Document:

Common Stock Purchase Agreement

 
Exhibit
4.4 
COMMON STOCK PURCHASE AGREEMENT 
 
THIS COMMON STOCK PURCHASE AGREEMENT (this “Agreement”) is made on the 29th day of April, 2003, by and among Irvine Sensors Corporation, a Delaware corporation (the “Company”),
and Irvine Sensors Corporation Cash or Deferred & Stock Bonus Plan Ret Plan FBO: John Carson (the “Purchaser”). 
 
THE PARTIES HEREBY AGREE AS FOLLOWS: 
 
1. Purchase and Sale of Common Stock. 
 
The Purchaser hereby purchases, and the Company hereby sells to Purchaser, 769,231 shares of the Company’s Common Stock (the
“Shares”) at a purchase price of $1.30 per share, or $1,000,000 in the aggregate (the “Aggregate Purchase Price”). Concurrently with the execution of this Agreement, the Purchaser shall deliver to the
Company the Aggregate Purchase Price payable for the Shares in cash, check, wire transfer cancellation of indebtedness, or any combination thereof, and Company shall deliver to Purchaser a certificate representing the Shares. 
 
2. Representations and Warranties of the Purchaser.

 
2.1. Purchaser represents and warrants to the
Company that the Shares to be acquired by it hereunder are being acquired for its own account for investment (and/or on behalf of a managed account purchasing solely for its own account for investment) and with no intention of distributing or
reselling such Shares or any part thereof or interest therein in any transaction which would be in violation of the securities laws of the United States of America or any State, without prejudice, however, to Purchaser’s right, subject to the
provisions of this Agreement, at all times to sell or otherwise dispose of all or any part of such Shares under an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”), and in
compliance with applicable state securities laws or under an exemption from such registration, and subject, nevertheless, to the disposition of Purchaser’s property being at all times within its control. By executing this Agreement, the
Purchaser further represents that it does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to any Person with respect to any of the Shares. 
 
2.2. Purchaser understands that the Shares have not been
registered under the Securities Act and may not be offered, resold, pledged or otherwise transferred except (i) pursuant to an exemption from registration under the Securities Act (and, if requested by the Company, based upon an opinion of counsel
acceptable to the Company) or pursuant to an effective registration statement under the Securities Act and (ii) in accordance with all applicable securities laws of the states of the United States and other jurisdictions. 
 
2.3. Purchaser agrees to the imprinting, so long as
appropriate, of the following legend on the Shares: 
 
The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended, and may not be sold, 
 

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offered for sale, transferred or pledged in the absence of such registration or an
exemption therefrom under such Act. 
 
The
legend set forth above may be removed if and when the Shares are disposed of pursuant to an effective registration statement under the Securities Act or in the opinion of counsel reasonably acceptable to the Company experienced in the area of United
States Federal securities laws that such legends are no longer required under applicable requirements of the Securities Act. The Shares shall also bear any other legends required by applicable Federal or state securities laws, which legends may be
removed when in the opinion of counsel to the Company experienced in the applicable securities laws, the same are no longer required under the applicable requirements of such securities laws. The Company agrees that it will provide Purchaser, upon
request, with a substitute certificate, not bearing such legend at such time as such legend is no longer applicable. The Purchaser agrees that, in connection with any transfer of the Shares by it pursuant to an effective registration statement under
the Securities Act, the Purchaser will comply with all prospectus delivery requirements of the Securities Act. The Company makes no representation, warranty or agreement as to the availability of any exemption from registration under the Securities
Act with respect to any resale of the Shares. 
 
2.4. Purchaser is an “accredited investor” within the meaning of Rule 501(a) of Regulation D under the Securities Act. Purchaser has a preexisting personal or business relationship with the Company and has previously
invested in the Company through a private placement of the Company’s securities. 
 
2.5. Purchaser represents and warrants to the Company that it has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks
of the prospective investment in the Shares, having been represented by counsel, and has so evaluated the merits and risks of such investment and is able to bear the economic risk of such investment and, at the present time, is able to afford a
complete loss of such investment. 
 
2.6. Purchaser
represents and warrants to the Company that (i) the purchase of the Shares to be purchased by it has been duly and properly authorized and this Agreement has been duly executed and delivered by it or on its behalf and constitutes the valid and
legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or
affecting creditors’ rights generally and to general principals of equity; (ii) the purchase of the Shares to be purchased by it does not conflict with or violate its charter, by-laws or any law, regulation or court order applicable to it; and
(iii) the purchase of the Shares to be purchased by it does not impose any penalty or other onerous condition on Purchaser under or pursuant to any applicable law or governmental regulation. 
 
