Document:

trvn_Ex102

		
			TREVENA, INC.
		

		
			EXECUTIVE EMPLOYMENT AGREEMENT
		

		
			This Agreement is entered into as of February 1, 2018 by and between Trevena, Inc. (the “Company”), a Delaware corporation, and Carrie Bourdow (“Executive”) and will become effective as of February 1, 2018 (the  “Effective Date”).
		

		
			WHEREAS, Executive has been employed as the Company’s Senior Vice President & Chief Commercial Officer pursuant to an Employment Agreement effective as of May 4, 2015, which was subsequently amended on January 6, 2017 (collectively, the  “Prior Agreement”);
		

		
			WHEREAS, the Company and Executive wish to supersede the Prior Agreement with this Agreement;
		

		
			WHEREAS, the Company desires to continue to employ Executive to provide personal services to the Company, and Executive wishes to continue to be employed by the Company and provide personal services to the Company in return for certain compensation and benefits.
		

		
			Accordingly, in consideration of the mutual promises and covenants contained herein, the parties agree to the following:
		

			
	
			
				 1.
			Duties and Scope of Employment.

			
	
			
				 (a)
			Positions and Duties.  Effective as of the Effective Date, Executive will serve as Executive Vice President & Chief Operating Officer of the Company.  Executive will render such business and professional services in the performance of Executive’s duties, consistent with Executive’s position within the Company, as will reasonably be assigned to Executive by the Company’s Chief Executive Officer, to whom Executive will report.  The period of Executive’s employment under this Agreement is referred to herein as the “Employment Term.”  

			
	
			
				 (b)
			Obligations.  During the Employment Term, Executive will perform Executive’s duties faithfully and to the best of Executive’s ability.  For the duration of the Employment Term, Executive agrees not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the prior approval of the Company’s Board of Directors (the “Board”) or the Compensation Committee of the Board (the “Compensation Committee”).  Nothing in this Agreement or elsewhere shall prevent Executive from managing her personal investment and affairs, or from engaging in charitable and community affairs, so long as such activities do not either individually or in the aggregate interfere with the performance of her duties for the Company.

			
	
			
				 2.
			At-Will Employment.  The parties agree that Executive’s employment with the Company is “at-will” employment and may be terminated at any time with or without cause or notice.  Executive’s at-will employment status may not be changed except by way of written agreement signed by Executive and an authorized officer of the Company.  

		
			

		 

		

			 

		

 

		

			
	
			
				 3.
			Compensation.

			
	
			
				 (a)
			Base Salary.  During the Employment Term, the Company will pay Executive an initial annualized salary of $385,000 as compensation for services (the “Base Salary”).  The Base Salary shall be paid in equal installments in accordance with the Company’s normal payroll practices and subject to required withholding and deductions.  The Base Salary will be subject to review and adjustments will be made based upon the Company’s normal performance review practices.

			
	
			
				 (b)
			Bonus.  Subject to the terms and conditions set forth in the Trevena, Inc. Incentive Compensation Plan (the “ICP”), Executive may be eligible to receive an annual bonus in a target amount of 45% of the Base Salary, subject to, among other things, the achievement of corporate and individual performance objectives, which shall be established and assessed by the Company (the “Target Bonus”).  For 2018, such objectives will be established within the first thirty (30) days after the Effective Date.  For each subsequent calendar year, these objectives generally will be established within 90 days after the start of such calendar year.  The Company reserves the right to modify the terms of the ICP, the Target Bonus and other components of bonus compensation and criteria from year to year.  

			
	
			
				 (c)
			Equity Award. Following the Effective Date, Executive will be eligible to receive awards of stock options, restricted stock or other equity awards under the Plan based upon Executive’s performance, as determined by the Board from time to time.   The Board or the Compensation Committee will determine in its discretion the timing and amount, if any, of any grant of such future equity awards to the Executive.

			
	
			
				 4.
			Company Policies and Employee Benefits.  During the Employment Term, Executive will be eligible to participate in the employee benefit plans currently and hereafter maintained by the Company of general applicability to other senior executives of the Company, including, without limitation, any such group medical, dental, vision, disability, life insurance, and flexible-spending account plans.  All matters of eligibility for coverage and benefits under any benefit plan shall be determined in accordance with the provisions of such plan.  The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time.  

			
	
			
				 5.
			Vacation.  While employed pursuant to this Agreement, Executive shall be eligible to take vacation subject to the Company’s vacation policy.  

			
	
			
				 6.
			Expenses.  The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy.

			
	
			
				 7.
			Termination of Employment.  The provisions of this Section 7 govern the amount of compensation or benefit, if any, to be provided to Executive upon termination of employment and do not affect the right of either party to terminate the employment relationship at any time for any reason.  

