Document:

Prepared by R.R. Donnelley Financial -- Stock Purchase Subscription Agreement

 EXHIBIT 10.15 
  
 LARGE SCALE
BIOLOGY CORPORATION 
  
 STOCK PURCHASE SUBSCRIPTION AGREEMENT 
  
 THIS STOCK PURCHASE SUBSCRIPTION AGREEMENT (the “Agreement”), is made and entered into effective November 1, 2001, between LARGE SCALE BIOLOGY CORPORATION, a Delaware
corporation (the “Company”) and John D. Fowler, Jr. (“Purchaser”). 
  
 THE PARTIES AGREE AS FOLLOWS:

  
 1.    Subscription to Purchase Stock.    In consideration of Purchaser’s
employment by the Company, the Company hereby agrees to sell to Purchaser and Purchaser subscribes to purchase One Hundred Thousand (100,000) shares (the “Shares”) of the Company’s common stock (“Common Stock”) on the terms
and conditions set forth herein. 
  
 2.    Subscription Purchase Price.    The
aggregate subscription purchase price for the Shares covered hereby shall be Three Hundred Forty Five Thousand Dollars ($345,000) (“Purchase Price”) on the basis of Three Dollars and Forty-Five Cents ($3.45) per share of Common Stock.

  
 3.    Term.    The Purchase Price for the Shares shall be paid in a lump sum on
or before December 31, 2001. 
  
 4.    Manner of Purchase.    Upon payment in full
of the Purchase Price for the Shares, the Company shall, without stock issue or transfer taxes to the Purchaser, deliver to the Purchaser or other person entitled to receive the Shares in the event of Purchaser’s death (provided payment in full
was made by Purchaser prior to his death), a certificate or certificates for the requisite number of Shares. The Purchaser shall not have any rights or privileges as a shareholder with respect to any Shares covered by the subscription until payment
of the Purchase Price and the date of issuance of a stock certificate(s) for the Shares. 
  
 5.    Nonassignability.    This Agreement is not assignable or transferable by Purchaser and is personal to the Purchaser. Any attempt to assign, pledge, transfer, hypothecate or otherwise
dispose of this Agreement in a manner not herein permitted, and any levy of execution, attachment, or similar process on this Agreement, shall be null and void. 
  
 6.    Market Standoff.    As a condition of the right to purchase the Shares, Purchaser shall agree, if so requested by the Company or any
representative of the underwriters in connection with any registration of the offering of the securities of the Company, that Purchaser shall not sell or dispose of the Shares for a period following the effective date of a registration statement
filed under the Securities Act of 1933, as amended (the “Act”), the length of such period to be determined by the Company and the underwriters of such offering but not to exceed 180 days. 
 

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 7.    Restriction on Issuance of Shares. 
  
 7.1    Legality of Issuance.    The Company shall not be obligated to sell or issue any Shares pursuant
to this Agreement if such sale or issuance, in the opinion of the Company and the Company’s counsel, might constitute a violation by the Company of any provision of law, including without limitation the provisions of the Act, and in such event,
the Purchase Price shall be refunded, without interest, to Purchaser and this Agreement shall be deemed void ab initio. 
  
 7.2    Registration or Qualification of Securities.    The Company may, but shall not be required to, register or qualify the sale of any Shares under the Act or any other applicable law. The
Company shall not be obligated to take any affirmative action in order to cause the issuance or sale of any Shares pursuant hereto to comply with any law. 
  
 8.    Restriction on Transfer.    Regardless whether the sale of the Shares has been registered under the Act or has been registered or qualified under the securities
laws of any state, the Company may impose restrictions upon the sale, pledge or other transfer of Shares (including the placement of appropriate legends on stock certificates) if, in the judgment of the Company and the Company’s counsel, such
restrictions are necessary or desirable in order to achieve compliance with the provisions of the Act, the securities laws of any state, or any other law. 
  
