Document:

EX-10.10

 Exhibit 10.10 

OTONOMY, INC. 

EXECUTIVE EMPLOYMENT AGREEMENT 

This Employment Agreement (the “Agreement”) is entered into by and between Otonomy, Inc. (the “Company”), and Anthony
J. Yost (“Executive”) as of the date the Company and Executive have each executed this Agreement, as set forth below. The terms of this Agreement will become effective on October 20, 2014 (the “Effective Date”). 

1. Duties and Scope of Employment. 

(a) Positions and Duties. As of the Effective Date, Executive will serve as the Company’s Chief Commercial Officer. Executive will
render such business and professional services in the performance of Executive’s duties, consistent with Executive’s position within the Company, as will reasonably be assigned to him by the Company’s Chief Executive Officer. The
period of Executive’s employment under this Agreement is referred to herein as the “Employment Term.” 
 (b)
Obligations. During the Employment Term, Executive will perform his duties faithfully and to the best of his ability and will devote his full business efforts and time to the Company. For the duration of the Employment Term, Executive agrees
not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the prior approval of the Company’s Board of Directors (the “Board”). Executive further agrees to comply
with all Company policies, including, for the avoidance of any doubt, any insider trading policies and compensation clawback policies currently in existence or that may be adopted by the Company during the Term. 

(c) Term of Agreement. The Agreement shall have an initial term of 4 years (the “Initial Term”) commencing on the Effective
Date, subject to earlier termination as provided in this Agreement. Unless either party gives at least 90 days’ notice prior to the expiration of the Initial Term or the then-current Additional Term (as hereinafter defined), as applicable, this
Agreement shall be renewed for a period of 1 year (each, an “Additional Term”), in each case, commencing on the expiration of the Initial Term or the then-current Additional Term, as the case may be, subject to earlier termination as
provided in Section 7 of this Agreement. In the event of a Change of Control, if there is less than twelve (12) months remaining in the Initial Term or then-current Additional Term, as applicable, the term will automatically extend until
the twelve (12) month anniversary following the Change of Control. If Executive becomes entitled to benefits under Section 7 during the Initial Term or the then-current Additional Term of this Agreement, the Agreement will not terminate
until all of the obligations of the parties hereto with respect to this Agreement have been satisfied. 
 2. At-Will Employment. The
parties agree that Executive’s employment with the Company will be “at-will” employment and may be terminated at any time with or without cause or notice. Executive understands and agrees that neither his job performance nor
promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of his employment with the Company. However, as described in this
Agreement, Executive may be entitled to severance 

 
benefits depending on the circumstances of Executive’s termination of employment with the Company. 

3. Compensation. 
 (a)
Base Salary. During the Employment Term, the Company will pay Executive an annual salary of $340,000 as compensation for services (the “Base Salary”). The Base Salary will be paid periodically in accordance with the Company’s
normal payroll practices and be subject to the usual, required withholdings. 
 (b) Target Bonus. As of the Company’s 2015
fiscal year, Executive will be eligible to receive an annual bonus of up to forty percent (40%) of Executive’s Base Salary, less applicable withholdings, upon achievement of performance objectives to be determined by the Board in its sole
discretion (the “Target Bonus”). The Target Bonus, or any portion thereof, will be paid as soon as practicable after the Board determines that the Target Bonus has been earned, but in no event shall the Target Bonus be paid after the later
of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company’s fiscal year in which the
Target Bonus is earned or (ii) March 15 following the calendar year in which the Target Bonus is earned. 
 (c) Stock
Option. It will be recommended to the Board of Directors (or a committee thereof) that Executive be granted a stock option to purchase 180,000 shares at an exercise price equal to the fair market value on the date of grant (the
“Option”). Subject to the accelerated vesting provisions set forth herein, the Option will vest as to 25% of the shares subject to the Option one (1) year after the Option’s date of grant, and as to 1/48th of the shares subject
to the Option monthly thereafter on the same day of the month as the Option’s date of grant (and if there is no corresponding day, the last day of the month), so that the Option will be fully vested and exercisable four (4) years from the
Option’s date of grant, subject to Executive continuing to provide services to the Company through the relevant vesting dates. Except as provided herein, the Option will be subject to the terms, definitions and provisions of the Company’s
2014 Equity Incentive Plan (the “Option Plan”) and the stock option agreement by and between Executive and the Company (the “Option Agreement”), both of which documents are incorporated herein by reference. 

(d) Review and Adjustments. Executive’s Base Salary, Target Bonus, and other compensatory arrangements will be subject to review
and adjustment in accordance with the Company’s applicable policies, subject to Executive’s ability to resign for Good Reason and receive severance benefits as set forth in Section 7. 

4. Employee Benefits. During the Employment Term, Executive will be entitled to participate in the employee benefit plans currently and
hereafter maintained by the Company of general applicability to other senior executives of the Company. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time. 

5. Vacation. Executive will be entitled to paid vacation of one-hundred and sixty (160) business hours per year in accordance with
the Company’s vacation policy, with the timing and duration of specific hours off mutually and reasonably agreed to by the parties hereto. 

6. Expenses. The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the
furtherance of or in connection with the 

  
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performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time. 

