Document:

ex101.htm

Exhibit 10.1

 

EXHIBIT 10.1

FORM OF AGREEMENT AND PLAN OF SHARE EXCHANGE

 

 

 

 

AGREEMENT AND PLAN OF SHARE EXCHANGE

 

between

 

CRYPTOSIGN, INC.,

 

NABUFit Global ApS

 

and the Shareholders of NABUFit Global APS

 

October 8, 2015

 

  

  

  

Table of Contents

 

	
ARTICLE I

	THE EXCHANGE 	 1
	
ARTICLE II

	
REPRESENTATIONS AND WARRANTIES OF THE COMPANY

	

6

	

ARTICLE III

	

REPRESENTATIONS AND WARRANTIES OF THE COMPANY SHAREHOLDERS

	

12

	

ARTICLE IV

	

REPRESENTATIONS AND WARRANTIES OF CRYPTOSIGN

	

14

	

ARTICLE V

	

COVENANTS 

	

20

	

ARTICLE VI

	
CONDITIONS TO CONSUMMATION OF EXCHANGE 

	

23

	

ARTICLE VII

	
TERMINATION 

	

25

	

ARTICLE VIII

	
MISCELLANEOUS 

	

26

	

EXHIBIT A

	
 

	

30

	

EXHIBIT B

	
 

	
32

	
EXHIBIT C

	 	
31

	

SCHEDULE I

	
 

	

38

	

SCHEDULE II

	
 

	
39

	

SCHEDULE III

	
 

	

40

	

DISCLOSURE SCHEDULES

	
 

	
41

  

  

  

 

AGREEMENT AND PLAN OF SHARE EXCHANGE

 

AGREEMENT AND PLAN OF SHARE EXCHANGE (this “Agreement”), dated as of October  8, 2015, by and among CryptoSign, Inc. (formerly StrategaBiz, Inc. and Agricon Global Corporation), a Delaware corporation (the “CryptoSign”), NABUfit Global ApS a Danish company (the “Company”) and Mads H. Frederiksen and Ulrik Møll (the “Shareholders’ Representatives”), as the representatives of the shareholders holding no less than ninety percent (90%) of the issued and outstanding capital stock of the Company (collectively, the “Company Shareholders” and each a “Company Shareholder”). Each of the parties to this Agreement is individually referred to herein as a “Party” and collectively as the “Parties.”

WHEREAS, in a share exchange transaction to be accounted for under United States Generally Accepted Accounting Principles (“US GAAP”) as a reverse acquisition, the Company Shareholders desire to exchange (the “Exchange”) the issued and outstanding equity interests of Company (“Company Shares”) for up to an aggregate of 15,500,001 shares (the “Exchange Shares”) of the common stock, par value $0.0001 of CryptoSign (“CryptoSign Common Stock”);

WHEREAS, the issuance of the Exchange Shares to the Company Shareholders is to be made in reliance upon the exemption from registration provided by Regulation S or Section 4(a)(2) under the Securities Act of 1933, as amended (the “Securities Act”);

WHEREAS, Company is entering into this Agreement for the purpose of evidencing its consent to the consummation of the Exchange and for the purpose of making certain representations, warranties, covenants and agreements;

WHEREAS, the Company Shareholders have appointed Mads H. Frederiksen and Ulrik Møll as the Company Shareholders’ Representatives to act as representative of the Company Shareholders in connection with the negotiation and execution of this Agreement.

 

NOW THEREFORE, on the basis of the foregoing stated premises and for and in consideration of the mutual covenants and agreements hereinafter set forth and the mutual benefits to the parties to be derived here from, and intending to be legally bound hereby, it is hereby agreed as follows:

 

ARTICLE I: THE EXCHANGE

1.1         Exchange of Shares.  Upon the terms and subject to the conditions hereof, at the Closing, each of the Company Shareholders will sell, convey, assign, transfer and deliver to CryptoSign all of the Company Shares  owned by such Company Shareholder, as specified in Column I on Schedule I hereto, and CryptoSign will issue to each Company Shareholder, in exchange for the Company Shares held by such Company Shareholder, a stock certificate representing the number of Exchange Shares set forth opposite such Company Shareholder’s name in Column II on Schedule I hereto, which Exchange Shares shall be issued in proportion to the number of issued and outstanding Company Interests owned by each such Company Shareholder.

 

 

  

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1.2         Closing. The closing of the Exchange (the “Closing”) shall take place by electronic communication on the date when all of the closing conditions set forth in Article VI of this Agreement are either satisfied or waived, or on such other date as may be mutually agreed upon by the parties. Such date is referred to herein as the “Closing Date”.

1.3         Name Change. As soon as possible following the Closing, the name of CryptoSign, Inc. shall be changed to “NABUfit Global Inc.”

1.4         Rights of Holders of Company Shares.  On or prior to the Closing, any certificate or instrument that immediately prior to the Closing represented Company Interests owned by any Company Shareholder shall be deemed for all purposes, to evidence ownership of and to represent the number of Exchange Shares into which such Company Interests have been exchanged pursuant to Section 1.1 above. The record holder of each such outstanding certificate or other instrument representing Company Interests, shall, after the Closing Date, be entitled to vote the number of Exchange Shares into which such Company Interests have been exchanged on any matters on which the holders of record of Cryptosign Common Stock, as of any date subsequent to the Closing Date, shall be entitled to vote. Following the Closing, in accordance with Section 70 of the Danish Companies Act and the governing documents of the Company, CryptoSign, will offer to any Company Shareholder that has not consented to the Exchange (the “Non-Consenting Shareholders”) and therefore has not exchanged such Company Shareholder’s Company Shares for Exchange Shares, the pro rata portion of the number of Exchange Shares such Company Shareholder would have been entitled to if such Company Shareholder had consented to the Exchange. Any remaining Exchange Shares that have not been issued to the Company Shareholders at the Closing, or to the Non-Consenting Shareholders following the Closing, shall be distributed pro rata among the Company Shareholders that have received Exchange Shares based on the number of CryptoSign Common Stock issued to such Company Shareholders in connection with the Exchange and this Agreement.

1.5         Procedure for Exchange of Company Capital Stock.

(a) After the Closing Date, holders of certificates or other instruments theretofore evidencing outstanding Company Shares, upon surrender of such instruments to CryptoSign, shall be entitled to receive certificates representing the number of Exchange Shares into which such Company Interests represented by the certificates or other instruments so surrendered are exchangeable as provided in Section 1.1 hereof.  CryptoSign shall not be obligated to deliver any such Exchange Shares to which any former holder of Company Shares is entitled until such holder surrenders the certificate or other instrument representing such Company Shares. Upon surrender, each certificate or other instrument evidencing Company Shares shall be cancelled.

(b) All shares of CryptoSign Common Stock issued upon the surrender for exchange of Company Interests, in accordance with the above terms and conditions shall be deemed to have been issued and paid in full satisfaction of all rights pertaining to such Company Interests.

 

 

  

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(c) Any shares of CryptoSign Common Stock issued in the Exchange will not be transferable except (i) pursuant to an effective registration statement under the Securities Act or (ii) upon receipt by CryptoSign of a written opinion of counsel for the holder reasonably satisfactory to CryptoSign to the effect that the proposed transfer is exempt from the registration requirements of the Securities Act and applicable state securities laws, and with respect to those shares of Common Stock issued pursuant to the exemption from registration provided by Regulation S under the Securities Act, in accordance with Regulation S.  In order to be eligible for resell, Exchange Shares issued pursuant to Regulation S must satisfy the following conditions of Section 903 of Reg S: (i) the purchaser (other than a distributor) certifies that it is (A) not a U.S. person and is not acquiring the securities for the account or benefit of any U.S. person or (B) a U.S. person that acquired the securities in a transaction not requiring registration under the Securities Act; (ii) the purchaser agrees to resell the securities only in accordance with the provisions of Regulation S or pursuant to registration under the Securities Act or an available exemption therefrom, and agrees not to engage in hedging activities with regard to the securities, unless in compliance with the Securities Act; (iii) the securities of a domestic issuer contain a legend indicating that transfer is prohibited except in accordance with the provisions of Regulation S or pursuant to registration under the Securities Act or an available exemption therefrom, and that hedging transactions involving the securities may not be conducted, unless in compliance with the Securities Act; and (iv)  the issuer, either by contract or a provision in its organizational documents, refuses to register any transfer of the securities not made in accordance with Regulation S or pursuant to registration under the Securities Act or an available exemption therefrom; provided that if the securities are in bearer form or foreign law prevents the issuer from refusing to register such transfers, other reasonable procedures are implemented to prevent impermissible transfers. Restrictive legends shall be placed on all certificates representing Common Stock issued in the Exchange, if issued pursuant to Regulation S, substantially as follows:

“THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.  IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.  “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.”

 

 

  

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(d)           In addition, certain of the Exchange Shares issued to the Company Shareholders set forth on Schedule II are subject to a twelve (12) month “lock-up” as set forth in that certain Lock-Up Agreement dated October [●], 2015, a copy of which is attached hereto as Exhibit A and the certificates evidencing the Exchange Shares issued to such Company Shareholders shall contain the following additional legend.

“THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THAT CERTAIN LOCK-UP AGREEMENT DATED OCTOBER 8, 2015 BETWEEN THE COMPANY AND THE STOCKHOLDERS WHICH RESTRICTS THE SALE, PLEDGE OR TRANSFER OF THE SHARES AS SET FORTH THEREIN AND MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF THAT AGREEMENT, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.”

(e)           In the event any certificate or other instrument for Company Interests shall have been lost, stolen or destroyed, CryptoSign shall issue in exchange for such lost, stolen or destroyed certificate, promptly following its receipt of an affidavit of that fact by the holder thereof, such shares of CryptoSign Common Stock, as may be required pursuant to this Agreement; provided, however, that CryptoSign, in its discretion and as a condition precedent to the issuance thereof, may require the owner of such lost, stolen or destroyed certificate to deliver a bond in such sum as it may direct as indemnity against any claim that may be made against CryptoSign or any other party with respect to the certificate alleged to have been lost, stolen or destroyed.

1.6         Directors and Officers of CryptoSign Following the Closing. Effective immediately upon the Closing, the directors and officers of CryptoSign shall be those persons set forth on Schedule III, subject to compliance with Rule 14f-1 under the Securities Act. The directors and officers of CryptoSign following the Closing shall hold office for the term specified in, and subject to the provisions contained in, the certificate of incorporation and bylaws of CryptoSign and applicable law.

 

 

  

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1.7         Shareholders’ Representatives.  The Company Shareholders have voted for and consented to the execution and adoption of this Agreement and the approval of the transactions contemplated hereby, including but not limited to the Exchange, and have irrevocably appointed attorney Mads H. Frederiksen and Ulrik Møll as the Shareholders’ Representatives, to act on behalf of the Company Shareholders, with the same effect as if each such Company Shareholder had individually appointed such Shareholders’ Representative, with full power and authority to act in the name of and for and on behalf of each Company Shareholder with respect to all matters arising in connection with, or related to, this Agreement and the transactions contemplated hereby and thereby.  A copy of the Power of Attorney attached by each of the Company Shareholders is attached hereto as Exhibit B.  Each of the matters referred to in this Section 1.7 shall be deemed to have been accepted, agreed upon, acknowledged or consented to, as applicable, by each Company Shareholder upon the vote or consent by such Company Shareholder for the adoption of this Agreement and the approval of the transactions contemplated hereby, including the Exchange.  The Shareholders’ Representatives have been appointed (i) the agent and true and lawful attorney-in-fact of each Company Shareholder, with full power of substitution, and with full capacity and authority in its sole discretion, to act in the name of and for and on behalf of each Company Shareholder in connection with all matters arising out of, resulting from, contemplated by or related or incident to this Agreement, and (ii) the agent for service of process for each Company Shareholder, and the Company Shareholders have irrevocably consented to the service of any and all process in any action or proceeding arising out of or relating to this Agreement by the delivery of such process to the Shareholders’ Representatives. Without limiting the generality of the foregoing, the power of the Shareholders’ Representatives shall include the power to represent each Company Shareholder with respect to all aspects of this Agreement, which power shall include, without limitation, the power to (i) waive any and all conditions of this Agreement, (ii) amend this Agreement and any agreement executed in connection herewith or therewith in any respect, (iii) receive notices or other communications, (iv) deliver any notices, certificates or other documents required, and (v) take all such other action and to do all such other things as the Shareholders’ Representatives deems necessary or advisable with respect to this Agreement.  CryptoSign and the Company shall have the absolute right and authority to rely upon the acts taken or omitted to be taken by the Shareholders’ Representatives on behalf of the Company Shareholders.  Each Company Shareholder has acknowledged and agreed that (i) all deliveries by Company, including, without limitation, any payment, to the Shareholder’ Representative shall be deemed deliveries to the Company Shareholders, (ii) CryptoSign or the Company shall not have any liability with respect to any aspect of the distribution or communication of such deliveries between the Shareholders’ Representatives and any Company Shareholder and (iii) any disclosure made to the Shareholders’ Representatives by or on behalf of CryptoSign or Company shall be deemed to be a disclosure made to each Company Shareholder.  In the event that either Mads H. Frederiksen and Ulrik refuses to, or is no longer capable of, serving as a Shareholders’ Representative hereunder, holders of a majority of the issued and outstanding capital stock of Company shall promptly appoint a successor Shareholders’ Representative who shall be reasonably acceptable to Company and shall thereafter be a successor Shareholders’ Representative hereunder, and the Shareholders’ Representative shall serve until such successor is duly appointed and qualified to act hereunder.

 

The Company Shareholders shall indemnify, defend and hold harmless the Shareholders’ Representatives from and against any and all loss, liability, cost, damage and expense, including, without limitation, reasonable counsel fees and third party expenses which the Shareholders’ Representatives may suffer or incur by reason of any action, claim or proceeding brought against the Stockholders’ Representative arising out of or relating in any way to this Agreement, or any transaction to which this Agreement relates, unless such losses, liabilities, costs damages and expenses shall have been finally adjudicated to have resulted from the willful misconduct or gross negligence of the Shareholders’ Representatives.

 

 

  

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ARTICLE II: REPRESENTATIONS AND WARRANTIES OF THE COMPANY

Company and [●] as the Shareholder Representative hereby represent and warrant to CryptoSign, as follows:

2.1         Organization. Company has been duly incorporated or organized, is validly existing as a corporation or other applicable business entity and is in good standing under the laws of its jurisdiction of incorporation, formation or organization, as applicable, and has the requisite power to carry on its business as now conducted.

2.2         Capitalization. Immediately prior to the Exchange, Company’s capitalization will consist of 50,002 shares of a single class issued and outstanding.  All of the issued and outstanding shares of capital stock of Company are duly authorized, validly issued, fully paid, non-assessable and free of preemptive rights, or if subject to preemptive rights, such rights have been irrevocably waived.  There are no voting trusts or any other agreements or understandings with respect to the voting of any outstanding equity interests of Company.

 

            2.3         Certain Corporate Matters. Company is duly qualified to do business as a corporation or other applicable business entity and is in good standing in each jurisdiction in which the ownership of its properties, the employment of its personnel or the conduct of its business requires it to be so qualified, except where the failure to be so qualified would not have a (i) a material adverse effect on the legality, validity or enforceability of this Agreement, or (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of Company and its Subsidiaries, taken as a whole (any of (i) or (ii), a “CompanyMaterial Adverse Effect”). Company has full corporate power and authority and all authorizations, licenses and permits necessary to carry on the business in which it is engaged and to own and use the properties owned and used by it.

 

2.4         Authority Relative to this Agreement. Company has the requisite power and authority to enter into this Agreement and to carry out its obligations hereunder. The execution, delivery and performance of this Agreement by Company and the consummation by Company of the transactions contemplated hereby have been duly authorized by the board of directors or equivalent governing body of Company and no other actions on the part of Company are necessary to authorize this Agreement or the transactions contemplated hereby, except as required pursuant to Section 70 of the Danish Companies Act. This Agreement has been duly and validly executed and delivered by Company and constitutes a valid and binding agreement of Company, enforceable against Company in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency or other similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity; provided, however, that Company makes no representations or warranties with respect to any obligations or actions of or required by the Company Shareholders to consummate the transactions contemplated by this Agreement.

 

 

  

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2.5         Subsidiaries.

 

(a) Except as set forth on Section 2.5(a) of the Company Disclosure Schedule, the Company has no Subsidiaries. For purposes of this Agreement, a “Subsidiary” shall mean any corporation, partnership, joint venture or other entity in which a Party has, directly or indirectly, an equity interest representing 50% or more of the equity securities thereof or other equity interests therein; a “Company Subsidiary” is a Subsidiary of the Company and a “CryptoSign Subsidiary” is a Subsidiary of the CryptoSign.

 

(b) Except as set forth in Section 2.5(b) of the Company Disclosure Schedule, there are no outstanding or authorized options, warrants, rights, agreements or commitments to which the Company or any Company Subsidiary is a party or which are binding on any of them providing for the issuance, disposition or acquisition of any equity securities of any Company Subsidiary. There are no outstanding stock appreciation, phantom stock or similar rights with respect to any Company Subsidiary. To the knowledge of the Company, there are no voting trusts, proxies or other agreements or understandings with respect to the voting of any equity securities of any Company Subsidiary.

 

(c) Except as set forth in Section 2.5(c) of the Company Disclosure Schedule, the Company does not control directly or indirectly or have any direct or indirect equity participation or similar interest in any corporation, partnership, limited liability company, joint venture, trust or other business association which is not a Company Subsidiary.

