued to which you might be entitled on the basis of your enrollment during your employment with the Company; 
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(iii)    all statutory claims, including, but not limited to, all claims on the basis of age, race, color, creed, religion, national origin, sex, harassment, disability, handicap, affectional or sexual orientation, gender identity or expression, marital, domestic or civil union partnership status, military or veteran status, genetic information, retaliation, whistleblower protection, or any other category or claim arising under, or based on the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974, the Family and Medical Leave Act, the National Labor Relations Act, the Sarbanes-Oxley Act of 2002, the Equal Pay Act, the Lilly Ledbetter Fair Pay Act, the Genetic Information Non-Discrimination Act, the Worker Adjustment and Retraining Notification Act, the New Jersey Law Against Discrimination, the New Jersey Conscientious Employee Protection Act, the New Jersey Family Leave Act, the New Jersey Earned Sick Leave Act, the New Jersey Millville Dallas Airmotive Plant Job Loss Notification Act, New Jersey wage and hour laws, all of the above statutes as amended, as well as all claims arising under any other federal, state, or local statute, regulation, Executive Order, or ordinance; 
(iv)    all common law claims, including but not limited to breach of contract (express or implied), breach of an implied covenant of good faith and fair dealing, retaliation, wrongful discharge, violation of public policy, detrimental reliance, defamation, intentional and negligent infliction of emotional distress, invasion of privacy, fraud, negligent or intentional misrepresentation, tortious interference with contract or prospective economic advantage, and negligence; 
(v)    all claims arising under the United States and New Jersey Constitutions; 
(vi)    all claims for any damages or compensation, including but not limited to back wages, front pay, bonuses, awards, health and welfare benefits, fringe benefits, vacation pay, severance benefits, incentive compensation, long-term incentives, compensatory, emotional distress, pain and suffering, and/or punitive damages, or any other form of economic loss; and
(vii)    all claims for attorneys’ fees, costs, and disbursements (all claims listed in Paragraph 2 collectively, “Claims”).
3.    The Company makes no representations or warranties with respect to the tax consequences or liability arising from your receipt of the benefits provided for in 
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Article IV of the Plan.  You acknowledge and agree that you are responsible for paying any local, state and/or federal taxes, FICA, social security (except for the employer’s share), and/or all other tax consequences that may result from your receipt of these benefits, including any penalties or assessments thereon.  You agree that the Company shall not be required to pay any further sums to you for any reason even if the tax and/or social security consequences to you are ultimately assessed in a fashion that you do not presently anticipate.  In the event that there is a subsequent determination or decision by any court, taxing authority or governmental agency that there should have been additional state and/or federal wage withholdings by the Company for monies or benefits provided to or on behalf of you pursuant to this Agreement or the Plan, you expressly acknowledge and agree that you and/or your heirs, executors, administrators and assigns, and not PSE&G, will be responsible for the payment of any such liabilities, payments or costs, including taxes, interest and penalties.  You agree to indemnify and hold harmless PSE&G or any other Releasee  to the full extent of any such liabilities, payments or costs, including taxes, interest and penalties, which may be assessed against it or them in connection with any payment or benefit you receive pursuant to this Agreement or the Plan.
4.    You represent, warrant, and acknowledge that the Releasees owe you no wages, bonuses, sick pay, severance pay, retention pay, vacation pay or other compensation or benefits or payments or form of remuneration of any kind or nature, other than that specifically provided for in this Agreement and in Article IV of the Plan.  You also represent, warrant, and acknowledge that you have reported all suspected wrongdoing, misconduct or other violations of company policy by any current or former employee of a Releasee, if any, to the Company prior to signing this Agreement.  No other wrongdoing, misconduct, or violations of company policy are known or suspected by you.
5.    You represent that as of the date you execute this Agreement, you have not filed, directly or indirectly, Claims against the Releasees in any forum, including court, administrative agency, company dispute resolution procedure, or in arbitration, concerning any Claim(s) released herein.  You agree that in the event that you have filed, directly or indirectly, any Claim(s) against the Releasees in any forum, you agree to notify PSEG Services Corporation, c/o Sheila J. Rostiac, Sr. Vice President and Chief Human Resources Officer and Chief Diversity Officer, 80 Park Plaza, T-4, Newark, New Jersey 07102, and to withdraw with prejudice any such Claim(s) before signing this Agreement.  You acknowledge and agree that you are not eligible to receive any benefits under the Plan prior to such withdrawal.  Notwithstanding anything herein, you expressly reserve and do not release claims: (i) that arise after the date you sign this Agreement; (ii) for workers’ compensation benefits; (iii) for unemployment compensation benefits; or (iv) to enforce this Agreement.  
6.    You agree that you are barred from asserting any of the Claims described in Paragraph 2 above against the Releasees.  If you do commence, join in, continue or in any other 
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manner attempt to assert any Claims in violation of this Agreement, or otherwise breach any promise made in this Agreement, in addition to any other remedy provided for by law and/or this Agreement, you agree to indemnify and hold the Releasees harmless from and against all losses incurred by them, and you agree to reimburse the Releasees for their costs and attorneys’ fees incurred in defending any such Claims.  Finally, should a class action, collective action, or any other lawsuit be filed against the Releasees that covers you, you agree to withdraw from, or decline to opt-in, any such action.
7.     To the extent permitted by applicable law or this Agreement, you agree that you will not at any time hereafter provide support or assistance, directly or indirectly, to others in connection with any action, suit or proceeding brought by any current or former employee or contractor of any Releasee.  You further agree that you will not provide support or assistance to any current or former employee or contractor who is considering bringing any action, suit or proceeding against any Releasee, and you will not encourage, assist or provide support to any current or former employee or contractor in doing so.  