7. Severance Benefits. 

(a) Termination Outside the Change of Control Period but Within the Early Termination Period. The first six (6) months following
the Effective Date will be the “Early Termination Period” under this Agreement. If, outside the Change of Control Period but within the Early Termination Period, the Company or its Affiliates terminate Executive’s employment with the
Company or its Affiliates, respectively, other than for Cause, death or Disability, or Executive resigns from such employment for Good Reason, then, subject to Section 8, Executive will receive continuing payments of severance pay at a rate
equal to Executive’s Base Salary, at the highest rate in effect during the Term, for three (3) months from the date of Executive’s termination of employment, which will be paid in accordance with the Company’s regular payroll
procedures. 
 (b) Termination Outside the Change of Control Period and Early Termination Period. If, outside of both the Change of
Control Period and Early Termination Period, the Company or its Affiliates terminate Executive’s employment with the Company or its Affiliates, respectively, other than for Cause, death or Disability, or Executive resigns from such employment
for Good Reason, then, subject to Section 8, Executive will receive the following severance benefits: 
 (i) Salary Severance.
Continuing payments of severance pay at a rate equal to Executive’s Base Salary, at the highest rate in effect during the Term, for nine (9) months from the date of Executive’s termination of employment, which will be paid in
accordance with the Company’s regular payroll procedures. 
 (ii) Bonus Severance. Executive will receive a lump-sum payment,
payable in accordance with the Company’s regular payroll procedures, equal to the portion of the Executive’s Target Bonus as in effect for the fiscal year in which Executive’s termination of employment occurs prorated based on the
actual amount of time Executive was employed by the Company during the fiscal year (or the relevant performance period if something different than a fiscal year) during which the termination occurs. 

(iii) Continued Employee Benefits. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”) within the time period prescribed pursuant to COBRA for Executive and Executive’s eligible dependents, the Company will reimburse Executive for the premiums necessary to continue group
health insurance benefits for Executive and Executive’s eligible dependents until the earlier of (A) a period of nine (9) months from the date of Executive’s termination of employment, (B) the date upon which Executive
and/or Executive’s eligible dependents becomes covered under similar plans or (C) the date upon which Executive ceases to be eligible for coverage under COBRA (such reimbursements, the “COBRA Premiums”). However, if the Company
determines in its sole discretion that it cannot pay the COBRA Premiums without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to
Executive a taxable monthly payment payable on the last day of a given month (except as provided by the following sentence), in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s group
health coverage in effect on the 

  
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date of Executive’s termination of employment (which amount will be based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether Executive
elects COBRA continuation coverage and will commence on the month following Executive’s termination of employment and will end on the earlier of (x) the date upon which Executive obtains other employment or (y) the date the Company
has paid an amount equal to nine (9) payments. For the avoidance of doubt, the taxable payments in lieu of COBRA Premiums may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all
applicable tax withholdings. Notwithstanding anything to the contrary under this Agreement, if at any time the Company determines in its sole discretion that it cannot provide the payments contemplated by the preceding sentence without violating
applicable law (including, without limitation, Section 2716 of the Public Health Service Act), Executive will not receive such payment or any further reimbursements for COBRA premiums. 

(iv) Equity. Vesting acceleration of Executive’s outstanding unvested Equity Awards on the date of Executive’s termination
equal to the number of shares subject to each such Equity Award that would have vested had Executive remained an employee of the Company for an additional twelve (12) months following the date of termination. If, however, an outstanding Equity
Award is to vest and/or the amount of the Equity Award to vest is to be determined based on the achievement of performance criteria, then the Equity Award will vest as to twenty-five percent (25%) of the amount of the Equity Award assuming the
performance criteria had been achieved at target levels for the relevant performance period(s). 
 (c) Termination without Cause or
Resignation for Good Reason within the Change of Control Period. If, within the Change of Control Period, the Company or its Affiliates terminate Executive’s employment with the Company or its Affiliates, respectively, other than for Cause,
death or Disability, or Executive resigns from such employment for Good Reason, then, subject to Section 8, Executive will receive the following severance benefits from the Company: 

(i) Salary Severance. A lump sum severance payment equal to twelve (12) months of Executive’s Base Salary, at the highest
rate in effect during the Term, which will be paid in accordance with the Company’s regular payroll procedures. For the avoidance of doubt, if (A) Executive incurred a termination prior to a Change of Control that qualifies Executive for
severance payments under Sections 7(a) or 7(b)(i); and (B) a Change of Control occurs within the three (3)-month period following Executive’s termination of employment that qualifies Executive for the superior benefits under this
Section 7(c)(i), then Executive shall be entitled to a lump-sum payment of the amount calculated under this Section 7(c)(i), less amounts already paid under Sections 7(a) or 7(b)(1). 

(ii) Bonus Severance. Executive will receive a lump-sum payment, payable in accordance with the Company’s regular payroll
procedures, equal to one hundred percent (100%) of the higher of (A) Executive’s target bonus as in effect for the fiscal year in which the Change of Control occurs or (B) Executive’s target bonus as in effect for the fiscal
year in which Executive’s termination of employment occurs. For avoidance of doubt, the amount paid to Executive pursuant to this Section 7(c)(ii) will not be prorated based on the actual amount of time Executive is employed by the Company
during the fiscal year (or the relevant performance period if something different than a fiscal year) during which the termination occurs. 

  
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 (iii) Continued Employee Benefits. If Executive elects continuation coverage pursuant to
COBRA within the time period prescribed pursuant to COBRA for Executive and Executive’s eligible dependents, the Company will reimburse Executive for the premiums necessary to continue group health insurance benefits for Executive and
Executive’s eligible dependents until the earlier of (A) a period of twelve (12) months from the date of Executive’s termination of employment, (B) the date upon which Executive and/or Executive’s eligible dependents
becomes covered under similar plans or (C) the date upon which Executive ceases to be eligible for coverage under COBRA (such reimbursements, the “COC COBRA Premiums”). However, if the Company determines in its sole discretion that it
cannot pay the COC COBRA Premiums without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable monthly payment in an
amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s group health coverage in effect on the date of Executive’s termination of employment (which amount will be based on the premium for
the first month of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage and will commence on the month following Executive’s termination of employment and will end on the earlier of
(x) the date upon which Executive obtains other employment or (y) the date the Company has paid an amount equal to twelve (12) payments. For the avoidance of doubt, the taxable payments in lieu of COBRA Premiums may be used for any
purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings. Notwithstanding anything to the contrary under this Agreement, if at any time the Company determines in its sole
discretion that it cannot provide the payments contemplated by the preceding sentence without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), Executive will not receive such payment or
any further reimbursements for COBRA premiums. 
 (d) Equity. Vesting acceleration of one hundred percent (100%) of
Executive’s outstanding unvested Equity Awards on the date of Executive’s termination. If, however, an outstanding Equity Award is to vest and/or the amount of the Equity Award to vest is to be determined based on the achievement of
performance criteria, then the Equity Award will vest as to one hundred percent (100%) of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s). 