			
	
			
				 (a)
			Termination for other than Cause, Death or Disability.  If at any time following the Effective Date (x) the Company terminates Executive’s employment with the Company other than for Cause (as defined below), death or disability, or (y) Executive terminates her employment under this Agreement for Good Reason, then, subject to Section 8, Executive will be entitled to receive, less applicable withholdings and deductions: 

		
			

		 

		

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			(i) an amount equal to twelve (12) months of Executive’s annualized Base Salary in effect at the time of termination, payable in equal installments on the Company’s regularly scheduled payroll dates beginning with the first payroll date following the effective date of the Release and Waiver;  
		

		
			 
		

		
			(ii)(A)  a pro-rata bonus for the calendar year of termination, determined by multiplying Executive’s Target Bonus for such year (assuming employment for the entire year) by a fraction whose numerator is the number of days that Executive was employed during such year and whose denominator is the total number of days in such year, payable within 60 days following the date of Executive’s termination of employment; and 
		

		
			 
		

		
			(B)  to the extent not already paid, a cash incentive award under the Company’s Incentive Compensation Plan or any similar incentive plan (the “ICP”) related to the fiscal year immediately preceding the year of termination in an amount as determined by the Company’s Board or the Compensation Committee of the Board, as the case may be, in its sole judgment and discretion;
		

		
			(iii) if Executive timely elects continued coverage under COBRA for Executive and Executive’s covered dependents under the Company’s group health plans following such termination of employment, the Company will pay the COBRA premiums necessary to continue Executive’s health insurance coverage in effect for Executive and Executive’s eligible dependents on the termination date, as and when due to the insurance carrier or COBRA administrator (as applicable), until the earliest of (A) twelve (12) months from the effective date of such termination, (B) the expiration of Executive’s eligibility for the continuation coverage under COBRA, or (C) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment (such period from the termination date through the earliest of (A) through (C), the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will instead pay Executive on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), for the remainder of the COBRA Payment Period;
		

		
			and
		

		
			(iv) accelerated vesting as to that number of unvested shares subject to  any outstanding equity awards held by Executive at the time of termination that would have otherwise vested if Executive had remained a Company employee for nine (9) months following the termination date.
		

		
			

		 

		

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				 (b)
			Termination In Connection With or Following a Change of Control.    In the event that either (x) the Company terminates Executive’s employment with the Company other than for Cause, death or disability (A) within the thirty (30) day period prior to a Change of Control, or (B) within the period between the Company’s execution of a letter of intent for a proposed Change of Control which proposed Change of Control is later consummated (a “Designated Change of Control”) and the consummation of such Designated Change of Control, or (C) within the twelve (12) month period after a Change of Control, or (y) Executive resigns for Good Reason within twelve (12) months after a Change of Control, then, in addition to the payments set forth in Section 7(a) above, and subject to Section 8 below, Executive shall also be entitled to, less applicable withholdings and deductions: 

			
	
			
				(i)
			an amount equal to fifteen (15) months of Executive’s annualized Base Salary in effect at the time of termination, payable in equal installments on the Company’s regularly scheduled payroll dates beginning with the first payroll date following the effective date of the Release and Waiver;

			
	
			
				(ii)
			(A)  a pro-rata bonus for the calendar year of termination, determined by multiplying Executive’s Target Bonus for such year (assuming employment for the entire year) by a fraction whose numerator is the number of days that Executive was employed during such year and whose denominator is the total number of days in such year, payable within 60 days following the date of Executive’s termination of employment; and 

		
			(B)  to the extent not already paid, a cash incentive award under the ICP related to the fiscal year immediately preceding the year of termination in an amount as determined by the Company’s Board or the Compensation Committee of the Board, as the case may be, in its sole judgment and discretion;
		

		
			(iii) an amount equal to fifteen (15) months of Executive’s annual Target Bonus in effect at the time of termination, payable in equal installments on the Company’s regularly scheduled payroll dates beginning with the first payroll date following the effective date of the Release and Waiver;
		

		
			(iv) if Executive timely elects continued coverage under COBRA for Executive and Executive’s covered dependents under the Company’s group health plans following such termination of employment, the Company will pay the COBRA premiums necessary to continue Executive’s health insurance coverage in effect for Executive and Executive’s eligible dependents on the termination date, as and when due to the insurance carrier or COBRA administrator (as applicable), until the earliest of (A) fifteen (15) months from the effective date of such termination, (B) the expiration of Executive’s eligibility for the continuation coverage under COBRA, or (C) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment (such period from the termination date through the earliest of (A) through (C), the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or 

		 

		

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regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will instead pay Executive on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), for the remainder of the COBRA Payment Period;
		

		
			and
		

		
			(v) immediate and full accelerated vesting of all unvested shares subject to any outstanding equity awards held by Executive at the time of termination; provided,  however, that such acceleration shall not be interpreted to extend the post-termination exercise period of any stock option held by Executive at the time of termination, unless otherwise approved by the Board.
		

			
	
			
				 (c)
			Termination for Cause, Death or Disability; Voluntary Termination.  If Executive’s employment with the Company terminates voluntarily by Executive (other than for Good Reason as set forth in the preceding subsection (b)), for Cause by the Company or due to Executive’s death or disability, then (i) all vesting will terminate immediately with respect to Executive’s outstanding equity awards, (ii) all payments of compensation by the Company to Executive hereunder will terminate immediately (except as to amounts already earned).

			
	
			
				 (d)
			Termination by Mutual Consent.  If at any time during the course of this Agreement the parties by mutual consent decide to terminate this Agreement, they shall do so by separate agreement setting forth the terms and condition of such termination.

			
	
			
				 8.
			Conditions to Receipt of Benefits under Section 7.

			
	
			
				 (a)
			Release of Claims.  The receipt of any payment or benefit pursuant to Section 7 will be subject to Executive signing and not revoking a release and waiver of all claims in the form attached hereto as Exhibit A (or in such other form as may be specified by the Company in order to comply with then-existing legal requirements to effect a valid release of claims) (the “Release and Waiver”) within the applicable time period set forth therein, but in no event later than forty-five days following termination of employment.  No payment or benefit pursuant to Section 7 will be paid or provided until the Release and Waiver becomes effective. 

