Document:

Exhibit 10.25

 

MERRIMACK PHARMACEUTICALS, INC.

 

NON-EMPLOYEE DIRECTOR COMPENSATION AND REIMBURSEMENT POLICY

 

Effective upon the effective date of the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on July 8, 2011 relating to the registration under the Securities Act of 1933, as amended, of shares of common stock of Merrimack Pharmaceuticals, Inc. (the “Company”), each of the Company’s non-employee directors shall be entitled to the following compensation for their services to the Company’s Board of Directors (the “Board”) and the committees of the Board:

 

Board Service

 

·                  An annual cash retainer for Board service of $25,000, except that the chairman of the Board, to the extent that he or she is a non-employee director, shall receive an annual cash retainer of $47,500.

 

·                  A cash fee of $2,000 for each meeting of the Board that each non-employee director attends.

 

·                  An annual stock option grant with a grant date fair value of approximately $90,500, except that the chairman of the Board, to the extent that he or she is a non-employee director, shall receive an annual stock option grant with a grant date fair value of approximately $113,125.

 

Audit Committee Service

 

·                  A cash fee of $1,700 per meeting of the Audit Committee that each non-employee director attends, except that the non-employee director who serves as the chairman of the Audit Committee shall receive a cash fee of $3,000 per meeting of the Audit Committee that he or she attends.

 

Organization and Compensation Committee Service

 

·                  A cash fee of $1,000 per meeting of the Organization and Compensation Committee that each non-employee director attends, except that the non-employee director who serves as the chairman of the Organization and Compensation Committee shall receive a cash fee of $2,500 per meeting of the Organization and Compensation Committee that he or she attends.

 

Corporate Governance and Nominating Committee Service

 

·                  A cash fee of $750 per meeting of the Corporate Governance and Nominating Committee that each non-employee director attends, except that the non-employee director who serves as the chairman of the Corporate Governance and Nominating Committee shall

 

 

receive a cash fee of $1,000 per meeting of the Corporate Governance and Nominating Committee that he or she attends.

 

Executive Committee Service

 

·                  A cash fee of $1,000 per meeting of the Executive Committee that each non-employee director attends, except that the chairman of the Executive Committee, to the extent that he or she is a non-employee director, shall receive a cash fee of $1,500 per meeting of the Executive Committee that he or she attends.

 

In addition, each of the Company’s non-employee directors shall be reimbursed for travel, lodging and other reasonable expenses incurred in connection with attending meetings of the Board and committees of the Board.

 

2Wescorp Energy Inc.: Exhibit 10.12 - Filed by newsfilecorp.com

Gentlemen,

I have been in the background for several years now and have not had the time to work on this board as I feel is necessary to do a proper job.

I hereby tender my resignation, and will be available in Wetaskiwin at 780-312-2676 should you require an extra vote on an important issue that is before the board today.

It has been a pleasure working with all of you and I wish you every success with Wescorp, hopefully in the near future.

Alfred Comeau, P.Eng,XcelMobility Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

THIS CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES ISSUABLE
UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 OR UNDER ANY SECURITIES LAWS OF ANY STATE. THEY MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, OR AN OPINION
OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER
SUCH ACT OR ANY SUCH LAW 

XcelMobility Inc. 

CONVERTIBLE PROMISSORY NOTE 

	Up to $_____________US Dollars 	_________, 2011 

FOR VALUE RECEIVED, the undersigned, XcelMobility Inc., a
Nevada corporation (the “Company”) promises to pay to the order of
______________, or permitted assigns (hereinafter, with any subsequent holder,
the “Holder”) the principal sum of up to _________dollars ($_______) (the
“Principal”), with interest on the unpaid principal from the date hereof
at a rate of five percent (5.000%) simple interest per annum. Interest shall be
calculated on the basis of the actual number of days elapsed over a 365-day
year, shall commence to accrue on the date hereof and shall continue on the
outstanding principal until paid in full. 

1. Interest Payments. Unless converted or
repaid as set forth hereunder, accrued interest will be due and payable upon the
Maturity Date. 

2. Application of Payments. All payments
of principal and interest shall be in lawful money of the United States of
America, except as set forth below in connection with conversion of this Note.
All payments on account of the indebtedness evidenced by this Note shall be
applied first to any and all costs, expenses and other charges then owed the
Holder by the Company, second, to accrued and unpaid interest, and thereafter to
the unpaid principal balance hereof. All payments so received after demand or
acceleration shall be applied in such manner as the Holder may determine in its
sole and absolute discretion. 