(e) Voluntary Resignation; Termination for Cause. If Executive’s employment with the Company or its Affiliates terminates
(i) voluntarily by Executive (other than for Good Reason) or (ii) for Cause by the Company, then Executive will not be entitled to receive severance or other benefits except for those (if any) as may then be established under the
Company’s then existing severance and benefits plans and practices or pursuant to other written agreements with the Company. 
 (f)
Disability; Death. If the Company terminates Executive’s employment as a result of Executive’s Disability, or Executive’s employment terminates due to Executive’s death, then Executive will not be entitled to receive
severance or other benefits except for those (if any) as may then be established under the Company’s then existing written severance and benefits plans and practices or pursuant to other written agreements with the Company. 

(g) Accrued Compensation. For the avoidance of any doubt, in the event of a termination of Executive’s employment with the Company
or its Affiliates, Executive will be 

  
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entitled to receive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans, policies, and arrangements. 

(h) Transfer between the Company and Affiliates. For purposes of this Section 7, if Executive’s employment with the Company
or one of its Affiliates terminates, Executive will not be determined to have been terminated without Cause, provided Executive continues to remain employed by the Company or one of its Affiliates (e.g., upon transfer from on Affiliate to another);
provided, however, that the parties understand and acknowledge that any such termination could potentially result in Executive’s ability to resign for Good Reason. 

(i) Exclusive Remedy. In the event of a termination of Executive’s employment with the Company or its Affiliates, the provisions
of this Section 7 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive or the Company may otherwise be entitled, whether at law, tort or contract, in equity. Executive will be entitled to no
benefits, compensation or other payments or rights upon termination of employment other than those benefits expressly set forth in this Section 7. 

8. Conditions to Receipt of Severance. 

(a) Separation Agreement and Release of Claims. The receipt of any severance pursuant to Sections 7(a), 7(b), or 7(c) will be subject to
(i) Executive resigning from all positions Executive may hold as an officer or director of the Company or any Affiliates and executing all documents the Company determines, in its sole discretion, are necessary to effectuate such resignations
prior to the Release Deadline (as defined below) (such resignation and execution of applicable documents, the “Resignations”), and (ii) Executive signing and not revoking a separation agreement and release of claims in a form attached
hereto as Exhibit A (the “Release”) and provided that such Release becomes effective and irrevocable no later than sixty (60) days following the termination date (such deadline, the “Release Deadline”). If the
Resignations and the Release do not become effective and irrevocable by the Release Deadline, Executive will forfeit any rights to severance or benefits under this Agreement. In no event will severance payments or benefits be paid or provided until
the Resignations and the Release become effective and irrevocable. Except as required by Section 8(b), any installment payments that would have been made to Executive prior to the Resignations and the Release becoming effective and irrevocable
but for the preceding sentence will be paid to Executive on the first regularly scheduled Company payroll date following the date the Resignations and the Release becomes effective and irrevocable, and the remaining payments will be made as provided
in the Agreement. 

  
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 (b) Section 409A. 

(i) Notwithstanding anything to the contrary in this Agreement, no Deferred Payments will be paid or otherwise provided until Executive has a
“separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation
Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A. 

(ii) Any severance payments or benefits under this Agreement that would be considered Deferred Payments will be paid on, or, in the case of
installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later, such time as required by Section 8(b)(iii). Except as required by Section 8(b)(iii), any installment
payments that would have been made to Executive during the sixty (60) day period immediately following Executive’s separation from service but for the preceding sentence will be paid to Executive on the sixtieth (60th) day following
Executive’s separation from service and the remaining payments shall be made as provided in this Agreement. In no event will Executive have discretion to determine the taxable year of payment for any Deferred Payments. 

(iii) Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of
Section 409A at the time of Executive’s separation from service (other than due to death), then the Deferred Payments that are payable within the first six (6) months following Executive’s separation from service, will, to the
extent required to be delayed pursuant to Section 409A(a)(2)(B) of the Code, become payable on the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments,
if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but prior to the six
(6) month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other
Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of
Section 1.409A-2(b)(2) of the Treasury Regulations. 
 (iv) Any amount paid under this Agreement that satisfies the requirements of
the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments. 

(v) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to
Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments. 

(vi) The foregoing provisions and all compensation and benefits provided for under this Agreement are intended to comply with or be exempt
from the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will

  
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be interpreted to be exempt or so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are
necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A. In no event will the Company reimburse Executive for any taxes that may be imposed on
Executive as a result of Section 409A. 
 9. Limitation on Payments. In the event that the severance and other benefits provided
for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) but for this
Section 9, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s severance benefits under Section 7 will be either: 

(a) delivered in full, or 
 (b)
delivered as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under Section 4999 of the Code, 

whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999
of the Code, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such severance benefits may be taxable under Section 4999 of the Code. If a
reduction in severance and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (i) reduction of cash payments;
(ii) cancellation of awards granted “contingent on a change in ownership or control” (within the meaning of Code Section 280G); (iii) cancellation of accelerated vesting of equity awards; or (iv) reduction of employee
benefits. In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s equity awards. 

Unless the Company and Executive otherwise agree in writing, any determination required under this Section 9 will be made in writing by a nationally
recognized certified professional services firm selected by the Company, the Company’s legal counsel or such other person or entity to which the parties mutually agree (the “Firm”) immediately prior to Change of Control, whose
determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 9, the Firm may make reasonable assumptions and approximations concerning applicable
taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Firm such information and documents as the Accountants may reasonably
request in order to make a determination under this Section. The Company will bear all costs the Firm may reasonably incur in connection with any calculations contemplated by this Section 5. 