			
	
			
				 (b)
			Other Conditions.  The receipt of any payment or benefits pursuant to Section 7 will be subject to Executive not violating the Employee Proprietary Information, Inventions, and Non-Solicitation Agreement dated March 29, 2015 (the “PIIA”), returning all Company property, and complying with the Release and Waiver; provided, however, that Company must provide written notice to Executive of the condition under this Section 8(b) that could prevent the disbursement of any payment or benefits under Section 7 within thirty (30) days of the initial existence of such condition and such condition must not have been remedied by Executive within thirty (30) days of such written notice.  Executive understands and agrees that payment or benefits received pursuant to Section 7 are in lieu of and not in addition to any severance or similar benefits that may be provided to other employees of the Company pursuant to a Company policy or plan.

		
			

		 

		

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				 (c)
			Section 409A.  Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under Section 7 above that constitute “deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”) shall not commence in connection with Executive’s termination of employment unless and until Executive has also incurred a “separation from service” (as such term is defined in Treasury Regulation Section 1.409A-1(h) (“Separation From Service”), unless the Company reasonably determines that such amounts may be provided to Executive without causing Executive to incur the additional 20% tax under Section 409A.  Pay pursuant to Section 7 above, to the extent of payments made from the date of termination of Executive’s employment through March 15 of the calendar year following such termination, are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations and thus payable pursuant to the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations; to the extent such payments are made following said March 15, they are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations made upon an involuntary termination of service and payable pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations, to the maximum extent permitted by said provision, with any excess amount being regarded as subject to the distribution requirements of Section 409A(a)(2)(A) of the Internal Revenue Code, including, without limitation, the requirement of Section 409A(a)(2)(B)(i) of the Code that, if  Executive is a “specified employee” within the meaning of the aforesaid Section of the Code at the time of such termination from employment, payments be delayed until the earlier of six months after termination of employment or Executive’s death (such applicable date, the “Specified Employee Initial Payment Date”).  Notwithstanding any other payment schedule set forth in herein, none of the payments under Section 7 will be paid or otherwise delivered prior to the effective date of the Release and Waiver.  Except to the extent that payments may be delayed until the Specified Employee Initial Payment Date pursuant to the preceding sentence, on the first regular payroll pay day following the effective date of the Release and Waiver, the Company will pay Executive the payments Executive would otherwise have received under Section 7 on or prior to such date but for the delay in payment related to the effectiveness of the Release and Waiver, with the balance of the payments being paid as originally scheduled.  Notwithstanding anything to the contrary set forth herein, if any of the payments or benefits set forth in Section 7 constitute “deferred compensation” within the meaning of Section 409A of the Code and the period during which Executive may review, execute and revoke the Release and Waiver begins in one taxable year and ends in a second taxable year, such payments and benefits shall commence or be made in the second taxable year.

			
	
			
				 (d)
			Cooperation With the Company After Termination of Employment. Following termination of the Executive’s employment for any reason, upon request by the Company, Executive will fully cooperate with the Company (at the Company’s reasonable expense) in all matters reasonably relating to the winding up of pending work including, but not limited to, any litigation in which the Company is involved, and the orderly transfer of any such pending work to such other employees as may be designated by the Company.

			
	
			
				 9.
			Definitions.  

			
	
			
				 (a)
			Cause.  For purposes of this Agreement, “Cause” is defined as (i) an act of dishonesty by Executive in connection with Executive’s responsibilities as an employee, (ii) Executive’s conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, 

		 

		

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	embezzlement or any other act of moral turpitude, (iii) Executive’s gross misconduct, (iv) Executive’s unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Executive owes an obligation of nondisclosure as a result of Executive’s relationship with the Company, or (v) Executive’s willful breach of any obligations under any written agreement or covenant with the Company.

			
	
			
				 (b)
			Change of Control.  For purposes of this Agreement, “Change of Control” of the Company is defined as:

			
	
			
				(i)
			any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities; provided, however; that sales of equity or debt securities to investors primarily for capital raising purposes shall in no event be deemed a Change of Control; or 

			
	
			
				(ii)
			a change in the composition of the Board occurring within a two-year period, as a result of which less than a majority of the directors are Incumbent Directors.  “Incumbent Directors” will mean directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company); provided, however; that no change in the composition of the Board in connection with the sale of equity or debt securities to investors primarily for capital raising purposes shall be deemed a Change of Control; or

			
	
			
				(iii)
			the date of the consummation of a merger or consolidation of the Company with any other corporation that has been approved by the stockholders of the Company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation or the stockholders of the Company approve a plan of complete liquidation of the Company; or

			
	
			
				(iv)
			the date of the consummation of the sale or disposition by the Company of all or substantially all the Company’s assets.

			
	
			
				 (c)
			Good Reason.  For purposes of this Agreement, a resignation for “Good Reason” is defined as the resignation by Executive within thirty (30) days following the end of the Cure Period (defined below), if any of the following events occur without Executive’s express written consent:  (i) the Company reduces the amount of the Base Salary, other than pursuant to a reduction that also is applied to substantially all other executives of the Company, (ii) the Company fails to pay the Base Salary or other benefits required to be provided by the Company hereunder, (iii) the Company materially reduces Executive’s core functions, duties or responsibilities in a manner that constitutes a demotion, or (iv) any change of Executive’s principal office location to a location more than thirty (30) miles from the Company’s office at 955 Chesterbrook Boulevard, Suite 200, Chesterbrook, PA;  

		 

		

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	provided, however, that Executive must provide written notice to the Company of the condition that could constitute “Good Reason” within thirty (30) days of the initial existence of such condition and such condition must not have been remedied by the Company within thirty (30) days of such written notice (the “Cure Period”).                  