2.6           Consents and Approvals; No Violations. Except the consents to be obtained by the Company Shareholders, no filing with, and no permit, authorization, consent or approval of, any third party, public body or governmental authority is necessary for the consummation by Company of the transactions contemplated by this Agreement. Neither the execution and delivery of this Agreement by Company nor the consummation by Company of the transactions contemplated hereby, nor compliance by Company with any of the provisions hereof, will (a) conflict with or result in any breach of any provisions of the charter or bylaws or equivalent governing documents of Company, (b) result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation or acceleration) under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, license, contract, agreement or other instrument or obligation to which Company is a party or by which Company or any of their respective properties or assets may be bound or (c) violate any order, writ, injunction, decree, statute, rule or regulation applicable to Company, or any of their respective properties or assets, except in the case of clauses (b) and (c) for violations, breaches or defaults which would not individually or in the aggregate have a Company Material Adverse Effect.

2.7         Financial Statements.  The Company has provided or made available to CryptoSign: (a) the audited consolidated balance sheet of the Company (the “Company Balance Sheet”) at September 30, 2015 (the “Company Balance Sheet Date”), and the related consolidated statements of operations and cash flows for the period from inception (June 26, 2015 through September 30, 2015 (collectively, the “Company Year-End Financial Statements”); (the “Company Financial Statements”). The Company Financial Statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout the periods covered thereby, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of the respective dates thereof and for the periods referred to therein, comply as to form with the applicable rules and regulations of the Securities and Exchange Commission (the “Commission”) for inclusion of such Company Financial Statements in CryptoSign’s filings with the SEC as required by the Exchange Act, and are consistent in all material respects with the books and records of the Company.

 

 

  

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2.8         Material Changes.  Except as set forth on Schedule 2.7 and as provided by this Agreement, since the Company Balance Sheet Date, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Company Material Adverse Effect, (ii) Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Financial Statements pursuant to US GAAP or disclosed in filings made with the Commission, (iii) Company has not altered its method of accounting, (iv) Company has not declared or made any dividend or distribution of cash or other property to its equity holders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock.

 

2.9         Tax Matters. Except as to matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Company Material Adverse Effect:

(a)                  Company has duly filed all applicable tax returns required to be filed by or with respect to it with each taxing authority having jurisdiction over Company, and no extensions with respect to such tax returns have been requested or granted;

(b)                  Company has paid, or adequately reserved against in the Financial Statements, all material taxes due, or claimed by any taxing authority to be due, from or with respect to it;

(c)                  to the best knowledge of Company, there has been no material issue raised or material adjustment proposed (and none is pending) by any taxing authority having jurisdiction over Company in connection with any of Company’s consolidated tax returns; and

(d)                  no waiver or extension of any statute of limitations as to any material tax matter has been given by or requested from Company.

2.10         Books and Records. The books and records of Company delivered to CryptoSign prior to the Closing fully and fairly reflect the transactions to which Company is a party or by which its properties are bound.

2.11       Questionable Payments. Neither Company nor any Subsidiary, nor any employee, agent or representative of Company or any Subsidiary, has, directly or indirectly, made any bribes, kickbacks, illegal payments or illegal political contributions using Company’s or any Subsidiary’s funds or made any payments from Company’s or any Subsidiary’s funds to any governmental officials for improper purposes or made any illegal payments from Company or any Subsidiary to obtain or retain business.

 

 

  

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2. 12      Intellectual Property.  

 

(a) The Company owns, is licensed or otherwise possesses legally enforceable rights to use, license and exploit all issued patents, copyrights, trademarks, service marks, trade names, trade secrets, and registered domain names and all applications for registration therefor (collectively, the “Intellectual Property Rights”) and all computer programs and other computer software, databases, know-how, proprietary technology, formulae, and development tools, together with all goodwill related to any of the foregoing (collectively, the “Intellectual Property”), in each case as is necessary to conduct their respective businesses as presently conducted, the absence of which would or would reasonably be expected to result in a Company Material Adverse Effect.

 

(b) Section 2.12(b) of the Company Disclosure Schedule sets forth, with respect to all issued patents and all registered copyrights, trademarks, service marks and domain names registered with any Governmental Entity by the Company or any Company Subsidiary or for which an application for registration has been filed with any Governmental Entity by the Company or any Company Subsidiary, (i) the registration or application number, the date filed and the title, if applicable, of the registration or application and (ii) the names of the jurisdictions covered by the applicable registration or application. Section 2.11(b) of the Company Disclosure Schedule identifies each agreement currently in effect containing any ongoing royalty or payment obligations of the Company in excess of $250,000 per annum with respect to Intellectual Property Rights and Intellectual Property that are licensed or otherwise made available to the Company or any Company Subsidiary.

 

(c) Except as set forth on Section 2.12(c) of the Company Disclosure Schedule, all Intellectual Property Rights of the Company and the Company Subsidiaries that have been registered by them with any Governmental Entity are valid and subsisting, except as would not reasonably be expected to have a Company Material Adverse Effect. As of the Effective Date, in connection with such registered Intellectual Property Rights, all necessary registration, maintenance and renewal fees will have been paid and all necessary documents and certificates will have been filed with the relevant Governmental Entities.

 

(d) the Company is not in breach in any material respect of any license, sublicense or other agreement relating to the Intellectual Property Rights of the Company, or any licenses, sublicenses or other agreements as to which the Company is a party and pursuant to which the Company uses any patents, copyrights (including software), trademarks or other intellectual property rights of or owned by third parties (the “Third Party Intellectual Property Rights”), the breach of which would be reasonably likely to result in a Company Material Adverse Effect.

 

(e) Except as set forth on Section 2.12(e) of the Company Disclosure Schedule, the Company has not been named as a defendant in any suit, action or proceeding which involves a claim of infringement or misappropriation of any Third Party Intellectual Property Right and neither the Company nor any Company Subsidiary has received any written notice of any actual or alleged infringement, misappropriation or unlawful or unauthorized use of any Third Party Intellectual Property Right by the Company.

 

 

  

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(f) To the knowledge of the Company, except as set forth on Section 2.12(f) of the Company Disclosure Schedule, no other person is infringing, misappropriating or making any unlawful or unauthorized use of any Intellectual Property Rights of the Company in a manner that has a material impact on the business of the Company, except for such infringement, misappropriation or unlawful or unauthorized use as would not be reasonably expected to have a Company Material Adverse Effect.

2.13            Owned Real Property. Neither the Company nor any Subsidiary owns any real property.

 

2.14            Contracts.

 

(a) Section 2.14(a) of the Company Disclosure Schedule lists the following agreements (written or oral) to which the Company or any Company Subsidiary is a party as of the date of this Agreement (other than the Transaction Documentation (as hereinafter defined)):

 

(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties which provides for lease payments in excess of USD $20,000 per annum and which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;

 

(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $USD 20,000, or (B) in which the Company or any Company Subsidiary has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a certain party;

 

(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;

 

(iv) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;

 

(v) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to CryptoSign);

 

(vi) any agreement or commitment for capital expenditures in excess of USD $20,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed USD $100,000 in the aggregate for all projects); and

 

(vii) any other agreement (or group of related agreements) under which the Company is obligated to make payments or incur costs in excess of USD $20,000 in any year.

 

 

  

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(b) The Company has delivered or made available to the CryptoSign a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; and (ii) neither the Company nor any Company Subsidiary nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or any Company Subsidiary or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.

 

2.15                Insurance. The Company does not maintain any insurance policies.

 

2.16                Litigation. Except as set forth in Section 2.16 of the Company Disclosure Schedule, as of the date of this Agreement, there is no action, suit, proceeding, claim or arbitration before any Governmental Entity or before any arbitrator (a “Legal Proceeding”) which is pending or, to the Company’s knowledge, threatened against the Company or any Company Subsidiary which (a) seeks either damages in excess of $25,000 individually or $50,000 in the aggregate, (b) if determined adversely to the Company or such Company Subsidiary, would have or be reasonably anticipated to have, individually or in the aggregate, a Company Material Adverse Effect or (c) in any manner challenges or seeks to prevent, enjoin, alter or delay the transactions contemplated by this Agreement.

 

2.17                Employees.

 

(a) Each employee of the Company and each Company Subsidiary is a party to a non-disclosure and assignment of inventions agreement with the Company or a Company Subsidiary. To the knowledge of the Company, no key employee (within the meaning of Section 416 of the Code) or group of employees acting in concert has given written notice of any plans to terminate employment with the Company or any Company Subsidiary.

 

(b) Neither the Company nor any Company Subsidiary is a party to or bound by any collective bargaining agreement, nor has any of them experienced any strikes, grievances, claims of unfair labor practices or other collective bargaining disputes. To the knowledge of the Company, (i) no organizational effort has been made or threatened, either currently or within the past two years, by or on behalf of any labor union with respect to employees of the Company or any Company Subsidiary, and (ii) to the Company’s knowledge, there are no circumstances or facts which could individually or collectively give rise to a suit against the Company or any Company Subsidiary by any current or former employee or applicant for employment based on discrimination prohibited by fair employment practices laws.

 

 

  

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2.18       Permits. Except in each case as would not reasonably be expected to have, either individually or in the aggregate, a Company Material Adverse Effect, (a) the Company and the Company Subsidiaries have all authorizations, approvals, clearances, licenses, permits, certificates or exemptions (including, without limitation, manufacturing approvals and authorizations, pricing and reimbursement approvals, labeling approvals, registration notifications or their foreign equivalent, and including those issued or required under Environmental Laws and those relating to the occupancy or use of owned or leased real property) from any Governmental Entity (“Permits”) required for the Company and the Company Subsidiaries to conduct their respective businesses as presently conducted; and (b) each such Permit is in full force and effect and, to the knowledge of the Company, no suspension or cancellation of such Permit is threatened.

 

2.19            Certain Business Relationships with Affiliates. Except as listed in Section 2.19 of the Company Disclosure Schedule, no Affiliate of the Company or of any Company Subsidiary owns any material property or right, tangible or intangible, which is used in and material to the business of the Company and the Company Subsidiaries, taken as a whole.

 

2.20            Brokers’ Fees. Neither the Company nor any Company Subsidiary has any liability or obligation to pay any fees or commissions to any broker, finder or agent with respect to the transactions contemplated by this Agreement.

2.21           Legal Compliance. To the best knowledge of Company, after due investigation, no claim has been filed against Company alleging a violation of any applicable laws or regulations of foreign, federal, state and local governments and all agencies thereof. Company holds all of the material permits, licenses, certificates or other authorizations of governmental having jurisdiction over Company and agencies required for the conduct of its business as presently conducted.

 

 

ARTICLE III: REPRESENTATIONS AND WARRANTIES OF THE COMPANY SHAREHOLDERS

The Shareholder Representative on behalf of and as authorized representative for each Company Shareholder, jointly and severally with any other Company Shareholder, represents and warrants to CryptoSign, as follows:

 

 

  

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3.1         Ownership of the Company Interests.  Except as set forth in Schedule 3.1, each Company Shareholder owns, beneficially and of record, good and marketable title to the Company Shares set forth opposite such Company Shareholder’s name in Column II on Schedule I hereto (the “CompanyShareholder’s Interest”), free and clear of all security interests, liens, adverse claims, encumbrances, equities, proxies, options or stockholders’ agreements. Each such Company Shareholder has no right or claim whatsoever to any equity interest in Company which represents an equity interest other than the Company Shareholder’s Interest, and does not have any options, warrants or any other instruments, the exercise of which would entitle such Company Shareholder to purchase or convert into any equity interest of Company. At the Closing, such Company Shareholder will convey to CryptoSign good and marketable title to the Company Shareholder’s Interest, free and clear of any security interests, liens, adverse claims, encumbrances, equities, proxies, options, stockholders’ agreements or restrictions.

3.2         Authority Relative to this Agreement.  This Agreement has been duly and validly executed and delivered by the Shareholders’ Representatives and constitutes a valid and binding agreement of each such Company Shareholder, enforceable against such Company Shareholder in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency or other similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity.

3.3         Required Approvals. There are no filings, permits, authorizations, consents or approvals required by any third party, public body or governmental authority necessary for the consummation by each Company Shareholder of the transactions contemplated by this Agreement (collectively, the “Required Approvals”). Neither the execution and delivery of this Agreement by the Shareholders’ Representatives nor the consummation by the Shareholders’ Representatives or the Company Shareholders of the transactions contemplated hereby, nor compliance by the Shareholders’ Representatives or the Company Shareholders with any of the provisions hereof, will, upon obtaining any and all Required Approvals (a) result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation or acceleration) under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, license, contract, agreement or other instrument or obligation to which any Company Shareholder is a party or by which any Company Shareholder or any of its properties or assets may be bound or (b) violate any order, writ, injunction, decree, statute, rule or regulation applicable to any Company Shareholder, or any of their respective properties or assets.

 

3.4         Restricted Securities and Lock-Up. The Company Shareholders understand that the Exchange Shares will not be registered pursuant to the Securities Act or any applicable state securities laws, that Exchange Shares will be characterized as “restricted securities” under U.S. federal securities laws, and that under such laws and applicable regulations Exchange Shares cannot be sold or otherwise disposed of without registration under the Securities Act or an exemption therefrom.  In this regard, each Company Shareholder is familiar with Regulation S and Rule 144 promulgated under the Securities Act, as currently in effect, and understands the resale limitations imposed thereby and by the Securities Act.  Despite any registration of the Exchange Shares, all Shareholders listed on Schedule II shall accept a restriction on transfer (lock-up) of the Exchange Shares for a twelve (12) month period after Closing. No shares can be sold, assigned, pledged, or otherwise transferred in any manner for a period of 12 months following the Closing except as set forth in that certain Lock-Up Agreement which shall be executed in connection with the Closing.

 

 

  

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3.5         Investment Risk.  Each Company Shareholder is able to bear the economic risk of acquiring Exchange Shares pursuant to the terms of this Agreement, including a complete loss of the Company Shareholder’s investment in Exchange Shares.

3.6         Legend. Each Company Shareholder acknowledges that the certificate(s) representing such Company Shareholder’s portion of Exchange Shares shall each conspicuously set forth on the face or back thereof a legend in substantially the form set forth above in Sections 1.5(c) and 1.5(d) above:

3.7         Compliance with Regulation S for Non-U.S. Persons.  Each such Company Shareholder understands and agrees that Company may refuse to register any transfer of such Company Shareholder’s Exchange Shares not made in accordance with the provisions of Regulation S under the Securities Act (“Regulation S”), pursuant to registration under the Securities Act, or pursuant to an available exemption from registration. Each such Company Shareholder that is not a U.S. person, within the meaning of Rule 902(k) of Regulation S under the Securities Act, is acquiring its portion of Exchange Shares pursuant to this Agreement for such Company Shareholder’s own account and not for the account or benefit of any U.S. person, as that term is defined in Rule 902(k) of Regulation S.  Each such Company Shareholder that is not a U.S. person has completed and provided to Company and CryptoSign a completed Regulation S Certification, in substantially the form attached hereto as Exhibit C.

 

ARTICLE IV: REPRESENTATIONS AND WARRANTIES OF CRYPTOSIGN

CryptoSign hereby represents and warrants, to Company, the Company Shareholders and the Shareholders’ Representatives as follows:

4.1         Organization. CryptoSign is a corporation duly organized, validly existing and in good standing under the laws of the state of Delaware, and has the requisite corporate power to carry on its business as now conducted.  CryptoSign is a “shell company” as defined in Rule 12b-2 under the Securities and Exchange Act as a company with no or nominal assets and no or nominal operations.

 

 

  

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4.2         Capitalization.  CryptoSign’s authorized capital stock consists of (i) 100,000,000 shares of common stock, of which 3,847,236 shares are issued and outstanding, and (ii) 4000,000 shares of preferred stock, none of which are issued and outstanding.  Immediately prior to the Closing, CryptoSign shall have no more than 3,847,236 issued and outstanding shares of common stock.  All issued and outstanding shares of CryptoSign capital stock are duly authorized, validly issued, fully paid, non-assessable and free of preemptive rights. When issued, Exchange Shares will be duly authorized, validly issued, fully paid, non-assessable and free of preemptive rights.  Except as shall be provided pursuant to the CryptoSign Equity Incentive Plan, there are no outstanding or authorized options, rights, warrants, calls, convertible securities, rights to subscribe, conversion rights or other agreements or commitments to which CryptoSign is a party or which are binding upon CryptoSign providing for the issuance by CryptoSign or transfer by CryptoSign of additional shares of CryptoSign’s capital stock and CryptoSign has not reserved any shares of its capital stock for issuance, nor are there any outstanding stock option rights, phantom equity or similar rights, contracts, arrangements or commitments to issue capital stock of CryptoSign. To CryptoSign’s knowledge, there are no voting trusts or any other agreements or understandings with respect to the voting of CryptoSign’s capital stock.  Except as contemplated by this Agreement, there are no obligations of CryptoSign to repurchase, redeem or otherwise re-acquire any shares of its capital stock.  CryptoSign does not, and as of the Closing will not, have any outstanding obligations to register any of its shares of capital stock with the Commission.

