Document:

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED
FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. SUCH PORTIONS
ARE MARKED AS INDICATED WITH BRACKETS (“[***]”) BELOW

 

Asset
Purchase Agreement

 

by
and among

 

Austin
Grant, Inc.

as
Seller,

 

Marrone
Bio Innovations, Inc.

as
Buyer,

 

and

 

Bill
Grant and Lucie Grant,

as
                                         Principals

 

 

Dated
as of September 10, 2019

 

    	 	 	 

    	 	 	 

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	Article I Definitions and Usage	1
	 	 	 	 
	 	Section
    1.1	Definitions	1
	 	 	 	 
	 	Section
    1.2	Construction
    and Usage	4
	 	 	 	 
	 	Article II Purchase and Sale of Assets	4
	 	 	 	 
	 	Section
    2.1	Purchase
    and Sale of Assets.	4
	 	 	 	 
	 	Section
    2.2	Liabilities.	5
	 	 	 	 
	Article III PURCHASE PRICE; DEPOSIT; AND ALLOCATION	6
	 	 	 	 
	 	Section
    3.1	Purchase
    Price	6
	 	 	 	 
	 	Section
    3.2	Consulting
    Agreement	6
	 	 	 	 
	 	Section
    3.3	License
    Agreement	7
	 	 	 	 
	Article IV Closing	7
	 	 	 	 
	 	Section
    4.1	Closing
    Time and Location	7
	 	 	 	 
	 	Section
    4.2	Conveyances
    at Closing.	7
	 	 	 	 
	Article V Representations and Warranties of the Seller and the Principals	9
	 	 	 	 
	 	Section
    5.1	Organization	9
	 	 	 	 
	 	Section
    5.2	Subsidiaries
    and Investments	9
	 	 	 	 
	 	Section
    5.3	Authorization	9
	 	 	 	 
	 	Section
    5.4	No
    Conflict or Violation	10
	 	 	 	 
	 	Section
    5.5	Title
    to Property and Purchased Assets	10
	 	 	 	 
	 	Section
    5.6	Taxes	10
	 	 	 	 
	 	Section
    5.7	Contracts
    and Commitments	10
	 	 	 	 
	 	Section
    5.8	Permits.	11
	 	 	 	 
	 	Section
    5.9	Consents.	11
	 	 	 	 
	 	Section
    5.10	Books,
    Records, and Financial Statements	11
	 	 	 	 
	 	Section
    5.11	Litigation	11
	 	 	 	 
	 	Section
    5.12	Compliance
    with Applicable Laws	12
	 	 	 	
	 	Section
    5.13	Proprietary
    Rights.	12
	 	 	 	 
	 	Section
    5.14	Brokerage	13
	 	 	 	 
	 	Section
    5.15	Disclaimer	13

 

    	ii

    	 

    

 

	 	Section
    5.16	Seller
    Certfication	13
	 	 	 	 
	Article VI Representations and Warranties of The Buyer	13
	 	 	 	 
	 	Section
    6.1	Organization	13
	 	 	 	 
	 	Section
    6.2	Authorization	13
	 	 	 	 
	 	Section
    6.3	No
    Violation	14
	 	 	 	 
	 	Section
    6.4	Consents	14
	 	 	 	 
	 	Section
    6.5	Litigation	14
	 	 	 	 
	 	Section
    6.6	Brokerage	14
	 	 	 	 
	 	Section
    6.7	Buyer
    Certification	14
	 	 	 	 
	Article VII Covenants of the Parties	14
	 	 	 	 
	 	Section
    7.1	Further
    Assurances	14
	 	 	 	 
	 	Section
    7.2	No
    Solicitation	15
	 	 	 	 
	 	Section
    7.3	Investigation
    by the Buyer	15
	 	 	 	 
	 	Section
    7.4	Conduct
    of Business	15
	 	 	 	 
	 	Section
    7.5	Registration
    of Labels	16
	 	 	 	 
	Article VIII Conditions to Closing	16
	 	 	 	 
	 	Section
    8.1	Conditions
    to the Buyer’s Obligation	16
	 	 	 	 
	 	Section
    8.2	Conditions
    to the Seller’s Obligation	17
	 	 	 	 
	Article IX Consents to Assignment	18
	 	 	 	 
	 	Section
    9.1	Consents
    to Assignment	18
	 	 	 	 
	Article X Actions by the Seller and the Buyer after the Closing	19
	 	 	 	 
	 	Section
    10.1	Seller
    Restrictions	19
	 	 	 	 
	 	Section
    10.2	Channel
    Programs.	19
	 	 	 	 
	 	Section
    10.3	Consulting
    Agreement	19
	 	 	 	 
	 	Section
    10.4	 Survival
    of Representations and Warranties............................ 	19
	 	 	 	 
	 	Section
    10.5	Indemnification.	20
	 	 	 	 
	 	Section
    10.6	Non-Competition
    and Non-Solicitation.	23
	 	 	 	 
	 	Section
    10.7	Default
    and Non-Competition	25
	 	 	 	 
	 	Section
    10.8	Remedies;
    Specific Performance	26
	 	 	 	 
	Article XI BUYER OPTION FOR RIGHT TO DISTRIBUTE [***]	26
	 	 	 	 
	 	Section
    11.1	[***]
    Distribution Rights	26
	 	 	 	 
	Article XII Miscellaneous	22
	 	 	 	 
	 	Section
    12.1	Termination.	27

 

    	iii

    	 

    

 

	 	Section
    12.2	Assignment	28
	 	 	 	 
	 	Section
    12.3	Notice	28
	 	 	 	 
	 	Section
    12.4	Governing
    Law	29
	 	 	 	 
	 	Section
    12.5	Entire
    Agreement; Amendments and Waivers	29
	 	 	 	 
	 	Section
    12.6	Counterparts	29
	 	 	 	 
	 	Section
    12.7	Cost
    and Expenses	30
	 	 	 	 
	 	Section
    12.8	Invalidity	30
	 	 	 	 
	 	Section
    12.9	Publicity	30
	 	 	 	 
	 	Section
    12.11	Waiver
    of Jury Trial	30

 

    	iv

    	 

    

 

List
of Schedules and exhibits

 

	Schedules	 
	 	 
	Schedule
    2.1(a)(1)	Inventory
	Schedule
    5.5	Title
    to Property and Purchased Assets
	Schedule
    5.7	Contracts
	Schedule
    5.8	Permits
	Schedule
    5.9 	Consents
	Schedule
    5.13	Proprietary
    Rights
	Schedule
    10.6	Non-Compete
    List of Jurisdictions

 

	EXHIBITS	 
	 	 
	Exhibit
    A	Consulting
    Agreement

 

    	v

    	 

    

 

Asset
Purchase Agreement

 

This
Asset Purchase Agreement, dated as of September
10, 2019 (the “Effective Date”), by and among (i) Marrone Bio Innovations,
Inc., a Delaware corporation (“Buyer”); (ii) Austin Grant, Inc.,
a Florida corporation d/b/a Jet Harvest Solutions (“Seller”); (iii) William Grant, an individual resident of the state
of Florida (“Mr. Grant”); and (iv) Lucie Grant, an individual resident of the state of Florida (“Ms.
Grant,” together with Mr. Grant, each a “Principal,” and collectively, the “Principals”).

 

Recitals

 

A. In
addition to certain other business activities, Seller is engaged in the business of developing, arranging for the manufacture
of, purchasing, and arranging for the distribution and ultimate sale of products and product lines containing Peroxyacetic Acid
(“PAA”) and Hydrogen Peroxide (“HP”) (altogether, the “Chemicals”), including
without limitation, the products known as Jet-Ag, Jet Oxide, Jet-Ag 15%, Jet-Oxide 15, and Jet-Fog (collectively, the “Products”),
and maintains certain contract rights and licenses related to the Products, including, without limitation, [***] (altogether,
the “Business”).

 

B. The
Buyer desires to purchase from the Seller, and the Seller desires to sell to the Buyer, substantially all of Seller’s assets
used in the conduct of the Business, subject to the terms and conditions hereinafter set forth herein.

 

Agreement

 

Now,
therefore, in consideration of the respective
covenants and promises contained herein and for other good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the parties hereto agree as follows:

 

Article
I

Definitions
and Usage

 

Section
1.1 Definitions.

 

Any
capitalized term set forth herein shall have the meaning ascribed to such term set forth below.

 

“Action
or Proceeding” means any action, suit, lawsuit, arbitration or other alternative resolution process, Governmental Authority
investigation, hearing, audit, appeal, administrative proceeding or judicial proceeding.

 

“Affiliate”
means, with respect to any Person, any shareholder, subsidiary, officer, director, partner, member or manager of such Person,
any partnership in which such Person is a partner, and any other Person which directly or indirectly controls, is controlled by
or is under common control with such Person, whether through the ownership of securities, by contract or otherwise.

 

    	1

     

    

 

“Agreement”
means this Asset Purchase Agreement, including all Schedules and Exhibits hereto, as the same may from time to time be amended,
modified or supplemented in accordance with its terms.

 

“Applicable
Law” means any applicable statutes, law, treaty, rule, code ordinance, regulation, permit, license, approval, interpretation,
certificate or Court Order.

 

“Business
Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in
the State of California or Florida.

 

“Channel
Programs” means off-invoice discounts and/or post-sale rebates that may be offered by Seller in connection with its
role as a Seller of Product to third parties.

 

“Court
Order” means any judgment, decision, consent decree, injunction, ruling or order of any Governmental Authority or arbitrator
that is binding on any Person or its property under Applicable Law.

 

[***].

 

[***].

 

“Governmental
Authority” means any court, quasi-judicial or administrative agency, tribunal, arbitrator, environmental protection
agency or authority, any government or quasi-governmental entity, or political or other subdivision thereof, whether federal,
state, or local.

 

“Knowledge”
(i) with respect to the Seller means [***], and (ii) with respect to the Buyer, [***].

 

“Label”
means the written, printed, or graphic matter on, or attached to, a particular Product or any of its containers or wrappers, providing
critical information about how to safely and legally handle and use such Product, as accepted by the United States Environmental
Protection Agency.

 

“Liability”
means any liability, debt, obligation, deficiency, Tax, penalty, assessment, fine, or other loss, fee, cost or expense of any
kind or nature whatsoever, whether criminal or civil, asserted or unasserted, absolute or contingent, known or unknown, accrued
or unaccrued, liquidated or unliquidated, whether due or to become due and regardless of when asserted.

 

“Lien”
means any mortgage, deed of trust, lien, pledge, hypothecation, charge, preference, security interest, attachment, claim, contractual
restriction, including transfer restrictions, put, call, right of first refusal, easement, servitude, right-of-way, option, proxy,
voting agreement, shareholder agreement, voting trust, conditional sale or installment contract or encumbrance of any kind and
any financing lease involving substantially the same effect.

 

“Material
Adverse Effect” shall mean any change, effect, event, transaction, condition, occurrence, state of facts or development
(individually or in the aggregate) which has had or could reasonably be expected to have a material and adverse impact on (i)
the Business, Purchased Assets, liabilities, prospects, condition (financial or otherwise) or results of operations of the Seller,
taken as a whole, or (ii) the ability of the Seller or Principals to consummate the transactions contemplated by this Agreement
or any other Transaction Document; provided, however, that “Material Adverse Effect” shall exclude any effect to the
extent resulting from (a) changes in economic, regulatory or political conditions generally, including any caused by any outbreak
or escalation of war, act of foreign enemies, hostilities, terrorist activities, or acts of nature or (b) the consummation of
the transactions contemplated hereby.

 

    	2

     

    

 

“MBI
Share” means a registered share of Buyer’s common stock, $0.00001 par value, 250,000,000 shares authorized, issuable
to officers, employees, directors of and consultants to, Buyer, pursuant to Buyer’s 2013 Stock Incentive Plan.

 

[***].

 

“Permits”
means all licenses, Labels, permits, franchises, approvals, authorizations, consents or orders of, or filings with, any Governmental
Authority, whether federal, state, city, county, local, municipal, provincial, foreign or multinational, or any other Person,
necessary or commercially reasonably desirable for the past, present or reasonably anticipated conduct or operation of the Business.

 

“Person”
means and includes an individual, a corporation, a partnership, a limited liability company, a limited liability partnership,
a joint venture, a trust, an unincorporated association, a Governmental Authority or any other entity.