			
	
			
				 10.
			No Conflict with Existing Obligations.  Executive represents that his performance of all the terms of this Agreement and, as an executive officer of the Company, do not and will not breach any agreement or obligation of any kind made prior to Executive’s employment by the Company, including agreements or obligations Executive may have with prior employers or entities for which Executive has provided services.  Executive has not entered into, and Executive agrees that Executive will not enter into, any agreement or obligation, either written or oral, in conflict herewith.

			
	
			
				 11.
			Parachute Payments.

		
			
		

		
			(a)If any payment or benefit Executive would receive pursuant to a Change of Control from the Company or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be reduced to the Reduced Amount.  The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order unless Executive elects in writing a different order (provided, however, that such election shall be subject to Company approval if made on or after the date on which the event that triggers the Payment occurs):  reduction of cash payments; cancellation of accelerated vesting of stock awards; reduction of employee benefits.  In the event that acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of Executive’s stock awards unless Executive elects in writing a different order for cancellation.
		

		
			 
		

		
			(b)The accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Change of Control shall perform the foregoing calculations.  If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group affecting the Change of Control, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.  The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.
		

		
			(c)The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Executive within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time as requested by the Company or Executive.  If the accounting firm determines that no Excise Tax is payable with respect to a Payment, it shall furnish the Company and Executive with an opinion reasonably 

		 

		

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acceptable to Executive that no Excise Tax will be imposed with respect to such Payment.  Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive.
		

			
	
			
				 12.
			Assignment.  This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive upon Executive’s death and (b) any successor of the Company.  Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes.  For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.  None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.  Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void.

			
	
			
				 13.
			Notices.  All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (i) on the date of delivery if delivered personally, (ii) one (1) day after being sent by a nationally recognized commercial overnight service, specifying next day delivery, with written verification of receipt, or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing:

		
			If to the Company:
		

		
			955 Chesterbrook Blvd, Suite 200, Chesterbrook, PA 19087
		

		
			If to Executive:
		

		
			at the last residential address known by the Company.
		

			
	
			
				 14.
			Severability.  In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision.

			
	
			
				 15.
			Arbitration.

			
	
			
				 (a)
			Arbitration.  In consideration of Executive’s employment with the Company, the Company and Executive agree that any and all controversies, claims, or disputes with anyone (including the Company and any employee, officer, director, shareholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating to, or resulting from Executive’s employment with the Company or the termination of Executive’s employment with the Company, including any breach of this Agreement, but not including those arising out of, relating to, or resulting from the PIAA, will be subject to binding arbitration.  Disputes which Executive agrees to arbitrate, and thereby agrees to waive any right to a trial by jury, include any statutory claims under state or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Worker Adjustment and Retraining Notification Act, the Family and Medical Leave Act, discrimination or wrongful termination and any statutory 

		 

		

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	claims.  Executive further understands that this Agreement to arbitrate also applies to any disputes that the Company may have with Executive.

			
	
			
				 (b)
			Procedure.  Executive agrees that any arbitration will be administered by the American Arbitration Association (“AAA”) and that the neutral arbitrator will be selected in a manner consistent with its National Rules for the Resolution of Employment Disputes (the “Rules”).  Executive agrees that the arbitrator will administer and conduct any arbitration in a manner consistent with the Rules.

			
	
			
				 (c)
			Remedy.  Except as provided by this Agreement and by the Rules, including any provisional relief offered therein, arbitration will be the sole, exclusive and final remedy for any dispute between Executive and the Company.  Accordingly, except as provided for by the Rules and this Agreement, neither Executive nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration.  

			
	
			
				 (d)
			Administrative Relief.  Executive understands that this Agreement does not prohibit Executive from pursuing an administrative claim with a local, state or federal administrative body such as the Equal Employment Opportunity Commission or the workers’ compensation board.  This Agreement does, however, preclude Executive from pursuing court action regarding any such claim.

			
	
			
				 (e)
			Voluntary Nature of Agreement.  Executive acknowledges and agrees that Executive is executing this Agreement voluntarily and without any duress or undue influence by the Company or anyone else.  Executive further acknowledges and agrees that Executive has carefully read this Agreement and that Executive has asked any questions needed for Executive to understand the terms, consequences and binding effect of this Agreement and fully understands it, including that  Executive is waiving Executive’s right to a jury trial.  Finally, Executive agrees that Executive has been provided an opportunity to seek the advice of an attorney of Executive’s choice before signing this Agreement.

			
	
			
				 16.
			Integration.  This Agreement, together with the PIIA and the other documents referred to in this Agreement, represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral.  This Agreement may be modified only by agreement of the parties by a written instrument executed by the parties that is designated as an amendment to this Agreement.

			
	
			
				 17.
			Waiver of Breach.  The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement.

			
	
			
				 18.
			Headings.  All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

			
	
			
				 19.
			Governing Law.  This Agreement will be governed by the laws of the Commonwealth of Pennsylvania.

			
	
			
				 20.
			Acknowledgment.  Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from Executive’s private attorney, has had sufficient time to, and has 

		 

		

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	carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement.

