Document:

Unassociated Document

 

PLACEMENT AGENCY MODIFICATION AND RELEASE AGREEMENT

 

This PLACEMENT AGENCY MODIFICATION AND RELEASE AGREEMENT (this “Agreement”) is dated as of June 15, 2012, by and between ADMA Biologics, Inc., a Delaware corporation (the “Company”), and Rodman & Renshaw, LLC, a Delaware limited liability company (the “Placement Agent”).

RECITALS:

WHEREAS, the Company and the Placement Agent are parties to that certain Amended and Restated Placement Agency Agreement, dated February 12, 2012 (the “Placement Agency Agreement”), pursuant to which the Company offered for sale through the Placement Agent, as the exclusive agent for the Company, a minimum of $17.5 million of the Company’s common stock, par value $0.0001 per share (the “Offering”);

WHEREAS, in connection with the execution of the Placement Agency Agreement, the Company, the Placement Agent and Signature Bank (“Signature Bank”) entered into an Escrow Agreement (as amended, the “Escrow Agreement”);

WHEREAS, the placement agent fee payable pursuant to the Placement Agency Agreement amounted to an aggregate of $843,501.12 (the “Placement Agent Fee”), which was payable out of the funds held in escrow pursuant to the Escrow Agreement;

WHEREAS, pursuant to the Placement Agency Agreement, the Expense Reimbursement Amount (as defined in the Placement Agency Agreement) and 50% of the Placement Agent Fee was released from escrow to the Placement Agent at the closing of the Offering and the remaining 50% of the Placement Agent Fee is being held in a non-interest bearing escrow account with Signature Bank (the “Escrow Account”) and shall be delivered to the Placement Agent no later than September 30, 2012; and

WHEREAS, the parties hereto desire that the portion of the Placement Agent Fee remaining in the Escrow Account be released to the Placement Agent and the Company on or about the date hereof, in the amounts set forth in the Escrow Release Notice attached hereto as Exhibit A (the “Escrow Release Notice”), in exchange for the release of the Company by the Placement Agent from certain ongoing covenants and obligations in the Placement Agent Agreement relating to potential future services to be performed by the Placement Agent.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.           Release of Placement Agent Fee.  On the date hereof, the parties shall deliver an executed copy of the Escrow Release Notice to Signature Bank instructing Signature Bank to release the portion of the Placement Agent Fee remaining in the Escrow Account to the Placement Agent and the Company in the amounts set forth in the Escrow Release Notice.  The parties agree that other than the Company’s indemnification and contribution obligation pursuant to Section 7 of the Placement Agency Agreement, which shall survive and not be affected by this Agreement, there shall be no further obligations under Section 3, Section 4(c), or Section 5(i) of the Placement Agency Agreement, or otherwise, with respect to the payment of fees, expense reimbursements or any other amounts by or on behalf of the Company, notwithstanding Section 9 of the Placement Agency Agreement.

 

  

  

  

 

2.           Release of Company from Certain Covenants and Obligations.  The Placement Agent hereby agrees that, effective upon the release of the Placement Agent Fee by Signature Bank to the Placement Agent and the Company pursuant to the Escrow Release Notice (the “Escrow Release Date”),  and notwithstanding Section 9 of the Placement Agency Agreement, the Company is released from (i) the covenants and other obligations set forth in Section 5(l) and Section 5(m) of the Placement Agency Agreement relating to a Subsequent Financing (as defined in the Placement Agency Agreement) or other transaction and (ii) the obligations, representations and warranties set forth in Section 6(i) or otherwise of the Placement Agency Agreement relating to the right of first refusal by the Company granted in favor of the Placement Agent. This Agreement shall serve as an amendment to the Placement Agency Agreement, pursuant to which such sections 5(l), 5(m) and 6(i), and any references thereto, shall be deemed to be deleted in their entirety.

3.           Termination of M&A Engagement Letter.  It is acknowledged and agreed that the M&A Engagement Letter, dated October 14, 2011, by and between the Company and the Placement Agent terminated in accordance with its terms on the Termination Date (as defined in the Placement Agency Agreement), which was February 13, 2012.

4.           Miscellaneous.

(a)           Placement Agency Agreement.  Each party hereby acknowledges and agrees that, as of the date hereof, the other party has complied in all material respects with the terms of the Placement Agency Agreement.

(b)           Effect of Agreement.  Except as expressly set forth herein, the Placement Agency Agreement shall remain in full force and effect.

(c)           Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York (without reference to the conflict of laws provisions thereof).

(d)           Assignment.  Neither this Agreement, nor any of the rights, interests or obligations hereunder, may be assigned by any party hereto by operation of law or otherwise without the prior written consent of the other party hereto.