10. Definition of Terms. The following terms referred to in this Agreement will have the following meanings: 

(a) Affiliate. “Affiliate” means the Company and any other parent or subsidiary corporation of the Company, as such terms are
defined in Section 424(e) and (1) of the Code. 

  
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 (b) Cause. “Cause” means the occurrence of any of the following events, as
determined by the Board or a committee designated by the Board, in its sole discretion: (i) Executive’s conviction of, or plea of nolo contendere to, any felony or any crime involving moral turpitude or dishonesty;
(ii) Executive’s participation in a fraud or material act of dishonesty against the Company or any Affiliate; (iii) Executive’s willful and material breach of Executive’s duties hereunder that is not cured within thirty
(30) days after Executive’s receipt of written notice from the Board of such breach; (iv) Executive’s intentional and material damage to the property of the Company or an Affiliate; (v) Executive’s material breach of
the Proprietary Information and Inventions Agreement; or (vi) Executive’s failure to cooperate fully with the Company in connection with any and all existing or future litigation, arbitrations, mediations or investigations whether internal
or brought by or against the Company or any of its Affiliates in which the Company reasonably deems Executive’s cooperation is necessary or desirable. Notwithstanding the foregoing, prior to determining that “Cause” under this
Section 10(b) has occurred, the Company shall (A) provide to Executive in writing, in reasonable detail, the reasons for the determination that such Cause exists, (B) other than with respect to clause (iii), above, which specifies the
applicable period of time for Executive to remedy his or her breach, afford Executive a reasonable opportunity to remedy any such breach, unless the Board determines in good faith that such opportunity would be futile or result in material harm to
the Company or its Affiliates, and (C) make any decisions that such Cause exists in good faith. 
 (c) Change of Control.
“Change of Control” means the occurrence of any of the following events: 
 (d) A change in the ownership of the Company which
occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent
(50%) of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the
total voting power of the stock of the Company will not be considered a Change of Control; or 
 (e) A change in the effective control of
the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date
of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change of
Control; or 
 (f) A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person
acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than fifty
percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a
change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to:
(1) a stockholder of the Company 

  
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(immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent (50%) or more of the total value or voting power
of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity,
at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of
the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

(g) For purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a
merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 
 (h) Notwithstanding the
foregoing, a transaction will not be deemed a Change of Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or
final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time. 

(i) Further and for the avoidance of doubt, a transaction will not constitute a Change of Control if: (i) its sole purpose is to change
the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction. 
 (j) Change of Control Period. “Change of Control Period” means the period beginning on the date three
(3) months prior to, and ending on the date that is twelve (12) months following, a Change of Control. 
 (k) Code.
“Code” means the Internal Revenue Code of 1986, as amended. 
 (l) Deferred Payment. “Deferred Payment” means any
severance pay or benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries) pursuant to this Agreement and any other severance payments or separation benefits, that in each case, when considered together, are
considered deferred compensation under Section 409A. 
 (m) Disability. “Disability” means that the Employee has been
unable to perform Executive’s Company duties as the result of Executive’s incapacity due to physical or mental illness, and such inability, at least twenty-six (26) weeks after its commencement or 180 days in any consecutive twelve
(12) month period, is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to Executive or Executive’s legal representative (such agreement as to acceptability not to be unreasonably
withheld). Termination resulting from Disability may only be effected after at least thirty (30) days’ written notice by the Company of its intention to terminate the Employee’s employment. In the event that the Employee resumes the
performance of substantially all of Executive’s duties hereunder before the termination of Executive’s employment becomes effective, the notice of intent to terminate will automatically be deemed to have been revoked. 

  
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 (n) Equity Awards. “Equity Awards” means Executive’s outstanding stock
options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units and any other Company equity compensation awards, including, for the avoidance of any doubt, the Option (to the extent
outstanding). 
 (o) Good Reason. “Good Reason” means Executive’s resignation within thirty (30) days following
the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Executive’s express written consent: (i) a material diminution of Executive’s authority, duties or
responsibilities relative to Executive’s authority, duties or responsibilities in effect immediately prior to such diminution; (ii) a material reduction by the Company in the salary or bonus opportunity of the Executive as in effect
immediately prior to such reduction; (iii) the relocation of Executive to a facility or a location more than thirty (30) miles from Executive’s then-present location; or (iv) any other action that constitutes a material breach by
the Company of its obligations to Executive under this Agreement. Executive’s resignation will not be deemed to be for Good Reason unless Executive has first provided the Company with written notice of the acts or omissions constituting the
grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less than thirty (30) days following the date the Company receives such
notice, and such condition has not been cured during such period. 
 (p) Section 409A. “Section 409A” means
Section 409A of the Code and any final regulations and guidance thereunder and any applicable state law equivalent, as each may be amended or promulgated from time to time. 

(q) Section 409A Limit. “Section 409A Limit” will mean two (2) times the lesser of: (i) Executive’s
annualized compensation based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable year of Executive’s separation from service as determined under Treasury Regulation
Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Internal
Revenue Code for the year in which Executive’s separation from service occurred. 
 11. Confidential Information Agreement. As a
condition of Executive’s continuing employment, Executive is required to sign and comply with an At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement in
substantially the same form as attached hereto as Exhibit B (the “Confidential Information Agreement”) which requires, among other provisions, the assignment of patent rights to any invention made during Executive’s employment
at the Company, and non-disclosure of Company proprietary information. In the event of any dispute or claim relating to or arising out of Executive’s employment relationship, Executive and the Company
agree that (i) any and all disputes between Executive and the Company shall be fully and finally resolved by binding arbitration, (ii) Executive is waiving any and all rights to a jury trial but all court remedies will be available in
arbitration, (iii) all disputes shall be resolved by a neutral arbitrator who shall issue a written opinion, (iv) the arbitration shall provide for adequate discovery, and (v) the Company shall pay all the arbitration fees, except an
amount equal to the filing fees Executive would have paid had Executive filed a complaint in a court of law. 