 

“Proprietary
Rights” means all registered and unregistered intellectual property, including all rights thereto of every kind, including
all: (i) patents, patent applications, patent disclosures and inventions (whether or not patentable and whether or not reduced
to practice) and any reissue, continuation, continuation-in-part, division, revision, extension or reexamination thereof; (ii)
trademarks, service marks, industrial designs, trade dress, logos, and trade names; (iii) all registrations, applications and
renewals for any of the foregoing; (iv) trade secrets and confidential information (including trade secrets and confidential information
regarding know-how, biological efficacy data, research and development information, plans, proposals, technical data, financial,
and customer and supplier lists and related information); (v) any available know-how related to the Chemicals and the Products,
development technology, quality specifications and analytical methods, and packaging material, including but not limited to any
know-how shared by [***] to Seller, such as a Certificate of Analysis; and (vi) all copies and tangible embodiments of the foregoing
(in whatever form or medium), in each case including, without limitation, the items set forth on Schedule 5.13 hereto.

 

“Representative”
means any shareholder (other than with respect to Buyer), officer, director, principal, attorney, agent, employee or other representative.

 

[***].

 

[***].

 

“Tax”
or “Taxes” means any federal, state, city, county, local, municipal, provincial, foreign or multinational taxes,
assessments or governmental charges (including income, gross receipts, payroll, ad valorem, employment, excise, franchise, occupancy,
real property, personal property, sales, use, transfer and value added taxes, severance, stamp, windfall profits, environmental,
taxes withheld from employees’ salaries, social security, unemployment, disability and other withholding taxes imposed via
withholding or otherwise and obligations and all deposits required to be made with respect thereto), levies, assessments, deficiencies,
import duties, licenses and registration fees, or other tax of any kind whatsoever, however denominated or computed, and shall
include any interest, penalty, or addition thereto, whether disputed or not.

 

    	3

     

    

 

Section
1.2 Construction and Usage.

 

The
following rules as to construction and usage shall apply to this Agreement:

 

(a) The
meanings of the defined terms set forth herein are equally applicable to both the singular and plural forms of the terms defined.

 

(b) The
terms “include,” “includes” and “including” shall be deemed to be followed
by “without limitation” whether or not they are in fact followed by such words or words of like import.

 

(c) References
to a Person are also to such Person’s permitted successors and assigns.

 

(d) Pronouns
refer to natural persons, corporations, limited liability companies, partnerships and associations of every kind and character.

 

(e) The
word “or” has the inclusive meaning represented by the phrase “and/or.”

 

(f) The
parties hereto have participated jointly in the negotiation and drafting of the Transaction

Documents.
In the event any ambiguity or question of intent or interpretation arises, each Transaction Document shall be construed as if
drafted jointly by the parties thereto and no presumption or burden of proof shall arise favoring or disfavoring any party hereto
by virtue of the authorship of any of the provisions of such Transaction Document.

 

Article
II

Purchase
and Sale of Assets

 

Section
2.1 Purchase and Sale of Assets.

 

(a) Assets.
Upon the terms and conditions of this Agreement, (i) the Buyer agrees to purchase and accept delivery from the Seller, and the
Seller agrees to sell, assign, transfer and deliver to the Buyer, on the Closing Date, the Business and all of the assets of the
Seller related to the Jet-Ag, Jet-Oxide, Jet Fog, and [***] product lines, other than any of the Excluded Assets (collectively,
the “Purchased Assets”). The Seller agrees that the Purchased Assets shall be conveyed to the Buyer free and
clear of Liens of any kind, other than contractual restrictions set forth in writing in any Assumed Contracts. The Purchased Assets
include, without limitation, the following:

 

(1) Inventory.
All Jet Ag, Jet Oxide, Jet Fog and [***] inventory, in good standing, held for sale by the Seller in connection with the Business,
wherever the same may be located, and in each case as set forth on Schedule 2.1(a)(1) hereto (the “Inventory”).
For the avoidance of doubt, the Seller shall retain post-harvest inventory subject to royalty payments pursuant to the License
Agreement (the “Excluded Inventory”).

 

    	4

     

    

 

(2)
Assumed Contracts. Solely those contracts, including the [***] (together with any necessary Label access, trademarks and
access to the Confidential Statement of Formulation), listed on Schedule 5.7 hereto (collectively, the “Assumed
Contracts”).

 

(3)
Proprietary Rights. All Proprietary Rights related to the Business listed on Schedule 5.13 hereto and remedies against
infringements thereof, and rights to protection of interests therein.

 

(4)
Permits. All Permits, including those listed on Schedule 5.8 hereto, and registrations (including but not limited
to [***]) and connected supplemental Labels related to the Purchased Assets from all Governmental Authorities.

 

(5)
Records. All records, books, files, reports, plans, vendor, contractor, supplier, consumer and customer lists, other customer
records and documentation, supplier, importer, distributor and retailer lists, global customer lists for the Purchased Assets,
including historical sales data by volume, by customer, by month and by product brand, for the period of time [***], literature,
marketing, advertising, sales and promotional materials, printing materials, designs, quality control records, environmental monitoring
reports, sampling results, biological efficacy data, and other books and records of the Seller to the extent related to the Business.

 

(6)
Names. The trade names “Jet-Ag,” “Jet-Oxide,” “Jet Fog,” and all derivations thereof,
and the other trade names, trade styles and other names of the Business to the extent included in the Proprietary Rights.

 

(7)
Other Assets. All other assets, properties and rights of the Seller related to the Business, other than the Excluded Assets.

 

(b)
Excluded Assets. Notwithstanding anything to the contrary contained in this Agreement, there shall be excluded from the
Purchased Assets [***] (collectively, the “Excluded Assets”).

 

Section
2.2 Liabilities.

 

(a)
Excluded Liabilities. Except for the Assumed Liabilities, the Buyer shall not assume, or otherwise be liable or responsible
for any Liabilities of the Seller or any of its shareholders or Affiliates, including any of their successors and assigns, whether
liquidated or unliquidated, known or unknown, and whether arising or incurred before, on or after the Closing Date, including,
without limitation, (i) prior or future liabilities, claims, actions or litigation associated with the Purchased Assets, or the
use of the Purchased Assets, prior to the Closing and; (ii) tax liabilities, fees or other financial commitments made or incurred
by Seller prior to the Closing; and (iii) any liabilities related to Seller’s conduct of the Post-Harvest Business (collectively,
the “Excluded Liabilities”).

 

    	5

     

    

 

(b)
Assumed Liabilities. Upon the terms and subject to the conditions of this Agreement, the Buyer agrees to assume at the
Closing the obligation to pay, discharge or perform, when due, only those Liabilities arising under the Assumed Contracts identified
on Schedule 5.7 hereto, which shall be updated at Closing (the “Assumed Liabilities”).

 

Article
III

PURCHASE PRICE; CONSULTING AGREEMENT; LICENSE AGREEMENT

 

Section
3.1 Purchase Price. As consideration for the sale, transfer, conveyance, assignment and
delivery of the Purchased Assets by the Seller to the Buyer, and the assumption of the Assumed Liabilities by the Buyer, on the
Closing Date, and in reliance on the representations, warranties, covenants and other agreements made by the Seller and the Principals
herein, the Buyer shall pay to the Seller a purchase price in an aggregate amount equal to the sum of Two Million Five Hundred
Thirty-Four Thousand Two Hundred Dollars ($2,534,200.00) plus the Earn-Out Consideration (collectively, the “Purchase
Price”), payable at such times and in such amounts of cash in accordance with the following terms and conditions:

 

(a)
Initial Cash Payment. An initial cash payment of $544,200 (the “Initial Cash Payment”) paid by the Buyer
to the Seller at the Closing; and

 

(b)
Future Cash Payments. Four additional cash payments on (or at Buyer’s sole election, before) each of (i) January
6, 2020 ($540,000), (ii) June 1, 2020 ($350,000), (iii) December 1, 2020 ($350,000), and (iv) January 6, 2021 ($750,000) (the
“Final Cash Payment” and, collectively with the three (3) prior additional cash payments, the “Future
Cash Payments”).

 

(c)
Earn-Out Consideration. Buyer will pay Seller five (5) earn-out payments (constituting additional purchase price paid by
Seller for the Purchased Assets) (collectively, the “Earn-Out Consideration”) by the seventh (7th)
Business Day in each January from 2020 through 2024, as follows: [***].

 

The
Buyer shall pay and remit to the Seller all cash payments of the Purchase Price described in this Section 3.1 by wire transfer
of immediately available funds to an account designated in writing by the Seller prior to the Closing.

 

Section
3.2 Consulting Agreement.

 

(d)
At the Closing, the Buyer,
on the one hand, and the Principals on the other, shall enter into a mutually acceptable Consulting Agreement with a term of 24
months starting effective the date immediately following the Closing Date (the “Consulting Agreement”) in substantially
the same form as the form attached hereto and incorporated herein as Exhibit
A. 

 

(e)

 

(f)

 

(g)

 

    	6

     

    

 

Section 3.3
License Agreement.

 

(a)
Commencing immediately following the Closing and continuing until December 31, 2023 (the
“License Period”), Buyer shall license back to Seller, pursuant to a mutually acceptable License Agreement
(the “License Agreement”) the right to purchase from [***] and use the Products Jet Oxide, Jet Oxide 15%, [***]
and [***] (the “Post-Harvest Products”), for use in Seller’s business of selling and distributing for
sale these and other mutually agreed products (which agreement by Buyer shall not be unreasonably withheld or delayed) for use
in post-harvest applications (the “Post-Harvest Business”). During the License Period, Buyer shall charge Seller
for the Post-Harvest Products an amount equal to the amount and terms outlined in the [***] at the time of Seller’s purchase
thereof (provided, the parties may mutually agree that Seller may remit such amounts directly to [***] in lieu of paying such
amount to Buyer and Buyer subsequently remitting such amounts to [***]). In return, Seller shall pay Buyer five (5) royalty payments
by the [***] Day in each January from 2020 through 2024 as follows: [***].

 

(b)
If the Seller fails to make a royalty payment to the Buyer when due under the License Agreement, then the Buyer shall have the
right, subject to the cure right set forth below, to set off such past-due amounts against any payment otherwise due by the Buyer
to the Seller under this Agreement; provided, that prompt written notice of any such set off, along with a reasonably detailed
description thereof, is provided by Buyer to the Seller. In the event the Seller fails to make a royalty payment under the License
Agreement when due, Buyer shall provide Seller with written notice and an opportunity to cure such default ([***]).

 

Article
IV

Closing

 

Section 4.1 Closing
Time and Location. The closing of the transactions contemplated by this Agreement (the “Closing”) shall
take place by electronic exchange of documents and signatures (or at such other place as the parties may mutually agree) on the
same Business Day as all of the conditions contained in this Agreement have been satisfied or waived, or on such other earlier
or later day as the parties may mutually agree in writing (the “Closing Date”). For purposes of transfer of
title and similar matters, the Closing shall be deemed to have occurred at 12:01 a.m. on the Closing Date.

 

Section
4.2 Conveyances at Closing.

 

(a)
Seller Deliveries. To effect the sale transfer of the Purchased Assets referred to in Section 2.1 hereof, the Seller
shall, at the Closing, execute and deliver to the Buyer the following items, all in form and substance mutually agreeable to Buyer
and Seller (together with this Agreement and with the documents and other items described in Section 4.2(b), below, the
“Transaction Documents”):

 

(1)
a bill of sale, conveying in the aggregate Seller’s owned personal property that is included in the Purchased Assets, if
any;

 

    	7

     

    

 

(2)
an Assignment of Contract Rights with respect to the Assumed Contracts;

 

(3)
an Assignment of Proprietary Rights (including an assignment of the Seller’s right, title and interest to the following
trade names: “Jet-Ag,” “Jet-Oxide,” and “Jet Fog,” and all derivations thereof), in recordable
form to the extent necessary to assign such rights and to the extent that such Proprietary Rights may be assigned;

 

(4)
such instruments of transfer reasonably necessary or advisable to transfer to the Buyer all of the Seller’s rights to the
Permits included as part of the Purchased Assets;

 

(5)
such other instrument or instruments of transfer, in such form, as shall be reasonably necessary or appropriate to vest in the
Buyer all of the Seller’s right, title and interest to the Purchased Assets;

 

(6)
the Consulting Agreement described in Section 3.2 and Section 10.3;

 

(7)
the Seller Certification described in Section 5.16;

 

(8)
Executed releases of any Liens relating to the Purchased Assets (other than Permitted Liens), in forms satisfactory to the Buyer
in its reasonable discretion;

 

(9)
a copy of the resolutions of Seller authorizing the execution, delivery and performance of this Agreement and the other Transaction
Documents and approving the consummation of the transactions contemplated hereby and thereby;

 

(10)
a Form W-9 and a non-foreign person affidavit, dated as of the Closing Date, sworn under penalty of perjury stating that the Seller
is not a “foreign person” as defined in US Tax Code Section 1445;

 

(11)
the License Agreement; and

 

(12)
such other documents necessary or reasonably desirable to effectuate the terms of this Agreement.