4.3         Certain Corporate Matters. CryptoSign is duly licensed or qualified to do business and is in good standing as a foreign corporation in every jurisdiction in which the character of CryptoSign’s properties or nature of CryptoSign’s business requires it to be so licensed or qualified other than such jurisdictions in which the failure to be so licensed or qualified does not, or insofar as can reasonably be foreseen, in the future will not, have a material adverse effect on its financial condition, results of operations or business. CryptoSign has full corporate power and authority and all authorizations, licenses and permits necessary to carry on the business in which it is engaged or in which it proposes presently to engage and to own and use the properties owned and used by it. CryptoSign has delivered to Company true, accurate and complete copies of its certificate of incorporation and bylaws, which reflect all restatements of and amendments made thereto at any time prior to the date of this Agreement. The records of meetings of the stockholders and board of directors of CryptoSign are complete and correct in all material respects. The stock records and stockholder list of CryptoSign that CryptoSign has previously furnished to Company are complete and correct in all material respects and accurately reflect the record ownership and the beneficial ownership of all the outstanding shares of CryptoSign’s capital stock and any other outstanding securities issued by CryptoSign.  CryptoSign is not in default under or in violation of any provision of its certificate of incorporation or bylaws in any material respect.  CryptoSign is not in any material default or in violation of any restriction, lien, encumbrance, indenture, contract, lease, sublease, loan agreement, note or other obligation or liability by which it is bound or to which any of its assets is subject.

4.4         Authority Relative to this Agreement.  CryptoSign has the requisite power and authority to enter into this Agreement and carry out its obligations hereunder.  The execution, delivery and performance of this Agreement by CryptoSign and the consummation of the transactions contemplated hereby have been duly authorized by the board of directors of CryptoSign and no other actions on the part of CryptoSign are necessary to authorize this Agreement or the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by CryptoSign and constitutes a valid and binding obligation of CryptoSign, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency or other similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity.

 

 

  

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4.5         Consents and Approvals; No Violations.  No filing with, and no permit, authorization, consent or approval of, any third party, public body or authority is necessary for the consummation by CryptoSign of the transactions contemplated by this Agreement. Neither the execution and delivery of this Agreement by CryptoSign nor the consummation by CryptoSign of the transactions contemplated hereby, nor compliance by CryptoSign with any of the provisions hereof, will (a) conflict with or result in any breach of any provisions of the charter or bylaws of CryptoSign, (b) result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation or acceleration) under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, license, contract, agreement or other instrument or obligation to which CryptoSign  is a party or by which it or any its properties or assets may be bound or (c) violate any order, writ, injunction, decree, statute, rule or regulation applicable to CryptoSign, or any of their respective properties or assets, except in the case of clauses (b) and (c) for violations, breaches or defaults which are not in the aggregate material to CryptoSign taken as a whole.

4.6         SEC Documents.  CryptoSign hereby makes reference to the documents filed with the Commission, as posted on the SEC’s website, www.sec.gov, including, but not limited to, (a) Annual Report on Form 10-K for the fiscal year ended June 30, 2015, as filed with the SEC, which contained audited balance sheets of the CryptoSign as of June 30, 2015 and 2014, and the related statements of operation, changes in shareholders’ equity and cash flows for the years then ended and all other 10-Ks for prior years; and (b) Quarterly Reports on Form 10-Q and (c) all other reports filed by the CryptoSign under Section 13 or subsections (a) or (c) of Section 14 of the Exchange Act with the Commission  (collectively, the “SEC Documents”) and any amendments thereto.  As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations promulgated thereunder and none of the SEC Documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The financial statements of CryptoSign included in the SEC Documents comply as to form in all material respects with applicable accounting requirements and the published rules and regulations of the Commission with respect thereto, have been prepared in accordance with US GAAP (except, in the case of unaudited statements, as permitted by the applicable form under the Exchange Act) applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto) and fairly present the financial position of CryptoSign as of the dates thereof and its statements of operations, stockholders’ equity (deficit) and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal and recurring year-end audit adjustments which were not and are not expected to have a material adverse effect on CryptoSign, its business, financial condition or results of operations).  Except as and to the extent set forth on the balance sheet of CryptoSign as of June 30, 2015 included in the SEC Documents, including the notes thereto or on Schedule 4.9 of this Agreement. CryptoSign has no liability or obligation of any nature (whether accrued, absolute, contingent or otherwise and whether required to be reflected on a balance sheet or not). CryptoSign does not have pending before the Commission any request for confidential treatment of information.

 

 

  

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4.7               Financial Statements.

(a)         Included in the SEC Documents is the audited consolidated balance sheets of CryptoSign, Inc. and Subsidiaries as of June 30 2015 and 2015, and the related consolidated statements of operations, changes in stockholders’ equity and cash flows for the years ended June 30, 2015 and 2014 (except with respect to continuation as a going concern) (collectively, “CryptoSign’s Financial Statement”).

(b)          CryptoSign’s Audited Financial Statements (i) are in accordance with the books and records of CryptoSign, (ii) are correct and complete in all material respects, (iii) fairly present the financial position and results of operations of CryptoSign as of the dates indicated, and (iv) are prepared in accordance with US GAAP (except that (x) unaudited financial statements may not be in accordance with US GAAP because of the absence of footnotes normally contained therein, and (y) interim (unaudited) financials are subject to normal year-end audit adjustments that in the aggregate will not have a material adverse effect on CryptoSign, its business, financial condition or results of operations.

4.8            Events Subsequent to Financial Statements. Since June 30, 2015 there has occurred no event or development which, individually or in the aggregate, has had, or could reasonably be expected to have in the future, a CryptoSign Material Adverse Effect.  For purposes the of this Agreement, “CryptoSign Material Adverse Effect” means a material adverse effect on the assets, business, condition (financial or otherwise), or results of operations of CryptoSign; provided, that, in no event shall any effects (whether alone or in combination) resulting from or arising in connection with any of the following be deemed to constitute, nor shall any of the following be taken into account in determining whether there has occurred, a CryptoSign Material Adverse Effect: (a) conditions generally affecting the industries in which CryptoSign participates or the U.S. or global economy or capital markets as a whole; (b) any failure by CryptoSign to meet internal projections or forecasts or revenue or earnings predictions; (c) the execution, delivery, announcement or performance of the obligations under this Agreement or the announcement, pendency or anticipated consummation of the Exchange; (d) any natural disaster or any acts of terrorism, sabotage, military action or war or any escalation or worsening thereof; (e) any changes (after the date of this Agreement) in GAAP, other applicable accounting rules or applicable Law, or changes or developments in political, regulatory or legislative conditions; or (f) the taking of any action required by this Agreement.

4.9         Liabilities. Except as set forth on Schedule 4.9 or as otherwise disclosed in the most recent balance sheet of CryptoSign included in CryptoSign’s Financial Statements, including the notes thereto, CryptoSign has no liability or obligation of any nature (whether direct, indirect, accrued, absolute, contingent, asserted, unasserted, known, unknown, matured, unmatured or otherwise and whether required to be reflected on a balance sheet or not).  Immediately prior to the Closing, CryptoSign will not have any liability or obligation of any nature (whether direct, indirect, accrued, absolute, contingent, asserted, unasserted, known, unknown, matured, unmatured or otherwise and whether required to be reflected on a balance sheet or not) except as set forth on Schedule 4.9 attached hereto.

 

 

  

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4.10       Tax Matters.

(a)                  CryptoSign has duly filed all federal, state, local and foreign tax returns required to be filed by or with respect to it with the U.S. Internal Revenue Service or other applicable taxing authority.

(b)                  CryptoSign has paid, or adequately reserved against in CryptoSign’s Financial Statements, all material taxes due, or claimed by any taxing authority to be due, from or with respect to it.

(c)                  To the best knowledge of CryptoSign, there has been no material issue raised or material adjustment proposed (and none is pending) by the U.S. Internal Revenue Service or any other taxing authority in connection with any of CryptoSign’s tax returns.

(d)                  No waiver or extension of any statute of limitations as to any material federal, state, local or foreign tax matter has been given by or requested from CryptoSign.

4.11       Real Property.  CryptoSign does not own or lease any real property.

4.12       Books and Records. The books and records of CryptoSign delivered to Company prior to the Closing fully and fairly reflect the transactions to which CryptoSign is a party or by which its properties are bound.

4.13       Intellectual Property. Except as set forth on Schedule 4.13, CryptoSign does not own or use any trademarks, trade names, service marks, patents, copyrights or any applications with respect thereto. CryptoSign has no knowledge of any claim that, or inquiry as to whether, any product, activity or operation of CryptoSign infringes upon or involves, or has resulted in the infringement of, any trademarks, trade-names, service marks, patents, copyrights or other proprietary rights of any other person, corporation or other entity; and no such proceedings have been instituted, are pending or are threatened against CryptoSign.

4.14       Insurance. CryptoSign does not have any insurance policies in effect.

4.15       Contracts. Except as disclosed in its SEC Documents, CryptoSign does not have any contracts, leases, arrangements or commitments (whether oral or written) and is not a party to or bound by or affected by any contract, lease, arrangement or commitment (whether oral or written) relating to: (a) the employment of any person; (b) collective bargaining with, or any representation of any employees by, any labor union or association; (c) the acquisition of services, supplies, equipment or other personal property; (d) the purchase or sale of real property; (e) distribution, agency or construction; (f) lease of real or personal property as lessor or lessee or sublessor or sublessee; (g) lending or advancing of funds; (h) borrowing of funds or receipt of credit; (i) incurring any obligation or liability; or (j) the sale of personal property.

 

 

  

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4.16       Litigation.  CryptoSign is not subject to any judgment or order of any court or quasi-judicial or administrative agency of any jurisdiction, domestic or foreign, nor is there any charge, complaint, lawsuit or governmental investigation pending against CryptoSign.  CryptoSign is not a plaintiff in any action, domestic or foreign, judicial or administrative. There are no existing actions, suits, proceedings against or investigations of CryptoSign, and CryptoSign knows of no basis for such actions, suits, proceedings or investigations. There are no unsatisfied judgments, orders, decrees or stipulations affecting CryptoSign or to which CryptoSign is a party.

4.17       Employees.  Except as set forth on Schedule 4.17, CryptoSign does not owe any compensation of any kind, deferred or otherwise, to any current or previous employees.  CryptoSign does not have a written or oral employment agreement with any officer or director of CryptoSign.  CryptoSign is not a party to or bound by any collective bargaining agreement.  There are no loans or other obligations payable or owing by CryptoSign to any stockholder, officer, director or employee of CryptoSign, nor are there any loans or debts payable or owing by any of such persons to CryptoSign or any guarantees by CryptoSign of any loan or obligation of any nature to which any such person is a party.

4.18       Employee Benefit Plans. CryptoSign does not have any (a) non-qualified deferred or incentive compensation or retirement plans or arrangements, (b) qualified retirement plans or arrangements, (c) other employee compensation, severance or termination pay or welfare benefit plans, programs or arrangements or (d) any related trusts, insurance contracts or other funding arrangements maintained, established or contributed to by CryptoSign.

 

4.19       Legal Compliance. To the best knowledge of CryptoSign, after due investigation, no claim has been filed against CryptoSign alleging a violation of any applicable laws or regulations of foreign, federal, state and local governments and all agencies thereof. CryptoSign holds all of the material permits, licenses, certificates or other authorizations of foreign, federal, state or local governmental agencies required for its business as presently conducted.

4.20       Subsidiaries and Investments.  CryptoSign does not own any capital stock or have any interest of any kind whatsoever in any corporation, partnership, or other form of business organization.

 

            4.21       Broker’s Fees. Neither CryptoSign, nor anyone on its behalf, has any liability to any broker, finder, investment banker or agent, or has agreed to pay any brokerage fees, finder’s fees or commissions, or to reimburse any expenses of any broker, finder, investment banker or agent in connection with this Agreement.

4.22       No SEC or FINRA Inquiries.  Neither CryptoSign nor any of its past or present officers or directors is, or has ever been, the subject of any formal or informal inquiry or investigation by the SEC or FINRA.  No past or present director or officer of CryptoSign has ever been the subject of any of the events described in Item 401(k) of Regulation S-K under the Exchange Act.

 

 

  

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ARTICLE V: COVENANTS

 

5.1                Closing Efforts. Each of the Parties shall use its reasonable best efforts, to the extent commercially reasonable in light of the circumstances (“Reasonable Best Efforts”), to take all actions and to do all things necessary, proper or advisable to consummate the transactions contemplated by this Agreement, including without limitation using its Reasonable Best Efforts to ensure that (i) its representations and warranties remain true and correct in all material respects through the Closing Date and (ii) the conditions to the obligations of the other Parties to consummate the Exchange are satisfied.

 

5.2                Governmental and Third-Party Notices and Consents.

 

(a) Each Party shall use its Reasonable Best Efforts to obtain, at its expense, all waivers, permits, consents, approvals or other authorizations from Governmental Entities, and to effect all registrations, filings and notices with or to Governmental Entities, as may be required for such Party to consummate the transactions contemplated by this Agreement and to otherwise comply with all applicable Laws in connection with the consummation of the transactions contemplated by this Agreement.

 

(b) The Company shall use its Reasonable Best Efforts to obtain, at its expense, all such waivers, consents or approvals from third parties, and to give all such notices to third parties, as are required to be listed in Section 2.4 of the Company Disclosure Schedule.

 

5.3                Super 8-K. Promptly after the execution of this Agreement, the Parties shall complete a Current Report on Form 8-K relating to this Agreement and the transactions contemplated hereby (including the “Form 10 information” required by Items 2.01(f) and 5.01(a)(8) of Form 8-K and the financial statements required thereby) (the “Super 8-K”). Each of the Company and CryptoSign shall use its Reasonable Best Efforts to cause the Super 8-K to be filed with the SEC within four Business Days of the Closing and to otherwise comply with all requirements of applicable federal and state securities laws.

 

5.4                Operation of Company Business. Except as contemplated by this Agreement, during the period from the date of this Agreement to the Effective Time, the Company shall (and shall cause each Company Subsidiary to) conduct its operations in the Ordinary Course of Business.

 

 

  

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5.5                Access to Company Information.

 

(a) The Company shall permit representatives of CryptoSign to have reasonable access (at all reasonable times, and in a manner so as not to interfere with the normal business operations of the Company and the Company Subsidiaries) to all premises, properties, financial and accounting records, contracts, other records and documents, and personnel, of or pertaining to the Company and each Company Subsidiary.

 

(b) CryptoSign (i) shall treat and hold as confidential any Company Confidential Information (as defined below), (ii) shall not use any of the Company Confidential Information except in connection with this Agreement, and (iii) if this Agreement is terminated for any reason whatsoever, shall return to the Company all tangible embodiments (and all copies) thereof which are in its possession. For purposes of this Agreement, “Company Confidential Information” means any information of the Company or any Company Subsidiary that is furnished to CryptoSign by the Company in connection with this Agreement; provided, however, that it shall not include any information (A) which, at the time of disclosure, is available publicly other than as a result of non-permitted disclosure by CryptoSign, any of its Subsidiaries or their respective directors, officers, or employees, (B) which, after disclosure, becomes available publicly through no fault of CryptoSign,or their respective directors, officers, or employees, (C) which CryptoSign knew or to which CryptoSign  had access prior to disclosure, provided that the source of such information is not known by CryptoSign  to be bound by a confidentiality obligation to the Company or any Company Subsidiary, or (D) which CryptoSign  rightfully obtains from a source other than the Company or a Company Subsidiary, provided that the source of such information is not known by CryptoSign to be bound by a confidentiality obligation to the Company.

 

5.6                Operation of CryptoSign Business. Except as contemplated by this Agreement, during the period from the date of this Agreement to the Effective Time, CryptoSign shall (and shall cause each of its Subsidiaries to) conduct its operations in the Ordinary Course of Business.

 

5.7                Access to CryptoSign Information.

 

(a) CryptoSign shall permit representatives of the Company to have reasonable access (at all reasonable times, and in a manner so as not to interfere with the normal business operations of CryptoSign) to all premises, properties, financial and accounting records, contracts, other records and documents, and personnel of or pertaining to CryptoSign.

 

(b) The Company (i) shall treat and hold as confidential any CryptoSign Confidential Information (as defined below), (ii) shall not use any of CryptoSign Confidential Information except in connection with this Agreement, and (iii) if this Agreement is terminated for any reason whatsoever, shall return to CryptoSign all tangible embodiments (and all copies) thereof which are in its possession. For purposes of this Agreement, “CryptoSign Confidential Information” means any information of CryptoSign or any CryptoSign Subsidiary that is furnished to the Company or any Company Subsidiary by CryptoSign or its Subsidiaries in connection with this Agreement; provided, however, that it shall not include any information (A) which, at the time of disclosure, is available publicly other than as a result of non-permitted disclosure by the Company, any Company Subsidiary or their respective directors, officers, or employees, (B) which, after disclosure, becomes available publicly through no fault of the Company or any Company Subsidiary or their respective directors, officers, or employees, (C) which the Company or any Company Subsidiary knew or to which the Company or Company Subsidiary had access prior to disclosure, provided that the source of such information is not known by the Company or any Company Subsidiary to be bound by a confidentiality obligation to CryptoSign or any Subsidiary of CryptoSign or (D) which the Company or any Company Subsidiary rightfully obtains from a source other than CryptoSign or a Subsidiary of CryptoSign, provided that the source of such information is not known by the Company or any Company Subsidiary to be bound by a confidentiality obligation to CryptoSign or any Subsidiary of CryptoSign.

 

 

  

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5.8                Expenses. The costs and expenses of CryptoSign and the Company (including legal fees and expenses of CryptoSign and the Company) incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such costs and expenses; provided, that in the event that the Exchange is consummated, such costs and expenses shall be payable at Closing from the proceeds of the Private Placement Offering.