			
	
			
				 21.
			Counterparts.  This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned.

		
			
		

		
			

		 

		

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			IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by their duly authorized officers, as of the day and year first above written.
		

		
			COMPANY:
		

		
			 
		

		
			TREVENA, INC.
		

		
			 
		

		
			/s/ John M. Limongelli
		

		
			John M. Limongelli
		

		
			Senior Vice President, General Counsel & Chief Administrative Officer
		

		
			EXECUTIVE:
		

		
			 
		

		
			/s/ Carrie Bourdow
		

		
			Carrie Bourdow
		

		
			

		 

		

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EXHIBIT A
		

		
			Release and Waiver
		

		
			 
		

		
			TO BE SIGNED ON OR FOLLOWING THE SEPARATION DATE ONLY
		

		
			In consideration of the payments and other benefits set forth in the Employment Agreement of February 1, 2018, to which this form is attached, I, Carrie Bourdow, hereby furnish Trevena, Inc. (the “Company”), with the following release and waiver of claims (“Release and Waiver”).
		

		
			In exchange for the consideration provided to me by the Employment Agreement that I am not otherwise entitled to receive, I hereby generally and completely release the Company and its current and former directors, officers, employees, stockholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the “Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to or on the date that I sign this Agreement (collectively, the “Released Claims”).  The Released Claims include, but are not limited to:  (a) all claims arising out of or in any way related to my employment with the Company, or the termination of that employment; (b) all claims related to my compensation or benefits from the Company including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, misclassification, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (the “ADEA”), any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance, including, but not limited to, the State of Pennsylvania or any subdivision thereof; and any public policy, contract, tort, or common law.  I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included in the Released Claims. 
		

		
			In granting the release herein, which includes claims that may be unknown to me at present, I acknowledge that I expressly waive and relinquish any and all rights and benefits under any applicable law or statute providing, in substance, that a general release does not extend to claims which a party does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her would have materially affected the terms of such release.  
		

		
			I acknowledge that, among other rights, I am waiving and releasing any rights I may have under ADEA, that this Release and Waiver is knowing and voluntary, and that the consideration given for this Release and Waiver is in addition to anything of value to which I was already entitled as an executive of the Company.  If I am 40 years of age or older upon execution of this Release and Waiver, I further acknowledge that I have been advised, as required by the Older Workers Benefit Protection Act, that:  (a) the release and waiver granted herein does not relate to claims under the ADEA which may arise after this Release and Waiver is executed; (b) I should consult with an attorney prior to executing this Release and Waiver; and (c) I have twenty-one (21) days from the date of termination 

		 

		

			13

		

 

of my employment with the Company in which to consider this Release and Waiver (although I may choose voluntarily to execute this Release and Waiver earlier); (d) I have seven (7) days following the execution of this Release and Waiver to revoke my consent to this Release and Waiver; and (e) this Release and Waiver shall not be effective until the seven (7) day revocation period has expired without my having previously revoked this Release and Waiver.
		

		
			I acknowledge my continuing obligations under my Employee Proprietary Information, Inventions and Non-Solicitation Agreement (the “PIIA”).  Pursuant to the PIIA I understand that among other things, I must not use or disclose any confidential or proprietary information of the Company and I must immediately return all Company property and documents (including all embodiments of proprietary information) and all copies thereof in my possession or control.  I understand and agree that my right to the severance benefits I am receiving in exchange for my agreement to the terms of this Release and Waiver is contingent upon my continued compliance with my PIIA.
		

		
			This Release and Waiver constitutes the complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter hereof.  I am not relying on any promise or representation by the Company that is not expressly stated herein.  This Release and Waiver may only be modified by a writing signed by both me and a duly authorized officer of the Company.
		

		
			 
		

		
			Date: __________________
		

		
			Carrie Bourdow
		

		
			 
		

		 

		

			14EXHIBIT 10.1

COOPERATION AGREEMENT

This Cooperation Agreement (this "Agreement"), dated as of May 1, 2018, is by and between Water Asset Management, LLC ("WAM") and Cadiz Inc. (the "Company"). In consideration of and reliance upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

	
1.

	
Representations and Warranties of the Company. The Company represents and warrants to WAM that this Agreement has been duly authorized, executed and delivered by the Company, and is a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

	
2.

	
Representations and Warranties of WAM. WAM represents and warrants to the Company that this Agreement has been duly authorized, executed and delivered by WAM, and is a valid and binding obligation of WAM, enforceable against WAM in accordance with its terms.

	
3.

	
Board Composition.

	
(a)

	
In accordance with the Company's organizational documents and applicable laws, the Company agrees that the Board of Directors of the Company (the "Board") will, immediately upon the expiration of the Socialization Period (as defined below), (1) expand the size of the Board to eleven (11) members and appoint two (2) designees of WAM (the "WAM Designees"), who shall be two of the three candidates: Anthony L. Arnerich, John A. Bohn and Jeffrey J. Brown (the "Candidates") to the Board after a period of socialization with the Board, which will last thirty (30) days beginning on the date of execution of this Agreement (the "Socialization Period"). The WAM Designees shall be selected by mutual agreement of the Company and WAM (such agreement between the parties prior to the end of the Socialization Period as contemplated by this Section 3(a), the "Mutual Agreement"); provided, however, that if the parties are unable to mutually agree on two of the three Candidates to serve as the WAM Designees within the Socialization Period, then (1) WAM shall have the right to submit within  ten (10) days of the end of the Socialization Period timely nominations of director candidates to be nominated for election to the Board at the 2018 annual meeting of stockholders of the Company (the "2018 Annual Meeting"), (2) the Board shall accept any such nominations by WAM as timely and valid with no objection and (3) this Agreement, except for the nomination right granted in this Section 3(a) and the provisions set forth in Sections 8 and 17, shall terminate automatically without any further action by either of the parties hereto (the "Post-Socialization Period Termination").  The Company further agrees that it shall not file any proxy statement or make any announcement in connection with the 2018 Annual Meeting prior to the end of the Socialization Period.

