Document:

Ex-10.25

 

EXHIBIT 10.25

AMENDMENT NO. 1 TO

STOCK PURCHASE AGREEMENT

          THIS AMENDMENT NO 1 TO THE STOCK PURCHASE AGREEMENT (this “Amendment”) is made as of this 29th
day of March, 2007 by and among Neurologix, Inc., a Delaware corporation (the “Company”), Merlin
Biomed Long Term Appreciation Fund LP, a Delaware limited partnership, and Merlin Biomed Offshore
Master Fund LP, a Cayman Islands limited partnership (the “Lead Purchasers”). Capitalized terms
used but not defined herein shall have the meanings assigned to them in the Stock Purchase
Agreement, dated as of February 4, 2005, by and among the Company and the Lead Purchasers, as
amended (the “Agreement”).

          WHEREAS, on February 4, 2005, the Company entered into the Agreement with the Lead Purchasers;

          WHEREAS, Section 7.1 of the Agreement provides that the Lead Purchasers shall be entitled to
nominate Jeffrey Reich as a Class I director of the Company for so long as the Lead Purchasers
remain stockholders of the Company;

          WHEREAS, Mr. Reich resigned as an employee of Merlin Biomed Group, an affiliate of the Lead
Purchasers, effective December 31, 2006 (the “Resignation Date”) and the Lead Purchasers and their
affiliates have not received and information from or had any discussions with Mr. Reich regarding
the Company since the Resignation Date;

          WHEREAS, the Lead Purchasers and the Company desire to amend the Agreement because Mr. Reich
has not represented the Lead Purchasers on the Company’s Board of Directors since the Resignation
Date;

          WHEREAS, Section 9.1(a) of the Agreement provides that the Agreement may be amended with the
written consent of the Company and the Lead Purchasers,

          NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Amendment, and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Lead Purchasers hereby agree as follows:

1. Amendments.

 

 

     (a) Pursuant to Section 9.1(a) of the Agreement, the parties hereto hereby agree to amend the
Agreement to amend and restate Section 7 thereof in its entirety as follows:

“Section 7. Representation by the Lead Purchasers. The Lead Purchasers hereby represent
and warrant to the Company that from and after the Resignation Date, they and their directors,
officers, employees, affiliates, representatives and agents have not directly or indirectly
received any information (whether written or oral) related to the Company from Mr. Reich and have
not had any discussions with Mr. Reich regarding the Company from and after the Resignation Date.”

     2. Effective Date. This Amendment shall be effective as of January 1, 2007.

     3. No Other Amendment. Except as expressly specified in Section 1 hereto, no
provision of the Agreement is amended or modified by this Amendment.

     4. Governing Law. This Amendment shall be governed by the governing law provisions
set forth in the Agreement.

     5. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall constitute an original, and all of which together shall constitute one and the same
instrument.

[SIGNATURE PAGE FOLLOWS]

2

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and
delivered by their duly authorized representatives as of the day and year set forth below.

	 	 	 	 	 	 	 
	 	 	NEUROLOGIX, INC.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John E. Mordock	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	John E. Mordock	 	 
	 

	 	Title:
	 	President and Chief Executive Officer	 	 
	 	 	Dated as of:      March 29, 2007
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Marc L. Panoff	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Marc L. Panoff	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 	 	Dated as of:      March 29, 2007
	 
	 	 	 	 	 	 
	 	 	MERLIN BIOMED LONG TERM APPRECIATION FUND LP
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Norman Schleifer	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Norman Schleifer	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 	 	Dated as of:       March 22, 2007
	 
	 	 	 	 	 	 
	 	 	MERLIN BIOMED OFFSHORE MASTER FUND LP
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Norman Schleifer	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Norman Schleifer	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 	 	Dated as of:       March 22, 2007EX-10.3 FORM OF RESTRICTED STOCK AWARD

 

EXHIBIT
10.3

VERSO TECHNOLOGIES, INC.

RESTRICTED STOCK AWARD AGREEMENT

     This RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is made as of the       day of
                    , 2007, by and between Verso Technologies, Inc., a Minnesota corporation (the
“Company”), and                     , an individual resident of the State of                     
(“Participant”).

     1. Award. The Company hereby grants to Participant a restricted stock award of                     
shares (the “Shares”) of common stock, par value $0.01 (“Common Stock”), of the
Company according to the terms and conditions set forth herein and in the Company’s 1999 Stock
Incentive Plan, as amended to date (the “Plan”). The Shares constitute a Restricted Stock Award
granted under Section 7 of the Plan. A copy of the Plan will be furnished upon request of
Participant. With respect to the Shares, Participant shall be entitled at all times on and after
the date of issuance of the Shares to exercise the right to vote the Shares.