 

5.9                Indemnification.

 

(a)           CryptoSign shall not, after the Effective Time, take any action to alter or impair any exculpatory or indemnification provisions now existing in the certificate of incorporation or bylaws of the Company for the benefit of any individual who served as a director or officer of the Company at any time prior to the Effective Time, except for any changes which may be required to conform with changes in applicable Law and any changes which do not affect the application of such provisions to acts or omissions of such individuals prior to the Effective Time.

 

(b)           From and after the Effective Time, CryptoSign agrees that it will indemnify and hold harmless the individuals who on or prior to the Closing Date were directors or officers of the Company (the “Indemnified Executives”) against any costs or expenses (including reasonable attorneys’ fees), judgments, fines, losses, claims, damages, liabilities or amounts paid in settlement incurred in connection with any claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, arising out of or pertaining to matters existing or occurring at or prior to the Effective Time, whether asserted or claimed prior to, at or after the Effective Time, to the fullest extent permitted under Delaware law (and CryptoSign shall also advance expenses as incurred to the fullest extent permitted under Delaware law, provided the Indemnified Executive to whom expenses are advanced provides an undertaking to repay such advances if it is ultimately determined that such Indemnified Executive is not entitled to indemnification).

 

(c)           The provisions of this Section 5.9 shall survive the Closing and are intended to be for the benefit of, and enforceable by, each Indemnified Executive, and nothing in this Agreement shall affect any indemnification rights that any such Indemnified Executive may have under the certificate of incorporation or bylaws of the Company or any Company Subsidiary or any contract or instrument or applicable Law. Notwithstanding anything in this Agreement to the contrary, the obligations under this Section 5.9 shall not be terminated or modified in such a manner as to adversely affect any Indemnified Executive without the consent of such Indemnified Executive.

 

5.10                Quotation of Exchange Shares. CryptoSign shall take whatever steps are necessary to cause the Exchange Shares, and any shares of CryptoSign Common Stock that may be issued pursuant to Sections 1.1 to be eligible for quotation on the OTC Markets.

5.11               Legal Counsel.  For a period of no less than twelve (12) months following the Closing Date, CryptoSign’s United States legal counsel of Carman Lehnhof Israelsen, LLP shall be consulted regarding all legal matters of Buyer and shall approve all filings and public announcements made by Buyer or any of the Acquired Companies.

 

 

  

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ARTICLE VI: CONDITIONS TO CONSUMMATION OF EXCHANGE

6.1            Conditions to Obligations of the Company and the Company Shareholders.  The obligations of the Company and the Company Consenting Shareholders under this Agreement shall be subject to each of the following conditions:

                         (a)                 Closing Deliveries.  At the Closing, CryptoSign shall have delivered or caused to be delivered to the Company and the Shareholders’ Representatives, the following:

(i)                     resolutions duly adopted by the board of directors of CryptoSign authorizing and approving the Exchange and the execution, delivery and performance of this Agreement, including the delivery of the Exchange Shares in exchange for the Company Shares;

(ii)                   the resignation of the officers of CryptoSign, subject to the provisos of clause (iii) below;

(iii)                  subject to and in compliance with Rule 14f-1 under the Exchange Act, the existing directors of CryptoSign shall increase the size of the Board (as necessary or appropriate), elect and appoint the individuals set forth on Schedule III to the Board as indicated to fill vacancies created by such increase in the size of the Board, upon which such directors, except to the extent they are remaining as indicated below, will resign, and provided further, that the positions of Chief Executive Officer, President, Chief Financial Officer and Treasurer as set forth on Schedule III shall be elected upon the Closing by the current directors of CryptoSign;

(iv)           this Agreement duly executed by CryptoSign;

(v)           all corporate records, agreements, seals and any other information reasonably requested by the Company or the Shareholders’ Representatives with respect to CryptoSign;

 

 

(vi)            the Exchange Shares; provided, however, that certificates representing the Exchange Shares shall be delivered within ten (10) business days of the Closing;

 (vii)           such other documents as the Company or the Shareholders’ Representatives may reasonably request in connection with the transactions contemplated hereby.

 

                       (b)             the receipt by the Company of a consent from the Company Shareholders owning no less than 90% of the issued and outstanding capital stock of the Company approving the transactions contemplated by this Agreement and appointing the Shareholders’ Representatives as representative of such the Company Shareholders.

 

 

  

23

  

 

(c)           Representations and Warranties to be True. The representations and warranties of CryptoSign herein contained shall be true in all material respects at the Closing with the same effect as though made at such time.  CryptoSign shall have performed in all material respects all obligations and complied in all material respects with all covenants and conditions required by this Agreement to be performed or complied with by them at or prior to the Closing.

(d)           SEC Filings.  At the Closing, CryptoSign will be current in all Commission filings required by it to be filed.

(e)           Due Diligence.  The Shareholders’ Representatives shall have completed their business and legal due diligence.

6.2           Conditions to Obligations of CryptoSign. The obligations of CryptoSign under this Agreement shall be subject to each of the following conditions:

(a)           Closing Deliveries.    On the Closing Date, the Company or the Shareholders’ Representatives, as applicable, shall have delivered to CryptoSign the following:

(i)            certificates or other instruments representing each the Company Shares, duly endorsed in blank or each accompanied by a duly executed and medallion guaranteed stock power effecting the transfer thereof to CryptoSign (or an equivalent instrument of transfer effective for the purpose of making such transfer in accordance with the laws of the jurisdiction of incorporation or organization of the Company of which such the Company Interest represents an ownership interest), in form reasonably acceptable to CryptoSign;

(ii)    this Agreement duly executed by the Company and the Shareholders’ Representatives;

(iii)   such other documents as CryptoSign may reasonably request in connection with the transactions contemplated hereby;

 

(iv)    audited and interim unaudited financial statements of the Company pro forma in respect of the Exchange, compliant with applicable SEC regulations for inclusion under Item 2.01 (f) and/or 6.01(a)(8) of Form 8-K, in substantially final form; and

 

(v)  all necessary information required for the completion of the Form “Super 8-K” as requested by CryptoSign and its counsel.

 

 

 

  

24

  

 

(d)            Representations and Warranties to be True.  The representations and warranties of the Company and the Company Consenting Shareholders herein contained shall be true in all material respects at the Closing with the same effect as though made at such time.  the Company and the Company Consenting Shareholders shall have performed in all material respects all obligations and complied in all material respects with all covenants and conditions required by this Agreement to be performed or complied with by them at or prior to the Closing.

(e)            Required Approvals. The Company and the Shareholders’ Representatives shall have obtained all of the Required Approvals and delivered to the CryptoSign documentary evidence of the receipt of such Required Approvals, reasonably satisfactory to CryptoSign.

(f)           Due Diligence.  CryptoSign shall have completed its business and legal due diligence.

 

ARTICLE VII: TERMINATION

 

7.1                Termination by Mutual Agreement. This Agreement may be terminated at any time by mutual consent of the Parties, provided that such consent to terminate is in writing and is signed by each of the Parties.

 

7.2                Termination for Failure to Close. This Agreement may be terminated at any time by any of the Parties if the Closing shall not have occurred by November 30, 2015; provided, that the right to terminate this Agreement pursuant to this Section 7.2 shall not be available to any Party whose breach of any provision of this Agreement results in the failure of the Closing to have occurred by such time.

 

7.3                Termination by Operation of Law. This Agreement may be terminated by any Party hereto if there shall be any statute, rule or regulation issued by a Governmental Entity of competent jurisdiction that renders consummation of the transactions contemplated by this Agreement (the “Contemplated Transactions”) illegal or otherwise prohibited, or a court of competent jurisdiction or any Governmental Entity of competent jurisdiction shall have issued an order, decree or ruling, or has taken any other action restraining, enjoining or otherwise prohibiting the consummation of such transactions and such order, decree, ruling or other action shall have become final and non-appealable.

 

7.4                Termination for Failure to Perform Covenants or Conditions. This Agreement may be terminated prior to the Effective Time:

 

(a)       by CryptoSign if the Company shall have breached or failed to observe or perform in any material respect any of its covenants or obligations under this Agreement or if any representation or warranty of the Company contained in this Agreement shall be inaccurate or shall have become inaccurate as of a date subsequent to the date of this Agreement (as if made on such subsequent date), in each case, such that any condition set forth in Section 6.2 would not be satisfied; provided, that such breach is not cured within ten (10) days of written notice of such breach from CryptoSign (to the extent such breach is curable); provided, further, that CryptoSign may not terminate this Agreement under this Section 7.4(a) if it is then in breach in any material respect of this Agreement; or

 

 

  

25

  

 

(b)       by the Company if CryptoSign shall have breached or failed to observe or perform in any material respect any of their respective covenants or obligations under this Agreement or if any representation or warranty of CryptoSign contained in this Agreement shall be inaccurate or shall have become inaccurate as of a date subsequent to the date of this Agreement (as if made on such subsequent date), in each case, such that any condition set forth in Section 5.1 would not be satisfied; provided, that such breach is not cured within ten (10) days of written notice of such breach from the Company (to the extent such breach is curable); provided, further, that the Company may not terminate this Agreement under this Section 7.4(b) if it is then in breach in any material respect of this Agreement.

 

7.5                Effect of Termination or Default; Remedies. In the event of termination of this Agreement as set forth above, this Agreement shall forthwith become void and there shall be no liability on the part of any Party hereto, provided that the termination of this Agreement shall not relieve any Party for its fraud or from any liability for any willful and material breach of any term or provision of this Agreement.

 

7.6                Remedies; Specific Performance. The rights and remedies of the Parties shall be cumulative (and not alternative). The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties (on behalf of themselves and the third-party beneficiaries of this Agreement) shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions of this Agreement in addition to any other remedy to which they are entitled to at law or in equity, in each case without the requirement of posting any bond or other type of security. Each of the Parties agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that any other party has an adequate remedy at law or that any award of specific performance is not an appropriate remedy for any reason at law or in equity.

 

ARTICLE VIII: MISCELLANEOUS

 

8.1                Press Releases and Announcements. No Party shall issue any press release or public announcement relating to the subject matter of this Agreement without the prior written approval of the other Parties; provided, however, that any Party may make any public disclosure it believes in good faith is required by applicable Law or stock market rule (in which case the disclosing Party shall use reasonable efforts to advise the other Parties and provide them with a copy of the proposed disclosure prior to making the disclosure).

 

8.2                No Third Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any person other than the Parties and their respective successors and permitted assigns; provided, however, that (a) the provisions in Article I concerning issuance of the Exchange Shares and Article V concerning indemnification are intended for the benefit of the Company Stockholders and (b) the provisions in Section 5.9 concerning indemnification are intended for the benefit of the Indemnified Executives and their successors and assigns.

 

8.3                Entire Agreement. This Agreement (including the documents referred to herein) constitutes the entire agreement among the Parties and supersedes any prior or (other than as set forth in the Transaction Documentation) contemporaneous understandings, agreements or representations by or among the Parties, written or oral, with respect to the subject matter hereof.

 

8.4                Succession and Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties named herein and their respective successors and permitted assigns. No Party may assign either this Agreement or any of its rights, interests or obligations hereunder without the prior written approval of the other Parties.

 

 

  

26

  

 

8.5                Counterparts and Facsimile Signature. 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. Facsimile signatures delivered by fax and/or e-mail/.pdf transmission shall be sufficient and binding as if they were originals and such delivery shall constitute valid delivery of this Agreement.

 

8.6                Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

 

8.7                Notices. All notices, requests, demands, claims and other communications hereunder shall be in writing. Any notice, request, demand, claim or other communication hereunder shall be deemed duly delivered four Business Days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or one Business Day after it is sent for next Business Day delivery via a reputable nationwide overnight courier service, in each case to the intended recipient as set forth below:

 

	  	  	  
	
If to the Company or the Company Stockholders:

 

NABUfit Global ApS

Vidensparken

Vesterballevej 5

DK-7000 Fredericia

Denmark

 Attn: Ulrik Møll

Email: um@nabufitgloabl.com

	
 

	
 

	  	  
	
 

If to CryptoSign  (prior to the Closing):

	
  

	
 

Copy to (which copy shall not constitute notice hereunder):

	  	  
	
CryptoSign Inc.

626 East 1820 North

	
  

	
Carman Tate Lehnhof Israelsen, LLP

299 South Main Street, Suite 1300

	
Orem, UT 84097

USA

	
  

	
Salt Lake City, UT 84111

	  	  
	
Attn: Bob Bench

	
  

	
Attn: J. Martin Tate

	
Tel: +45 23903300

Phone: 801-362-2115

Email: bbench@agriconglobal.com

	
  

	
Phone: 801-534-4435

Email: mtate@clilaw.com

 

Copy to (which copy shall not constitute notice hereunder):

 Brian Mertz

 Oasis Sky Club

Tepe Mah

Sediryakasa Mevkii, 07400

Alanya, Turkey

 

Email: mertz@cryptosign.com

	  	
  

	  

 

 

  

27

  

 

Any Party may give any notice, request, demand, claim or other communication hereunder using any other means (including personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail or electronic mail), but no such notice, request, demand, claim or other communication shall be deemed to have been duly given unless and until it actually is received by the Party for whom it is intended. Any Party may change the address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other Parties notice in the manner herein set forth.

 

8.8                Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdictions other than those of the State of Delaware.

 

8.9                Amendments and Waivers. The Parties may mutually amend any provision of this Agreement at any time prior to the Effective Time. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by all of the Parties. No waiver of any right or remedy hereunder shall be valid unless the same shall be in writing and signed by the Party giving such waiver. No waiver by any Party with respect to any default, misrepresentation or breach of warranty or covenant hereunder shall be deemed to extend to any prior or subsequent default, misrepresentation or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

8.10                Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. If the final judgment of a court of competent jurisdiction declares that any term or provision hereof is invalid or unenforceable, the Parties agree that the court making the determination of invalidity or unenforceability shall have the power to limit the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified.

 

 

  

28

  

 

8.11                Submission to Jurisdiction. Each of the parties hereto irrevocably consents to the exclusive jurisdiction and venue of the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware) in connection with any matter based upon or arising out of this Agreement or the matters contemplated herein, agrees that process may be served upon them in any manner authorized by the laws of the State of Delaware for such persons and irrevocably waives, to the fullest extent permitted by applicable Law, and covenants not to assert or plead any objection it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Any Party may make service on another Party by sending or delivering a copy of the process to the Party to be served at the address and in the manner provided for the giving of notices in Section 8.7. Nothing in this Section 8.11, however, shall affect the right of any Party to serve legal process in any other manner permitted by law.

 

8.12                WAIVER OF JURY TRIAL. EACH OF THE PARTIES IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BETWEEN THE PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

8.13                Survival. None of the representations or warranties in this Agreement or in any certificate delivered pursuant to this Agreement shall survive the Effective Time.

 

8.14                Construction.

 

(a) The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any Party.

 

(b) Any reference to any federal, state, local or foreign statute or law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise.

 

[SIGNATURE PAGE FOLLOWS]

 

 

  

29

  

 

IN WITNESS WHEREOF, the Parties have executed this Agreement and Plan of Exchange as of the date first above written.

 

	
 

	
 

COMPANY:

NABUfit Global ApS

 

By: _______________________________

Name:_____________________________

Title: ______________________________

 

 

CRYPTOSIGN

CryptoSign, Inc.