	
(b)

	
Subject to the parties achieving the Mutual Agreement in accordance with Section 3(a) of this Agreement, the Company shall (i) include the WAM Designees in the Company's slate of recommended director candidates for election to the Board at the 2018 Annual Meeting (the "Company Slate") and (ii) recommend the election of the WAM Designees and solicit proxies in favor of the election of the WAM Designees at the 2018 Annual Meeting and otherwise support the WAM Designees for election in a manner no less rigorous and favorable than the manner in which the Company supports its other nominees.

 

	
(c)

	
Each of the WAM Designees shall qualify as directors that are "independent" under the applicable independence rules of the Nasdaq Global Market ("Nasdaq"). WAM acknowledges that as a condition to the appointment and nomination of the WAM Designees, such WAM Designees shall have agreed to provide the information that is required to be or is customarily disclosed for candidates for directors and directors in a proxy statement and similar documents under the securities laws applicable to the Company and/or the rules and regulations of Nasdaq.

	
(d)

	
Concurrent with the Board's appointment of the WAM Designees to the Board, the Board shall take all necessary actions to immediately appoint at least one (1) WAM Designee (or Replacement Director, as applicable) to serve on each of the Audit Committee, the Nominating and Corporate Governance Committee (the "Nominating Committee") and the Compensation Committee of the Board. Each of the WAM Designees (or any Replacement Directors pursuant to this Agreement) shall be considered for service on the basis as all other directors on all existing committees of the Board or any committees of the Board formed in the future.

	
(e)

	
If a WAM Designee (or any Replacement Director (as defined below)) is unable or unwilling to serve as a director and ceases to be a director, resigns as a director or is removed as a director, WAM will designate substitute person(s) for appointment or election to the Board subject to review and approval by the Nominating Committee, with such approval not to be unreasonably withheld (any such replacement nominee, when appointed to the Board, shall be referred to as a "Replacement Director").  Subject to Nasdaq rules and applicable law, upon a Replacement Director's appointment to the Board, the Board and all applicable committees of the Board shall take all necessary actions to appoint such Replacement Director to any applicable committee of the Board of which the replaced director was a member immediately prior to such director's resignation or removal.

	
(f)

	
The Company agrees that the WAM Designees shall receive (i) the same benefits of director and officer insurance, any indemnity and exculpation arrangement available generally to the directors on the Board; (ii) the same compensation for his or her service as a director as the compensation received by other non-management directors on the Board; and (iii) such other benefits on the same basis as all other non-management directors on the Board, including, without limitation, having the Company (or legal counsel), at the option of a WAM Designee, to prepare and file with the SEC, at the Company's expense, any Forms 3, 4 and 5 under Section 16 of the Exchange Act that are required to be filed by each director of the Company.

	
(g)

	
Subject to WAM meeting the applicable Ownership Threshold (as defined below) at each annual meeting of stockholders of the Company, the Company shall include the WAM Designee(s) (or any Replacement Director(s)) in its slate of recommended director candidates for election to the Board and recommend the election of the WAM Designee(s) (or any Replacement Director(s)) and solicit proxies in favor of the election of the WAM Designee(s) (or any Replacement Director(s)) and otherwise support the WAM Designees (or any Replacement Director(s)) for election in a manner no less rigorous and favorable than the manner in which the Company supports its other nominees.  For so as long as WAM, its Affiliates and Associates continue to collectively beneficially own twelve percent (12%) or more of the outstanding shares of common stock, par value $0.01 per share, of the Company ("Common Stock") (excluding any convertible notes in the calculation of beneficial ownership) (the "12% Ownership Threshold"), WAM shall have the right to nominate two, and no more than two, WAM Designees (or any Replacement Director(s)).  For so long as WAM, its Affiliates and Associates continue to collectively beneficially own five percent (5%) or more of the outstanding shares of Common Stock (excluding any convertible notes in the calculation of beneficial ownership) (the "Minimum Ownership Threshold" and each of the 12% Ownership Threshold and the Minimum Threshold, an "Ownership Threshold") WAM shall have the right to nominate one, and no more than one, WAM Designee (or any Replacement Director).  If the collective beneficial ownership of WAM, its Affiliates and Associates (excluding any convertible notes in the calculation of beneficial ownership) falls below the 12% Ownership Threshold, WAM shall immediately lose its rights granted in this Section 3 with respect to one of the WAM Designees (or any Replacement Director) and such WAM Designee (or any Replacement Director) shall immediately resign from the Board. At the first time the collective beneficial ownership of WAM, its Affiliates and Associates (excluding any convertible notes in the calculation of beneficial ownership) falls below the Minimum Ownership Threshold, (i) this Agreement and the rights and obligations included herein shall, without any further action by the Company or WAM, automatically terminate (the "Minimum Ownership Termination Trigger"), provided that in the event of a dispute between WAM and the Company regarding the terms and provisions included herein, Sections 8 and 17 shall survive the termination of this Agreement and continue to be binding upon the Company and WAM and (ii) each WAM Designee (or Replacement Director) shall immediately resign from the Board.