 

(b)
Buyer Deliveries. Upon the terms and subject to the conditions contained herein, at the Closing, the Buyer shall deliver
to the Seller in form and substance mutually agreeable to Buyer and Seller the following:

 

(1)
an instrument of assumption, evidencing the Buyer’s assumption, pursuant to Section 2.2 hereof, of the Assumed Liabilities;

 

(2)
a copy of the resolutions of the Buyer’s Board of Directors approving the transactions contemplated by this Agreement;

 

(3)
the Consulting Agreement described in Sections 3.2 and 10.3;

 

    	8

     

    

 

(4)
the Buyer Certification described in Section 6.7;

 

(5)
the License Agreement; and

 

(6)
such other documents necessary or reasonably desirable to effectuate the terms of this Agreement.

 

(c)
Purchase Price. At the Closing, the Buyer shall deliver to the Seller the Initial Cash Payment and [***].

 

(d)
Time of the Essence. The Parties agree that time is of the essence for the Closing, and the Parties agree to use their
commercially reasonable best efforts to satisfy each of the conditions to the Closing in the most commercially expeditious manner
reasonably possible.

 

Article
V

Representations and Warranties of

the Seller and the principals

 

The
Seller and Principals hereby represent and warrant to the Buyer as follows:

 

Section
5.1 Organization. The Seller is a duly formed and validly existing corporation under the
laws of the State of Florida, and its status is active, with full power and authority to lawfully conduct its businesses as presently
being conducted. 

 

Section
5.2 Subsidiaries and Investments. The Seller does not have any subsidiaries which are used
by the Seller in the conduct of the Business or which own any of the Purchased Assets. 

 

Section
5.3 Authorization. The Seller and the Principals have the power, authority and capacity
to execute and deliver this Agreement and the other Transaction Documents to which it is a party, to consummate the transactions
contemplated hereby and thereby, and to perform all of its, his or her obligations hereunder and thereunder. All corporate proceedings
required to be taken by the Seller to authorize the execution and delivery of this Agreement and the other Transaction Documents
to which it is a party, and the performance of the Seller’s obligations hereunder and thereunder have been duly and validly
taken. This Agreement has been duly executed and delivered by the Seller and Principals and constitutes, and upon execution and
delivery of the other Transaction Documents to which the Seller or Principals are parties shall constitute, the legal, valid and
binding obligations of the Seller and/or the Principals, as applicable, enforceable against them in accordance with their respective
terms.

 

    	9

     

    

 

Section
5.4 No Conflict or Violation. The execution, delivery and performance of this Agreement
and the other Transaction Documents and the consummation of the transactions contemplated hereby and thereby by the Seller or
each Principal do not and shall not (a) conflict with or result in any material breach of any of the terms, conditions or provisions
of; (b) constitute a material uncured breach or default under; (c) result in a material violation of; (d) give any third party
the right to modify, terminate or accelerate or cause the modification, termination or acceleration of, any material obligation
under; (e) result in the creation of any material Lien upon the Business or the Purchased Assets; or (f) except with respect to
the filing of assignments or similar documentation contemplated by Section 4.2(a)(3) and Section 4.2(a)(4), require
any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any Governmental
Authority, under (i) the provisions of any of the organizational or constituent documents of the Seller; (ii) any Assumed Contract
or Permit to which the Seller is a party or by which the Purchased Assets are bound; (iii) any Applicable Law to which the Seller
is subject; or (iv) any judgment or Court Order to which the Seller is subject.

 

Section
5.5 Title to Property and Purchased Assets.

 

The
Seller has and shall transfer good and marketable title to the Purchased Assets and, upon the consummation of the transactions
contemplated hereby, the Buyer shall acquire good and marketable title to all of the Purchased Assets, free and clear of any Liens
(except for contractual restrictions set forth in writing in any Assumed Contracts, which are referred to herein as “Permitted
Liens”) or conditional sale or other title retention agreement, except for the License Agreement.

 

Section
5.6 Taxes. Seller shall pay all Taxes due or
payable as of the Closing Date for the Business and the Purchased Assets, and no Taxes shall be due or payable as of the Closing
Date that could result in a lien on the Purchased Assets or Business.

 

Section
5.7 Contracts and Commitments.

 

(a)
The Seller has delivered or otherwise made available to the Buyer a true and correct copy
of all written contracts which are disclosed on Schedule 5.7 hereto, in each case together with all material amendments,
waivers or other changes thereto (all of which are disclosed on Schedule 5.7 hereto).

 

(b)
(i) Seller has not materially breached any contract disclosed on Schedule 5.7 hereto; (ii) no present material customer,
supplier or vendor of the Business has indicated in writing or orally to the Seller that it shall stop or materially decrease
the rate of business done with the Seller or that it desires to renegotiate its contract in any material respect with the Seller;
(iii) with respect to the contracts disclosed on Schedule 5.7 hereto, the Seller has materially performed all of the obligations
required to be performed by it, and Seller does not have a present expectation or intention of not materially performing any obligation
of Seller therein; and (iv) each contract set forth on Schedule 5.7 hereto is a legal, valid, binding and enforceable obligation
of the Seller that is in full force and effect in accordance with its respective terms.

 

    	10

     

    

 

Section
5.8 Permits.

 

(a)
Schedule 5.8 hereto sets forth a complete and accurate list of all Permits that are required to operate the Business.

 

(b)
Seller has, and since January 1, 2015, has had, all Permits required under any Applicable Law in the operation of its Business
or in the ownership of the Purchased Assets. The Seller is not in default, nor has it received any notice of any claim of default,
with respect to any Permit set forth on Schedule 5.8. No loss or expiration of any Permit set forth on Schedule 5.8
is pending (except as disclosed on Schedule 5.8) or, to the Seller’s Knowledge, threatened. To Seller’s
Knowledge, all Permits set forth on Schedule 5.8 are renewable by and upon the same terms or in the ordinary course of
business without the need to comply with any special qualification procedures or to pay any amounts other than routine filing
fees. No present or former shareholder, director, officer or employee of the Seller or any Affiliate thereof, or any other Person
(other than a licensor of any licensed Proprietary Rights) owns or has any proprietary, financial or other interest (direct or
indirect) in any Permit set forth on Schedule 5.8.

 

Section
5.9 Consents.

 

(a)
Except:
(i) as set forth on Schedule 5.9; (ii) with respect to the filing of assignments or similar documentation contemplated
by Section 4.2(a)(3) and Section 4.2(a)(4), and (iii) with respect to obtaining the consent to assignment of Persons
other than Seller who are party to the Assumed Contracts, no
Permit, consent, approval, registration, filing, authorization, designation, or declaration of or with any
Person on the part of the Seller or the Principals is required
in connection with the execution or delivery by the Seller or the Principals of this Agreement or the other Transaction Documents
or the consummation of the transactions contemplated hereby and thereby (including the assignment of the Purchased Assets
to the Buyer).

 

(b)
Except to the extent agreed, accepted or assumed in writing by the Buyer in connection with the assignment by the Seller and assumption
by the Buyer of any Assumed Contract, none of the rights or obligations of the Seller under any Assumed Contract listed on Schedule
5.7 shall be adversely affected, in any material respect, by the consummation of the transactions contemplated by this Agreement
and/or the other Transaction Documents, except as contemplated by this Agreement and/or the other Transaction Documents.

 

Section
5.10 Books, Records, and Financials Statements. Seller has made and kept (and made reasonably
available to the Buyer) its books and records and accounts, which are in reasonable detail, and accurately and fairly reflect,
in all material respects, the activities and operations of the Seller as related to the Business.

 

Section
5.11 Litigation. There is no Action or Proceeding or Court Order pending, or, to Seller’s Knowledge, threatened
against or affecting the Business, the Purchased Assets, the Seller, or any officer of the Seller, or any Principal in connection
with the Business, at law or in equity.

 

    	11

     

    

 

Section
5.12 Compliance with Applicable Laws. No claims have been filed, are pending, or, to the
Knowledge of the Seller, threatened against the Seller alleging a material violation of any Applicable Laws or Court Order with
respect to the Business, and the Seller has not received written notice of any such violation.

 

Section
5.13 Proprietary Rights.

 

(a)
Schedule 5.13 hereto sets forth a complete and correct list of: (i) all patented or registered Proprietary Rights and all
pending patent applications or other applications for registration of Proprietary Rights, in each case that are owned by or filed
in the name of the Seller and related to the Business; (ii) all material trade names and trademarks (whether registered or unregistered)
owned or used by the Seller and used in connection with the Business as conducted as of the Closing Date; (iii) all material copyrights
(whether registered or unregistered), mask works and computer software owned or used by the Seller and related to the Business;
and (iv) all Assumed Contracts in effect as of the Closing Date containing licenses, sublicenses or permissions with respect to
Proprietary Rights related to the Business to which the Seller is a party, either as licensee or licensor, in each case identifying
the subject Proprietary Rights, other than end user licenses and contracts containing only nonexclusive licenses entered into
by the Seller in the ordinary course of business.

 

(b)
(i) the Seller owns and possesses all right, title and interest in and to, or has a valid and enforceable right to use, each of
the Proprietary Rights listed on Schedule 5.13 hereto, free and clear of all Liens (other than Permitted Liens), and no
claim by any third Person contesting the validity, enforceability, use or ownership of any of such Proprietary Rights has been
received by the Seller, is currently outstanding or, to the Knowledge of the Seller, is threatened, (ii) the Seller has not received
any notices of, and the Seller has no Knowledge of any facts which indicate a likelihood of, any infringement or misappropriation
by, or conflict with, any third Person with respect to any such Proprietary Right (including, without limitation, any demand or
request that the Seller license rights from a third Person), and (iii) to Seller’s Knowledge, the Seller has not materially
infringed, misappropriated or otherwise conflicted with any rights of any third parties. Notwithstanding the foregoing, the transfer
of the Labels listed on Schedule 5.13 are subject to the acceptance of the United States Environmental Protection Agency
and proper registration.

 

(c)
The Seller has delivered or otherwise made available to the Buyer materially correct and complete copies of all items of Proprietary
Rights related to the Business and identified in Schedule 5.13 hereto, or descriptions with respect thereto where such
items are unregistered, as well as correct and complete copies of all written documentation evidencing ownership and prosecution
(if applicable) of each such item. None of such Proprietary Rights are (i) subject to any escrow arrangement, or (ii) subject
to any outstanding Court Order which would limit the Buyer’s ability to use any such Proprietary Rights.

 

(d)
The Seller has not disclosed any of its trade secrets or confidential information related to the Business to any third party other
than pursuant to a written confidentiality agreement. The Seller has made commercially reasonable efforts to maintain and protect
its Proprietary Rights and shall continue to maintain and protect those rights prior to the Closing so as to not adversely affect
the validity or enforcement of such Proprietary Rights.

 

    	12

     

    

 

Section
5.14 Brokerage. There are no claims for brokerage commissions, finders’ fees or
similar compensation in connection with the transactions contemplated by this Agreement or the other Transaction Documents based
on any arrangement or agreement made by or on behalf of the Seller.

 

Section
5.15 Disclaimer. Except as expressly set forth in this Article V, the Seller and
the Principals make no representation or warranty, express or implied, relating to the Business, the Purchased Assets or any other
matter, including any representation or warranty as to workmanship, profitability, future performance, fitness for a particular
purpose or non-infringement, or any representation or warranty, express or implied, as to the accuracy or completeness of any
information, document or material transmitted, provided or made available to the Buyer or their representatives. ALL OF SUCH ADDITIONAL
REPRESENTATIONS AND WARRANTIES ARE HEREBY DISCLAIMED. 