 

By: _______________________________

Name: _____________________________

Title: ______________________________

 

 

SHAREHOLDER REPRESENTATIVES:

 

By: _______________________________

Name: Mads H. Frederiksen

 

By: _______________________________

Name: Ulrik Møll

 

 

 

 

 

 

 

[Signature Page to Agreement and Plan of Exchange]

EXHIBIT A

LOCK UP AGREEMENT

  

30

  

EXHIBIT B

FORM POWER OF ATTORNEY

I hereby grant and [Mads H. Frederiksen][Ulrik Møll] power of attorney to sign the  purchase agreement between CryptoSign Inc. and my company,  or me as a shareholder in NABUfit Global ApS within October 15th 2015:

Copenhagen October 5, 2015

_____________

  

31

  

EXHIBIT C

Regulation S Certification

In connection with the issuance of common stock (the “Exchange Shares”) of CryptoSign, Inc., a Delaware corporation (“CryptoSign”), to the undersigned (the “Undersigned”), pursuant to that certain Agreement and Plan of Share Exchange (the “Agreement”), by and among CryptoSign, NABUFit Global ApS, a company organized in Demark (“NABUFit”) and Mads H. Frederiksen and Ulrik, as representative of holders owning 100% of the issued and outstanding equity interests of NABUFit (the “Shareholders’ Representatives”), the Undersigned hereby agrees, acknowledges, represents, and warrants to CryptoSign, NABUFit and the Shareholders’ Representative that:

1.         the Undersigned is not a “U.S. Person” as such term is defined by Rule 902 of Regulation S under the United States Securities Act of 1933, as amended (“U.S. Securities Act”) (the definition of which includes, but is not limited to, an individual resident in the United States and an estate or trust of which any executor or administrator or trust, respectively, is a U.S. Person and any partnership or corporation organized or incorporated under the laws of the United States);

2.         none of the Exchange Shares have been or will be registered under the U.S. Securities Act, or under any state securities or “blue sky” laws of any state of the United States, and may not be offered or sold in the United States or, directly or indirectly, to U.S. Persons, as that term is defined in Regulation S, except in accordance with the provisions of Regulation S or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable state and foreign securities laws;

3.         the Undersigned understands and agrees that offers and sales of any of the Exchange Shares prior to the expiration of a period of one (1) year after the date of original issuance of the Exchange Shares (the one year period hereinafter referred to as the “Distribution Compliance Period”) shall only be made in compliance with the safe harbor provisions set forth in Regulation S, pursuant to the registration provisions of the U.S. Securities Act or an exemption therefrom, and that all offers and sales after the Distribution Compliance Period shall be made only in compliance with the registration provisions of the U.S. Securities Act or an exemption therefrom and in each case only in accordance with applicable state and foreign securities laws;

4.         the Undersigned understands and agrees not to engage in any hedging transactions involving any of the Exchange Shares unless such transactions are in compliance with the provisions of the U.S. Securities Act and in each case only in accordance with applicable state and provincial securities laws;

5.         the Undersigned is acquiring the Exchange Shares for investment only and not with a view to resale or distribution and, in particular, it has no intention to distribute either directly or indirectly any of the Exchange Shares in the United States or to U.S. Persons;

 

 

  

32

  

 

6.         the Undersigned has not acquired the Exchange Shares as a result of, and will not itself engage in, any directed selling efforts (as defined in Regulation S under the U.S. Securities Act) in the United States in respect of the Exchange Shares that would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the resale of any of the Exchange Shares; provided, however, that the Undersigned may sell or otherwise dispose of the Exchange Shares pursuant to registration thereof under the U.S. Securities Act and any applicable state and provincial securities laws or under an exemption from such registration requirements;

7.         the statutory and regulatory basis for the exemption claimed for the sale of the Exchange Shares, although in technical compliance with Regulation S, would not be available if the offering is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act or any applicable state and provincial securities laws;

8.         8.         CryptoSign has not undertaken, and will have no obligation, to register any of the Exchange Shares under the U.S. Securities Act. Provided, however, CryptoSign will endeavor to register the Exchange Shares by fling a Registration Statement on Form S-1 within six (6) months following the Closing;

9.         CryptoSign is entitled to rely on the acknowledgements, agreements, representations, and warranties and the statements and answers of the Undersigned contained in the Agreement and this Certificate, and the Undersigned will hold harmless CryptoSign from any loss or damage either one may suffer as a result of any such acknowledgements, agreements, representations, and/or warranties made by the Undersigned not being true and correct;

10.       the Undersigned has been advised to consult his own legal, tax, and other advisors with respect to the merits and risks of an investment in the Exchange Shares and, with respect to applicable resale restrictions, is solely responsible (and CryptoSign is not in any way responsible) for compliance with applicable resale restrictions;

11.       the Undersigned and his advisor(s) have had a reasonable opportunity to ask questions of and receive answers from CryptoSign in connection with the acquisition of the Exchange Shares under the Agreement, and to obtain additional information, to the extent possessed or obtainable by CryptoSign without unreasonable effort or expense;

12.       the books and records of CryptoSign were available upon reasonable notice for inspection, subject to certain confidentiality restrictions, by the Undersigned during reasonable business hours at its principal place of business, and all documents, records, and books in connection with the acquisition of the Exchange Shares under the Agreement have been made available for inspection by the Undersigned and his attorney and/or advisor(s);

 

 

  

33

  

 

13.       the Undersigned:

	  	
(a)

	
is knowledgeable of, or has been independently advised as to, the applicable securities laws of the securities regulators having application in the jurisdiction in which the Undersigned is resident (the “International Jurisdiction”) that would apply to the acquisition of the Exchange Shares;

	  	
(b)

	
the Undersigned is acquiring the Exchange Shares pursuant to exemptions from prospectus or equivalent requirements under applicable securities laws or, if such is not applicable, the Undersigned is permitted to acquire the Exchange Shares under the applicable securities laws of the securities regulators in the International Jurisdiction without the need to rely on any exemptions;

	  	
(c)

	
the applicable securities laws of the authorities in the International Jurisdiction do not require CryptoSign to make any filings or seek any approvals of any kind whatsoever from any securities regulator of any kind whatsoever in the International Jurisdiction in connection with the issue and sale or resale of the Exchange Shares; and

	  	
(d)

	
the acquisition of the Exchange Shares by the Undersigned does not trigger:

	  	
(i)

	
any obligation to prepare and file a prospectus or similar document, or any other report with respect to such purchase in the International Jurisdiction; or

 

	
  

	
(ii)

	
any continuous disclosure reporting obligation of CryptoSign in the International Jurisdiction; and

the Undersigned will, if requested by CryptoSign, deliver to CryptoSign a certificate or opinion of local counsel from the International Jurisdiction that will confirm the matters referred to in Sections 13(c) and 13(d) above to the satisfaction of CryptoSign, acting reasonably;

14.       the Undersigned (i) is able to fend for himself in connection with the acquisition of the Exchange Shares; (ii) has such knowledge and experience in business matters as to be capable of evaluating the merits and risks of his prospective investment in the Exchange Shares; and (iii) has the ability to bear the economic risks of his prospective investment and can afford the complete loss of such investment;

15.       the Undersigned is not aware of any advertisement of any of the Exchange Shares and is not acquiring the Exchange Shares as a result of any form of general solicitation or general advertising including advertisements, articles, notices, or other communications published in any newspaper, magazine, or similar media or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

 

 

  

34

  

 

16.       no person has made to the Undersigned any written or oral representations:

	  	
(a)

	
that any person will resell or repurchase any of the Exchange Shares;

	  	
(b)

	
that any person will refund the purchase price of any of the Exchange Shares;

	  	
(c)

	
as to the future price or value of any of the Exchange Shares; or

	  	
(d)

	
that any of the Exchange Shares will be listed and posted for trading on any stock exchange or automated dealer quotation system or that application has been made to list and post any of the Exchange Shares on any stock exchange or automated dealer quotation system;

17.       none of the Exchange Shares are listed on any stock exchange or automated dealer quotation system and no representation has been made to the Undersigned that any of the Exchange Shares will become listed on any stock exchange or automated dealer quotation system;

18.       the Undersigned is outside the United States when receiving and executing his Agreement and is acquiring the Exchange Shares as principal for his own account, for investment purposes only, and not with a view to, or for, resale, distribution, or fractionalization thereof, in whole or in part, and no other person has a direct or indirect beneficial interest in the Exchange Shares;

19.       neither the U.S. Securities and Exchange Commission (“SEC”) nor any other securities commission or similar regulatory authority has reviewed or passed on the merits of the Exchange Shares;

20.       the Exchange Shares are not being acquired, directly or indirectly, for the account or benefit of a U.S. Person or a person in the United States;

21.       the Undersigned acknowledges and agrees that CryptoSign shall refuse to register any transfer of Exchange Shares not made in accordance with the provisions of Regulation S, pursuant to registration under the U.S. Securities Act, or pursuant to an available exemption from registration under the U.S. Securities Act;

  

 

  

35

  

 

22.       the Undersigned understands and agrees that the Exchange Shares will bear the following legend:

“THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.  IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.  “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.”

23.         the address of the Undersigned included herein is the sole address of the Undersigned as of the date of this Certificate.

 

[Signature Page Follows.]

 

 

  

36

  

IN WITNESS WHEREOF, I have executed this Regulation S Certificate.

 

	
 

 

 

 

 

 

 

 

 

 

 

                                                                         Print Name

	
Date: _______________________________, 20[___]

 

 

____________________________________

Signature of Holder

 

____________________________________

Print Name of Holder

 

____________________________________

Signature of spouse, joint tenant, or tenant-in-common, if applicable (required)

 

____________________________________

 

  

37

  

SCHEDULE I

COMPANY SHAREHOLDERS

	
  Company Shareholders

 

	  	
Number of

Company shares

	  	  	
Number of

CryptoSign shares

	  
	
Maze Holding ApS

	  	  	
9,356

	  	  	  	
2,900,350

	  
	
Chunmeilin Holding ApS

	  	  	
9,356

	  	  	  	
2,900,350

	  
	
M. Krarup Holding IVS

	  	  	
9,356

	  	  	  	
2,900,350

	  
	
F-Reklame A/S

	  	  	
7,266

	  	  	  	
2,252,592

	  
	
Kessler & Back ApS

	  	  	
4,768

	  	  	  	
1,477,960

	  
	
Ole Krebs

	  	  	
1,727

	  	  	  	
535,279

	  
	
Anders Fredsborg

	  	  	
120

	  	  	  	
37,158

	  
	
Lars Weibom

	  	  	
874

	  	  	  	
270,820

	  
	
GD Investments ApS

	  	  	
874

	  	  	  	
270,820

	  
	
Lauritzen Fonden

	  	  	
2,649

	  	  	  	
821,163

	  
	
Bent Østergaard

	  	  	
265

	  	  	  	
82,016

	  
	
Arne Nilsson

	  	  	
212

	  	  	  	
65,613

	  
	
Jan Bech Andersen

	  	  	
3,179

	  	  	  	
985,530

	  
	  	  	  	  	  	  	  	  	  
	
Total

	  	  	
50,002

	  	  	  	
15,500,001

	  

 

  

38

  

 

SCHEDULE II

The following shareholders will be under restriction and lock-up for a 12 months period after the Closing as set forth in the Lock-Up Agreement.

Maze Holding ApS

Chunmeilin Holding ApS

M. Krarup Holding IVS

F-Reklame A/S

Kessler & Back ApS

Ole Krebs

GD Investments ApS

Lars Weibom

  

39

  

SCHEDULE III

POST CLOSING OFFICERS AND DIRECTORS

	
Name

	
Title

	
Mads H. Frederiksen

	
Chairman of the Board of Directors

	
Soren Jonassen

	
Director

	
Morten Krarup

	
Director

	
Ulrik Moll

	
Chief Executive Officer

	
Robert Bench

	
Chief Financial Officer

  

40

  

DISCLOSURE SCHEDULES

 

  

41EX-10.19

 Exhibit 10.19 

MASTER SERVICES AGREEMENT 

This Master Services Agreement (together with all signed Project Addenda) (the “Agreement”) is made and entered into as of the 5th day of October 2015 (the “Effective Date”) by and between AYTU BIOSCIENCE, INC., a Delaware corporation having its principal place of business at 373 Inverness
Parkway, Suite 206, Englewood, Colorado 80112, USA (“AYTU”) AYTU, and Biovest International, Inc. (“Biovest”), a Delaware corporation, having a place of business at 8500 Evergreen Blvd., Minneapolis, MN 55433. AYTU and
Biovest may be referred to herein individually as a “Party” and collectively as the “Parties”. 

Background 
 WHEREAS, AYTU
is engaged in the development, manufacture, distribution, and sale of biopharmaceutical products; and 
 WHEREAS, Biovest has expertise in
cell culture (upstream) and purification (downstream) contract manufacturing services dedicated to clinical and commercial grade biological products; and 

WHEREAS, AYTU wishes to retain the services of Biovest to perform certain upstream and downstream contract manufacturing services
(“Services”) pursuant to this Agreement as such Services as more fully described in various project-specific addenda and/or purchase orders to be attached hereto and incorporated by reference herein (“Project Addendum (a)”
and/or “Purchase Order(s)”) for specific projects (the “Project”); and 
 WHEREAS, Biovest is willing to
provide such Services to AYTU in accordance with the terms and conditions of this Agreement and related Project Addenda and/or Purchase Orders. 

In consideration of these premises and for good and valuable consideration, the Parties agree as follows: 

AGREEMENT 
  

	1.	 DEFINED TERMS 

 The
following capitalized terms used in this Agreement have the meanings indicated below: 
 1.1 “Affiliate” means any entity that
directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with a party. “Control,” “controlled by,” and “under common control with” means: (i) the power to
direct the management or policies of the entity, whether through ownership of voting securities or by contract relating to voting rights or corporate governance, resolution, regulation or otherwise, or (ii) to own more than fifty percent
(50%) of the outstanding voting securities or other ownership interest of the entity. AYTU shall always have the right to perform any or all of its obligations and exercise any or all of its rights under this Agreement through any of its
Affiliates. 

 1.2 “Applicable Law” means all applicable ordinances, rules, regulations, laws,
guidelines, guidances, and requirements of any Authority, and any other applicable laws and regulations, as amended from time to time, including but not limited to cGMP. 

1.3 “Batch” means a specific quantity of Product that is intended to be of uniform character and quality and is produced during the
same cycle of manufacture as defined by the applicable Batch record. 
 1.4 “Batch Documentation” means the documents and other
records that are produced in connection with the Manufacture of a particular Batch and/or lot. 
 1.5 “Biovest Materials” means
Raw Materials, other than AYTU Materials, supplied by Biovest. 
 1.6 “Certificate of Analysis” means for each Batch of Product, a
report that sets forth (i) tests completed, along with the actual value produced as a result of each test as a comparison to the target value or Specification, as may be more fully described in the applicable Project Addendum, and
(ii) certification of the accuracy of those results. 
 1.7 “cGMP,” or “Good Manufacturing Practices,” or
“GMP” means current Good Manufacturing Practices as specified in the United States Code of Federal Regulations, the European Community Directive 91/356/EEC (Principles and guidelines of good manufacturing practice for medicinal products)
(as amended or replaced from time to time, including by Directive 2003/94/EEC), Brazil Anvisa Resolution — RDC No. 2101, August 4, 2003, Japanese MHLV GMP/GQP Ordinances for GMP No. 79 & 180 dated December 24,
2004, and any other similar applicable mandatory guidelines or laws of a Regulatory Authority. 
 1.8 “Confidential Information”
has the meaning set forth in Section 10. 
 1.9 “Defective Products” shall mean a quantity of Product which has not been
manufactured in accordance with GMP, if applicable, or which does not comply with the Product Specifications. 
 1.10 “Equipment”
means any equipment or machinery, required specifically for the purpose of providing Services herein, used by Biovest in the performance of the Services. 

1.11 “Facility” means a Biovest facility at which Services will be performed, which is Biovest’s facility at 8500 Evergreen
Blvd., Minneapolis, MN 55433, unless stated otherwise in on the applicable Project Addendum. 
 1.12 “FDCA” means the United
States Federal Food, Drug and Cosmetic Act, 21 U.S.C. §§321 et seq., as amended from time to time. 
 1.13 “Force
Majeure” has the meaning set forth in Section 17. 
 1.14 “Good Laboratory Practices” or “GLP” means the
applicable regulatory requirements related to laboratory studies as provided in European Community Directive 2004/10/EC and in the U.S. Good Laboratory Practices as provided in 21 CFR Part 58. 

  
 2 

 1.15 “Government Approvals” means all governmental, regulatory or customary local
approvals, notices, permits, licenses (including without limitation, import and export licenses), consents or similar requirements that are necessary for Biovest to commence and complete the Projects, and fully perform the Services under Project
Addenda executed hereunder. 
 1.16 “Manufacture” and “Manufacturing Process” means any steps, processes and activities
necessary to produce Product, including without limitation, the manufacturing, processing, quality control testing, release or storage of Product. 

1.17 “Manufacture and Release Requirements” means those specifications, methodologies, analytical tests, process parameters,
acceptance criteria, and GMP requirements necessary to manufacture and release to AYTU the Product in conformity with a particular set of agreed on Acceptance Criteria. All Manufacture and Release Requirements are set forth in the Project Addendum.

 1.18 “Manufacturing Procedures” means the formal set of instructions for Manufacture of Product. 

1.19 “Manufacturing Procedures” shall mean the AYTU approved manufacturing instructions and other related requirements for
manufacturing to be followed by Biovest for a particular Project, as the same may be amended from time to time and approved by AYTU. Such other related manufacturing requirements shall include, without limitation, all formulas, quality assurance
standards, applicable test methodologies, processes and specifications to be followed and/or used by Biovest to perform such Project under this Agreement. 

1.20 “AYTU Equipment” means movable equipment intended to be used solely to perform Services on a Project Addendum and either
(i) provided by or procured by AYTU or (ii) procured by Biovest at AYTU’s written request. AYTU Equipment, if any, is set forth in the applicable Project Addendum. 

1.21 “AYTU Materials” means any supplies or materials (biological or otherwise) to be provided to Biovest under this Agreement, by
AYTU, or by a third party for AYTU, which materials shall be identified on in the applicable Project Addendum under this Agreement. 
 1.22
“AYTU Technology” means any of the following, including any tangible embodiments of the foregoing (e.g. documentation): (i) the manufacturing procedures for producing Product (to the extent provided by AYTU or by a third party for
AYTU), (ii) any tests or methods of analysis used to determine the characteristics of Product or whether that Product meets the Specifications or other requirements, in either case as may be identified on a Project Addendum, and
(iii) information or documentation provided or required to be provided to Biovest under this Agreement, by AYTU, or by a third party AYTU. 

1.23 “Product” means the biologic product identified on the Project Addendum. 

1.24 “Product Specifications” or “Specifications” means defined measurement values or test results of the Product or
another deliverable, as set forth in the applicable Project Addendum. 

  
 3 

 1.25 “Project Addendum” means a document substantially in the form attached hereto as
Exhibit 1 that describes work to be performed and materials or other items to be delivered under this Agreement, which document is executed by the Parties, referencing and attached to this Agreement. Each Project shall have a separate Project
Addendum. 
 1.26 “Quality Agreement” means the agreement between AYTU and Biovest that sets forth the quality assurance
provisions to be followed in performing the Services under this Agreement to ensure that the processing, control and delivery of the Product are in compliance with Applicable Laws, including but not limited to GMP, as well as the requirements of the
parties. 
 1.27 “Raw Materials” means the materials used by Biovest to manufacture the Product. Raw Materials include AYTU
Materials and Biovest Materials as set forth in the applicable Project Addendum. 
 1.28 “Records” has the meaning set forth in
Section 3.4. 
 1.29 “Regulatory Authority” shall mean the U.S. Food and Drug Administration and any successor agency having
substantially the same functions. Or its counterpart in any non-U.S. jurisdiction, or any other governmental entity (federal, state, local or foreign) with jurisdiction over the Services and manufacture and delivery of Product under this Agreement.