(e)           Successors and Assigns.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.  Nothing in this Agreement, express or implied, is intended to confer upon any person or entity, other than the parties hereto, or their successors or permitted assigns, any rights or remedies under or by reason of this Agreement.

(f)           Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same document.

(g)           Further Assurances.  Each party will execute and deliver such further agreements, documents and instruments and take such further action as may be reasonably requested by any other party (including the Company) to carry out the provisions and purposes of this Agreement and the intentions of the parties relating hereto.

 

  

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IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the day  and year first written above.

 

	 	 
COMPANY:

	 
	 	 	 
	 	 
ADMA BIOLOGICS, INC.

	 
	 	 	 	 
	 	
By: 

	/s/ Adam Grossman	 
	 	 	 
Name:  Adam Grossman

	 
	 	 	 
Title:    Chief Executive Officer

	 
	 	 	 	 

 

	 	 
 
PLACEMENT AGENT:

	 
	 	 	 
	 	 
RODMAN & RENSHAW, LLC

	 
	 	 	 	 
	 	
By: 

	/s/ David Horin	 
	 	 	 
 
Name:  David Horin

	 
	 	 	 
 
Title:    Chief Financial Officer

	 
	 	 	 	 

 

  

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Exhibit A

Escrow Release Notice

 

Date:  June 12, 2012

 

Signature Bank

261 Madison Avenue, New York, NY 10016

Attention:  Cliff Broder, Group Director & Senior Vice President

  

Dear Mr. Broder:

In accordance with the terms of paragraph 2(c) of an Escrow Deposit Agreement dated as of January 27, 2012 (the “Escrow Agreement”), by and between ADMA BIOLOGICS, INC. (the “Company”), Signature Bank (the “Escrow Agent”) and RODMAN & RENSHAW LLC (the “Placement Agent”) supplementing (and superseding) the instructions contained in the Escrow Release Notice dated February 13, 2012 from the undersigned:

 

PLEASE IMMEDIATELY DISTRIBUTE THE REMAINING $421,750.56 HELD IN ESCROW BY WIRE TRANSFER AS FOLLOWS (wire instructions attached):

$    21,750.56 to ADMA Biologics, Inc.

$  400,000.00 to Rodman & Renshaw LLC

 

	 	 
Very truly yours,

	 
	 	 	 
	 	 
ISSUER:

	 
	 	 	 
	 	 
 
ADMA BIOLOGICS, INC.

	 
	 	 	 
	 	 	 	 
	 	
By: 

	 	 
	 	Name:  Adam Grossman	 
	 	Title:    Chief Executive Officer	 
	 	 	 	 

 

	 	 
 
 
PLACEMENT AGENT:

	 
	 	 	 
	 	 
 
RODMAN & RENSHAW LLC

	 
	 	 	 	 
	 	
By: 

	 	 
	 	Name:  David Horin	 
	 	Title:    Chief Financial OfficerChina Information Technology, Inc: Exhibit 10.1 - Filed by
newsfilecorp.com

Exhibit 10.1

CHINA INFORMATION TECHNOLOGY, INC.

INDEPENDENT DIRECTOR AGREEMENT 

THIS AGREEMENT (The “Agreement”) is made as of the _____day of ____________,  and is by and between China Information Technology, Inc., a British Virgin Islands business corporation (hereinafter referred to as the
“Company”), and __________________(hereinafter referred to as the “Director”).
 

BACKGROUND

The Board of Directors of the Company desires to appoint the Director and to have the Director perform the duties of an independent director and the Director desires to be so appointed for such position and to perform the duties required of such
position in accordance with the terms and conditions of this Agreement.  

AGREEMENT

In consideration for the above recited promises and the mutual promises contained herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and the Director hereby agree as follows:
 

1. DUTIES. The Company requires that the Director be available to perform the duties of an independent director customarily related to this function as may be determined and assigned by the Board of Directors of the Company and as may
be required by the Company’s constituent instruments, including its Memorandum and Articles of Association and its corporate governance and board committee charters, each as amended or modified from time to time, and by applicable law,
including the BVI Business Companies Act, 2004 (the “Act”). The Director agrees to devote as much time as is necessary to perform completely the duties as the Director of the Company, including duties as a member of the Audit
Committee and such other committees as the Director may hereafter be appointed to. The Director will perform such duties described herein in accordance with the general fiduciary duty of directors arising under the Act.
 

2. TERM. The term of this Agreement shall commence as of the date of the Director’s appointment by the Board of Directors of the Company and shall continue until the Director’s removal or resignation.
 

 3. COMPENSATION.  For all services to be rendered by the Director in any capacity hereunder, the Company agrees to pay the Director a fee of ______ per month. Such fee may be adjusted from time to time as agreed by the
parties.  