 

Section
5.16 Seller Certification. On the Closing Date, Seller shall execute a Certification (“Seller
Certification”) warranting that all of the representations and warranties contained in this Article V hereof
and elsewhere in this Agreement and all information delivered in any Schedule, attachment or Exhibit hereto shall be true and
correct on the Closing Date.

 

Article
VI

Representations and Warranties of The Buyer

 

The
Buyer represents and warrants to the Seller as follows:

 

Section
6.1 Organization. The Buyer is a duly formed and validly existing corporation in good
standing under the laws of the State of Delaware, with full power and authority to enter into this Agreement and the other Transaction
Documents to which the Buyer is a party and to perform its obligations hereunder and thereunder.

 

Section
6.2 Authorization. The execution, delivery and performance of this Agreement and the other
Transaction Documents to which the Buyer is a party have been duly and validly authorized by all requisite corporate actions on
the part of the Buyer, and no other corporate proceedings on its part are necessary to authorize the execution, delivery or performance
of this Agreement or the other Transaction Documents. This Agreement has been duly executed and delivered by the Buyer and constitutes,
and each of the other Transaction Documents to which the Buyer is a party shall when executed constitute, a valid and binding
obligation of the Buyer, enforceable against it in accordance with their respective terms. 

 

    	13

     

    

 

Section
6.3 No Violation. The execution, delivery and performance of this Agreement and the other
Transaction Documents and the consummation of the transactions contemplated hereby and thereby by the Buyer do not and shall not
(a) conflict with or result in any material breach of any of the terms, conditions or provisions of; (b) constitute a material
Default under; (c) result in a material violation of; or (d) require any authorization, consent, approval, exemption or other
action by or notice or declaration to, or filing with, any Governmental Authority, under (i) the provisions of any of the organizational
or constituent documents of the Buyer; (ii) any Assumed Contract, Permit, license, agreement or other arrangement to which the
Buyer is a party; (iii) any Applicable Law to which the Buyer is subject; or (iv) any judgment or Court Order to which the Buyer
is subject. 

 

Section
6.4 Consents. No Permit, consent, approval, registration, filing, authorization, designation
or declaration of or with any Person on the part of the Buyer is required in connection with its execution, delivery or performance
by the Buyer of this Agreement or the other Transaction Documents or the consummation of the transactions contemplated hereby
and thereby.

 

Section
6.5 Litigation. There is no Action or Proceeding or Court Order pending or, to the Buyer’s
Knowledge, threatened against or affecting the Buyer at law or in equity, or before or by any Governmental Authority, which would
adversely affect the Buyer’s performance under this Agreement and the other Transaction Documents to which the Buyer is
a party or the consummation of the transactions contemplated hereby or thereby.

 

Section
6.6 Brokerage. There are no claims for brokerage commissions, finders’ fees or similar
compensation in connection with the transactions contemplated by this Agreement or the other Transaction Documents based on any
arrangement or agreement made by or on behalf of the Buyer.

 

Section
6.7 Buyer Certification. On the Closing Date, Buyer shall execute a Certification (the “Buyer Certification”)
certifying that all of the representations and warranties contained in this Article VI and elsewhere in this Agreement
and all information delivered in any Schedule, attachment or Exhibit hereto or in any writing delivered to the Seller are true
and correct on the date of this Agreement and shall be true and correct on the Closing Date.

 

Article
VII

Covenants of the Parties

 

Section
7.1 Further Assurances.

 

(a)
Upon the terms and subject to the conditions contained herein, the parties hereto agree, both before and after the Closing or
until the earlier termination of this Agreement, (i) to use all reasonable efforts to take, or cause to be taken, all actions
and to do, or cause to be done, all things necessary, proper or advisable to consummate and make effective the transactions contemplated
by this Agreement and the other Transaction Documents; (ii) to execute any documents, instruments or conveyances of any kind which
may be reasonably necessary or advisable to carry out any of the transactions contemplated hereunder or the other Transaction
Documents; and (iii) to cooperate with each other in connection with the foregoing.

 

    	14

     

    

 

(b)
Notwithstanding anything to the contrary set forth herein, the Buyer and Seller shall commence all action required under this
Section 7.1 by a date which is reasonably anticipated by such parties to be early enough to allow the transactions contemplated
hereunder to be consummated by the Closing Date.

 

Section
7.2 No Solicitation. From the date hereof through the Closing or until the earlier termination of this Agreement, the
Seller and each Principal shall not, directly or indirectly, enter into, solicit, initiate or continue any discussions or negotiations
with, or encourage or respond to any inquiries or proposals by, or participate in any negotiations with, or provide any information
to, or otherwise cooperate in any other way with, any Person or other entity or group, other than the Buyer, concerning any sale
of all or a portion of the Purchased Assets (other than in the ordinary course of business) or the Business, or transfer of capital
stock of the Seller, and shall promptly notify the Buyer if any discussions or negotiations are sought to be initiated.

 

Section
7.3 Investigation by the Buyer. From the date hereof through the Closing Date or until the earlier termination of
this Agreement, upon reasonable prior notice, the Seller shall, afford the Buyer reasonable access during normal business
hours to the Purchased Assets and the Business for the purpose of inspecting the same, and shall deliver or otherwise make
available to the Buyer all financial, operating and other data and information that relates to the Purchased Assets as the
Buyer may reasonably request.

 

Section
7.4 Conduct of Business. Except as contemplated by this Agreement, or as consented to by the Buyer in writing, from
the date hereof through the Closing or until the earlier termination of this Agreement,

 

(a)
the Seller shall not:

 

(1)
operate the Business outside the ordinary course of business;

 

(2)
sell, assign, transfer, convey, lease, mortgage, pledge or otherwise dispose of or encumber any material Purchased Assets, or
any interests therein, except in the ordinary course of business;

 

(3)
intentionally do any other act which would cause any representation or warranty of a Principal or Seller in this Agreement to
be or become untrue in any material respect; and/or

 

    	15

     

    

 

(4)
flood its current distribution channel with excess inventories or sales; provided, however, that all purchase orders by Buyer
shall be excluded from any analysis of compliance or noncompliance with this provision.

 

(b)
Seller shall:

 

(1)
periodically inform Buyer of all Seller Inventories (quantities), and update Buyer on all Inventory management;

 

(2)
provide Buyer with detailed customer sales history for 2017, 2018 and the period commencing January 1, 2019 through July 31, 2019,
for sales analysis;

 

(3)
provide Buyer with a detailed customer forecast for the balance of calendar year 2019;

 

(4)
promptly alert Buyer of any new customer sales opportunities not included in sales history or the customer forecast; and

 

(5)
use commercially reasonable best efforts to steer any new “Jet-Ag” business to Buyer, with the exceptions of such
business within the states of Washington and Michigan.

 

Section
7.5 Registration of Labels. At or immediately following the Closing, Buyer and Seller agree to initiate the process
of obtaining acceptance by all relevant federal and state authorities of the Labels to be utilized by Buyer following the Closing,
and to work cooperatively, without any further compensation to any Party (other than, in the case of the Seller, appropriate expense
reimbursement), to complete such registration and acceptance process. Buyer shall be responsible for and pay any and all costs,
fees and other expenses owed to third parties related to such post-Closing registration and acceptance process, including any
filing or registration fees that become due and payable after the Closing. Any filing or registration fees paid by Seller prior
to the Closing shall inure to the benefit of Buyer without any proration for the period after Closing. In connection with the
foregoing, upon Buyer’s reasonable direction, Seller agrees to assist Buyer with such registration and acceptance process
in good faith and with commercially reasonable expediency (subject in all events to the cost of such post-Closing process to be
at Seller’s expense).

 

Article
VIII

Conditions to Closing

 

Section
8.1 Conditions to the Buyer’s Obligations. The obligation of the Buyer to consummate the transactions contemplated
by this Agreement is subject to the fulfillment or waiver of the following conditions as of the Closing Date:

 

(a)
[***];

 

(b)
Execution of a contract satisfactory to Seller [***] relating to the Post-Harvest Business;

 

    	16

     

    

 

(c)
The representations and warranties set forth in Article V hereof shall be true and correct in all material respects as of the
Closing Date as though then made and as though the Closing Date were substituted for the date of this Agreement throughout such
representations and warranties;

 

(d)
The Seller and Principals shall have performed and complied in all material respects with all of the covenants and agreements
required to be performed by each of them under this Agreement on or prior to the Closing;

 

(e)
No Action or Proceeding by a third party shall be pending wherein an unfavorable Court Order would prevent the performance of
this Agreement or any of the transactions contemplated hereby, declare unlawful the transactions contemplated by this Agreement,
cause such transactions to be rescinded or materially and adversely affect the right of the Buyer to own the Purchased Assets
or operate the Business, and no Court Order shall have been entered which has any of the foregoing effects;

 

(f)
There shall not have occurred a Material Adverse Effect as to the Business;

 

(g)
Each of Seller and Principals, as applicable, shall have executed and delivered each of the documents described in Section
4.2(a) hereof; and

 

(h)
The Buyer shall have received from the Seller all sales leads and/or pending orders for the Purchased Assets.

 

Any
condition specified in this Section 8.1 may be waived by the Buyer; provided that no such waiver shall be effective unless
it is set forth in a writing executed by the Buyer.

 

Section
8.2 Conditions to the Seller’s Obligations. The obligation of the Seller to consummate the transactions
contemplated by this Agreement is subject to the fulfillment or waiver of the following conditions as of the Closing Date:

 

(a)
The representations and warranties set forth in Article VI hereof shall be true and correct in all material respects as
of the Closing Date as though then made and as though the Closing Date were substituted for the date of this Agreement throughout
such representations and warranties.

 

(b)
The Buyer shall have performed and complied in all material respects with all of the covenants and agreements required to be performed
by it under this Agreement on or prior to the Closing;

 

(c)
[***];

 

(d)
Execution of a contract satisfactory to Seller [***] relating to the Post-Harvest Business;

 

    	17

     

    

 

(e)
On or prior to the Closing Date, the Buyer shall have delivered to the Seller all of the documents described in Section 4.2(b)
hereof; and

 

(f)
No Action or Proceeding by a third party shall be pending wherein an unfavorable Court Order would prevent the performance of
this Agreement or any of the transactions contemplated hereby, declare unlawful the transactions contemplated by this Agreement
or cause such transactions to be rescinded, and no Court Order shall have been entered which has any of the foregoing effects.

 

Any
condition specified in this Section 8.2 may be waived by the Seller; provided that no such waiver shall be effective against
the Seller unless it is set forth in a writing executed by the Seller. Both Parties shall work expeditiously, in all commercially
reasonable respects, to satisfy each of the conditions provided herein.

 

Article
IX

Consents to Assignment

 

Section
9.1 Consents to Assignment. Buyer, Seller and the Principals shall use their commercially reasonable best efforts to
obtain any necessary consents for the assignment of the Assumed Contracts, including, with respect to the assignment of the [***],
the inclusion of the right of the Seller to conduct the Post-Harvest Business, as more particularly described in Section 3.3.

 

    	18

     

    

 

Article
X

Actions by the Seller and the Buyer after the Closing

 

Section
10.1 Seller Restrictions. 

 

On
the Closing Date, Seller and the Principals shall cease all sales of the Products with the exception of Post-Harvest Products
that will be licensed back to Seller as described in Section 3.3 above, and further, except to the extent otherwise permitted
by the Buyer in writing. For the period from the Closing through [***], Seller and the Principals shall not actively sell, promote,
market, direct or influence any of the Purchased Assets, including any product, customer or relationship relating to the Purchased
Assets, except (i) as permitted in the License Agreement described above or as otherwise permitted in connection with the Seller’s
conduct of the Post-Harvest Business (including, without limitation, whether during the License Period or at any time thereafter),
(ii) in connection with the performance of the Principals’ duties and obligations pursuant to the Consulting Agreement,
and/or (iii) as otherwise mutually agreed in writing by the parties; provided, it is understood and agreed by Buyer that the foregoing
restrictions do not and shall not impede or otherwise restrict Seller or the Principals from conducting any business or activity
that it, he or she may desire to conduct, to the extent such business or activity does not constitute the Business or involve
or utilize the Purchased Assets (which permitted other businesses or activities include, without limitation: (x) conducting the
Post-Harvest Business (whether during the License Period or at any time thereafter), (y) developing, promoting, marketing, distributing
and/or selling the [***], and (z) promoting, marketing, distributing and/or selling any of the following existing product lines
of Seller: [***] (the “Seller’s Other Product Lines”).