 1.30 “Regulatory Standards” means all applicable laws and regulations that apply to Product, manufacture of Product, or to
other Services, including but not limited to (i) laws and regulations promulgated or enforced by the United States Food and Drug Administration or other U.S. agency having jurisdiction, including GMP requirements (or any other “GXP”
requirements), and (ii) GMP and any equivalent of any regulation in (i) the member states of the European Union, (iii) the equivalent of the regulations in (i) or (ii) above in any other jurisdiction agreed in writing by the
Parties, and (iv) environmental laws and regulations applicable to the Services provided hereunder. 
 1.31 “Requirements”
means those criteria or characteristics that Product, manufacture and delivery of Product, or other Services performed or provided under this Agreement must meet; “Requirements” includes but is not limited to any applicable Specifications,
and further includes but is not limited to manufacturing, quality control, packaging, labeling, shipping and storage conditions for any raw materials, Customer Materials or Product. Requirements for Packaging, Specifications, Shipment and Storage
and Quality Control shall be set forth in the applicable Project Addendum. 
 1.32 “Retention Period” has the meaning set forth in
Section 3.4. 
 1.33 “Services” means Manufacture and any other tasks to be performed by Biovest, as described in a Project
Addendum and initiated by AYTU through issuance of a Purchase Order. 
 1.34 “Shipping and Storage Requirements” means shipping
and storage requirements for the Materials, Raw Materials and Product as set forth in the applicable Project Addendum. 
 1.35 “Testing
Laboratory” means the independent testing laboratory agreed between the Parties for the purpose of determining whether Product is a Defective Product hereunder. 

  
 4 

	2.	 STRUCTURE 

2.1 Master. This Agreement is intended to serve as the framework for the parties to contract for multiple Projects. Each Project
outsourced by AYTU to Biovest under this Agreement shall be agreed to by the Parties and shall be evidenced in a written Project Addendum (in substantially the form attached hereto in Appendix 1) as described in Section 2.2. 

2.2 Project Addendum. Each Project Addendum will include, as appropriate and without limitation, the specifications for the
Services/Project, key milestones, a timeline for the performance and completion of the applicable Services, the Project representatives for each Party, a description of the deliverables, Project fee(s) associated with the applicable Services, and
the schedule on which such amounts shall be invoiced. Promptly upon successful completion of the negotiation of a Project Addendum, Biovest will execute two (2) copies of the mutually acceptable Project Addendum and send both to AYTU for
execution. Each Project Addendum shall be confirmed by AYTU through AYTU’s issuance of a purchase order referencing the specific Project Addendum (“Purchase Order”). Biovest agrees that no work may commence under a Project Addendum
before AYTU’s issuance of a Purchase Order referencing such Project Addendum. AYTU acknowledges that any delay in issuance of a Purchase Order in connection with any Project Addendum shall serve to equally delay any applicable timeline set
forth in that particular Project Addendum. Once executed by both Parties, Project Addenda become part of this Agreement and are incorporated into and become subject to this Agreement in their entirety. 

2.3 Amendment to Scope/Change in Project Addendum. Biovest shall not deviate from any Project Addendum or Manufacturing
Procedures without AYTU’s prior written request. Any change or supplement that either Party may propose to a Project Addendum must be mutually agreed upon by the Parties in writing signed by both Parties to be effective. It is understood and
agreed that Biovest will not implement any change until the Parties have agreed upon its content and cost in writing. The amended Project Addendum will not become effective until it is executed by both parties. Each Party will utilize commercially
reasonable means to avoid or minimize cost changes. 

  
 5 

	3.	 SERVICES 

3.1 Performance. Biovest will perform Services for AYTU in compliance with this Agreement, the Project Addendum and any other
commercially reasonable written instructions of AYTU. Biovest represents, warrants and undertakes that it shall perform this Agreement and operate its business in compliance with all Applicable Laws and all Regulatory Standards. All Services to be
undertaken by Biovest under this Agreement and Project Addenda executed hereunder shall be performed only at the Facility unless another location is expressly identified in the applicable Project Addendum. 

3.2 Subcontracting. Biovest may not subcontract or assign the performance of any of the Services to be performed by it under
this Agreement without AYTU’s prior written consent. In the event that AYTU does so consent, then any agreement entered into by Biovest with the permitted and qualified subcontractor shall, at a minimum (a) be in a form reasonably
acceptable to AYTU, (b) require the subcontractor to perform the activities in a manner consistent with this Agreement and the applicable Project Addendum, and (c) provide for ownership and allocation of Intellectual Property Rights and
for obligations confidentiality, record-keeping, access rights to data, quality assurance, regulatory and other obligations and requirements of Biovest that are consistent with the intent and terms set forth in this Agreement. Biovest shall remain
liable and solely responsible for the performance, actions and/or omissions of the subcontractor. 
 3.3 Audits of Facility,
Inspections. Upon reasonable notice and during normal working hours, AYTU or AYTU’s designated third party may visit any Facility at which Product is being manufactured and may have access to any Records, manufacturing suite or area in
which Product is planned to be or has been manufactured under this Agreement. In addition, AYTU, itself or through a designated third party, may perform compliance audits as necessary (including but not limited to the right to examine Biovest’s
manufacturing and storage facilities, check inventory, validate inventory and shipment records, check quality control procedures, check and make copies of relevant Records to verify whether Biovest is complying with its obligations under this
Agreement, any Project Addendum and Applicable Law, with applicable Regulatory Standards, and follow-ups of such audits as necessary. 

3.4 Records. During the term of this Agreement and for the Retention Period (as defined below) Biovest will maintain complete
and accurate records, including, without limitation, reports, accounts, notes, data, other source documents, and records of all information and results obtained or generated by Biovest in the course of performing Services hereunder (collectively,
the “Records”). Biovest shall maintain all such Records in a secure area reasonably protected from fire, theft and destruction. AYTU, or its designated representative, may audit, copy and inspect records maintained under this
Section, at AYTU’s expense upon reasonable advance notice during normal business hours during the course of the term of this Agreement and for the Retention period; provided that AYTU may not audit, copy or inspect such records more than twice
per calendar year unless records are requested during an audit of a Facility hereunder. Biovest will cooperate with any internal review or audit by AYTU and make available to AYTU for examination and duplication. Biovest will not transfer, deliver
or otherwise provide any such Records to any party other than AYTU, without the prior written approval of AYTU. All original Records of the Manufacture of Product hereunder will be retained and archived by Biovest in

  
 6 

 
accordance with cGMP and Applicable Law, but in no case for less than a period of a period of three (3) years from the expiration or termination of this Agreement or following completion of
the applicable Project Addendum (or longer if required by Applicable Law), (the “Retention Period”). Following the Retention Period, Biovest will not destroy the Records without first giving AYTU written notice and the
opportunity to further store the Records at AYTU’s expense. 
 3.5 Technical Contacts. Each Party will appoint a “Technical Contact” or number of “Technical Contacts” having primary responsibility for day-to-day interactions with the other Party for the Services under each Project Addendum.
The Technical Contacts shall be identified at the start of each Project Addendums. Any change to a Technical Contact will be identified in writing to the other Party. Each Party will to provide the other Party with at least thirty (30) days
prior written notice of any change in that Party’s Technical Contact. Except for notices or communications required or permitted under this Agreement, which shall be subject to Section 20 below, all communications between Biovest and AYTU
regarding the conduct of the Services under a Project Addendum will be addressed to the Party’s relevant Technical Contact(s). 
 The
Parties will hold project team meetings via teleconference or in person, on a periodic basis as agreed by the Technical Contacts. 
  

	3.6.	 Ethical Conduct. 

3.6.1 
 Biovest represents and warrants and
undertakes that it: 
 (i) will perform this Agreement and operate its business in compliance with all applicable laws and
regulations; 
 (ii) will perform this Agreement and operate its business to ethical standards consistent with those set out
in AYTU’s; and 
 (iv) will not take any action that will cause AYTU to be in breach of any applicable laws for the
prevention of fraud, bribery and corruption, racketeering, money laundering or terrorism, including but not limited to the US Foreign Corrupt Practices Act and the UK Bribery Act; and 

(v) will not offer, pay, request or accept any bribe, inducement, kickback or facilitation payment, and will not make or cause
another to make any offer or payment to any individual or entity for the purpose of influencing a decision for the benefit of AYTU; and 

(vi) will ensure that its affiliated companies will perform its agreement(s) with AYTU, and operate their business in
compliance with all applicable laws and regulations ; and 
 (vii) will use its best efforts to ensure that its Suppliers and
sub-contractors to operate their business in compliance with all applicable laws and regulations. 

  
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 3.7 Debarment/Exclusion. Biovest represents and warrants that Biovest has not been
debarred pursuant to the Federal Food, Drug and Cosmetic Act (the “Act”) or excluded from any Federal Health Care Program, including but not limited to, Medicare or Medicaid (each a “Federal Health Care Program”) or
the General Services Administration. In addition, Biovest agrees to notify AYTU immediately if Biovest is debarred under the Federal Food Drug and Cosmetic Act or excluded under a Federal Health Care Program or from the General Services
Administration during the term of the Agreement. Biovest understands that such debarment or exclusion may result in the immediate termination of the Agreement. 

3.8 Current Good Manufacturing Practices (“cGMP”). AYTU is specifically required by law to ensure that all AYTU
facilities, materials used therein and contractors performing Services impacting the biopharmaceutical operations, including production, laboratory, warehousing, and other areas are in compliance with governmental regulations and mandates. In
performing the Services, Biovest agrees to comply with and adhere to those requirements that are necessary for AYTU to meet its obligations to domestic and international governmental agencies. Biovest agrees to use Current Good Manufacturing
Practice(s) or cGMP in all applicable Services. cGMP will mean current good manufacturing practices of the United States Food and Drug Administration (or any successor entity thereto), or its foreign equivalent, including those set forth in 21 CFR
Parts 210 and 211 and all applicable rules, regulations, guides and guidance, and their foreign equivalent. 
 3.9 Financial
Statements. Within sixty (60) days following AYTU’s request, and no more than two times per year, Biovest shall provide to AYTU an unaudited balance sheet and statements of income and cash flows of Biovest prepared in reasonable
detail in accordance with generally accepted accounting principles consistently applied. 

  
 8 

	4.	 MATERIALS AND EQUIPMENT 

4.1 Biovest. Biovest shall be solely responsible for employing personnel and obtaining the Equipment and Materials necessary to
perform the Services in accordance with the terms of this Agreement and the applicable Project Addendum. Biovest will provide for and pay the compensation and other benefits of employees including, but not limited to salary, health, accident,
workers’ compensation benefits and will pay all taxes and contributions which an employer is required to pay relating to the employment of employees. Biovest will maintain the Facility and all Equipment (including any AYTU Equipment if any),
required for the Manufacture of Product in a state of repair and operating efficiency consistent with the requirements of cGMP and Applicable Law. 

4.2 Required Materials and Equipment. Unless the applicable Project Addendum states otherwise. Biovest is responsible for
selecting, procuring, installing, testing and validating all materials, equipment and systems to be used to provide the Services and conduct the manufacturing of Product at the Facility. Certain materials, equipment or systems may be, but need not
be, specified in advance on the Project Addendum. Biovest is further responsible for determining and ensuring that any materials or equipment to be used are suitable for the intended purposes, and for procuring, inspecting testing, storing and
maintaining those materials and equipment. Such Biovest Materials and Equipment shall be purchased by Biovest for the account and at the sole cost and expense of Biovest and included in the Fees. Biovest shall undertake its commercially reasonable
efforts to minimize and/or eliminate the use of critical raw materials, including those that are sole-sourced (i.e., only one manufacturer to meet the appropriate specifications); any item that Biovest knows is associated with quality related
problems/delays; or any item that has significant delays in deliveries. Prior to use, Biovest shall ensure that the Biovest Materials comply with the Product Specifications. Biovest shall maintain agreed upon inventory levels of all critical raw
materials and shall report on these levels in response to AYTU’ written request. 
 4.3 AYTU Materials. Any materials to
be provided by AYTU shall be specifically set forth on the applicable Project Addendum. Prior to use Biovest shall ensure that the AYTU Materials comply with the Product Specification. All AYTU Materials determined to be nonconforming at any time
shall, at AYTU’s election, be as AYTU directs in writing (a) returned to AYTU by Biovest and at AYTU’s expense, or (b) destroyed by Biovest at AYTU’s expense. 

If after AYTU provides AYTU Materials the Parties together determine that those AYTU Materials do not conform to their Requirements or are not
suitable for the work under the Project Addendum, then as AYTU’s entire liability and Biovest’s sole remedy, AYTU will at its option (i) provide new or replacement AYTU Materials or, if that is not possible, then suggest an
alternative and pay any additional costs for Biovest to procure the alternative, and (ii) subject to written agreement between the Parties, adjust the schedule, fees and/or costs as necessary to account for any delay caused by non-conforming
AYTU Materials. 
 AYTU shall retain all right, title and interest in and to any AYTU Materials delivered to Biovest pursuant to this
Agreement or any Project Addendum executed hereunder, including AYTU Material contained in any work in progress and the Product. Biovest shall be liable for the costs 

  
 9 

 
associated with any loss, adulteration, diversion, or damage to any AYTU Materials, work in process, Product and/or AYTU Equipment while in Biovest’s custody and/or control arising from
Biovest’s gross negligence or willful misconduct or failure to handle such AYTU Materials, Product and/or AYTU Equipment in accordance with this Agreement and/or the applicable Project Addendum. Biovest is responsible for insuring all AYTU
Materials and Product containing AYTU Materials while on the premises of any Biovest facility. 
 Biovest agrees (a) to account for all
AYTU Materials, (b) use AYTU Materials only for the Services for which those AYTU Materials are provided and otherwise only in accordance with the applicable Project Addendum. (c) handle AYTU Materials in accordance with the labeling or
documentation for those AYTU Materials and in accordance with AYTU’s instructions and reasonable handling procedures for similar materials, (d) store under appropriate conditions to avoid any adverse effect on the AYTU Materials.
(e) not to provide AYTU Materials to any third party (including permitted subcontractors) without the prior written consent of AYTU, (f) not chemically or biologically modify the AYTU Materials, or use the AYTU Materials in connection with
the development of any derivatives of the AYTU Materials, except as contemplated on a Project Addendum or except to the extent Biovest receives written permission from AYTU, (g) that any information describing or characterizing the AYTU
Materials is AYTU’s Confidential Information, (h) not to copy, reverse engineer or attempt to derive the sequence or composition or underlying information, structure or ideas of AYTU Materials, (i) promptly notify AYTU if at any time
it believes any AYTU Materials or Product have been damaged, lost or stolen, (j)to provide written notice to AYTU of any excess AYTU Materials at the conclusion of a Project Addendum and to destroy or return to AYTU all unused quantities of AYTU
Materials according to AYTU’s written directions. 
 AYTU will provide any then current Material Safety Data Sheet (MSDS), if any,
developed by AYTU for AYTU Materials at the time the AYTU Materials are provided, which MSDS shall be treated as Confidential Information of AYTU. AYTU shall provide a MSDS suitable for disclosure to a Regulatory Authority. 

4.4 AYTU Equipment. Where Services under a Project Addendum require use of AYTU Equipment, Biovest shall use that AYTU Equipment
only for performing its obligations under this Agreement, and only in accordance with AYTU’s instructions or the equipment manufacturer’s instructions. Title to the Additional Equipment will remain with AYTU and Biovest will ensure that
the additional Equipment is properly labeled and remains free and clear of any liens or encumbrances. Biovest will promptly notify AYTU if at any time it believes any Additional Equipment has been damaged, lost or stolen. AYTU Equipment must remain
at the designated Facility. Upon termination or expiration of this Agreement or of the Project Addendum to which the AYTU Equipment is relevant, Biovest shall (at AYTU’s option ) either return the AYTU Equipment to AYTU or dispose of it as
instructed by AYTU. 

  
 10 

	5.	 MANUFACTURE AND DELIVERY OF PRODUCT 

5.1 AYTU. AYTU may be specifically required by law to ensure that all AYTU facilities, materials used therein and contractors
performing Services impacting the biopharmaceutical operations, including production, laboratory, warehousing, and other areas are in compliance with governmental regulations and mandates. In performing the Services, Biovest agrees to comply with
and adhere to those requirements that are necessary for AYTU to meet its obligations to domestic and international governmental agencies. 

5.2 Manufacturing Procedures. The Manufacturing Procedures shall be reviewed and approved, in writing, by Biovest and by AYTU
prior to commencement of Manufacture. Any material change to approved Manufacturing Procedures will be reviewed and approved by Biovest and by AYTU prior to said change being implemented. Any deviation from the manufacturing process specified in the
Manufacturing Procedures must be documented in the copy of the Manufacturing Procedures for that Batch. Biovest shall provide AYTU with required supporting Manufacture documentation in a form reasonably suitable for AYTU’s submission to the
FDA, as requested by AYTU. The foregoing notwithstanding, Biovest has no obligation to disclose to AYTU any Biovest manufacturing know how related to Biovest proprietary cell culture media and nutrient feeds used in Manufacturing. 