 

	
(h)

	
The Company agrees that the Board shall not cause the size of the Board to increase above 11 directors at any time without the affirmative vote of two-thirds (2⁄3, rounded down to the nearest whole number) of all of the members of the Board then in office.

	
(i)

	
Each Replacement Director shall (i) qualify as "independent" pursuant to Nasdaq's listing standards, (ii) have the relevant financial and business experience to fill any director seat and (iii) satisfy all applicable publicly disclosed rules, regulations, guidelines and policies with respect to service on the Board. Each of WAM and the Board shall determine, and inform the other party of its determination, whether any proposed Replacement Director candidate is acceptable and meets the foregoing criteria, within five (5) business days after such party has conducted interview(s) of such proposed replacement director candidate. Each of the Board and WAM shall use its reasonable best efforts to cause any interview(s) contemplated by this to be conducted as promptly as practicable.

	
4.

	
Voting; Other Matters.

Subject to the parties achieving the Mutual Agreement in accordance with Section 3(a) of this Agreement:

	
(a)

	
WAM shall cause all shares of Common Stock beneficially owned, directly or indirectly, by it, or by any of its Affiliates or Associates, to be present in person or by proxy at each annual or special meeting of stockholders of the Company held during the duration of this Agreement and vote in favor of the election of the slate of directors nominated by the Board.

	
(b)

	
For the duration of the Non-Disparagement Period, each of WAM and the Company agree not to, and to cause their respective Affiliates and Representatives not to disparage the other party, its current or former officers and directors or subsidiaries in any way, including, but not limited to, its name, business reputation, decisions or business practices, except for truthful factual statements as may be required by law, regulation or valid legal process.  WAM and the Company agree not to, and to cause their respective Affiliates and Representatives not to, make any public statement or announcement, including in any document or report filed with or furnished to the SEC or to the press, media, analysts, employees or stockholders of the Company, orally or in writing, if such statement or comment is disparaging to the other party, except for truthful factual statements as may be required by law, regulation or valid legal process.

 

	
(c)

	
For the duration of this Agreement, WAM agrees that it will cause its controlled Affiliates, Associates and Representatives to comply with the terms of this Agreement, as applicable, and shall be responsible for any breach of this Agreement by any such controlled Affiliate, Associate or Representative.

	
5.

	
Press Release and Other Public Disclosures.

	
(a)

	
As soon as practicable on or after the date hereof and no later than one business day following the date of this Agreement, the Company shall announce this Agreement and the material terms hereof by means of a press release in the form attached hereto as Exhibit A (the "Press Release").  Prior to the issuance of the Press Release, none of the parties shall issue any press release, public announcement or other public statement (including, without limitation, in any filing required under the Exchange Act) regarding this Agreement or take any action that would require public disclosure thereof without the prior written consent of the other party.  None of the parties hereto shall make any public statements (including in any filing with the SEC or any other regulatory or governmental agency, including any stock exchange) that are inconsistent with, or otherwise contrary to, the statements in the Press Release or the terms of this Agreement.

	
(b)

	
No later than two (2) business days following the date of this Agreement, WAM shall file with the SEC an amendment to its Schedule 13D in compliance with Section 13 of the Exchange Act reporting its entry into this Agreement, disclosing applicable items to conform to its obligations hereunder and appending this Agreement as an exhibit thereto (the "Schedule 13D Amendment").  The Schedule 13D Amendment shall be consistent with the Press Release and the terms of this Agreement.  WAM shall provide the Company and its Representatives with a reasonable opportunity to review the Schedule 13D Amendment prior to it being filed with the SEC and consider in good faith any reasonable comments of the Company and its Representatives.

	
(c)

	
No later than two (2) business days following the date of this Agreement, the Company shall file with the SEC a Current Report on Form 8-K reporting its entry into this Agreement, disclosing applicable items to conform to its obligations hereunder and appending this Agreement and the Press Release as exhibits thereto (the "Form 8-K").  The Form 8-K shall be consistent with the Press Release and the terms of this Agreement.  The Company shall provide WAM with a reasonable opportunity to review and comment on the Form 8-K prior to the filing with the SEC and consider in good faith any reasonable comments of WAM.

	
6.

	
Definitions. For purposes of this Agreement:

	
(a)

	
The terms "Affiliate" and "Associate" shall have the respective meanings set forth in Rule 12b-2 promulgated by the SEC under the Exchange Act; provided that any references to "Associate" herein shall be deemed to be preceded by the word "controlled".

 

	
(b)

	
The terms "beneficial owner" and "beneficially own" shall have the same meanings as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act except that a person shall also be deemed to be the beneficial owner of all shares of Common Stock which such person has the right to acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to the exercise of any rights in connection with any securities or any agreement, arrangement or understanding (whether or not in writing), regardless of when such rights may be exercised and whether they are conditional, and all shares of Common Stock which such person or any of such person's Affiliates or Associates has or shares the right to vote or dispose.

	
(c)

	
The term "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

	
(d)

	
The term "including" shall mean "including, without limitation," in all instances.

	
(e)

	
The term "Non-Disparagement Period" shall mean from the date of this Agreement until the earlier of (i) the date that is thirty days prior to the last day on which notice of a stockholder's intent to make director nominations at or bring other business before the 2019 annual meeting of stockholders must be submitted pursuant to the bylaws of the Company and (ii) such date, if any, of a breach by either the Company or WAM in any material respect of its respective obligations under this Agreement if such breach has not been cured within ten (10) business days following written notice of such breach from the non-breaching party hereto.