  
 -11- 

 12. Assignment. This Agreement will be binding upon and inure to the benefit of
(a) the heirs, executors and legal representatives of Executive upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this
Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of
the assets or business of the Company. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted
assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void. 

13. Notices. All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given
(i) on the date of delivery if delivered personally, (ii) one (1) day after being sent by a well established commercial overnight service, or (iii) four (4) days after being mailed by registered or certified mail, return
receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing: 

If to the Company: 
 Otonomy,
Inc. 
 Attn: Chief Executive Officer 

6275 Nancy Ridge Drive, Suite 100 

San Diego, CA 92121 
 If to
Executive: 
 at the last residential address known by the Company. 

14. Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement will continue in full force and effect without said provision. 
 15. Integration. This
Agreement, the Option Plan, the Option Agreement, and the Confidential Information Agreement represent the entire agreement and understanding between the parties as to the subject matter herein and supersede all prior or contemporaneous agreements
whether written or oral, including, for the avoidance of any doubt, the Offer Letter Agreement by and between Executive and the Company dated October 15, 2014. This Agreement may be modified only by agreement of the parties by a written
instrument executed by the parties that is designated as an amendment to this Agreement. 
 16. Waiver of Breach. The waiver of a
breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement. 

17. Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this
Agreement. 

  
 -12- 

 18. Tax Withholding. All payments made pursuant to this Agreement will be subject to
withholding of applicable taxes. 
 19. Governing Law. This Agreement will be governed by the laws of the State of California (with
the exception of its conflict of laws provisions). 
 20. Acknowledgment. Executive acknowledges that he has had the opportunity to
discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement. 

21. Counterparts. This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an
original and will constitute an effective, binding agreement on the part of each of the undersigned. 

  
 -13- 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company
by their duly authorized officers, as of the day and year set forth below. 
  

							
	COMPANY:	 		 	
			
	OTONOMY, INC.	 		 	
				
	By:	 	 /s/ David A. Weber, Ph.D.
	 	Date:	 	 Oct. 20, 2014

				
	 Title:
	 	 President & Chief Executive Officer
	 		 	
			
	EXECUTIVE:	 		 	
			
	 /s/ Anthony J. Yost
	 	Date:	 	 Oct. 20, 2014

	Anthony J. Yost	 		 	

 [SIGNATURE PAGE TO EXECUTIVE EMPLOYMENT AGREEMENT] 

  
 -14- 

 EXHIBIT A 

RELEASE AND WAIVER OF CLAIMS 

TO BE SIGNED FOLLOWING TERMINATION WITHOUT CAUSE 

OR RESIGNATION FOR GOOD REASON 

In consideration of the payments and other benefits set forth in the Employment Agreement dated [DATE], 2014 (the “Employment
Agreement”), to which this form is attached, I, Anthony J. Yost, hereby furnish OTONOMY, INC. (the “Company”), with the following release and waiver (“Release and
Waiver”). 
 In exchange for the consideration provided to me by Section 7 of the Employment Agreement that I am not
otherwise entitled to receive, I hereby generally and completely release the Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, Affiliates,
and assigns from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release and Waiver. This general release
includes, but is not limited to: (1) all claims arising out of or in any way related to my employment with the Company or the termination of that employment; (2) all claims related to my compensation or benefits from the Company, including
salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (3) all claims for breach of contract, wrongful termination, and breach
of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims,
including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination
in Employment Act of 1967 (as amended) (“ADEA”), and the California Fair Employment and Housing Act (as amended). 

Notwithstanding the foregoing, nothing in this Release and Waiver shall constitute a release by me of any claims or damages based on any right
I may have to enforce the Company’s executory obligations under the Agreement, any right I may have to vested or earned compensation and benefits, or my eligibility for indemnification under applicable law, Company governance documents, my
indemnification agreement with the Company or under any applicable insurance policy with respect to my liability as an employee or officer of the Company. 

I also acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general
release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the
debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to any claims I may have against the Company. 

  
 -15- 

 I acknowledge that, among other rights, I am waiving and releasing any rights I may have under
ADEA, that this Release and Waiver is knowing and voluntary, and that the consideration given for this Release and Waiver is in addition to anything of value to which I was already entitled as an executive of the Company. If I am 40 years of age or
older upon execution of this Release and Waiver, I further acknowledge that I have been advised, as required by the Older Workers Benefit Protection Act, that: (a) the release and waiver granted herein does not relate to claims under the ADEA
which may arise after this Release and Waiver is executed; (b) I should consult with an attorney prior to executing this Release and Waiver; and (c) I have twenty-one (21) days from the date of termination of my employment with the
Company in which to consider this Release and Waiver (although I may choose voluntarily to execute this Release and Waiver earlier); (d) I have seven (7) days following the execution of this Release and Waiver to revoke my consent to this
Release and Waiver; and (e) this Release and Waiver shall not be effective until the seven (7) day revocation period has expired. 

I acknowledge my continuing obligations under my Proprietary Information and Inventions Agreement. Pursuant to the Proprietary Information and
Inventions Agreement I understand that among other things, I must not use or disclose any confidential or proprietary information of the Company and I must immediately return all Company property and documents (including all embodiments of
proprietary information) and all copies thereof in my possession or control. I understand and agree that my right to the severance pay I am receiving in exchange for my agreement to the terms of this Release and Waiver is contingent upon my
continued compliance with my Proprietary Information and Inventions Agreement. 
 This Release and Waiver constitutes the complete, final
and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated herein. This Release and Waiver may
only be modified by a writing signed by both me and a duly authorized officer of the Company. 
  