3. Maturity Date. Unless converted
pursuant to the terms of this Note or unless earlier accelerated by the terms of
this Note, the principal amount hereof, together with all unpaid accrued
interest hereon and all other fees, costs and charges, if any, shall be due and
payable on the date which is five (5) years from the original date of this Note
(the “Maturity Date”). No payments of principal or interest are required
hereunder until the Maturity Date, except as otherwise provided herein. 

4. Conversion. The outstanding Principal
and accrued but unpaid interest thereon (the “Debt”) shall be converted
as follows: 

4.1 Upon a Qualified Financing. Unless
earlier converted pursuant to Section 4.2 below, if within twelve (12) months of
the date hereof the Company completes a financing yielding aggregate gross
proceeds or borrowings to the Company of at least one million five hundred
thousand dollars ($1,500,000) (excluding any proceeds or borrowings associated
with the exchange contemplated hereby) (the “Qualified Financing”), the
Holder agrees to exchange the Debt simultaneously with the initial closing of
such Qualified Financing as follows: 

(a) In the event of a debt Qualified Financing (“Qualified
Debt Financing”), the Holder may at its option exchange in whole or in part
this Note for a promissory note (or other evidence of indebtedness) in the same
form and with the same terms and conditions as those issued in such Qualified
Debt Financing and in a principal amount equal to the then outstanding Debt.

(b) In the event of an equity Qualified Financing
(“Qualified Equity Financing”), the Holder may at its option convert the
Debt into shares of capital stock of the same class and series and with the same
rights, preferences and privileges as those issued in such Qualified Equity
Financing, at a price per share equal to the purchase price paid by investors in
such Qualified Equity Financing. 

To the extent the other participants in the Qualified Financing
are required to execute or deliver any other documents or meet any
qualifications as a condition to their investment, the Holder’s exchange shall
be subject to the same requirements and qualifications. 

4.2 Conversion by Mutual Agreement of Holder and
the Company. At any time, and from time to time, as applicable, prior to
the Maturity Date, the Company and the Holder may mutually agree on a date
(each, an “Agreed Conversion Date”) to convert in whole or in part the Debt into
shares of common stock of the Company on the following terms 

a) Holder will be issued share units comprising of; 

	 	(i). 	
      One (1) common share to be purchased at a price of
    [$0.50], and

	 	 	 
	 	(ii).	
       One (1) warrant that is convertible into one (1) common
      share at a price of [$1.00], and expires two (2) years from the date the
    RTO is completed, and

	 	 	 
	 	(iii).	
      One (1) warrant that is convertible into one (1) common
      share at a price of [$1.50], and expires three (3) years from the date the
    RTO is completed.

Notwithstanding the foregoing, the amount of Debt which the
Company and the Holder may elect to convert shall be limited to the extent
necessary to ensure that, following such conversion, the total number of shares
of Company common stock then beneficially owned by the Holder and its affiliates
and any other persons whose beneficial ownership of Company common stock would
be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange
Act, does not exceed 4.999% of the total number of issued and outstanding shares
of Company common stock (including for such purpose the shares of Company common
stock issuable upon such conversion). For such purposes, beneficial ownership
shall be determined in accordance with Section 13(d) of the Exchange Act and the
rules and regulations thereunder. Notwithstanding the foregoing, the Holder may
waive such limitation on conversion contained in this Section 4.2 or increase or
decrease such limitation percentage to any other percentage as specified in a
written notice to the Company. 

4.3 Upon a Reorganization, Consolidation,
Merger. In the event (a) of any reorganization of the Company, (b) the
Company consolidates with or merges into another entity, (c) the Company sells
all or substantially all of its assets to another entity and then distributes
the proceeds to its shareholders, or (d) the Company issues or otherwise sells
securities representing more than 50% of the voting power of the Company in a
single or series of related transactions immediately after giving effect to such
transaction or series of related transaction (each of such events shall be
referred to herein as a “Liquidation Event”), then, and in each such
case, the Company, at its sole discretion, may convert any outstanding Debt into
securities or cash, as the case may be, equal to the VWAP per share of common
stock of the Company for the previous ten (10) trading days prior to the
Liquidation Event. In the event the Company does not convert any outstanding
Debt, then the Holder, upon the conversion of this Note at any time after the
consummation of any Liquidation Event shall be entitled to receive, in lieu of
the stock or other securities and property receivable upon the conversion of
this Note prior to such consummation, the stock or other securities or property
to which the Holder would have been entitled upon the consummation of such
Liquidation Event if the Holder had converted this Note immediately prior
thereto, all subject to further adjustment as provided in this Note, and the
successor or purchasing entity in a Liquidation Event (if other than the
Company) shall duly execute and deliver to the Holder a supplement hereto
acknowledging such entity’s obligations under this Note. 