 

Section
10.2 Channel Programs.

 

Buyer
shall assume Liability for all Channel Programs related to the Products that Buyer purchased from Seller prior to the Closing
Date but shall not assume any Liabilities for sales made by Seller to any third party.

 

Section
10.3 Consulting Agreement. Effective at Closing and for a period of two years from the
Closing Date, the Principals shall serve as consultants for Buyer pursuant to the terms of the Consulting Agreement.

 

Section
10.4 Survival of Representations and Warranties. All representations, warranties, covenants
and agreements set forth in this Agreement, the other Transaction Documents or in any writing or certificate delivered in connection
with this Agreement or the transactions contemplated by this Agreement shall survive the Closing Date for a period of two (2)
years (the “Applicable Limitation Date”).

 

    	19

     

    

 

Section
10.5 Indemnification.

 

(a)
Seller’s and Principals’ Indemnification. Subject to the terms, conditions and limitations set forth elsewhere
in this Section 10.5, the Seller and Principals shall jointly and severally indemnify the Buyer and each of its respective
Representatives, Affiliates, successors and permitted assigns (collectively, the “Buyer Parties”) and hold
each of them harmless from and against and pay on behalf of or reimburse the Buyer Parties in respect of any loss, Liability,
claim, action, cause of action, cost, damage, deficiency, Tax, penalty, fine or expense, whether or not arising out of third party
claims (including, without limitation, interest, penalties, reasonable attorneys’ fees and expenses, court costs and all
amounts paid in investigation, defense or settlement of any of the foregoing) (collectively, “Losses” and individually,
a “Loss”) which any Buyer Party may suffer, sustain or become subject to, as a result of, in connection with,
relating or incidental to or by virtue of:

 

(1)
the breach of any representation or warranty made by the Seller or a Principal contained in this Agreement, the other Transaction
Documents, any Exhibit or Schedule hereto delivered by the Seller or a Principal to the Buyer with respect hereto or thereto in
connection with the transactions contemplated hereby;

 

(2)
the breach of any covenant or agreement made by the Seller or a Principal contained in this Agreement, the other Transaction Documents,
any Exhibit or Schedule hereto or any certificate delivered by the Seller or a Principal to the Buyer with respect hereto or thereto
in connection with the transactions contemplated hereby;

 

(3)
any Loss arising from any of the Seller’s or the Principals’ Liabilities which are Excluded Liabilities; or

 

(4)
any claim for payment of fees and/or expenses as a broker or finder in connection with this Agreement or the Closing; or

 

(5)
any Loss arising from Liabilities incurred due to non-compliance with any Applicable Laws by the Seller or a Principal in connection
with the Business prior to the Closing Date.

 

(b)
Buyer’s Indemnification. Subject to the terms, conditions and limitations set forth elsewhere in this Section
10.5, the Buyer shall indemnify the Seller, the Principals and each of the Seller’s and each Principal’s respective
Representatives, Affiliates, successors and permitted assigns (the “Seller Parties”) and hold the Seller Parties
harmless from and against and pay on behalf of or reimburse the Seller Parties in respect of any Loss which the Seller Parties
may suffer, sustain or become subject to, as the result of, in connection with, relating to or incidental to or by virtue of:

 

(1)
the breach by the Buyer of any representation or warranty made by the Buyer contained in this Agreement, any other Transaction
Document or any certificate delivered by the Buyer to the Seller or the Principals with respect hereto or thereto in connection
with the transactions contemplated hereby;

 

(2)
the breach of any covenant or agreement made by the Buyer contained in this Agreement the other Transaction Documents, any Exhibit
hereto or any certificate delivered by the Buyer to the Seller or the Principals with respect hereto or thereto in connection
with the transactions contemplated hereby;

 

    	20

     

    

 

(3)
any claim for payment of fees or expenses as a broker or finder in connection with the origin, negotiation or execution of this
Agreement or the Closing;

 

(4)
any Loss arising from any of the Buyer’s Liabilities, including, without limitation, any Assumed Liabilities; or

 

(5)
any Loss arising from Liabilities incurred due to non-compliance with any Applicable Laws by the Buyer in connection with the
Business after the Closing Date.

 

(c)
Limitations on Indemnity. The indemnification provided for in subsections (a) and (b) above is subject to the following
limitations:

 

(1)
No party hereto shall be liable hereunder with respect to claims referred to in subsection (a)(1) or subsection (b)(1)
above unless the other party gives written notice thereof prior to the expiration of the Applicable Limitation Date. Notwithstanding
any implication to the contrary contained in this Agreement, so long as a party hereto delivers written notice of a specific claim
described in reasonable detail (and otherwise in accordance with the notice procedures set forth in subsection (d)(l) below)
no later than the Applicable Limitation Date, the other party shall be required to indemnify hereunder for all Losses which such
parties may incur (subject to the Basket and the Cap, if applicable) in respect of the matters which are the subject of such claim,
regardless of when incurred.

 

(2)
With respect to any Loss arising under subsection (a)(1) above:

 

(i)
The Seller and the Principals shall not be liable to the Buyer Parties for any such Loss unless the aggregate amount of all such
Losses exceeds [***] in the aggregate (the “Basket”), in which case the Seller and the Principals shall be
liable to the Buyer Parties for all such Losses in excess of the Basket ([***]);

 

(ii)
The Seller and the Principals shall not be liable to the Buyer Parties to the extent that the aggregate amount of all such Losses
(excluding any such indemnified Losses relating to a breach of the representations and warranties set forth in Sections 5.5
and 5.6) exceeds [***] (the “Cap”). For the avoidance of doubt, Seller’s indemnification obligations
to the Buyer Parties for Losses arising under subsection (a)(1) above and resulting from a breach of the representations
and warranties set forth in Sections 5.5 and 5.6 shall not be subject to the Cap.

 

(d)
Procedure.

 

(1)
If a party hereto seeks indemnification under this Section 10.5, such party (the “Indemnified Party”)
shall give written notice to the other party or parties (the “Indemnifying Party”) promptly after receiving
written notice of any Action or Proceeding against it (if by a third party) or discovering the liability, obligation or facts
giving rise to such claim for indemnification, describing the claim, the amount thereof (if known and quantifiable), and the basis
thereof; provided that the failure to so notify the Indemnifying Party promptly shall not relieve the Indemnifying Party of its
or his Liabilities hereunder except to the extent such failure shall have harmed the Indemnifying Party. The Indemnified Party
shall promptly notify the Indemnifying Party of the same in writing, specifying in detail the basis of such claim and the facts
pertaining thereto and the Indemnifying Party shall be entitled to participate in the defense of such action, lawsuit, proceeding,
investigation or other claim giving rise to the Indemnified Party’s claim for indemnification at the Indemnifying Party’s
expense, and at the Indemnifying Party’s option (subject to the limitations set forth below) shall have the right to defend
the Indemnified Party against such action, lawsuit, proceeding, investigation or other claim with counsel of its choice reasonably
satisfactory to the Indemnified Party.

 

    	21

     

    

 

(2)
Notwithstanding any provision herein to the contrary, the Indemnifying Party shall not have the right to assume control of such
defense and shall pay the fees and expenses of counsel retained by the Indemnified Party, if the claim which the Indemnifying
Party seeks to assume control of (i) seeks non-monetary relief; (ii) involves criminal or quasi-criminal allegations; (iii) involves
a claim which, upon petition by the Indemnified Party, the appropriate court rules that the Indemnifying Party failed or is failing
to vigorously prosecute or defend; or (iv) involves a claim to which the Indemnified Party reasonably believes an adverse determination
would be detrimental to or injure the Indemnified Party’s reputation or future business prospects.

 

(3)
If the Indemnifying Party is permitted under this Section 10.5(d) to assume and control the defense and elects to do so,
the Indemnified Party shall have the right to employ counsel separate from counsel employed by the Indemnifying Party in any such
action and to participate in the defense thereof, but the fees and expenses of such counsel employed by the Indemnified Party
shall be at the expense of the Indemnified Party unless (i) the employment thereof has been specifically authorized by the Indemnifying
Party in writing; or (ii) the Indemnifying Party has been advised by counsel that a reasonable likelihood exists of a conflict
of interest between the Indemnifying Party and the Indemnified Party.

 

(4)
If the Indemnifying Party shall control the defense of any such claim, the Indemnifying Party shall obtain the prior written consent
of the Indemnified Party (which shall not be unreasonably withheld) before entering into any settlement of a claim or ceasing
to defend such claim, if pursuant to or as a result of such settlement or cessation, injunction or other equitable relief shall
be imposed against the Indemnified Party, if such settlement does not expressly unconditionally release the Indemnified Party
from all Liabilities with respect to such claim and all other claims arising out of the same or similar facts and circumstances,
with prejudice, or if such settlement could adversely affect any Tax or other Liability of such Indemnified Party.

 

(e)
Purchase Price Adjustments. Amounts paid to or on behalf of the Seller, the Principals or the Buyer as indemnification
shall be treated as adjustments to the Purchase Price.

 

(f)
Offset; Satisfaction. Any amount owing from Seller or Principals to any Buyer Party pursuant to this Section 10.5
shall be paid and satisfied [***]. Any additional amounts shall be paid by Seller and Principals to Buyer pursuant to the terms
hereof, subject to the Cap limitations set forth in Section 10.5(c)(2)(ii), if and to the extent applicable. [***]

 

(g)
Investigation. Notwithstanding anything to the contrary contained herein, neither Seller nor Principals shall be liable
to any Buyer Party under this Section 10.5 for any Loss based upon or arising out of any inaccuracy in or breach of any
of the representations or warranties of Seller contained in this Agreement if Buyer had Knowledge of such inaccuracy or breach
prior to the Closing.

 

    	22

     

    

 

(h)
No Punitive or Consequential Losses. In no event shall any Indemnifying Party be liable to any Indemnified Party for any
punitive, incidental, consequential, special or indirect damages, including loss of future revenue or income, loss of business
reputation or opportunity relating to the breach or alleged breach of this Agreement, or diminution of value or any damages based
on any type of multiple.

 

(i)
Mitigation. Buyer, Seller and the Principals (and their respective Affiliates and Representatives) shall cooperate reasonably
with each other with respect to resolving any claim or liability with respect to which one party is obligated to indemnify the
other party hereunder, including by making commercially reasonable efforts to mitigate or resolve any such claim or liability,
and further including incurring costs only to the minimum extent reasonably necessary to remedy the breach that gives rise to
such Loss.

 

(j)
Indemnification Exclusive Remedy. Other than the rights of the parties hereto to seek specific performance, injunctive
or equitable relief as specifically set forth in this Agreement, and further, except for actions based on the commission of intentional
misrepresentation or fraud by a party, the provisions of this Section 10.5 set forth the sole and exclusive rights and
remedies of the parties hereto for any breach of this Agreement or otherwise relating to the subject matter of this Agreement
and the transactions contemplated by this Agreement and the Transaction Documents. For the avoidance of doubt, the limitations
in this Section 10.5(j) shall not apply with respect to any fraud or intentional misrepresentation committed by a party
in connection with this Agreement or the transactions contemplated by this Agreement and the Transaction Documents.

 

Section
10.6 Non-Competition and Non-Solicitation.

 

(a)
Non-Competition. Except as permitted by the License Agreement and Consulting Agreement, and except as otherwise may be
permitted by the Buyer (in its discretion) in writing, during the period beginning on the Closing Date and ending on January 1,
2026 (the “Non-Compete Period”), the Seller and each Principal shall not engage, and shall not allow any of
their respective Affiliates to engage, directly or indirectly (whether as an owner, operator, manager, employee, officer, director,
consultant, advisor, representative or otherwise), in the Business in any jurisdiction in North America in which the Seller has
transacted the Business at any time during the five (5) year period immediately prior to the Closing Date, which jurisdictions
include, without limitation, those jurisdictions set forth in Schedule 10.6 hereto; [***]. The Seller and Principals expressly
acknowledge and agree that each and every restriction imposed by this Section 10.6 (the “Non-Compete Agreement”)
is reasonable with respect to subject matter, time period and geographical area.