									
	Date:	 	  
	 		 	By:	 	  

					
		 		 		 	Name:	 	  

  
 -16-ex10-1.htm

Exhibit 10.1

SALES & PURCHASE CONTRACT FOR GOLD CONCENTRATES

Contract No.        : MXY20150107E-USA

Date                      : 2015-01-07

The SELLER'S Full Corporate Details:-

The Seller                                :  Oro East Mining, Inc.

Address                                  : 7817 Oakport  Street, Oakland, CA 94621, USA

Tel                                            : 1-510-638-5000

Contact                                    : Tim Chen

Seller Banking Information:                                                                

Bank Name                              : *******************

Address                                   : *******************

Account name                        : *******************

Bank Account No                  : *******************

SWIFT CODE                         : *******************

The BUYER'S Full Corporate Details:

Company Name    : FUJIAN PROVINCE MEIXINYAO MINING DEVELOPMENT CO. LTD

ADDRESS                               : Pengxiang Development Zone,Longxun Town,

                                                    Dehua, Fujian, China

Tel                                            : 86-595-23595668

Fax                                            : 86-595-23591168

Buyer’s Bank Details

Banker’s Name                       : *******************

                                                 *******************

Swift Code                              : *******************

Account                                  : *******************

Address                                  :  *******************

It is the agreement between the Seller and the Buyer, both parties mutually agree that the seller commits to sell and the buyer commits to buy the following described goods upon the terms and conditions hereinafter set forth:

这是卖方和买方之间的合作协议,双方同意的,卖方承诺销售,而买方承诺收买以下所载之条款及条件,采取以下描述的商品:

 

  

1

  

CLAUSE 1: DEFINITION

In this contract, the following terms shall, unless otherwise specifically defined, have the following meanings:

在本合同中,下列词汇除非另有特别规定,具有以下涵义:

	
(A)  

	
"Gold Ore" means Gold Ore of USA Origin.

“金矿石”美国产地。

	
(B)  

	
"U.S. Currency" means the currency of the United States of America freely Transferable from and payable to an external account.

“美国货币”意味着货币美利坚合众国,可自由转让和外部账户支付。

	
(C)  

	
"Metric Ton" means a tone equivalent to 1000 Kilogram.

“吨”是指相当于1000千克。

(D) "Wet basis" means concentrates fines in its natural wet state

“湿度”是指集中在其自然湿状态

CLAUSE 2: COMMODITY         商品

Name of Commodity    商品                                 Gold Oro金矿石

Country of Origin               原产地                      USA           美國

Port of Loading                            港口                 Oakland, California奥克兰, 加洲

	
Port of Discharge           卸货港

	
   MAIN PORT OF CHINA 中國主要碼頭

Quantity                               数量                          15000 WMT, valid for 3 years  15000頓, 有效期為三年

Partial Shipment                     分批装运               allowed可分批發貨

Transshipment                        转运                       allowed  可转运

CLAUSE 3: GUARANTEED SPECIFICATIONS AT LOADING PORT         保证规格

Gold                      金            :           4 gram per DMT as basis   每DMT为4克

Moisture湿度                      :      < 10%                                      <10%

Size                    尺寸           :      any size                                   任何尺寸

The material shall be free from deleterious component to the smelting and refining process and free from radioactivity, otherwise Buyer has the right to reject the material.

材料应无有害成分,冶炼及精炼过程,无放射性,否则买方有权拒收材料。

CLAUSE 4: PRICE  价格

THE PRICE IS ON FOB MAIN PORT OF USA

FOB 美國主港价格

Basis PRICE (per dry ton) = USD 100/ MT content by 4 gram per dry mt

基准价(每干吨)= USD100 /MT*每干吨金含量4克

If the Gold content is less then 4 gram per DMT, 50% Comex

如果金含量少于4克每干吨,50%计算

 

  

2

  

 

If the gold content is 4 – 4.99 gram per DMT, 52% Comex

如果黄金含量为4-4.99克每干吨,52%计算

If the gold content is 5-5.99 gram per DMT, 55% Comex

如果黄金含量为5-5.99克每干吨,55%计算

If the gold content is 6 gram or above per DMT, 60% Comex

如果黄金含量为6克或以上每干吨,60%计算

The COMEX value will be issued from the COMEX website:

http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html

For 30% of the contract amount (USD450,000) down payment need to wire to seller’s bank account within 10 days when contract signed.

首付30%合同金额( USD450,000 )需要在合同簽字日10天之内轉到卖方的银行账户

For 70% final payment, buyer T/T to seller’s bank account when B/L issued. (The calculation of the settlement is 70% final payment base on USD 100/MT)

至于70%的尾款,當 B / L签发後,买方需T / T到卖家的银行账户。(结算的计算是以最终缴费的70 %依據USD100/ MT)

The undersigned Buyer is an authorized board member, director, or officer and hereby affirms with full responsibility that Buyer currently has and will have at all times of this Agreement the funds available for this irrevocable purchase order for the above-referenced Gold Ore at the terms as set forth herein.

CLAUSE 5: DELIVERY QUANTITY AND DELIVERY PERIOD 交货数量和交付期限

	
Quantity: 75MT (+/-10% on seller’s option) AS TRIAL SHIPMENT, if the loading report shows

	
                  The Au content complies with contract, 1000MT-15000MT per month after it

	
                  Continuously for 3 years and on roll and extension basis.

	
数量:    75吨(+ / -10%卖家决定)作为第一批试运,如果出货报告显示,金含

	
                 量符合合同要求,后续每月1000吨-15000吨,连续3年每周连续出货。

Delivery Schedule: Maximum 45 days after receipt of each 30% of seller’s cash payment.

出货日期: 卖方收款45日内。

CLAUSE 6: PAYMENT 付款

The Buyer or buyer’s authorized import agent should T/T USD$450,000 to seller’s bank account within 10 working days when contract signed.