4.4 Partial Conversion or Exchange. All
rights with respect to such portion of the Debt converted or exchanged pursuant
to Section 4.1, Section 4.2 or Section 4.3 shall terminate upon such conversion
or exchange. Notwithstanding the foregoing, the Holder agrees to surrender this
Note to the Company for cancellation as to that portion of the Note that the
Holder elects to convert or exchange as soon as possible following such
conversion or exchange, and the Company shall execute and deliver a new
promissory note, upon the same terms and conditions set forth herein, evidencing
the right of the Holder to the balance of the principal that was not converted
or exchanged (and accrued but unpaid interest thereon, as applicable). 

5. Mechanics of Conversion. As promptly as
practicable after the conversion of this Note, this Note shall be cancelled, and
the Company will issue and deliver to the Holder a certificate or certificates
(bearing such legends as may be required by applicable state and federal
securities laws in the opinion of legal counsel for the Company) representing
the full number of securities issuable upon such conversion (and the issuance of
such
certificate or certificates shall be made without charge to the Holder of the Note for any issuance tax in respect thereof or other cost incurred by Company in connection with such conversion and the related issuance of shares). 

6 Default. The Company will be in default if any of the following occurs (each an “Event of Default”): (a) the Company fails to make payment of the principal amount or an interest payment when due and fails to
cure the default within ten (10) days of the date of delivery of notice from Holder to the Company of the default; (b) the Company fails in any material respect to comply with or to perform when due any other material term, obligation, covenant, or
condition contained in this Note, and fails to cure the default within ten (10) days of the date of delivery of notice from Holder to the Company of the default; (c) the Company shall make an assignment for the benefit of creditors, or apply for or
consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business; or such a receiver or trustee shall otherwise be appointed; and/or (d) bankruptcy, insolvency, reorganization or liquidation
proceedings or other proceedings or relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company and shall not have been dismissed within sixty (60) days of filing. Upon an Event of Default,
Holder may declare the entire unpaid principal and accrued interest amount immediately due and payable, all without further demand, presentment or notice, or grace period, all of which hereby are expressly waived. 

7. Prepayment. At any time prior to the Maturity Date the Company may prepay, in whole or in part, the Debt in full satisfaction and accord of the Company’s obligations under this Note. Any prepayment shall be credited
first to accrued but unpaid interest and the balance to principal, and interest shall cease to accrue on the amount of principal so paid. 

8. Miscellaneous. 

(a) Restrictions on Transfer. This Note may only he transferred in compliance with applicable state and federal laws. All rights and obligations of the Company and the Holder will be binding upon and benefit the successors, assigns, heirs,
and administrators of the parties. 

(b) Assignment. Holder may not transfer or assign all or any part of this Note except upon prior written notice to the Company and with the Company’s prior written consent. 

(c) Amendment or Waiver. Any provision of this Note may be amended, waived or modified only upon the written consent of the Company and the Holder. 

(d) Notices. Any notice required or permitted under this Note shall be given in writing and shall be deemed effectively given (i) at the time of personal delivery, if delivery is in person; (ii) one (I) business day after deposit with an
express overnight courier for United States deliveries, or two (2) business days after such deposit for deliveries outside of the United States, with proof of delivery from the courier requested; (iii) three (3) business days after deposit in the
United States mail by certified mail (return receipt requested) for United States deliveries when addressed to the party to be notified; or (iv) one (I) business day after transmission by telecopier with confirmation of successful transmission.
Notices shall be delivered to the Holder and the Company (Attn: CEO), to such address and contact information as the respective parties have designated. 

(e) Severability. In the event any one or more of the provisions contained in this Note shall, for any reason, be held to be invalid, illegal, or unenforceable in whole or in part or in any respect, or in the event any one or more of the
provisions of this Note operate or would prospectively operate to invalidate this Note, such invalidity, illegality, or unenforceabitity shall not affect any other provision of this Note. In such instance, this Note shall be construed as if such
invalid, illegal, or unenforceable provision had never been contained herein and the remaining provisions of this Note shall remain operative and in full force and effect and in no way shall be affected, prejudiced or disturbed thereby. 

(f) Governing Law. This Note will be governed by the laws of the State of Nevada applicable to contracts between Nevada residents wholly to be performed in Nevada. 

[Remainder of Page Intentionally Left Blank; Signature Page Follows] 

IN WITNESS WHEREOF, the Company has caused this Convertible
Promissory Note to be signed in its name as of the date first above written.

XcelMobility Inc. 

By: ________________
Name:
______________
Title: _______________

Agreed and Accepted: 
HOLDER:
______________

By: ________________
Name: ______________
Title:
_______________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]