 

(b)
Non-Solicitation. The Seller and Principals agree that, during the Non-Compete Period, the Seller and Principals shall
not, and shall not permit any of their Affiliates to, directly or indirectly (the “Non-Solicitation Agreement”):

 

(1)
contact, approach or solicit for the purpose of offering employment to or hiring (whether as an employee, consultant, agent, independent
contractor or otherwise) any person employed by the Buyer at any time during the six (6) month period prior thereto, without the
prior written consent of the Buyer; or

 

    	23

     

    

 

 

(2) induce
or attempt to induce any customer, supplier, distributor, retailer or other business relation of the Business to discontinue or
materially reduce its business relationship with the Business; or

 

(3) disparage
the Buyer or any of its Affiliates or any of their respective Representatives.

 

(c) Exceptions
to Non-Compete. The Buyer acknowledges, confirms and agrees that the Non-Compete Agreement and the Non-Solicitation Agreement
do not and shall not prohibit the Seller and the Principals from (i) developing, promoting, marketing, distributing and/or selling
the [***], (ii) conducting the Post-Harvest Business (whether during the License Period or at any time thereafter), or (iii) conducting
or continuing to conduct any business activities not constituting the Business (expressly including, without limitation, the Seller’s
Other Product Lines). For the avoidance of doubt, the parties acknowledge that the right of Seller and/or the Principals to conduct
the Post-Harvest Business is not limited to the duration of the License Period, but rather continues indefinitely thereafter,
at the discretion of Seller and/or the Principals.

 

(d) Buyer
Restrictive Covenants.

 

(1) Non-Disparagement.
Buyer agrees that, during the Non-Compete Period, the Buyer shall not, and shall not permit any of its Affiliates or Representatives
to, disparage the Seller, the Principals, their respective Affiliates or any of their respective Representatives.

 

(2) Non-Solicitation.
Buyer agrees that, during the Non-Compete Period, the Buyer shall not, and shall not permit any of its Affiliates or Representatives
to:

 

(i) contact,
approach or solicit for the purpose of offering employment to or hiring (whether as an employee, consultant, agent, independent
contractor or otherwise) any person employed by the Seller at any time during the six (6) month period prior thereto (other than
the Principals, pursuant to the Consulting Agreement), without the prior written consent of the Seller; or

 

(ii) induce
or attempt to induce any customer, supplier, distributor, retailer or other business relation of the Post-Harvest Business to
discontinue or materially reduce its business relationship with the Post-Harvest Business

 

(3) [***]
Modifications. Without obtaining the prior written consent of the Seller, the Buyer shall not amend, modify, supplement or
otherwise alter the [***] in any manner which modifies or changes, in any material respect, the rights and benefits of the Seller
and the Principals thereunder, as contemplated by this Agreement (e.g., the right of the Seller to purchase Post-Harvest Products
during the License Term, the right of the Seller to be notified of Buyer purchases of Products in connection with the Earn-Out
Consideration process, and the right of the Seller to purchase Products ([***]) from [***] during any release period described
in Section 10.7, below).

 

    	24

     

    

 

(e) Remedy
for Breach. The Seller and Principals acknowledge and agree that in the event of a breach by either the Seller or any Principal
(or any of their respective Representatives or Affiliates) of any of the provisions of Sections 10.6(a) and 10.6(b)
hereof (after taking into account Section 10.6(c) hereof), and the Buyer acknowledges and agrees that in the event
of a breach by the Buyer (or any of its Representatives or Affiliates) of any of the provisions of Section 10.6(d) hereof,
monetary damages shall not constitute a sufficient remedy. Consequently, in the event of any such breach, the non-breaching party
and its, his or her respective successors or assigns may, in addition to other rights and remedies existing in their favor, apply
to any court of law or equity of competent jurisdiction for specific performance or injunctive or other relief in order to enforce
or prevent any violations of the provisions hereof, in each case without the requirement of posting a bond or proving actual damages.

 

(f) Enforcement.
If the final judgment of a court of competent jurisdiction declares that any term or provision of this Section 10.6 is
invalid or unenforceable, the parties agree that the court making the determination of invalidity or unenforceability shall have
the power to reduce the scope, duration, or area of 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
after the expiration of the time within which the judgment may be appealed.

 

(g) Acknowledgment.
The Seller and Principals acknowledge and agree that (i) the restrictions contained in this Section 10.6 hereto are reasonable
in all respects (including, without limitation, with respect to the subject matter, time period and geographical area) and are
necessary to protect the Buyer’s interest in, and value of, the Business (including, without limitation, the goodwill inherent
therein); (ii) the Seller is primarily responsible for the creation of such value; and (iii) the Buyer would not have consummated
the transactions contemplated hereby without the restrictions contained in this Section 10.6.

 

Section
10.7 Default and Non-Competition. In the event the Buyer defaults on timely payment
or delivery of any portion of the Future Cash Payments and/or the Earn-Out Consideration (altogether, the “Payout”),
the Seller shall provide Buyer written notice and opportunity to cure such default [***] for the first failure, [***] for the
second failure and [***] for a third or further failure). If the Buyer fails to cure the default in payment or delivery within
the specified time period, the Seller and the Principals shall then be fully and completely released from their Non-Compete Agreement
and Non-Solicitation Agreement (the “Restrictive Agreements”), but shall advise in writing any third parties
with whom they subsequently do business that would otherwise be violative of the Restrictive Agreements of the status of the Restrictive
Agreements prior to entering into any agreements for such business with such third parties. If the Buyer elects to reinstate the
Restrictive Agreements, then the Buyer may do so by first paying to the Seller and the Principals the full and complete Payout
(including any such amounts not yet then due or payable) – provided that, in the event of such a reinstatement, the Seller
and the Principals will be provided commercially reasonable accommodation to unwind any otherwise violative relationships established
as a consequence of the termination and release of the Restrictive Agreements. In the event of the release of the Restrictive
Agreements as described above, the Buyer expressly acknowledges, confirms and agrees that the Seller and the Principals shall
have the right, among other competitive activities, to deal directly with [***] with respect to any of [***] products that would
otherwise constitute competitive Products, [***], until such time as the Restrictive Agreements are reinstated.

 

    	25

     

    

 

Section
10.8 Remedies; Specific Performance. Each of the parties acknowledges and agrees
that the other parties hereto would be damaged irreparably in the event any of the provisions of this Agreement are not performed
in accordance with their specific terms or otherwise are breached. Accordingly, each of the parties hereto agrees that, in addition
to any other rights and remedies existing in a party’s favor to enforce its rights hereunder including by an action for
damages, the parties hereto shall be entitled to an injunction to prevent breaches of the provisions of this Agreement and to
enforce specifically this Agreement and the terms and provisions hereof (including the indemnification provisions hereof).

 

Section
10.9 [***]. Following the Closing and continuing until the later of such time as the Earn-Out
Consideration has been paid in full or the License Period has terminated, Buyer shall not permit [***] (as contemplated by this
Agreement) without Seller’s prior written consent.

 

ARTICLE
XI

 

BUYER
OPTION FOR RIGHT TO DISTRIBUTE [***]

 

Section
11.1 [***] Distribution Rights. The parties acknowledge that Seller is at the preliminary stage of evaluating
the viability of the [***] as a possible fungicide-algaecide-bactericide product, and further, that, following the Closing, Seller
anticipates continuing this evaluation process, and if successful, further anticipates developing the [***] into a product line
for sale and distribution. In such event and at such time as such viability and development has been satisfactorily completed
in Seller’s discretion, Seller agrees that Seller shall offer Buyer the first right to distribute such new [***] line, on
such terms as that parties may mutually agree at such time, upon undertaking good faith negotiations, in which event, Buyer shall
have the right, in its sole option, to undertake or forego such distribution rights with Buyer’s right to become a distributor
of such [***] line to be accepted or rejected by Buyer within 45 days of the commencement by Seller of such discussions, it being
understood that following such 45 day period, Seller shall have the right to continue its efforts to further develop, market,
distribute and sell such [***] line, whether directly or with or through any other Person.

 

    	26

     

    

 

Article
XIi

Miscellaneous

 

Section
12.1 Termination.

 

(a) Termination
Prior to the Closing Date. This Agreement may be terminated at any time prior to the Closing Date:

 

(1) By
the Buyer, without any Liability of such party:

 

(i) If
there is a failure of the condition set forth in Section 8.1(b) hereof with respect to a breach of any of the representations
and warranties set forth in Article V, which failure results in a Material Adverse Effect;

 

(ii) If
there is a failure of a condition set forth in Section 8.1(c) hereof with respect to any breach of any covenant of the
Seller or a Principal required to be performed by each of them under this Agreement on or prior to the Closing Date, which failure
results in a Material Adverse Effect.

 

(iii) If
[***] fails to authorize or otherwise consent to the assignment and assumption of the [***] by Seller and Buyer, respectively,
together with [***] acceptance of the additional terms and conditions to the [***] contemplated by the terms of this Agreement,
including without limitation, by the terms of the License Agreement relating to the Post-Harvest Business; or

 

(iv) If
the Closing shall not have occurred on or before September 16, 2019, without any breach by the Buyer, unless Seller, the Principals
and the Buyer mutually agree in writing to extend the time.

 

(2) By
the Seller or any Principal, without any Liability of any such party:

 

(i) If
there is a failure of the condition set forth in Section 8.2(a) hereof with respect to a breach of any of the representations
and warranties set forth in Article VI, which failure results in a Material Adverse Effect;

 

(ii) If
there is a failure of a condition set forth in Section 8.2(b) hereof with respect to any breach of any covenant of the
Buyer required to be performed by the Buyer under this Agreement on or prior to the Closing Date, which failure results in a Material
Adverse Effect;

 

(iii) If
[***] fails to authorize or otherwise consent to the [***] by Seller and Buyer, respectively, together with [***] contemplated
by the terms of this Agreement, including without limitation, by the terms of the License Agreement relating to the Post-Harvest
Business; or

 

(iv) If
the Closing shall not have occurred on or before [***] without any breach by the Seller or any Principal, unless Seller, the Principals
and the Buyer mutually agree in writing to extend the time.

 

    	27

     

    

 

Section
12.2 Assignment. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by any
party without the prior written consent of the other parties hereto; except that the Buyer may, without such consent, assign all
such rights and obligations to a wholly-owned subsidiary (or a partnership controlled by the Buyer) or subsidiaries of the Buyer
or to a successor in interest to the Buyer which shall assume all obligations and Liabilities of the Buyer under this Agreement.

 

Section
12.3 Notice. 

 

(a) Notices.
All notices, requests, demands and other communications which are required or may be given under this Agreement shall be in writing
and shall be deemed to have been duly given when received if personally delivered; when transmitted if transmitted by electronic
or digital transmission method during normal business hours of such recipient; the day after it is transmitted by telecopy, electronic
or digital transmission method if such transmission is effectuated after normal business hours of such recipient; the first Business
Day after it is sent, if sent for next Business Day delivery to a domestic address by recognized overnight delivery service (e.g.,
Federal Express); and upon receipt, if sent by certified or registered mail, return receipt requested. In each case notice shall
be sent to:

 

If
to the Seller or the Principals, addressed to:

 

Bill
Grant and Lucie Grant

[***]

[***]

[***]

 

With
a copy to:

 

Gray/Robinson,
P.A.

[***]

[***]

[***]

[***]

[***]

 

If
to the Buyer, addressed to:

 

Marrone
Bio Innovations, Inc.

1540
Drew Ave.

Davis,
CA 95618

Attn:
[***]

Fax:

Email:
[***]

 

With
a copy to:

 

Linda
Worton Jackson, Esquire

Pardo
Jackson Gainsburg, PL

200
SE 1st Street, Suite 700

Miami,
Florida 33131

Fax:
(305) 358-1001

Email:
ljackson@pardojackson.com

 

Alfredo
B. D. Silva

Morrison
& Foerster LLP

425
Market Street

San
Francisco, CA 94105

Fax:
(415) 276-7201

Email:
ASilva@mofo.com

 

or
to such other place and with such other copies as any such party may designate as to itself, himself, or herself by written notice
to the other parties hereto.

 

    	28

     

    

 

Section
12.4 Governing Law. All questions concerning the construction, validity and interpretation of this Agreement shall
be governed by and construed in accordance with the domestic laws of the State of Delaware, without giving effect to any choice
of law or conflict of law provision (whether of the State of Delaware or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the State of Delaware. The parties agree that any suit, action, or proceeding arising
out of or relating to this Agreement shall be brought exclusively in the United States District Court for the Northern District
of California (or should such court lack jurisdiction to hear such action, suit or proceeding, in a California state court in
the County of Yolo) and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the
fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding
brought in such court.