2.7. Purchaser represents and warrants to the Company that
neither it nor any of its directors, officers, employees, agents, partners, members, or controlling persons has taken, directly or indirectly, any actions designed, or might reasonably be expected to cause or result, under the Securities Act or the
Exchange Act of 1934, as amended (the “Exchange 
 

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Act”) or otherwise, in, or that has constituted, stabilization, or manipulation of the
price of the Common Stock. 
 
2.8. Purchaser
acknowledges it has reviewed the Company’s current and periodic reports filed with the Securities and Exchange Commission under the Exchange Act for the past two fiscal years (the “Disclosure Documents”), and Purchaser
further acknowledges that it has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Shares and
the merits and risks of investing in the Shares; (ii) access to information about the Company and the Company’s financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its
investment in the Shares; and (iii) the opportunity to obtain such additional information which the Company possesses or can acquire without unreasonable effort or expense that is necessary to verify the accuracy and completeness of the information
contained in the Disclosure Documents. 
 
2.9.
Purchaser understands and acknowledges that (i) the Shares are offered and sold without registration under the Securities Act in a private placement that is exempt from the registration provisions of the Securities Act and (ii) the availability of
such exemption depends in part on, and that the Company and its counsel will rely upon, the accuracy and truthfulness of the foregoing representations and Purchaser hereby consents to such reliance. 
 
3. California Commissioner of Corporations.

 
3.1. Corporate Securities Law. THE SALE
OF THE SECURITIES THAT ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH
SECURITIES PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY
CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 
 
4. Miscellaneous 
 
4.1. Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties
(including transferees of any Shares). Nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto or their respective successors and assigns, any rights, remedies, obligations or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. 
 
4.2. Governing Law. This Agreement shall be governed by and construed under the laws of the State of California as applied to agreements among California residents entered into and to be
performed entirely within California. 
 

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4.3. Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
 
4.4. Notices. All communications hereunder shall be in writing and shall be hand delivered, mailed by
first-class mail, delivered by next-day air courier or by facsimile and confirmed in writing (a) if to the Company, at the addresses set forth below, or (b) if to Purchaser, to the address(es) set forth on the signature page hereto. 
 
If to the Company: 
 
Irvine Sensors Corporation 
3001 Redhill Avenue 
Costa Mesa, California 92650 
Attention: Chief Financial Officer 
Facsimile: (714) 444-8773 
 
with a copy to: 
 
Dorsey & Whitney LLP 
38 Technology Drive 
Irvine, California 92618 
Attention: Ellen S. Bancroft, Esq. 
Facsimile: (714) 424-5565 
 
All such notices and communications shall be deemed to have been duly given: (a) when delivered by hand, if personally delivered; (b) five business days after being deposited in the mail, postage prepaid, if mailed certified mail,
return receipt requested; (c) one business day after being timely delivered to a next-day air courier guaranteeing overnight delivery; (d) the date of transmission if sent via facsimile to the facsimile number as set forth in this Section or the
signature page hereof prior to 6:00 p.m. on a business day, or (e) the business day following the date of transmission if sent via facsimile at a facsimile number set forth in this Section or on the signature page hereof after 6:00 p.m. or on a date
that is not a business day. Change of a party’s address or facsimile number may be designated hereunder by giving notice to all of the other parties hereto in accordance with this Section 
 
4.5. Amendments and Waivers. Any term of this Agreement
may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Purchaser. 
 
4.6. Severability. If one or more provisions of this
Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with
its terms. 
 

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4.7. Entire
Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties and no party shall be liable or bound to any other party in any manner by any warranties, representations or covenants except as
specifically set forth herein or therein. 
 
4.8.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 

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IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first above written. 
 

	 COMPANY:
	 	 	 	 IRVINE SENSORS CORPORATION

	
	 	 	 	 	 	 	 By:
	 	 /s/    Robert G. Richards

	 	 	 	 	 	 	 	 	 Robert G. Richards, Chief Executive Officer

	
	 PURCHASER:
	 	 	 	 IRVINE SENSORS CORPORATION CASH OR
 DEFERRED & STOCK BONUS PLAN RET
 PLAN FBO: JOHN CARSON

	
	 	 	 	 	 	 	 By:
	 	 /s/    Joanne Dunlap

	 	 	 	 	 	 	 	 	 Joanne Dunlap

	 	 	 	 	 	 	 Its:
	 	 Member Administrative Committee

	
	 	 	 	 	 Address:
	 	 3001 Redhill Ave., Bldg. 4

	 	 	 	 	 	 	 	 	 Costa Mesa, CA 92626-4529

	 	 	 	 	 Facsimile:
	 	 (714) 444-8773

	
	 	 	 	 	 Concur:
	 	 /s/    John Carson

	 	 	 	 	 	 	 	 	 John CarsonExhibit 4.5  

Form of Employee Non-Qualified Option Agreement 

UNITY BANCORP, INC.