     2. Vesting. Except as otherwise provided in this Agreement, the Shares shall vest in
accordance with the following schedule:

	 	 	 	 	 	 	 
	 	 	On Each of	 	 	 	 
	 	 	the Following Dates	 	Percentage of Shares Vested	 	 
	 

	 	 

	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 

	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 

	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 

	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 

	 	 

	 	 

     3. Restrictions on Transfer. Until the Shares vest pursuant to Sections 2 or 4
hereof, none of the Shares may be pledged, alienated, attached or otherwise encumbered, and any
purported pledge, alienation, attachment or encumbrance shall be void and unenforceable against the
Company, and no attempt to transfer the Shares, whether voluntary or involuntary, by operation of
law or otherwise, shall vest the purported transferee with any interest or right in or with respect
to the Shares.

     4. Forfeiture; Early Vesting. If Participant ceases to be an employee of or provide
service to the Company or any Subsidiary prior to vesting of the Shares pursuant to Sections 2 or 4
hereof, all of Participant’s rights to all of the unvested Shares shall be immediately and
irrevocably forfeited, except that if Participant ceases to be an employee or provide service by
reason of death, Disability or Retirement prior to the vesting of Shares under Sections 2 or 4
hereof, then such vesting shall accelerate in accordance with Section 9.1 of the Plan. Upon
forfeiture, Participant will no longer have any rights relating to the unvested Shares, including,
without limitation, the right to vote the Shares and the right to receive dividends, if any,
declared on the Shares.

 

 

     5. Distributions and Adjustments.

          (a) If any Shares vest subsequent to any change in the number or character of the Common Stock
of the Company (through any stock dividend or other distribution, recapitalization, stock split,
reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase or exchange of shares, or otherwise), then Participant shall receive upon such vesting
the number and type of securities or other consideration which Participant would have received if
such Shares had vested prior to the event changing the number or character of the outstanding
Common Stock of the Company.

          (b) Any additional shares of Common Stock of the Company, any other securities of the Company
and any other property (including, without limitation, regular cash dividends or other cash
distributions) distributed with respect to the Shares prior to the date or dates the Shares vest
shall be subject to the same restrictions, terms and conditions as the Shares to which they relate
and shall be promptly deposited with the Secretary of the Company or a custodian designated by the
Secretary.

     6. Miscellaneous.

          (a) Issuance of Shares. The Company shall cause the Shares to be issued in the name
of Participant, either by book-entry registration or issuance of a stock certificate or
certificates evidencing the Shares, which certificate or certificates shall be held by the
Secretary of the Company or the stock transfer agent or brokerage service selected by the Secretary
of the Company to provide such services for the Plan. The Shares shall be restricted from transfer
and shall be subject to an appropriate stop-transfer order. If any certificate is used, the
certificate shall bear an appropriate legend referring to the restrictions applicable to the
Shares. Participant hereby agrees to the retention by the Company of the Shares and, if a stock
certificate is used, agrees to execute and deliver to the Company a blank stock power with respect
to the Shares as a condition to the receipt of this award of Shares. After any Shares vest
pursuant to Sections 2 or 4 hereof, and following payment of the applicable withholding taxes
pursuant to Section 6(b) hereof, the Company shall promptly cause to be issued a certificate or
certificates, registered in the name of Participant or in the name of Participant’s legal
representatives, beneficiaries or heirs, as the case may be, evidencing such vested whole Shares
(less any shares withheld to pay withholding taxes) and shall cause such certificate or
certificates to be delivered to Participant or Participant’s legal representatives, beneficiaries
or heirs, as the case may be, free of the legend or the stop-transfer order referenced above. No
fractional share of stock shall be issued.

          (b) Income Tax Matters. In order to comply with all applicable federal or state
income tax laws or regulations, the Company may take such action as it deems appropriate to ensure
that all applicable federal or state payroll, withholding, income or other taxes, which are the
sole and absolute responsibility of Participant, are withheld or collected from Participant.

          (c) Entire Agreement; Plan Provisions Control. This Agreement (and any addendum
hereto) and the Plan constitute the entire agreement between the parties hereto with regard to the
subject matter hereof. In the event that any provision of this Agreement conflicts with or is
inconsistent in any respect with the terms of the Plan, the terms of the Plan shall control. All
decisions of the Committee with respect to any question or issue arising under the

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Plan or this Agreement shall be and binding on all persons having an interest in the Shares.
All capitalized terms used in this Agreement and not otherwise defined in this Agreement shall have
the meaning assigned to them in the Plan.