 9.    Stock Certificate Restrictive Legends.    Stock certificates evidencing Shares may bear such restrictive legends as the Company and the Company’s counsel deem
necessary or advisable under applicable law or pursuant to this Agreement, including, without limitation, the following legends: 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES OR “BLUE SKY” LAWS, AND MAY NOT BE OFFERED SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, OR OTHERWISE DISPOSED OF UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF SUCH ACT AND BLUE SKY LAWS OR AN EXEMPTION THEREFROM IS AVAILABLE AS ESTABLISHED BY A WRITTEN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY. 

 
 THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, FOR AN OFFERING OF THE COMPANY’S SECURITIES PURSUANT TO THE PROVISIONS OF A MARKET STANDOFF AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL PURCHASER OF SUCH SECURITIES, SUCH RESTRICTIONS TO LAST FOR A PERIOD
TO BE DETERMINED BY THE COMPANY AND THE UNDERWRITERS OF SUCH OFFERING BUT NOT TO EXCEED 180 DAYS. 
 

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 10.    Liquidated Damages for Failure to
Purchase.    In the event Purchaser fails to purchase the Shares during his employment with the Company and in accordance with this Agreement, Purchaser agrees to pay the Company and the Company agrees to accept as liquidated
damages the sum of One Thousand Dollars ($1,000) in lieu of any other damages the Company would otherwise be entitled by reason of such failure to purchase the Shares. 
  
 11.    Representations, Warranties, Covenants and Acknowledgements of Purchaser.    Purchaser hereby agrees that in the event that the
Company and the Company’s counsel deem it necessary or advisable in the exercise of their discretion, the issuance of Shares may be conditioned upon certain representations, warranties, and acknowledgments by the Purchaser, including, without
limitation, those set forth in Sections 11.1 through 11.8 inclusive: 
  
 11.1    Investment.    Purchaser is acquiring the Shares for Purchaser’s own account, and not for the account of any other person. Purchaser is acquiring the Shares for investment and not
with a view to distribution or resale thereof except in compliance with applicable laws regulating securities. 
  
 11.2    Business Experience.    Purchaser has knowledge and experience in business matters and is capable of evaluating the merits and risks of Purchaser’s investment in the Company
evidenced by purchase of the Shares and of making an informed investment decision with respect thereto. 
  
 11.3    Relation to Company.    Purchaser is presently an officer of the Company and in such capacity has become personally familiar with the business affairs, financial condition, and results
of operations of the Company. 
  
 11.4    Access to Information.    Purchaser has
had the opportunity to ask questions of, and to receive answers from, appropriate executive officers of the Company with respect to the terms and conditions of the transaction contemplated hereby and with respect to the business, affairs, financial
conditions, and results of operations of the Company. Purchaser has had access to such financial and other information as is necessary in order for Purchaser to make a fully-informed decision as to investment in the Company by way of purchase of the
Shares, and has had the opportunity to obtain any additional information necessary to verify any of such information to which Purchaser has had access. 
  
 11.5    Speculative Investment.    Purchaser’s investment in the Company represented by the Shares is highly speculative in nature and is subject to a high degree of
risk of loss in whole or in part. The amount of such investment is within Purchaser’s risk capital means and is not so great in relation to Purchaser’s total financial resources as would jeopardize the personal financial needs of Purchaser
or Purchaser’s family in the event such investment were lost in whole or in part. 
  
 11.6    Registration.    Purchaser understands and agrees that he must bear the economic risk of investment for an indefinite period of time because the sale to Purchaser of the Shares has not
been registered under the Act and the Shares cannot be transferred by Purchaser unless such transfer is registered under the Act or an exemption from such registration is available. The Company has made no agreements, covenants or undertakings
 
 

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whatsoever to register the transfer of any of the Shares under the Act. The Company has made no representations, warranties, or covenants whatsoever as to whether any exemption from the Act,
including without limitation any exemption for limited sales in routine brokers’ transactions pursuant to Rule 144, will be available; if the exemption under Rule 144 is available at all, it may not be available until at least one year after
payment of cash for the Shares and not then unless: (i) a public trading market then exists in the Company’s common stock; (ii) adequate information as to the Company’s financial and other affairs and operations is then available to the
public; and (iii) all other terms and conditions of Rule 144 have been satisfied. 
  
