Document:

Exhibit

Exhibit 10.1

ZOGENIX, INC.

INDEPENDENT DIRECTOR COMPENSATION POLICY

(As Amended and Restated Effective March 14, 2018)

Non-employee members of the board of directors (the “Board”) of Zogenix, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Independent Director Compensation Policy.  The cash compensation and option grants described in this Independent Director Compensation Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, an “Independent Director”) who may be eligible to receive such cash compensation or options, unless such Independent Director declines the receipt of such cash compensation or options by written notice to the Company.  This Independent Director Compensation Policy shall remain in effect until it is revised or rescinded by further action of the Board.  The terms and conditions of this Independent Director Compensation Policy shall supersede any prior cash or equity compensation arrangements between the Company and its directors.  
		
	1.
	Cash Compensation.  Each Independent Director shall be eligible to receive an annual retainer of $40,000 for service on the Board.  In addition, an Independent Director serving as:

		
	(a)
	chairman of the board shall be eligible to receive an additional annual retainer of $60,000 for such service, however the total cash compensation paid to the chairman of the board in all capacities cannot exceed $100,000;

		
	(b)
	chairman of the Audit Committee shall be eligible to receive an additional annual retainer of $25,000 for such service;

		
	(c)
	members (other than the chairman) of the Audit Committee shall be eligible to receive an additional annual retainer of $10,000 for such service;

		
	(d)
	chairman of the Compensation Committee shall be eligible to receive an additional annual retainer of $15,000 for such service; 

		
	(e)
	members (other than the chairman) of the Compensation Committee shall be eligible to receive an additional annual retainer of $7,500 for such service;

		
	(f)
	chairman of the Nominating and Corporate Governance Committee shall be eligible to receive an additional annual retainer of $10,000 for such service; and

		
	(g)
	members (other than the chairman) of the Nominating and Corporate Governance Committee shall be eligible to receive an additional annual retainer of $5,000 for such service.

The annual retainers shall be paid by the Company in quarterly installments or more frequently as deemed advisable by the officers of the Company for administrative or other reasons.
		
	2.
	Equity Compensation.  The Independent Directors shall be granted the following option awards.  The options described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2010 Equity Incentive Award Plan (the “2010 Plan”) and shall be granted subject to the execution and delivery of option agreements, including attached exhibits, in substantially the same forms 

1

previously approved by the Board, setting forth the vesting schedule applicable to such options and such other terms as may be required by the 2010 Plan.
		
	(a)
	Initial Options.  A person who is initially elected or appointed to the Board, and who is an Independent Director at the time of such initial election or appointment, shall be eligible to receive a non-qualified stock option to purchase 20,000 shares of common stock (subject to adjustment as provided in the 2010 Plan) on the date of such initial election or appointment (each, an “Initial Option”).  

		
	(b)
	Subsequent Options.  A person who is an Independent Director automatically shall be eligible to receive a non-qualified stock option to purchase 15,000 shares of common stock (subject to adjustment as provided in the 2010 Plan) on the date of each annual meeting of the Company’s stockholders.  The option grants described in this clause 2(b) shall be referred to as “Subsequent Options.”  An Independent Director elected for the first time to the Board at an annual meeting of stockholders shall only receive an Initial Option in connection with such election, and shall not receive a Subsequent Option on the date of such meeting as well.

		
	(c)
	Termination of Employment of Employee Directors.  Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Option grant pursuant to clause 2(a) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from employment with the Company and any parent or subsidiary of the Company, Subsequent Options as described in clause 2(b) above.  

		
	(d)
	Terms of Options Granted to Independent Directors

		
	(i)
	Exercise Price.  The per share exercise price of each option granted to an Independent Director shall equal 100% of the Fair Market Value (as defined in the 2010 Plan) of a share of common stock on the date the option is granted.

		
	(ii)
	Vesting.  Initial Options granted to Independent Directors shall become exercisable in thirty-six equal monthly installments of 1/36 of the shares subject to such option on the first day of each calendar month following the date of the Initial Option grant, such that each Initial Option shall be 100% vested on the first day of the 36th month following the date of grant, subject to the director’s continuing service on the Board through such dates.  Subsequent Options granted to Independent Directors shall become vested in twelve equal monthly installments of 1/12 of the shares subject to such option on the first day of each calendar month following the date of the Subsequent Option grant, subject to a director’s continuing service on the Board through such dates. The term of each option granted to an Independent Director shall be ten years from the date the option is granted.  Vested options held by Independent Directors at the time of their termination of service shall remain exercisable for a period of one year following such termination of service.  No portion of an option which is unexercisable at the time of an Independent Director’s termination of membership on the Board shall thereafter become exercisable.