4. EXPENSES.  In addition to the compensation provided in paragraph 3 hereof, the Company will reimburse the Director for pre-approved reasonable business related expenses incurred in good faith in the performance of the
Director’s duties for the Company. Such payments shall be made by the Company upon submission by the Director of a signed statement itemizing the expenses incurred. Such statement shall be accompanied by sufficient documentary matter to support
the expenditures.  

5. CONFIDENTIALITY. The Company and the Director each acknowledge that, in order for the intents and purposes of this Agreement to be accomplished, the Director shall necessarily be obtaining access to certain confidential information
concerning the Company and its affairs, including, but not limited to business methods, information systems, financial data and strategic plans which are unique assets of the Company (“Confidential Information”). The Director
covenants not to, either directly or indirectly, in any manner, utilize or disclose to any person, firm, corporation, association or other entity any Confidential Information.
 

6. NON-COMPETE. During the term of this Agreement and for a period of twelve (12) months following the Director’s removal or resignation from the Board of Directors of the Company or any of its subsidiaries or affiliates (the
“Restricted Period”), the Director shall not, directly or indirectly, (i) in any manner whatsoever engage in any capacity with any business competitive with the Company’s current lines of business or any business then engaged
in by the Company, any of its subsidiaries or any of its affiliates (the “Company's Business”) for the Director’s own benefit or for the benefit of any person or entity other than the Company or any subsidiary or affiliate; or
(ii) have any interest as owner, sole proprietor, shareholder, partner, lender, director, officer, manager, employee, consultant, agent or otherwise in any business competitive with the Company's Business; provided, however, that the
Director may hold, directly or indirectly,
solely as an investment, not more than two percent (2%) of the outstanding securities of any person or entity which are listed on any national securities exchange or regularly traded in the over-the-counter market notwithstanding the fact that such
person or entity is engaged in a business competitive with the Company's Business. In addition, during the Restricted Period, the Director shall not develop any property for use in the Company’s Business on behalf of any person or entity other
than the Company, its subsidiaries and affiliates. 

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7. TERMINATION.  With or without cause, the Company and the Director may each terminate this Agreement at any time upon ten (10) days written notice, and the Company shall be obligated to pay to the Director the compensation and expenses due
up to the date of the termination.  Nothing contained herein or omitted herefrom shall prevent the shareholder(s) of the Company from removing the Director with immediate effect at any time for any reason.
 

8. INDEMNIFICATION. The Company shall indemnify, defend and hold harmless the Director, to the full extent allowed by the law of the British Virgin Islands, and as provided by, or granted pursuant to, any charter provision, its Articles of
Association, agreement (including, without limitation, the Indemnification Agreement executed herewith), vote of stockholders or disinterested directors or otherwise, both as to action in the Director’s official capacity and as to action in
another capacity while holding such office.  The Company and the Director are executing an indemnification agreement in the form attached hereto as Exhibit A.
 

9. EFFECT OF WAIVER. The waiver by either party of the breach of any provision of this Agreement shall not operate as or be construed as a waiver of any subsequent breach thereof.
 

 10. NOTICE.  Any and all notices referred to herein shall be sufficient if furnished in writing at the addresses specified on the signature page hereto or, if to the Company, to the Company’s address as specified in filings made
by the Company with the U.S. Securities and Exchange Commission and if by fax to 86-755-83709333.
  

11. GOVERNING LAW.  This Agreement shall be interpreted in accordance with, and the rights of the parties hereto shall be determined by, the laws of the British Virgin Islands without reference to that state’s conflicts of laws
principles.  

12. ASSIGNMENT. The rights and benefits of the Company under this Agreement shall be transferable, and all the covenants and agreements hereunder shall inure to the benefit of, and be enforceable by or against, its successors and
assigns. The duties and obligations of the Director under this Agreement are personal and therefore the Director may not assign any right or duty under this Agreement without the prior written consent of the Company.
 

13. MISCELLANEOUS. If any provision of this Agreement shall be declared invalid or illegal, for any reason whatsoever, then, notwithstanding such invalidity or illegality, the remaining terms and provisions of the this Agreement shall
remain in full force and effect in the same manner as if the invalid or illegal provision had not been contained herein.
 

14. ARTICLE HEADINGS. The article headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
 

15. COUNTERPARTS. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one instrument. Facsimile execution and delivery of this Agreement is legal, valid and binding for all
purposes.  

16. ENTIRE AGREEMENT.  Except as provided elsewhere herein, this Agreement sets forth the entire agreement of the parties with respect to its subject matter and supersedes all prior agreements, promises, covenants, arrangements,
communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party to this Agreement with respect to such subject matter.
 

[Signature Page Follows]

 

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 IN WITNESS WHEREOF, the parties hereto have caused this Independent Director Agreement to be duly executed and signed as of the day and year first above written.
  

China Information Technology, Inc.

By: ______________________________

Name:

Title:

Independent Director

_________________________________

Name: 

Address:

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