 11.7    Public
Trading.    Common Stock of the Company is presently publicly traded, but the Company has made no representation, covenant, or agreement as to whether there will be a public market for any of the Shares. 

 
 11.8    Tax Advice.    The Company has made no warranties or representations to Purchaser with
respect to the income tax consequences of the transactions contemplated by this Agreement pursuant to which the Shares will be purchased and Purchaser is in no manner relying on the Company or the Company’s representatives for an assessment of
such tax consequences. 
  
 12.    Assignment; Binding Effect.    Subject to the
limitations set forth in this Agreement, this Agreement shall be binding upon and inure to the benefit of the executors, administrators, heirs, legal representatives, and successors of the parties hereto; provided, however, that Purchaser may not
assign any of Purchaser’s rights under this Agreement. 
  
 13.    Damages.    Purchaser shall be liable to the Company for all costs and damages, including incidental and consequential damages, resulting from a disposition of shares which is not in
conformity with the provisions of this Agreement. 
  
 14.    Governing Law.    This
Agreement shall be governed by and construed in accordance with the laws of the State of California applicable to contracts entered into and wholly to be performed within the State of California by California residents. 
  
 15.    Notices.    All notices and other communications under this Agreement shall be in writing. Unless
and until the Purchaser is notified in writing to the contrary, all notices, communications and documents directed to the Company and related to the Agreement, if not delivered by hand, shall be mailed, addressed as follows: 
  
 
	 To Company:
 	  	 Robert L. Erwin
 Chairman of
the Board and CEO
 LARGE SCALE BIOLOGY CORPORATION
 3333 Vaca Valley Parkway, Suite 1000
 Vacaville, CA 95688
 
	 
	 To Purchaser:
 	  	 John D. Fowler, Jr.
 527 First
Street
 Brooklyn, NY 11215
 

 
 

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 Unless and until the Company is notified in writing to the contrary, all notices, communications and documents intended
for the Purchaser and related to this Agreement, if not delivered by hand, shall be mailed to Purchaser’s last known address as shown on the Company’s books. Notices and communications shall be mailed by first class mail, postage prepaid;
documents shall be mailed by registered mail, return receipt requested, postage prepaid. All mailings and deliveries related to this Agreement shall be deemed received only when actually received. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date. 
  
 
	 LARGE SCALE BIOLOGY CORPORATION
 
	 
	 By
 	 	 /s/    Robert L. Erwin
 

 
  
 The Purchaser hereby accepts and agrees to be bound by all of the terms and conditions of this Agreement.

  
 
	 
	 /s/    John D. Fowler, Jr.
 

	 Purchaser
 

 
 

 5Prepared by R.R. Donnelley Financial -- Warrant to Purchase Common Stock

 EXHIBIT 10.16 
  
 WARRANT TO
PURCHASE 
  
 COMMON STOCK 
  
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRA­TION STATEMENT IN EFFECT WITH RESPECT TO THE
SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 44 OF SUCH ACT. 
  
 DATED February 15, 2002 
  
 LARGE SCALE BIOLOGY CORPORATION 
  
 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 
 Void After February 14,
2012 
  
 THIS CERTIFIES THAT, for value received, John D. Fowler, Jr. (the “Holder”), is entitled to purchase, on the
terms hereof, Two Hundred Fifty Thousand (250,000) shares of Common Stock of Large Scale Biology Corporation, a Delaware corporation (the “Company”), at a purchase price and subject to adjustment as set forth herein. 

 
 1.    EXERCISE OF WARRANT 
  
 The terms and conditions upon which this Warrant may be exercised, and the Common Stock covered hereby (the “Warrant Stock”) may be purchased, are as follows: 

 
 1.1    Term and Exercisability of Warrant.    Commencing on the Warrant Issue Date and
ending on February 14, 2012, this Warrant may be exercised in whole or in part upon the occurrence of the following event: The average per share NASDAQ closing price of the Company’s common stock for any twenty (20) consecutive business days
during which such stock is traded on NASDAQ is at or above a per share price equal to 200% of the Base Price set forth in Section 1.2 hereof and the Holder is employed by the Company on or has not been terminated without Cause by the Company prior
to the first day of the aforementioned twenty-business day period. 
  