	
(f)

	
The terms "person" or "persons" shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, association, organization or other entity of any kind or nature.

	
(g)

	
The term "Representatives" shall mean, with respect to WAM, WAM's officers, directors, members, general partners and employees, and, shall mean with respect to the Company, the Company's directors, officers and employees.

	
(h)

	
The term "SEC" shall mean the Securities and Exchange Commission.

	
7.

	
Notices. All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, if (a) given by fax and email, when such fax is transmitted to the fax number set forth below and sent to the email address set forth below and the appropriate confirmation is received or (b) given by any other means, when actually received during normal business hours at the address specified in this Section:

if to the Company:          

                  Cadiz Inc.

                  550 South Hope Street, Suite 2850

                  Los Angeles, California 90071

                  Attention: Scott S. Slater

                  Facsimile: (213) 271-1614

                  Email: sslater@bhfs.com

 

with a copy to (which shall not constitute notice):           

                  Richards, Layton & Finger, P.A.

                  One Rodney Square

                  920 North King Street

                  Wilmington, Delaware 19801

                  Attention: Mark J. Gentile, Esq.

                  Facsimile: (302) 651-7701

                  Email: gentile@RLF.com

if to WAM: 

                  Water Asset Management, LLC

                  509 Madison Avenue, Suite 804

                  New York, New York 10022

                  Attention: Marc Robert

                  Facsimile: (212) 754-5101

                  Email: m.robert@waterinv.com

with a copy to (which shall not 

constitute notice): 

                  Schulte Roth & Zabel LLP

                  919 Third Avenue

                  New York, New York 10022

                  Attention: Marc Weingarten, Esq.

                  Aneliya Crawford, Esq.

                  Facsimile: 212-593-5955

                  Email: marc.weingarten@srz.com

                  aneliya.crawford@srz.com

	
8.

	
Specific Performance; Remedies; Other Matters. The parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in addition to any other remedy to which they are entitled at law or in equity. FURTHERMORE, EACH OF THE PARTIES HERETO AGREES TO WAIVE ANY BONDING REQUIREMENT UNDER ANY APPLICABLE LAW, IN CASE ANY OTHER PARTY SEEKS TO ENFORCE THE TERMS BY WAY OF EQUITABLE RELIEF.

	
9.

	
Severability. If at any time subsequent to the date hereof, any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this Agreement.

	
10.

	
Counterparts. This Agreement may be executed in two (2) counterparts, which together shall constitute a single agreement.

	
11.

	
No Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and is not enforceable by any other persons.

	
12.

	
No Waiver. No failure or delay by either party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial waiver thereof preclude any other or further exercise thereof or the exercise of any other right or remedy hereunder.

	
13.

	
Assignment. This Agreement and the rights and obligations hereunder shall be binding on and inure to the benefit of successors of the parties hereto. This Agreement and the rights and obligations herein may not be assigned or otherwise transferred, in whole or in part, by WAM without the express written consent of the Company.

 

	
14.

	
Entire Understanding. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and may be amended only by an agreement in writing executed by the parties hereto.

	
15.

	
Interpretation and Construction. Each of the parties hereto acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the advice of said counsel. Each party and its counsel cooperated and participated in the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this Agreement shall be decided without regard to events of drafting or preparation.

	
16.

	
Term.  Subject to the parties reaching the Mutual Agreement, the rights and obligations set forth herein shall continue for so long as WAM continues to satisfy the Minimum Ownership Threshold and the WAM Designees continue to serve on the Board.  This Agreement and the rights and obligations included herein shall, without any further action by the Company or WAM, automatically terminate at the earlier of (a) the Post-Socialization Period Termination,  (b) the first time that WAM no longer satisfies the Minimum Ownership Threshold, (c) the WAM Designees cease to serve on the Board and (d) such date, if any, of a breach by either the Company or WAM in any material respect of its respective obligations under this Agreement if such breach has not been cured within ten (10) business days following written notice of such breach from the non-breaching party hereto; provided, that in the event of any such termination described in this Section 16, Sections 8 and 17 (and with respect to the Post-Socialization Period Termination, the nomination right set forth in Section 3(a)) shall survive the termination of this Agreement and continue to be binding upon the Company and WAM.

	
17.

	
Governing Law.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without reference to the conflict of laws principles thereof. Each of the parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other party hereto or its successors or permitted assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware). Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this Agreement in any court other than the aforesaid courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding with respect to this Agreement, (i) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, (ii) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) to the fullest extent permitted by applicable legal requirements, any claim that (A) the suit, action or proceeding in such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper or (C) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. EACH OF THE PARTIES HERETO WAIVES THE RIGHT TO TRIAL BY JURY.

[Remainder of page intentionally left blank.]

 

 

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized signatories of the parties as of the date hereof.

	
CADIZ INC.

	 	 
	 	 
	
By:

	/s/ Geoffrey Grant 
	 	
Name:   Geoffrey Grant

	 	
Title:     Lead Director

	
WATER ASSET MANAGEMENT, LLC

	 	 
	 	 
	
By:

	/s/ Marc Robert 
	 	
Name:   Marc Robert

	 	
Title:     Managing Member

 

 

 

EXHIBIT A

Press Release

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