买方或买方授权的进口代理公司向卖方T/T USD$450,000.00, 於合同簽字10天內

The contract amount will be calculated according to Au content 4 gram per DMT based on USD$100/MT

买家的金额将按照USD 100/MT最少4克为基准。

 

  

3

  

The amount of 70% invoice ($70/MT) to be paid will be T/T to seller bank account within 3 working days after the date of the Bill of Lading (not including the B/L issue date)

货款发票总金额的70%(USD70/MT)按装船提单后3个工作日内T/T支付,(不包括B/ L签发日期)。

70% of invoice value shall be based on Quality of Weight issued at loading port by USA.

The final adjustment payment will be upon SGS inspection certificate at discharging port which shall be final and binding on both parties.

70%装船港发票是根据美国在装货港签发重量证书支付,双方同意卸货港SGS为最终结算依据。

The fee of weight certificates at loading port charged by is borne by the seller. While, the fee of weight and quality certificates at unloading port charged by the testing organization in China is borne by the buyer.

 

装货港重量证书的费用由卖家承担。在中国的SGS检测机构收取的卸货港的重量/质量证书,费用由买方承担。

 

Buyer's Failure to Perform.  In the event that Buyer fails to tender payment pursuant to the terms set forth herein, Seller shall be entitled to an additional 10% of the remaining balance due prorated per annum for the days that such a payment is late or in default. Thus, by way of example, if Buyer fails to tender the 70% balance payment on or before [date payment is due--insert here], then for each day thereafter, Seller shall be entitled to 10% of that 70% balance per annum, prorated.

 

Seller's Failure to Perform. In the event that Seller fails to deliver a mutually agreed upon and invoiced shipment of goods, Buyer shall be entitled to collect from Seller as a penalty charge 10% of the down payment of the price paid on the invoice for that shipment in question that Buyer alleges was not delivered.

 

CLAUSE 7: PACKING包装

                                           None

CLAUSE 9: DOCUMENTS:

The invoice value shall be paid in US$ by T/T transfer to the Seller’s bank account as indicated by Seller’s instruction against presentation of the following documents to Buyer:

卖方按单据发票金额支付70% T/T买方银行賬戶,基於买方应提供单据:

 

	
1)  

	
Signed Commercial Invoice based on USA loading certificate of quality and weight issued in 3 originals indicating the contract number, name of vessel, shipment date etc. The exact amount should be calculated according to the USA loading inspection result of the quantity at loading port. The amount of invoice will be based on USD100/DMT.

  

4

  

	
2)  

	
Packing List in 3 originals and 3 copies indicating the contract number, containers numbers, package etc.

3)  Certificate of Origin in 1 original and 2 copies issued by CHAMBER OF COMMERCE AND

      INDUSTRY or chamber of commerce.

	
4)

	
 Full set 3/3 of “Shipped on Board” Master Ocean Bills of Lading made out to order, blank

	
  

	
      endorsed marked “freight prepaid”, and notify the Buyer with full address, indicating the

	
  

	
      contract number.

 

CLAUSE 10: Final Settlement

	
1)  

	
For the purpose of the final settlement, weighing and moisture determination shall be carried out for Buyer’s account at the port of discharge, in accordance with standard international practices, performed by SGS. The final weight shall be determined by discharge port, in conjunction with seller’s representatives using weight scale or draft survey, in seller’s option, and such weight shall be final and binding on both parties. Seller and/or producer have the right to be present at these operations by a surveyor or representative, acting in name and on behalf of seller and/or producer at its expense. The sample lot size shall be based on per container. Each lot shall form a separate and complete delivery for the purposes of settlement of weight and moisture content,

对于最终结算的目的,称重和买家进行水分测定应在卸货港,按照国际通行做法,由SGS进行。最终重量应当由卸货港秤重为准,结合与卖方的代表,用秤重调查结果显示,在卖方的选项,这样的重量应是终局的,对双方均有约束力。卖方及/或生产者有权出席在这些操作员或代表名称和代表卖方和/或生产商在其费用。每批应形成一个独立的和完整的交付为结算重量和水分含量的目的,

	
2)  

	
At the time of discharge at discharging port, the independent inspection agency SGS shall determine the quality, and carry out sampling and analysis as per international standards. The sample lot size shall be based per container. Discharge Certificate of Quality issued by SGS shall form the basis for raising the Invoice upon the Buyer.

在卸货港卸货的时间,SGS中国的独立的检验机构应确定质量,并按照国际标准进行取样和分析。出具的质量合格证书由SGS中国应形成提供发票后為买方的基础。

The cost of such weighing, sampling and analysis shall be to the buyer expense. The Seller or seller’s representative shall have the right to be present at such sampling at Seller’s expense.

称重,取样和分析的成本应是买方的负责。卖方或卖方的代表有权出席抽样。

 

  

5

  

Representative samples shall be taken from each lot with the following distributions:

應採取有代表性的樣品,每批以下分佈:

	
1  

	
Set for Buyer买方一份

	
1  

	
Set for Seller卖方一份

	
1  

	
Set to be kept by SGS in reserve for umpire purpose

1套保存在SGS儲備裁判目的

	
1  

	
Set to be held by seller’s representatives in reserve for umpire purpose. 1套將持有儲備賣方的代表裁判的目的。

CLAUSE 11: FORCE MAJEURE

If either party shall be prevented from or delayed in the performance of any obligation of such party hereunder, by reason of any cause or causes beyond its control, including but not limited to abnormal weather conditions, an act of God, fire, breakdown of machinery or facilities, rioting, unavailability of operating materials or power, mine caving in, embargoes, strikes, or government acts or regulations including failure to obtain permits to export or import the Gold Ore in each case for reasons beyond the control of Seller or Buyer and from which that party cannot reasonably relieve itself, then that party shall be excused from performance during the continuance of the contingency and shall not be liable for any damages whatsoever on account thereof. To obtain relief under this Clause I, the party claiming relief must provide written notice to the other party within 15 (Fifteen) days of the date that party knows of the force majeure or as soon as reasonably possible. All reasonable commercial efforts to remove the cause or delay must be made. If any cause or delay under this Clause I continues for more than 60 (sixty) days, then either party may, with written notice pursuant to the Termination clause hereunder, terminate and cancel this Agreement, provided that any such election shall in no way affect the Buyer’s obligation to accept and pay for Gold Ore already shipped or delivered to Buyer or that was agreed to be delivered to Buyer at the time of receipt of the force majeure notice.