GRANT AGREEMENT

STOCK OPTION PLAN  

NON-QUALIFIED STOCK OPTION  

        THIS OPTION AGREEMENT is made as of this    th day
of                        , between  UNITY BANCORP, INC., (the "Company"),
and            (the "Optionee"). 

	1.
	Grant of Option.

        Pursuant
to the provisions of the Company's            Stock Option Plan (the "Plan"), the Company hereby grants to the Optionee, subject to the terms and conditions of the Plan,
which terms and conditions are incorporated by reference herein, and subject further to the terms and conditions herein set forth, the right and option to purchase from the Company all or any part of
an aggregate    shares of Common Stock (no par value per share) of the Company (the "Common Stock") at the purchase price of $
     per share (the "Option"), which purchase price is 100% of the fair market value of the Common Stock (as defined in the Plan) on the date of grant. 

	2.
	Terms and Conditions.

        It
is understood and agreed that the Option is subject to the following terms and conditions: 

	(a)
	Date of Grant. Any references to the "date of grant" herein shall
mean                    .

	(b)
	Expiration Date. The option shall expire at the close of business on            or as
otherwise specified in subparagraph
(e) of this paragraph 2.

	(c)
	Exercise of Option. The options shall vest over a three (3) year period. On each of the first three (3) anniversary dates
of the option award, one third (1/3) of the option shall vest. The option will be completely vested on the third anniversary date. The Optionee shall give written notice to the Company
of Optionee's intent to exercise. Such notice shall specify the number of full shares to be purchased. The Option may be exercised only with respect to full shares, and no fractional shares may be
purchased. Such notice shall be accompanied by full payment of the exercise price, as provided in subparagraph (d) of this paragraph 2.

	(d)
	Payment of Purchase Price Upon Exercise. At the time of any exercise, the purchase price of the shares to be purchased shall be
(i) rounded up to the nearest whole cent and (ii) paid to the Company in cash or such other consideration as the Committee (as defined in the Plan) may decide. The Company may permit you
to sell the options shares through a broker, whereby you will receive the intrinsic value of the options, less any applicable taxes.

	(e)
	Exercise Upon Death or Termination of Employment.

	(i)
	In
the event the Optionee's employment with the Company is terminated as a result of the death or Disability (as defined in the Plan) of the Optionee while an employee
of the Company, the entire Option shall become immediately exercisable regardless of the requirements of paragraph (c) above and this Option may then be exercised by the Optionee or the
Optionee's executor or administrator until (a) the earlier of the expiration date specified in subparagraph (b) of paragraph 2 or (b) the date that is twelve
(12) months after the Optionee's date of death or Disability.

	(ii)
	If
the Optionee's employment with the Company shall terminate because of Retirement (as defined in the Plan), the Optionee may exercise any part of the Option which has 

 

become
exercisable as of the date of such Retirement until the earlier of (a) the expiration date specified in subparagraph (b) of this paragraph 2 or (b) the date that is
twelve (12) months after the date of such retirement. 

	(iii)
	If
the Optionee's employment with the Company shall terminate for Cause (as defined in the Plan), the Option shall immediately terminate.

	(iv)
	If
the Optionee's employment with the Company shall terminate for any reason other than death, Disability, Retirement, or Cause, the Optionee may exercise any part of
the Option which has become exercisable pursuant to Subparagraph (c) hereunder as of the date of such termination until the earlier of (a) the expiration date specified in subparagraph
(b) of this paragraph 2 or (b) the date that is three (3) months after the date of termination of employment. 

In
the event that the Option shall be exercised by a person other than the Optionee in accordance with the provisions of this subparagraph (e), such person shall furnish the Company with evidence
satisfactory to it of such person's right to exercise the Option, and shall make such representations and agreements and furnish such information or execute such documents as the Committee may, in its
discretion, deem necessary or desirable to evidence such exercise or assure compliance by the Company, on terms acceptable to the Company, with any requirement of this Option Agreement or the
provisions of applicable Federal and state securities and other laws. 

	(f)
	Non-transferability. This Option shall not be transferable other than by will or by the laws of descent and distribution.
During the lifetime of Optionee, this Option shall be exercisable only by the Optionee (or by the Optionee's duly appointed guardian or legal representative).

	(g)
	Adjustments and Acceleration of Vesting.

	a)
	In
the event of any change in the outstanding shares of Common Stock of the Company by reason of any stock dividend or split, recapitalization, combination or exchange of shares, or
other similar corporate change, or other increase or decrease in such shares without receipt or payment of consideration by the Company, the Committee shall have the right to make such adjustments to
previously granted options, to prevent dilution or enlargement of the rights of Optionees, including any or all of the following:(i) adjustments in the aggregate number or kind of shares of
Common Stock which may be awarded under the Plan; (ii) adjustments in the aggregate number or kind of shares of Common Stock covered by options already granted under the Plan; and/or
(iii) adjustments in the purchase price of outstanding options, or any limited rights attached to such options. 