 

Section
12.5 Entire Agreement; Amendments and Waivers. This Agreement and the other Transaction Documents,
together with all Exhibits and Schedules hereto and thereto, constitute the entire agreement among the parties hereto pertaining
to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or
written. No amendment, supplement, modification or waiver of this Agreement shall be binding unless executed in writing by the
party to be bound thereby. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly
provided.

 

Section
12.6 Counterparts; Electronic Delivery. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. The transmission of an executed
counterpart of this Agreement by facsimile or other means of electronic delivery, including email, may be relied upon as fully
as the delivery of an executed original counterpart.

 

    	29

     

    

 

Section
12.7 Cost and Expenses.

 

(a) Except
as otherwise provided herein, each party hereto shall pay all of its, his, or her own fees, costs and expenses.

 

(b) All
transfer Taxes, if any, arising out of, in connection with, or attributable to the transactions contemplated hereunder, shall
be borne and paid by the Seller. The Seller shall also be responsible for all other Taxes attributable to, levied upon or incurred
in connection with the Purchased Assets pertaining to the period prior to the Closing Date. The Buyer shall be responsible for
all other Taxes attributable to, levied upon or incurred in connection with the Purchased Assets pertaining to the period beginning
from and after the Closing Date.

 

Section
12.8 Invalidity. In the event that any one or more of the provisions contained in this Agreement or in any other
instrument referred to herein, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then to
the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this
Agreement or any other such instrument.

 

Section
12.9 Publicity. The Buyer may, at its sole and absolute discretion, issue or make an appropriate press release
or public announcement after the Effective Date; provided, however, that the Buyer shall provide the Seller an advance copy of
any such proposed press release and further provide the Seller with forty-eight hours to provide comments thereto, and in such
event, the Buyer shall give good faith consideration to addressing such comments in the press release prior to publicly issuing
the press release. Notwithstanding the foregoing, any announcement required to be made in accordance with the rules and regulations
of the U.S. Securities and Exchange Commission or The Nasdaq Stock Market LLC may be made by the Buyer with less than 48 hours’
notice to the Seller to the extent necessary to comply with such rules or regulations.

 

Section
12.10 Waiver of Jury Trial. SHOULD ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT,
THE OTHER TRANSACTION DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, BE TRIED BY A COURT, THE PARTIES AGREE THAT
THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING
WHICH RELATES, IN WHOLE OR IN PART, TO THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF.

 

[Remainder
of page intentionally left blank; signature page follows]

 

    	30

     

    

 

In
Witness Whereof, the parties hereto have caused
this Agreement to be duly executed on their respective behalf, by their respective officers thereunto duly authorized, all as
of the day and year first above written.

 

	 	The
    Buyer:
	 	 	 
	 	MARRONE
    BIO INNOVATIONS, INC.
	 	 	 
	 	By:
    	/s/
    Linda V. Moore
	 	Name:	Linda
    V. Moore
	 	Title:	EVP
    and General Counsel
	 	 	 
	 	The
    Seller:
	 	 	 
	 	AUSTIN
    GRANT, INC.
	 	 	 
	 	By:	/s/
    Lucie Grant
	 	Name:	Lucie
    Grant
	 	Title:	President
	 	 	 
	 	By:	/s/
    William Grant
	 	Name:	William
    Grant
	 	Title:	Vice
    President
	 	 	 
	 	The
    Principals:
	 	 	 
	 	/s/ William Grant
	 	William Grant, an individual
	 	 	 
	 	/s/ Lucie Grant
	 	Lucie Grant, an individual

 

    	31eypt-ex101_7.htm

Exhibit 10.1

 

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (hereinafter the “Agreement”) is made as of November 14, 2019, by and between George O. Elston, who currently resides at xxx (“Employee”) and EyePoint Pharmaceuticals, Inc. (formerly pSivida, Inc. and hereinafter together with its parent, subsidiary, and related or affiliated entities referred to as the “Company”), having its headquarters at 480 Pleasant Street, Suite B300, Watertown, Massachusetts 02472 (collectively the “Parties”).

 

Recitals

 

WHEREAS, the Employee desires to be employed by and the Company desires to employ Employee as its Chief Financial Officer; and 

 

WHEREAS, the Company and Employee desire to set forth sets forth the terms and conditions under which the Company agrees to employ Employee and Employee agrees to be employed by the Company;

 

Agreement

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and the Employee hereby agree as follows:

 

	
 
	
1.
	
     Position and Duties.

 

(a)Employee will commence employment on November 14, 2019 or such other date as the Company and Employee may agree (the "Start Date") on a full-time basis, as the Chief Financial Officer and Head of Corporate Development, reporting to the President and Chief Executive Officer of the Company. This is an exempt position.  

 

(b)Employee agrees to perform the duties of Employee’s position and such other duties as may reasonably be assigned to Employee consistent therewith from time to time. Employee also agrees that, while employed by the Company, Employee will devote Employee’s full business time and best efforts, business judgment, skill and knowledge exclusively to the advancement of the business interests of the Company and to the discharge of all assigned duties and responsibilities for them.  Company acknowledges and consents that Employee currently serves as a Trustee for the DBX Trust and is eligible to serve as a Director on one additional publicly traded company’s Board of Directors, provided that the additional entity is not a competitor to the Company.

 

 

 

(c)Employee agrees that, while employed by the Company, Employee will comply with all Company policies, practices and procedures and all codes of ethics or business conduct reasonably applicable to Employee’s position, as in effect from time to time.

 

2.Compensation and Benefits. During Employee’s employment, as compensation for all services performed by Employee for the Company and its subsidiaries and subject to Employee’s full performance of Employee’s obligations hereunder, the Company will provide Employee the following pay and benefits:

 

(a)Base Salary.The Company will pay Employee a base salary at the rate of $440,000.00 (Four-Hundred Twenty-Five Thousand Dollars and Zero Cents) per year, payable in accordance with the regular payroll practices of the Company (as may be adjusted, from time to time, the "Base Salary"). In the event the Base Salary is increased, the increased amount shall constitute the Base Salary.

 

(b)Bonus Compensation. For each fiscal year completed during Employee’s employment under this Agreement, Employee will be eligible for an annual cash bonus. Employee’s target bonus will be 40% of the then current Base Salary (the "Target Bonus"), with the actual amount of any such bonus being determined by the Board of Directors of the Company (the "Board") in its sole discretion, based on Employee’s performance and that of the Company against goals established by the Board and consistent with any applicable plan or program documents and generally applicable Company policies. Except as otherwise expressly provided in Section 4 hereof, Employee must be employed through the date a bonus is paid in order to earn the bonus.  If Employee’s employment terminates, for any reason, prior to the payout of the bonus, the bonus is not due and payable. The Company shall generally award any bonus by March 31 each year, in respect of the preceding year.

 

(c)Inducement Option Equity Grant.  Employee shall be granted an option to acquire 745,000 common shares at an exercise price of equal to the closing share price on the Start Date. The terms and conditions of the option grant shall be as provided in an Executive Officer Inducement Award Agreement in the Company’s customary form.  

 

(d)Equity and Other Long-Term Incentive Grants. Commencing with the 2021 annual award of equity or other long-term incentives to senior executives following your Start Date, you will be eligible for grants of equity and other long-term awards as approved by the Compensation Committee based on prevailing market practices and commensurate with your position relative to grants to other senior executives of the Company.  Notwithstanding the foregoing, if the Company completes an equity financing round after the Start Date and before March 31, 2020, Employee shall be eligible for an additional equity grant (the “True Up Grant”) which shall reflect the dilution of the Company’s common stock caused by such equity financing round, such that the Employee’s percentage ownership of the Company’s fully diluted common stock after the True Up Grant shall be equal to Employee’s percentage ownership immediately following the initial inducement option equity grant described in Section 2(c) above.

 

2

 

 

 

(e)Participation in Employee Benefit Plans. Employee will be entitled to participate in all employee benefit plans from time to time in effect for senior employees of the Company generally, except to the extent such plans are duplicative of benefits otherwise provided Employee under this Agreement (e.g., a severance pay plan). Employee’s participation will be subject to the terms of the applicable plan documents and generally applicable Company policies, as the same may be in effect from time to time, and any other restrictions or limitations imposed by law.

 

(f)Vacations. Employee will be entitled to twenty (20) days of vacation per year, in addition to holidays observed by the Company.  Vacation will accrue monthly on a pro-rated basis. Vacation may be taken at such times and intervals as Employee shall determine, subject to the business needs of the Company. Vacation shall otherwise be subject to the policies of the Company, as in effect from time to time.

 

(g)  Business Expenses; Temporary Housing Allowance. The Company will pay or reimburse Employee for all reasonable business expenses incurred or paid by Employee in the performance of Employee’s duties and responsibilities for the Company, subject to any maximum annual limit and other restrictions on such expenses set by the Company and to such reasonable substantiation and documentation as may be specified from time to time. Employee’s right to payment or reimbursement for business expenses hereunder shall be subject to the following additional rules: (i) the amount of expenses eligible for payment or reimbursement during any calendar year shall not affect the expenses eligible for payment or reimbursement in any other calendar year, (ii) payment or reimbursement shall be made not later than December 31 of the calendar year following the calendar year in which the expense or payment was incurred, and (iii) the right to payment or reimbursement is not subject to liquidation or exchange for any other benefit.  

In addition, the Company shall reimburse Employee for temporary housing expenses of up to $4,000 per month for accommodations in the Boston area for six (6) months subsequent to the Start Date.  Employee shall obtain and be responsible for Employee’s housing and related costs in the Boston area throughout Employee’s time of employment with the Company after the sixth (6th) month of employment.

 

(h) Professional Fees. The Company will reimburse your reasonable professional fees incurred by you related to the negotiation and preparation of this Agreement and related agreements and other documents in an aggregate amount not to exceed five thousand dollars ($5,000).

 

 

3.Termination of Employment.Employee’s employment under this Agreement shall continue until terminated pursuant to this Section 3.

 

(a)By the Company for Cause. The Company may terminate Employee’s employment for Cause upon notice to Employee setting forth in reasonable detail the nature of the Cause. The following, as determined by the Board in its reasonable, good faith judgment, shall constitute "Cause" for termination: (i) material or willful failure to perform duties reasonably expected and/or requested of Employee (other than by reason of disability) if not cured within 30 days of written notice of such failure; (ii) material breach of this 

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Agreement or any other agreement between Employee and the Company, including but not limited to any Confidential Information, Non-Disclosure, Non-Solicitation, Non-Compete, and Rights to Intellectual Property Agreement if not cured within 30 days of written notice of such breach; (iii) commission of, or plea of nolo contendere to, a felony or other crime involving moral turpitude; (iv) commission of fraudulent or illegal act in commission of Employee’s duties or otherwise with respect to the Company; (v) failure to adhere to moral and ethical business principles consistent with the Company’s Code of Business Conduct and/or policies in effect from time to time; (vi) engaging in an act or series of acts constituting misconduct resulting in a misstatement of the Company's  financial statements due to material non-compliance with any financial reporting requirement within the meaning of Section 304 of the Sarbanes-Oxley Act of 2002; or (vii) other conduct that is or could reasonably be expected to be harmful to the interests or reputation of the Company.

 

(b)By the Company Without Cause. The Company may terminate Employee’s employment at any time other than for Cause upon two weeks’ notice to Employee.

 

(c)By Employee for Good Cause. Employee may terminate Employee’s employment for Good Cause by (A) providing notice to the Company specifying in reasonable detail the condition giving rise to the Good Cause no later than the thirtieth (30th) day following Employee’s first becoming aware of such event or condition; (B) providing the Company a period of (30) days to remedy the event or condition; and (C) written notice terminating Employee’s employment for Good Cause within fifteen (15) days following the expiration of the period to remedy if the Company fails to remedy the condition. The following, if occurring without Employee’s consent, shall constitute "Good Cause" for termination by Employee: (i) a material diminution in the nature or scope of Employee’s position, duties, or authority (other than temporarily while Employee is physically or mentally incapacitated to such a degree that Employee would be eligible for disability benefits under the Company's disability income plan or as required by applicable law); (ii) a material reduction in the Base Salary or the Target Bonus percentage; (iii) a material breach by the Company of this Agreement; (iv) a requirement by the Company that Employee relocate to a location more than thirty (30) miles from Watertown, Massachusetts.