CLAUSE 12 – NOTICE

All notice given under this contract shall be given or confirmed in writing or via email, and shall be addressed to the parties at the addresses set forth below or at such other addresses as each party may from time to time notify the other.

Notice shall be served by email or facsimile and shall be deemed to be received upon actual receipt of the email or when well received by recipient's facsimile. Confirmation of notice shall be sent by airmail and email. A notice with respect to any change of address shall effective only when actually received.

CLAUSE 13 - ASSIGNMENT

Neither party may without the prior written consent of the other assign this contract or any of its right or obligations hereunder to any third party. Any such purported assignment shall be avoided.

 

  

6

  

CLAUSE 14 - ENTIRE CONTRACT: MODIFICATION

Any modifications of this contract shall not be made except by written agreement between the parties.

CLAUSE 15- GOVERNING LAW

This Agreement shall be interpreted under the laws of the State of California, United States. Any litigation under this agreement shall be resolved in the trial courts of Alameda County, State of California or the Northern District of California, whichever may be applicable.

CLAUSE 16: ARBITRATION

All disputes or differences whatsoever arising between two parties out of or relating to the construction, meaning and operation or effect of this contract or the breach thereof shall be settled amicably by friendly negotiation between the two parties.

If no settlement can be reached, the case in dispute shall be submitted for arbitration to the Hong Kong International Arbitration Centre whose result shall be taken as final and bind both parties. The cost of arbitration shall be borne by the losing party.

CLAUSE 17: VALIDATION AND ALTERATION

This Contract shall become effective when the duly authorized representatives of Seller and Buyer sign and seal thereon. Any change, modification in or addition to the terms and conditions of this Contract shall become effective when sign and seal by both Seller and Buyer in writing.

CLAUSE 18: MISCELLANY

	
1.  

	
Continuing Validity. Any restructuring, including corporate reorganization, changes of shareholders and control, or other similar types of transaction relating to or affecting either party shall not affect the validity and enforceability of this Agreement and the rights and obligations of the parties hereunder.

	
2.  

	
Authority. The undersigned parties hereby represent and warrant that he or she has been duly authorized by its corporate entity or principal to enter into this Agreement and to bind that corporate entity or principal to the terms hereof.

	
3.  

	
Right to Adequate Assurance. Right to Adequate Assurance. The parties reserve the right to request adequate assurance of future performance of obligations arising from this Agreement if there are reasonable grounds for insecurity, or grounds for either party to believe that the other may breach the Agreement, or that the other may be unable to perform the terms as set forth in the Agreement. To exercise this right, the exercising party must request adequate assurance in writing and the other must be given at least 10 business days to respond, from the date that the request is sent.

	
4.  

	
No Waiver or Cumulative Remedies. No failure or delay on the part of any undersigned party to this Agreement in exercising any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 

  

7

  

	
5.  

	
Limitation of Liability and Disclaimer; General Indemnification. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, SELLER MAKES NO WARRANTY, EXPRESSED OR IMPLIED, WITH RESPECT TO THIS AGREEMENT, ITS REPRESENTATIONS, BUSINESS DEALINGS, THE PRODUCTS OR SERVICES RENDERED HEREUNDER, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, AND BUYER ACCEPTS THE FRUITS OF THIS AGREEMENT “AS IS” AND “WHERE IS,” ASSUMING ALL RISKS. Buyer hereby agrees to indemnify and hold harmless Seller against loss or threatened loss or expense by reason of the liability or potential liability of Seller for or arising out of any claims for damages, including payment and compensation for reasonably-incurred attorney’s fees and other related professional fees.

	
6.  

	
Inurement. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns.

	
7.  

	
Merger and Integration. This Agreement and the exhibits attached hereto contain the entire agreement of the parties with respect to the subject matter of this Agreement, and supersede all prior negotiations, agreements and understandings with respect thereto. This Agreement may only be amended by a written document duly executed by the undersigned parties.

	
8.  

	 

	
9.  

	
Severability. If any term or provision of this Agreement shall to any extent be invalid or unenforceable, the remainder of this Agreement shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

	
10.  

	
Entire Agreement. This Agreement constitutes the entire agreement to date between the parties hereto and supersedes every previous agreement, communication, expectation, negotiation, representation or understanding, whether oral or written, express or implied, statutory or otherwise, between the parties hereto with respect to the subject matter of this Agreement.

	
11.  

	
Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Agreement by signing any such counterpart.

	
12.  

	
English Version Trumps. The English version of this contract shall trump. Any Chinese content provided herein is for general reference only. The English version and the English version exclusively shall be legally binding on the parties.

 

  

8

  

	
13.  

	
Descriptive Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning of terms contained herein. Unless the context of this Agreement otherwise requires, references to "hereof," "herein," "hereby," "hereunder" and similar terms shall refer to this entire Agreement.

 

	
Seller

	
Buyer

	  	  
	
Oro East Mining, Inc.

	
Fujian Province Meixinyao

	
Mining Development Co. Ltd.

	  
	  	  
	
/s/ Tian Q. Chen

	
 /s/ Cai Guo Chen

	
___________________________

	
_______________________________

	
Authorized Signature

	
Authorized Signature

	  	  
	
(Chop)

	
(Chop)

 

  

9

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