 1.2    Purchase
Price.    The purchase price for the shares of Warrant Stock to be issued upon exercise of this Warrant shall be an amount equal to 150% of the Base Price, the Base Price shall mean the average per share NASDAQ closing
price on each of the ten (10) consecutive business days during which such stock is traded on NASDAQ following the Company’s earnings call for the fourth quarter of 2001, subject to adjustment as set forth
 
 

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herein. Upon issuance in accordance with the terms hereof, the Warrant Stock will be fully paid and nonassessable. 
  
 1.3    Exercise of Warrant.    The exercise of the purchase rights evidenced by this Warrant shall be effected by (a) the surrender
of the Warrant, together with a duly executed copy of the form of subscription articled hereto, to the Company at its principal offices and (b) the delivery of the purchase price by check or bank draft payable to the Company’s order for the
number of shares for which the purchase rights hereunder are being exercised, or any other form of consideration approved by the Company’s Board of Directors. 
  
 1.4    Issuance of Shares.    In the event the purchase rights evidenced by this Warrant are exercised in whole or in part, a
certificate or certificates for the purchased shares shall be issued to the Holder as soon as practicable. In the event the purchase rights evidenced by this Warrant are exercised in part, the Company will also issue to the Holder a new warrant
representing the unexercised purchase rights. 
  
 1.5    Adjustment of Shares and Exercise
Price.    The Company shall proportionately adjust the number of the Warrant Stock and the per share Exercise Price if any change is made to the Common Stock of the Company by reason of any stock split, stock dividend,
recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class. Such adjustments are to be effected in a manner which shall not otherwise affect Holder’s rights and obligations
under this Agreement. 
  
 2.    FRACTIONAL SHARES 
  
 No fractional shares shall be issued in connection with any exercise of this Warrant. In lieu of the issuance of such fractional share, the Company
shall make a cash payment equal to the then fair market value of such fractional share as determined by the Company’s Board of Directors. 
  
 3.    RESERVATION OF COMMON STOCK 
  
 The Company shall at all
times reserve and keep available out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the exercise of this Warrant such number of its shares of Common Stock as shall from time to time be sufficient to effect
the exercise of this Warrant; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the exercise of the entire Warrant, in addition to such other remedies as shall be available to the
holder of this Warrant, the Company will use its reasonable best efforts to take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as
shall be sufficient for such purposes. 
  
 4.    PRIVILEGE OF STOCK OWNERSHIP 

 
 Prior to the exercise of this Warrant, the Holder shall not be entitled, by virtue of holding
 
 

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this Warrant, to any rights of a stockholder of the Company, including (without limitation) the right to vote, receive dividends or other distributions, exercise preemptive rights or be notified
of stockholder meetings, and such holder shall not be entitled to any notice or other communication concerning the business or affairs of the Company, except as required by law. 
  
 5.    LIMITATION OF LIABILITY 
  
 No provision hereof, in the absence of affirmative action by the holder hereof to purchase the Warrant Stock, and no mere enumeration herein of the rights or privileges of the holder hereof, shall give rise to any liability of such holder
for the purchase price or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
  
 6.    NO TRANSFER 
  
 This Warrant and all rights hereunder may
not be transferred in whole or in part without the prior written consent of the Company, and any such attempted transfer without the Company’s consent shall be null and void. 
  
 7.    PAYMENT OF TAXES 
  
 The
Company shall pay all expenses in connection with, and all taxes and other governmental charges (other than any thereof on, based on or measured by, the net income of the holder thereof) that may be imposed in respect of, the issue or delivery of
the Warrant Stock. The Company shall not be required, however, to pay any tax or other charge imposed in connection with any transfer involved in the issue of any certificate for shares of the Warrant Stock in any name other than that of the Holder,
and in such case, the Company shall not be required to issue or deliver any stock certificate until such tax or other charge has been paid or it has been established to the Company’s satisfaction that no such tax or other charge is due.