No
such adjustments may, however, materially change the value of benefits available to an Optionee under a previously granted option. 

	b)
	In
the event of a consolidation, reorganization, merger or sale of all or substantially all of the assets of the Company in which outstanding shares of Common Stock are exchanged for
securities, cash or other property of any other corporation or business entity or in the event of a liquidation of the Company (a) the vesting restrictions imposed under paragraph (c)
hereunder shall immediately lapse, and all or any unvested part of the Option shall immediately become exercisable, and (b) the Committee shall have the right to take one or more of the
following actions, as to outstanding options: (i) provide that such options shall be assumed, or equivalent options shall be substituted, by the acquiring or succeeding corporation (or an
affiliate thereof), or (ii) in the event of a merger under the terms of which holders of the Common Stock of the Company will receive upon consummation thereof a cash payment for each share
surrendered in the merger (the 

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"Merger
Price"), make or provide for a cash payment to the Optionee equal to the difference between (A) the Merger Price times the number of shares of Common Stock subject to such outstanding
options (to the extent then exercisable at prices not in excess of the Merger Price) and (B) the aggregate exercise price of all such outstanding options in exchange for the termination of such
options. 

No
fractional shares shall be issued on account of any adjustment required hereunder. 

	(h)
	No Rights as Shareholder. The Optionee shall have no rights as a shareholder, with respect to any shares of Common Stock subject to
this Option, prior to the date of issuance to Optionee of a certificate or certificates for such shares.

	(i)
	No Right to Continued Employment. This Option shall not confer upon Optionee any right with respect to continuance of employment by the
Company, nor shall it interfere in any way with the right of the Company to terminate the Optionee's employment at any time.

	(j)
	Compliance with Laws and Regulations. This Option and the obligation of the Company to sell and deliver shares hereunder, shall be
subject to all applicable Federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required.

	(k)
	Withholding Taxes. The Optionee shall pay to the company, or make provision satisfactory to the Committee for the payment of, any taxes
of any kind required by law to be withheld in respect of the Option, no later than the date of the event creating the tax liability. In the Committee's sole discretion, the Optionee (other than an
Optionee subject to Section 16 of the Securities Exchange Act of 1934, as amended ("Section 16 Optionee"), who shall be subject to the following sentence) may elect to have such tax
obligations paid, in whole or in part, in shares of Common Stock, including shares retained from the Option creating the tax obligation. With respect to Section 16 Optionees, upon the issuance
of shares of Common Stock in respect of an Option, such number of shares issuable shall be reduced by the number of shares necessary to satisfy such Section 16 Optionee's minimum statutory
Federal, and where applicable, state withholding tax obligations. The Company may, to the extent permitted by law, have the right to deduct any such tax obligations from any payment of any kind
otherwise due to the Optionee.

	(l)
	Stock Option. The Option is intended to qualify as a non-qualified stock option and may be taxed as ordinary income upon
the exercise of the option.

	3.
	Investment Representation.  

        The Committee may require the Optionee to furnish the Company, prior to the issuance of any part of this Option, an agreement (in such form as the Committee may
specify) in which the Optionee represents that the shares acquired by the Optionee upon exercise are being acquired for investment and not with a view to the sale or distribution thereof. 

	4.
	Optionee Bound by Plan.  

        The Optionee hereby agrees to be bound by all the terms and provisions of the Plan. 

	5.
	Notices.  

        Any notice hereunder to the Company shall be addressed to it at its office: Unity 

        Bancorp, Inc.,
64 Old Highway 22, Clinton, New Jersey, ATTN: Chief Financial Officer; and any notice hereunder to Optionee shall be addressed to the Optionee at the following
address, subject to the right of either party to designate at any time hereafter in writing some other address: 

        Address
of Optionee:
                                         
                          
 

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        Optionee's
Social Security Number:
                                         
                           

	6.
	Binding Effect.  

        This Option Agreement shall be binding upon the Company's successors and assigns, and shall be binding and inure to the benefit of the Optionee and the Optionee's
heirs, executors, administrators, guardians, trustees, attorneys-in-fact and legal and personal representatives. 

	7.
	Governing Law.  

        This Option Agreement shall be governed by, and construed in accordance with, the laws of the State of New Jersey. 

        IN WITNESS WHEREOF, the Company and the Optionee have executed this Option Agreement as of the date(s) set forth below. 

	 	 	UNITY BANCORP, INC.
	

Date:                                        
       	
 	

By:	
 	

James A. Hughes, CFO
	

 	
 	

Accepted By:
	

Date:                                        
       	
 	

By:	
 	

            , Optionee

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