2xoma-ex101_237.htm

Confidential 

 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

Exhibit 10.1

 

 

AMENDMENT NO. 1 TO THE 

LICENSE AGREEMENT

 

 

THIS AMENDMENT NO. 1 (the “Amendment”) to the LICENSE AGREEMENT dated as of December 6, 2017 (the “License Agreement”), is entered into on March 30, 2018 (the “Amendment Date”) between XOMA (US) LLC, a Delaware limited liability company, having an address of 2200 Powell Street, Suite 310, Emeryville, CA 94608 (“XOMA”), and Rezolute, Inc., a Delaware corporation, having an address of 1450 Infinite Drive, Louisville, CO 80027 (“Rezolute”). Terms used but not otherwise defined herein shall have the meanings ascribed to them in the License Agreement.

 

WHEREAS, the Parties desire to amend the License Agreement to specify financial responsibility for certain matters related to the technology transfer between the Parties associated with the fully human allosteric modulating monoclonal antibody formerly known as XOMA 358 (now known as RZ358);

 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein contained, the Parties agree as follows:

 

The following new Section 2.3.6 shall be incorporated into and deemed a part of the License Agreement upon execution of this Amendment: 

 

 “2.3.6   The Parties shall share all Tech Transfer Expenses as follows:  XOMA shall pay [*] of all Tech Transfer Expenses and Rezolute shall be solely responsible for and reimburse XOMA for all Tech Transfer Expenses above [*].  Rezolute shall pay XOMA’s invoices for such reimbursement within thirty (30) days following its receipt thereof accompanied by reasonable supporting documentation.  “Tech Transfer Expenses” means (a) invoiced costs from [*] for services provided, whether prior to or after the Effective Date, relating to the clinical materials described in Exhibit F to the Agreement, including services for the production and delivery of batches, validation, analytical methods, stability studies and other miscellaneous expenses, and (b) any other invoices from Third Parties for services for work that is necessary or appropriate to realize the objectives of the matters set forth in this Section 2.3. 

 

THE FOREGOING SETS FORTH THE ENTIRE SUBJECT MATTER OF THE AMENDMENT AND OTHER THAN AS SET FORTH HEREIN, ALL OTHER TERMS AND CONDITIONS OF THE LICENSE AGREEMENT SHALL REMAIN IN FULL FORCE AND EFFECT.  

 

Confidential 

 

 

 

 

 

 

 

 

 [Signature Page Follows.]

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the Amendment Date.

 

XOMA (US) LLC

 

By /s/ Jim Neal

 

Name  Jim Neal

 

Title  Chief Executive Officer

 

 

REZOLUTE, INC.

 

By  /s/ Morgan Fields

 

Name  Morgan Fields

 

Title  Chief Accounting Officerxoma-ex102_238.htm

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

Exhibit 10.2

AMENDMENT NO. 1

TO THE COMMON STOCK PURCHASE AGREEMENT

 

THIS AMENDMENT NO. 1 (the “Amendment”) TO THE COMMON STOCK PURCHASE AGREEMENT dated December 6, 2017 (the “Agreement”) is entered into as of March 30, 2018, by and among Rezolute, Inc., a Delaware corporation (formerly known as AntriaBio, Inc.) (the “Company”), and XOMA Corporation, a Delaware corporation (“Purchaser”).  Terms used but not otherwise defined herein shall have the meanings ascribed to them in the Agreement.