          (d) No Right to Employment. The issuance of the Shares shall not be construed as
giving Participant the right to be retained in the employ of, or if Participant is a director of
the Company or a Subsidiary as giving the Participant the right to continue as a director of, the
Company or a Subsidiary, nor will it affect in any way the right of the Company or a Subsidiary to
terminate such employment or position at any time, with or without cause if otherwise permitted by
law. In addition, the Company or a Subsidiary may at any time dismiss Participant from employment,
or terminate the term of a director of the Company or a Subsidiary if otherwise permitted by law,
free from any liability or any claim under the Plan or this Agreement. Nothing in this Agreement
shall confer on any person any legal or equitable right against the Company or any Subsidiary,
directly or indirectly, or give rise to any cause of action at law or in equity against the Company
or a Subsidiary. The Shares shall not form any part of the wages or salary of Participant for
purposes of severance pay or termination indemnities, irrespective of the reason for termination of
employment. Under no circumstances shall any person ceasing to be an employee of the Company or
any Subsidiary be entitled to any compensation for any loss of any right or benefit under this
Agreement or the Plan which such employee might otherwise have enjoyed but for termination of
employment, whether such compensation is claimed by way of damages for wrongful or unfair
dismissal, breach of contract or otherwise. By participating in the Plan, Participant shall be
deemed to have accepted all the conditions of the Plan and this Agreement and the terms and
conditions of any rules and regulations adopted by the Committee and shall be fully bound thereby.

          (e) Governing Law. The validity, construction and effect of the Plan and this
Agreement, and any rules and regulations relating to the Plan and this Agreement, shall be
determined in accordance with the internal laws, and not the law of conflicts, of the State of
Georgia.

          (f) Severability. If any provision of this Agreement is or becomes or is deemed to be
invalid, illegal or unenforceable in any jurisdiction or would disqualify this Agreement under any
law deemed applicable by the Committee, such provision shall be construed or deemed amended to
conform to applicable laws, or if it cannot be so construed or deemed amended without, in the
determination of the Committee, materially altering the purpose or intent of the Plan or this
Agreement, such provision shall be stricken as to such jurisdiction or this Agreement, and the
remainder of this Agreement shall remain in full force and effect.

          (g) No Trust or Fund Created. Neither the Plan nor this Agreement shall create or be
construed to create a trust or separate fund of any kind or a fiduciary relationship between the
Company or any Subsidiary and Participant or any other person.

          (h) Headings. Headings are given to the Sections and subsections of this Agreement
solely as a convenience to facilitate reference. Such headings shall not be deemed in any way
material or relevant to the construction or interpretation of this Agreement or any provision
thereof.

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          (i) Notices. Any notice required to be given or delivered to the Company under the
terms of this Agreement shall be addressed to the Company at its principal corporate offices. Any
notice required to be given or delivered to Participant shall be addressed to Participant at the
address indicated below Participant’s signature line at the end of this Agreement or at such other
address as Participant may designate by ten (10) days’ advance written notice to the Company. Any
notice required to be given under this Agreement shall be in writing and shall be deemed effective
upon personal delivery or upon the third (3rd) day following deposit in the U.S. mail, registered
or certified, postage prepaid and properly addressed to the party entitled to such notice.

          (j) Conditions Precedent to Issuance of Shares. Shares shall not be issued pursuant
to this Agreement unless such issuance and delivery of the Shares pursuant hereto shall comply with
all relevant provisions of law, including, without limitation, the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated
thereunder, state blue sky laws, the requirements of any applicable securities exchange or the
NASDAQ Stock Market and the Minnesota Business Corporation Act. As a condition to the issuance of
the Shares, the Company may require that the person receiving such Shares represent and warrant
that the Shares are being acquired only for investment and without any present intention to sell or
distribute such Shares if, in the opinion of counsel for the Company, such a representation and
warranty is required by law.

          (k) Consultation With Professional Tax and Investment Advisors. Participant
acknowledges that the grant and vesting with respect to the Shares, and the sale or other taxable
disposition of the vested Shares, may have tax consequences pursuant to the Internal Revenue Code
of 1986, as amended, or under local, state or international tax laws. Participant further
acknowledges that Participant is relying solely and exclusively on Participant’s own professional
tax and investment advisors with respect to any and all such matters (and is not relying, in any
manner, on the Company or any of its employees or representatives). Participant understands and
agrees that any and all tax consequences resulting from the grant and vesting of the Shares, and
the sale or other taxable disposition of the vested Shares, is solely and exclusively the
responsibility of Participant without any expectation or understanding that the Company or any of
its employees or representatives will pay or reimburse Participant for such taxes or other items.

[signature page follows]

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     IN WITNESS WHEREOF, the Company and Participant have executed this Restricted Stock Award
Agreement as of the date set forth in the first paragraph.

	 	 	 	 	 
	 	 	VERSO TECHNOLOGIES, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

	 	 	 	 	 
	 
	 	 	 	 
	 	 	PARTICIPANT:
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 

	 	Address:	 	 
	 

	 	 	 	 
	 
	 

	 	 	 	 
	 
	 

	 	 	 	 

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