(d)By Employee Without Good Cause. Employee may terminate Employee’s employment at any time without Good Cause upon thirty (30) days' notice to the Company. The Board may elect to waive such notice period or any portion thereof; but in that event, the Company shall pay Employee the Base Salary for that portion of the notice period so waived.

 

(e)Death and Disability. Employee’s employment hereunder shall automatically terminate in the event of Employee’s death during employment. In the event Employee becomes disabled during employment and, as a result, is unable to continue to perform substantially all of Employee’s duties and responsibilities under this Agreement, either with or without reasonable accommodation, the Company will continue to pay Employee the Base Salary and to provide Employee benefits in accordance with Section 2(c) above, to the extent permitted by plan terms, for up to twelve (12) weeks of disability during any period of three hundred sixty-five (365) consecutive calendar days. 

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4.
	
Other Matters Related to Termination.
	
 

 

(a)Final Compensation. In the event of termination of Employee’s employment with the Company, howsoever occurring, the Company shall pay Employee (i) the Base Salary for the final payroll period of Employee’s employment, pro-rated through the date that Employee’s employment terminates; (ii) compensation at the rate of the Base Salary for any accrued, unused vacation time; and (iii) reimbursement, in accordance with Section 2(e) hereof, for business expenses incurred by Employee but not yet paid to Employee as of the date Employee’s employment terminates; provided Employee submits all expenses and supporting documentation required within sixty (60) days of the date Employee’s employment terminates, and provided further that such expenses are reimbursable under Company policies as then in effect (all of the foregoing, "Final Compensation"). Except as otherwise provided in Section 5(a)(iii), Final Compensation will be paid to Employee within thirty (30) days following the date of termination (or such shorter period required by law).

 

(b)Severance Payments. In the event of any termination of Employee’s employment pursuant to Section 3(b) or Section 3(c) above, the Company will pay Employee, in addition to Final Compensation, (i) the Base Salary for the period of twelve (12) months from the date of termination; plus (ii) one times the Target Bonus for the year in which the termination occurs, payable in equal installments during the period of Base Salary continuation under clause (i).  Provided Employee timely elects continuation coverage for Employee and Employee’s eligible dependents under the federal law known as "COBRA" or similar state law, the Company will pay the monthly amount that equals the portion of the monthly health premiums paid by the Company on Employee’s behalf and that of Employee’s eligible dependents immediately preceding the date that Employee’s employment terminates until the earlier of (A) the last day of the period of Base Salary continuation under clause (i) and (B) the date that Employee and Employee’s eligible dependents become ineligible for COBRA coverage to the extent permissible by law and plan terms. The severance payments described in clauses (i) through (ii) above are referred to as the "Severance Payments". Upon a Change of Control, any options to purchase Stock or shares of restricted Stock held by Employee that are not fully vested at the time of the Change of Control shall immediately accelerate and vest in full, provided that Employee is employed by the Company on the date of the Change in Control.

(c)Conditions to and Timing of Severance Payments. Any obligation of the Company to provide Employee the Severance Payments and the Equity Acceleration is conditioned, however, on Employee’s reasonable cooperation in the transition of Employee’s duties and Employee’s execution and return to the Company of a Severance Agreement and General Release acceptable to the Company which shall include a release of all claims against the Company, all affiliated and related entities, and/or persons deemed necessary by the Company.  The Release may also include Confidentiality, Non-Disparagement, No-Reapply, Tax Indemnification, and/or other appropriate terms. Except as otherwise provided by this Agreement, any Severance Payments to which Employee is entitled will be provided in the form of salary continuation, payable in accordance with the normal payroll practices of the Company. Unless otherwise provided by this Agreement, the first payment will be made on the Company's next regular payday following the effective date of the Severance Agreement and General Release; but that first 

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payment shall include all amounts accrued retroactive to the day following the date Employee’s employment terminated.

 

(d)Benefits Termination. Except as provided in Section 4(b) above or under COBRA, Employee’s participation in all employee benefit plans shall terminate in accordance with the terms of the applicable benefit plans based on the date of termination of Employee’s employment, without regard to any continuation of the Base Salary or other payment to Employee following termination and Employee shall not be eligible to earn vacation or other paid time off following the termination of Employee’s employment.

 

(e)Assistance in Litigation.  Employee agrees to reasonably cooperate with the Company, at no cost or expense to Employee, in the defense or prosecution of any claims or actions that relate to events or occurrences that transpired while Employee is or was employed by the Company. Employee’s cooperation includes, but is not limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company as requested at mutually convenient times. Employee’s cooperation also includes reasonably cooperating with the Company in connection with any investigation or review by any federal, state, or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while Employee is or was employed by the Company. In the event Employee’s assistance requires more than a de minimis amount of his time, the parties shall agree to a reasonable hourly or per diem compensation amount.

 

(f)Survival. Provisions of this Agreement shall survive any termination of employment if so provided in this Agreement or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation Employee’s obligations under Section 4. The obligation of the Company to make payments to Employee under Section 4, are expressly conditioned upon continued full performance of Employee’s obligations under Section 4 hereof. Upon termination by either Employer or the Company, all rights, duties and obligations of Employee and the Company to each other shall cease, except as otherwise expressly provided in this Agreement.

 

	
 
	
5.
	
Timing of Payments and Section 409A.

 

(a)Notwithstanding anything to the contrary in this Agreement, if at the time Employee’s employment terminates, Employee is a "specified employee," as defined below, any and all amounts payable under this Agreement on account of such separation from service that would (but for this provision) be payable within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6) month period or, if earlier, upon Employee’s death; except (A) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury regulation Section l.409A-1(b) (including without limitation  by reason  of  a short-term  deferral  or the safe  harbor  set  forth  in Section  l.409A­ l (b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (B) benefits which qualify as excepted welfare benefits pursuant to Treasury regulation Section l.409A­ l(a)(5); or (C) other amounts or benefits that are not subject to the requirements of, or satisfy an exception from treatment as deferred compensation under, Section 409A of the Internal Revenue Code of 1986, as amended ("Section 409A"). For purposes of this Agreement, 

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all references to "termination of employment" and correlative phrases shall be construed to require a "separation from service" (as defined in Section l.409A-l(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term "specified employee" means an individual determined by the Company to be a specified employee under Treasury regulation Section l.409A-l(i).

 

(b)Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments.

 

(c)In no event shall the Company have any liability relating to the failure or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A.

 

6.Definitions. For purposes of this Agreement, the following definitions apply: "Change of Control" means

(a)The acquisition by any Person (defined for purposes of this definition as any individual, entity or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended ("Exchange Act"))) of  beneficial  ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of the common stock of the Company; provided, however, that for purposes of this subsection (A), an acquisition shall not constitute a Change of Control if it is: (i) either by or directly from the Company, or by an entity controlled by the Company, (ii) by any employee benefit plan, including any related trust, sponsored or maintained by the Company or an entity controlled by the Company ("Benefit Plan"), or (iii) by an entity pursuant to a transaction that complies with clauses (i), (ii) and (iii) of subsection (b) below; or Individuals who, as of the effective date of this Agreement, constitute the Board (together with the individuals  identified  in the proviso to  this subsection  (B), the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the effective date of this agreement whose election, or nomination for election by the Company's stockholders, was approved by at least a majority of the directors then comprising the Incumbent Board shall be treated as a member of the Incumbent Board unless he or she assumed office as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

 

(b)Consummation of a reorganization, merger or consolidation involving the Company, or a sale or other disposition of all or substantially all of the assets of the Company (a "Transaction"), in each case unless, following such Transaction, (i) all or substantially all of the Persons who were the beneficial owners of the common stock of the Company outstanding immediately prior to such Transaction beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the entity resulting from such Transaction (including, without limitation, an entity that as a result of such Transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to 

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such Transaction, of the outstanding common stock of the Company, (ii) no Person (excluding any entity or wholly-owned subsidiary of any entity resulting from such Transaction or any Benefit Plan of the Company or such entity or wholly-owned subsidiary of such entity resulting from such Transaction) beneficially owns, directly or indirectly, 35% or more of the combined voting power of the then outstanding voting securities of such entity except to the extent that such ownership existed prior to the transaction and (iii) at least a majority of the members of the board of directors or similar board of the entity resulting from such Transaction were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Transaction; or

 

(c)Approval by the stockholders of the Company of a liquidation or dissolution of the Company.

 

"Person" means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust or any other entity or organization, other than the Company or any of its subsidiaries.

 

7.Conflicting Agreements. Employee hereby represents and warrants that the signing of this Agreement and the performance of Employee’s obligations under it will not breach or be in conflict with any other agreement to which Employee is a party or is bound, and that Employee is not subject to any covenants against competition or similar covenants or any court order that could affect the performance of Employee’s obligations under this Agreement.  Employee agrees that Employee will not disclose to or use on behalf of the Company any confidential or proprietary information of a third party without that party's consent.

 

8.Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law.

 

9.Assignment. Neither Employee nor the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, the Company may assign its rights and obligations under this Agreement without Employee’s consent to one of its subsidiaries or to any Person with whom the Company shall hereafter effect a reorganization, consolidate or merge, or to whom the Company shall hereafter transfer all or substantially all of its properties or assets. This Agreement shall inure to the benefit of and be binding upon Employee and the Company, and each of its respective successors, executors, administrators, heirs and permitted assigns.

 

10.Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

 

11.Miscellaneous. This Agreement sets forth the entire agreement between Employee and the Company, and replaces all prior and contemporaneous communications, agreements and 

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understandings, written or oral, with respect to the terms and conditions of Employee’s employment, other than the Confidential Information, Non-Disclosure, Non-Solicitation, Non-Compete, and Rights to Intellectual Property Agreement dated November 14, 2019, a copy of which is attached as Exhibit A and incorporated herein by reference. This Agreement may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to in writing by Employee and an expressly authorized representative of the Board. 

 

12.Notice.  Any notice required to, or permitted to, be given under this agreement shall be sufficient if in writing (a) delivered personally, (b) sent by first class certified mail, return receipt requested, postage and fees pre-paid, or (c) sent by prepaid overnight delivery service, to the Parties at the following addresses (or at such other addresses as shall be specified by the Parties in a like notice);

 

If to Company:EyePoint Pharmaceuticals, Inc.

110 Allen Road

Second Floor

Basking Ridge, NJ 07920

Attention: Senior Vice President Human Resources

 

If to Employee:George Elston

XXX

 

 

All notices shall be deemed to have been given upon receipt if delivered personally, or by recognized overnight courier, or five (5) days after mailing if mailed. A copy of all notices shall also be emailed to Employee, which email shall not be the deemed date of receipt. 

 

13.Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts, without regard to its conflicts of law provisions. Any claim arising out of, or relating to this Agreement including, without limitation, any action commenced by the Company for preliminary and permanent injunctive relief or other equitable relief, shall be instituted in any federal or state court in the Commonwealth of Massachusetts.  Each party agrees not to assert by way of motion, as a defense or otherwise, in any such claim, that such party is not subject personally to the jurisdiction of such court, that the claim is brought in an inconvenient forum, that the venue of the claim is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.  Each party further irrevocably submits to the exclusive jurisdiction of such court in any such claim.

 

Any and all service of process and any other notice in any such claim shall be effective against any party if given personally or by registered mail, return receipt requested, mailed to such party as provided herein.  Nothing herein contained shall be deemed to affect the right of any party to serve process in any manner permitted by law.

 

14.Usage.  All pronouns and any variations thereof shall be considered to refer to the masculine, feminine or neuter, singular or plural, as the context may require.  All terms defined in the Agreement in their singular or plural forms have correlative meanings when used herein in 

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their singular or plural forms, respectively.  Unless otherwise expressly provided the words “include” “includes” and “including” do not limit the preceding words or terms and shall be deemed followed by the words “without limitation.”

 

15.Headings.  The headings in this Agreement are for reference only, and shall not affect the interpretation of this Agreement.

 

16.Counterparts.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts, together shall constitute one, and the same, instrument.  Each counterpart may consist of a number of copies hereof each signed by less than all, but together signed by all of the parties hereto.

 

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

           EyePoint Pharmaceuticals, Inc.

 

By:/s/Nancy Lurker/s/George Elston

Nancy LurkerGeorge Elston

President & CEO

            Date:11/15/19Date:11/13/19

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