5.3 Cancellation or Postponement of Manufacture. Prior to the Date of Manufacture as communicated in the Project Addendum, AYTU
may cancel or postpone any outstanding activity in the Project Addendum. In the event of postponement, Biovest shall use commercially reasonable efforts to reschedule the postponed order to a date agreeable to both Parties. AYTU shall reimburse
Biovest for work already completed and all non-cancellable commitments incurred by Biovest, including without limitation all Equipment acquired for AYTU pursuant to the Project Addendum. In the event of cancellation of the Project Addendum, the
terms and conditions specified in the applicable Project Addendum shall govern. 
 5.4 Delays. Biovest will promptly notify
AYTU, but in no event later than three (3) business days after, Biovest has reason to believe that it will be unable to perform or complete any material aspect of the Services under a Project Addendum in accordance with the applicable Project
Addendum. In the event that a delay in the Project occurs, AYTU and Biovest shall confer and agree upon commercially reasonable efforts to recover from any delay, agree upon commercially reasonable efforts to complete all anticipated Services in
accordance with the timeline for the Project, as set forth in the Project Addendum, or as soon thereafter as practicable. 
 5.5
Shipping/Delivery. Biovest shall ship Product to AYTU or its designee (including a designated fill, finish, and/or packaging manufacturer) upon receipt of a written approval to release and ship from AYTU pursuant to this Agreement.
Biovest shall notify AYTU upon completion of manufacture of each batch of Product and provide to AYTU the Certificate of Analysis (if applicable) and any other relevant documentation regarding such manufacture. Biovest will provide AYTU or its
designee the data set for Product to enable AYTU to prepare documents required for AYTU’s Regulatory Authority filings. Within fifteen (15) business days following completion of each batch record review Biovest will formally update the
data set to 

  
 11 

 
include each batch of Product for which Biovest has completed the batch record review; and will submit the data set to AYTU for review by electronic means or fax hard copy. 

5.6 Loss, Damage, or Non-Delivery. AYTU will promptly notify Biovest in writing of loss, damage, defects or non-delivery of any
part of a Product shipment after delivery of such shipment to AYTU, or its designee, and if any loss, damage, defects or partial non-delivery are not evident to AYTU at the time of delivery, such notification by AYTU to Biovest will be made no later
than fifteen (15) days after delivery. 
 5.7 Final Release of Product. Biovest will perform a manufacturer’s release of
Product and will provide a Certificate of Analysis in accordance with the applicable Project Addendum. AYTU shall be responsible for Final product release in accordance with its role as BLA holder. AYTU shall be the signatory on each Final release
of product as required by FDA regulations. 

  
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	6.	 GOVERNMENT APPROVALS, COMPLIANCE WITH APPLICABLE LAW, REGULATORY MATTERS 

 

	6.1	 Government Approvals. 

6.1.1 Biovest. Biovest shall be responsible for obtaining and maintaining, at AYTU’s expense, during the Term of this
Agreement (including any Project Addendum executed hereunder) all Government Approvals. In particular, but not by way of limitation of the foregoing, AYTU shall be responsible for payment of any FDA Drug Establishment Registration Fees associated
with Biovest’s Development and/or Manufacture of Product in accordance with this Agreement and any Project Addendum executed hereunder. if at any time during the Term of this Agreement Biovest is involved in the manufacture of a product (or
products) for a customer other than AYTU which would require Biovest to obtain an FDA Drug Establishment Registration, AYTU shall be responsible for only its pro rata portion of such annual FDA Registration Fee. At AYTU’s request, Biovest will
provide AYTU with copies of all such Government Approvals and submissions to Authorities, and AYTU will have the right to use any information contained in such Government Approvals or submissions in connection with Government Approval and/or
commercial development of Product. Biovest shall be responsible for monitoring and properly notifying AYTU of any Government Approvals required in connection with the Services. Biovest shall notify AYTU immediately (and in no case more than 3
business days) if any warning, citation, indictment, claim, lawsuit or proceeding issued or instituted by any Regulatory Authority against Biovest or any of its Affiliates or of any revocation of any license or permit issued to Biovest or any of its
Affiliates, to the extent that such occurrences related directly to Biovest’s performance under this Agreement and/or any Project Addendum executed hereunder. Biovest shall promptly provide AYTU with copies of the relevant portions of any
documents or a written summary of any oral observation received by Biovest in connection with the matters set forth in this Section 6.1.1. AYTU shall, upon written request of Biovest and at Biovest’s expense, participate in or
provide any assistance in connection with the Government Approvals. 
 6.1.2 AYTU. AYTU will be responsible for obtaining, at
its expense, all Governmental Approvals and permits necessary for AYTU’s use of any Product Manufactured hereunder. Biovest will be responsible for providing AYTU with all supporting data and information relating to the Development and/or
Manufacture of Product necessary for obtaining such Government Approvals. The format, content and cost of provision of such data and information for submission by AYTU to a regulatory agency will be borne by AYTU. 

6.2 Compliance With Law. Biovest agrees to comply with all Applicable Law in performing Services. Biovest shall promptly notify
AYTU in writing of any conflict in Applicable Law. Biovest and AYTU recognize that it is possible that an Authority, acting within the scope of its authority, may at some time take regulatory action against Biovest because of alleged or actual
deficiencies in its work, whether or not placed by AYTU. Biovest shall inform AYTU immediately of any such regulatory action taken against Biovest for any reason. Biovest may be required by Applicable Law to report certain adverse events to
appropriate Authority. Should such a reporting requirement arise hereunder with respect to AYTU Materials subject to this Agreement, Biovest will comply with its obligations under Applicable Law, and agrees to

  
 13 

 
immediately inform AYTU of the substance of such results and to provide AYTU with a copy of any report for review and comment prior to submission to the Authority. 

6.3 Regulatory Matters. Biovest shall promptly (but in no case more than three (3) business days) notify AYTU if any
request is received by Biovest from any Regulatory Authority to inspect or otherwise gain access to or receive written or oral inquiries about the Services, the Facility and/or the AYTU Materials or other materials pertaining to the Services
performed by Biovest under this Agreement/Project Addendum. Biovest will permit AYTU or its representatives to be present and participate in any visit or inspection by any Regulatory Authority of the Facility (to the extent it relates in any way to
any Project, Product or to the Manufacturing Process). Biovest will give advance notice, to the extent reasonably possible, to AYTU of any such visit or inspection. Biovest will provide AYTU with copies of such Regulatory Authority notice(s) and all
related correspondence. Biovest will provide AYTU with a copy of its final responses within five (5) business days after submission thereof. At AYTU’s request and expense and at a mutually agreeable time, Biovest will accompany AYTU to
such Authority(s) to discuss relevant aspects of the Services performed hereunder. Biovest shall consult and inform AYTU of the actions to be taken to address the issue identified by any Regulatory Authority which may impact or relate to the
Services, the use of the Services results and/or the Test Materials. 
 6.4 Regulatory Requests. After the completion of the
Services, Biovest shall provide any information and assistance reasonably requested by AYTU, at AYTU’s expense, for any regulatory filing or regulatory compliance activities relating to the Services arising from a request for information from a
regulatory agency. 
 6.5 Scientific Misconduct. Biovest shall use best efforts to assure the integrity of the data generated
in connection with the performance of the Services. Biovest shall notify AYTU within three (3) business days of any report of suspected scientific misconduct arising in connection with any Services. The term “scientific misconduct”
shall mean the conduct of research in such a manner as to violate generally accepted principles of accuracy, honesty and/or integrity. Scientific misconduct includes, but is not limited to: altered data; data legitimately obtained and recorded and
then changed or falsified, including unsupported changes to data in the source document, laboratory notebook or test report; or the generation of data, results and/or the reporting of data without actually performing the tasks. Biovest shall use
best efforts to properly address any and all scientific misconduct issues and shall consult and notify AYTU with respect to any and all corrective actions. 

6.6 Import/Export Compliance. Biovest shall not export, directly or indirectly, technical information provided or arising under
this Agreement or any materials or products using or embodying such technical information to any country or foreign national for which the United States government or any agency thereof at the time of export requires an export license or other
governmental approval, without first obtaining the written consent to do so from the Department of Commerce or other agency of the United States government when required by an applicable statute or regulation. The transfer, re-export or other
disposition of such information, materials or products in a manner that is not in compliance with the export control laws and regulations of the United States is strictly prohibited. 

  
 14 

	7.	 ACCEPTANCE AND REJECTION 

7.1 Any Product to be Manufactured hereunder will be Manufactured in accordance with the Manufacturing Process approved by AYTU and,
unless otherwise stated in the applicable Project Addendum, cGMP. Each Batch of Product will be sampled and tested by Biovest against the Specification. The quality assurance department of Biovest will review the Batch Documentation for such Batch
and will assess if the Manufacture has taken place in compliance with cGMP (if applicable) and the Manufacturing Process. 
 7.2 If,
based upon such tests, a Batch of Product conforms to the Specification and was manufactured according to cGMP (if applicable) and the Manufacturing Process, then a Certificate of Compliance will be completed and approved by the quality assurance
department of Biovest. The Certificate of Compliance, a Certificate of Analysis, the Specifications, and a complete and accurate copy of the Batch records (collectively, the “Batch Documentation”) Complete and accurate Batch Documentation
for each Batch of Product will be promptly delivered to AYTU by a reputable overnight courier or by registered or certified mail, postage prepaid, return receipt required to verify delivery date. Upon request, Biovest will also deliver to AYTU all
raw data, reports, authorizations, certificates, methodologies, raw material specifications, SOPs, standard test methods, and other documentation in the possession or under the control of Biovest relating to the Manufacture of each Batch of Product.
“Certificate of Compliance” means a document, signed by an authorized representative of Biovest, certifying that a particular Batch was manufactured in accordance with cGMP (if applicable), all other Applicable Law, and the Specifications.

 7.3 AYTU will review the Batch Documentation for each Batch of Product and may test samples of the Batch of Product against the
Specifications. AYTU will notify Biovest in writing of its acceptance or rejection of such Batch within two (2) weeks of receipt of the complete Batch Documentation relating to such Batch. During this review period, the parties agree to respond
promptly, but in any event within five (5) days, to any reasonable inquiry by the other party with respect to such Batch Documentation. AYTU has no obligation to accept a Batch if such Batch does not comply with the Specifications and/or was
not manufactured in compliance with cGMP (if applicable) and the Manufacturing Process. 
 7.4 If the Parties disagree as to whether
a Batch of Product conforms to the applicable Product Specification, the respective Technical Contact of the Parties will attempt to resolve any such disagreement in good faith within twenty (20) days after the date on which the disagreement
was notified by one party to the other, and AYTU and Biovest will follow their respective standard operating procedures to determine the conformity of the Batch of Product to cGMP (if applicable), the Manufacturing Process and to the Specification.
In the event that such disagreement cannot be resolved internally by the Parties in a reasonable time (which will not exceed thirty (30) days), AYTU shall designate a Testing Laboratory to determine the conformity or non-conformity of a Batch
of Product. The costs associated with obtaining the findings of such Testing Laboratory shall be borne by the Party whose position is determined to have been in error or if the Testing Laboratory cannot place the fault noticed and complained about,
then the Parties shall share equally the expenses of the Testing Laboratory. 

  
 15 

 7.5 In the event that the Parties ultimately agree or determine that a Batch of Product
fails to conform to the Product Specification (“Defective Batch”), then Biovest will, at the sole election of AYTU: 

(a) Have the Defective Batch reworked by Biovest so that it conforms to the applicable Product Specification; or 

(b) Have Biovest Manufacture additional quantities of Product to replace the Defective Batch with conforming Product; or 

(c) Have Biovest refund to AYTU any payment associated with the manufacture of the Defective Product paid by AYTU for such
Defective Batch and any related Services. 

  
 16 

	8.	 Representations and Warranties. 

Each Party hereby represents and warrants to the other Party as follows: 

 

	8.1	 Corporate Existence. 

Each Party is a corporation duly organized, validly existing and in good standing under the laws of the state in which it is incorporated. 

 

	8.2	 Authorization and Enforcement of Obligations. 

Each Party affirms that it (a) has the corporate power and authority and the legal right to enter into this Agreement and to perform its
obligations hereunder, and (b) has taken all necessary corporate action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder. 

 

	8.3	 No Conflict. 

 The
execution and delivery of this Agreement and the performance of such Party’s obligations hereunder (a) do not conflict with or violate any requirement of applicable laws or regulations, and (b) do not conflict with, or constitute a
default under, any contractual obligation of such Party. 
  

	8.4	 Agreement Not to Directly Compete. 

During the Term of this Agreement, Biovest agrees not to produce a prostate specific membrane antigen (PSMA)-specific monoclonal antibody
developed for radiolabeling and imaging. 
  

	8.5	 Co-marketing. 

 AYTU
and Biovest agree that AYTU shall become a “mAbVault Partner”, upon mutually-agreeable terms to be set forth in a separate agreement. Either party may issue a press release or other public announcement concerning this Agreement provided
that such release or announcement is pre-approved in writing by the other party, which approval shall not be unreasonably withheld or delayed. 

  
 17 

	9.	 COMPENSATION AND PAYMENT 

9.1 Payment. Biovest will receive payment for the Services as set forth in the payment schedule attached to the applicable
Project Addendum or Purchase Order. AYTU will pay invoices within thirty (30) days from the date of receipt of the invoice and supporting documentation, unless a different invoicing and payment schedule is set forth in the applicable Project
Addendum. 
 All rates, invoices and payments shall be in the currency set forth in the applicable Project Addendum. Any adjustment to the
fees or rates to account for inflation or currency risk, if any, shall be set forth in the applicable Project Addendum. Biovest shall bear all currency risk (if applicable). Biovest hereby acknowledges that all expenses incurred in performing the
Services are included in the charges and rates set forth in this Agreement/Project Addendum, except if a Project Addendum expressly states that AYTU shall be responsible for any such expenses. 

9.2 Invoice. Biovest will invoice AYTU according to the payment schedule in the applicable Project Addendum. Biovest will keep
accurate financial records of all Services performed and invoice calculations, and, upon the request of AYTU, will permit AYTU or its duly authorized agents to examine such records during normal business hours for the purpose of verifying the
correctness of all such calculations. 
 To expedite payment, all invoices and copies of receipts will be submitted electronically
to: Aytu BioScience; Attn: Elizabeth Creason; ecreason@aytubio.com with a copy to Douglas Miller, PhD; doug.miller@aytubio.com. 
 In
the alternative, invoices may be mailed to: 
 AYTU 

Accounts Payable 

373 Inverness Parkway, Suite 206 

Englewood, CO 80221 USA 

Payments to Biovest will be made by wire transfer to: 

Biovest International, Inc. 

Wells Fargo Bank 

Operating Account 

ABA: 121000248 

Acct: 1000180093 

SWIFT: WFBIUS6S 

420 Montgomery 

San Francisco, CA 94104 

Or by check to: 

  
 18 

 Biovest International, Inc. 

8500 Evergreen Blvd NW 

Minneapolis, MN 55433 

Attention: Accounts Receivable 

9.3. Taxes. AYTU shall be responsible for payment of any sales, use, or other value-added tax payment required by any applicable
taxing authority in connection with Services provided hereunder, unless the applicable Project Addendum shall specify a different arrangement. 

9.4 No Minimum Purchase. Biovest acknowledges that AYTU will have no obligation to purchase any minimum level of Services,
except as may be set forth in the applicable Project Addendum. 
 9.5 Travel Expenses. AYTU will reimburse Biovest for
reasonable travel expenses agreed to in writing in advance and required for performance of the Services. 
  

	10.	 Confidentiality. 

10.1 AYTU and Biovest agree to treat any confidential information obtained from the other Party or generated by either Party as a result of or
in connection with performance of the Services under this Agreement, including, without limitation, confidential commercial, scientific, medical and technical information and data relating to either Biovest or AYTU (all such data and information
together with any information derived therefrom, to be referred to herein as the “Confidential Information”), as the confidential and exclusive property of the disclosing Party and shall keep such Confidential Information
confidential. Confidential Information of AYTU shall be deemed to include, without limitation, the Specifications and information regarding AYTU Materials, AYTU Equipment and Work Product. The parties obligations under this Section shall continue
with respect to an item of Confidential Information for a period of ten (10) years from the date of disclosure or development of such item, except for Confidential Information that is a trade secret under applicable laws, for which the
confidentiality and nondisclosure obligations in this Section 10 shall continue for so long as such information retains its status as a trade secret. 

10.2 AYTU and Biovest agree that each will use Confidential Information only to provide or facilitate the Services and for no other purpose
without the prior written consent of the other Party. The Parties agree not to disclose any of the Confidential Information to any third party without first obtaining the written consent of the disclosing Party. Each Party further agrees to take all
reasonable steps to ensure that the Confidential Information is used only by those employees of that Party who need to receive such Confidential Information in order to perform or facilitate the Services hereunder. 

10.3 The above provisions of confidentiality and non-use will not apply to that part of the Confidential Information, which the receiving
Party is able to demonstrate by documentary evidence: 
  

	 	(a)	 was fully in the receiving Party’s possession prior to receipt from the disclosing Party or development by the receiving Party in the
performance of Services hereunder, or 

  
 19 

	 	(b)	 was in the public domain at the time of receipt or development by the receiving Party; or becomes part of the public domain through no fault of or
breach of this Agreement by the receiving Party, its directors, officers, employees, agents, representatives or advisors; or 

  

	 	(c)	 is lawfully received by Biovest from some third party having a right of further disclosure, and not under an obligation of confidentiality from the
disclosing Party; or 

  

	 	(d)	 is developed by employees of the receiving Party who have had no access to Confidential Information. 