8.    The parties agree that should you or the Company hereafter discover facts or law different from, or in addition to those now known or believed to be true by either party with respect to the subject matter of this Agreement and the Claims released herein, this Agreement shall remain in effect in all respects notwithstanding such different or additional facts or changes in applicable law.  

9.    Nothing in this Agreement shall be construed to prevent you from filing a charge or complaint with, or participating in an investigation conducted by, any governmental agency or any body with regulatory oversight of the Company, including, without limitation, the United States Equal Employment Opportunity Commission (“EEOC”), or applicable state fair employment practices agency, to the extent required or permitted by law.  Moreover, nothing in this Agreement shall be construed to prevent you from disclosing a perceived violation of law to any federal, state, or local governmental agency or entity including, but not limited to, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission, or making other disclosures that are protected under the whistleblower provisions of any law.  This Agreement does not prevent you – nor should you be held civilly or criminally liable under any law – if you disclose a trade secret: (a) in confidence to a Federal, State or local government official, either directly or indirectly, or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; or (b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  However, to the maximum extent permitted by law, you waive your right to receive any individual monetary relief from the Releasees resulting from all such charges or complaints described in this Paragraph, regardless of whether you or another person or entity has filed them, and in the event you obtain such monetary relief the Releasees will be entitled to an offset for the payments made 
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pursuant to this Agreement and the Plan. This Agreement, however, does not limit your right to receive an award from any self-regulatory authority or a government agency or entity that provides awards for providing information relating to a potential violation of law such as the SEC.

10.    You will not disclose, except as may be required pursuant to applicable law or permitted by this Agreement, any confidential information, proprietary information or trade secrets entrusted to or obtained by you as a consequence of your employment with the Company or any other Releasee.  The foregoing is in addition to and does not in any way impact any confidentiality agreements you signed at the commencement of or during your employment, which survive the separation of your employment.

11.    You acknowledge that you have returned to the Company any and all Company property, including but not limited to, documents, materials, equipment (e.g., laptop), intellectual property, identification badges, cellphones, purchase cards, or any other information that is owned by the Company or otherwise belongs to the Company.  This acknowledgment applies to information in any form, including, but not limited to, originals, photocopies, hard copies, electronic versions, memory sticks and other storage media.  You also acknowledge that the Company has returned any and all of your personal belongings to you.

12.    You agree not to make, authorize, or direct others to make disparaging remarks, written or verbal, intended to adversely affect or having a foreseeable result of adversely affecting the businesses or the good name or reputation of the Company, as well as any of the other Releasees.  You shall also not encourage or incite other current or former employees or contractors of the Company to disparage the Company or any of the other Releasees.  Nothing in this Agreement prevents you from providing truthful information to any government agency or entity with regulatory authority over the Company in connection with any inquiry or investigation involving any Releasee.  

13.    You agree that, if called upon at any time by the Company, its counsel or other representatives, you will fully cooperate and provide truthful and relevant information (including, if necessary, truthful sworn testimony) with respect to any Company investigations, any threatened or pending claims, actions, investigations, inquiries, or litigations in which the Company is a party or otherwise involved, or any other matters for which the Company seeks cooperation from you.  Such cooperation includes, but is not necessarily limited to, being available to communicate and/or meet with, or provide any documentation or other data requested by the Company, its counsel or other representative with respect to Company matters.  You understand and agree that the cooperation referenced in this Paragraph is to be provided within a reasonable time after any request for same by the Company, its counsel or other representatives.
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14.    You agree that any breach of the provisions of Paragraphs 10 and 13 by you shall be deemed a material breach of this Agreement.  Due to the difficulties in calculating the damages that might be sustained (directly or indirectly) as a result of such breach,  you, in addition to any other remedies allowed by law or this Agreement: (a) consent to the entry of injunctive relief against you if a court determines that such a breach has occurred; (b) agree that the Company may obtain injunctive relief without the posting of a bond; (c) agree that if a court determines that such breach occurred, the Company shall be entitled to liquidated damages from you, as such and not as a penalty, in the amount of Seventy Five Thousand Dollars ($75,000.00) per breach; and (d) agree that in the event the Company pursues legal remedies against you and it is determined by a court that a breach has occurred, you agree to pay and reimburse the Company for its reasonable attorneys’ fees, costs, and disbursements incurred in any such action.