WHEREAS, the Purchaser and the Company entered into the Agreement and now desire to amend certain provisions of such Agreement; 

NOW, THEREFORE, in consideration of the mutual promises, representations, warranties, covenants and conditions set forth in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

Sections 1.2, 1.4 and 1.5 of the Agreement are each hereby amended and restated in their entirety as follows: 

1.2 Initial Closing. The initial purchase and sale of the Shares shall take place remotely via the exchange of documents and signatures within five (5) business days following the earlier of (1) the closing of [*] of the Company occurring after January 1, 2018 resulting in [*], or (2) the initiation of [*] for the Company’s clinical study of [*] (which time, date and place are referred to in this Agreement as the “Initial Closing”) (the “Initial Closing”).  At the Initial Closing, the Company shall deliver to the Purchaser 7,000,000 of shares of the Company’s Common Stock (the “Initial Closing Shares”). The Company shall instruct VStock Transfer, LLC (the “Transfer Agent”) to register such issuance via book entry at the time of such issuance. 

1.4 Qualified Financing Closing.  A subsequent purchase and sale of Shares shall take place remotely via the exchange of documents and signatures concurrently with the closing of a Qualified Financing (as defined below), or at such other time as the Company and Purchaser shall mutually agree (which time, date and place are referred to in this Agreement as the “Qualified Financing Closing”).  At the Qualified Financing Closing, the Company shall deliver to Purchaser that number of Shares, and/or other securities issued in a Qualified Financing (the “Qualified Financing Shares”) equal to a quotient, the numerator of which shall be: (i) Eight Million Five Hundred Thousand Dollars ($8,500,000); minus (ii) the Interim Financing Value represented by Shares issued to Purchaser prior to the Qualified Financing; and the denominator of which shall be: (x) in the case of a Qualified Financing that is an equity financing, the price per share of the stock (or units, if additional securities are issued together with stock) sold in the Qualified Financing; or (y) in the case of a Qualified Financing that is non-dilutive to the Company, the weighted average of the closing bid and asked prices or the average closing prices of the Common Stock on the Principal Market for the ten day trading period prior to the announcement of such Qualified Financing.  A “Qualified Financing” shall mean an equity or debt financing event resulting in aggregate gross cash proceeds to the Company of at least $20 million.  The Company shall provide Purchaser a written notice specifying the date of the Qualified Financing Closing, which notice shall be delivered no less than ten (10) business days prior to the date of the Qualified Financing Closing.  For the avoidance of doubt, in 

the event that the Initial Closing has not occurred prior to the Qualified Financing Closing, the Company shall issue both the First Closing Shares and the Qualified Financing Shares at the Qualified Financing Closing.

1.5 2019 Closing.  In the event that the Qualified Financing Closing has not occurred on or prior to March 31, 2019, then a purchase and sale of the Shares shall take place remotely via the exchange of documents and signatures on April 1, 2019 (which time, date and place are referred to in this Agreement as the “2019 Closing”).  The Initial Closing, each Interim Closing, the Qualified Financing Closing and the 2019 Closing is each referred to herein as a “Closing” and, together the “Closings.”  At the 2019 Closing, the Company shall deliver to the Purchaser that number of Shares, (the “2019 Shares”) equal to Eight Million Five Hundred Thousand Dollars ($8,500,000) divided by the weighted average of the closing bid and asked prices or the average closing prices of the Common Stock on the Principal Market for the ten day trading period prior to the 2019 Closing.  For the avoidance of doubt, in the event that a Qualified Financing occurs after the 2019 Closing, the Qualified Financing Shares will be issued in accordance with the terms hereof in addition to the Initial Closing Shares and the 2019 Shares.

 

THE FOREGOING SETS FORTH THE ENTIRE SUBJECT MATTER OF THE AMENDMENT AND OTHER THAN AS SET FORTH HEREIN, ALL OTHER TERMS AND CONDITIONS OF THE AGREEMENT SHALL REMAIN IN FULL FORCE AND EFFECT.  THE GENERAL PROVISIONS OF ARTICLE 10 OF THE AGREEMENT ARE INCORPORATED HEREIN AND ARE APPLICABLE TO THIS AMENDMENT.

 

IN WITNESS WHEREOF, the undersigned parties have duly executed this Amendment as of the date first above written.  

 

COMPANY:

 

REZOLUTE, INC.

 

 

By:/s/ Morgan Fields

Name:Morgan Fields

Title:Chief Accounting Officer

Date:30-Mar-2018

 

 

PURCHASER: 

 

 

XOMA CORPORATION

 

By:/s/ Jim Neal

Name:Jim Neal 

Title:Chief Executive Officer

Date:30-Mar-2018

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