10.4 Disclosure Required by Law. If the receiving Party is required by law, regulation, rule, act or order of any court order or
governmental authority to disclose Confidential Information, the receiving Party shall be entitled to do as set forth below provided that it promptly informs the disclosing Party in writing so that the disclosing Party may seek a protective order or
other appropriate remedy. The receiving Party shall cooperate with the disclosing Party in connection with the disclosing Party’s efforts to obtain any such order or other remedy. If no such protective order or other remedy is obtained, then
the receiving Party may furnish only that portion of the Confidential Information which the receiving Party is advised by counsel it is legally required to disclose and shall exercise reasonable efforts to obtain assurance that confidential
treatment will be accorded to the Confidential Information. 
 10.5 The Parties acknowledge that disclosure or distribution of the
Confidential Information or use of the Confidential Information contrary to the terms of this Agreement may cause irreparable harm for which damages at law may not be an adequate remedy, and agrees that the provisions of this Agreement prohibiting
disclosure or distribution of the Confidential Information or use contrary to the provisions hereof may be specifically enforced by a court of competent jurisdiction in addition to any and all other remedies available at law or in equity. 

 

	11.	 Ownership of Work Product. 

11.1 All materials, documents, data, software, information and inventions supplied to Biovest by or on behalf of AYTU will be and remain the
sole and exclusive property of AYTU. Biovest will use such property only for the purposes contemplated by this Agreement and will not use such property for, or disseminate such property to, any third parties. Biovest will deliver all such property
to AYTU immediately upon demand, or upon expiration or termination of this Agreement. 
 11.2 AYTU shall own all inventions, discoveries,
know-how, software, work, reports, results, presentations, writings, ideas, designs and other information in any form that are created, developed, written, conceived or made by Biovest or any of its employees, consultants, contractors or agents
(“Personnel”) (whether solely or jointly with others) as a result of or in connection with the Services any patent, trade secret or other intellectual property rights with respect thereto (collectively, “Work Product”). Biovest
shall promptly make full written disclosure to AYTU, and hereby assigns, transfers and conveys, and shall cause Personnel to assign, transfer and convey, to AYTU, or its designee, all worldwide right, title and interest in

  
 20 

 
and to all Work Product. Biovest agrees that all Work Product that is copyrightable subject matter will be considered “work made for hire” within the meaning of the copyright laws of
the United States and that AYTU is and will be the sole author of the Work Product and the sole owner of all rights therein in perpetuity. At AYTU’s request and expense, Biovest will, and will cause its Employees Personnel to, execute all
documents and take all actions that AYTU reasonably deems necessary to perfect AYTU’s ownership of the Work Product. 
 11.3 Biovest
and its third party vendors shall retain ownership of any concepts, ideas, models, know-how, software, methodologies, technology or techniques developed or acquired independent of the performance of this Agreement (“Biovest Proprietary
Materials”). To the extent any deliverable under this Agreement includes Proprietary Materials, Biovest or the third party will retain ownership in such Biovest Proprietary Materials and Biovest hereby grants (on behalf of itself and any such
third party) to AYTU, its Affiliates and their respective independent contractors, agents, successors and assigns, a worldwide, non-exclusive, perpetual, irrevocable, royalty-free, paid-up fully transferable right and license (with rights to
sublicense) to use the Biovest Proprietary Materials in connection with such deliverables. 
  

	12.	 Publication. 

12.1 Biovest may not publish any articles or make any presentations relating to the Services or referring to results, data, information or
materials provided or generated as part of the Services, in whole or in part, without the prior written consent of AYTU. 
  

	13.	 Publicity. 

13.1 Except as required by law, neither Party will use the name neither of the other Party, nor of any employee of the other Party in
connection with any publicity without the prior written approval of the other Party which will not be unreasonably withheld. 
  

	14.	 Indemnification and Injunctive Relief. 

14.1 Biovest will defend, indemnify and hold harmless AYTU, its Affiliates and their respective officers, directors employees and agents, from
and against any liabilities, damages, losses and expenses, including, without limitation, reasonable attorneys’ fees (collectively, “Losses”), resulting from a claim, demand or cause of action (“Claims-) arising out of (i) any gross negligence or intentional misconduct of Biovest or its employees, agents or contractors in the performance of the Services or (ii) Biovest’s material
breach of this Agreement, except to the extent such Losses arise out of AYTU’s gross negligence, willful misconduct or breach of this Agreement. 

14.2 AYTU will defend, indemnify and hold harmless Biovest and its officers, director, employees, agents, successors and assigns, from and
against Losses resulting from Claims arising out of (i) any gross negligence or intentional misconduct of AYTU or its employees, agents or contractors in the performance of any actions required or performed by AYTU in connection with the
Services or (ii) AYTU’s breach of this Agreement, except to the extent such Losses arise out of Biovest’s gross negligence, willful misconduct or breach of this Agreement. 

  
 21 

 14.3 NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT WILL EITHER PARTY BE
LIABLE FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR INDIRECT DAMAGES ARISING OUT OF THIS AGREEMENT, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY. THIS LIMITATION WILL APPLY EVEN IF THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGE; PROVIDED, HOWEVER, THAT THIS LIMITATION WILL NOT APPLY TO (A) CLAIMS INVOLVING PERSONAL INJURY OR DEATH, (B) DAMAGES RESULTING FROM BREACHES BY A PARTY OF ITS DUTY OF CONFIDENTIALITY AND NON-USE IMPOSED UNDER SECTION 10 AND
(C) A PARTY’S INDEMNIFICATION OBLIGATIONS UNDER THIS SECTION 14. 
  

	15.	 Insurance. 

15.1 As required by Law and during the term of this Agreement Biovest will maintain at its own expense full insurance coverage for Biovest and
Personnel, including, without limitation: 
  

	 	(i)	 commercial general liability insurance covering bodily injury and property damage (including loss or use thereof) with minimum limits of one
million dollars ($1,000,000) per occurrence and two million dollars ($2,000,000) general aggregate including premises liability, products/completed operations and contractual liability coverage for the indemnity provided under this Agreement;

  

	 	(ii)	 commercial automobile liability insurance covering owned, hired and non- owned vehicles with limits
of at least two-hundred fifty thousand dollars ($250,000) combined single limit (bodily injury and property damage); 

  

	 	(iii)	 workers compensation insurance as required by all applicable laws and Employer’s Liability coverage with a limit of not less than five
hundred thousand dollars ($500,000); and 

  

	 	(iv)	 professional liability insurance coverage with minimum limits of two million dollars ($2,000,000) each event and in the aggregate, which has
been endorsed to include contractual liability coverage. 

 15.2 Each of the policies referenced above will name AYTU as
an additional insured. Upon request, Biovest will provide AYTU with certificates of insurance coverage. 
  

	16.	 Independent Contractor. 

16.1 Biovest and AYTU agree that Biovest is an independent contractor when performing the Services and that the relationship between Biovest
and AYTU does not constitute a partnership, joint venture or agency. Neither Biovest nor any of Biovest’s employees: (i) is an employee, agent, or legal representative of AYTU, or (ii) has any authority to represent AYTU or to enter
into any contracts or assume any liabilities on behalf of AYTU. Biovest retains all rights and privileges of sole employer of its employees, including, without limitation, the right to control, hire, discipline, compensate and terminate such
employees. 

  
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 16.2 Biovest will be responsible for providing all employee compensation, contributions and
benefits to its employees, and for paying any related city, state and federal taxes or assessments. 
  

	17	 Delays. 

17.1 Except as otherwise expressly set forth in this Agreement, neither party will have breached this Agreement for failure or delay in
fulfilling or performing any term of this Agreement when such failure or delay is caused by or results from causes beyond the reasonable control of the affected party that could not have been avoided using commercially reasonable efforts, including,
without limitation, fire, floods, embargoes, epidemics, quarantines, war, acts of war (whether war be declared or not), insurrections, riots, civil commotion, strikes, acts of God or acts, omissions, or delays in acting, by any governmental
authority (“force majeure”). The party affected by any event of force majeure will promptly notify the other party, explaining the nature, details and expected duration thereof. Such party will also notify the other party from time to time
as to when the affected party reasonably expects to resume performance in whole or in part of its obligations under this Agreement, and to notify the other party of the cessation of any such event. A party affected by an event of force majeure will
use its reasonable efforts to remedy, remove, or mitigate such event and the effects thereof with all reasonable dispatch. If a party anticipates that an event of force majeure may occur, such party will notify the other party of the nature, details
and expected duration thereof. Upon termination of the event of force majeure, the performance of any suspended obligation or duty will promptly recommence. 
  

	18.	 TERMINATION 

  

	18.1	 Term. 

 This
Agreement commences on the Effective Date and continues for a period of four years or until termination under Section 18.2, whichever comes first (the “Term”). Termination of a Project Addendum does not terminate or affect the
Parties’ obligations under remaining Project Addenda or under this Agreement generally. 
  

	18.2	 Termination. 

Subject to Section 18.3 (Consequences of Termination or Expiration), this Agreement may be terminated, or any particular Project Addendum
under this Agreement may be terminated: 
 (a) Material Breach. By either Party, by providing written notice of termination to the other
Party at least thirty (30) days after having provided to the other Party notice of such Party’s material breach of this Agreement, unless such material breach has been cured within the thirty (30) day period after the initial notice
of breach; provided, however, that when a Party allegedly in breach disputes in good faith that a breach has occurred, then both Parties shall continue performance during the pendency of any dispute resolution procedure for up to a maximum of ninety
(90) days after notice of an alleged material breach. 
 (b) Notice. By AYTU upon at least 180 days’ notice to Biovest; 

(c) Insolvency. By either party by giving the other party written notice thereof in the event the other party makes a general assignment for
the benefit of its creditors or proceedings of a 

  
 23 

 
case are commenced in any court of competent jurisdiction by or against such party seeking (a) such party’s reorganization, liquidation, dissolution, arrangement or winding up, or the
composition or readjustment of its debts, (b) the appointment of a receiver or trustee for or over such party’s property, or (c) similar relief in respect of such party under any law relating to bankruptcy, insolvency, reorganization,
winding up or composition or adjustment of debt, and such proceedings shall continue undismissed, or an order with respect to the foregoing shall be entered and continue unstated, for a period of more than sixty (60) days. 

 

	18.3	 Obligations Upon Termination or Expiration. 

(a) Payment by AYTU. Upon termination or expiration of this Agreement, AYTU shall pay Biovest any costs or fees due and owing at the time of
termination. If the fees are performance milestone-based fees, and if Biovest provides documentation that it has incurred cost beyond the amount of the previous milestone payments, then AYTU shall pay Biovest either (i) if the fees are on a
time and materials basis, then time and materials expended, and (ii) if the fees are on a performance milestone basis, a pro-rated portion of the immediately subsequent milestone-based fee not yet paid (with the amount of that pro-rated portion
based on the value of works in progress delivered to AYTU). 
 (b) Assistance and Works in Progress. At AYTU’s request at any time
prior to termination or expiration or within ninety (90) days after termination or expiration of this Agreement, Biovest shall provide to AYTU, at AYTU’s expense, the following: (i) reasonable assistance with transition of a
particular Project Addendum to AYTU, subject to payment of Biovest’s fully-burdened costs: (ii) copies of all works in progress for any deliverables or documentation for any Services to the extent such deliverables or documentation have
not yet been provided, whether or not Services had been completed prior to termination, and, for up to three (3) months after delivery of such items, responses to reasonable inquiries from AYTU regarding such works in progress or documentation,
subject to payment of Biovest’s fully-burdened costs: and (iii) return any AYTU Equipment if so required by the terms of this Agreement or the applicable Project Addendum. or any of Customer’s Confidential Information if so required
hereunder. 
 19. Survival. The provisions of this Agreement which by their nature should survive termination or expiration
hereof shall survive. 
  

	20.	 Notices. 

20.1 Any notice required or permitted to be given by either Party hereunder will be in writing and will be deemed given on the date received if
delivered or five (5) days after the date postmarked if sent by registered or certified U.S. mail, return receipt requested, postage prepaid to the following address: 
  

									
	 If to Biovest:
	 		 	Biovest International, Inc.	 	
		 		 		 	8500 Evergreen Blvd. NW	 	
		 		 		 	Minneapolis MN 55433	 	
		 		 		 	Attention: Christiaan Engstrom	 	

  
 24 

									
	 If to AYTU:
	 		 	 Aytu BioScience, Inc.
	 	
		 		 		 	 373 Inverness Parkway, Suite 206
	 	
		 		 		 	 Englewood, CO 80112
	 	
		 		 		 	 Attention: Chief Executive Officer
	 	

  

	21.	 Applicable Law. 

21.1 This Agreement will be governed by the laws of the State of Minnesota, excluding any conflicts or choice of law rule or principle that
might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. Any actions arising from this Agreement shall be venued in the State of Federal courts located in Hennepin County, Minnesota. 

 

	22.	 Interpretation. 

22.1 Any amendments to, or waivers of, terms of this Agreement must be in writing signed by AYTU and Biovest. Waiver or forbearance by either
Party or the failure by either Party to claim a breach of any provision of this Agreement or exercise any right or remedy provided by this Agreement or applicable law, will not be deemed to constitute a waiver with respect to any subsequent breach
of any provision hereof. In the event that any provision herein or part thereof is held by a court of competent jurisdiction to be unlawful, void, invalid or unenforceable, the remaining provisions or parts thereof will be and remain in full force
and effect and will be construed as if the unlawful, void, invalid or unenforceable provision had been deleted from this Agreement. No presumption will operate in favor of or against any Party hereto as a result of any responsibility that any Party
may have had for drafting this Agreement. Should there be a discrepancy between the terms and conditions contained in any Annexes, Schedules, or Exhibits to this Agreement and those in the main body of this Agreement, the terms and conditions in the
main body of this Agreement govern. 
 22.2 Unless the context requires otherwise, each accounting term not otherwise defined in this
Agreement has the meaning commonly applied to it in accordance with United States generally accepted accounting principles, i.e., (i) U.S. GAAP, (ii) words in the singular include the plural and vice versa, (iii) the term
“includ(ing)(e/es)” means “includ(ing)(e/es) without limitation,” and (iv) the terms “herein,” “hereof,” “hereunder” and words of similar import will mean references to this Agreement as a whole
and not to any individual section or portion of this Agreement. All references to $ or dollar amounts will be to lawful currency of the United States of America. All references to “day” or “days” will mean calendar days, unless
otherwise noted. 
 22.3 The captions to the several Articles and Sections hereof are not a part of the Agreement, but are merely for
convenience to assist in locating and reading the several Articles and Sections of this Agreement. 
  

	23.	 Severability. 

23.1 If any provision of this Agreement will be declared void or unenforceable by any judicial or administrative authority, or clearly in
conflict with any public policy, the validity of the other provisions of this Agreement and of the entire Agreement will not be affected thereby and the 

  
 25 

 
affected provision of this Agreement affected only to the extent necessary to bring it within the applicable law. 
  

	24.1	 Amendment; Waiver. 

24.1 No amendment, modification or waiver of any of the terms of this Agreement will be deemed valid unless made in writing and duly executed
by authorized representatives of both Parties. Each Party will have the right to enforce the Agreement in strict accordance with its terms. The failure of either Party to enforce its rights strictly in accordance with the terms will not be construed
as having in any way modified or waived same. 
  

	25.1	 Changes and Modifications. 

25.1 No changes or modifications of this Agreement will be deemed effective unless in writing and executed by the Parties hereto. 

 

	26.	 Assignment. 

26.1 This Agreement may not be assigned by either Party, in whole or in part, without the prior written consent of the other Party, which
consent will not be unreasonably withheld, except that AYTU without such consent may assign this Agreement and its rights and obligations hereunder to any of its Affiliates or any successor in interest (whether by merger, acquisition, asset purchase
or otherwise) to all or substantially all of the business to which this Agreement relates. 
  

	27.	 Counterparts. 

27.1 This Agreement may be executed in two or more counterparts, each of which will be deemed an original and all of which will together be
deemed to constitute one agreement. The Parties agree that the execution of this Agreement by industry standard electronic signature software and/or by exchanging PDF signatures shall have the same legal force and effect as the exchange of original
signatures, and that in any proceeding arising under or relating to this Agreement, each Party hereby waives any right to raise any defense or waiver based upon execution of this Agreement by means of such electronic signatures or maintenance of the
executed agreement electronically. 
  

	28	 EntireAgreement. 

28.1 This Agreement constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof and
supersede all prior oral and written agreements, understandings, promises and representations with respect thereto. Notwithstanding the content of any Purchase Order or other document or record, whether issued before or after the Effective Date, the
provisions of this Agreement will govern and any conflicting, inconsistent or additional terms contained in other documents or records will be void. Notwithstanding the foregoing. specific provisions in any agreed Project Addendum shall govern. Each
Project Addendum and/or Purchase Order for a Project will be made a part of this Agreement and will collectively, with the Agreement, and will, independently of other Project Addenda or Purchase Orders, constitute the entire agreement for the
Project. To the extent any terms set forth in a Project 

  
 26 

 
Addendum or Purchase Order conflict with the terms set forth in this Agreement, the terms of this Agreement will control unless the conflicting terms of the Project Addendum expressly state the
intent of the parties for such conflicting terms to govern, followed by the Project Addendum, followed by the Purchase Order. 
 The Parties
have executed this Agreement to be effective as of the Effective Date. 
  

			
	Aytu BioScience, Inc.	  	Biovest International, Inc.
		
	By: /s/ Gregory A. Gould                     	  	By: /s/ Chirstiaan Engstrom         
		
	Name: Gregory A. Gould                      	  	Name: Christiaan Engstrom         
		
	Title: Chief Financial Officer                	  	Title: President                             
		
	Date:
10/8/15                                        
	  	Date: 10/5/15                               

  
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