  
 8.    LOSS, THEFT, DESTRUCTION OR MUTILATION OF WARRANT 
  
 Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in case of
loss, theft or destruction, of indemnity or security reasonably satisfactory to the Company, and upon reimbursement to the Company of all reasonable expenses incidental thereto, and upon surrender and cancellation of this Warrant, if mutilated, the
Company will make and deliver a new warrant of like tenor and dated as of such cancellation, in lieu of this Warrant. 
  
 9.    SATURDAYS, SUNDAYS, HOLIDAYS 
  
 If the last or appointed day for the taking of
any action or the expiration of any right required or granted herein shall be Saturday or Sunday or shall be a legal holiday, then such action may be taken or such right may be exercised, except as to the purchase price, on the next succeeding day
not a legal holiday. 
 

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 10.    RESTRICTED SECURITIES 
  
 10.1    Investment Representations.    Holder represents that: 
  
 10.2    Purchase for Own Account.    This Warrant and the Warrant Stock (collectively, the
“Securities”) are being acquired for its own account, not as a nominee or agent and not with a view to resale or distribution of any part thereof, and it has no present intention of selling, granting any participation in, or otherwise
distributing the same. Holder further represents that it does not have any contract, undertaking agreement, or arrangement with any person to sell, transfer or grant participation to any third person with respect to the Securities. 

 
 10.3    Restricted Securities.    Holder understands that the Securities may be
characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in transactions not involving a public offering and that under such laws and applicable regulations such
securities may be resold without registration under the Securities Act of 1933, as amended (the “Act”), only in certain limited circumstances. In this connection, Holder represents that it is familiar with SEC Rule 144, as presently in
effect and understands the resale limitations imposed thereby and by the Act. 
  
 10.4    Restrictions on
Disposition.    Without in any way limiting the representations set forth above, Holder agrees not to make any disposition of all or any portion of the Securities unless and until: 
  
 (a)    There is then in effect a registration statement under the Act covering such proposed disposition and such
disposition is made in accordance with such registration statement; or 
  
 (b)    (i) Holder
shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (ii) if reasonably requested, Holder shall have furnished
Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of the Securities under the Act. 
  
 10.5    Market Standoff.    As a condition of the right to purchase the Warrant Stock, Purchaser shall agree, if so requested by the
Company or any representative of the underwriters in connection with any registration of the offering of the securities of the Company, that Purchaser shall not sell or dispose of the Warrant Stock for a period following the effective date of a
registration statement filed under the Securities Act of 1933, as amended (the “Act”), the length of such period to be determined by the Company and the underwriters of such offering but not to exceed 180 days. 
  
 10.6    Legends.    Holder understands the instruments evidencing the Securities may bear one or
all of the following legends: 
  
 (a)    “THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE
 
 

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NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES OR “BLUE SKY” LAWS, AND MAY NOT BE OFFERED SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, OR OTHERWISE DISPOSED OF UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF SUCH ACT AND BLUE SKY LAWS OR AN EXEMPTION THEREFROM IS AVAILABLE AS ESTABLISHED BY A WRITTEN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY.” 

 
 (b)    “THE SHARES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF A
MARKET STAND–OFF AGREEMENT. COPIES OF THE AGREEMENT MAY BE OBTAINED UPON A WRITTEN REQUEST TO THE COMPANY’S SECRETARY.” 
  
 (c)    Any legend required by applicable state law. 
  
 11.    Definition of “Cause”.    For the purpose of this Agreement the term “Cause” shall mean the commission of any act of fraud, embezzlement or dishonesty by
Holder, any unauthorized and bad faith use or disclosure by Holder of confidential information or trade secrets of the Company (or any parent or subsidiary), or any other intentional misconduct by Holder adversely affecting the business or affairs
of the Company (or any parent or subsidiary) in a material manner. 
  
 12.    GOVERNING LAW

  
 This Warrant shall be governed by and construed and enforced in accordance with the laws of the State of California.

  
 
	 LARGE SCALE BIOLOGY CORPORATION
 
	 
	 By
 	 	 /s/    Robert L. Erwin
 

	  	 	 Robert L. Erwin
 Chairman of
the Board and
 Chief Executive Officer
 

 
  
 Dated:  January 29, 2002 
 

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