15.    In exchange for the consideration being provided to you under this Agreement and the Plan, you agree that, for a 12 month period starting on your last day of employment (“12 month period”), you will not seek or apply for any position with any Releasee, and expressly waive any right to do so.  You also agree that if, during the 12 month period, any employment or placement agency offers you any assignment at any Releasee, you will decline such assignment.  In the event that you become employed by any entity that performs services under contract for employers, you agree not to accept any assignment that causes you to provide services directly to any Releasee during the 12 month period.  You further promise not to bring any suit or claim against any Releasee should you seek and be denied employment pursuant to this Paragraph, and further agree that this Agreement shall act as a complete bar to any claim based upon denial of employment during the 12 month period.

16.    This Agreement shall not in any way be construed as an admission by the Company or any other Releasee of any wrongdoing of any type or kind whatsoever or of any liability to you or any other person or entity, and the Company and all other Releasees specifically disclaim and deny any wrongdoing against, or liability to, you and any other person or entity under any law, statute or otherwise.  This Agreement is not evidence and cannot be used as evidence that the Company or any other Releasee violated or failed to comply with any law, statute or other legal requirement.  Further, this Agreement is not evidence, and cannot be used as evidence that the Company or any other Releasee has deprived you or any other person or entity of any rights, duties, or obligations under law, statute or otherwise.

17.    You warrant that you have not assigned or transferred to any other person or entity, whether voluntarily, involuntarily, or by operation of law, all or any portion of any Claim or potential Claim.

18.    This Agreement shall be interpreted in all respects under the laws of the State of New Jersey.  The parties agree that any dispute arising out of or relating to this Agreement 
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that they themselves cannot resolve, and for which either party seeks a neutral resolution, must be filed in the Superior Court of New Jersey, Essex County, or the United States District Court for the District of New Jersey.  To the extent the dispute relates to the Plan or any provision of the Plan, the terms of the Plan shall govern, including any mechanism to resolve disputes under the Plan.   

19.    Notwithstanding anything in this Agreement to the contrary, all Plan payments are subject to Section 409A of the Internal Revenue Code. 

20.    If any provision of this Agreement is held to be illegal, void, or unenforceable, such provision shall be of no force or effect.  However, the illegality or unenforceability of such provision shall have no effect upon, and shall not impair the legality or enforceability of, any other provision of this Agreement; provided, however, that if Paragraph 2 shall be determined to be void or invalid in whole or in part, then the Company will be allowed to recoup the payment(s) and the monetary equivalent of the benefits provided under the Plan.

21.    Any ambiguities in this Agreement shall not be construed against the Company solely based on any argument that it was the drafter.   

22.    You understand that you have been given a period of twenty-one (21) calendar days to review and consider this Agreement before signing it.  You also understand that you are free to use as much of the twenty-one (21) calendar day period as you wish or consider necessary before deciding to sign this Agreement.  To be effective, the Company must physically receive a signed Agreement from you by no later than the 22nd day after this Agreement is provided to you.  You may revoke your signature of the Agreement within seven (7) calendar days of signing it by delivering written notice of revocation to PSEG Services Corporation, c/o Sheila J. Rostiac, Sr. Vice President and Chief Human Resources Officer and Chief Diversity Officer, 80 Park Plaza, T-4, Newark, New Jersey 07102.  If you have not revoked your signature of this Agreement by written notice delivered within the seven (7) calendar day period, it becomes effective immediately thereafter.

 
23. You represent and agree that:

(a)    you have carefully read this Agreement;

(b)    you fully understand all of its terms;

(c)    you are freely and voluntarily entering into this Agreement and knowingly releasing the Company and the other Releasees, pursuant to the terms in Paragraph 2 above; and
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(d)    before signing this Agreement, you had the opportunity to consult with an attorney of your choice (at your own expense), and the Company advised you to do so.

24. This Agreement may be executed in one or more counterparts, including multiple signature pages, and each shall be deemed to be one instrument.  True and correct copies of the Agreement may be used in lieu of the original.  

25. The Agreement shall be effective once you have signed the Agreement and the revocation period referenced above has passed.

END OF AGREEMENT

IN WITNESS WHEREOF, the parties have executed this agreement as of the day and year last stated below.

									
	AGREED:
	AGREED:

	

David M. Daly
	PUBLIC SERVICE ELECTRIC AND      GAS COMPANY
	/s/ David M. Daly	By:	/s/ Sheila J Rostiac
	David M. Daly		Sheila J. Rostiac
			Senior Vice President, Human
			Resources and Chief Human Resources
			Officer and Chief Diversity Officer
			
	

Dated: January 5th, 2022
	

Dated: January 7, 2022

                         

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